Charity registratlon number 1172230 Company rngl¥trgtion numb*r 10670170 (England and Wal•sl THE CITY OF OXFORD CHARITY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE CITY OF OXFORD CHARITY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ l Bratby C E Chrislie WD Cronan A FairweatheT-Tall JGMGay J V Gould C E Hllliard A Hollingsworth G Jones P L Kennedy Lygo J Mactaggart E Mvndy S Pressel C Simrn C SrrovAon J Tomes A L Wamer May J Wlliams (Appointed 29 July 20221 (Appointed 31 Juty 20221 (Appointed 13 July 20221 (Appointed 13 Juty 2022} (Appointed 28 October 20221 Seeretary and Chlef Extethivè MrREve Charfty number 1172230 Company numb*r 10670170 Reylstered offlee The Office Stones Court St Clernents Oxford OX4 1AP Audltor Critchleys Audit LLP Beaver House 2>38 Hyttie BTNlge Street Oxford OXI 2EP Bankers Bardays Bank plc 54 Commarket Street Oxford OX1 3HS Invgstm•nt advlsors Cazenove Fund Management Ltd 1 London Wall Place London EC2Y SAU
THE CITY OF OXFORD CHARITY LIMITED CONTENTS Page Truslees, report Statèment of trustees, respon$lbllrties Independent auditoV5 r?port statsment of financlal adMII¢$ Summary Income and expendiiur¢ account 10 Balance sheet 11 NoieB to the financial stst¢ments 12-25
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The tru5tee5 present their annual report and financial ststements for the year ended 31 December 2022. The financial statements have been prepared in accordance wth the accounting policies set out in note 1 to the rinanci818tatements 8nd cornply with the charity's goveming document, the Cornpanie5 Act 2006 and "Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable io Chare5 preparing their ar£ounts In accordancè w(th the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive 1 January 20191. Obje¢tlv&s and a¢tlvltie¥ The charitys objects are.. To provide housing accDmmodation for persons in n8ed. hardship or distre55 who reside in Oxford. For relief of persons resident in Oxford who are in need, hardship or distress. For relief of persons in need who are residenl in Oxford and the neighborhood thereof who are $i¢k. convalescent. di38bled, handicapped or infimi. For provision of education a5SlStance to peT50ns in need who are under age of 25 and resident in Oxford. The trustees have confimed Ihat they have complied wth the duty in strdion 17151 of th8 ChaTibes Act 2011 to have due regard to the guidan published by the Charity Commission. A¢hi?vements and perfonnance Overall, 2022 was a challenging yèar. COVID-19 ¢onfjnuod to Imp8¢t Iifv, thero was conlnuèd turfoul•nc• In the financjal mart(ets. and inflation became a serious concem both for the Charrty and for tre Stones Court residents. The Charity lost the services of fv40 key tnJstees.' Robin Birch retired after 15 years as Chair and Roger Smith, a Very long4tsnding trustee, sadty died unexpectedly. However. there have been a nLhmber of new appointments and at year end just v0 vacanoes remgined. The investment portfolio continued to prowde a good income as did the commercial properties which were let throughout the year. Stones Court has CDntinued to b8 maintained lo a high standard with major repairs to th? loft of Ston8s Building to improve both )Ire safety and Insulatlon. We have continued to make grants for Relief in Need and in Sickness and for Bankruptcy Fees and for Education. D¢$prte the Tru$tee5 relying on video conferencing for ihe first six months of the year, the distribution of grants to those in need inueased significantty. During 2022 (comparable figures for 2021 are given in brackets) grant5 for Relief in Need and in Sickne55 Were rnade to 169 11181 personslorgani5ations, lotslling £94.9791£64,0411. plus 16 1151 grants to assist wth Bankruptcy fees amounting to £3,2101£3,2101,' and Educab"on Giants to 321151 persons I organisalions amounting to £14,0681£11,3221. Financial review al Inv•#tm•nts Cazenove has eonllnued 8$ the charity's investment managers. Year on year the value of the portfolio and dividend income fell but the drawdown amount w85 the same as 2021. bl Commercial prop8rti AJI rents were paid in ftjll trroughoLJt the year. During the year, the outstsnding deferred rent for 58A St Clement5 was repaid. A new tenan¢y with incieased rent was agreed for 15 Alma Place.
