REGISTERED COMPANY NUMBER.. CE023723 (England and Wales) REGISTERED CHARITY NUMBER: 1191055 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE BRANCH TRUST. CHIPPING NORTON (CIO) Bronsens Chartered Certbfied Accountants Slalutory Auditors Eden House Two fv'vers Business Park Wilney Oxfordshire OX28 4BL
THE BRANCH TRUST. CHIPPING NORTON (CIO) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Page Reference and Administrative Details Report of the Trustees 2 to 6 Report of the Independent Audltors Statement of Financial Activities 10 Balance Sht 11 to 12 Cash Flow SL*ernent Notes to the Cash Flow Statement 14 Notes to the Financial Statements 15 10 24 Detailed Statement of Financial Activities 25 to 26
THE BRANCH TRUST. CHIPPING NORTON (CIOI REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES Mrs E A E Kennedy {resigned 19.3.241 MrJDAShand Mr T R M Woolcock DrT W Simpson MrBWVRees Mr N R A Grant (resigned 21.5.24) Ms R Wright Mr G A Povey Ms J C Loudon REGISTERED OFFICE The Branch 16 Market Place Chipping Norton Oxfordshire OX7 SNA REGISTERED COMPANY NUMBER CE023723 (England and Wales) REGISTERED CHARITY NUMBER 1191055 AUDITORS Bronsens Chartered CertrfEd Accountants Statutory Auditors Eden House Two Rivers Business Park Witney Oxfordshire OX28 4BL CHIEF EXECUTIVE Mrs E A E Kennedy Page 1
THE BRANCH TRUST. CHIPPING NORTON (CIO) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees present their report th the financial statements of the charity for the year ended 31 Dember 2023. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and RebI of Ireland IFRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVlnES Objectives and aims The purposes of the CIO are, for the publ benefrt and in accordance with the principles of the Christian faith". To provide relief and assistance lo those in need by reason of their youth, age, ill-health or disability. social or economic circumstances. unemployment, bereavement or breakdown in relationships., To develop the capacity and skills of those who are socially and economically disadvantaged in Chipping Norton and the surrounding area in such a Yray that they are better able lo idenlfy and help meet their needs and lo participate more fully in society.. To provide facilities in the inleresls of social welfare for individuals in Chipping Norton and the surroundin9 area who have need of such facilities by reason of their youth, age, infirmity or disability. financial hardship or social circumstances with the object of improving their conditions of lrfe-, To promote social inclusion by preventing people from becoming socially exclu¢Yed, relieving the needs of those who are socially excl¥Jded and assisting Ihem lo integrate into society, and for the purpose of this clause "socially excluded" means being excluded from society, or part of society. as a result of one of more of the following factors.. unemFAoymenl', financial hardship,. youth or old age.. ill heallh,. substance abuse or dependency including alcohol and drugs," pcMJr educational or skills allainment., relationship and family breakdown., poor housing Ithal is housing that does not meet basic habitable standards)., crime {eilher as a victim of crime or as an offender rehabilrtaling into society)., - Such other exdusively charitable purposes as may from time lo lime be determined by the charity trustees. Page 2
THE BRANCH TRUST. CHIPPING NORTON (CIO) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Significant activities Currently the aims of the Trustees are two fold.. 1. To carry out projects and aclivilies which set out lo directly address the purposes of the charity Isee above) 2. To raise funds for the purchase, development and operation of a 'community hub- called 'The Branch" from which to deliver and further these acb"vities. 1. Projects Include: Poverty relief.. o Working with and delivering supp)rt to over 21 families affecled by Oomestic Abuse. 0 300 households equipped and empowered lo meet the challenges of the Cosl-of-Living Crisis wth our Branch Out and Budget packs. o Continuing the supporting of 50 Ukrainian families direcuy thrgh English language lessons, housing support and enabling 16 Ukrainian children to attend Summer Camp. Supporting children.. o Delivering 327 hours of nurture working with primary ad children struggling vthh their emotions, induding the launch of our Nurture Gardening sessions Developing young people-. o Delivering 322 mentoring sessions working wlh teenagers are struggling with their mental health o We worked to combat rural digital exdusion, partnering with 'No Limits Programme, lo provide 22 families with laptops, 5 mobile phones, 17 househtAds data and WIFI packages and 6 young people received one lo one support lo lake their next steps towards education, employment and training 0 24 young people not in full lime education completing cookery courses and improving their employment and career prospects 0 10 young people on our Branch Oul and Build course engaged wtth the profeSsnalS on the build sile and tracked the build process Supporting adults through challenge.. o Delivering Lifeskills and Wellbeing Courses lo 10 adults o Three new leaders trained o Hosted a round table event. drawng over 50 professionals together lo