2023-08-31-accounts

WESLEY MEMORIAL OXFORD METHODIST CHURCH

WESLEY MEMORIAL OXFORD METHODIST CHURCH FINANCIAL STATEMENTS 31 AUGUST 2023

Charity Number 1130966

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

CONTENTS	PAGE
General informaton	3
Trustees’ Annual Report	4
Independent Examiner’s report to the members	10
Statement of Financial Actvites	11
Balance Sheet	12
Statement of Cash Flows	13
Notes to the fnancial statements	14

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

The trustees have pleasure in presenting their report and the unaudited financial statements of the charity for the year ended 31 August 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name Wesley Memorial Oxford Methodist Church Charity registration number 1130966 Address of principal office Wesley Memorial Methodist Church New Hall Inn Street, Oxford, OX1 2DH

Wesley Memorial Oxford Methodist Church

THE TRUSTEES (Church Council)

The trustees who served the charity during the period were as follows:

Revd Peter Powers (Chair) to 31 August 2023 – from September 2023 Revd Miriam Moul Janet Forsaith (Secretary) Malcolm Dodds (Treasurer)

Church Stewards

Lawrie Coupland (elected annually at the General Church Kate Dobson Meeting) Janet Forsaith Tom Ibbotson Grace Samkange Joanna Tulloch

Other members of the Church Council Alison Butler John Cammack Carolyn Clements (elected annually at the General Church Fiona Coomer Meeting) Heather Davis Themba Dhiliwayo Anna Herriman Esther Ibbotson Chris Lane David Matthews Diana Musgrave Kath Ridley Kirstie Vreede

Secretary of the Pastoral Committee Mary Lines

Presbyters, deacons, probationers listed in SO 610(4)

Also in attendance at the Church Council Nikos Paplomatas (Church Manager) Mel McCulloch (CFO Worker)

Independent examiner

Peter Stevenson FCA

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Wesley Memorial Church is part of the Oxford Methodist Circuit, which in turn is a component of the Northampton District of the Methodist Church of Great Britain. The Minister, who is also the Circuit Superintendent, is supported by internal groups and committees as follows:

Church Council

The Church Council is the primary governing body of Wesley Memorial Methodist Church in accordance with the Constitutional Practice and Discipline (CPD) of the Methodist Church. Members of the Church Council are as set out in the preceding page. Church Stewards and elected representatives are elected at the annual Church General Meeting when all Church Members can attend and are entitled to vote and raise any issue for discussion. The Trustees actively seek nominations for new Trustees who can represent all aspects of the church community and its activities.

At the first Church Council meeting of each year new members receive documentation explaining their role as Trustees including information from the Charity Commission. The Trustees receive no renumeration or other financial benefits from their work. All decisions taken at Church Council are minuted. A summary is made available to Church Members and others through the Wesley Memorial Newsletter and in church service notices.

All the Committees listed below report to the Church Council which meets at least 3 times a year.

Church Stewards

6 or more stewards elected by the General Church Meeting, for a maximum of six years. Responsible, with the Minister, for leadership over the whole range of the church's life and for acting on the decisions and policies of the Church Council. Nine stewards have served over the current year.

Finance and Property Committee

Chair, Minister, Church Manager, Treasurer, Steward, Co-opted members. Prepare accounts and budget for presentation to Church Council, oversees day-to-day finance and property issues.

Pastoral Committee

Chair, Minister, Pastoral Visitors, Pastoral Secretary, Steward. Pastoral care of church members and attenders, maintenance of membership roll and promotes fellowship through church groups.

Junior Church Committee

Leaders, Children and Families Officer and Minister. Oversee Junior Church activities, makes recommendations to Church Council for appointment and training of leaders.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023

Management

The Trustees have maintained financial management arrangements requiring dual signatures on all cheques, and prior approval for all except minor items of expenditure. Invoices are paid by bank transfer. There are controls within the Co-Op internet banking system whereby two signatories are required to approve any bank transfer – one to set up the payment and one to approve – and the original invoices are saved electronically and passed on to the Church bookkeeper.