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 cl Stones Court It is the policy of the TnJst¢es lo sel the Weekly Maintenance Contributson (MICI for all flats at Eevels below 'fair renf bul sufficient to cover the expendrture on Stones Court. The WMC includes a Welfa charge and where this payment rllay cause hardship to indmdual residents, we consider Iheir circumstances and where appropriate make grants for Relief in Need io those concerned, whilst keeping this subsKly to a minimum. The c05t of repair5 to Stones building was substantial resulting in an overaN 105s for Ihe almshouse operations. It W85 agreed and approved by the Board to ensure that health and safety stsndards were maintained. dl RoseThe$ Policy Income has Gontinued lo be sufficient to tNeet expenditure. 1115 the intention that any surplus income will be applied for charitable purposes. Any reduction in endowrnent incA>me would have the effect ol reducing our capacity to make grants at th8 58me level. Unrestricted funds tolalllng £1.896,633 at 31 December 2022 ¢onsi$t of fixed assets for charity use Iless loans to finance) of £977,549. d851gn8led funds set aside for extraordinary repairs Df £87,849 legving free reserves of £631,235. £400.000 of this was rèpresented by an investment propety leaving cash reseNes of £231,235. el Financial management Incofn¢ and capital values are monitored on A quartèrly b38is. Income and the capital value of the investments were less than the previDUS year. Rlsk review The major risks to the charity have been idenlffied and reviewed regularty. Systems have been established to mitigate those risks. The Prinapal risks are the deterioration in the buildings at Stones Court leading to difficulties in getting new residents," or a fall in local government funding of needy resident5', or a fall ill the v8luefincome of investments. Plans for future periods The almshouses 81 stones Court will continue to be maintained to a high standard. The Stone5 building and the Mary Duncan building have both been refurbished. Both projects were part funded through borrtswings. Similar woth is needed on the Par50ns building and it is planned that this wil be financ&d from our own funds in the merjium temi. A plannSng appli¢8tion has been made for the development of our land at Gosford. We aw81t approval. Although it may be some years before the Charity receives any significant finanryal benefil. Ihe Charity has begun to strategis& the future. A new ¢ommittee tasked with fomiulab'ng the strategy will report before the end of 2023. We will continue to Thake Gran15 for Relief in Need, to assist with bankruptcy fee5 in appropriate csses, and for Education.
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Strueture, govemaneÈ and management The Charity operates as a company limited by guarantee. The Charity's Scheme, 8PPToved by the Chawity Commlssion in 2004 15 incorporated in the company's Artides of Assoc4ation. All asset5 and liabilities, except the Stones Court propertle5, are owned by thè limitèd company. The unincorporated body continues lo hold the alrnshouses as its only asset. The Trustees ar¢ the Dlrectors, and administer the company assisted by the Clerk as Chief Exe¢ullve and Company Secretary. The Chair of Twstee8 is the Chair ofthe B03rd. The Trustees are appointed to sut0Milt8eS IFinanr* and G8neial Purposes, Grants, Educatson, Stones Courtl. There is a scheme for inductjon of new trustees. Wien 8 va¢an¢y for a ¢tsopled Trustee occurs. the needs of the trust are considered after a skills audit has been undertaken, and the trustees are 1nvited to suggest suitable candidates. from whom an appointment is made. The trustees, who afe slso the diT8CtoTs for the purpose of cornpany LRW. and who served during the year and up to the date of signature of the ffinancial sIBlements were.. M Atsf-khan (Resigned 13 Juty 2022) R A Birch (Resigned 19 Juty 2022) l Bratby (Appoinled 29 July 20221 C E Chrislie WD Cronan E AW Diggin$ A Faiweather-Tall JGMGay J V Gould C E Hilliard A Hollingsworth G Jones P L Kenne¢ty M LygD J Mactaggart E Mundy S Pre55el C Simm R Smith C Smowton J Tomes A L Wamer May J Vmlliams (Resigned 13 July 20221 (Appointed 31 July 20221 (Appointed 13 Juty 20221 (Deceased 2 March 20221 IAppoinled 13 July 2022) IAppointed 28 October 20221 Funds held •9 Custodian trustee We hold no fvnds as custodian twstee
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Disclosure of Infomiation to audltor E8ch of the trustees has confirtned that there is no infomiation of whlch théy are awar• vjhich Is rèlèvant to the audit. but of which the auditor is unaware. They have hjrther confimied that they have taken appropfiate steps to identify such relevant infomiation and lo establish that the auditor is aware of such infomiation. Thi5 T8PQrt ha5 been prepared in a¢¢ordance bwth the Sfflall Companies Regime underthe Comp8nies Act 2008. e truslees, report was appioved by the Board of Trustees. J Mactaggart Trustee Date..
