Charfty registration number 1172230 Company registration number 10670170 (England and Wales THE CITY OF OXFORD CHARITY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ( i.xrd)iu) C¥&RIT
THE CITY OF OXFORD CHARITY LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees l Bratby M Clements B Coyne W S Cronan A J Fairwealher-Tall JFry J G M Gay.. Vice Chair J V Gould C E Hilliard A J Hollingsworth E F Joint G R Jones P L Kennedy J L Mactsggart." Chair E Mundy S Pressel Cmslmm C S F Smowton J H Tomes J K Williams (Appointed 25 October 20241 Secretary and Chief Exocutive MrREve Charfty number 1172230 Company number 10670170 Reglstered offlce The Offi Stones Court st Clements Oxford OX4 1AP Audltor Gravita Audit Oxford LLP First Floor, Park Central 4041 Park End Street Oxford OX11JD Bankers Bardays Bank plc 54 Commarket street Oxford OX13HS Inveslrnent advlsors Cazenove Fund Management Ltd 1 London Vvall Place London EC2Y SAU
THE CITY OF OXFORD CHARITY LIMITED CONTENTS Page Trustees, report ststement of trustee5' responsibilitl8S Independent auditols report Statement of financial actlvltles 10 Summary income and expenditure account 11 8alance sheet 12 Noles to the financial statements 13-27
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting PDlicies set out in note 1 to the finanal statements and comply with the charity's goveming document. the Companies Act 2006 and "Accounting and Reporting by Charitie5'. 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 20191. Objectives and activities The charity's object5 are.. To provide housing accommodation for persons in need, hardship, or distress, who reside in Oxford. For relief of persons who are resident in Oxford who are in need. hardship. or distress. For the relief of persons in need who are Tesident in Oxford and the neighbourhood Ihereof who are sick, convalescent, disabled, handicapped or infirm. The provision of education assistan to persons in need who are under the age of 25 and resident in Oxford. The trustees have confirmed that they have cornplied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Comrnission. Achlevements and perforniance Inflationary pressures impacled the income and operational costs of running the almshouses and the cost of living crisis continues to put pressure on the funds used to support those in need in the city. We have continued to manage, invest in, and improve the almshouses at Stone5 Court. Four flats became vacant during the year but demand for good accommodation remains high and so voids were minimised. Preparations for the refurbishment of the Parsons building have continued, in anticipation of funds from the sale of the Gosford development land becoming available. The initial design and engineering work has been completed and outline costings assessed. The investment portfolio has generated a good income, and the commercial properties have been fulty let throughout the year. The sale and development of the land at Gosford continues to move forward although slowly. Planning approval was given in late 2023, and in 2024 Ihere was resolution to various issues including archaeological surveys. It is hoped that S106 demands are Ihe last major hurdle and that 2026 will see contract negotiations with the developer. The requests for Relief in Need and in Sickness. and for Education grants remained high but changes to the law on Debt Relief Orders cut demand significantty. The Charity's focu5 on early years resulted in another year of increased educational grant5 SUPPOrting children from the most deprived parts of the city. During 2024 {comparable figures for 2023 are given in brackets) grants for Relief in Need and in Sickne55 were made to 195 (186) personsl organisations. totalling £122,719 1£110.152). plus 4 {131 granls to assist with BankTUPtcy fees amounting to £2,670(£3,980),' and Education Grants to 31 {231 person5 lorganisations amounting to £28,134 (£26.586)-
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal Review a} Investménts The main investment objective is to deliver a totsl retum of not less than 4.00/0. Cazenove has continued as the charity's investment managers. The value of the portfolio year-end after costs and drawdown was £4M. an increase of circa £260,000 over the balance at the stsrt of the year. The total drawdown was held at £155,000 or 3.9Yo. The board were content to increase the level of investment risk. This was achieved during the year by selling down approximalely £300K of property investments and moving the funds into global, north American and technology stocks. As regards the Extraordinary Repair Fund and our general savings our aim is to keep pace with inflation and increase overall value through accrued interest. b) Commercial