reviewing njral mental health provision and make plans for the services lo be launched from The Branch in 2024 o Three new leaders trained o We enabled over 2.280 volunteer hours 2.The dovelopment of 'The Branch" In 2019 we purchased 16 Markel Place and have raised funds lo secure the refurbishment of the building. The build project has been valued engineered lo slay wthin budget and is due to deliver in the Spring of 2024. This building wll include a communty kilchen, creche facilrties, 8 therapeutic garden space, music recording facilities. as well as space for support staff and other statutory and voluntsry service lo use as they work alongside us lo deliver our charitable purwses. As we move into 2024. the capital build project wll complete. and we will switch into operational mode. Our projected operational budget indicates a reduction in both levels of income and expenditure. reflecting the end of the major build works and the fundraising and expenditure associated wth that. Public benefit Ensuring we meet our aims The Trustees review the aims, objectives 8nd actNities each year. We look 21 what we have achieved in terms of the success of each key activity and the benefits we have brought lo those groups we are sel up lo help. This review also helps us to ensure our aims, obieclNes and actwities remain focussed on our slated purposes. We have referred lo the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future aclivilies. In particular the Trustee5 consider how planne¢J aclivilies will contribute to the aims and objectives we have set. Page 3
THE BRANCH TRUST. CHIPPING NORTON (CIO) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Achievement and perfomiance Charitable a¢tiviti&s Currently our focus is on tsvo main areas= 1. Delivering on Outreach projects to meet our objectives_ 2. Raising the final funds and driving Ihe build project over the line. Yhe Branch" a community hub which will allow us lo extend our programmes. and work alongside other stslutory and voluntary agencies to deliver our purposes more effectively. We anticipate this will be complete by Spring 2024. and then we wll be able lo focus on being able to develop and deliver projects lo the local community. We have a strong team of trustees, who have led us successfully throtjgh the build project and have laid a solid foundation on which lo base the charity. .As we have moved towards the end of the build phase and into the Operational phase, Nick Grant has resigned from the Board of Trustees, as he felt his build expertise was no longer of primary necessity for the Board. Emma Kennedy stepped back as a Trustee, lo lake on the role of CEO of the ch2rity. In total. we have raised funds of £5.2 million as of 31 December 2023. which have allowed us lo buy a property and bfing the redevelopment of the property into ils dosing stages. The Branch Community Hub which will be opening in Spring 2024. This development wll allow us to meet our primary objectives, and creale a Community Hub, which is already being heralded as a blueprint for others lo follow. As a Board we have mel each month, been mentored in the process of establishing the charity and established good patterns of governance, including annual governance reviews, monthly risk reviews and an annual away day focusing on our Mission. Vision & Values. In total, we have raised funds of £5.2 million as of 31 December 2023, which have allowed us to buy a property and bring the redevelopment of the property into its c105ing stages. The Branch Community Hub which will be opening in Spring 2024. This development wll allow us to meet our goal 1 objectives, and create a Community Hub, which is already being heralded as a blueprint for others to follow. In the 12 months of reporting we have.. o worked with over 25 agencies to deliver seTvices - bolh voluntary and stslulory. o engaged with other seryices wlh whom we collabate lo trial and refine our programmes in preparation for moving Into the new building o appointed an Operations Coordinator to manage Ihe practscal transition of Ihe charity into the new premises. Financial review Financial position During the year the charity has raised £1.2m towards capital and communty projects. Al 31 December 2023, total funds sl¢)od at £4,770,843, made up of UnstrICted funds of £165.810. designated unreslricled funds of £4,514,264 and restricted funds of £90,769. Page 4
THE BRANCH TRUST, CHIPPING NORTON (CIO) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Financial review Reserves policy The Trustees stipulate that the CIO needs to hold three main reserves, Redevelopment. the General Fund and Restricted Funds. 11 Designated Redevelopment: To build up adequate reserves for the redevelopment of the Branch building. The reserves are held in a Designated Oevelopment fund, and al the en(J of December 2023, this fvnd had reserves of £3.521 k of which £1,217k had been spent on build costs. 21 General Fund.. The reserve5 policy for the General Fund is to target holding six months of operational expenses in cash or liquid fund5, to provide financial security against dips in monthly income. These reserves are held in the unrestricted General Fund. and al the end of December 2022, this fund held £70,)0, equivalent lo approximately six months of operatin9 expenses.. 