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← Magdalen Road Evangelical Free Church

2024-03-31-accounts

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Magdalen Road Evangelical Free Church

The Old School House,

Hertford Street, Oxford OX4 3AJ.

The Trustees Report for the year ended 31st March 2024

Charity Commission Number 1136466.

Trustees:
Charlie Currie_(Chair)
Andrew Anderson
Dan Steel
Pat Brittenden
Martin Groth
(from Feb 2024)_		 Bankers:
Lloyds TSB, 8 Oct Street,
Abingdon OX14 5AP
Income processing
services:
Stewardship Services Ltd.
1 Lamb’s Passage
London EC1Y 8AB.		 Independent
Examiner:
Melanie Crooks FCA
Melanie Crooks
Associates Limited
Bellfield House
33 Stafford Road
Bloxwich, West
Midlands
WS3 3NJ

Page 1 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Contents: Trustees Annual Report Pages 3 to 6 Independent Examiner’s Report Page 7 Financial Statements Pages 8 to 19

Page 2 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Magdalen Road Evangelical Free Church Trustees Annual Report for the year ended 31[st] March 2024

The Trustees of Magdalen Road Church have pleasure in presenting their Annual Report for the year ended 31st March 2024.

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

Leadership and Staffing

The year has brought a great deal of change in the day-to-day leadership of the church. Our Pastor, Dan Steel felt that it was the right time for him to move on, and after a two-month sabbatical stepped down the end of August 2023 after 12 years of service and 10 in the senior role. Dan has continued to be part of the life of the church in the transition period towards a new senior pastor and we are grateful for his continued help and guidance as a Trustee and as a co-opted Elder.

In the summer of 2023, our Assistant Pastor Phil Bailey moved on to pastor a church in Swindon, after three years at MRC. We are thankful for his ministry among us. We are also thankful that our Assistant Pastors Matt Hutchings agreed to stay on staff for one more year to guide and lead the church in this interregnum period, he plans to move on in Summer 2024. We thank Esther Field for continuing with a small, part-time role supporting us administratively.

In February 2024, Martin Groth was elected as a Deacon & Trustee to help with leadership as we continue to seek a new pastor. An initial round of recruitment in the Summer and Autumn of 2023 did not produce a candidate that the church as a whole was able to endorse, but by the end of the reporting year, a new process had started which we expect to bring a new pastor to the us by the end of 2024.

This period 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. A lot of work has fallen to the non-staff Elders and Deacons, and we are thankful for them.

Old Schoolhouse building

We have continued the development of our Old Schoolhouse building, to seek ways of using the building for the glory of God and for our ministry to the community of East Oxford. Our Deacon for the Old Schoolhouse - James Hume - has continued in his role, shouldering much of the burden of the project, supported by a group of volunteers. He has coordinated several significant practical improvements, redecorating parts of the building, handling the growing demand for use of the building for lettings, as well as coordinating the programme of improvements. We have continued work on meeting the conditions of our planning permission, including a large project to design and construct a bike parking facility. We expect the planning permissions to be met in 2024, after which we can open up the building further to business use and complete the transfer of the Essex Street site, so that the housing construction work can begin.

In September 2023 we welcomed our neighbours for our third ‘Community Day’- which is becoming 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.

Church Family

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. We have had teaching series on Luke 9-12, Genesis 37-50, Galatians, Songs about the saviour, Haggai, Luke 18 and Easter in Matthew. We have also had a number of services where we have focussed on our part in the worldwide church.

A particularly exciting challenge and opportunity has been to continue to welcome a group of Iranian Asylum seekers into the church family. This started in late 2022/early 2023 while they were housed in a hotel in the outskirts of 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 we were able to baptise several of them. Making our services not just accessible but meaningful to those who do not have English as a first language has been an on-going focus, trying to answer the question of how we become a truly intercultural church family.

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.

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.

We continue to support fourteen ministry partners in outreach activity around the world and within the UK. There are regular updates from them and varying levels of financial support to enable this work to happen

Page 3 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

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 PovertyOxford 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:

Saviour

gospel, to our neighbours (the local community in the rest of the world.)

faith as individuals and as a church family

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, 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:

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. At the date of signing, Andrew Sweasey has taken up the role of a pastor of the church and has started in January 2025. 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. 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 19th of May 2015 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 responsible for the control and management of the church and are appointed by the members of the church. 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 current status as an unincorporated charitable organization, we are not legally able to own property. As such, two of the trustees (namely Dan Steel and Patrick Brittenden) own the Old Schoolhouse 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.