Properties 58A St. Clemenls and 15 Alma Place were fully let throughout the year and have been professionalty valued for accounting purposes. The value of both has increased and the revised year-end value is £1.69M. Both properties were fully let throughout Ihe year generating a gross return of 6.2 %. c) Stones Court It is the policy of the Trustees to set Ihe Weekly Maintenance Contribution (WMC) for all flats at levels below 'fair rent, but sufficient to cover the expenditure on Stones Court. The WMC includes a welfare charge and where this payment may cause hardship lo individual residents, we consider their circumstances and where appropriate make grants for Relief in Need to those concerned, whilst keeping Ihis subsidy to a minimum. Following Mo years of exceptional repair costs to the Stones Court buildings, 2024 saw a sharp reduction in building repairs and mainlenance. Maintaining buildings which are 300 years old and listed remains a challenge and budgets must be robust to take accounl of the unexpected. d> Reserves Pollcy Our Resenies Policy aims to mitigate the risk of a financial disaster and to build up funds for Major repairs and refijrbishments. It is the policy that any additional surplus income will be applied for charitsble PUTposes. Borrowings will be reduced when appropriate. Any reduction in endowment income would have the effect of reducing our capacty to make grants at the same level. Unrestricted funds totalling £1,823,632 on 31 December 2024 consist of fixed assets for charity use (less loans to finance) of £1.036,211, designated funds set aside for extraordinary repairs of £134,272 leaving free reserves of £653,149. £500,000 of this was represented by an investment property leaving cash reserves of £153,149. el Financial management Income and capitsl values a monitored on a quarterly basis. Risk review The Charity maintains a risk register. All risks are monitored and reviewed regularly, and systems have been established to mitigate those risks. The principal risks are the deterioration in the buildings at Stones Court leading to difficulties in getting new residents,. a fall in local government funding of needy residents,. a fall in the valuel income of investments.. or a loss of key staff. Plans for future periods The almshouses at Stones Court will continue to be maintained to a high standard, and the essential refurbishment of the Parsons building will start when suiTicient funds are available. The fijnds from the Gosford land sale will be used for the refvrbishment and to finance further grant making activities. The stralegy is to expand grant making activilies supporting more individuals in need and organisations which support them. This will involve extending the outreach programme thereby ensuring that funds are used effectively across the City
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The Charity operates as a company limited by guarantee. The Charity's Scheme, approved by the Charity Cornmission in 2004 is incorporated in the company's Articles of Association. All assets and liabilities, except the Stones Court properties, are owned by the limiled company. The unincorporated body continues to hold the almshouses as its only asset. The Trustees are the Directors, and administer the company asslsted by the Clerk as Chief Executive and Company Secretsry. The Chairperson ofTrustees is the Chair of the Board. The Trustees are appointed to sub-committees (Finance and General Purposes, Grants, Educatlon, Stone5 Courti. There is a scheme for induction of new Irustees. Vvhen a vacancy for a co-opted Trustee occurs, Ihe needs of the Irusl are considered after a skills audit has been undertaken, and the trustees are invited to suggest suitable candidates, from whom an appointment is made 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 signature of the financial statements were.. l Bratby Miss C E Christie M Clements B Coyne W S Cronan A J FainMeather-Tall JFry J G M Gay.. Vice Chair J V Gould C E Hilliard A J Hollingsworth E F Joint G R Jones P L Kennedy J L Mactaggart.. Chair E Mundy S Pressel Cmsimm C S F Smowion J H Tomes A L Wamer May J K Williams {Resigned 25 October 20241 (Appointed 25 Ociober 20241 (Resigned 26 July 20241 Funds held as Custodian trustee We hold no funds as custodian trustee
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of inforniatlon to auditor Each of the tnjstees has confimied that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confimied that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. This report has been prepared in accordance with the Small Companies Regime under the CompaniesAct 2006. The trustees, report was approved by the Board of Trustee5. J L MactaggarL' Chair Trustee Date: ..