The Trustees have maintained a Safeguarding policy with appropriate DBS (Disclosure and Barring Service) checks for all aspects of the work of the Church with children and vulnerable adults.

The Trustees have maintained a system of formal risk assessment and a risk register. This includes mitigation strategies and is reviewed regularly by the Trustees and by relevant sub-Committees. The key risks the Charity faced in the 12 months ending 31 August 2023 were (1) maintaining restored rental income after the closure of the premises during the Covid 19 lock down and restrictions and while the Open Doors Project was completed; and (2) maintaining the increased level of offerings from Members to meet increased costs. The Trustees managed those risks by (1) monitoring every month income and expenditure to ensure offering and rental income in case a further Stewardship campaign was needed to restore the Church finance and bring the reserves back to the required levels; (2) continuing to reduce expenditure e.g. continuing to use volunteers to caretake on Sundays.

The remaining TMCP trusts are restricted so the Church only has access to interest income and not to capital. It is recognised that legacies are one off payments and that in the long term the Church had to increase its lettings income and/or substantially reduce its expenditure. The Church obtained agreement from the Circuit at its meeting in March 2022 for a loan of up to £20,000 to cover the shortfall in lettings income and to meet the costs of additional caretaker cover to meet increased lettings. This loan has been repaid. Following the opening of the Church premises following the completion of the Open Doors and Atrium in March 2022 there was a drive to increase and restore lettings income which has been more than achieved. The Church has a contactless payments facility. The Church is open each day of the week for spiritual purposes and also because of its links to the origins of Methodism. It is hoped that visitors particularly to the Atrium area will contribute via this facility. There was a Stewardship Appeal to Church members from June 2022 to ask for increased giving to meet increased costs and the loss of rental income. The increased levels of giving have been sustained. The Church has also taken measures to reduce expenditure. This has included continuing to use Church members open and close the premises on Sundays to avoid the cost of employing caretakers.

Day to day management of the premises of the church and caretaking staff employed by Wesley Memorial Church, is delegated to the Church Manager. The Church Manager and other employees undergo annual appraisal and take part in regular review meetings with their line manager. Wherever practicable the arrangements for appraisal and other employment issues follow the advice issued by the Methodist Church of Great Britain.

OBJECTIVES AND ACTIVITIES

The purpose of the Wesley Memorial Methodist Church is to advance the Christian Faith. To achieve this the Church Council adopted a Church Plan covering 2018-21 which has seven priorities: 1. Nourish a worshipping community; 2. Create welcoming communities within the church; 3. Nurture children, young people and families; 4. Help people to develop their faith and discipleship; 5. Develop a more welcoming building; 6. Use our premises for witness and mission; and 7. Use our heritage to share the love of God and witness for social justice.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023

ACHIEVEMENTS AND PERFORMANCE

In the year September 2022 to August 2023 Church activities were restored after the closure of the building due to Covid and the Open Doors and Atrium Building Project and the grand opening of the improved facilities on 12 March 2022. Lettings income was restored and then increased by the Church Manager and his team. Increased giving by member after the successful Stewardship campaign was sustained. The Church has provided regular services and is regularly open to the public. Rainbow House re-opened providing a service to children and young families.

Nourishing a worshiping community

Church services continued for both live attendance and remote attendance. The weekly prayer meetings also continued. The Church issues a Wesley Mem Magazine quarterly. There are weekly updates via Wesley Men News Updates emailed to members. The Church has a website which is regularly updated. .

Creating welcoming communities in Oxford

Tea, coffee and other refreshments continued after Church services. New students were invited to lunches provided by Church members. The Church Council agreed to a project called the Oxford Wesley Project (OWP) to allow a refugee family to relocate to Oxford via a Home Office community sponsorship scheme. The family (who are Palestinian refugees living in Iraq) arrived in March 2023 and have settled in Oxford with the help of members of OWP. OWP arranged housing, successful applications for benefits, schools and nursery for the children, English as a second language education and support towards obtaining work. The Church Council approved the celebration of same-sex marriages and its first same sex wedding was celebrated on 4 August 2023. There was a sermon and training session on trans awareness. The Church is working with New Road Baptist Church and St Columba’s United Reform Church at ways to better welcome students to churches with a more open approach to LGBTIQA+ issues.

