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Magdalen Road Evangelical Free Church.
The Old School House,
Hertford Street, Oxford OX4 3AJ.
The Trustees Report for the
year ended 31. March 2023.
Charity Commission Number 1136466.
Bankers :
Lloyds TSB, 8 Oct Street,
Abingdon OX14 5AP.
Stewardship Services Ltd.
1 Lamb’s Passage
London EC1Y 8AB.
Independent Examiner:
Rev’d. A.A. Clements MA, ACIB, FCIE.
15 Carleton Road, Great Knowley,
Chorley PR6 8TQ.
Trustees:
Charlie Currie (Chair), Andrew Anderson, Dan Steel, Pat Brittenden.
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Contents: Trustees Annual Report Pages 3 to 10 Independent Examiner’s Report Page 11 to 12 Financial Statements Pages 13 to 25
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Magdalen Road Evangelical Free Church Trustees Annual Report for the year ended 31[st] March 2023
The Trustees of Magdalen Road Church have pleasure in presenting their Annual Report for the year ended 31st March 2023.
This report and the accompanying financial statements have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2015)
Strategic Report Review of the year
This year has been a year of change in our staffing team - Grace Jamieson finished her time as a Ministry Trainee with us in July 2022, Hannah Langley, our Administrator, stepped down in August 2022, and Kitty Brittenden, our Pastoral Worker, moved on in December 2022. On the pastoral team both our Assistant Pastors (Matt Hutchings and Phil Bailey) moved into their final year with us - expecting to finish in the summer of 2023. As we began conversations about what we should aim for in our next steps of recruitment, our Pastor (Dan Steel) felt that it was the right time for him to move on, planning to step down after a 2 month sabbatical at the end of August 2023 after 12 years of service and 10 in the senior role. We have been thankful that Esther Field was willing, from December 2022, to take up a small, part-time role supporting us administratively. We extend our huge gratitude and love towards all four members of staff as they move on to new ventures.
This has presented a challenging time of change for the church as we move from having an unusually large staff team for a church of our size to a much smaller one. We have been pleased to appoint several new deacons in this season (including Esther Field and Tom Field as deacons for music, and James Hume as a deacon for the building). It has also been good to invest in volunteer leaders across the church. This change has also given us the opportunity to think about what our future staff team should look like as we set out to find and recruit a new pastor who feels called and equipped to lead the church into the next stage of our ministry as we develop the Old Schoolhouse and consider how to use this to achieve our objectives.
Faced with a challenging time of recruitment, the church was very grateful to Matt Hutchings for agreeing to stay on in his Assistant Pastor role for an additional year. Our first round of pastor recruitment, in January - March 2023, was not successful, and we entered the second half of 2023 needing to continue our search for our next Pastor.
A major focus of work through this year has been the ongoing development of the Old Schoolhouse building. We continue to seek ways of using the building for the glory of God and for our ministry to the community of East Oxford. Our part-time Administrator (James Hume) has continued in his role, shouldering much of the burden of the project, supported by a group of volunteers. He has coordinated a number of significant practical improvements, redecorating parts of the building, handling the growing demand for use
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of the building for lettings, as well as coordinating the programme of improvements. Our appeal for planning permission was successful and the focus is now on meeting the conditions of our planning permission over the coming year, and preparing to raise funds for the significant costs of developing the site in the future.
In September 2022 we welcomed our neighbours for our second ‘Community Day’- we hope this will continue as an annual tradition. We invited the local community to join us to see what our vision and plans for the site are, to meet members of the church and other users of the building, and to enjoy a free barbecue together. Many groups who use the building took part in the day, supporting us and making connections with other users and local residents and offering taster sessions for their activities. We very much hope that these events will help foster good relationships with those around us and that in years to come we will see the fruit.
A particularly exciting challenge and opportunity has been welcoming a group of Iranian Asylum seekers into the church family over the last couple of months of 2022 and first part of 2023, while they have been housed just outside Oxford. We have been very fortunate to have several church members able to invest significant time in welcoming and supporting these vulnerable men. We continue to seek to support them as they move through the asylum system, and were delighted when a number expressed interest in baptism.
Throughout the year the emphasis on the Word of God, and its teaching and preaching, has continued as the core of our church’s life and work, with teaching series in James, John, 1 Peter and Ecclesiastes. The Lord’s Supper was regularly celebrated, and we were delighted to baptise a young person in the summer of 2022, and then two young newcomers in December 2022.
Pastoral support of members and friends was sustained through the contacts maintained by all the home groups, as well as by one-to-one support from our Pastors and Elders. A number of babies were born during the year to our families, and their care, together with care for our children and young people generally, remained a priority.
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The Comfort Trust is a charity associated with MRC and has for many years supported local families with its groups for parents and carers of children aged 0 – 4. During term time the Sunflowers and First Saturday groups have served a considerable number of local families. Our thanks go to our leaders and volunteers who help to make this important outreach flourish, generating much goodwill and reflecting the love of Christ for our community.
Jonny Ascott has continued to serve as our trainee cross-cultural worker (supported by Frontiers UK), while also exploring the possibility of moving overseas to continue serving in the autumn of 2023.
By the end of the year we had not yet made significant progress in seeking to appoint our next pastor, but we continue to see the work of the church thrive and have complete confidence in our Sovereign God who continues to bless our church so richly in countless ways.
Vision and values
Our vision remains unchanged- our priority is still to be transformed by Jesus as we grow to know him better, and to bring the good news of the gospel to the people of East Oxford, and to love and serve them well as we do this. Our building, the Old Schoolhouse (OS), is an invaluable resource as we can welcome our local community into our building and seek to love, serve and build relationships with them. It also allows us to grow our ministries and develop new ones. Despite some limitations in the fabric of the building, the need for a new hall and the need for further refurbishment and redevelopment of the site, we have nonetheless seen huge demand from a wide variety of different community groups keen to use the OS, and relationships are slowly growing.
As a church, our priority is the advancement of the gospel, the development of the church family, and the growth of the kingdom of God. As a charity, our priority is to love and serve our community well, expressed primarily by sharing the gospel and second through practical service, support, and provision. We continue to serve the older members of our community through our network called TOFFS (The Over Fifty Fives) and a programme of events for them, designed to tackle loneliness and foster fellowship amongst this generation. We serve children and young families, not just on a Sunday morning, but through the provision of mid-week activities and through our support of the Comfort Trust parent and child groups. We support vulnerable people locally through partnering with the Christians Against Poverty-Oxford Debt Centre and our longstanding connections with local charities combating homelessness and supporting refugees and asylum seekers.
In all these things, our vision of the church we aspire to be remains the same:
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to Love God our Father and Christ our Saviour
-
to Reach out with the good news of the gospel, to our neighbours (the local community in East Oxford) and to the nations (further to the rest of the world.)
-
to Build one another up, growing in our faith as individuals and as a church family
-
to Send people out, trained and equipped to serve God and the world Christ well
As reflected in the review of the year, we have been pleased with the development of the church in a number of key areas, including through the continued support of our trainee cross-cultural worker Jonny, welcoming asylum seekers from Iran and people from across the world, and enabling greater use of the Old Schoolhouse by local community groups.
Strategy for delivering our vision
We aim to deliver on our vision and meet our aims and objectives through:
-
Investing in the lives of church members in church services, through local house groups, and 1-2-1 meetings with the pastoral staff of the church.