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the director5 of The City of Oxford Charity Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Cornpany law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and gpplication of resources. including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: select suilable accounting policies and then apply them consistent-, observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explalned in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the thaTity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companle5 Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detedion of fraud and other irregularities.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Opinion We have audited the financial ststements of The City of Oxford Charity Limited (the 'charity') for the year ended 31 December 2024 which cornpri5e the statement of financial activities. the summary income and expenditure accounl. the balance sheet and notes to the financial statements, including Significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Standany applicable in the UK and RepubliG of Ireland (United Kingdom Generally ACpted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resou5 and application of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in accordan wilh International Standards on Auditing (UK) IISA5 (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditoffs spOnSibl11t1eS for the audit of the financial statements section of our report. We are Independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fuffilled our other ethical responsibilities in accordan with these requirements. We believe that the audil evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have conduded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charivs ability to continue as a going concern for a period of at least iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responslbilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiation The other inforrnation comprises the information induded in the annual report other than the financial statements and our auditors report thereon. The trustees are responsible for the other information contained within the annual reporL Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicilty stated in our reporl. we do not expiess any form of assurance conclusion thereon. Our responsibilty is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othewise appears to be materially rnisstated. If we identty such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misststement in the financial statements themselves. If, based on the Work we have perfomied, we conclude that there is a material misstatement of this other information. we are required to report that facL We have nothing to report in this gard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audiL- the information given in the trustees, report for the financial year for which the flnanclal statemenls are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements., and the directors. report included within the trustees, report has been prepared in accordance with 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 which we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, port included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Aot 2006 requires us to report to you if, in our opinion.. adequate accounting records have nol been kept, or retums adequate for our audit have not been reIVed from branches not visited by us., or the financial statements are not in agreement with the accounting records and relums; or certain disclosures of trustees, remuneration specified by law are not made-, or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companie5 regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilltles of trustees As explained more fully in the statement of tru5tees' responsibilities, the trustees, who are also the direclors of the charity for the purpose of company law. are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such Intsrnal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the truslees are responsible for assessing the charty's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the golng concem basis of accounting unless the trustees either intend to liquidate the charitable company or to ase operations, or have no realistic alternative but to do so. Audlto¢s responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable gssurance about whether the financial statements a5 9 whole gre free from material misstatement, whether due to fraud or error. and to issue an auditovs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, 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, capabililies and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company- we assessed the extent of compliance with the laws and regulations identified above Ihrough making enquiries of management and inspecting legal