Charity registration number 1172230 Company reglstrnilon numb$r 10670170 (England •nd Wales) THE CITY OF OXFORD CHARITY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (:iTh"I' ( ).Xl.'( )Rl) CHARITY
THE CITY OF OXFORD CHARITY LIMITED LEGALAND ADMINISTRATIVE INFORMATION TrustseB l Bratby C E Christie M Clements B Coyne W D Cronan A Fairwe8ther-Tall JFry J G M Gay.. Chair J V Gould C E Hilliard A Hollingsworth G Jones P L Kennety J Maetsggart.. Chair E Mundy S Pressèl C Simm C Smowton J Tome$ AL Wamer May J Wiliams IAppolnted 28 Juty 20231 IAppointed 31 Juty 20231 IAppointed 31 Juty 20231 S•cr•tary and Chief EXUl5Ve MrREve Charlty number 1172230 Company numb?r 10670170 Reglstered offlc• The Office Stones Court Sl Clernents Oxford OX4 1AP Audltor CritchleysAudit LLP Beaver Hou$e 2>38 Hythe Bridge Street Oxford OX12EP 8ankern Barclays Bank plc $4 Cornmarkel Street Oxford OX13HS Inveslmont advlsoffs Cazenove Fund Management Ltd 1 London Wall Place London EC2Y SAU
THE CITY OF OXFORD CHARITY LIMITED CONTENTS Page Twstees, report Staternent of trustees, responslbillties Independent auditovs r•port Statement of finanryal activities Summary income and eXpend1bJ ac¢ounl 10 Bal¥n¢e sheet 11 Notss to the financial ststement$ 12-24
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trusteés present their annual report and financial ststements lor the year ended 31 December 2023. The financial statements have been prepared in accordan the #CUntIng policies set out in note 1 to tha fivanc4915tstements and cornply with the charity's goveming docutnent, the Cornpanie5 Act 2006 and "AOUntIng and Reporting by Charities.. Statement of Recommended Practice applicable to chariti'e5 preparing their accounls In accordance wth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. ObjectlV85 and aclivities The charity's objects are". To prowde housing accommodation for persons in need, hardship or distress 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 resident in Oxford and the neighborhood thereof who ar¢ sick, convalescent. disabled, handirapped or infim. For provision of education assistance lo p8r50ns in nèad who ?re under age of 25 and resident in Oxford. The trust8e5 hav? conf rmed that ihey have complled ¥th the duty In section 17151 of the Charrties Act 2011 to hav¢ due regard to the guldan¢e published by the Chanty Commission. Achievements and perfobThaneè Infl8tionary pressures impacted income and operational costs at Stone5 Court, but all flat5 remained occuw'ed, and wem managed and mgintained over the year. In antiapation of funds being available in the near term our architects have been instructed to begin the design stage of the refurknshment of the Par50ns building. The investment portFolio has generated a good income 4nd th? cornrneraal properlies have been fvlty let during th$ year. The sale and development of the land at Kidlington moved forward when planrning approval was granted In Decernber. Various planning issues r¢m?in, but il is expected that these will be setued by the end of 2024. We have Cpntinued to manage, Invest in, and Improve the almshouses 81 Stones Court St Clements Oxford. One at remained vaeAnl for 3 rnonths but otherwse all 23 Ilats were fulty occupied. The residents are elderfy and vulnerable Indlvidual$ who live independentty. However, an ageing cohort of residents pl8ce8 new demands on the staff and the Board is examining ways of addressing these changing needs. The provision of grants for Rellef in Need and in Sickness and for Bankruptcy Fees and for Education incroased 25% year on year reflecting ffte conttnuing need to 5UPPOrt the needy and vulnerable in the Cty. During 2023 Icomp8r8ble figures for 2022 are gN8n in bracketsl grants for Relief in Need and in Sickness were made to 186 11691 personslorganisations. totalling £110.152 1£94.9791, plus 13 1161 grants to asslst with Bankruptry fees amounb.ng 10 £3,980 1£3,2101,' and Edu¢aO¢n Gran15 to 23 1321 persons lorganisations amounbng to £26,586 1£14.0681. Financial review al Investments Cazenove has contlnued 38 the charitys investment managers. Year on year there was a slight incTease in value ot the portfol*) and dividend income, bul the drawdown amount was raised by 10.5% to £155,000. bl Commercial propel•$ Following a rent review the annuHI income from 58A St Clernents increased by 40%. The propety Is let on repairing lease and has benefrted Irorn a fvll refvrbishment by the tenanL 15 ma Plac8 was fully l•t throughout the yeai.