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are also the directors of The Cty of Oxford Charity Limited lor ihe purpose of company 18w. a responsible for preparlng the Ttustees. Report and the finanual statements in 8¢¢ordance with applicable law an(J United lfjngdom Accounb"ng Standards Iunited Kingdom Generalty Accepted Aceounbng Practs'cel. Company Law requires the trustees to prepare finanaal statemen15 for each financial year which give a true and fair view of Ihe state of affairs of the charty and of the incoming resources and appliCatn of resources, induding the income and expenditure, of Ihe charitable cornpany for that year. In preparing these f nancial statement5, the trustees are required lo.. select surtable accounting policies 3nd then apply them eonsistendy., - observe the methods and principles in the Chanlles SORP.. make judgements and estimates that are reasonable and Prudent.. and prepare the financial ststements on the going concern basis unless rt is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeplng adequate accounting ordS that disdos8 with ieasonable accuracy al any tlme the fflnancial posibon of the charity and enable them to ensure Ihat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detection of fraud and olhar irragularrtles.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Oplnlon We have audited the financial statements of The City of Oxford Charity Limited Ithe 'charity'l foT the year ended 31 December 2022 which comprise the statement of financial activilies. the summary income and expenditure account. the balance sheet and notes to the financi81 slatemenls. induding significant accounting poliGie5. The ffinanaal reports'ng framework that ha5 been applied in their preparation is applicable law and United Kingdom Ar£ounts'ng Standards, induding Financial Reportillg Standard 102 The FinanGial Reporting Standard applicoble in the UK and Republic of Ireland (United Kingdom Generally A¢¢epted Accounting Practice). In our opinion, the finan31 staternents.. glve a true and fair view of the state of the charitable cotnpany's affairs as at 31 December 2022 and of its incoming resources and application of resources, induding it5 income and eKpendrture, for the year then ended., have been property prepared in accordan¢s with United Kingdom Generaly Aepted A¢wunllng Practice., and havè bèen prepared in accordan with the requirements of the Companie5 Act 2006. Basls for oplnlon We conducted our audit in accordance vrith Intemational Standards on Auditing (UK) IISAS IUIQ) and appllcable low. Oui Tesponsibilities under those stsndards are fijrther described in the Audit0S responsibilifr'es for the audit Df the financial stat8menls section of our r8porL We are independent of the chanty in accoidance with the ethical requirements that are relevant to our audrt of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have luifilled our other ethul re$pon$ibilitie5 in accordance wth these requirement5. We believe that the audit evidence we have tsbtsined is sUfficnt and appropriate to provide a basis for our opinion. Conelu$lon¥ relating to golng coneern In auditing the finanual statements. we have conduded that the trustees. use of the going concern basls of ¥¢counting in the preparauon of the finanaal siatements is appropri8to. Based on th¢ WOTk we have performed, we have not identified any material UnrtaInlieS reialing to events or conditions that, individualy or collectively, may Ixst 5ignrficant doubt on the chanty's abillty lo ¢onty"nue as a going concern for a period of at18851 tWee months from en the financial ststements arè authorised for155ue. Our responsibilibes and the resprjnsibilities of the trustees wth respect lo gryng conrn are described in the rel8vant secbons of this report. Other inlorniation The other inforniation comprises the information induded In the annual report other than the flnanaal statements and our audrtorfs report thereon. The trustees ale responsible for the olher information contained wthin the annual report. Our opinion on the finantyal statements does n¢1 cover the other informats'on and, except to the extent otherwise explicitty slated in our report, we do not express any fomi of assuran conclusion thereon. Our f#sponsibility 15 to read the other infomiatyon and, in doing so, consider whether the other infomiation is materially inconsislent with the financial $tslements or our knovAedge obtained in the o)urse of the audit. OT Otherwise appears to be materialty misstated. If we identfy such material incon51Stenries or apparent material rnisstalements, we ale reouiied to detemiine whether this gives rise to a material misslalement in the finanrial statements themselves. If, based on the work we have performed. we condude that Ihere 1$ a rn8lerial mi55tatement of this other infomiation, we gre required to report that fact. Wt have nothlng to report in this reg8rd. Oplnltsn$ on other matters pr•seribed by the Companl•s Act 2006 In our opinion. based on the work undertaken in th8 course of our audit the infomiation given in the trustees. report for the flnancial yeaT for which the finanrjal staternents are prepared, whlch indudes the dlrector5' report prepared forthe purposes of cornp8ny law, is consistent with the nancial 5tatements', and the direclors, pOrt induded within the Injstees, report has been prepared in accordance wrth applicable legal requirements.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Matters on whi¢h we are required to report by exception In the light of the kno¥Medge and understsnding of the charity and its environment oblained in the course of the audit. we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the follon9 matters In relation to which the Companies Act 20C6 requlres us to report to you if. in our opinion.. 