Nurture children, young people and families

Junior Church continued to meet on Sunday mornings. Worship and learning were imaginative and fun. Thirteen young people attended the 3Generate weekend. Bread and pizza churches were arranged. Rainbow House continued providing a service for young families. The Church continued to support Street Pastors providing volunteers who go out on Friday and Saturday evenings to help those in need.

Helping people to develop their faith and discipleship

Wesley Mem News Updates continued to be e-mailed to all Church members updating members as to news and developments. The quarterly Wesley Mem Magazine continues to be published and distributed to members. Church services in the Sanctuary continued with the option of attending remotely by Zoom.

Developing a more welcoming building

Following the grand opening of the revamped premises on 12 March 2022 the building has proved welcoming and popular with Church members and visitors. Lettings have increased leading to a higher than budgeted lettings income. On May Day 2023 the Church provided breakfasts for hundreds of people.

Using our premises for witness and mission

The premises are available for a wide range of community groups and activities. Church members engage as volunteers with many organisations. Notable among these are Rainbow House (a drop-in centre for carers and children), the Oxford PHAB (People have aBilities) Club and Wednesday Coffee (a drop-in for adults). The sanctuary was open during the week to welcome visitors and to provide space for prayer, reflection and rest. The Church hosted the Oxford Winter Night Shelter on Sundays January to March 2023.

Use our heritage to support the love of God

The WesleysOxford website continues including audio stories in which Church members shared their life stories and reflected on faith. There were regular heritage updates in the weekly emailed Wesley Mem News Updates and in the quarterly Wesley Mem Magazine. The radical redesign of the Atrium continues to provide an exciting and vibrant link between Methodism’s historic links to Oxford and the present day.

Witness for social justice

The Church supports the Gatehouse (drop-in centre for the homeless) providing food and money. The Church hosted the Winter Night Shelter each Saturday evening January to March 2023. There was a successful Christian Aid weekend. The Church arranged other charitable collections and hosted events raising money for charity. Sermons, the Wesley Mem Magazine (published quarterly)) and the Wesley Men News Updates (weekly emailed updates) have encouraged Church members to take up issues of social justice and contribute funds. There were regular Zoom and live meetings of the Eco-Church group to help the Church function more ecologically. The Church, having achieved the Sliver Eco Award, is working towards a Gold Eco Award and has commissioned expert reports to assist in that process. There was an eco-garden project.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT (CONTINUED)

YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Total incoming resources in the year to 31 August 2023 were £579k (2022: £374k). Total outgoing resources were £509k in the year to 31 August 2023 (2022: £492k).

The overall position for the year was a surplus of £62k (2022: deficit of £135k) [see Statement of Financial Activities]. Before transfers between funds, this comprises a deficit on restricted funds of £34k and a surplus on unrestricted funds of £104k. Offerings increased by £102k compared to 2022. In addition, there has been an unrealised loss on the endowment investments of £8k in the year to 31 August 2023 (2022: £18k deficit). On 23 February 2023 the Church received an unrestricted grant of £127,750 from the Westminster College Trust. While unrestricted the grant was aimed at meeting the outstanding retention fee for the Open Doors Project and improving the building e.g. installing new improved LED lighting for the Church.

A steady programme of maintenance has continued through the year.

Risk Management

The key risks the charity faced in the 12 months ending 31 August 2023 were: (1) Loss of rental income if major hirers withdrew; (2) Reduction in offerings because of cost of living pressures; (3) Unbudgeted increase in expenditure. These risks were managed by (1) the Treasurer and Finance and Property Committee monitoring income and expenditure every 1-2 months to assess trends in income and expenditure; (2) the option of a fresh Stewardship Campaign to deal with any shortfall.