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 el Stones Court It is the policy of the Trustaès to sel the Weekty Maintenance Contribulion IWMCI for all flats at levels below 'fair rent, but sufficient to cover the expenditure on Stones Court. The incjudes a welfare charge and where thls payment may cause hardship to indwidual residents, we consider their circurnstances and where appropriat8 make grants foi Relief in Need to those conceTned. whilst keeping this 5ub51dy to a minimum. The repair ¢0s18 to Stones Court buildings reflect the diffiCu.eS ol mBintsining old buildings to a high standard. Thi5 is becoming increasingly drfficult with exacting heatth and safety housing Stsndards. dl ReBerv•8 Poll¢y Stones Court iepails significantly reduced the operating surplus, but increased investment and propety incorne enabled an increased expenditure on grants. M is the policy that thal any additional surplus incorne will be applied for charitable purposes. Bofrowings will be reduced when appropriate. Any redu¢b"on in endowment income would have the effeci of reducing our capackty to make grants at the same level. Unrestricted funds totalling £1,701,242 on 31 December 2023 gonsisl of fixed assets for charity use 118sB k)ans to flnance) of £1.001.367, designated lunds sel aside for extraoTdin8ry repairs of £108,027 leawng free ieserve5 of £591,848. £400,000 ofthis was repres¢ntsd by an investment property leaving cash reserves of£191.848. •) Flnanclal managem¢nl Incotne and caprtal values are monitored on a quarter basis. Income and the caprtal value of the inve8lments were higher than the previous year. Rl8k revlow The major risks to the charity have been identthed and reviewed regularfy. Systems have been established lo mitigate those risks. The principal ri5k8 are the deterior*fj¢n in the buildings at Stones Court leading to drfficulties in getting new residents,. a fall in local govemment funding of needy residents., 8 fall in the v8luelincome of investments." or a loss of key staff. Plan# for future perlod$ The almshouses at Stones Court wll continue to be maintain8d lo a high standard. The refU1$hment of the Parsons building is a necessty and will 518rt when suffioent funds A available. The hoped for funds from the Gosford land sale will be used for the Parsons refur'Shrnent referred to above and to 1Snance further grant making activities. The Strategy is to expand grant making actNf(ies supporting more indNiduals in need and organisats.ons which support them. This will involve a more prtsactive outreach programme ensuring that nds are used effeth.vely across the Cty. Structure, govèrnance and managemènt The Charity operates as a company limited ty guarantee. The Charity's Scheme, approved by the Charity Commission in 2004 is incorporated in the company's Artides of Association. All assets and liabiliues, except the Stones Court propert5. are owned by the Ilmrted company. The unin¢orpoTated body continues trj hold the almshouses as ils only asset. The Trustees are the Director5, and adrninist8r Ihtr ¢ompany assisted by the CteTk 95 Chief Executive and Company Secretary. The Chairperson of Trustees is the Chair of the B08rd. The Trustees are appointed to sub-committees (Finance and General Pu0$e$, Grants, Education, Ston85 Courtl. There is a scheme for induction of new trustees. en a vacancy for a co-opled Trustee occurs, Ihe needs of the tWs1 are considered after a skills audit has been undertaken. and the trustegs are Invled to suggest suitable candidates, from whom an appointmenl is made.
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signaluie of the financial staternents were.. l Bratby C E Christie M Clemenfs B Coyne W D Cronan A Faint4eather-Tall JFry J G M Gay.. Wice Chair J V Gould C E Hilliard A Hollingsworth G Jonos P L Kennedy M Lygo J Mactaggart.. Chair E Mundy S Pressel C Sirnm C Smowton J Tomes A L Warner May J Wlliams IAppointed 28 Juty 20231 (Appointed 31 Juty 20231 (Appointsd 31 ju 20231 (Resigned 12 Juty 20231 Funds held as custodian trust¥9 We hold no funds as custodian trustee Dlsclosure of Infomiation to audltor Ea¢h of the tTUStees has confirmed that th919 15 no inlormalion of which they are aware whlch Is relevant to the audit. but of which the audrtor is unaware. They have fvrther confimied that they have taken appropriale slep5 10 Identfy such relevant information and to establish that the 8uditor 18 aware of such infomiation. This report has been prepared In 8¢¢ordance with the Small Companies Re9ime under the Companies Act 200S. The trustees, ort was approved by the Board of Trustees. J Mact3ggart.' Chair Trustee Date..
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The twstees. who are also the dirèctors ol The City of Oxford Charity Lirnrted for ihe purpose of company law, ara responsible for preparing the TrLJStees' Report and the finantyal Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAepled Accounting Practice). Company Law requires the trustees lo prepare finanaal statements for eath financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and applicatv)n of resources, indudlng the income and expenditure. of the charptable cornpany for that year. In preparing these financial statements. the Iruslees afe required to.. select suitable 8¢¢0unling policies and then appty them consistenUy-, observe the method5 and principles in the Charibes SORP., - rn8ke judgements and 85tim8tes that are reasonable and prudent,. state whether applicable UK A¢u)unbng Standards hav? been followed. subject to any material departures disdosed and explained in the finantial statements., and prepare the financlal statements on the going concern basss unless It Is Inappropdate to presume that the ¢harity 11 continue in operation. The tru$tee8 are responsible for keeping adequate acctyJnts"ng Tecords that disclose wth asonable accuracy at any time the financial position ofthe charity and enable them to 8nsurp that the financial statements comply v4th the Companies Act 2006. They are also responslble for safeguarding the assets of the charity and hence for taking reasonable steps forthtr prevention and dete¢ts"on of fraud and other irregular6ties.