Page 4 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

These trustees will retain legal responsibility for this property until the church has been able to finalise Charitable Incorporated Organisation (CIO) status, at which point ownership of the building will pass to the church itself via the CIO. 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 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 abovementioned 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, in the event that the company begins trading, such transactions should therefore be viewed as related party transactions.

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 four unpaid trustees (Pat Brittenden, Charlie Currie, Andrew Anderson and Martin Groth) 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.

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 2023 of £10,177 has reduced and in 2024 a surplus of £77,809 was recorded. This is mainly due to the reduction in staff costs and increased room bookings. The income from room bookings has increased from £45k last year to £55k this year. Our regular giving has increased slightly from £142k last year to £145k. Included in this financial year as well is a legacy donation of £35,000.

Our Stewardship bridging loan expired in March 2023, which was replaced by a Stewardship repayment loan, of which £12k is due within one year and £278k is due outside one year. This loan is secured on the Old Schoolhouse building. Depreciation of the building which is a non-cash movement was at £23k per year.

In summary, we are better off than we were a year ago which is good news.

Page 5 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Reserves policy

The trustees have set a policy of having at least three months general fund expenditure at the end of the year. For this financial year it was £28,000. At the end of 2024 the balance on the general fund was £140,614 which exceeds the target by more than 5 times.

This reserve has since been put into a fixed-term deposit account. As Andrew has joined the church as a pastor in January 2025, we hope to review how we utilise these excess funds (e.g. to increase payment on the building loan, or to build a pastoral team) once he settles into his new role. As we move towards a period of more certainty and with more leadership capacity, we hope to use these funds in a wise and discerning way.

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 2023-24 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:

The Trustees of the Magdalen Road Evangelical Free Church submit their annual report and financial statements for the year ended 31 March 2024. 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).

Page 6 of 19

00￿51¢fi ID. W88B$2.9I144F3F.Bb4GF5￿l￿E￿AA Independent Examinerfs Report. IndÈpEndent Examiner5 Aeport to thETrurttEsof the Road EvanBtIKal Fre2ChLvrh . Owrity number 11364661 Charttri l port t¢ the Charity trustees on my examinatw)n of the actountslorthe Charityforthe year ended 31 Marth 2024which afe Set out on pages 8 to 19 Re5pon5ibilitie5 and bays ol report S the trustee5 of the Charity you are re5wns1b￿ forthe prepwioTr ofthe accwnts in accordance with the requirements ol the Charities Act 20111.the 2011 Acfl. I report In respect of my examination of the Charity's accounts tsrned out under 5ethoTr 145 of the 2011 Act and in cairyingout my exarnination, I hwe followed the applicable Oirethons gNÈn bythe Charity CornmissH)n under section 1451SMbl ofthe 2011AIL Inde￿ndent examinerfs statemert I havè complÈtÈd my examinanon. I ronfirrn that no maTrrial matter5 have cometo attemion in Con￿c￿0n wr(h the ex3minafjon which glves me c3use to believe thèt In, any material respett". Accounrng record5 were not kept in acCOrda￿e with secDon 130of the 2011 Aa= or. The accounts do not accord with the accounting records. The èttounts do not compty with thè appliiable requ1￿Ments cOn￿mi￿ lhef0￿ and content of accounts set out in the Charrties l Accounts èn Report51 Regulation5 2(K)8 otherthan any requirernentihat the accouTris gwe a-true and fairf Vie￿ which ￿ not a matter considered as part of an independent examination. The trustee'5 annual rew)rt is notconsthrbt with the accounts I hwe no concerns and have no Dther matte[5 in (onnection wth the examirwtiw to which attent*Jn shtyjld be drawn in ordef to enab￿ a proper underytandine of the accounts to be reached. (ru i Gco Melanie Crooks Melanie Cro0￿ Associate5 Limited Belltield House Bloxwich Wesi Midlands WS3 3NJ Date.. Pa8e 7 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Magdalen Road Evangelical Free Church