-
Providing financial and pastoral support to our mission partners in the UK and around the world.
-
Investing in families and young people through our own children’s and youth work, as well as through supporting the activities of the Comfort Trust.
-
Training individuals for ministry through our Ministry Trainee programme.
-
Supporting members of the community who are in need through our Compassion fund, which we have increased in the course of 2023.
-
Developing relationships with local groups and businesses through the rental of the Old Schoolhouse, and through use of the site for community days.
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- Investing in the local community through running and supporting initiatives that benefit all within the community.
Plans for the future
Our principal plan for this upcoming season will be to continue the search for our next pastor, and to form a staff team around him. Beyond this, as last year we hope to increasingly shape, grow and transform the Old Schoolhouse building into a home for us and our church family and a hub for the community where people can meet, work together, get to know church members, and in time come to hear and trust in the good news of Christ. James, our building administrator, has worked hard to maintain and develop links with the Oxford community, both in terms of serving our area, but also in accomplishing our hopes and plans to continue redevelopment.
We have gained planning permission and now work steadily towards meeting the planning conditions the council have given us, as well as beginning to refurbish and develop the Old Schoolhouse building for use by local groups.
Structure, governance and management Constitution
The church was set up by a trust dated 1904 and is governed by a constitution adopted on 9th February 2010 and revised on 1st October 2013, and by Rules revised on 1st October 2013.
Trustees
The trustees named on page 1 have served throughout the year unless otherwise stated. The trustees are either paid pastoral staff or elders. The trustees are responsible for the control and management of the church and are appointed by the members of the church. As well as the paid elders, Patrick Brittenden (whose wife was an employee of the church) had a beneficial interest in the charity until the Autumn of 2022. The trustees are aware of the need to ensure that at least 50% of trustees have no beneficial interest in the charity. When new trustees are elected, they are encouraged to seek training provided by local providers in the charity sector.
Due to the church’s status as an unincorporated charitable organization, we are not legally entitled to own property. As such, two of the trustees (namely Dan Steel and Patrick Brittenden) own the building on trust for all the Trustees of Magdalen Road Church. A separate company, Magdalen Road Church Developments Ltd, was set up to act as the legal owner of the building that we own, however this is currently dormant. These trustees will retain legal responsibility for this property until the church has been able to attain Charitable Incorporated Organisation (CIO) status, at which point ownership of the building will pass to the church itself. It is our ongoing hope that this will be resolved in the next year or two.
Prospective Trustees are nominated by the current Trustees and then presented to the church membership in advance of a church meeting. The church members then have an opportunity to reflect on the proposed new Trustee and raise any concerns with the
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current Trustees. At the next church meeting a vote is held to approve the appointment of said proposed Trustee. The church constitution provides for a three-year term as a Trustee. At the end of which term, the church members can vote to reappoint the Trustee should they wish to continue in that capacity.
The Trustees are aware of the Charity Commission’s guidance on public benefit in their publication ‘The Advancement of Religion for Public Benefit’ and have given regard to it in their administration of the church and its activities.
It is considered that the Trustees and any other members who could be understood to be ‘managers’ in the activities and affairs of the church – as defined in Schedule 6 of the Finance Act 2010 – have completed declarations confirming that they are ‘fit and proper’ persons under the terms of the Finance Act 2010.
Related party transactions
We would identify any entity of which Magdalen Road Church staff or trustees have a controlling stake in as a related party. As the above-mentioned limited company is owned solely by the trustees of Magdalen Road Church, it should be seen as a related party. All costs incurred by the development and upkeep of the building are paid by the Church, and should therefore be viewed as related party transactions between the Church and the limited company.
Affiliations
The church is a member of the Fellowship of Independent Evangelical Churches and is affiliated to the Evangelical Alliance.
Use of volunteers
The church relies heavily on the voluntary service of church members to run our services and ministries. In addition to the three unpaid trustees (Pat Brittenden, Charlie Currie and Andrew Anderson) the church also relies on volunteers to run our missions committee, set up church services, run our local house groups, run our children’s, youth and older people’s ministries, and manage the finances of the church amongst other things.
Public benefit
The Trustees are aware of the need to consider that the church is meeting its obligation to provide public benefit. As reflected in our vision and values, we are committed to loving and serving our community through sharing the good news of Jesus and offering practical service and support to people within our
community. As part of this commitment, we are working to support young families, tackle loneliness and isolation amongst older people, and encourage church members to live lives that demonstrate God’s love for the world.
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Risk assessment
Trustees recognize in relation to ‘Risk Assessment’, risk is defined as ‘the threat of any action or event which will adversely affect an organization’s ability to achieve its objectives and execute its strategies’. If also accepts that the term ‘risk’ can included any circumstances that may, or do, have an adverse effect, and is wider than financial matters. ‘Risks’ relate not only to the negative consequences of a threat, but also to the impact of not taking advantages of opportunities.
The Trustees recognize that it requires a practical Health and Safety policy covering activities for the church and its surrounding area. This is reviewed on a regular basis. An accident Book is maintained.
The contents and obligations of the Equality Act 2010 and the 2018 General Data Provision Regulation are known and complied with to the best of the Trustee’s ability. The Trustees are aware of their responsibilities in respect of the Regulatory Reform (Fire Safety) Order of 2005 in its requirement to carry out and to create a plan to deal with any emergencies, and also to write up and keep a record of its findings and to review the situation annually. The Trustees have appointed James Hume to be the responsible person to put these things into operation.
There is a Protection Policy in place in respect of children and vulnerable adults. Checks have been made with the Disclosure and Barring Service (formerly CRB) in respect of persons dealing regularly with young people and vulnerable adults. Whilst it is impossible to eliminate all risks and their consequences, efforts are constantly made to minimize such occurrences.
Financial Review
The Statement of Financial Activity shows that the deficit of 2022 of £42,195 has reduced to £10,177. The policy of increasing room bookings has been very successful and income has increased from £8,884 to £45,299. Our regular giving has remained static at £142,000 per year. Our current assets net of current liabilities including the bridging loan have increased from £56,000 in 2022 to £72,000 in 2023. The desired reduction in staff costs should produce a further reduction in our ongoing deficit. It needs to be remembered that the deficit comprises cash transactions and non – cash depreciation which is £23,809 yearly. In summary then we are slightly better off than we were a year ago which is good news.
Reserves policy
The trustees have set a policy of having at least three months general fund expenditure at the end of the year. This is £40,000. At the end of 2023 the balance on the general fund was £64,836 which exceeds the target by more than 50%.
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Going concern
The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. They have assessed the church’s ability to continue by reviewing their plans for 2023 having due regard to the level of regular income and the prospect of reduced staff costs.
Statement of trustees’ responsibilities in respect of the accounts.
The charity’s trustees are responsible for keeping proper accounting records which 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. They 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. They are responsible for preparing financial statements for each financial year that gives a true and fair view of the charity’s incoming resources during the period and of its state of affairs at the end of the year.
In preparing the financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently (see page 17)
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees of the Magdalen Road Evangelical Free Church submit their annual report and financial statements for the year ended 31 March 2023. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
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Charities Act 2011.
Independent Examiner’s Report.
Independent Examiner’s Report to the Magdalen Road Evangelical Free Church C.C. no, 1136466.
I report on the accounts of the charity for the year ended 31[st] . March 2023 which are set out on pages 13 to 25 .
