Charlty r•glstratlon number 1172230 Company reglstrallon numbor 10S70170 {England and Wal••l THE CITY OF OXFORD CHARITY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ( )XF*(')RD
THE CITY OF OXFORD CHARITY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Bralby M Clements B Coyne A J Faie0ther-Ta1I'. Mce Chalr JFry JGMGay J V Gould C E Hilliard A J Hollingsworth E F Joint G R Jones P L Kennèdy J L Maci3ggart.' Chair Emun S Pressel A J Rolley Cmslmm C S F Srnowton (Appolnled 31 October 20251 Secretary and Chf Exrtutive MrREv¢ Charity number 1172230 Company number 10670170 Reglgtered offle• The Office Stones Court St Clements Oxford OX4 1AP Audltor Gravita Audit Oxford LLP Fir51 Floor, Park Central 4041 Park End Street Oxtord OX1 1JD 8anker8 Barclays Bank PIC 54 Cornmarket Street Oxford OXI 3HS Inve$lment advlsors Cazenove Fund Management Ltd 1 London Wall Place London EC2Y SAU
THE CITY OF OXFORD CHARITY LIMITED CONTENTS Page Trustees. report Statement of Irustees, responsibi1th85 Indapendant 8uditorfs report Statement of finand81 actNitle8 10 Summary Income and expenditvre account 11 Balan sheet 12 Not$s to the financ5al statements 13-26
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The tnJ*èe8 present their annual report and finanryal 3ts1ements for the year ended 31 Dernber 2025. The fln8n¢ial statements have been prepad in accordance the accounting polic4es set out in note 1 to the finan9111ernents and compty wth the charity's gov8ming document. the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalement of RecomTnend?d Practicx applicable to charifies preparing their accounts in ar£ordanc8 with the Financial Repon9 Standard appll¢8ble in the UK and Republic of Ireland IFRS 1021 leffectNe 1 January 2019). ObctIVeS and aetlvlties The charitys objects are.. TD provide housing accommodation for per50n5 in need, hardship, or distres5, who reside in Oxford. For Telief of persons who a re5ideni In Oxyord who are in need. hardship, OT distres5. For the relief of persons in need who are re$ident in Oxford and the neighbourhood thereof who are sick. convales¢ent, disabled. handicapped or infim. The provlslon of education assistan to persons in need who are under the 3ge ol 25 and $Ident in Oxford. Ttre Irustees have confirnied that they have cofflplied with the duty in section 17151 of the Charrties Act 2011 to hav• due reg8td to the guidance published by the Charity Commi8$ion. Achlev•m•nts and pèrftsmionce Inflationary pressures on services and on maintenance and repair work M91n in respect of running the almshDU5es. Sirnilarty. th¢ cosl of living crisis continues to put pres$ur¢ on the lund8 used to 8UPPQrt those in need in the CAty. We have ¢onllnued to manage. invest in. and improve the 81m5hou8es at Stones Court. Two flats became vacant durlng the year bul dernand for good accommodation remgins high and sts voidg re minimised. Preparations for the refurbishm8nt of the Parsons building have conts'nued, in anticipab.on of cash receipts from the sale of the Gosford land. The design wotk has focusefl on alUatIng options for heating and hot waler using gen ènergy wh8Tever practical. The benefits of brlnglng a Ilttle more risk to the investment portfolio are reflected in a material increase in the value ¥thile providing a consistent quarte Inc¢)me. The commercial Properties have been fulty let throughout the year. The sale of the land at Gosford has progiessed very sa1151actority. During the year, S106 demands have been agreed and planning pemiission confirmed. Plannlng consent was finalised 8nd the developer confimied an offer price vthich th9 board deerns agreeable. It is expected that the $81è wll ndUde in the week beginning 13 April 2026. The requests for Rellef In Need 8nd in Sickness, and for Education grants remained hlgh. The Charfty's Continuing focus on earfy years resulted in another year of increased educaiional grants supporting children from the most deprived parts of the aty. During 2025. £27.392 of the budget for Relief in Need and in Sid(ness was shared by 11 Organisations which managed and distributed the fvnds on behaw of the Charity. A fvrther £79.$23 was glven lo individuals, including for bankThptcies. Education Grants increased fof the third consecutive year to £34,188. paid to primary and secondary schoo15 to support underprivileged children attending lbjral and educats.onal trips. travel, and accommodation.