Statement of Financial Activities for the year ended 31 March 2024

Unrestricted
funds		 Designated
funds		 Restricted
funds		 Year
ending
31.3.2024		 Year
ending
31.3.2023
(Restated)
Note £ £ £ £ £
Income and endowments from:
Donations and legacies 2 227,909 379 69,543 297,831 220,188
Income from charitable activities 3 275 275 199
Other trading activities 4 53 55,048 55,101 45,300
Investments 5 99 99 83
Total income 228,336 55,427 69,543 353,306 265,768
Expenditure on:
Raising funds 6 165 165 553
Expenditure on charitable activities 7
Ministry 91,760 9,033 859 101,652 150,401
Mission 50 1,029 0 1,079 2,727
Grants 5,026 17,046 8,817 30,889 16,442
Property 3,099 80,266 43,231 126,596 90,305
Support 14,213 905 0 15,118 15,517
Total expenditure 114,148 108,443 52,907 275,497 275,945
Net income / (expenditure) resources before transfer 114,188 -53,016 16,637 77,809 -10,177
Transfers:
Gross transfers between funds - in 20,176 20,713 40,889 27,831
Gross transfers between funds - out -40,389 -500 -40,889 -27,831
Other recognised gains / losses
Gains/losses on investment assets
Gains on revaluation, fixed assets, charity's own use
Net movement in funds 73,799 -33,340 37,350 77,809 -10,177
Reconciliation of funds
Total funds brought forward 64,836 1,093,073 55,963 1,213,872 1,224,049
Total funds carried forward 138,635 1,059,733 93,313 1,291,681 1,213,872

Page 8 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Magdalen Road Evangelical Free Church

Balance Sheet 31 March 2024

Year Ending Year Ending
31/03/2024 31/03/2023
£ £
Fixed assets
Tangible Assets
Fixed Assets - Buildings 13 Fixed Assets - Buildings 13 1,119,028 1,142,837
1,119,028 1,142,837
Current assets
Debtors 14 280,030 216,455
Cash At Bank And In Hand 15 191,318 154,109
471,349 370,564
Liabilities
Creditors: Amounts Falling Due In One Year 16 20,438 299,529
Creditors: Amounts falling due after more
than one year		 278,257 0
298,695 299,529
Net Current Assets
Total net assets less liabilities 1,291,681 1,213,872
Net Asset surplus (deficit) Net Asset surplus (deficit) 1,291,681 1,213,872
Reserves
77,809 -10,177
1,213,872 1,224,049
1,291,681 1,213,872
Represented by Funds
General (Unrestricted) 138,635 64,836
Designated 1,059,733 1,093,073
Restricted 93,313 55,963
Fund Totals 1,291,681 1,213,872

The notes on pages 10 to 19 form an integral part of these accounts

and were approved by the trustees on 2/13/2025 and

signed on their behalf by[Currie] |[(harles] Signed by: Charlie Currie 28FC57011D0141E... Trustee (Chair)

Page 9 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

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.

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 ftngs 20%
Computers and equipment 33%

Page 10 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

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.

2 Donations and Legacies

Donatons and Legacies
Donations and Legacies
Offerings
Tax Refunds
Grants Received
Legacies received
Total		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
164,638
326
27,373
192,337
63,272
53
2,170
65,495
5,000
5,000
35,000
35,000		 202,938
735
17,444
221,118
-930
0
0
-930
0
0
0
0
0
0
0
0
227,910
379
69,543
297,832		 202,008
735
17,444
220,188

3 Investment Income

Investment Income
Investment Income
Investment Income
bank Interest
Total		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
99
99		 83
83
99
99		 83
83

4 Income from Charitable Activities

Weekend Activities
Total		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
275
275		 199
199
275
275		 199
199

Page 11 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

5 Income from Other Trading Activities

Other Trading activities
Room Hires
Bookstall
Total		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
55,048
55,048
53
53
45,229
45,229
70
70
53
55,048
55,101		 70
45,229
45,300

6 Raising Funds

Processing Costs
Total		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
165
165
553
553
165
165
553
553

7 Expenditure on Charitable Activities

Charitable activities
Ministry
Mission
Grants
Property
Support
Total		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
(Restated)
91,760
9,033
859
101,652
50
1,029
0
1,079
5,026
17,046
8,817
30,889
3,099
80,266
43,231
126,596
14,213
905
0
15,118		 131,660
7,058
11,683
150,401
26
2,701
0
2,727
5,160
9,282
2,000
16,442
4,021
41,718
44,566
90,305
14,435
1,082
0
15,517
114,148
108,279
52,907
275,334		 155,301
61,841
58,250
275,392

Subtotals per line for year ending 31.3.2023 have been restated. This is due to the re-categorisation of expenditure. This does not change the total amount. The full comparatives have been provided.