3} Restricted Funds: Funés received for spectfic purposes, either build related or charity operational. At the end of December 2022, these funds held £111 k, to be spent for specrfic purposes. STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming document The Branch Trust is incorporated under the Charitable Incorwraled Organisalion5 Regulations 2012 and is controlled by rts governing document, a deed of trust dated 27 August 2020. Charrtable activities commenced on that dale. Recruitment and appointment of new trustees New Iruslees are selecle(S by the existing Board of TfUSt&s according to the skills, knedge and experience needed for the effective administration of the CIO. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees {who are also the directors of The Branch Trust, Chipping Norton ICIOI for the purposes of company lawl are responsible for preparirMJ the Report of the Trustees and the financial slalemenls in accordance wth applicable law and United Kingdom Accounting Standards (United Kingyjom Generally Accepted Accounting PTactice} induding Financial Reporting Standard 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resouTces and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial slaternenls, the Iruslees a required to select suitable accounting poIleS and then apply them consistendy., observe the methods and principles in the Charity SORP- make judgements and eslimales that are reasonable and prudent," slate whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements- prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the charitable company wll continue in business. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable a¢cur8Cy al any time the financial position of the charitable company and lo enable them lo ensure that the financial statements comply with the Companies Act 2006_ They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
THE BRANCH TRUST, CHIPPING NORTON (CIO) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES- continued In so far as the trustees are aware.. there is no relevant audit information of whh the charitable compan$ auditors are unaware,. and the trustees have taken all steps Ihat they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the audrtors are aware of that informalion. AUDITORS The audilors. Bronsens. will be proposed for re-appointment al the next Tnjstees, Meetsng. Report of the trustees, incorporating a stralegic report. approved by order of the board of Iruslees, as the company directors. on 17 October 2024 and signed on the board's behatf by= Mr B W V Rees - Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRANCH TRUST, CHIPPING NORTON {CIO) Opinion We have audited the financial statements of The Branch Trust, Chipping Norton ICIOI (the 'charitsble companVI for the year ended 31 December 2023 which comprise the Slalement of Financial Activities. the Balance Sheet. the Cash Flow Statement and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accwnting Standards Iunrted Kingdom Generally Accepted Accounting Praclicel, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in Ihe UK and Republic of Ireland,. In our opinion the financial slatemenls-. give a true and fair view of the slate of the charitable compan¥s affairs as at 31 December 2023 and of its incoming resources and application of resources, indudiThJ ils income and expenditure, for the year then ended,. have been properly prepare(l in accordance wth United Kingdom Generally Accepted Accounting Practice. including Financial Reporting Standard 102 The Finanual Reporting Starard applic3ble in the UK and Republic of Ireland.; and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial stalemenls section of our report. We are independent of the charitable company in accordance wth the ethical requirements Ihal are relevant lo our audit of Ihe financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled OUT Other ethical responsibilities in accordance with these requirements_ We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalemenls, we have concluded that Iruslees. use of the going concern basis of accounting in the prepaTalion of the financial statements is appropriate. Based on the work we have performed, we have not identffjied any material uncertainties relating lo events or conditions that, individually or colleclively. may cast signtricant doubl on the charitable companvs ability lo conlinue as a going concern for a period of at least hvelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other infomiation The Iruslees are responsible for the other information. The other information comprises the information included in the Annual Report, other than Ihe financial statemellt5 and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the olher infomiation and, except lo the exlenl otherwise explicitly slated in our report, we do not express any forni of aSSUrar conclusion Ihereon. In connection wlh our audrt of the financial stslements. our responsibility is to ad the other information and, in doing so, consider Y4helher the other information is materially inconsistent with the financial statements or our knoedge obtained in the audit or olherwse appears lo be