Respective responsibilities of the trustees and examiner.
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that 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;
follow the procedures laid down in the general Directions given by the Charity
Commissioner under section 145 (5) (b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basis of the 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:
- 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
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the accounting requirements of the 2011 Act
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date
Fellow of the Association of Charity Independent Examiners.
Rev’d. A. A. Clements MA, ACIB, FCIE.
15 Carleton Road,
Great Knowley,
Chorley PR6 8TQ
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Magdalen Road Evangelical Free Church
Statement of Financial Activities for the year ended 31 March 2023
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 Note £ £ £ £ £ Income and endowments from: Donations and legacies 2 202,008 735 17,445 220,188 240,296 Investments 3 83 83 1 Income from charitable activities 4 199 199 197 Other trading activities 5 70 45,229 45,299 8,916 |
Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|---|---|
| Total income Expenditure on: Raising funds 6 Expenditure on charitable activities 7 Ministry Mission Grants Property Support |
202,360 45,964 17,445 265,769 249,410 553 553 127,217 8,267 135,484 143,627 9,874 1,202 2,647 13,723 13,870 10,782 2,000 12,782 17,490 4,021 48,776 44,566 97,363 81,566 14,189 1,082 771 16,042 39,192 |
| Total expenditure Net income/(expenditure) resources before transfer |
155,301 62,395 58,251 275,947 295,745 |
| 47,059 (16,431) (40,806) -10,178 (46,335) |
|
| Transfers: Gross transfers between funds - in Gross transfers between funds - out |
20,434 7,397 27,831 133,347 (27,787) (44) (27,831) (133,347) |
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Other recognised gains/losses
Gains/losses on investment assets
| Gains on revaluation, fixed assets, charity's own use | 1,139 | ||||
|---|---|---|---|---|---|
| Net movement in funds | 19,272 | 3,959 | (33,409) | -10,178 | (45,196) |
| Reconciliation of funds | |||||
| Total funds brought forward | 45,564 | 1,089,114 | 89,372 | 1,224,050 | 1,269,245 |
| Total funds carried forward | 64,836 | 1,093,073 | 55,963 | 1,213,872 | 1,224,049 |
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Magdalen Road Evangelical Free Church
Balance Sheet 31 March 2023
| Fixed assets Tangible fixed assets 13 Fixed Assets - Buildings Current assets Debtors 14 Bank and cash 15 Current liabilities 16 Creditors: amounts falling due within one year Net Current Assets Total assets less current liabilities Net Asset surplus (deficit) |
As at 31/03/2023 |
As at 31/03/2022 |
|---|---|---|
| £ 1,142,837 216,455 154,109 370,564 299,529 1,213,872 1,213,872 |
£ 1,167,886 255,892 98,546 |
|
| 354,438 | ||
| 298,275 1,224,049 |
||
| 1,224,049 |
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Reserves
| Represented by Funds General (Unrestricted) Designated Restricted Total |
(10,177) 1,224,049 - 1,213,872 64,836 1,093,073 55,963 1,213,872 |
(46,334) 1,269,245 1,139 1,224,049 |
|---|---|---|
| 45,564 1,089,113 89,372 |
||
| 1,224,049 |
The notes on pages 17 to 25 form an integral part of these accounts
and were approved by the trustees on 21 January 2024 and
signed on their behalf by
Charlie Currie (Chair)
Trustee
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Magdalen Road Evangelical Free Church
1 Accounting Policies
a Basis of preparation
The accounts are prepared in accordance with the, Charities Statement of Recommended Practice (Charities SORP 2021), FRS102 and with the Charities Act 2011
Magdalen Road Evangelical Free Church is a registered charity, no. 1136466 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b Income recognition
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
c Donations
Donations are accounted for gross when received. Fixed asset gifts in kind are recognized when receivable and are included at fair value.
d Legacies
Legacies are accounted for when probate has been completed, the amount of the legacy can be reliably quantified and the conditions of the legacy are within the control of the church.
e Investment Income
Investment income is included in the accounts in the year in which it is receivable.
- f Expenditure recognition
All expenditure is accounted for on an accruals basis. Expenditure is recognized where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
g Costs of raising funds
The Church does not make formal appeals for funds, and expenditure on these items is therefore not material.
h Grants payable
The Church makes grants to people and organisations whose charitable objects complement its work. They are accounted for when the recipient has been notified of the grant and payment is unconditional.
i Support costs
Support costs are those that assist the work of the church but do not directly represent charitable activities and include office costs and governance cost. Where support costs cannot be directly attributed to particular headings they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of resources. This represents direct expenditure on the governance of the church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.
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- j Fixed Assets
Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. They are initially recognised at cost, or for donated assets, at a reasonable estimate of their value on receipt.
There is no reliable information available for the cost of the church premises and so on first time adoption of FRS102, the insurance value used previously was adopted as deemed cost.
k Depreciation
Depreciation is provided on all fixed assets, other than freehold land, to write off the cost on a straight-line basis over their expected useful life, at the following rates:
Freehold land Nil Buildings 2% Furniture and fittings 20% Computers and equipment 33%
- l Investment Assets
Investments are initially stated at cost. Subsequently they are measured at fair value with changes recognized in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. All other investment assets are shown at cost less impairment.
m Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for specific purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. The church has no endowment funds.
n Employee benefits
The charity operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in an independently administered fund.
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2 Donations and legacies
| Donations and legacies Offerings Tax refunds Grants received Total 3 Investment income Investment income Bank interest Total 4 Income from charitable activities Income from charitable activities Weekend activities Total 5 Other trading activities Other trading activities Room hires Bookstall Total |
Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|---|---|
| 195,065 735 17,445 213,245 240,296 -930 -930 7,873 7,873 |
|
| 202,008 735 17,445 220,188 240,296 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 83 83 1 |
|
| 83 83 1 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 199 199 197 |
|
| 199 199 197 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 45,229 45,229 8,884 70 70 32 |
|
| 70 45,229 45,299 8,916 |
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6 Raising funds
Unrestricted Designated Restricted 31/03/2023 31/03/2022
| Processing costs Total 7 Expenditure on charitable activities Charitable activities Ministry Mission Grants Property Support Total 8 Support costs Support costs Staff Office Sundries 9 Expenditure Expenditure Ministry Mission Property |
553 553 |
|---|---|
| 553 553 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 127,217 8,267 135,484 143,627 9,874 1,202 2,647 13,723 13,870 10,782 2,000 12,782 17,490 4,021 48,776 44,566 97,363 81,566 14,189 1,082 771 16,042 39,192 |
|
| 155,301 61,842 58,251 275,394 295,745 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 7,642 7,642 18,972 2,916 1,082 3,998 3,688 431 771 1,202 15,032 |
|
| 10,989 1,082 771 12,842 37,692 |
|
| Direct Grants Allocated Charitable Payable Support Expenditure Costs 135,484 2,568 941 12,782 5,137 97,363 5,137 233,788 12,782 12,842 |
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10 Grants payable
| Grants payable Grants to individuals Grants to organisations 11 Net income for the year Net income for the year is stated after charging/(crediting) Auditors/independent examiners’ remuneration: Audit/independent examination Taxation work Other services 12 Staff costs and trustees expenses Staff costs Salaries - Gross salary Pension costs Employers pension contributions Total There were no social security or other costs The average number of employees during the year was |
Unrestricte d Designated |
Restricted 31/03/202 3 31/03/202 2 |
|---|---|---|
| 0 9,100 0 1,682 |
2,000 11,100 14,419 0 1,682 3,071 |
|
| 0 10,782 |
2,000 12,782 17,490 |
|
| 31/03/202 3 1,700 31/03/202 3 117,651 11,463 129,114 6 |
31/03/2022 1,500 31/03/2022 129,743 17,853 147,596 6 |
No employee received total emoluments in excess of £60,000 during the year.