8 Support Costs

Support Costs
Staff
Office
Sundries		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
(Restated)
4,257
4,257
2,692
2,692
7,264
905
8,169		 7,642
0
0
7,642
2,902
0
0
2,902
3,891
1,082
0
4,973
14,213
905
15,118		 14,435
1,082
15,517

Page 12 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

As at 31 March 2024, the church was committed to making the following payments under non cancellable operating leases:

Operatng leases which expire: 2024
£		 2023
£
Within 1 year 1,256 1,544
Within 1-2 years 1,256 1,256
Within 2-5 years 1,256 1,256
More than 5 years
Total 6280 6,569

Subtotals per line for year ending 31.3.2023 have been restated. This is due to the re-categorisation of expenditure. This does not change the total amount. The full comparatives have been provided.

9 Expenditure

Expenditure
Expenditure
Ministry
Mission
Property		 Year ending 31.3.2024
Direct
Charitable
Expenditure
Grants Payable
Allocated
Support
Costs		 Year ending 31.3.2023 (Restated)
Direct
Charitable
Expenditure
Grants Payable
Allocated
Support Costs
101,652
3,024
1,079
30,889
6,047
126,596
6,047		 150,401
3,103
2,727
16,442
6,207
90,305
6,207
229,327
30,889
15,118		 243,433
16,442
15,517

Totals for year ending 31.3.2023 have been restated. This is due to the re-categorisation of expenditure. This does not change the total amount of expenditure in financial year. The full comparatives have been provided.

10 Grants Payable

0 Grants Payable
Individuals
Organisation		 Unrestricted
Designated
Restricted
Year ending
31.3.2024		 Unrestricted
Designated
Restricted
Year ending
31.3.2023
(Restated)
0
16,546
8,817
25,363
5,026
500
0
5,526		 0
7,782
2,000
9,782
5,160
1,500
0
6,660
5,026
17,046
8,817
30,889		 5,160
9,282
2,000
16,442

Totals for year ending 31.3.2023 have been restated. This is due to the re-categorisation of expenditure. This does not change the total amount of expenditure in financial year. The full comparatives have been provided.

11 Net income for the year

Year ending Year ending 31.3.2024 31.3.2023 Net income for the year is stated after charging / (crediting) auditors / independent examiners' remuneration Audit / independent examination 1,790 3,200

Page 13 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

12 Staff Costs and Trustee Expenses

Gross Salaries
Employer NI
Employer Pension		 Year ending
31.3.2024
Year ending
31.3.2023
£
£
84,229
114,963
7,626
9,857
7,868
11,463
99,723
136,282

No employee received total emoluments in excess of £60,000 during the year.

Trustee expenses

Trustees were reimbursed £nil during the year ended 31.3.2024 (£50 in 31/03/2023)

Related party transactions

A trustee, Pat Brittenden received during the year ended 31.3.2024 a mission grant of £1,366 (2023: £1,200).

A trustee, Dan Steel in his role as Pastor received emoluments of £ 28,028 during the year ended 31.3.2024 (2023: £45,854). He was reimbursed £852 in expenses for his role as Pastor (2023: £401)

Key management personnel

The church’s key management personnel during the year ended 31 March 2024 are deemed to comprise the Pastor and other trustees as named within the Trustee Report. Total employment remuneration paid to the key management personnel during the year ended 31.3.2024 was £28,028 (2023: £45,854)

Trustee indemnity insurance

Trustee indemnity insurance was taken out for the year as part of the Church’s general insurance policy. Premium costs for indemnity insurance are not identified within the general insurance policy of £3,160.