materially misstated. If we identify such material inconsistencies or apparent malerial misslalements. we are required lo detem)ine vthelher this gives rise lo a material misslalemenl in Ihe financial stalemenls themselves. If. based on the work we have performed, we conclude thal there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRANCH TRUST. CHIPPING NORTON (CIO) Matters on which we are r9quired to report by exception We have nothing lo report in respect of the following malters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial slalemenls., or the charitable company has not kept adequate accountiThJ records,. or the financial slalements are not in agreement wth the accounb.ng records and returns., or we have not received all the infomialion and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibiltties, the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied Ihal they give a true and fair view. and for such internal control as the Iruslees determine is necessary to enable the preparatson of financial slatemenls that are free from material misslalement. whether due to fraud or error. In preparing the financial slalements, the Iruslees are responsible for assessing the charitable ¢ompanls ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going conrn basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic altemalive bul lo do so. Our responsibilltles for the audlt of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whelhei Ihe financial slalemenls as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always delecl a material misstatement when it exists. Misstatements can arise from fraLEd or error and are considered material if, individually or in Ihe aggregate, they could reasonably be expected lo Influen the econofflic decisions of users taken on the basis of these financial statements. The extent lo which our predureS are capable of delects.ng irregularrties. irlUdIng fraud is detailed below.. We gained an urKlerstanding of the legal and regulatory framework applicable to the charity and the field in which il operates, and considered the risk of acts by the charity that were contrary lo applicable laws and regulations, including fraud. We designed audit procedures lo respond lo the risk, recognising that the risk of not delecling a material misslalement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve delibefale concealment by. for example. forgery or intentional misrepresenlalions, or through collusion. Vve fssed on laws and regulations which C£MJld gNe rise lo a material misslatemenl in the financial slalemenls, including, bul not limited lo. the Charities Act 2011 and UK charity legislation. Our tests included agreeing the financ4 statement disclosures lo underlwng supporting documenlalion, enquiries wth management and enquiries of legal counsel_ There are inherent limitaton$ in the audit prOdureS described above and, the further removed non40mplian with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less likely we would become aware of it. We did not identify any key audit matters relating lo irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including lesling journals and evaluating whether there was evidence of bias by the direclors that represented a rtsk of malerral missialement due lo fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al wMv.fr¢.org_uklaudilorsresponsibililies. This descriplion forms part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRANCH TRUST, CHIPPING NORTON (CIO) Usg of our report This report is made 501ely to the charitable compaTrls trustees, as a bc*Jy. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit yrk has been undertaken so that we might slate to the charitable companvs trustees those matters we are required lo stale lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company arwj the charitable company's Iruslees as a b(xJy, for our audit work, for this report, or for the opinions we have fomied. Bronsens Chartered Certified Ac¢ounlants Sialulory Auditors ESigible lo acl as an auditor in lernis of Section 1212 of the Companies Act 2006 Eden House Two Rivers Business Park Wilney Oxfordshire OX28 4BL 17 October 2024 Page 9
THE BRANCH TRUST. CHIPPING NORTON (CIO) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted Designated funds Fijnd Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 146.344 976.546 42.322 1.165,212 1,985,302 Trading and SF)onsorship Investment income 24.815 15.000 39.815 46,132 46,125 3,904 Total 192.469 1.001,368 57,322 1,251.159 1,989,206 EXPENDITURE ON Raising funds 6.385 6,385 8.983 Charitable activities Charilable activities 22.686 8.640 78.103 109.429 44,329 Other 68,285 32 73 68,390 34,787 Total 97.356 8,672 78,176 184,204 88,099 NET INCOMEIIEXPENDITURE) Transfers between funds 95.113 1200) 992,696 120,8541 2LK) 1,066,955 1,901,107 Net movement in funds 94,913 992.696 {20,654) 1.066,955 1,901,107 RECONCILIATION OF FUNDS Toial funds brought forward 70.gXI 3.521,567 111.421 3.703,888 1,802,781 TOTAL FUNDS CARRIED FORWARD 165,813 4,514.263 .767 4.770,843 3,703,888 The notes fomi part of these financial statements Page 10