THE CITY OF OXFORD CHARITY LIMITED CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Oplnion We have audrted the finanaal statements of The City of Oxford Charlty Limrted (the 'tharty'l for the year ended 31 Oecember 2023 which comprfse the statement offinancial activities, the summary income and expenditure account, the balance sheet and notes to the financial statements, Induding 5ignifficanl accounting policies. The financial rèporting frarnewort that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standgrd5, induding Financial Reporbng Standard 102 The Financial Repothng Standard applicablg in thg UK and Republic of Irel&ncl (United Kingdom Generalty Accepted Accounting Pradicel. In tyjr opinion. the financial 5tstements'. give a true and fair view of the state of the charitable company's affairs as al 31 December 2023 and of its incoming resources and appll¢8Uon ol SOurces. indIng Its income and expenditure, for the year thèn ended., have been property piepaTed in accordance wrfh United Kwigdom Generalty Accepted Accounting PraL*ce,' and have been prepared in accordance with the requirern8nts of th8 Companie5 Acl 20C6. Basls for oplnlon We conducted our audit in accordance Inlemational Stsndards on Audiling {UK) IISAS (UK)) and applicable Iw. Our responsitylities under those standards are fvrther des¢ribed k) lh¢ Auditorfs SponSIbilItieS for th8 audit of tl)e ffnanual statements Section of our report. We are independent of the chanty in accordance wilh the ethic81 requirements that are relevant to our audtt of the financ4al ststements in the UK, including the FRC'S Ethl¢al Standard, and we have fvlfilled our othèr ethical responsibilities in accordance with these requirements. We believ• that the audit evidence we have obtained bs $uffi¢lonl and approprfate to provide a ba54s for our opini¢)n. on¢lu8ions relallng to golng concern In auditing the fmancial ststements, we havè coneJud8d thai thè trustees. u88 of the golng ¢on¢em basi8 of accounting in the preparation of the financlal stat8rnent5 is apprDpriat¢. Based on the work w¢ have perfomied, we have not Idenbfi8d any material uncertainli8s relating to ev¢nts or JnditionB that. indlvklualty or colle¢tlvety. may cast significant doubt on the ch1$ ability to continue as a concem for a period of at least months Irom when the fnanryal ststement5 are authorised for issue. Our sponbIlitIeS and the respOnbIlitieS of th9 trusts9$ wth respect tD going concem are described In the relevant secb.ons of this report. Oth•r Infomatlon The other information comprises the infrjtrnalion induded in the annual report other than the finanual Statements 8nd our audilorfs report thereon. The trustees are responsible Yor the othèr inftsmation ntalnèd withln the annual report. Our opinion on the financial $tatements does not cov¢r th$ other information and, except to the extent otheSe explicitty stated in our report, we do not express ary fom of assurance condusion therèon. Our r•$ponsibility 15 to read the other information and, doing so, consider whether the other information is material Inconslstent wrth the financial statements or our knovA?dge obtsined In the Gourse of the audit, or otheNrise appears to be materialty mlsststed. If we identfy such material in¢onsisten¢ies or 8pp8rent material misstatements, we are requrred to determine whether this gives rise to a motsrial ml$stalement In the finon¢ial stslem¢nt$ themselve8. N, based on the work we have perfonned, we condude that Ihere is a material misst8tèm8nt of this other infomation. we a requtred lo report that facL We have nothlng to report in this regard.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Oplnions on other matt•rs prescribed by th& Companles Act 2006 In OUT opinion, based on the work undertaken in the cour$e of our 8udit'. the information given in the trustees, report for the financial y88r for whith financial 5t8lernents are prepared, which indudes the directors. report prepared for the puoseS of company law, is con515tent wlh the financial siatements., and the directors, report induded within the trustees. report has been prepared in accordance wilh applicable legal requirernents. Matters on vA)Ich #re requlred to report by exceptlon In the light of the knovAedge and understanding of the charty and ts environment obtained in the course of the audit, we have not idents'fied material misstatements in the directors, report induded within the tru5tees' report. We have nolhing lo report in resp8cI of the following matters in relaOn to which the Companies Ad 20Cfj requlres us to report to you rf. in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been rèceived from branches not visited by u5", or the financial statem8nt5 are not in agreement wtth the accounting records and retums,. or certain disdosures of trustees, remuneration speufjed by law are not made.. or we have not received all the information and explanations we require for our audit,. or the tnjstees were not entitled to prepare the financAal statements in accordance with the srnall companies regime and tske advantage of the small companies, exemptions in preparing the trustees. report and from the requirement to prepare ¥ Strateg report. Rèsponsibilities of trustees As explained more fulty in the st8tement of trustees, responsibilities. the tnjstees, who are also the dlredors of the ch81ity fDr the purpose of company law. are responsible for the prep8r8tion of the finanaal statements and for being satisfied Ih3t they give a true and fail view, and for such Intemal control a3 the trustees detemiine is necessary to enable the preparation of finanaal statements that are free from materfal mis5talement, whelher due to fraud or error. In preparing Ihe financial statements, the Irusfees are