Investment Policy

The Church’s investment policy is to (a) transfer funds from the Church Co-Op bank account to the Central Finance Board (CFB) account for which there is a higher rate of interest; and (b) hold funds with the Trust for Methodist Church Purposes (TMCP) and allow TMCP to invest any of those funds. Since the CFB and TMCP are bodies responsible to the central governing body of the Methodist Church it is assumed that any investments are prudently managed.

Reserves policy

The Church’s policy is to hold a general reserve of 25% of total annual expenditure (excluding endowments, designated and restricted funds) for that year. In addition, the property repairs and major works fund is set aside to be used for large or unexpected maintenance expenditure. The balance of this fund, at the end of each year, should be 25% of general funds expenditure for that year. Should this be insufficient, or if the church were to face unexpected large expenditure of a different nature, or other unexpected shortfalls in income, it would appeal to church members to cover the gap.

Total reserves for the year ended 31 August 2023 amounted to £2,577,673 (2022: £2,515,721). However, this includes endowment funds of £361,421 (2022: £369,588), and a number of designated and restricted funds, including those held for Rainbow House of £7,306 (deficit), Open Doors Depreciation fund of £1,951,653, and Property Repairs and Major Works of £22,704. Separate funds have again been used for the depreciation of the new Open Doors building work and the kitchen equipment. The general fund reserves at 31 August 2023 were £226,900 (see note 15).

Going Concern

The trustees (Church Council) have considered the charity's financial position and are satisfied that, notwithstanding the loss incurred in the year, the charity believes that it has sufficient reserves to enable it to continue as a going concern for at least 12 months from the date of signing their report.

PLANS FOR FUTURE PERIODS

The trustees would wish to maintain the present activities of the church, as described elsewhere, with a focus as set out in the Church Plan.

Statement of Public Benefit: the Church has set out the activities undertaken to further its charitable purposes for the public benefit. The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission. As set out above Corona Virus restrictions and building works for the Open Doors Project limited what the Church could achieve. The Church provided public worship for Church members and members of the public wishing to practice their Christian faith both in person when conditions permitted and remotely. The Church continued to provide pastoral support both in person when conditions permitted and remotely. The Church continued to support activities with a wider benefit to the community in the UK and abroad e.g. via the arrangements to raise money for Christian Aid.

Criteria to measure success: the Church is grounded in faith in the grace of God which does not readily lend itself to specific, measurable, achievable, relevant and timely objectives. The Church monitors (a) Church membership; and (b) Church attendance (normally in October each year).

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

Short-term and long-term objectives: the short-term objectives are set out in the Church Plan 2018-21. The difficulties caused by the corona virus have delayed the development of a new Church Plan to cover the longer term. It is anticipated that the current objectives are likely to be carried forward in the long-term.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

Use of volunteers: a great many of the Church roles and activities are carried out by volunteers. Voluntary service is an important element of Christian faith and duty. Church Council members are volunteers elected by the Church as are the Church Stewards. Many Church services are conducted by lay preachers who are volunteers appointed by the Church. The Church has a safeguarding

policy and a safeguarding lead to ensure that children and vulnerable adults are protected. Training is provided to volunteers who work with children and vulnerable adults.

Policy on setting employee’s pay: the Church takes advice from the central Methodist Church in recruiting and settling the terms and conditions of those whom the Church employs. The central Methodist Church at its annual conference agrees on any annual increase in pay and any nationally applicable guidance and/or changes to terms and conditions which the Church then takes into account. The Church adopts the annual pay increase agreed by the Methodist Church conference each year and applies that to its employees each year.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2023

RESPONSIBILITIES OF THE TRUSTEES

The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2015. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed:

Dated: 13[th] June 2024 Revd. Miriam Moul (Superintendent Minister)

Signed:

Malcolm Dodds (signed electronically) Dated: 12 June 2024 Malcolm Dodds (Treasurer)

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF WESLEY MEMORIAL OXFORD METHODIST CHURCH

YEAR ENDED 31 AUGUST 2023

I report on the accounts of the charity for the year ended 31 August 2023 which are set out on pages 10 to 24.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider than an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