8dequale accounting iecords have not been kept, or returns adequate for our audit havè not b8en reeewed from branches not visited by us". or the fjnancial siatements are not in agreement vAth the accounting records and retums.. or certain disclosures ol tru5tee5' remuneration specffied by law are not made., or we have not received all the infortnation and explanation5 we require for our audit.. or the Iruslees were not entsued lo prepare the finanryal statements in accordanrR wth the small companies regime and take a(Jvantsge of the sm811 companies. exemptions in preparing the trustees. report and from the requirement io prepare a strategi¢ report. Responslbllltles of tnjstees As explained more fully in the Statement of trustees, responsibilitses, the ttust888, who aTe a150 the directors of th8 charity for the purp058 of company law, ar8 responsible for the pr8paratlDn of th8 financial statements and for bein9 satisfied that they give a true and fair vlew, and lor such Intemal control as the trustees determine is necessary to enable the preparation of finanaal statements that are free from material misstatement, whether due lo fraud or eOr. In preparing Ihe financial statements. the trusiees are responsibte foT assessing Ihe ch8rity's ability lo continue a$ o going concein. disclosing. as applicable. rnatteis lated to goin9 conceffl gnd using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operalions, or have no realistic alternab"v¢ but to do $p. Audltor's re$ponslbllltl?s f¢x the audlt of the flnanclal statements Our objectives are to obtain reasonable a5suiance about whether the ffinanclal statetllents as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report thal includes our opinion. Reasonable assuran is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISA5 IUK) will alway$ delect a material rnisstatement when it exists. Misststements can arise frorn fraud or error and are Considered material if, Individualty Or In the aggregate, they Could reasonably be expected to influence the economic deaslons of users taken on the bg$1s ofthe$e tlngn¢ial stslements. The exient to which our produS are capable of detecting irregularities, induding fraud, is detsiled below. the engagement partner ensured that the engagement team collecivety had the appropriate competence, capabilities and skn11s to identify or recognise nonryc0rnpl1an with applicaNe laws and regulations.. we Identified the laws and gUlatIonS 3pplicable lo Ihe company through dlwssions th directors and other managetnent, and from our knedge and experien¢¢", we focused on speafic laws and regulth.ons which we considered may have a direci material effect on the financjal statements or the operations of the company.. we assessed the eytent of Complian with the laws and regulations identffied above through making enquiries of managernent and inspecting legal correspondence where applicable-, and identified laws and regulab'ons were communicated within the 8udil tearn regularfy and the team remained 81ert to instances of non-cornpliance throughout the audit. We assessed the susceptibility of the chatity's fjnancial statements to material misstatement. including obtsining an under51anding of how fraud might occur. by.. rnaking 8llquiries of management as to where they c¥)nsidered there was 5USC8ptibllity to fraud, their knOedge of actual, svspected and alleged fraud,. and considering the inlernal controls in place to mrtigate risks of fraud and non-compliance with laws and regulalltsns.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED To address the risk of fraud through management bias and override of Controls, we.. performed analytical procedur$$ to identify any unusual or unexpected relationships: tested journal èntries lo identfy unusual transactions.. assessed whether judgements and assumpts.ons made in determining the accounts'ng estimates were indicative of potential bias.. and investigated the rationale behind significant or unusual transactions. In response to the risk of iegUlar1tieS and n0ComPlI8nce wth laws and regulations, we designed procedure5 which included, bul were not limited to.. agreeing financial statement disclosures to underlying sUPPOrting docurnenlation., r?ading the minutes of meelng8 of those charged wrth govemance.. enquiring of management as to actual and potential liti'gabon and daims., reviewing relevant cOrspondenCe. There are Snherent lirnitaty'ons in our audit procedures described above. The tnore refflov8d that laws and regulations are from finana31 transactions. the less likety it 15 that we would become aware of non-compliance. Auditing standards also lirnit the audit ProdureS iequir8d to identify n0n-cornpl1an wth laws and regulab"on$ to enquiry of the directors and other wnanagement and the inspectlon of regulatrjry and legal CoeSponden, if any. Material misstatements that arise due to fraud can be harder to detect than those that afisé from éNor as they may involve deliberate conce41nllt of collusion. A fuTther desuiption of our responsibilitie5 is available on the Financial Reporling Council's websTie at.. htlps'.11 ¥.trC.org.uklaudrtOTSreSponslb1lltle5. This descripbon fonns part of our audilof5 report. Use of our report This report is made solely to the charitable company's members. as a body. in accordance wth Chapter 3 of Part 16 ofthe Cornpanies Act 2006. Our audit work has been undertaken so that we might state to the charftable companys members those matters we are required to state to them In an auditorfs report and for no other purpose. To the fullest extent permitted by law, w8 do not accept or assume responsibility to anyone other than the chariloble company and the charitable company's mernbers as a body, for our audrt work, for this report. or for the opinions we have *omied. //// • Robert Kirtland IS•nlor Statutory Audltor} for and on behalf of ¢t¢hIty$ Audlt LLP 231512023 Chartered Accountants Statutory Audttor Beaver Housè 2348 Hythe Bridge Street Oxford OX12EP
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricte(l Endowment funds funds 2022 2022 Totsl unW$t¢t0d Endovmient fund3 fund8 2021 2021 Total 2022 2021 Notes Income from.. Donations and legacl8s Charitable activthes Investtnents 696 210,817 159,941 696 210,817 159,941 1.266 198.335 157,504 1.266 198.335 157,504 Total Income 371,454 371,454 357,105 357,105 nditu Raising fund5 50,848 16,596 67,444 2.233 16,203 18,436 Charitsble aCtive$ 488,796 488,796 336,662 338,862 Total expendlture 539,644 16,596 556,240 338,895 16,203 355,098 Net gainslllossesl on investrnents 11 803.776 803,776 (75,0001 498,318 423,318 Net loutgoingifincorning resources before transfers 1168.190) 787.180 618,990 156,7901 482,115 425,325 Gross transfeTS been funds 81,035 161.0351 65.478 165,4781 Net movement In funds 1107,1551 726,145 616,990 8,688 416,637 425,325 Fund balances at 1 January 2022 1,803.788 5,323,391 7.127,179 1.795,100 4,906,754 6,701,854 Fund balances at 31 D•cember 2022 1,696.633 6,049.536 7,746.1 $9 1.803,788 5,323,391 7,127,179 The statement of finaniyal activthes indudes al gains and losse5 recogni5ed in the year. All incorne and expenditure derive from continuing activthes.