responsible for a5se55in9 the charitys ability to continue as a 90ing concern. disclosing, as applicable, matters related to going conc8rn and using the going concem basis of accounts.ng unle8S the trustees eithèr intend to liquidate the charitable company or to cease operation5. or have no realistic alteinative but to do so. Auditorfs re$pon$ibllltle$ for th8 audit of the flnanclal statom•nts Our objectives are to obtain reasonable assuranco about whether the financial ststemènts as a wholtr 8re free from material rnisstatement. whether due to fraud or error, and to Issue an auditorfs report that iridud&s our opinion, Reasonable assurance is a high lovel of assurance but is nol a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a rnaterial misstatem8nl when it exists. Misstaternents can arise from fr8ud or error and are considered material rf. individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of user5 taken on the basis of these finanu81 statements. The extent to which our procedures are capable of ¥Jetects"ng irregula11t8. including fraud. is detailed below.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED the engagement partner ensured that the engagernent team collectively had the appropriate competence, capabilities and skllls to Identify 01 recogni5e non-cornpliance wth applicable laws and regulations.. we identrfied the laws and regulations applicable to the company through discussions With directors and other management. and from our knowledge and expeTl8nc8', we focused on specific laws and regulations which we considered may have a direct rnaterial Effect on the flnanryal st3t8ments or the operations of the company., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of rnanagement 3nd inspecting leg81 correspondenTr where applicable,. and identified laws and regulations wei8 Communicat within th¢ audit team regularty and the team remained alert to instances of non-complSance throughout the audtt. We asse55ed the susceptibility of the charty's financial statements to malerlal mlsstatement. Induding obtaining an understsnding of how fraud mlghl o¢cur. by.. making enquiries of management as lo %ther¢ they consideTed there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the Internal control$ in pla to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and overrlde of eontrols, wg.. performed analytical procedures to identify any unusual or unexpected relationships., tested joumal enttie5 to id?ntify unusual transactions., assessed whether judgements and assumpb"on$ made in delennining the accounting estimates were indicative of polentl81 'aS.. and invests"gated the rationak behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures whi¢h included, but were not limited to.. agreeing financial ststement disclosures to undertying supporting documentat¥)n', reading the minutes of rneety'ngs of those charged with govemance., ènquiring of rnanagernent as to actual and potential liti.gation and claims., reviwng Televant corTe8pondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from finanaal transadons. the less likety it is that we would become aware of non-compliance. Audrting standards alsD limli the audit procedures required to identfy non-compliance wth law5 and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal Correspondence, rf any. M8leri81 rnisststernents that arise due to fraud can be harder lo delect than those that arise from error a8 they may nvolve deliberate COnalment or collusion. A further description of our Tesponsibilities is available on th8 Financial Reporting Council's website at.. https'.11 www.frooTg.uklauditorsr8sponsibilits'es. This description foms part of our auditovs report.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Use of our report This report is made solely to the chafitable wmp8ny'8 mernbers, as 8 body, in accordance with Chapter 3 of Part 16 of the Companies A¢t 2006. Our audit work has been undèrtaken so that we Might state to the charitsble company's rnbers Ihose matters we are iequired to st8t8 ID Ihern in an auditorfs report and for no other purpose. To the fvllest extent pemitted by law, we do not acc8Pt or assurne responsibility to anyone other than the chazilable company and th8 charitable company's members as a boty, lor our audit work, for this report, or for the opinions we have IDrTned. Robert Klrtland IS•nlor Statutory Auditor) for and on behalf of Crlt¢hl•yts Audit LLP -1.4J&12Q24....... Chart•rtrd Accountants ststutory Audltor Beaver Hous& 23-38 Hythe Bridge Street Oxtsrd OX1 2EP
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Endo*Thent fund5 funds 2023 2023 Total Unrestrlcted Endovmlent funds funds 2022 2022 Total 2023 2022 Not8s Income from.. Donations and 1gg8¢105 Charitable activthes other irading activttie8 Investments 20,661 199.267 19,275 214.508 20,661 199,267 19,275 214,508 210,817 210,817 159,941 159.941 Total Income 453.711 453.711 371,454 371,454 Expenditure on: Raising fund5 Charitable actsves 13,954 508,419 15,784 29.738 506.419 50.848 488,796 16.596 87,444 488,798 Total expenditure 520,373 15,784 536.157 539.844 16,596 556,240 Net gains on Investments 12 3,438,175 3,438,175 803,776 B03,776 Net incomellexpendltur•l 166.6621 3,422,391 3,355,729 1168,1901 787,180 618,99) Transfers betsyeen nd8 71,271 171,2711 81,035 161,0351 Net movement In funds 4,609 3,3S1.120 3,355.729 {107.155} 726,145 618,990 ReconcllSatSon of fund5: Fund balances at 1 January 2023 1,696,633 6.049.536 7,746.169 1.803,788 5,323,391 7,127,179 Fund balanc at 31 Dec•mber 2023 1,701.242 9.400,656 11,101,898 1.696,633 6,049.536 7.746,169 The statement of ffinanaal 8etivitie8 indudes all gains and losses recognised in the year. All income and expenditure derive from continuing actiwties.