Changes in Trustees

Martin Groth became a trustee, appointed on 06 February 2024. Jeremy Fowler became an elder and a trustee, appointed on 07 May 2024. The new pastor (who has started in January 2025) has been voted in as a trustee on 04 February 2025.

13 Tangible Fixed Assets

Cost
1st April 2023
Additions
Disposals
31st March 2024
Depreciation
1st April 2023
Charge for the year
On disposals
31st March 2024
Net book value
1st April 2023
31st March 2024		 Year ending 31.3.2024
Buildings
Equipment
Total
1,190,455
1,190,455
1,190,455
1,190,455
47,618
47,618
23,809
23,809
71,427
71,427
1,142,837
1,142,837
1,119,028
1,119,028		 Year ending 31.3.2023
Buildings
Equipment
Total
1,190,455
1240
1,191,695
1240
1240
1,190,455
1,190,455
23,809
23,809
23,809
23,809
47,618
47,618
1,166,646
1240
1,167,886
1,142,837
1,142,837

Page 14 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

14 Debtors

Debtors due within 1 year
Prepaid Expenditure
HMRC Gift aid debtor
Accrued Income
Accounts Receivable
Debtors due outside 1 year
Development Partner
Total		 Year ending
31.3.2024
28,990
35,000
790
215,250
280,030		 Year ending
31.3.2023
45
1,160
215,250
216,455

The debtor greater than 1 year, relates to the remaining monies due to the Church from Cohesion Developments on (i) the completion of the sale of land at Essex Street ( £45,250) and (ii) the balance ( £170,000) on completion of building works on the site.

15 Bank and Cash balances

Current Asset - Cash At Bank And In Hand
Lloyds Current Account
Lloyds Deposit Account
Total		 Year ending
31.3.2024
181,939
9,379
191,318		 Year ending
31.3.2023
144,829
9,280
154,109

16 Creditors

Creditors due within 1 year
Accrued Expenditure
Accounts Payable
Agency Collections
Stewardship Bridging loan expiring March
2023
Stewardship loan (<1 year)
Creditors due outside 1 year
Stewardship loan (>1 year)
Total		 Year ending
31.3.2024
6,709
729
1,150
11,850
278,257
298,695		 Year ending
31.3.2023
4,780
294,749
299,529

The Church had previously entered into a 15-year interest only loan arrangement with Stewardship Services (UKET) Limited. This loan was due for repayment in 2023. The church in July 2023 entered into a new loan arrangement with Stewardship Services (UKET) Limited for the sum of £295,570. The arrangement fees of £1,725 have been consolidated into the loan amount. This is a 15 year repayment loan with a variable rate of interest. The loan is secured on the Old Schoolhouse property.

Page 15 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

17 Movement of Fund

Year ending 31.3.2024

Fund Opening
Incoming
Outgoing
Transfers
Notes on
transfers
Gains/Losses
Journals
Closing
General
General (Unrestricted)
Sub-totals
Weekend Away (Designated)
OS Ops (Designated)
OS (Designated)
Mission (Designated)
Sub-totals
Mission (Restricted)
OS Dev (Restricted)
OS Purchase (Restricted)
Other (Restricted)
Special Needs (Restricted)
Special Collection (Restricted)
Trainee (Restricted)
Sub-totals		 64,836
228,336
114,148
-40,389 a
138,635
64,836
228,336
114,148
-40,389
0
0
138,635
14
208
194 b
27,381
54,964
66,059
16,286
1,067,204
23,809
1,043,395
-1,526
463
18,366
19,482 c
53
1,093,073
55,427
108,442
19,676
0
0
1,059,733
14,379
9,619
8,817
500 d
15,682
31,322
54,952
21,073
65,201
4,187
3,000
22,158
20,213 e
5,242
1,603
1,603
3,579
1,975
859
4,695
3
-3
891
891
55,963
69,543
52,907
20,713
0
0
93,313
Totals 1,213,872
353,306
275,497
0
0
0
1,291,682

c. This represents the transfer

Page 16 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Year ending 31.3.2023