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Flnancial Revlew al Inv•stmenis The rnain investment objectiv8 IS to deliver a total Teturn of 4.0%. Cazenove has ox)nllnued as the charitys investment rnanagers. The value of the portfolio year-end after costs and drawdown was £4.4 M, an increase of 10% over the balance at the start ofthe year. The total drawdown was held at £155.000 or 3.9%. As regard5 thg Extraordinary Repair Fund and our general savings our aim Is to keep pace th inftth.on and inuease overall value through accrued interest. bl Comm•rclal PropertieB 58A St. Clements and 15 Alma Place were futy let thioughoul the year generating a 6% incon*. cl Stones Court It is the poli of the Trustees to set the Weekly Maintenance contribub.ttn IWMCI for all flats at levels below 'fair rent, but sufficient to cover the expenditure on Stones Court. The WMC indudes a welfare charge and where this payTnent may cause hardship to individual Tesidents, we consider their circumstances and as appropriate make grants for Relief in Need to those coneemed, whilst keeping this subsidy to a minimum. Repair and mainten8n¢e for the Stones Court buildings remJin high. The unusually wet and wami we8th¢r ha8 increased problems with mould which now seems a perennial problern. dl R•s•Th85 Policy OUT Reserves Policy alms to rnitigate the risk of a flnanclal disaster and to build up funds for major repairs and refurbi5hrnents. It is the poly that any additional surplus income will b8 applied for charitable purposes. Borrowlngs 11 be reduced when appropriate. Any reduCtn in endowment income would have the 8ff8ct of reducing our capacity to make grants at the same level. Unrestricted funds totalling £1,864.234 on 31 December 2025 consist of fixed assets for chaTty use Iless loans lo finance) of £1,003,171, designated fvnds set aside for extraordinary repairs of £159.075 leaving free reserves of £701,988. £500.000 of Ihis was r8pr8sented by an investment property leaving $h reserve3 of £201,988. el Flnanclal management Income and capital values are monitored on a quarter basi¥. Ritsk vIeW The Charty rn6intains a risk register. All risks are moniiored and r8vigwgd rggulady, and sy5tem5 have been established to mitigate Ihose risks. The principal risks are the deterioratson in the building5 8t stone8 Court 5eading to dtfficulties in getting new residents." 8 fall in local govemrnent funding of needy residents,. a tsll in the valuel income of Invèstmont$', or a loss of key stsff. Plans for futurè pèriods The 81mshouses at Stones Court will continue to be maintained to a hlgh Standard, and the essential refurbi$hmenl of the Parsons building will start when 5uffiuent funds are available. It Is planned that the fvnds from the Gosford land sale will be used to repay the bank loan, to finance thè refurbishrfient of the PaTsons building and to support further grant making actiVe5. The strategy continues to be supporting individuals while expanding the support for organisations. for which the outreath programmes continue.
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Stweture, govemance and managem•nt The Charity operates as a cotnpany Itrnited by guarantee. The Chanty's Sch•me, approved by lh8 Charity Commission in 2004 is incorporated in the company's Artides of Assouation. l assets and liablrties. except the Stones Court properties. are owned by the limited company. The unincorporated bo(ty continue5 to hold the almshouse$ 8$ tt5 only as5el. TITe Trustees 8ie the Directors, and administer thè company 855isled by the Cleth as Chief ExecutThie and Company Seuetary. The Chaitperson of Trustees is the Chaii of the Board. The Trustees are appDinted to sub-committees (Finance and Gene1 Purposes, Grants, Education, Slones Courtl. There is a scheme for induction of new trustees. en a vacancy foT a co-opted Trustee 0¢r5, the need5 of the trust are considered after a $kn"118 audit ha5 been undertaken. and the tru5tee5 are invited to suggest suitable candidates. from whom an appointment is made The trustees, who are also Ihe directors for the purpose of company law. and served during the ye8r and up to the date of *gnature ofthg financial statements We.. l Bratby M Clements B Coyne W S Cronan A J FaIeather-Ta1I'. Viro Chair JFry JGMG8y J V Gould C E Hilliard A J Hollingsworth E F Joint G R Jones P L Kennedy J L Mactaggart.. Chair E Mundy S PTessel A J Roll8y Cmsimm C S F SnvOn J H Tomes J K Wllliams IResigned 2 April 20251 (Appoinled 31 October 20251 (Resigned 2 April 20251 (Reslgned 31 Odober 20251 Funds held 89 cu$iodl#n trustee We hold no fvnds as custodian trustee
THE CITY OF OXFORD CHARITY LIMITED TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Dlsclosure of Inftsrniation to audltor Each of the trustees has confirmed that there Is no information of whh they are aware which is relevant to the ¥udit, but of which the audltor is unaware. They have furlher confirmed that they have taken appropriate steps lo identify svch relevant infoTmab'on and to establish that the auditor is awafe of such informalon. This report has been pr8pared in ?ccordance with tho Small Companies Regime underthe CompaniesAct 20[. The truBiees' report was approved by Iho Boaid 0lTrustees. A J Rolley TNste• Date-.