THE CITY OF OXFORD CHARITY LIMITED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2023 All Incom• lunds 2023 2022 Gross Incon Transfer from endcthAnent fvnd8 463.711 71,271 371,454 61,035 Totsl income in the reportbng period 524.982 432.489 Total expertditure from income funds 520,373 539,844 Net Incom•ll•xponditure} for the year 4.609 1107,1551 10-
THE CITY OF OXFORD CHARITY LIMITED BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Flx•d ass•ts Tangible assets Investment properties Investsnents 14 15 18 1,635,337 5,900,000 3,765,557 1,697,546 2,600,000 3,696,224 11.300,894 7,993,770 Current ¥s8ets Debtors C8sh at b8nk and In hand 18 11,826 384,763 4.731 347.500 3%,589 352.231 Credltors: amounts falllng due wthin one y?ar 1142.456) {65.9821 Nel current assets 254.133 286,249 Total assets less curront liabilities 11,555,027 B,280,019 Credltors: amounts falllng due after morg than ono year 21 1453,1291 1533.8501 Net assets 11,101.898 7,746,169 Capltal funds Expendable endowment 9,400,856 8,049,536 23 9.400,656 6,049.536 Income funds Unrestricted lunds Designated fvnds General unrestricied funfls 24 108,027 1.593,215 87,849 1,608,784 1,701.242 1,696,633 11,101.898 7,746.169 The financAal statements were approved and authorised for issue by the Trustees on ......................... J V Gould TrLbStee Company Reglstratlon No. 10670170
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charlty infornialion The City of Oxtord Charity Limit8d is a private cornpany limited by guarantee incorporaied In England Bnd Wales. The registered office is The Qffiee, Stones Court. St Clements, Oxford, OX4 1AP. 1.1 Accountlng ¢tsnvention The financial statement5 have been prepared in accordance wl(h the charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reportlng Standard applicable in Ihe UK and Republic of Ireland" l FRS 102.1 and the Chariiies SORP "Accounts"ng and Reporting by Charities.. Statement of RecDmmended Practice appli¢able to charth'es preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leffective 1 January 20191. The charrty Is a Public Benefit Entty as defined by FRS 102. The charity h•s tsken 8cfvantage of the piovisions in the SORP for charfti8s not to prepare a Statement of Cash Flows. The charity acquired the net 855ets of unincorporated City of Oxford Charity (registered office as above) on 1 December 2017 and this has been aco)unted for using merger 8ccounting 3$ required by tho FRS 102 SORP in ord8r lo present a true and falr vlew. For assets under 8 Charity Commission Scheme. The City of OxFord Charty Lifftited is now the sole Trustee of that Scheme and thè as$ets under the Scheme 8re n¢)w under the control of Ihis chaity and In¢luded in its financial staternents. The finan¢lg1 st8ternents are prepared in slerfing, which is the funcbonal ¢urrency of the charity. Monetary amounts in these finanrA81 slatement5 are rounded to the nearest £. The finanaal statements have been prepared under the historical cost conventson, modified to indude Investment properties and certain finanaal instruments at f8ir value. The principal accounting pollcie5 adopted ale Set out below. 1.2 Golng cone•m Al the time of approving the financial statements, the tNstee5 have a reasonable expectation that the tharity has adequate resourc85 to continue in OPEratiollal existence for the foreseeable future. Thus the trustees continue to adopt the going con¢em basis of accounting in preparing the financial statements. 1.3 Charftable fund$ Unreslri¢ted funds are available for use at the discretion of Iwstees in furtherance of thelr thaiitable objectives. Designated ftJnd8 comprise unrestricted funds that have been set aside by th¢ Trustees for particular purposes. Restricted funds are sublect to specnlc conditians by donois or grantors as to how ihey may be used. The purposes and uses of the 1¢stricted funds are set Dut in the notes to the financial statements. Endowment funds iepresents assets, mainly inve8tments. where the intenuon Is for those to be held long term for the benefit of the charty. Income frorn the main expendable endowment Is unrestricted. Any capital gains Of losses form part of the fund. 1.4 Ineome Income is Tecognised vthen the charity is legally entttled to il after any performance condtuons have been me( the amounts can be measured reliably, and it is probable that Income will be received. 12