THE BRANCH TRUST. CHIPPING NORTON (CIO) BALANCE SHEET 31 DECEMBER 2023 31.12.23 Total funds 31.12.22 Total funds Unreslricled Designated funds Fund Restricted funds Notes FIXED ASSETS Tangible assets 3,425,482 3,428.082 1,218,367 CURRENT ASSETS Debtors Cash al bank 13 76,613 1,119,384 15,000 75,767 91,613 1,361,927 93,496 2,483,235 166,776 166,776 1,195.997 ),767 1,453,540 2,576,731 CREDITORS Amounts falling due wthin one year 14 13,5641 {107,2151 (110,7791 (91,2101 NET CURRENT ASSETS 163,212 1.088,782 90,767 1,342,761 2.485,521 TOTAL ASSETS LESS CURRENT LIABILITIES 165.812 4,514,264 90,767 4,770,843 3,703,888 NET ASSETS 165,812 4,514,264 .767 4,770,843 3,703.888 FUNDS Unreslricled funds Restricted funds 16 4.680,076 90,787 3,592,467 111,421 TOTAL FUNDS 4,770,843 3,703,888 The charitable company is entitled lo exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not deposited notice. wrsuanl to Section 476 of the Companies Act 2006 requiring an audit of these financial slalements. The Iruslees acknoTMedge Iheir iesponsibilities for lal ensuring that the charitable company keeps accwnting records that comply Tr+Vith Sections 386 and 387 oflhe Companies Acl 2006 and preparing financial slalemenls which give a true and fair view of the slate of affairs of the charitable company as al the end of each financial year and of its surplus or deficit for each financial year in accordance wlh the requirements of Sections 394 and 395 and which olhewse comply with the requirements of the Companies Act 2006 relating lo financial stalemenls, so far as applicable to the harilable company. Ibl These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. The financial slalemenls were approved by the Board of Tnjstees and authorised for issue on 17 October 2024 and were signed on ils behalf by= The notes form part of these financial slalemenls Page 11 continued...
THE BRANCH TRUST. CHIPPING NORTON ICIOI BALANCE SHEET- continued 31 DECEMBER 2023 r B W V Rees- Twstee The notes fomi part of these financial statements Page 12
THE BRANCH TRUST, CHIPPING NORTON (CIO) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 31_12_23 31.12.22 Notes Cash flows from operating activities Cash generated from operations 943,614 1,988,761 Nel cash provided by operating activities 943.614 1,988,761 Cash flows from investing activities Purchase of tangible fixed asseis Interest received 12,212,015) 46,132 1445,4971 3,4 Nel cash used in investing activtties 12,165,883) 1441.5931 Cash flows from financing activities New loans in year 100,961 Net cash provided by financing aclNilies 100,961 Change in Cash and sh equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period {1,121,308) 1,547,168 2,483.235 936,067 Cash and cash equivalents at the end of the reporting period 1,361,927 2,483,235 The notes fomi part of these financ1 statements Page13
THE BRANCH TRUST, CHIPPING NORTON {CIO) NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.23 31.12.22 Net income for the reporting period {as per the Statement of Flnancial Activities) Adjustments for.. Depreciation charges Interest received Decrease in debtors (Decreaseyincrease in creditors 1.066.955 1,1,107 2,300 {46,132) 1,883 181,3921 599 {3,9041 21,058 69,901 Net cash providod by operations 943,614 1,988.761 ANALYSIS OF CHANGES IN NET FUNDS A11.1.23 Cash fiow A131.12.23 Net cash Cash al bank 2,483.235 {1.121,308) 1,361,927 2,483,235 (1,121,308) 1,361.927 Debt Debts falling due wrthin 1 year 1100,961) {100,9611 {100,9611 1100,961 } Total 2,483.235 {1.222.269} 1,260,966 The notes fom) part of these financpl statements Page 14
THE BRANCH TRUST. CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit enlily under FRS 102, have been prepared in accordance wlh the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 Janijary 2019}', Financial Reporting Standard f02 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial sl8lemenls have been prepared under the his1oral cost nventIOn. Income All Income is rgnised in the Stslement of Financial ActivitS once the charity has enlillemenl lo the funds, it is probable that the income will be receNeiJ and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity lo that expenditure. it is probable that a transfer of economic benefits wll be required in selllement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consislenl wth the use of resources. Tangible fixed assets Depreciation is provided at the followng annual rates in order to swile off each asset over its estimated Useful life. Computer equipment Siraighl line over 3 years Taxation The charity is exempl from corporation tax on ils charitable aclivilFes. Fund accounting Unreslricled funds can be used in accordance wlh the charrtable objectives al the discretion of the Iruslees. Restricted funds can only be used for particular restricted purposes wlhin the objects of the charity. Restrictions arise when specified by the donor or when funds are raiseij for particular reslricled purposes. Further explanation of the nature and purpose of each fund is induded in the notes lo the financial stalemenls. Pension costs and other post-retirement benefits The Chafilable company operates a defined contsibulion pension scheme. Contributions payable lo the charitable companls pension scheme are charged lo the Slalement of Financial Activities in the period lo which they relate. Page 15 continued...