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees. who are also the directors of The City of Oxford Charity Limited for the purpose of company law. are responsible for preparin9 the Ttustees. Report and the financial statements in accordance wth applicable law and Unrted KingdomAccounting Standaids (United Kingdom GeeraltyAcPted Accounting Practice). Company law requires the trustees to prepar¢ ffinancial 8taternents for each financial year which give a true and f3ir view of the 3tste of affairs of the ch8nty and of the incoming resources and application of resources, including the incom¢ and expenditure. of the charitable company for that year. In prepaAng the88 financAal statements, the tnJst&es arè rèqulrtd lo.. select suitable 3ccounting policies and Ihen apply thEm ognsisl¢ntly', ob5ervp the Tnethod5 and prinuples in the Charities SORP", ake judgements estirnate5 that are feasonable and prudenl., and ppare the financial ststernents on the going concem basis unless it is inappropriate to presume that the chanty 11 continue in operatlon. The trvstees are responsible for keeping 8dequ8te accounting records that disdose wth reasonable accurocy al any time the finanaal positson ofthe charity and enable them to 8n5ure that the finanrial statements compty with the GoTnpani88 Act 2006. They a also responsible for safeguarding the 8$3ets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregutarlts"es.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED Oplnion We have audited the fin8nrial 5ts1ements of The City of Oxford Charity Limitèd lthtr'charfty'l for Ih• y•ar ènded 31 December 2025 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet and notes lo the financial statements, including significant a¢counting policies. The financial reporting framewort( that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Fin8n¢io1 Reporting Standard 102 The Financial Repothng StandBrd applicable in the UK and RepLJblic of Irel8nd Iunited Kingdom Generalty Accepted Accounting Practice). In our opinion, the financial statements". give a true and fair view of the slate of the tharrtable oomp8ny's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended.. have been properfy prepared in accordance with United Kingdom Generalty Accepted Accounbng Pracli¢e'. and have been prepared in accordan¢¢ wthh the qUirements of the Companles Act 2006. Ba515 for opinion We conducted OLir audit In 8¢cordanc2 wth Intemational Standards on AkLditing IUKI IISA5 IVK)) and applicable law. Our responsibilities under those Standards are fvrther described in th8 Audit5 r6sponsibilAb"es for the 8udit ol the finènci81 stat8menls section of our report. We are independent of the charity in accordance with the Èthical reqU1MentS that are relevant lo our audit of the fjnsncial statements in the UK, including the FRC'S Ethicgl Standard, and we have fulfilled our other ethical responsibilthes in ar£ordanc£ wth 1he5e requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis fot our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, usè ol thè golng concèrn basis of acrounting in the preparation of the finanaal stalemenls is appropriate. Based on the work we have performed, we hav• not identified any material uncertainties relating to events or conditions that, individually or collectivoty. rnay cast signfficant doubt on the chanty's abilty to continue as a going concern for a period of at least twelve rnonths from when the finanaal statements arg guthorised for issu8. Otsr resptsn$lbiles and the spOnSIbIlitieS of the Iruslees respect to going COnM 8re descrfbed In the relevant sections of this report. Other inforniatlon The other information cornprises the inforrnation included in the annual report other than the finanaal statements and our avditorfs report Ihereon. The trustees 8re responsible for the other infomats.on contained wrthin the annu81 report Our opinion on the fjnancial statements does not cover the other infomiation and, expt to the extent otheTrwse explicitly stated in OUT report, we do not express any form of assurance condusion theieon. Our responsibility is to read the other information and, In doing so, consider whether the other information is materi81 inconsistent wth the financial statements or our knowledge obtsined in the course of Ihe audit, of otherwse appears to be materialty misstated. If we identfy such material incon51Stencies or app8rent material mis5t8tements, we are required to detem)ine whelher this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material rnisslatement of this other information, we are required to report that fact. We have nothing to report in thls règard. Opinlon8 on other matters prescrfbed by the Companies Act 2006 In our opinion. based ttn the work undertaken in the course of our audit.. the inforrnatyon given in the trustee5' report for the finanual year for which thè ffinanclal $tsternents are prepared, which includes the directors. Port prepared for the purposes of company law, is consistent with the financlal 5tsternents' and the direclors, report includèd within the tDJstees' report has been prepared in ?c¢x)Idance wth applicable legal requlrern¢nt8.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED atters on wfrl¢h we are requlred to report by exception In the light of the Knoedge and understanding of the charity and its 8nvironfflenl oblained in the couise of the audit, we have nol identified material misslatements in the directors, report Induded wtthln the trustees, report. We have nothing to report in respect of the follovAng matters in relats.on to which the Companies Act 2008 requires us to report to you if, in our oplnion". adequate a¢counling records have nol been kepL or Tetums adequate for our audk have not been recelved Irom branches not visited by us,. or the financial statements are not in agreemenl wilh the accounting records and retums.. or certain disdosres of Irustees, remuneration specified by law aTe not rnade.. or we have not reIVed all the inforrnation and explanations we require for our audll., or the trustees were not entitled to ppa thp financial stalernents in accordance with the small cow4)8niès regime and take 8dvant8ge of Ihe small companies. ex2mptions in preparing the trustees, report and from the requirement to prepare 8 strategic report. Respon$lbllltle$ of trust••s As e¥plalned more fully in the stslement of trustees, respons1tIlties, the trustees, vtho are also the dlrectors of the charity for the purpose of rornpany law. are responsible for the prepar*lon of the fin8n¢ial slatomgnls and for being Satisfied that they gwe a true and Pdir vlew. and for such intemal control as the trustees determine is necessary to enable the preparation of financial statem¢nts that are free from material misststement, whether due to fraud or etTor. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going ¢oncem. disclosing, as applicable, matters ielated to 90ing concern and using the going concem basis of accounting unlèss the trustees either intend to liquidate the thathable company or to cease opergtigns, OT have fflo realistic altemative but to do so. Audltorfs regponsibllltle8 for the audlt of the tlnanelal Statsmonts Oui objectives are io obtain reasonable a55ur8nce about whether the financial statements as a whole are free from mateiial misstatement, whether due to fraud 01 ertor. and to issue an auditorfB report that includes our opinion. Reasonable assurance 15 a hlgh level of assurance but 1$ not 3 gU8Tanlee that an audtt conducted in auordance with ISAS IUKI will always detect a material rnisstatement when it exist$. Mis$tstements ¢an arise froffl fraud or error and are considered material if, Indivldually or in the aggregate, they could reasonably be expected to influence the econornic dlSIOnS of users taken on the b88is of these financial statements. The extent to whl¢h our procedvres are capable of detecting iwregul8ri16, induding fraud, is detalled below.