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcle8 (Continued) Legaues are fecognised on receipt or otherwise if the charty ha$ been n<Aified of an irnpending distribullon, the amount is known, and ceipt is expected. If the amount is not known, the legacy 15 treated as a contingent asset. 1,5 Exp•ndltLtrè Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probabk that a Iiansfer of econom beneffts wll be required in 58tUement, and the amount of the obligation can be measured T21iabty. Expenditure 15 classffied by actNty. The costs of each activty are mad8 up of the 10181 of ijifect costs and shared costs. including 6UPPOrt costs Involved in undertaking each activity. Direct costs attributable to a single activity are allouied directty to that adivity. Shared costs which contribute to more than one activ(ty and SUPPDrt C05t5 which are not attributable to a single activty are apportioned bett¥een those actiVe$ on 3 basis consistent with the use of resources. Central stgff St3 are allocated on the basi5 of time spent, and depreciation charyÈs I allocated on the portion of the a$set'5 use. GTanls are included in the aecounts once they are approved for payrnent by th8 trusle¢s. These grants to Indivlduals and organi5ations for small arnountS. 1.6 Tangible fixed assets Tangible fixed assets arè initialty rneasured at cost and Subsequent measured at cost or valuab'on. net of deprec4ation and any impaiment1055es. The propth.es concemed are stated in the accounts at C05t. Prior to 2007 all repaits and improvement to Stones Court were Inrluded in the Statement of Fin8nclal Activities. However, the charity has undertaken major improvements to Stone5 Court which have been mainty fvnded by bank loans and a loan from the endowrnent. Given these enh8neÈd Stones Court, these major Improvements have been c8pit8lised and are being depreciated Depreciation is recognlsed so as to write off the cost or valuation ¢)f assets less thtrir resKlual values over their useftjl lives on the following bases.. Freehold buildings 30 yèars 1.7 Investment propertles Inveslrnent property, ¥thl¢h Is pr¢Jpety held to eam rentals andlor for ¢apital appreciation, is inib.alty Tecognised at cosl, which indudes the purchase cost and any direcyy attribulable expenditure. Subsequenlty it is rneasured at fair value at the repo.ng end date. The surplus or defiut on revaluation is iecognised in the Stslement of Financial Adivilies. 1.8 Flxed asset Invostsnents Fixed asset investments are initialty measured at transaction price excluding transaction costs, and are subsequentty measured at fair value at each reporting date. Changes in fair value are recognised in nel incornelle¥penditurel forthe year. Transaction costs are expensed as incurred. 1.9 Cash and cash èquivalents Cash and cash equivalents include cash in hand. deposits held at call with bank5. other short4erm liquid nv¢stmen15 Wlth original maturili85 of three months or less, And bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilmes. 13-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AccoLknting pollcles Icontlnuedl 1.10 Financlal Instruments The chartty has elected to app the provisions of SeCon 11 '8asic Finan¢ial Inslwments, and Seclion 12 'otheT Financial Instruments Issues, of FRS 102 to all of its financial instrument5. Fin8nNal instruments are recogni5ed in tre charty's balance sheet when th8 charity becom party lo the contractual provisions of the instrument. Financial assets and liabilibes are offset, With the nel amounts presented in the financial statements. when there 15 a legalty enforceable right to Sel off the recognised amounts and Ihere Is an intention 19 39ttte on a net basis or to realise the asset and settle the Iiabilty Sirnultaneousty. Basie finanelal assets Basic financial assets, which indude debtors and cash and bank balance5, are initialty measured 81 tsansaction price. Basic flnanclal liabilities Basic finanaal liablllties, Induding creditors and bank loans are init181Fy recogni5ed at transaction price unles5 the arrangement constitutes a tlnancing transaction, where the debt Instrument is measured at the present Value of the future payments discounted 8t a market rate of inteT8St. Financial liabilities classified as payablè vAthln one year are not arnortised. Debt instruments are $ubs8quentty caTried at amorbsed eost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operab.ons from suppliers. Arnount5 payable are c18ssified as current liabilib.es If payment Is due wthin one year or le85. If not, they are presented ès non-current liabilities. Trade crediiors are recognised inibalty at transaction pric8 and sub5equentty measured al amort18ed c031 using the effective interest method. 