THE CITY OF OXFORD CHARITY LIMITED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 All income fundg 2022 2021 Gross income Losses on investments Transfer from endrwmient funds 371,454 357.105 175.IKJOI 65,478 61,03S Total income in the Teporting period 431489 347.583 Total expenditurè from income funds 539,644 338,895 Net lexpendlture)fincome for the year 1107,15S) 8,688 10
THE CITY OF OXFORD CHARITY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notes Flxed assets Tangible 8SSÈts Investment properties Investsnents 12 13 14 1,697.546 2,600,000 3,&96,224 1,777.497 1,499.000 4,070,425 7,993,770 7,346.922 Curr8nt ass•ts Debtors Cash at bank and In hand 16 4,731 347,500 2.168 42S,509 352,231 427.675 CreditorB: amounts falllng due wlthln one year 17 165,982) tT2,9981 Ng1 curr8nt assets 286,249 354.679 Total asuts l•ss current Ilabllltlos 8,280,019 7.701,601 Credftors.. amounts fallSng dug after more than one year 18 {533.8501 1574,4221 Net Jssets 7.746.169 7,127,179 Capital funds ExPendae endowment 6.049,538 5,323,391 20 6.049.536 5,323,391 In¢omo funds Unrestricted fvnds Designated funds General unrestricted funds 21 87,849 1,608,784 110,294 1,893,494 1,696,633 1.803,788 7,746.169 7.127,179 23111 fftRIL 20x3 The financial ststements were approved and authorised for issue by the Trustees on ...... ... J V Gould Tru$tso Company Reglstratlon No. 10670170 11
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollel•$ Charity infomiatlon The City of Oxford Charity Limit8d 1$ • priv* ¢ompany limited by guarantee incorporated in England and Walès. The registered office Is The Office. Stones Court. St Clements. Oxford. OX4 1AP. 1.1 A¢¢ounling convention The financial statements have been prepad in accordance with the charity'5 governing document, the Companies Act 2006, FRS 102 'The Finanoal Reporting Standard appllcable in the UK 8nd Republic of Ireland I'FRS 1021 and Ihe Charities SORP 'Accounting and Reporting by Charilie$". Staltrment of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The charity is a Public Benerrt Entity a5 defined ty FRS 102. The charty has tsken advantage of the provisions in the SORP for charities not to prepaie a Statewn?nt of Cash Flows. The charity acquired thè net assets of unincorporated Cty of Oxford Charty (registered office aB above) on 1 December 2017 and this h83 been accounted for uslng merger accounthng a8 required by1he FRS 102 SORP in order to present a true and fair view. For assets under 3 Charity Commission Scheme. The City of Oxford Charity Limited is now the sole Trustee of that Scheme and the assets under the Scheme are now under the control of this charity and included in Its financial ststements. The finanal statements are prepared in stertlng. which is the functional currency of the charty. Mtsnetary amounts Tn these finanrial statement5 ar8 rounded 19 the nearest £. The financial st3tement5 have been prepared undar tho historical cost convention, modrfied to indude investment properues and ¢ertain financial instruments at fair value. The principal accounting policie5 adopted are set oul below. 1.2 Going concern At the time of approving lhe financial statements. the trust8es have a r¢8S0118ble expeolation that the charty has adequate resources to continue in operational existence fgr the fofeseeable future. Thus the tnjstees conbnue to adopt the going Goncern basis of accountsng in preparing the finanaal ststemenls. 1.3 Charltsbl¢ fund¥ Unrestricted funds are availat4e for use at the discretion of the trustee5 in furth8rancg of thwr tharitable objectives. Designated funds Comprise unreslricted funds that have been set aside by the Trustees lor particular purpo$e$. Restricted fijnds aTe subpct to specjfic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the finan¢lal $18lemenls. Endowment fvnds represents assets, mainly inv8Stm8nts, where the intentiot) is for those to be held long tem) for the benefft of the charity. Income from the main expendable endowment is unrestricled. Any capital gains or losses fom) part ofth8 fvnd. 1.4 Ineome Income is recognised when the charity is legally entitled to it after any perfomi8nc8 ndItiOnS have been met, the amount5 can be measured rellabty, and it is probable that income will be recèived. 