cOespondence where applicable- and identified laws and regulations were communicated within the audit team regularty and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of managemenl as lo where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud; and considering the internal controls In place to mitigate risks of fraud and non-compliance with laws and regulatlons. To address the rlsk of fraud through tnanagement bias and oveIde of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships-, tested joumal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bia5- and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to undertying supporting docurnentation- reading the minutes of meetings of those charged with govemance.. enquiring of management as to actual and potential litigation and claims: reviewing relevant CoespOndence. There are inherent limitslions in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of nonwcompliance. Auditing standards also limit the audit procedures required to identfy non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal coespOndence, if any. Material misststements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibllities is available on the Financi81 Reporting Council'5 website at: https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs 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 roport This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Work has been undertaken so thatwe might State to the charitable company's members those matter5 we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charilable company and the charitable company's members as a body, for our auditwork, for this report, or for the opinions we have formed. Robert Kirtland {SeniorSlatutory Auditor) For and on behalf of Gravita Audit Oxford LLP, Ststutory Auditor CharteredAccountants First Floor. Park Central 4041 Park End Street Oxford OX11JD Dat8- 121512025
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Endowment funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Notas Income from: Donations and legacies Charitable activities Other trading activities Investments 1,861 186,356 56,481 201,911 1,861 186,356 56,481 201,911 20,661 199,267 19,275 214,508 20,661 199,267 19,275 214,508 Total Income 446,609 446,609 453,711 453,711 Expenditure on: Raising funds Charitable activits'es 13,918 475,740 16,217 30.135 475,740 13,954 506,419 15.784 29.738 506,419 Tolal expenditure 489,658 16.217 505,875 520,373 15.784 536.157 Net gainsl(lossesl on investments 13 100,000 531,613 631,613 3,438,175 3,438,175 Net income 56,951 515,396 572,347 (66,662) 3,422,391 3,355.729 Transfers between funds 65,439 (65,439) 71,271 171.271) Net movement in funds 11 122,390 449.957 572,347 4,609 3,351,120 3,355,729 Reconciliation of funds: Fund balances at 1 January 2024 1,701,242 9,400,656 11,101,898 1,696,633 6,049,536 7,746,169 Fund balances at 31 Docember 2024 1,823.632 9,850,613 11,674,245 1,701,242 9,400,656 11.101,898 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
THE CITY OF OXFORD CHARITY LIMITED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 All income funds 2024 2023 Gross income Gains on investments Transferfrom endowment funds 446,609 100,000 65,439 453.711 71,271 Total income in the reportlng period 612,048 524,982 Total expenditure from income fijnds 489,658 520,373 Net income for the yoar 122,390 4,609 11
THE CITY OF OXFORD CHARITY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Investment properties Investments 15 16 17 1.566.442 6,190,000 4,032,528 1,635,337 5.900.000 3,765.557 11,788,970 11,300,894 Current assets Debtors Cash at bank and in hand 19 6,032 334.223 11,826 384,763 340,255 396.589 Credltor5: amounts falllng due withln one year 21 {99.077) (142,456) Net cuent assets 241,178 254.133 Total assets less current liabilities 12,030.148 11,555.027 Credltor5: amounts falllng due after rnore than one year 22 (355,903) (453,129) Net assets 11,674,245 11,101.898 Capital funds Expendable endowment 9,850,613 9,400,656 25 9.850,613 9.400,656 Income fund5 Unrestricted funds Designated funds General unrestricted funds 26 134.272 1,689.360 108.027 1,593,215 1.823.632 1.701,242 11.674,245 11.101,898 The financial statements were approved and authorised for issue by the Trustees on J V Gould Trustee ompany Registration No. 10670170 12-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charlty information The City of Oxford Charity Limited is a private company limiled by guarantee incorporated in England and Wales. The registered office is The Office, Stones Court, St Clements, Oxford, OX4 1AP. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's governlng document, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" {'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities: Ststement of Recommended Practice appllcable to charities preparing their accounts in gccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public 8enefrt Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The charity acquired the net assets of unlncorporated Cty of Oxford Charity (registered Offi as above) on 1 December 2017 and this has been accounled for using merger accounting as required by the FRS 102 SORP in order to present a true and fair view. For assets under a 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 induded in its financial statements. The financial statements are prepared in sterling, whith is the functional currency of the charity. Monetary amounts in these financlal statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modrfied to include investmenl properti85 and certain fingncial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reason8ble expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable oblectlves. Oesignaled fijnds comprlse unrestricted funds that have been set aside by the Trustees for parlicular purposes. Restricted funds are subject to specific conditions by donors or grantors as to how Ihey may be used. The purposes and uses of the restrlcted funds are set out in the notes to the financial statements. Endowment funds represents assets, mainly investments, where the intention is for those to be held long term for the benefit of the Chaty. Income from the main expendable endowment is unrestricted. Any capital gains or losses fom part ofthe fund. IA Income Income is recognised when the charity is legalty entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 13-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies (Continued) Legacies are recognised on receipt or otheThvise if the charty has been notitied of an impending distribLrtion. Ihe amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity- Direct costs attributsble to a single activity are allocated directly to that activty- Shared costs which contribute to more than one activity and support costs which are not attributable to a single activty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basi5 of time spent. and depreciation charges are allocated on the portion of the asset's use. Grants are induded in the accounts once they are approved for payment by the trustees. These are grants to individuals and organisations for srnall amounts. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured al cost and subsequentty measured at cost or valuation, net of depreciation and any impairment losses. The properties concemed are stated in the accounts at cost. Prior to 2007 all repairs and improvement lo Stones Court were induded in the Statement of Financial Activities. However, the charity has undertaken iwo major improvements to Stones Court which have been mainly funded by bank loans and a loan from the endowment. Given these enhand Stones Court, these major improvements have been capitslised and are being depreciated Depreciation is recognised so as to lte off the cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold buildings 30 years 1.7 Investrient properties Investment property. which is propety held to eam rentsls andlor for capital appreciation, is initialty recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequenlly measured al fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditure) for the year. Transaction Costs are expensed as incurred. 1.9 Cash and cash equivalent5 Cash and cash equivalenls include cash in hand. deposit5 held at call with banks, other short-term liquid investments wrth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in cuent liabilities. 14-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) 1.10 Flnanclal instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charty's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, wilh the net amounts presented in the financial slatements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basi¢ financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Basic financial liabilitles Basic financial liabilities, including creditors and bank loans are initially recognised at trgnsaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently Caled at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been gcquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.11 Retirement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Crltlcal accounting estimates and Judgèments In the application of the charity's accounting policies. the trustees are required to make judgements, estimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumplions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the peThod in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Crltlcal Judgements Land value Valuation of land wilh potential development value- see Investment Property note for more det8ils 15-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and lega¢ies Unrestrf¢ted funds 2024 Unrestricted funds 2023 Donations and gits Legacies 1.861 661 20,000 1.861 20.661 Income from charitable activities Unrestricted funds 2024 