1.11 Retlrement offtS Payments to defined contribution retirement b8n8frt sc*ewS a charged as an expense as they fall due. Critlcal a¢¢ountlng g$llmate8 and Judgements In the applkation of the charity'5 accounts.ng policies, Ihe trustee5 are required to make judgements, estimates and assumptions about the carrying amount of assets and ILqbilibes that are not readily apparent from 0th8r sources. The estimates and assorAated assumptions are based on historical experience and other factors Ihat are considered to be relevanL Actual resutts may differ from these estimates. The estsrnates and undedying as8umptions are revfewed on 8n ongoing basis. Revisions to accounting estimates are recognisèd in the period in which the estimate is revi8ed where Ihe revision affects only that period, or in the period ol the revision and thjture periods where the rev15ion affects both current and fthure periods. Crfllcal Judgements Land valuè Valuation of land vAtt) potenti81 development value- see Investment Propety note for more details 14-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Incomè from donations and legacies Unrestrlcted lund¥ 2023 Unrestrl¢tsd fund$ 2022 Donations and gifts Legacies receivable 696 20,000 20,661 698 Income from charitable aetlvltl•s Unr•strfcted funds 2023 Unrostrl¢ted funds 2022 Stone8 Court Charitsble rental income Less.. Grants payable to resodents 202,2 13.6951 215,269 14.4521 199,267 210.817 Income from othertrading ac11vie8 Unrnstrlct•d Unr&strfctsd fvnd$ funds 2023 2022 Stone$ Court (x)mmerc4al rents 19,275 Investments Unrestricted Unrestricted funds funds 2023 2022 Rental income Income frorn inve31rrThts & interest 120,397 94,111 77,955 81,986 214,508 159.941 15-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ralslng funds Unr•stricted EndOnent funds fund$ general 2023 Total Unrestricitsd Endowment funds funds general 2022 Total 2023 2023 2022 2022 Commercial let costs Invesbmenl property expenses 5,352 5,352 8,602 8,602 50,848 50.848 Trading costs Invo51rn8nt management fe¢$ 5,3S2 5,352 15,784 15,784 18.596 16,596 13,954 15,784 29,738 50,848 1 $.596 67,444 16-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on eharltsble activities Ston Court 2023 Grant Making 2023 Total stone$ Court 2022 Grant Making 2022 Totsi 2023 2022 Dlr•et costs Slaff costs Depreciation and Impairment Loan interest Rep8ir5 and maintenance Other Stones Court costs 30.645 30,645 25.272 25,272 79,9S1 44,426 94,367 37.912 79,951 44,426 94,367 37,912 79,951 24,116 130,508 31,272 79,951 24,116 130,508 31.272 287,301 287,301 291.119 291,119 Grant fvnding of activities (see note 91 140,718 140,718 112,257 112,257 Share of support and governance costs Isee note 101 Support 33,744 36,184 Govemance 5,083 3,389 89.928 8.472 31,010 13,507 31,898 9,005 62,908 22.512 326,128 180,291 506,419 335,636 153,160 488.796 Analys1$ by fund Unrestricted funds 326,128 180,291 506,419 335.636 153.160 488,796 Grants payable Grant making Grant maknng 2023 2022 Grants to institutions.. Adapt Charlty Art at the Old Fire Station The Oxford 88by Bank RAW Workshops BLNSS Homestart 1.750 1,750 1,750 1,750 2,000 2,000 1,000 2,000 1.000 7,000 6.000 Grants to indNiduals 133,718 104,257 140.718 112,257 17-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Support costs Support Govamane 2023 Support Govemance 2022 Staff costs Prinbng, postage, bank Charges & sundry cosis 52,324 52,324 48,263 48,263 17.604 17,604 14,645 14,84S Audtt fees Legal and professional 7,128 7,128 6,564 15,948 6.564 15.948 69,928 8,472 78,400 fj2,908 22,512 85.420 11 Employges The average monthty numbèr of employees during the year was.. 2023 Number 2022 Nurnber Employm¢nt costs 2023 2022 Wages and 58laries Social security costs Olher pension $15 74,954 6,786 1.229 67.238 6.190 107 82,969 73,535 There were no employees whos8 annual remuneratson was more than £60,000. 12 Galns and losses on Investments End¢vmient Endowmen¢ funds funds 2023 2022 Gainslllossesl arising on: Revaluation of investments Rev8lugtion of investment prope88 138,175 3,300,000 1297.2241 1,101,000 3.438,175 803,776 13 Taxation The charity is exempt frorn taxation on its aCtIve$ because all its income is applied for charitable purposes. 18-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tanglble Ilxed assets Freehold Sets under buldings con¥truction TDtal Cost At 1 January 2023 AddOn5 2.398,529 2,398,529 17,742 17,742 At 31 December 2023 2,398,529 17,742 2.416.271 D•pr•elation and Imp•lmiènt At 1 January 2023 Depreciation charged in the year 700.9B3 79,951 71Y),983 79.951 At 31 December 2023 780,934 780,934 Caryying afflount At 310ecember 2023 1,617,595 17.742 1,635,337 At 31 Decefflber 2022 1,697,546 1,697,546 19-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Investment property 2023 Falr value At 1 January 2023 Net gains Dr losses throLtgh fail value adjustments 2,600.OCKJ 3,300.000 At 31 December 2023 5.900,0(N) Invèstment Propertl•s The fair value of the investment properties of £1.400.000 had b¢en arrived at on the basis of a valuation carried out by VS&P, Chartered SYey0rs in November 2021. Land The counril agreed a resolution to grant planning pemission subject to S106 and any potential Judiaal Review. If residentl81 planning permission is obtsined the land could be worih over £6 million. Given the resolution to grant planning permission the trustees have decided to recognise an uplrfi in value of the land to £4.5 million. wthich is in exc8ss of it3 agricultural value pVIouS estim*ed at £99,OCK). 