12-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng poll¢loS Icontlnuedl Legacies are recognised on receipt or otheN4ise if the tharity has been notffied of an irnpending distribution. the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Expendlture Expenditure 15 recognised once there is a legal or constnjcbve obligation to transfer economic benefft to a Ihird party, rt i5 probable that a transfer of economic benefits will be required in setuement, and the amount of Ihe obligation can be measured reliably. Expenditure 15 clas5thed ty actwity. The costs of each aCtlty are rnade up of the totèl of direct costs 8nd shared Costs, Sncluding support Costs involved in undertaking each activity. Dlrect costs attributable to a single activity are allocated direct tD that activity. Shared costs which contribute to more than one activity and support costs whK* are not attributable to a single activty are apportioned been those activities on a basis consistent with the use of resources. Central staff costs are allocated on Ihe basi5 of I'me spent, and depreriatloTI charges are allocated on the portion of the asseys use. Grants are induded in the accounts once they are approved for payment by the truste¢s. These are grants lo individuals and organisations for small 8mout)ts. 1.6 Tanglble fixed assets Tangible ffix8d assets are initially rneasured at COSt and sUbqUndY fn80sur¢d at cost or valuabon. n•1 of depreciation and any impaimient loss¢s. The propertie5 cOnMed are stated in the accounts at cost. Prior to 2007 all repair5 8nd improvement to Stones Court were included in the Statement of Financial Activities. However, the charity has undertaken two rnajor improvetnents to Stones Court which h8ve been mainty fvnded ty bank loans and a loan from the endowment. Given these enhanced Stones Court. these major impiovement5 have been capitalised and are being depreciated Depreciation is recognised so as to wrlte off tho ¢ost or valu911on of as$ets less thelr resldual values over thelr useful lives on the following bases.. Freehold buildings 30 yaars 1.7 Inve•tsnent propgrt19¥ Investmenl propety, which is propety held to eam rentals andlor for capital appreciats'on. is initial recognised at cosl. which indude5 the purchase cost antl any diredty attributable expenditure. Subsequent rt is rneasured at fair value at the reportin9 end date. The surplus or deficAt on revaluation is recognised in the Statement of Financial Actiwties. 1.8 Fixed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.9 Cash and cash frqulvalents Cash and equivalents indude cash in hand. deposits held at call wth banks. Other shon-ttrnn liquid investments with onginal maturities of three months or less, and b8nk overdrafis. Bank overdrafts are shovm within borrowing$ in Current ItabilNie5.
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollelè# {Continuedl 1.10 Financial Instrum8nts The charity has elected to apply the provislons of Section 11 'Basic Financial Instruments. and Section 12 'Other Flnan¢ial Instruments Issues, of FRS 102 to all Df it5 financial instruments. Financial instruments are recognised in the charty's balance sheet vthen the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabllrties are offset, with the net arnounts presented in the ffinancial statements. when there is a legalty enf¢icesble right to sel off the recognised amounts and there is 8n intention to 5etUe on a net basis or to realise the asset and setue the liability simuttaneou5ty- B8sic financial asstts Basic finanaaj 355ets, %*hich include debtors ¥nd cash and bank balances, are initially measured at transactlon price. Basic financial liabllltles Basie finanal liabilrties. including cretjitors and bank loan5 are InallY recognised at transaction pric• unless the arrangement wnstitutes a fjnancing transaction, where the debt instrument is rneasured at the present value of the future payments discounted at a wnarket rate of interest. Finanrial liabilityes classified as payable within one year are not amort6std. Debt instrumÈnts are sub5equendy canled at 8TDOrtiseiJ cost, using the effeclsve interest rate method. Trade creditors are obligation¥ lo pay for goods or service5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassnled as current liabilitles rf payment is due within one year or less. If not. they are presented as non•current liabilities. Trade CT8dit015 ar? rewgnised initially at transa¢tlon price and sub5equenUy measurèd at xmortl8ed cost using the effective interest method. 