Unrestrictsd funds 2023 Stones Court Charitable rental income Less.. Grants payable to residents 190.100 (3,744> 202,962 {3,695) 186.356 199,267 Income from other tradlng activitles Unrestricted Unrestrlcted funds funds 2024 2023 Stones Court commerical rents 56,481 19.275 Investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Income from investrnents & interest 103.975 97,936 120,397 94,111 201,911 214,508 16-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Raising funds Unrestrictsd Endowment funds funds g6neral 2024 Total Unrestricted Endowment funds funds general 2023 Total 2024 2024 2023 2023 Commercial let costs Investment propety expenses 10,777 10,777 5,352 5,352 3,141 3,141 8,602 8.602 Tradlng costs Investment management fees 13,918 13,918 13,954 13,954 16,217 16,217 15,784 15,784 13,918 16,217 30.135 13,954 15,784 29,738 17-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charftable activltles Stones Court 2024 Grant Making 2024 Total Stones Court 2023 Grant Maklng 2023 Totsl 2024 2023 Direct costs Staff costs Depreciation and impairment Loan interest Repairs and maintenance stones Court heat, light and water stones Court regular services 32,479 32.479 30,645 30,645 79,951 26,349 48,871 79,951 26,349 48,871 79,951 44.426 94,367 79,951 44.426 94,367 18,886 18,886 16,913 16,913 22,044 22.044 20.999 20,999 228,580 228.580 287,301 287,301 Grant fijnding of activities (see note 9) 153,523 153.523 140,718 140.718 Share of support and governance costs (see note 10) Support 40,390 43,929 Governance 5,591 3,727 84.319 9,318 33,744 5.083 36.184 3,389 69,928 8,472 274,561 201,179 475,740 326.128 180,291 506.419 Analysls by fund Unrestricted funds 274,561 201,179 475,740 326,128 180,291 506.419 18-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Grant making Grant making 2024 2023 Grants to institutions.. Adapt Charity Art at the Old Fire Station The Oxford Baby Bank RAW Workshop5 Connection Support Home Stsrt Homeless Oxfordshire Parasol Project The PorL* Agnes Smith 1,750 1,750 1,750 1,750 1,000 3.000 1,000 8,400 5,000 2,000 4,970 2,000 1,180 28,550 7.000 Grants to individuals 124,973 133,718 153.523 140,718 10 Support costs Support Governance 2024 Support Governance 2023 Staff costs Printing, postage, bank charges & sundry costs 60,896 60,896 52,324 52,324 23,423 23,423 17,604 17,604 Audit fees Legal and professional 7.800 1,518 7,800 1,518 7,128 7,128 84,319 9,318 93,637 69,928 8,472 78,400 11 Net movement In funds 2024 2023 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 7,800 79,951 7,128 79,951 19-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Totsl Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 83,544 7,913 1,918 74.954 6,786 1.229 93.375 82.969 There were no employees whose annual remuneration was more than £60,000. 13 Galns and losses on investments Unrestrlcted Endowment funds funds 2024 2024 Tolal Unrestricted End0%ent funds funds 2023 2023 Total 2024 2023 Gainsl{losses) arising on: Revaluation of investrnents Revaluation of investment properties 341,613 341,613 138,175 138,175 100,000 190,000 290,000 3,300,000 3.300,000 100,000 531.613 631,613 3,438,175 3,438.175 14 Taxation The charity is exempt from taxation on its activities because all it5 incorne is applied for charitsble purposes. -20-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fjxed assets Froohold As$ots undor bulldlng$ ¢Dnstru¢tlon Total Cost At 1 January 2024 Additions 2.398,529 17,742 2.416,271 11,056 11,056 At 31 December 2024 2,398,529 28,798 2,427,327 Depreciation and Impalmient At 1 January 2024 Depreciation charged in the year 760,934 79,951 780,934 79.951 At 31 December 2024 860,885 860,885 Carrying arnount At 31 December 2024 1,537,644 28,798 1.566,442 At 31 December 2023 1,617,595 17,742 1.635.337 21
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Investrient property 2024 Fair value Al 1 January 2024 Net gains or losses through fair value adjustments 5,900.000 290,000 At 31 December 2024 6.190.000 Investment Properties The fair value of the investment properties of £1.690.000 has been arrived at on the basis of a valuation carried out by Peck Propety Consultants. Chartered Surveyors in December 2024. Land The council agreed a resolution to grant planning pemiission subject to S106 and any potential Judicial Review. If residential planning pemiission is obtained the land could be worth over £8 million. Given the resolution to grant planning permission the tn15tees have decided to recognise an uplift in value of the land to £4.5 million. which is in excess of its agricultural value previously estimated at £99,000. -22-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Fixed asset investm&nts Listed Investmants Cash in portfollo Total Cost or valuation At 1 January 2024 Additions Valuation changes Movement in cash held Disposals 3,731,408 1,165,471 341,613 34,149 11 ,165,471) 3,765,557 341,613 (74.642) 174,642) 1,326,473 (1,328,473) At 31 December 