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARITY LIMITED the engagernent partner ensuTed that the engagement team colledivety had the appropriate competeneA, capabile5 and skills to identify or recognise non-compliance wth applicable laws and regulations., * we identified thè laws and regulations applirAble to the company through discUonS wth dlr8ctors and other manag¢m¢nt, and from our kniMAedg8 and experience.. we focused on specffiG18w5 and regulations which we considered may have a direct material effect on the financial statements or the operations of the cornpany", we as$e55ed ihe extent of compliance with the laws and regulatlons identified above through making enquiiies of management and inspecting legal correspondence where applic8ble', and identified laws and regulations were communicated within the audrt team regularty and the team iemained alert to instances of non-compliance throughout the audit. We assessed the susceptibilty of the charrtf5 financial statements to material misstatement, induding obtainlng an understanding of how fraud Might occur, by.. making enquiries of management as to where they considered there was susc•ptibdtty lo fraud, their knowledge of actual, suspected and alleged fraud." and considering the internal controls in place to Mgate risks of fraud and non4onwliance wNh laws and regulations. To ad¢JTess the ri$k offraud through man8gefflent bias and overrid• of ntrs, we.. perfoed analytical piocedures to identlfy any tsnusu81 or unexpected relats"onships'. tested joumal enlrfes lo tdentify unusual transactions-, assessed vthether judgements and assumptions madè in deterniining the accounting estlmate8 were indicative gf potential bias,. and invesbgated the ra031e behind s¢gniflcant or unusual transactions. In response lo the risk of irregularfti¢$ and non-compliance with laws and regulaknons. we designed procedures which included, but were not limited to-. greeing finanaal statement disclosures to underfying supporting documentation; reading the minutes ot meeb.ngs ofthose charged wlh govemance; enquiring of management as to actual and potential litigation and claims,. reviewing levant cotrespondence, There are inherent limrtations in our audit procedures described above. The more r8tnove(l 18ws and regulations frorn financial transactions, the less likety it 15 that we would become aware of non-compliance. Auditing standards also limit the audit PToTrdures required to identify n0n-cornpl1an with laws and re9ulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. if any. Material misststements that arise due to fraud can be harder to deted than th08e that arise from error as they may involve deliberate concealment or collusion. A further descripts.on of our Te5ponsibilities is evailable on the Financial Roporting Council's website at.. http8.'11 wv4w.frc,org.ukJauditorsresponsibilities. This description fomi8 part of our audrtofs rep
THE CITY OF OXFORD CHARITY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE CITY OF OXFORD CHARI LIMITED Use of our report This report is made solety lo the charitable companls membets, as a boty, in accordance wth Chapt8T 3 of Part 16 of the Companies Act 2006. Our audTt work has been undertaken so that we might stste to the charitable company's members those mattels we ar? 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 responsibilty to anyone other than the charit8ble company and the charitable company's members as a body. for our audit wot*, for this report, or for the opinions we have formed. Robert Kirtland Isenlor Statutory Auditorl For and on b8half of Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants Flrst Floor, Pork Central 4041 Parlt End Street Oxlord OX1 1JD Date.. 11512026
THE CITY OF OXFORD CHARITY LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestrlcted Endovment fund$ funds 2025 2025 Totsl Unrestrlcted Endowment funds lund$ 2024 2024 Total 2025 2024 Not•s In¢omè from: Donations and legades Charfcable activities Other trading activities Inveslrnen15 498 160.680 98,633 182,950 498 160.680 98,633 182.950 1,861 186,356 56.481 201.911 1,861 186.356 56,481 201.911 Total income 442,761 442.761 446.609 446,609 Expenditure on- Raising funds Charkablo avItieS 24,149 463,834 16.989 41.138 463.834 13.918 475.740 16.217 30.135 475.740 Total expendltur* 487,983 16.989 504,972 489,658 18,217 505,875 Net gainslllossesl on investments 13 1,683,295 1,683295 100,000 531.613 63t.613 Net Incomellexpendtturel 145,2221 1,666,306 1.S21,084 56,9S1 S15,396 572.347 Trgnsferg belween funds 85.824 18S.824) 65,439 165,4391 Net mov•m•nl in fund8 11 40.602 1,580.482 1,821,084 122,3S¥J 449,957 572,347 Rtrconclliation of funds: Fund balances at 1 January 2025 1,823.632 9,850,613 11,674,245 1,701,242 9,400,658 11,101.898 Fund balances at 31 D•c•mbor 2025 1,8&4,234 11.431.095 13,295.329 1,823.632 9,850,613 11,674,245 The statement ol financial activtties indudes all gains and losses recoghised in the year. All income and expenditure derive from continuing actlvities. 10-
THE CITY OF OXFORD CHARITY LIMITED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2025 All Income funds 2025 2024 Gloss income {Lossesllgains on invesiments Transfer from endowment funds 442,761 446,609 1W.000 85,439 85,824 Total income In the reporn pwlod S28,586 612,048 Totsl expenditure from income fvnd8 487.983 489,658 Net Income for th• y•ar 40,602 122.390