Fund Opening
Incoming
Outgoing
Transfers
Gains/Losses
Journals
Closing
General
Unrestricted
Sub-totals
Designated
Mission (Designated)
OS (Designated)
OS Ops (Designated)
Church Weekend Away
(Designated)
Sub-totals
Trainee (Restricted)
Special Collections
(Restricted)
Special Needs (Restricted)
Pastoral Worker (Restricted)
OS Purchase (Restricted)
Other (Restricted)
OS Dev (Restricted)
Missions (Restricted)
Sub-totals		 45,564
202,360
155,301
-27,787
63,836
45,564
202,360
155,301
-27,787
63,836
-1899
500
11,983
11,857
-1526
1,091,012
23,809
1,057,204
45,464
26,602
8,519
27,381
14
14
1,083,113
45,964
62,394
20,390
0
0
1,093,073
5,688
781
5,578
-
891
773
771
1
3
1,673
650
2,647
3,903
3,579
2,687
2,687
16,125
2,400
14,338
4,187
1,603
1,603
49,027
12,524
30,229
31,322
12,569
316
2,000
3493
14379
89,372
17,444
58,250
-7397
0
0
55,963
Totals 1,224,049
265,768
275,945
1,213,872

Funds and Purpose

Unrestricted and Designated Funds:

Page 17 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Restricted Funds:

18 Analysis of Net Assets

Fixed Assets
Cash and Bank
Debtors
Creditors due <1 year
Creditors due >1 year
Total		 Unrestricted
Designated
Restricted
Year
ending
31.3.2024		 Unrestricted Designated
Restricted
Year
ending
31.3.2023
1,119,028
1,119,028
117,639
21,765
51,914
191,318
23,329
215,302
41,399
280,030
(2,332)
(18,105)
(20,438)
(278,257)
(278,257)
1,142,837
1,142,837
69,067
29,079
55,963
154,109
45
216,410
216,455
(4,276)
(295,253)
(299,529)

0
138,635
1,059,733
93,313
1,291,683		 64,836
1,093,073
55,963
1,213,872

19 Pensions

During the year employer’s pension contributions totalling £7,868 (2023: £11,463) were payable to defined contribution personal pension schemes. Pension contributions totalling £354 were owing at the balance sheet date (2023: £504). Three defined contribution pension schemes are in operation – Nest, Aviva Life and Legal & General.

20 Related charities

In September 2017, a separate company called Magdalen Road Church Development Limited (company number 10964539) was established with the aim of holding the ownership of the church property. The company is controlled by several of the trustees of the church. The company has remained dormant since its incorporation. During the year ended 31 March 2024, the church paid company secretarial and accounts filing fees of £1,050 for the company.

Subsequently, as noted in the Trustees report, the church established in February 2019 a charitable incorporated organisation (Charity number 1181872) to ultimately hold its property. The CIO remained dormant during the year ended 31 March 2024. The legal process to finalise the CIO and the transfer of the property is currently ongoing.

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 2023/2024.

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

Page 18 of 19

Docusign Envelope ID: 58688B52-912A-4F3F-BB4C-F59C1BEBCAA9

Statement of Financial Activities for Year Ending 31.3.2023

Year
Unrestricted Designated Restricted ending
funds funds funds 31.3.2023
(Restated)
£ £ £ £
Income and endowments from:
Donations and legacies 202,008 735 17,444 220,188
Income from charitable activities 199 - - 199
Other trading activities 70 45,229 - 45,300
Investments 83 - - 83
Total income 202,360 45,964 17,444 265,768
Expenditure on:
Raising funds 553 - 553
Expenditure on charitable activities
Ministry 131,660 7,058 11,683 150,401
Mission 26 2,701 0 2,727
Grants 5,160 9,282 2,000 16,442
Property 4,021 41,718 44,566 90,305
Support 14,435 1,082 0 15,517
Total expenditure 155,301 62,394 58,250 275,945
Net income / (expenditure) resources before transfer 47,059 -16,430 -40,805 -10,177
Transfers:
Gross transfers between funds - in - 20,434 7,397 27,831
Gross transfers between funds - out -27,787 -44 - -27,831
Other recognised gains / losses
Gains/losses on investment assets
Gains on revaluation, fixed assets, charity's own use
Net movement in funds 19,272 3,959 -33,408 -10,177
Reconciliation of funds
Total funds brought forward 45,564 1,089,114 89,372 1,224,049
Total funds carried forward 64,836 1,093,073 55,963 1,213,872

Page 19 of 19