Trustee expenses
Trustees claimed £50 in 31/03/2023 (£135 in 31/03/2022)
Related party transactions
Four trustees donated £13,900 in 31/03/2023 (£15,540 in 31/03/2022)
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13 Tangible Fixed Assets
| Buildings Equipment Tangible Fixed Assets Cost 1st April 2022 1,190,455 1,240 Additions Disposals 1,240 31st March 2023 1,190,455 Depreciation 1st April 2022 23,809 Charge for the year 23,809 On disposals 31st March 2023 47,618 Net book value 1st April 2022 1,166,646 1,240 31st March 2023 1,142,837 14 Debtors 31/03/2023 Debtors Prepaid expenditure 45 Accrued income 1,160 Development partner 215,250 Accounts receivable - Total 216,455 The Gift Aid claim was made in January 2024 and payment received in the same month. 15 Bank and cash balances 31/03/2023 Bank and cash Lloyds current account 144,829 Lloyds deposit account 9,280 Total 154,109 |
Buildings Equipment 1,190,455 1,240 1,240 |
Total 1,191,695 1,240 |
|---|---|---|
| 1,190,455 | 1,190,455 | |
| 23,809 23,809 |
23,809 23,809 |
|
| 47,618 | 47,618 | |
| 1,166,646 1,240 |
1,167,886 | |
| 1,142,837 | 1,142,837 | |
| 31/03/2022 215,251 40,641 |
||
| 255,892 | ||
| 31/03/2022 89,284 9,262 98,546 |
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16 Creditors: amounts falling due
within one year
| Creditors: amounts falling due within one year Stewardship bridging loan expiring March 2023 Accrued expenditure Accounts payable Total 17 Movement of funds Restricted funds Mission OS Development OS Purchase Other Restricted Pastoral Worker Special Needs Special Collections Trainee Fund Total restricted funds Designated funds Mission Old schoolhouse OS Operations Church Weekend Away Total designated funds Unrestricted funds General Total unrestricted funds Total funds |
31/03/2023 294,749 4,780 299,529 1st April Incoming 2022 Resources 12,569 316 49,027 12,524 16,125 2,400 1,603 2,687 1,673 650 773 5,688 781 |
31/03/2022 294,749 3,526 298,275 Resources Transfers 31st March expended 2023 2,000 3,493 14,378 30,229 31,322 14,338 4,187 1,603 2,687 0 2,647 3,903 3,579 771 1 3 5,578 891 |
|---|---|---|
| 89,372 17,444 |
58,250 7,397 55,963 |
|
| (1,899) 500 1,091,012 45,464 |
11,983 11,857 (1,525) 23,809 1,067,203 26,602 8,519 27,381 14 14 |
|
| 1,089,113 45,964 |
62,394 20,390 1,093,073 |
|
| 45,564 202,360 |
155,301 (27,787) 64,836 |
|
| 45,564 202,360 |
155,301 (27,787) 64,836 275,945 1,213,872 |
|
| 1,224,049 265,768 |
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18 Analysis of net assets
| 18 Analysis of net assets | |
|---|---|
| Analysis of net assets Restricted funds Designated funds Unrestricted funds |
Fixed Net Current Total Assets Assets 55,963 55,963 1,142,837 (49,764) 1,093,073 64,836 64,836 |
| 1,142,837 71,035 1,213,872 |
19 Pensions
Three defined benefit pension schemes are in operation, Nest, Aviva Life, Legal and General
20 Related charities
The church has established Magdalen Road Free Church registered charity 1181872 to hold its property. The charity remained dormant at 31/03/2023.
21 Custodian trustee
As an unincorporated charity the church is not legally entitled to own property.
Daniel Steel and Patrick Brittenden who are both trustees of Magdalen Road Church hold the property on trust for the charity (1136466).
This arrangement will be revisited if and when Magdalen Road Free Church registered charity 1181872 becomes live. No transactions took place between the two charities in 2022/2023.
22 Affiliations and memberships
The church is an affiliate of the international Acts 29 network and is a member of the Federation of Independent Evangelical Churches and the Evangelical Alliance
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Magdalen Road Evangelical Free Church
Statement of Financial Activities for the year ended 31 March 2022
| Note Income and endowments from: Donations and legacies 2 Investments 3 Income from charitable activities 4 Other tradingactivities 5 |
Unrestricted Designated Restricted 31/03/2022 31/03/2021 |
|---|---|
| £ £ £ £ £ 185,566 1,481 53,248 240,295 254,959 0 0 1 1 17 197 0 0 197 0 32 8,884 0 8,916 1,738 |
|
| Total income Expenditure on: Raising funds 6 Expenditure on charitable activities 7 Ministry Mission Grants Property Support |
185,795 10,365 53,249 249,409 256,714 0 0 0 0 0 138,827 4,800 0 143,627 119,934 13,531 539 0 14,070 12,121 1,500 15,790 17,290 27,964 7,946 45,599 28,021 81,566 71,361 28,453 114 10,624 39,191 27,407 |
| Total expenditure Net income/(expenditure) resources before transfer |
190,257 66,842 38,645 295,744 258,787 |
| (4,462) (56,477) 14,604 (46,335) (2,073) |
|
| Transfers: Gross transfers between funds - in Gross transfers between funds - out Other recognised gains/losses Gains/losses on investment assets Gains on revaluation,fixed assets,charity's own use |
17,950 32,228 83,169 133,347 (23,551) (1,444) (108,352) (133,347) 1,139 1,139 1,139 |
| Net movement in funds Reconciliation of funds |
(8,924) (25,693) (10,579) (45,196) (934) |
| Total funds brought forward | 54,489 1,114,806 99,950 1,269,245 1,271,317 45,565 1,089,113 89,371 1,224,049 1,270,383 |
| Total funds carried forward |
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Magdalen Road Evangelical Free Church.
The Old School House,
Hertford Street, Oxford OX4 3AJ.
The Trustees Report for the
year ended 31. March 2023.
Charity Commission Number 1136466.
Bankers :
Lloyds TSB, 8 Oct Street,
Abingdon OX14 5AP.
Stewardship Services Ltd.
1 Lamb’s Passage
London EC1Y 8AB.
Independent Examiner:
Rev’d. A.A. Clements MA, ACIB, FCIE.
15 Carleton Road, Great Knowley,
Chorley PR6 8TQ.
Trustees:
Charlie Currie (Chair), Andrew Anderson, Dan Steel, Pat Brittenden.
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Contents: Trustees Annual Report Pages 3 to 10 Independent Examiner’s Report Page 11 to 12 Financial Statements Pages 13 to 25
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Magdalen Road Evangelical Free Church Trustees Annual Report for the year ended 31[st] March 2023
The Trustees of Magdalen Road Church have pleasure in presenting their Annual Report for the year ended 31st March 2023.