THE CITY OF OXFORD CHARITY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Fixed assets Tangible a55els Investment properti Investments 15 16 17 1,490,391 7.390,0(X) 4,421,241 1,566,442 6,190.000 4,032,528 13,301,632 11,7B8.970 Current assets Debtor Cash at bank and In hand 19 9.303 397.386 6,032 334,223 4C6.689 340,255 Credftorn= amounts falllng due within one year 91,7671 199.0771 Net current assèts 314.922 241,178 Totsi aB8ets less current Il•bilities 13,61fj.$54 12,030.148 Credltor¥= amounts falllng duè after morè than one ygar 1321,2251 1355.9031 Net assets 13.295.329 11.674,245 CApltal fundg ExpendatrAe endowment 11.431.095 9,850,613 25 11,431.095 9.850,613 Income fun(Is Unrestricted fund3 Designated funds General unrestricted funds 26 1S9,075 1,705.159 134,272 1.689,360 1.864.234 1.823,632 13,295,329 11,674,245 The financial statements were approved and authorised for issue by the Trustees on .... .......... &L J V Gould Trustee Company Regi¥tr¥tlon No. 10670170 12-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcles Charity infomiatlon The City of Oxford Chanty Lirnited is a private compary limited by guarantee incorporated in England and W8185. The registered office is The Office. Stones Court, St Clements, Oxford, OX4 1AP. 1.1 A¢¢ounting conventio The financial statements have been prepared in accordance with the charity's governing docurnent, tha Companies Act 2006, FRS 102 'The Financial ReportSng Stsndard applicable In the UK and Republic of Ireland. fFRS 1D2'1 and the ChaTrties SORP Accounting and Reporting by char85.. Ststement of Recornmended Practice applicable to chanties preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffects've 1 January 2019). The charity is a Public Benefrt Entty a$ defjned by FRS 102. The chaity has tsken advantage of the provisions in the SORP t)r charibes not to prepare a StatemBnt of Cash Flows. The charity acquired the net 8SSèt8 of unlncorporated City of Oxford Chanty (registered office as above) on 1 December 2017 and this has b8en acwunted for using merger accounting as required by the FRS 102 SORP in order to present a tNe and fair Mew. For assets under a Charty Cornmission Scheme, The Cty of Oxford Charity Limited is now the sole Trustee Dfthat Scheme and the assets under the Stheme are now under the control of this tharity and indud¢d in it8 finanual st8tements. The financAal statements gre pr&pared In sterling, which is the functional eurrèncy of thè ch8rty- MDnetsry gmtsunts in these financial statements are rounded to the nearest £. The financial statements have been prepared under th8 historical cost convention, modifjed to indude investment propertyes and certain financial instruments at fair value. The prinryp81 accounting poliaes adopted are Set out below. 1.2 Going concern At the bme of approng the financial statements. the trustees have a rea50n8b18 expect8lion that the tharity has adequate resources to continue Trn operational existence for the foreseeable future. Thu5 Ihe tnjstee ontinue to adopt the going concem basis of acuTrtiDg in preparing the financial statements. 1.3 Charltable funds Unreth¢ted funds are available for use at the disuetion of the trustees in fijrtherance of their charitable objediv¢s. Designated fvnds compdsè unrestrf¢ted funds that have been set aside by the Tru$t¢es for partfAJlar purposes. Restricted fijnds are subject to specific condf(ions by dDnors or graniors as to how they may be used. The purposes and us88 of the restricted funds are s&t out in the not85 to the finanual ststements. EndovJTnenl bJndB represents assets, malnly Investmerts. where the intention is for those to be held long temi for the benefit of the charity. Income from the main expendable endowment is unrestricted. Any capitsl gain5 or losse$ form p8rt of Ihe fund. 1.4 Income Income is recognlsed when the charity is legauy entitled to it after any perfomance condHlons have been met, the arnounts can be measurèd rèliab, and it 18 probable that income vill be received. 13-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng policles (Continued) Legaaes are rewgnised on receipt 01 otherwise rf the charty has been notified of an impending distribution. Ihe amount is known. and receipt is ¢xp¢¢ted. If the amount is nol known. the legacy is treated as a conbngent ass91. 1.6 Exp*nditure Expenditure 15 recognised once there Is a legal or constructive obligation to transfer economic benefit to third party, it is piobable that a transfer of economic beneffts will be required in settlement. and the amount of the obligation can be measured Teliably. Expenditure is dassffied by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking eath a¢tNity. Direct costs attributsble to a single activrty 8re allocated directly to that activity. Shared costs which contribute to more than one activty and support costs whth are not attributable to a single activty are apportioned between those activrties on a basis consistent with the use of resourc¢s. Central stsff costs are allo¢ated on the basis of time spent, and depreaation ch8ry8s are allocated on the porfjon of the asset's use. Grants are induded In the accounts once they are approved for prnent by the trustees. These are grants to Individuals and organisatlons for Small anv)unts. 1.6 Tanglbl• fixed assets Tangible fixed assets arè initially measured at cost and