1.11 Retlrement ban8lit8 Paym8nts to defined contribution ret6remenl beneff( schemes are charged as an expense as they f811 due. crftlcal accountlng estimates and Judgèm•nts In the application of the tharity's accounting policie5, the trustees are required to make judgements, estimats$ and assumptions about the c3rw.ng amount of assets and liabilities that are not readity apparent from other sources. The estimate5 and assoaated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may drffer from these estimates. The estimates and undedying assumptions are reviewed on an ongoing b8515. Revisions to accounting estimates are recognised in the period in which the estimate is revised whefe the vIsIOn affects only that period, or in the period of the revision and future periods where Ihe Vision affects bolh current and future periods. Critical judgements Land valuè Valuation of land with pottrnti•l development value- see Investment PropErty note for more details 14-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donations and legacles Unrestricted Unrestricted lunds funds 2022 2021 Donations and gifts 696 1,266 Charitable aetlvltles Ston•s Court 2022 Stones Court 2021 Charitable rental income Less.. Grants payable to residents 215,269 14,4S21 203,371 15,036) 210,817 198.335 Investments Unrestrleted UnStricted fund2b ftjnds 2022 2021 Rentsl income Income from invèstments & Interest 77.955 81,986 81,448 76,056 159,941 157,504 15-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Ralslng funds Unrèstricted Endowment funds funds general 2022 Total Unrestricted Endowment funds funds g8n8ral 2021 Total 2022 2022 2021 2021 Investment propèrty expenses nvestment mana fees 50,848 50.848 2,233 2.233 emènt 16,596 16,596 16,203 16,203 50,848 16,596 67.444 2,233 16,203 18,438
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable activitl&S Stones Court 2022 Grant makSng 2022 Total 2022 Stones Court 2021 Grant maklng 2021 Total 2021 st8ff costs Depreaation and impairment Loan interest Repairs and maintenance Other Stones Court costs 25,272 25,272 20,166 20,186 79,951 24,116 130,508 31,272 79,951 24,116 130,508 31.272 79.951 20,113 38,389 32.662 79.951 20,113 38,389 32,682 291,119 291,119 191,281 191.281 Grant fijnding of ath"wtl85 (see note 81 112.257 112,257 78,573 78,573 Share of support COSt5 (see note 91 Share of govemance costs 15ee note 91 31,010 31,898 62,9)8 28.621 28,848 57,469 13,507 9,005 22,512 5.603 3,736 9.339 335,636 153,160 488,796 225,505 111,157 336,662 Grants payable Grant making Grant making 2022 2021 Grants to Indfvlduals 112,257 78.573 112,257 78,573 Support costs Support Govemance 2022 Support Govemance 2021 Staff costs Printing, Postsgtt. b8nk harges & sundry cost5 48,263 48.263 44,201 44.201 14.645 14,845 13,288 13,268 Audlt fees Legal and professional 6,584 15,948 5,856 3.483 5,856 3,483 15,948 62,908 22.512 85,420 57.469 9.339 66,808 17-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Employ•es The average monthty number of employees during the year was". 2022 Number 2021 Number Employment costs 2022 2021 Wages and s81aries Social securty costs Other pansion oosls 87.238 6.190 107 62,855 1.512 73.535 64.367 There were no efflployees whose annual remuneration was more than £60,000. 11 Net galnslllossesl on inve8lments Endowment Unrestricted Endowment funds funds lunds eneral general 2021 Total 2022 2021 2021 Revaluation of investments Revaluats"on of investment properb¢$ 1297,2241 1.101,000 398.318 100,DOO 398,318 25.000 175,000} 803.776 175.0001 498,318 423,318 18-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 12 Tanglble fixed ¥ets Fr•ghold bulldlngs Cost At 1 January 2022 2,398,529 At 31 December 2022 2,398.529 Depreciation and [mltment At 1 January 2022 Depreualion chorged in the year 621,032 79.951 At 31 December 2022 700,983 C¥ryrng amount At 31 Dernber 2022 1.697,546 At 310ecember 2021 1,777,497 19
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Investment property 2022 Fair value At 1 January 2022 Nel gains or losses through laii value adjustsrents 1.499.000 1.101,000 At 31 December 2022 2,800,000 Investment property comprises propeities and land. The falr value of the investrnent properties of £1,400,000 had been arrived at on the basis of a valuats'on carried out ty VS&P, Chartered Suwveyors in November 2021. The land has been allocated for residential development in a local plan, but no planning perrnission has been obtained al the balance sheet date. If residenti81 planning permission is obtained the land could be worth over £5 million. Gnien an planning application ha5 now been 5ubtnitted the trustees have dedded to recognise an