• examine the accounts under section 145 of the 2011 Act:

• to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

• to keep accounting records in accordance with section 130 of the 2011 Act; and

• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Peter Stevenson (signed electronically)

Peter J Stevenson FCA Chartered Accountant

Date: 12 June 2024

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2023

Note INCOME FROM: Donatons and legacies 2 Charitable actvites 3 Investment income 4 TOTAL INCOME EXPENDITURE ON: Charitable actvites 5-6 TOTAL EXPENDITURE Net gains/losses on investments NET INCOME/EXPENDITURE BEFORE TRANSFERS TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricte d Funds (Note 15) £ 376,708 180,739 11,090 568,537 464,586 464,586 - 103,951 164,991 268,942 1,930,940 2,199,882	Restricte d Funds £ 8,492 - 2,386 10,878 44,710 44,710 - - 33,832 - 164,991 - 198,823 215,193 16,370	Endowmen t Funds £ - - - - - - - 8,167 - 8,167 - - 8,167 369,588 361,421	Total Funds 2023 £ 385,200 180,739 13,476 579,415 509,296 509,296 - 8,167 61,952 - 61,952 2,515,721 2,577,673	Unrestricte d Funds (Note 15) £ 188,973 107,877 6,030 302,880 361,567 361,567 - - 58,687 - - 58,687 1,989,627 1,930,940	Restricte d Funds £ 70,867 - 281 71,148 130,366 130,366 - - 59,218 43,862 - 15,356 230,549 215,193	Endowmen t Funds £ 178 - - 178 - - - 17,565 - 17,387 - 43,862 - 61,249 430,837 369,588	Total Funds 2022 £ 260,018 107,877 6,311
								374,206
								491,933
								491,933
								- 17,565
								- 135,292 -
								- 135,292 2,651,013
								2,515,721

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

. BALANCE SHEET

31 AUGUST 2023

Note FIXED ASSETS Tangible assets 8 Investments 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS: Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS Endowment funds 12 Restricted income funds 14 Unrestricted income funds 15	2023 £ £ 1,971,499 361,421 2,332,920 65,837 250,353 316,190 - 71,437 244,753 2,577,673 361,421 16,370 2,199,882 2,577,673	2022 £ 2,047,952 369,588
		2,417,540 78,905 102,555
		181,460 - 83,279
		98,181
		2,515,721
		369,588 215,193 1,930,941
		2,515,722

These financial statements were approved by the members of the Church Council and authorised for issue on 12 June 2024 and are signed on their behalf by:

Malcolm Dodds (signed electronically)

Revd Miriam Moul Chair

Mr M Dodds Treasurer

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

STATEMENT OF CASH FLOWS

YEAR ENDED 31 AUGUST 2023

Notes Cash used in operatng actvites 18 Cash fows from investng actvites Interest income Proceeds from sale of investments Purchase of investments Purchase of tangible fxed assets Cash provided by (used in) investng actvites Increase (decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year	2023 £ 145,830 13,476 - - - 11,508 1,967 147,798 102,555 250,353	2022 £ - 57,593 6,310 39,683 - - 210,292
		- 164,299
		- 221,892 324,447
		102,555

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention, except for the investments which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Revised 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

As indicated in their report, the trustees are satisfied that, even on worst case scenario, the charity remains a going financial concern for at least the next 12 months, given its ability to appeal for extra funds from church members and to cut costs if necessary.

(b) Fixed assets

All fixed assets costing over £500 are initially recorded at cost.

(c) Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment 20% Straight line Land and buildings 2% Straight line

Assets are depreciated for a whole year in their first year of life.

(d) Investments

Income from investments and deposit interest is included in the statement of financial activities when it becomes receivable. Investment income is included gross of recoverable taxation.

(e) Cash at bank and in hand

Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes.

(f) Debtors and prepayments

Trade and other debtors are recognised at the settlement amount after any trade discount is applied. Prepayments are valued at the amount prepaid net of any trade discounts due.

(g) Creditors

Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

(h) Income

Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift Aid receivable is included when claimable.

Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future period, in which case it is deferred.

Income from charitable activities is credited to the Statement of Financial Activities when received or receivable, whichever is earlier, unless it relates to a specific future period or event, in which case it is deferred.

2. DONATIONS AND LEGACIES

Donatons and legacies Legacies Oferings Tax recoveries Grants from external donors Funds raised for other charites Other Income	Unrestricted Funds £ - 299,495 22,213 5,000 - 50,000 376,708	Restricted Funds £ - 6,015 607 - 1,870 - 8,492	Endowment Funds £ - - - - - - -	Total Funds 2023 £ - 305,510 22,820 5,000 1,870 50,000 385,200	Total Funds 2022 £ 18,500 204,452 23,536 8,933 3,213 1,383
					260,017

INCOME FROM CHARITABLE ACTIVITIES

NCOME FROM CHARITABLE ACTIVITIES
Contributons for services	Unrestricted Funds £ 180,739 180,739	Restricted Funds £ - -	Total Funds 2023 £ 180,739 180,739	Total Funds 2022 £ 107,877
				107,877

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

3. INVESTMENT INCOME Unrestricted Funds £ Bank interest receivable 11,090 11,090 4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Funds £ Church actvites 464,586 464,586 5. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE Church actvites £ Circuit assessment 128,088 Sunday services and church community 4,538 Youth work 942 Ofce costs 124,189 Caretaking and cleaning 62,288 Heat, light and water 30,664 Insurance 12,908 Service contracts 473 Repairs and major works 11,935 Rainbow House 825 Open Doors 39,446 Other expenditure - 526 Depreciaton 87,961 Governance costs 2,424 Mission & Heritage 1,237 Special Purposes Expenditure 1,904 509,296	Restricted Funds £ 2,386 2,386 Restricted Funds £ 44,710 44,710 Total Funds 2023 £ 128,088 4,538 942 124,189 62,288 30,664 12,908 473 11,935 825 39,446 - 526 87,961 2,424 1,237 1,904 509,296	Total Funds 2023 £ 13,476 13,476 Total Funds 2023 £ 509,296 509,296 Church actvites £ 119,987 4,423 632 108,611 43,301 25,575 2,886 1,369 - 5,994 750 83,613 - 48 99,119 2,435 3,691 1,579 491,929	Total Funds 2022 £ 6,311
			6,311
			Total Funds 2022 £ 491,932
			491,932
			Total Funds 2022 £ 119,987 4,423 632 108,611 43,301 25,575 2,886 1,369 - 5,994 750 83,613 - 48 99,119 2,435 3,691 1,579
			491,929

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

6. GOVERNANCE COSTS

OVERNANCE COSTS
Accountancy fees Independent Examinaton	Unrestricte d Funds £ 1,924 500 2,424	Restricted Funds £ - - -	Total Funds 2023 £ 1,924 500 2,424	Total Funds 2022 £ 2,343 500
				2,843

7. STAFF COSTS AND EMOLUMENTS

Total staff costs were as follows:

TAFF COSTS AND EMOLUMENTS otal staf costs were as follows:
Wages and salaries Social security costs Pension contributons	2023 £ 119,018 4,307 3,384 126,709	2022 £ 100,521 2,347 5,148
		108,016

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:

Number of staf	2023 No 4	2022 No 4

No employee received remuneration of more than £60,000 during the year (2022: Nil).

The charity considers its key management personnel to be the trustees and the Minister. The trustees give their time freely and the Minister’s salary is paid by the Circuit, so there are no costs of key management personnel to report (2022: Nil).