subsequentty measure(J at cost or valuation. net of depreryation and any impalment105ses. The properties concemed are stated in the ap£ounts at cost. Prior to 2007 all rep8irs and improvement to Stones Court wer8 induded in the Statement of Fin8ncial ActivKies. However. the charity has undertaken major improvements tts Stones Court which have been Mainly funded by bank loans and a loan from the èndowment. Given these enhand Stones Court, these major irnprovernents have been Ca.liSed and are being depredated DeprerA8tion is recognised so as to write off the cosl or valuabon of assets less their residual values over their useful live¥ on the folloswng bases.. FTeehold tr4Jildings 30 years 1.7 Inv•sim•nt properties Investment property, which 15 PTopety held to earn renta15 andloT for capital apweagtion. is initialty recogni5ed al cost. which indudes the purchase cost and any directty attributable expenditure. Sub58quenlty it 15 measured at fair value al the reporting end date. The surplus or deficii on revaluatson is recognised in the statement of Finanaal Activitits. 1.8 Fixed ass•t Investment FiKed 8sset investments are inits8lly measured at transaction pce excluding transaction costs, and are subsequently rneasured at faiT value at each reporting date. Change5 in fair value are recognlsed in net InM[expenditUrel for the yeaT. Transaction costs are expensed as incurred. 1.9 Cash and eash •qufval¢nts Cash and cash equwalents include cash in hand, deposits held at call with banks, other short-term liquid inve5tmgnts wlh original maturities of three months or less. and bank overdrafts. Bank overdrafts are shoym within borrowings In current liabilities. 14-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounllng pollcie8 {Contlnuedl 1.10 Flnancial instruments The charty has elected to apply the prO$ln5 of Section 11 'Basic Finanri81 Inslniments, and S$¢tion 12 'Other Financjal Instruments Issues. of FRS 102 to all of its financial inslmments. Finanual instruments are recognised Tn Ihe charity5 balanc8 sheet when the charity becorne5 patty lo Ihe contractual provisions of the instrument. Finanual assets and liabilities are offset, with the net amounts presented in the finanaal statements, when ther8 is a legally gnforceable righl to set off the recognisod amounts and there is an intet)Uon lo setde on a net basis or to realise the asset and setme the liabty simultaneousty. Basic financial •ss•ts Basic ffinancial as5et5, vthich include debtor5 and cash and bank balances, are inrtialty m8asur?d at transaction pri. Bask flnanclal liablliti8S Basi¢ ffin8nrAal l18bile3. induding creditors and bank loans are inrtialty reeognised 8t transaction price unless the arrangement eon$titut¢s a financing transaction, where the debt instrument is measured at the present value of the ftrture payments discounted at a market rate of interest. Finanaal liabilities classified as payable thin one year are not amortised. Debt inslwmenls aTe 5ubsequenUy carried at amortised cos( using the effedve interest rate method. Trade creditors are obligBtions to pay for good$ or servlces that have been acquired in the ordlnpry course of operations from suppliers. Amounts payable ar8 dassified a5 current liabilitses if payment is due wthin one year or tess. If not, they are presented as non-current liabilth"es. Trade crediiors are recognised initially at transaction pwice and subsequenuy rneasured at amortised cost using the effective interest method. 1.11 Retirement benellts Payments to defined ¢oniribulion retirement benefit schemes are charged as an expense as they fall due. CrfUcal accoUnn9 estlmat6s and ludgemenl8 In the application of the charty's accounting polides, the trusleos are requlred to rnake judgements, estimates and as5vmption5 about the carrying amount of asset$ and li8bilib.es that are not readity apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consfjded to be relevanL Actual resuhs may dnyer from these estimates. The eslimale$ and undetlying 88surnption6 are reviewed on an ongoing basis. Revisions to accourfng estimates a recognised in the period 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 cuThent and future periods. CrltScal ludgements Land valué Valuat*)n of land with potential development value- Bee Investment Property note for more delalls 15
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 In¢ome from donatlons and legacl&s Unrgstrfcted funds 2025 Unrestrlcted funds 20Z4 Donalons and gifts 1,861 Income from charltablo activities Unro$trl¢ted funds 2025 Unrestrlct•d funds 2024 Stong¥ Court Charitable rental In¢ome Less.. Grants payable to resident8 164,489 13,8091 190.100 13,7441 160.880 186,356 Ineomtr from other trddlng #ctivities Unrestrlctsd Unrestrl¢ted lunds funds 2025 2024 Stones Cwrt commerical rents 98,633 56.481 Investmonts Unr•*trlct•d Unrestricted funds fijnds 2025 2024 Rental inccxrte IncL)me from investment5 & interest 104.S06 78.444 103.975 97.936 182.0 201.911 16-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Raising funds Unrgstricted End0ent funds funds general 2025 Total Unrestsicted Endowment fvnd$ fund$ general 2024 Totsl 2025 2025 2024 2024 Cornrnercial let costs Investsnent property expense5 10,175 10,175 10.777 10.777 13,974 13,974 3.141 3.141 Trading costs Inv¢$tmenl management fees 24,149 24.149 13,918 13,918 16,989 16,989 18.217 16.217 24.149 16,989 41.138 