This report and the accompanying financial statements have been prepared in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2015)
Strategic Report Review of the year
This year has been a year of change in our staffing team - Grace Jamieson finished her time as a Ministry Trainee with us in July 2022, Hannah Langley, our Administrator, stepped down in August 2022, and Kitty Brittenden, our Pastoral Worker, moved on in December 2022. On the pastoral team both our Assistant Pastors (Matt Hutchings and Phil Bailey) moved into their final year with us - expecting to finish in the summer of 2023. As we began conversations about what we should aim for in our next steps of recruitment, our Pastor (Dan Steel) felt that it was the right time for him to move on, planning to step down after a 2 month sabbatical at the end of August 2023 after 12 years of service and 10 in the senior role. We have been thankful that Esther Field was willing, from December 2022, to take up a small, part-time role supporting us administratively. We extend our huge gratitude and love towards all four members of staff as they move on to new ventures.
This has presented a challenging time of change for the church as we move from having an unusually large staff team for a church of our size to a much smaller one. We have been pleased to appoint several new deacons in this season (including Esther Field and Tom Field as deacons for music, and James Hume as a deacon for the building). It has also been good to invest in volunteer leaders across the church. This change has also given us the opportunity to think about what our future staff team should look like as we set out to find and recruit a new pastor who feels called and equipped to lead the church into the next stage of our ministry as we develop the Old Schoolhouse and consider how to use this to achieve our objectives.
Faced with a challenging time of recruitment, the church was very grateful to Matt Hutchings for agreeing to stay on in his Assistant Pastor role for an additional year. Our first round of pastor recruitment, in January - March 2023, was not successful, and we entered the second half of 2023 needing to continue our search for our next Pastor.
A major focus of work through this year has been the ongoing development of the Old Schoolhouse building. We continue to seek ways of using the building for the glory of God and for our ministry to the community of East Oxford. Our part-time Administrator (James Hume) has continued in his role, shouldering much of the burden of the project, supported by a group of volunteers. He has coordinated a number of significant practical improvements, redecorating parts of the building, handling the growing demand for use
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of the building for lettings, as well as coordinating the programme of improvements. Our appeal for planning permission was successful and the focus is now on meeting the conditions of our planning permission over the coming year, and preparing to raise funds for the significant costs of developing the site in the future.
In September 2022 we welcomed our neighbours for our second ‘Community Day’- we hope this will continue as an annual tradition. We invited the local community to join us to see what our vision and plans for the site are, to meet members of the church and other users of the building, and to enjoy a free barbecue together. Many groups who use the building took part in the day, supporting us and making connections with other users and local residents and offering taster sessions for their activities. We very much hope that these events will help foster good relationships with those around us and that in years to come we will see the fruit.
A particularly exciting challenge and opportunity has been welcoming a group of Iranian Asylum seekers into the church family over the last couple of months of 2022 and first part of 2023, while they have been housed just outside Oxford. We have been very fortunate to have several church members able to invest significant time in welcoming and supporting these vulnerable men. We continue to seek to support them as they move through the asylum system, and were delighted when a number expressed interest in baptism.
Throughout the year the emphasis on the Word of God, and its teaching and preaching, has continued as the core of our church’s life and work, with teaching series in James, John, 1 Peter and Ecclesiastes. The Lord’s Supper was regularly celebrated, and we were delighted to baptise a young person in the summer of 2022, and then two young newcomers in December 2022.
Pastoral support of members and friends was sustained through the contacts maintained by all the home groups, as well as by one-to-one support from our Pastors and Elders. A number of babies were born during the year to our families, and their care, together with care for our children and young people generally, remained a priority.
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The Comfort Trust is a charity associated with MRC and has for many years supported local families with its groups for parents and carers of children aged 0 – 4. During term time the Sunflowers and First Saturday groups have served a considerable number of local families. Our thanks go to our leaders and volunteers who help to make this important outreach flourish, generating much goodwill and reflecting the love of Christ for our community.
Jonny Ascott has continued to serve as our trainee cross-cultural worker (supported by Frontiers UK), while also exploring the possibility of moving overseas to continue serving in the autumn of 2023.
By the end of the year we had not yet made significant progress in seeking to appoint our next pastor, but we continue to see the work of the church thrive and have complete confidence in our Sovereign God who continues to bless our church so richly in countless ways.
Vision and values
Our vision remains unchanged- our priority is still to be transformed by Jesus as we grow to know him better, and to bring the good news of the gospel to the people of East Oxford, and to love and serve them well as we do this. Our building, the Old Schoolhouse (OS), is an invaluable resource as we can welcome our local community into our building and seek to love, serve and build relationships with them. It also allows us to grow our ministries and develop new ones. Despite some limitations in the fabric of the building, the need for a new hall and the need for further refurbishment and redevelopment of the site, we have nonetheless seen huge demand from a wide variety of different community groups keen to use the OS, and relationships are slowly growing.
As a church, our priority is the advancement of the gospel, the development of the church family, and the growth of the kingdom of God. As a charity, our priority is to love and serve our community well, expressed primarily by sharing the gospel and second through practical service, support, and provision. We continue to serve the older members of our community through our network called TOFFS (The Over Fifty Fives) and a programme of events for them, designed to tackle loneliness and foster fellowship amongst this generation. We serve children and young families, not just on a Sunday morning, but through the provision of mid-week activities and through our support of the Comfort Trust parent and child groups. We support vulnerable people locally through partnering with the Christians Against Poverty-Oxford Debt Centre and our longstanding connections with local charities combating homelessness and supporting refugees and asylum seekers.
In all these things, our vision of the church we aspire to be remains the same:
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-
to Love God our Father and Christ our Saviour
-
to Reach out with the good news of the gospel, to our neighbours (the local community in East Oxford) and to the nations (further to the rest of the world.)
-
to Build one another up, growing in our faith as individuals and as a church family
-
to Send people out, trained and equipped to serve God and the world Christ well
As reflected in the review of the year, we have been pleased with the development of the church in a number of key areas, including through the continued support of our trainee cross-cultural worker Jonny, welcoming asylum seekers from Iran and people from across the world, and enabling greater use of the Old Schoolhouse by local community groups.
Strategy for delivering our vision
We aim to deliver on our vision and meet our aims and objectives through:
-
Investing in the lives of church members in church services, through local house groups, and 1-2-1 meetings with the pastoral staff of the church.
-
Providing financial and pastoral support to our mission partners in the UK and around the world.
-
Investing in families and young people through our own children’s and youth work, as well as through supporting the activities of the Comfort Trust.
-
Training individuals for ministry through our Ministry Trainee programme.
-
Supporting members of the community who are in need through our Compassion fund, which we have increased in the course of 2023.
-
Developing relationships with local groups and businesses through the rental of the Old Schoolhouse, and through use of the site for community days.
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- Investing in the local community through running and supporting initiatives that benefit all within the community.
Plans for the future
Our principal plan for this upcoming season will be to continue the search for our next pastor, and to form a staff team around him. Beyond this, as last year we hope to increasingly shape, grow and transform the Old Schoolhouse building into a home for us and our church family and a hub for the community where people can meet, work together, get to know church members, and in time come to hear and trust in the good news of Christ. James, our building administrator, has worked hard to maintain and develop links with the Oxford community, both in terms of serving our area, but also in accomplishing our hopes and plans to continue redevelopment.
We have gained planning permission and now work steadily towards meeting the planning conditions the council have given us, as well as beginning to refurbish and develop the Old Schoolhouse building for use by local groups.