2024 3,912,019 120,509 4.032,528 Carrylng amount At 31 December 2024 3,912,019 120,509 4,032.528 At 31 December 2023 3,731,408 34,149 3,765,557 18 Financial instruments 2024 2023 Carrying amount of financlal assets Instruments measured at fair value through the Statement of Financial Activities 3,912.019 3,731,408 19 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other debtors 3,344 8,482 6,032 6.032 11,826 20 Loans and overdrafts 2024 2023 Bank loans 405,229 500.633 Payable within one year Payable after one year 49,326 355,903 47,504 453,129 Amounts included above which fall due after five years- Payable by instalments 160,494 281,421 23-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Loans and overdrafts (Continued) The long-tem loans are secured by a charge over of the charitys investment properties. £725,000 of Ihe available £750,000 loan had been drawn at the year*nd. This loan will be repayable in instalments over 15 years. Interest is payable at 3% above the bank's floating interest rate. 21 Creditors: amounts falling due within one year 2024 2023 Notes Bank loans Deferred income Grants payable Accruals 20 23 49.326 20,967 13,249 15.535 47.504 19,532 6.190 69,230 99.077 142,456 22 Creditors: amounts falllng due after more than one year 2024 2023 Notes Bank loans 20 355,903 453,129 23 Deferred Income 2024 2023 Other deferred income 20,967 19,532 Deferred income is induded in the financial statements as follows: 2024 2023 Deferred income 15 included within.. Current liabilities 20,967 19.532 Movements in the year.. Defetred income at 1 January 2024 Released from previous petiods Resources deferred in the year 19,532 (19,532) 20.967 165 (165) 19.532 Defeed income at 31 December 2024 20.967 19.532 -24-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Retirement benefit schemes 2024 2023 Defined contrlbutlon schemes Charge to income and expenditure account in respect of defined contribution schemes 1,918 1,229 The charity operates a defined contribution pension scheme for all quallfylng employees. The assets of the scheme are held separately from those of the charity in an independently administered fvnd. -25-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 25 endov•Thentfvnd8 Endowment funds represent a&8els whiGh musl be held pennanendy bylhe tharity. Income arfn9 on thè dOwment funds can be used in arthanR the obJeLts olthe chanty is Included as unrestricted incoma. Any Capi gains or losses on lh8 88Setsfomi part ofthe fund. lane• 4t Exp•ThdMure 1 Jnury 2D23 84tsn¢• at Exp•ndhurn Tran•fer¥ G•ln• BalanE• at 2D14 Expendable endov•Thents The ctyof0Ord Charfty 8,049.536 115.7841 (71,2711 3.438.175 5,40D,556 118.2171 165,4391 531.613 9.850.613 8,049.536 115,7841 (71,2711 3.438.175 9,40D,656 116,2171 16S,4391 531.613 9.850.813 Thè city ofoxford Charfty This TS an eypend8ble endowmanl and represents the Inv8stmènts h&1 ty Ihis fvnd. In •JdItn ra18 8 pamienl endowm2nt of the Stone5 Cwi18nd whlch Is stiii hdd ty the UnhcoOrat8d Clty Df Oxford Charfty. Howe¥erlh2 hisknc¢))sl of this is 8ffethdy2ero d henry Ihere no fund b8lanr4. The ¢hety Ss now managing 115 fixed asset Investments M a'totsl return, b8sSs )d the transferabove rewesent5 the amounttran5f8rr8d to unre8bfj¢tad funds in e¥rss ofthe auua investment income.
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Deslgnated funds The unrestricted funds of the charity comprise the unexpended balances of donalions and grants which are not subject Io specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Movement In funds In¢0 Transfevs Movèment in funds Incom? Transfers Bglance at 1 January 2023 Balan¢0 #t 1 January 2024 Balance at 31 D•cemb•r 2024 Extraordinary repairs fund 87,849 178 20,000 108,027 6,245 20,000 134.272 87,849 178 20,000 108.027 6,245 20,000 134.272 27 Anatysls of net assets betbveen funds Unrestricted Endowmènt funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by.. Tangible assets Investment properties Investments Loan belween funds Cuent assetsl(liabilities) Long term liabilitie5 1,566,442 1,566.442 500,000 5,690,000 6,190,000 4,032.528 4,032,528 125,002 3,083 1,635,337 400,000 1,635.337 5.900,000 3,765,557 5,500,000 3,765,557 133,337 1,762 1125,0021 238,095 1355.903) (133,3371 241,178 252.371 (355,903) {453,1291 254.133 1453,129) 1,823,632 9,850,613 11,674,245 1,701,242 9,400,656 11.101.898 Loan between funds represents a loan from the charity's general endowment to its unrestricted funds. The purpose of this loan is to gSSlSt in funding the redevelopment works on Stones Court as authorised by the Charity Commission. This loan is to be repaid over 30 years at an annual rate of £8,333 per annum. 28 Related party transactions None of the trustees were reimbursed expenses during the (2023.. No trustees reimbursed). The Trustees received no remuneration (2023.. nil). There was one related paty transaction in the yearworth £95 relating to Almhouses Training12023: None) -27-