13,918 16.217 30,135 17-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expendituye on tharitsble actlvlttès Stones Court 2025 Grant Making 202S Total Stonès Court 2024 Grarnt Makin9 2024 Total 2025 2024 Direct costs Staff costs DepreTr8tion and impairment Ltt8n inlerest Repairs and maintenance Stone5 Court heat, light an(1 water Stones Covrt regular seNices 20,019 20,019 32,479 32.479 79,951 29,809 40,363 79.951 29,809 40,363 79,951 26,349 48,871 79.951 26,349 48,871 17,307 17,307 18,886 18,886 29,196 29,196 22.044 22.044 216,645 216,645 228,580 228,580 Grant fijnding of activities Isee note 91 141,203 141,203 1 S3,523 153.523 Sharg of support and govgrnance costs1g•• not• 101 Support 46.688 49,878 Governan 5,652 3,768 96,566 9.420 40.390 5,591 43.929 3,727 84.319 9,318 268.985 194,849 463,834 274,581 201,179 475,740 Anaty$l$ by fund Unrestricted funds 288,985 194,849 463,834 274,561 201,179 475,740 18
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Grants payable Grnnt making Grdnl making 2025 2024 Grants to Institutions.. Art at the Old Fire Station The Oxftsrd Baby Bank RAWWorkshops Connection Support Hom&Start Oxford Homeless Oxford5hire Parasol Proje The Porch Agnes Srnith Blad(bird Leyg NSS {ASACI Botley Biidges Famity Support Rose Hill Junior Youth Club Keen Oxford Mulual 1,000 3,OlYJ 1,000 8,400 5,000 2.000 4.970 2.000 1.180 4,21)0 2,492 2,000 2,000 1.200 3,000 5.000 1,500 1.000 27,392 28,550 Grants to individuals 113,811 124,973 141,203 153,523 10 Support Support Governance 2025 Support Govemance 2024 Staff costs Printing, poslage. bank charges & sundry costs 72.218 72.218 60,896 60.896 24.348 24,348 23,423 23.423 Audit fees Audit fees- other servlces Legal and professInal 8.400 8.400 7,800 7,800 1,020 1.20 1,518 1,518 96.566 9.420 10S,986 84,319 9.318 93,637 19-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 11 Nèt movement in funds 2025 2024 The nel movement in funds is stated after chargingllcredth"ngl: Fées payable to the charftys auditOT'. - for the audit of the charty's finanoal ststements for other fjnancial services Depreciatlon of owned tangible fixed as$els 8,400 1,020 79,951 7.800 79,951 12 Employees The average monthty number of mployee8 during the yearwas.. 2025 Number 2024 Number Total Employment costs 2025 2024 Wages and salaries Soaal seeurlty cost Other pension costs 88.422 83.544 7,913 1.918 2.171 92,237 93,375 Ther• w8r¢ no employees whose annual remuneration was more than £60.000. 13 G4ln¥ and I0e8 on Investhients Unretrleted Endo*Thent fvnds funds 2025 2025 Total Unrestrictpd Endov•Tnent fund5 fund$ 2024 2024 Total 2025 2024 Gainslllossesl artsing on.. Revaluation of inve8trnent5 Revaluab"on of investment propertles 483.295 483,295 341,613 341,613 1,200,000 1,200,TrJo 100.000 190.000 290,000 1.683,295 1.683.295 100,000 531,613 631,613 14 Taxation The charity 15 exempt from taxation on its actiVTties because all hs Income 18 applied for charitable purposès. -20-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 15 Tanglble Ilx•d assets Frg•hold A¢ts und•r bulldlngB ¢on¥tN¢tlon Tut*l Cost At 1 January 2025 Additions 2.398.529 28,798 2,427,327 3,900 3,900 At 31 December 2025 2,398.529 32,698 2.431,227 Dèprteiation and impalrni•nt At 1 January 2025 Depreciation charged in the year 86Q,685 79,951 860,885 79,951 At 31 DecEmber 2025 940,836 940.836 C3Trylng arnount At 31 December 2025 1,457,693 32,698 1,490.391 At 31 Dember 2024 1,537,644 28,798 1,566,442 21
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 16 Investment property 2025 Falr value At 1 January 2025 Net 98inB or losses through fair value adjustments S.1.000 1,200,000 At 31 Oecember 202S 7,390.000 Inve5trnent Propfrrtlos 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 Property Consult8nts, Chartered Suey0[s in December 2024. Land Residential planning porrni55ion has now been granted. In 2026. the charty 11 olm to complete on its dlsposal of the Gosford Land. The Injstees have decided to recognise an uplift in value of the land to £5.7 million. the estimated net sa18 pioceeds, which Is in excess of its prewous agricultural value of £99,000. -22-
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 17 Fixed asstrt Investments Li$tgd Inv•stmènts Cash In portfollo Total Cost or valuation At 1 January 2025 Addition5 Valuation changes Movernenl in cash held Disposals 3,912,019 1,042,797 483,295 120,509 11.042,79n 4,032,528 483,29S {94.5821 194,582) 1,063,533 1,063.5331 At 31 December 2025 4.374,578 46,663 4,421,241 Carrylng amount At 31 December 2025 4,374.578 46,663 4.421,241 At 31 December 2024 3.912,019 120,509 4.032,528 18 Flnanclal Instruments 2025 2024 c?yIng amount of flnanclal assets Instruments measured at fabr value through the Statement of Financial Aclivf(ies 4.374.578 3.912,019 19 Debtors 2025 2024 Amounts falllng du• vAthin one year: Other debtors 9,303 6.032 20 Loans and ovordrafts 2025 2024 Bank loans 370,551 405,229 Payable wthin one year Payable after one year 49,326 321,225 49,326 355,903 Arnounts induded above which fall due after five years= Payable by Inslglmenl$ 116,097 160,494 The long-tetrn 108n5 ar8 Secured by a charge over h¥0 of the charitys investment properties. £725.000 of the available £750,000 loan had been drawn at the year-end. This loan will be repayable in instalment5 over 15 years. Interest is payable at 3% above the bank's floating Inte$t rate. 23.