Structure, governance and management Constitution
The church was set up by a trust dated 1904 and is governed by a constitution adopted on 9th February 2010 and revised on 1st October 2013, and by Rules revised on 1st October 2013.
Trustees
The trustees named on page 1 have served throughout the year unless otherwise stated. The trustees are either paid pastoral staff or elders. The trustees are responsible for the control and management of the church and are appointed by the members of the church. As well as the paid elders, Patrick Brittenden (whose wife was an employee of the church) had a beneficial interest in the charity until the Autumn of 2022. The trustees are aware of the need to ensure that at least 50% of trustees have no beneficial interest in the charity. When new trustees are elected, they are encouraged to seek training provided by local providers in the charity sector.
Due to the church’s status as an unincorporated charitable organization, we are not legally entitled to own property. As such, two of the trustees (namely Dan Steel and Patrick Brittenden) own the building on trust for all the Trustees of Magdalen Road Church. A separate company, Magdalen Road Church Developments Ltd, was set up to act as the legal owner of the building that we own, however this is currently dormant. These trustees will retain legal responsibility for this property until the church has been able to attain Charitable Incorporated Organisation (CIO) status, at which point ownership of the building will pass to the church itself. It is our ongoing hope that this will be resolved in the next year or two.
Prospective Trustees are nominated by the current Trustees and then presented to the church membership in advance of a church meeting. The church members then have an opportunity to reflect on the proposed new Trustee and raise any concerns with the
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current Trustees. At the next church meeting a vote is held to approve the appointment of said proposed Trustee. The church constitution provides for a three-year term as a Trustee. At the end of which term, the church members can vote to reappoint the Trustee should they wish to continue in that capacity.
The Trustees are aware of the Charity Commission’s guidance on public benefit in their publication ‘The Advancement of Religion for Public Benefit’ and have given regard to it in their administration of the church and its activities.
It is considered that the Trustees and any other members who could be understood to be ‘managers’ in the activities and affairs of the church – as defined in Schedule 6 of the Finance Act 2010 – have completed declarations confirming that they are ‘fit and proper’ persons under the terms of the Finance Act 2010.
Related party transactions
We would identify any entity of which Magdalen Road Church staff or trustees have a controlling stake in as a related party. As the above-mentioned limited company is owned solely by the trustees of Magdalen Road Church, it should be seen as a related party. All costs incurred by the development and upkeep of the building are paid by the Church, and should therefore be viewed as related party transactions between the Church and the limited company.
Affiliations
The church is a member of the Fellowship of Independent Evangelical Churches and is affiliated to the Evangelical Alliance.
Use of volunteers
The church relies heavily on the voluntary service of church members to run our services and ministries. In addition to the three unpaid trustees (Pat Brittenden, Charlie Currie and Andrew Anderson) the church also relies on volunteers to run our missions committee, set up church services, run our local house groups, run our children’s, youth and older people’s ministries, and manage the finances of the church amongst other things.
Public benefit
The Trustees are aware of the need to consider that the church is meeting its obligation to provide public benefit. As reflected in our vision and values, we are committed to loving and serving our community through sharing the good news of Jesus and offering practical service and support to people within our
community. As part of this commitment, we are working to support young families, tackle loneliness and isolation amongst older people, and encourage church members to live lives that demonstrate God’s love for the world.
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Risk assessment
Trustees recognize in relation to ‘Risk Assessment’, risk is defined as ‘the threat of any action or event which will adversely affect an organization’s ability to achieve its objectives and execute its strategies’. If also accepts that the term ‘risk’ can included any circumstances that may, or do, have an adverse effect, and is wider than financial matters. ‘Risks’ relate not only to the negative consequences of a threat, but also to the impact of not taking advantages of opportunities.
The Trustees recognize that it requires a practical Health and Safety policy covering activities for the church and its surrounding area. This is reviewed on a regular basis. An accident Book is maintained.
The contents and obligations of the Equality Act 2010 and the 2018 General Data Provision Regulation are known and complied with to the best of the Trustee’s ability. The Trustees are aware of their responsibilities in respect of the Regulatory Reform (Fire Safety) Order of 2005 in its requirement to carry out and to create a plan to deal with any emergencies, and also to write up and keep a record of its findings and to review the situation annually. The Trustees have appointed James Hume to be the responsible person to put these things into operation.
There is a Protection Policy in place in respect of children and vulnerable adults. Checks have been made with the Disclosure and Barring Service (formerly CRB) in respect of persons dealing regularly with young people and vulnerable adults. Whilst it is impossible to eliminate all risks and their consequences, efforts are constantly made to minimize such occurrences.
Financial Review
The Statement of Financial Activity shows that the deficit of 2022 of £42,195 has reduced to £10,177. The policy of increasing room bookings has been very successful and income has increased from £8,884 to £45,299. Our regular giving has remained static at £142,000 per year. Our current assets net of current liabilities including the bridging loan have increased from £56,000 in 2022 to £72,000 in 2023. The desired reduction in staff costs should produce a further reduction in our ongoing deficit. It needs to be remembered that the deficit comprises cash transactions and non – cash depreciation which is £23,809 yearly. In summary then we are slightly better off than we were a year ago which is good news.
Reserves policy
The trustees have set a policy of having at least three months general fund expenditure at the end of the year. This is £40,000. At the end of 2023 the balance on the general fund was £64,836 which exceeds the target by more than 50%.
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Going concern
The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis. They have assessed the church’s ability to continue by reviewing their plans for 2023 having due regard to the level of regular income and the prospect of reduced staff costs.
Statement of trustees’ responsibilities in respect of the accounts.
The charity’s trustees are responsible for keeping proper accounting records which 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. They 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. They are responsible for preparing financial statements for each financial year that gives a true and fair view of the charity’s incoming resources during the period and of its state of affairs at the end of the year.
In preparing the financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently (see page 17)
-
Make judgements and estimates that are reasonable and prudent;
-
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees of the Magdalen Road Evangelical Free Church submit their annual report and financial statements for the year ended 31 March 2023. The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
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Charities Act 2011.
Independent Examiner’s Report.
Independent Examiner’s Report to the Magdalen Road Evangelical Free Church C.C. no, 1136466.
I report on the accounts of the charity for the year ended 31[st] . March 2023 which are set out on pages 13 to 25 .
Respective responsibilities of the trustees and examiner.
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that 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;
follow the procedures laid down in the general Directions given by the Charity
Commissioner under section 145 (5) (b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basis of the 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:
- 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
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the accounting requirements of the 2011 Act
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date
Fellow of the Association of Charity Independent Examiners.
Rev’d. A. A. Clements MA, ACIB, FCIE.