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

8. TANGIBLE FIXED ASSETS

COST At 1 September 2022 Disposals Additons At 31 August 2023 DEPRECIATION At 1 September 2022 Disposals Charge for the year At 31 August 2023 NET BOOK VALUE At 31 August 2023 At 1 September 2022	Land and Buildings £ 2,001,608 - - 2,001,608 161,016 - 40,032 201,048 1,800,560 1,840,592	General fxed assets £ 88,451 - 11,508 99,959 82,047 - 6,338 88,385 11,574 6,404	Open Door Fixtures, Fitngs and Equipment £ 398,231 - - 398,231 197,275 - 41,591 238,866 159,365 200,956	Total £ 2,488,290 - 11,508
				2,499,798
				440,338 - 87,961
				528,299
				1,971,499
				2,047,952

The additions are shown net of any VAT refund.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

9. INVESTMENTS

NVESTMENTS
Market value at 1 September 2022 Legacy received Net gains/loss on revaluatons in the year ended 31 August 2023 Disposal of investment to go towards Open Doors fund Market value at 31 August 2023 Historical cost at 31 August 2023	2023 £ 369,588 - - 8,167 - 361,421 282,023	2022 £ 426,836 - - 17,565 - 39,683
		369,588
		282,023

10. DEBTORS

Prepayments Other debtors	2023 £ 42,012 23,825 65,837	2022 £ 49,637 29,268
		78,905

11. CREDITORS: Amounts falling due within one year

Accruals Circuit Loan Other creditors	2023 £ 48,555 20,000 2,882 71,437	2022 £ 11,881 70,000 1,398
		83,279

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

12. ENDOWMENT FUNDS

NDOWMENT FUNDS
Permanent endowments JH Brashour and other endowments Anonymous bequest Other bequests	Balance at 1 Sept 2022 £ 262,593 102,087 4,908 369,588	Gains and losses £ - 11,152 2,986 - 1 - 8,167	Additons - - - -	Transfers £ - - - -	Balance at 31 Aug 2023 £ 251,441 105,073 4,907
					361,421

These endowment funds are held by the Trustees for Methodist Church Purposes. Interest from them is available for the church’s general funds. Two small funds are specifically for church flowers and support of people in need.

13. RESTRICTED INCOME FUNDS

Special Purposes Fund Open Doors Fund Oxford Wesley Project Atrium appeal Mission & Heritage Lightng Sanctuary	Balance at 1 Sept 2022 £ 514 173,262 - 31,660 - 2,243 12,000 215,193	Income £ 1,870 5,851 3,157 - - - 10,878	Expenditure £ - 1,904 - 40,386 - 26 - 2,394 - - - 44,710	Transfers £ - - 138,727 - - 28,507 2,243 - - 164,991	Balance at 31 Aug 2023 £ 480 - 3,131 759 - 12,000
					16,370

The remaining balance of the Open Doors fund and a large amount of the Atrium appeal was spent on capital items in 2021-22 but the transfer wasn’t made in that year. A transfer has been made in 2022-23 to correct this. The Mission & Heritage fund was fully spent in 2021-22 and the negative balance has been topped up from general funds in 2022-23. This fund is now closed.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

Previous year:

Special Purposes Fund Open Doors Fund Atrium appeal Mission & Heritage Lightng Sanctuary	Balance at 1 Sept 2021 £ - 615 155,733 72,690 2,741 - 230,549	Income £ 2,995 55,051 1,103 - 12,000 71,148	Expenditure £ - 1,866 - 81,383 - 42,132 - 4,984 - - 130,366	Transfers £ - 43,862 - - - 43,862	Balance at 31 Aug 2022 £ 514 173,262 31,660 - 2,243 12,000
					215,193

Special purposes funds: funds relating to appeals, which are then transferred to other charities or causes. Open Doors: a fundraising initiative to refurbish the premises, modernising existing facilities, and making the building more welcoming and flexible . This fund is now closed.

Oxford Wesley Project: this is Project to resettle a Palestinian refugee family from Iraq to Oxford via a Home Office Scheme. The Church raised over £29,000. The family arrived in the UK on 23 March 2023. The Church is committed to supporting the family for their first two years in the UK including finding accommodation, sorting out benefits, schooling, doctors and dentists and assisting the adult family members to learn English (the family speaking Arabic). The long term aim is to enable the adult family members to find work and become self-sufficient and settled in the UK.