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 21 Creditors: amounts falling due within ong year 2025 2024 Bank loans Deferred income Grants payable Ac¢Na18 20 23 49.326 20.554 2,837 19,050 49,326 20,967 13,249 15,535 91,767 99,077 22 Creditors.. amounts falling due after more than on• y•ar 2025 2024 Nots$ 8ank loans 321,225 355.903 23 Def&rred incom• 202S 2024 Other deferred in¢ome 20.554 20.967 Deferred income Is rnduded in the finana81 statements as fonows". 2025 2024 Deferred income is included wAthin= Current liabilities 20,554 20.967 MoVenIS in the yeaT'. Deferred income al 1 January 2025 Released from PTevious periods R8SOurS deferred in the ye8T 20,967 120,9871 20,554 19,532 {19,5321 20.967 Deferred income at 310ecembèr 2025 20,554 20,967 24 Rotlrement benefit seh•me¥ 2025 2024 Défined contributSon Schemes Charge to income and expenditure account in respect of defined cxntribution schemes 2,171 1.918 The ¢h8nty operates a deffined contribubon pension scheme for all quallfylng employees. The assets of the stheme are held separately from those of the charty In an independentty administered fund. -24-
THE CITY OF OXFORD CHARITY LIMrrED NOTES TO THE RNANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 25 Endo¥nrtfd rÈwent I5$•Whti npJstbp hAParManty tythe (•. Inc¥)tTre on èndtyTh¢fL#tTh UJin th• otyNa fMfws ¥4nd 1 knMry2414 The ty010tra ChAdty 9.400.656 155,4391 531.813 9.US0,613 (16,9891 185.824} 1.083.295 11.431.tBs 9.400.&%6 5,4391 531.$13 9.850,613 {16.969) 185,6241 1.683,295 11.431, Thb Cltyol trAfDtd Chirfty Thii 1ndylandwe$rt$ lh+inli bythbw. In Ihwe 154 pernaneni endcmenidthe Cw11ghd thIL uneO[#t4d CityLrf Otrd Chony. Htyrtéwrthè htsltrlicoitrfthlJefflc4t ZWD•rrfJ h•nc¢ther¢ nrd bthc•. Tha Ghntyls nLW it¥fjxedassei knvestments M aloLilrdurn' rewwtJth• amowttr•isfeThed unrethcknlbknjjin Excess itb¥E5tmenlrn¥.
THE CITY OF OXFORD CHARITY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 26 Designattd funds The unreslricted funds of the charity comprise the unexpended balances of donation8 and grant5 which are not subject 10 3pecAfic conditions by donors and grantors as to how they may be used. These include designated fund5 which have been set aside of unrestricted funds by thè trustèes for 8pecffic purposes. Movèm•nt In funds Tvonfew8 Mov•m•ht In fund8 Balan¢0 at l J4ny•ry 2024 Balan¢ at 1 Jathuary 202S Incon TrJn¥le Balance at 31 Do¢ember 202S Extraordinary rèpairs fund 108,027 6,245 20,000 134,272 4,803 20,OryJ 159,075 108.027 6,245 20,orx) 134.272 4,803 20,000 159,075 27 Analy818 of net assets b•iween funds Unrestrleted End0ent funds fund8 2025 2025 Total Uniestricied Endos*Tnent funds funds 2024 2024 Total 2026 2024 Fund balanc£s at 31 December 2025 are represenl¢d by-. Tangible assets Investment piopèrties Investrnents Loan befvleen ffjjnds Current assetsllliabi1itSI Long tem liabilities 1.490,391 500,000 8.890,000 4,421.241 116,669 3.185 1,490,391 7,390,OTrJ 4,421,241 1,566.442 5CO.000 5,690,000 4,032,528 125,002 3.083 1,566,442 6,190,000 4,032.528 1116,6691 311,737 (321,2251 1125.0021 314,922 238,095 1321,2251 1355.903) 241,178 1355,9031 1,864,234 11,431.095 13.295.329 1,823,632 9,850,613 11.674,245 Loan between funds ropfesents a loan from the th8rity's general endowment to ts unreslrfcted fund5. The puwose of this loan is to assist in lunding the redevelopment works on Stones Court 88 authorised by the Charty Commission. This loan T8 to be repaid over 30 years al an annual rate of £8,333 per annum. 28 Related paty tran$a¢tions Three trustees were reimbursed exp8ns85 of £151 during 202512024.. No Injstees reimbur5edl. The Trustees TeceNed no remuneration during the year12024.' nAI. There were no related party transactions during 2025 or 2024. 26-