20-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Flxed asset Investments Llsted Inv•8tmerbts Cash in portfolio Total Cost or valuatfion At l January 2023 Additions Valu8tion thanges Movement in rash held Disposals 3.696.224 860.464 138.175 3,696,224 1860,4641 138,175 168,8421 168,8421 963,455 1963.4551 At 31 December 2023 3.731,408 34.149 3,765.557 Carrying arnc*unt At 31 Decembef 2023 3.731,408 34.149 3.765.557 At 31 December 2022 3.696,224 3,696,224 17 Financial instruments 2023 2022 Carryrn9 amount of flnantial assets InstNments measured at fair value through the Statemènt of Financial Aclivthes 3,731,408 3.696,224 18 Dèbtors 2023 2022 Amounts falllng due V•rythin one y•ar. Trade debtors Other debtors 8,482 4.731 11,826 4,731 19 Loans and overdrdfts 2023 2022 Bank loans 500,633 578,327 Payable within one year Payable after one year 47,504 453,129 44,477 533,850 Arnounts induded above ¥thlch fall due after five years.. Payable by Instslments 281,421 332.658 21
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Loans and overdrafts (Continued) The long-lerm loans are secured by a charge over th of the chafity'5 inve5trnent properties. £725,000 of the available £750.000 loan had been drawn at Ihe year-end. This loan will be repayable in instalments over 15 years. Interest is payable at 3Q/o above the bank's fioating interest rate. 2Q Crndltor¥.' •mounts falllng duo within one year 2023 2022 Notes Bank loans Deferred income Grants payable Accruals 19 22 47,504 19,532 6,190 69,230 44.477 165 2.700 18.640 142.456 65.982 21 Credbiors: amounts falllng due after more than one year 2023 2022 Not•s Bank loans 19 453.129 533.850 22 0•f•rred incorne 2023 2022 Other deferred in¢9rnp 19.532 165 Deferd Income 18 included in the 11nancial statements as follow5-. 2023 2022 Deferred Income is included wthin.. Current liabilities 19,532 165 Movements in the year.. Deferted income at 1 January 2023 Released from previous periods Resources deferred in the year 165 11851 19,532 13,998 13,9981 les Deferred income at 31 December 2023 19,532 165 -22-
THE CITYOF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEARENDED 31 DECEMBER 2023 23 En&vATh•ntfiind 0$ inLunE.kny on th• assolsforn part rfthÈknnd. T4t•al J1 The&tyofWwd Chedty S.J23.391 116.594 (el,0551 803,775 6.049.536 115.7e41 171.2711 3.438,175 Y.4LIJ.S50 S.323.391 1145961 803.776 $.04È,5J8 115,7841 (F1,2711 3.438.175 9,4M,656 Th•¢lty ofOxTord trfty Th1$ Is an ewdat4e ¢ndwment And InvEthentshdd bythiifvnd. In ihernl$ aprnnsni drrreTrl of1hsknCIknd kntdrh is11 theunkncwJiedCityof otyd Charfty. H(¥er1S¢kStof thi4 isqif•Ui¥qlyi8ro 5ndhBnr@th8I5 fund bal. Thethtyisrth¥ man••nottsfixed T. baS andtho thèamuntlranstwr•dlo unr8thL hjrvtsln •x(•B* of bh• In¥•stThn¢kncom•.
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Oeslgnated funds The unrestricted funds of the charty comprise Ihe unexpended balances of donations and grants which are not subject to spedfi¢ nditionS by donor5 and grantors as to how they may be used. These indude de5unated funds whlch have been set aside out of unrestricted fvnds by the tmstees for spefiC purposes. Movement In fund¥ Irlcom TranBfe Movèment in funds Incom Tran5fer5 B8m¢0 It 1 January 2022 eal•n¢8 81 1 January 2023 Balat)¢B Wt 31 D•¢¢mbor 2023 Extraordinary repairs fund 110,294 55 I22,5} 87,849 178 20,000 108,027 110,294 55 122,5WI 87,849 178 20,000 108,027 2S Analysls of net assets b•twe8n funds Unrestricted Endowmgnt funds lunds 2023 2023 Total Unr¢$irfL18d Endowment funds funds 2022 2022 Total 2023 2022 Fund balances at 31 Decembei 2023 are presented by.. T8ngible assets Investsnent propertie5 Investments Loan beNveen fund5 Current a558ts11liabilitiesl Lony temi liabilrties 1,635,337 400,000 1,63S,337 5,900,000 3.765,557 1.697,546 400,000 1,697,546 2,600,000 3.696,224 5.500.000 3,765,557 133,337 1,762 2,200,000 3.696,224 141,670 11,642 1133,3371 252,371 1453,1291 {141.6701 254,133 274,607 1453,1291 {533,8501 286,249 1533,8501 1.701,242 9,400,656 11.101,898 1.896,633 6.049,536 7,746.1 $9 Loan befvleen funds represents a loan from the charity's general endowment to its unrestricted funds. The purpose of this loan is to a55lSt in lundin9 the redevelopment works on Stones Court as authorised by the Charty Commission. This loan is to be repaid over 30 years at an annual rate of £8,333 per annum. 26 Related palty transactlons None of the Trustees were reimbursed expenses during the year12022.. No trustees reimbursed). The Trustees received no remuneration12022.' nill. There were no related party transaction5 in either year. 24-