15 Carleton Road,
Great Knowley,
Chorley PR6 8TQ
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Magdalen Road Evangelical Free Church
Statement of Financial Activities for the year ended 31 March 2023
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 Note £ £ £ £ £ Income and endowments from: Donations and legacies 2 202,008 735 17,445 220,188 240,296 Investments 3 83 83 1 Income from charitable activities 4 199 199 197 Other trading activities 5 70 45,229 45,299 8,916 |
Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|---|---|
| Total income Expenditure on: Raising funds 6 Expenditure on charitable activities 7 Ministry Mission Grants Property Support |
202,360 45,964 17,445 265,769 249,410 553 553 127,217 8,267 135,484 143,627 9,874 1,202 2,647 13,723 13,870 10,782 2,000 12,782 17,490 4,021 48,776 44,566 97,363 81,566 14,189 1,082 771 16,042 39,192 |
| Total expenditure Net income/(expenditure) resources before transfer |
155,301 62,395 58,251 275,947 295,745 |
| 47,059 (16,431) (40,806) -10,178 (46,335) |
|
| Transfers: Gross transfers between funds - in Gross transfers between funds - out |
20,434 7,397 27,831 133,347 (27,787) (44) (27,831) (133,347) |
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Other recognised gains/losses
Gains/losses on investment assets
| Gains on revaluation, fixed assets, charity's own use | 1,139 | ||||
|---|---|---|---|---|---|
| Net movement in funds | 19,272 | 3,959 | (33,409) | -10,178 | (45,196) |
| Reconciliation of funds | |||||
| Total funds brought forward | 45,564 | 1,089,114 | 89,372 | 1,224,050 | 1,269,245 |
| Total funds carried forward | 64,836 | 1,093,073 | 55,963 | 1,213,872 | 1,224,049 |
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Magdalen Road Evangelical Free Church
Balance Sheet 31 March 2023
| Fixed assets Tangible fixed assets 13 Fixed Assets - Buildings Current assets Debtors 14 Bank and cash 15 Current liabilities 16 Creditors: amounts falling due within one year Net Current Assets Total assets less current liabilities Net Asset surplus (deficit) |
As at 31/03/2023 |
As at 31/03/2022 |
|---|---|---|
| £ 1,142,837 216,455 154,109 370,564 299,529 1,213,872 1,213,872 |
£ 1,167,886 255,892 98,546 |
|
| 354,438 | ||
| 298,275 1,224,049 |
||
| 1,224,049 |
15
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
Reserves
| Represented by Funds General (Unrestricted) Designated Restricted Total |
(10,177) 1,224,049 - 1,213,872 64,836 1,093,073 55,963 1,213,872 |
(46,334) 1,269,245 1,139 1,224,049 |
|---|---|---|
| 45,564 1,089,113 89,372 |
||
| 1,224,049 |
The notes on pages 17 to 25 form an integral part of these accounts
and were approved by the trustees on 21 January 2024 and
signed on their behalf by
Charlie Currie (Chair)
Trustee
16
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
Magdalen Road Evangelical Free Church
1 Accounting Policies
a Basis of preparation
The accounts are prepared in accordance with the, Charities Statement of Recommended Practice (Charities SORP 2021), FRS102 and with the Charities Act 2011
Magdalen Road Evangelical Free Church is a registered charity, no. 1136466 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
b Income recognition
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
c Donations
Donations are accounted for gross when received. Fixed asset gifts in kind are recognized when receivable and are included at fair value.
d Legacies
Legacies are accounted for when probate has been completed, the amount of the legacy can be reliably quantified and the conditions of the legacy are within the control of the church.
e Investment Income
Investment income is included in the accounts in the year in which it is receivable.
- f Expenditure recognition
All expenditure is accounted for on an accruals basis. Expenditure is recognized where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
g Costs of raising funds
The Church does not make formal appeals for funds, and expenditure on these items is therefore not material.
h Grants payable
The Church makes grants to people and organisations whose charitable objects complement its work. They are accounted for when the recipient has been notified of the grant and payment is unconditional.
i Support costs
Support costs are those that assist the work of the church but do not directly represent charitable activities and include office costs and governance cost. Where support costs cannot be directly attributed to particular headings they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with the use of resources. This represents direct expenditure on the governance of the church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to the volunteers for their service.
17
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
- j Fixed Assets
Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,000. They are initially recognised at cost, or for donated assets, at a reasonable estimate of their value on receipt.
There is no reliable information available for the cost of the church premises and so on first time adoption of FRS102, the insurance value used previously was adopted as deemed cost.
k Depreciation
Depreciation is provided on all fixed assets, other than freehold land, to write off the cost on a straight-line basis over their expected useful life, at the following rates:
Freehold land Nil Buildings 2% Furniture and fittings 20% Computers and equipment 33%
- l Investment Assets
Investments are initially stated at cost. Subsequently they are measured at fair value with changes recognized in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. All other investment assets are shown at cost less impairment.
m Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for specific purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. The church has no endowment funds.
n Employee benefits
The charity operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in an independently administered fund.
18
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
2 Donations and legacies
| Donations and legacies Offerings Tax refunds Grants received Total 3 Investment income Investment income Bank interest Total 4 Income from charitable activities Income from charitable activities Weekend activities Total 5 Other trading activities Other trading activities Room hires Bookstall Total |
Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|---|---|
| 195,065 735 17,445 213,245 240,296 -930 -930 7,873 7,873 |
|
| 202,008 735 17,445 220,188 240,296 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 83 83 1 |
|
| 83 83 1 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 199 199 197 |
|
| 199 199 197 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 45,229 45,229 8,884 70 70 32 |
|
| 70 45,229 45,299 8,916 |
19
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
6 Raising funds
Unrestricted Designated Restricted 31/03/2023 31/03/2022
| Processing costs Total 7 Expenditure on charitable activities Charitable activities Ministry Mission Grants Property Support Total 8 Support costs Support costs Staff Office Sundries 9 Expenditure Expenditure Ministry Mission Property |
553 553 |
|---|---|
| 553 553 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 127,217 8,267 135,484 143,627 9,874 1,202 2,647 13,723 13,870 10,782 2,000 12,782 17,490 4,021 48,776 44,566 97,363 81,566 14,189 1,082 771 16,042 39,192 |
|
| 155,301 61,842 58,251 275,394 295,745 |
|
| Unrestricted Designated Restricted 31/03/2023 31/03/2022 |
|
| 7,642 7,642 18,972 2,916 1,082 3,998 3,688 431 771 1,202 15,032 |
|
| 10,989 1,082 771 12,842 37,692 |
|
| Direct Grants Allocated Charitable Payable Support Expenditure Costs 135,484 2,568 941 12,782 5,137 97,363 5,137 233,788 12,782 12,842 |
20
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
10 Grants payable
| Grants payable Grants to individuals Grants to organisations 11 Net income for the year Net income for the year is stated after charging/(crediting) Auditors/independent examiners’ remuneration: Audit/independent examination Taxation work Other services 12 Staff costs and trustees expenses Staff costs Salaries - Gross salary Pension costs Employers pension contributions Total There were no social security or other costs The average number of employees during the year was |
Unrestricte d Designated |
Restricted 31/03/202 3 31/03/202 2 |
|---|---|---|
| 0 9,100 0 1,682 |
2,000 11,100 14,419 0 1,682 3,071 |
|
| 0 10,782 |
2,000 12,782 17,490 |
|
| 31/03/202 3 1,700 31/03/202 3 117,651 11,463 129,114 6 |
31/03/2022 1,500 31/03/2022 129,743 17,853 147,596 6 |
No employee received total emoluments in excess of £60,000 during the year.