THE BRANCH TRUST, CHIPPING NORTON (CIOI NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 31.12.23 31.12.22 Gifts and donations Grft aid Grants 658,104 19,198 487.910 1,518,548 17,735 449,019 1.165,212 1,985,302 Grants received. included in the above, are as follows". 31.12.23 31.12.22 Sl Marfs Church PCC grants Redevelopment grants Architectural Heritage Fund grants Esmee Fairbairn grant Oxfordshire Community Foundation grants Wesl Oxfordshire DC grants Good Food Oxfordshire grants NPT Transalanlic grants Laing Family Trust grants Thrive Oxford grants PYE Charitable Setuement grants Robert McAlpine Foundation grants Oxfordshire Community & Voluntary Action grants Chipping Norton Town Council grants ACTS435 grants Oxfordshire County Council granls 796 232,500 50,198 10,000 24.330 44.991 425.250 10,750 5,100 2,919 5,OCH) 100,000 391 2,500 15,000 4,000 1,600 1,345 259 487.910 449,019 TRADING AND SPONSORSHIP 31.12.23 31.12.22 Sponsorships 39,815 INVESTMENT INCOME 31.12.23 31.12.22 Deposit account interest 46,132 3,904 Page 16 nlinued...
THE BRANCH TRUST. CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 RAISING FUNDS Raising donations and legacies 31.12.23 31.12.22 Staff costs Fundraising costs - advertising and promotional Fundraising expenses 200 5,300 885 3,529 5,025 429 6,385 8,983 CHARITABLE ACTIVITIES COSTS Direct Costs Charitable acts"vilies 109,429 SUPPORT COSTS Governance costs Other resources expended 68,390 NET INCOMEI{EXPENDITUREI Nel incomellexpenditurel is slated after charginWlcredilingl'. 31.12.23 31.12.22 Auditors. remuneralion Depreciation - owned assets 3.750 2,300 599 TRUSTEES, REMUNERATION AND BENEFITS There were no Iruslee5' remuneration or other benefits for the year ended 31 Dember 2023 nor for the year ended 31 December 2022. Trustees. expenses There were no trustees. expenses paid for the year en¢Yed 31 December 2023 nor for the year ended 31 December 2022. Page 17 continued...
THE BRANCH TRUST. CHIPPING NORTON ICIOI NOTES TO THE FINANCIAL STATEMENTS- continuad FOR THE YEAR ENDED 31 DECEMBER 2023 10. STAFF COSTS 31 12.23 31.12.22 Wages and salaries Other pension costs 121,368 2,779 48,968 400 124,147 49,368 The average monthly number of employees during the year was as follows.. 31.12.23 31.12.22 Outreach workers Adminslralion No employees received emoluments in excess of £60,0(K). 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Designated fund Fund Restricted funds Total fund$ INCOME AND ENDOWMENTS FROM Donations and legacies 66.901 1.892,489 25,912 1,985,302 Investment incom8 3.903 3,904 Total 70,804 1,892.4 25,912 1,989,206 EXPENDITURE ON Raising funds 4,347 4,636 8,983 Charitable activitles Charitable aclivilies 2,272 42,057 44.329 Oiher 18,399 8,573 7,815 34,787 Total 25,018 8,573 54,508 88.099 NET INCOMEIIEXPENDITURE) Transfers between funds 45,786 20,313 1,883,917 130,001) 128,5961 9,688 1,901,107 Net movement in funds 66.099 1.853,916 118,9081 1,901,107 RECONCILIATION OF FUNDS Total funds brought forward 4,801 1.667,651 130,329 1,802,781 TOTAL FUNDS CARRIED FORWARD 70.900 3.521,567 111,421 3.703,888 Page 18 continued...