uplift lo value Ihe land to £1,200,000, whkh Is In ex¢e5s of its agricultural value previously esb"mated at £99,0(K). -20-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 14 Fixed asset Investments Llst•d Investsnènts Ca$h In portfolio Tolal Cost or valuation At 1 January 2022 Additions Valualign changes Movement in cash held Di5P05al$ 4,016.028 802,341 1297,2241 54.397 1802,3411 4.070.425 1297,224) 176,9771 176,97n 824,921 1824,9211 At 31 December 2022 3,696,224 3,696,224 Carylng amount At 31 December 2022 3,696,224 3.696.224 At 31 De¢embeT 2021 4.016,028 54.397 4,070,425 15 Financlal In$truments 2022 2021 CarrySng amount of financial assets Instruments measured at fair value through the Statement of Finanoal A¢b"thb"es 3,696.224 4,016.028 16 Debtor5 2022 2021 Amounts fallhng due within on¥ yèar: Other debtors 4,731 2.166 17 Credltors- ¥mounts falllng due within on• year 2022 2021 Note¥ Bank loans Deferred income Grants payable Accrua15 19 44,477 165 2,700 18.640 44,082 13,998 4.115 10,801 65,982 72,996 21
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 18 Credltors.. amounts falling due after mor• than one year 2022 2021 Notèg Bank loans 19 533.850 574,422 19 Loans and overdraft8 2022 2021 Bank loans 578.327 618,504 Payable wthin one year Payable after one yèar 44,477 533,850 44.082 574,422 Amounts included above which fall due after )fve years.. Payable by instalments 332.658 380,623 Th¢ long-terni loans are secured by a charge over of the charitys investment properties. £725,0 of the available £750,000 loan had been drawn al the year-end. Thi$ loan will be repayable in instalmènts Over 15 years. Inleresl is payable at 3Yts above the bank's ffoating interest rate. -22-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR TrIF YEAR EIIDED 31 DECEAIBER 2022 20 Endty4ThqhtNr En(%mtfUds reywent mu4 bh4d PBnnaneDdy byihp thanty.1nGornearfy @ndOwmElltTunds bE used th¢thbty andisindudtyJ4$uDr+el0d InwmE. gahs£¢1055es th• aswfDrm part OTthetynd. 8knr¢441 ExpLIj• l JUry 4nd zi ExFvndabh End0%n•ni$ The Ghariiy 185.4nl 498.215 5.923,391 115.$961 (61,0)$1 803,770 6.D4&,536 4.W6,754 116.2031 165.47BI 498,Jl8 5.323,1 iie.5961 IlJ1.D3S} 803.716 6.D49, Tho City of Oxford Chanty Thiy15 ¢xpondabK8 repTEsentsknE IDVB61ThytshEld tytrlsfl. lfi is a Pernei thidoumiof thnES C•Jrt its Cty¢foxford Chanty. hkfiud¢co$i 1$15 effÈ•iero henc2 the15 no fund baan¢. The ¢uriiyintyll nWffl•ylll9ii$flxd aWtInt50Th a r&lum' basand Ih8tr4n51Er0bo wuWlt$thB jrnUnttransf¢tts unr•ithtt8d fund5M ofthB In81Tht Intyjmt. -23-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEIWBER 2022 21 Designated funds The income funds of the chaTty indude the following designated funds which have been set aside Dut of unrestricied funds by the trustees for 5pecrfic purposes.. Movement in funds IncomE TransfArs Movemvnt In funds Income Tr•n¥f• Balance •t 1 January 2021 Balan¢0 at 1 January 2022 Balane• •¢ 31 l>•e•mber 2022 Extf30rdinary repairs lund 50.286 60.000 110,294 122,5001 87.849 50.286 60,000 110,294 55 122,5LK)I 87.849 22 Analy$l¥ of net assets b*twe8n funds Unrestrlcted Endowment funds funds 2022 2022 Total Unrestricted Endowment funds frjnds 2021 2021 Totsl 2022 2021 Fund balances at 31 December 2022 are repre5ent¢d by.. Tangible assets Investment properties Investments Loan befven funds Current assetsllliabifitiesl Long lern) liabilities 1,697,546 400,000 1,697,546 2,600.000 3,696.224 1,777,497 400,000 1,777.497 1,099,OLMJ 1,499,000 4,070,425 4,070,425 150,003 3,963 2.200,000 3,696,224 141,670 11,642 1141,6701 274.607 1533.8501 1150.CX)31 286.249 350.716 1533,8501 1574,4221 354,679 1574.422) 1,696,633 6,049,536 7,746.169 1,803.788 5,323,391 7,127.179 Loan belwtren funds represent5 8 loan from the tharity's general endowment to rts unrestricted funds. The purpose of this loan is to assist in funding the redev¢loprTient works on Stones Court as authorised by thè Chailty Comrnission. This loan IS to be Tepaid over 30 years #t an annual rate of £8,333 per annum. 23 Relaled party transactions Remuneratlon of key management pgr4onnel The remuneration of key management personnel Is as follows. 2022 2021 Aggregate compensation 42,617 39.455 24-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 23 Related Pabty transactiong Icontlnuedl None of the Trustees wa$ r8lmbursed expenses during the year12021'. one Tru6tee reimbuTsed £211. The Trustees recewed no remuneralion12021'. nill. There were no r¢ted paty tTan5actK)ns In either year. 25-