Mission and Heritage: a grant funded project to promote the mission and heritage of the Methodist church. Separate funding for this project has now ceased. The Church provides funding as and when required.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

14. UNRESTRICTED INCOME FUNDS

	Balance at 1 Sept 2022	Income	Expenditur e	Transfers	Movemen t in year	Balance at 31 Aug 2023
	£	£	£	£	£	£
General Funds	42,871	563,131	- 397,346	18,244	184,029	226,900
Designated Funds
Rainbow House	2,504	5,406	- 15,216	-	- 9,810	- 7,306
Property Repairs and Major Works Account	22,704	-	-	-	-	22,704
Open Doors Fund	835	-	-	- 835	- 835	-
Open Doors Building Depreciaton Fund	1,840,59 2	-	- 40,032	151,093	111,061	1,951,653
Open Doors Fixtures,
Fitngs and Equipment	21,434	-	- 11,992	- 3,511	- 15,503	5,931
Depreciaton Fund
	1,930,94 0	568,537	- 464,586	164,991	268,942	2,199,882

General funds: funds held for general church purposes.

Rainbow House: funds held on behalf of Rainbow House, a drop-in centre for anyone with a small child who is in the centre of Oxford and needs a break. It is based at the church.

Property repairs and major works: to equalise the expenditure from year to year. See Note 9.

Open Doors: a fundraising initiative to refurbish the premises, modernising existing facilities, and making the building more welcoming and flexible. This project has been completed and the fund closed apart from the need to pay an outstanding retention fee.

Open Doors Building Depreciation Fund: a fund set up to offset depreciation on the capitalised building costs in future years. This fund has been closed but provision has been made for funds to settle the outstanding retention fee.

Open Doors Kitchen Equipment Fund: a fund set up to offset depreciation on the capitalised kitchen equipment costs in future years. This fund has now been closed.

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

Previous year:

General Funds Designated Funds Rainbow House Property Repairs and Major Works Account Open Doors Fund Open Doors Building Depreciaton Fund Open Doors Fixtures, Fitngs and Equipment Depreciaton Fund	Balance at 1 Sept 2021 £ 25,588 16,212 22,604 - 1,880,624 44,599 1,989,627	Income £ 301,996 48 - 835 - - 302,879	Expenditur e £ - 284,713 - 13,756 100 - - 40,032 - 23,165 - 361,566	Movement in year £ 17,283 - 13,708 100 835 - 40,032 - 23,165 - 58,686	Balance at 31 Aug 2022 £ 42,871 2,504 22,704 835 1,840,592 21,434
					1,930,941

15. RELATED PARTY TRANSACTIONS AND TRUSTEES’ EXPENSES AND REMUNERATION

The trustees all give their time and expertise freely without any form of remuneration or other benefit in cash or kind (2022: nil). No expenses were paid to the trustees (2022: nil). There were no related party transactions during the year (2022: nil).

16. CASH USED IN OPERATING ACTIVITIES

Net movement in funds Add back depreciaton charge (Gains) / Losses on investments Deduct interest income shown in investng actvites Decrease (increase) in debtors Increase (decrease) in creditors Net cash used in operatng actvites	2023 £ 61,952 87,961 8,167 - 13,476 13,068 - 11,842 145,830	2022 £ - 135,291 99,119 17,565 - 6,310 53,443 - 86,119
		- 57,593

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WESLEY MEMORIAL OXFORD METHODIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 AUGUST 2023

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Restricted Income Funds Special Purposes Fund Open Doors Fund Oxford Wesley Project Atrium appeal Lightng Sanctuary Endowment Funds: JH Bashour and other endowments Unrestricted Income Funds Designated Funds General Funds Total Funds	Tangible fxed assets £ - - - - - - - 1,957,584 13,915 1,971,499 1,971,499	Investment s £ - - - - - - 361,421 - - - 361,421	Net current assets / liabilites £ 480 - 3,131 759 12,000 16,370 - 15,398 212,985 228,383 244,752	Total £ 480 - 3,131 759 12,000
				16,370
				361,421 1,972,982 226,900
				2,199,882
				2,577,673

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