THE BRANCH TRUST, CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 310ECEMBER 2023 12. TANGIBLE FIXED ASSETS lfflprovemenls lo Frfoperty Fixtures and fittings Freehold property Computer equipment Totals COST Al 1 January 2023 Additions 49),000 727,168 2.174,764 1.798 3,001 1,218,966 2,212,015 34,250 Al 31 December 2023 490.oc 2.1,932 34,250 4.799 3.430,981 DEPRECIATION Al 1 January 2023 Charge for year 599 1,600 599 2,300 700 At 31 December 2023 700 2,199 2.899 NET BOOK VALUE At 31 December 2023 4,0 2,901,932 33.550 2.600 3,428.082 Al 31 December 2022 490,000 727.168 1,199 1.218,367 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.1222 Trade debtors VAT 33,791 57,822 93,496 91,673 93,496 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other loans (see note 151 Trade creditors Social security and other tsxes VAT Other creditors 100,961 8,086 1,101 84,971 5,339 900 631 110,779 91,210 15. LOANS An analysis of the maturity of loans is given below.. 31.12.23 31.12.22 Amounts falling due wthin one year on demand-. Other loans 100.961 Page 19 continued...
THE BRANCH TRUST. CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS- continugd FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS Nel movement in funds Transfers between funds At 31.12.23 A11.1.23 Unrestricted funds General Fund Designated Redevelopment Fund Operational costs and salaries 70,900 3,521.567 94,298 992,697 814 1200} 164,998 4,514,264 814 3,592,467 1,087,809 12001 4,680,076 Restricted funds Domestic Abuse Support Work Outreach costs and salaries Young People (Mental Health} Christmas Hampers Fund Ukranian Fund VVODC Hardship Fund Oxfordshire Community Foundation Fund Energy Crisis Fund Branch Out Music Community Chef Branch Out Cook Apprenticeship Ready Scheme Connected Comunities 13,617 92,203 14,386} (51,2041 19871 18491 1,917 18001 9,231 41,599 600 1.624 785 775 2,702 1.005 400 {1.0051 400 1,500 15,000 1,200 15,000 3,360 14001 400 1,500 15,000 1,200 15,000 3,360 111.421 {20,854} 200 90,767 TOTAL FUNDS 3,703,888 1.066.955 4,770,843 Page 20 continued...
THE BRANCH TRUST, CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENT IN FUNDS - continued Nel movemenl in funds, induded in the alx)ve are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General Fund Design81ed Redeveiopmenl Fund Operational costs and salaries 178,877 1.001,368 13,592 184,5791 18,671} (12,7781 94,298 992,697 814 Restricted lunds Domestic Abuse Support Work Outreach costs and salaries Young People (Mental Health) Christmas Hampers Fund Ukranian Fund WODC Hardship Fund Oxfordshire Community Foundation Fund Energy Crisis Fund Branch Out Music Community Chef 8ranch Out Cook Apprenticeship Ready Scheme Connecle¢Y Comunilies 1,193,837 1106.028} 1.087,809 {4,3861 155,343} 19861 {6,5051 (4,000) 1800) (4,3861 151,204) 1987} 18491 1,917 (800} 4.139 5.656 5,917 (1,005) 400 1,500 15.000 5,711 15.000 4,000 (1.0051 400 1,500 15,000 1,200 15.000 3,360 14,5111 (6401 57,322 {78,176) 120,854) TOTAL FUNDS 1.251,159 1184.204) 1,066,955 Page 21 continued...
THE BRANCH TRUST, CHIPPING NORTON {CIO) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS- Contlnued Comparatives for movement in funds Net movement in funds Transfers between funds Al 31.12.22 At1_1.22 Unrestricted funds General Fund Oesignaled Redevelopment FurKI 4.801 1.667.651 45.786 1.883,917 20,313 130,0011 70,900 3,521,567 1,672.452 Restricted funds Domestic Abuse Support Work Outreach costs and salaries Young People (Mentsl Health) CAF Canada Fund Outreach salaries CHK Foundation Grant Fund Christmas Hampers Fund Ukranian Fund WODC Hardship Fund Oxfordshire Community Foundation Fund Energy Crisis Fund 1,929,703 19,688) 3,592,467 15,500 95.577 11,883} {3,0621 {13) 13,617 92,203 987 1312) 18.247 128,2471 151 1,624 785 10,000 1,624 785 1.005 400 1,005 400 130,329 {28,596} 9,688 111,421 TOTAL FUNDS 1,802,781 1,W1.107 3,703.888 Page 22 continued...