Trustee expenses
Trustees claimed £50 in 31/03/2023 (£135 in 31/03/2022)
Related party transactions
Four trustees donated £13,900 in 31/03/2023 (£15,540 in 31/03/2022)
21
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
13 Tangible Fixed Assets
| Buildings Equipment Tangible Fixed Assets Cost 1st April 2022 1,190,455 1,240 Additions Disposals 1,240 31st March 2023 1,190,455 Depreciation 1st April 2022 23,809 Charge for the year 23,809 On disposals 31st March 2023 47,618 Net book value 1st April 2022 1,166,646 1,240 31st March 2023 1,142,837 14 Debtors 31/03/2023 Debtors Prepaid expenditure 45 Accrued income 1,160 Development partner 215,250 Accounts receivable - Total 216,455 The Gift Aid claim was made in January 2024 and payment received in the same month. 15 Bank and cash balances 31/03/2023 Bank and cash Lloyds current account 144,829 Lloyds deposit account 9,280 Total 154,109 |
Buildings Equipment 1,190,455 1,240 1,240 |
Total 1,191,695 1,240 |
|---|---|---|
| 1,190,455 | 1,190,455 | |
| 23,809 23,809 |
23,809 23,809 |
|
| 47,618 | 47,618 | |
| 1,166,646 1,240 |
1,167,886 | |
| 1,142,837 | 1,142,837 | |
| 31/03/2022 215,251 40,641 |
||
| 255,892 | ||
| 31/03/2022 89,284 9,262 98,546 |
22
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
16 Creditors: amounts falling due
within one year
| Creditors: amounts falling due within one year Stewardship bridging loan expiring March 2023 Accrued expenditure Accounts payable Total 17 Movement of funds Restricted funds Mission OS Development OS Purchase Other Restricted Pastoral Worker Special Needs Special Collections Trainee Fund Total restricted funds Designated funds Mission Old schoolhouse OS Operations Church Weekend Away Total designated funds Unrestricted funds General Total unrestricted funds Total funds |
31/03/2023 294,749 4,780 299,529 1st April Incoming 2022 Resources 12,569 316 49,027 12,524 16,125 2,400 1,603 2,687 1,673 650 773 5,688 781 |
31/03/2022 294,749 3,526 298,275 Resources Transfers 31st March expended 2023 2,000 3,493 14,378 30,229 31,322 14,338 4,187 1,603 2,687 0 2,647 3,903 3,579 771 1 3 5,578 891 |
|---|---|---|
| 89,372 17,444 |
58,250 7,397 55,963 |
|
| (1,899) 500 1,091,012 45,464 |
11,983 11,857 (1,525) 23,809 1,067,203 26,602 8,519 27,381 14 14 |
|
| 1,089,113 45,964 |
62,394 20,390 1,093,073 |
|
| 45,564 202,360 |
155,301 (27,787) 64,836 |
|
| 45,564 202,360 |
155,301 (27,787) 64,836 275,945 1,213,872 |
|
| 1,224,049 265,768 |
23
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
18 Analysis of net assets
| 18 Analysis of net assets | |
|---|---|
| Analysis of net assets Restricted funds Designated funds Unrestricted funds |
Fixed Net Current Total Assets Assets 55,963 55,963 1,142,837 (49,764) 1,093,073 64,836 64,836 |
| 1,142,837 71,035 1,213,872 |
19 Pensions
Three defined benefit pension schemes are in operation, Nest, Aviva Life, Legal and General
20 Related charities
The church has established Magdalen Road Free Church registered charity 1181872 to hold its property. The charity remained dormant at 31/03/2023.
21 Custodian trustee
As an unincorporated charity the church is not legally entitled to own property.
Daniel Steel and Patrick Brittenden who are both trustees of Magdalen Road Church hold the property on trust for the charity (1136466).
This arrangement will be revisited if and when Magdalen Road Free Church registered charity 1181872 becomes live. No transactions took place between the two charities in 2022/2023.
22 Affiliations and memberships
The church is an affiliate of the international Acts 29 network and is a member of the Federation of Independent Evangelical Churches and the Evangelical Alliance
24
DocuSign Envelope ID: E1D2ED09-531E-40D7-B8A8-9F1E343021E6
Magdalen Road Evangelical Free Church
Statement of Financial Activities for the year ended 31 March 2022
| Note Income and endowments from: Donations and legacies 2 Investments 3 Income from charitable activities 4 Other tradingactivities 5 |
Unrestricted Designated Restricted 31/03/2022 31/03/2021 |
|---|---|
| £ £ £ £ £ 185,566 1,481 53,248 240,295 254,959 0 0 1 1 17 197 0 0 197 0 32 8,884 0 8,916 1,738 |
|
| Total income Expenditure on: Raising funds 6 Expenditure on charitable activities 7 Ministry Mission Grants Property Support |
185,795 10,365 53,249 249,409 256,714 0 0 0 0 0 138,827 4,800 0 143,627 119,934 13,531 539 0 14,070 12,121 1,500 15,790 17,290 27,964 7,946 45,599 28,021 81,566 71,361 28,453 114 10,624 39,191 27,407 |
| Total expenditure Net income/(expenditure) resources before transfer |
190,257 66,842 38,645 295,744 258,787 |
| (4,462) (56,477) 14,604 (46,335) (2,073) |
|
| Transfers: Gross transfers between funds - in Gross transfers between funds - out Other recognised gains/losses Gains/losses on investment assets Gains on revaluation,fixed assets,charity's own use |
17,950 32,228 83,169 133,347 (23,551) (1,444) (108,352) (133,347) 1,139 1,139 1,139 |
| Net movement in funds Reconciliation of funds |
(8,924) (25,693) (10,579) (45,196) (934) |
| Total funds brought forward | 54,489 1,114,806 99,950 1,269,245 1,271,317 45,565 1,089,113 89,371 1,224,049 1,270,383 |
| Total funds carried forward |
25
Charities Act 2011. Independent ExanDerf$ ReporL Independent Examinerfs Report to the Ma8dalen Road Evan8eliol Free Church C.C. no, 1136466. I report on the accounts of the charity for the year ended 315r Marth 2023 which are set out on pages 13 to 25 Respective re¥K¥nslblllties of the tStee5 and examlner. The charit5 trustees are responsible for the preparation of the accounts. The charitys trustees consider that an audit is not required for this year under sertion 144121 of the Charitie5 Art 2011 Ithe 2011 Attl and that an independent examination is needed. It 15 my respon5iblllty to . examine the accounts under section 145 of the 2011 Act: follow the procedures laid down in the 8eneral Dirertions given by the Charity Commlssioner under sectlon 145151 Ib) of the 2011 Act: and to state whether particular matters have come to my attention. Basls ofthe independert examlnerfs report. My examlnation was carried OLrt in accordance with the general Directlon5 gNen by the Charlty Commission. An examination includes a review of the accountin8 records kept by the charlty and a comparison of the account5 presented with those records. It also includes consideration of any unusual item5 or disclosures in the accounts and seeklng explanations from you as trustees concerning any suth 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 limsted to those matters set oui in the ststement below. Independent examinerfs stateffl. In connection with my examination. no matter has come to my attention= l. whlch gives me reasonable cause to believe that in any material respert the requirements to keep accounting records in accordance with settion 130 of the 2011 Act," and to prepare accounts which accord with the accounting records and comply with
the accounting requiremerrts of the 2011 Act have not been met, or 2. to which, in my opinion. attention slM)uld be drawn in order to enable a proper understanding of the acCjnts to be reathed. Date Fellow of the Association of Charity Independent Examiner5. 201 Rerfd. A. A. Clements MA. ACIB. FCIE. 15 Carfeton Road, Great Knowley. Chodey PR6 8TQ 12