THE BRANCH TRUST, CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMENT IN FUNDS- continued ComparatNe nel movement in funds, included in the above are a5 follows.. Incoming resources ReSoUrS expended Movement in funds Unrestricted funds General Fun Designated Redevelopment Fund 70,804 1,892,490 {25,018} 18,573} 45,786 1,883,917 1,963,294 (33,5911 1,929,703 Restricted funds Domestic Abuse Support Work Outreach Costs and salaries Young People (Mental Health) CAF Canada Fund for Outreach salaries CHK Foundation Grant Fund Christmas Hampers Fund Ukranian Fund WODC Hardship Fund Good Fooé Oxfordshire Fund NPT Transauanlic Fund Oxford5hire Community Foundation Fund Energy Crisis Fund 3,100 14,9831 13,0611 {131 11,883} 13,0621 (131 128,2471 151 {5,0901 19931 {1,2001 {2,9191 (5,001) 128,2471 151 1.624 785 8CH) 6.714 1,778 2,000 2.919 5,001 4,001 400 12,996} 1.005 400 25,912 154,5081 {28,5961 TOTAL FUNDS 1,989,206 188,0991 1,901.107 Details of ongoing funds and their purpose DesignatBd Redevelopment Fund Large and small grants, individual grfis including one4)ff and regular giving lo be used for the redevelopment of 16 Market Place. This fund began lo be drawn down in 2021 arKJ it will all be spent during main build phase which wll complete in 2024. Domestic Abuse Support Work Includes gifts from individuals Iwilh Grft Aid} an¢Y grants lo be Used to support Branch projects for survivors of domestic vidence. Used for on-going projects. Outreach costs and salaries Includes gift5 from individuals and grants to cover sa18rie$ of Outreach workers and Outreach project costs. Used for on-going projects. Young People- Montal Health A specffic grfl from a Trust to support better mental health and well-being in young people. Will be used for future projects. Christmas Hamper Fund Includes donations for food vouchers and Christmas Hampers. Ukranian Fund Support for Ukranian families through language lessons. housing support and other direct support. West Oxfordshiro DC Hardship Fund Grant to be used to support residents th f and essential supplies. Page 23 continued...
THE BRANCH TRUST. CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 31 DECEMBER 2023 16. MOVEMENT IN FUNDS- Continued Oxfordshire Comrnunity Foundation Fund Grant lo expand and continue the rarwJe of welfare operations and projects undertaken. Energy Crisis Fund A donation towards assisting faMilS wth rising fuel costs. Branch Out Music Projects lo help young people discover new music skills. Community Chef Sponsorship of the Community Kitchen al the Branch Branch Out Cook Healthy eating, budgeting and life skills course for young people struggling to enga9e with full time education. Apprenticoship Ready Scheme Mentoring, equipping and inspiring yjung peotAe lo slep into apprenticeships and employmenl. Connected Communities Funds from Communities First Oxfordshire to provKle equipment for community based aclivilies. RELATED PARTY OISCLOSURES 17. The Branch Trust was formed out of the work of St Marls Church, Chipping Norton PCC Iregislered charity no. 1132070}. The two chaiities have several Trustees in common. During Ihe period ended 31 December 2021. St Marls Church, Chipping Norton PCC received income of £634,639 and expended £603,823 on behaK of The Branch Trust. These amounts were included in the accounts of The Branch Trust for the period ended 31 December 2021. In the year ended 31 Dember 2022 a donalion of £30,150, originally paid lo Sl MaS Church. Chipping Norton PCC was transferred lo The Branch Trusl. Dunng the year St ma$. Chipping Norton advanced £100,961, provided for cash flow for the payment of build costs. The loan balance a131 December 2023 was £100,961. This loan was interest free, had no fixed repayment dale and was unsecured. The Chipping Norton Area Trust ICNACTI is another charity that has trustees in common wlh The 8ranch Trust. CNACT has received donations from parishioners intended for The Branch Trust. As al 31 December 2023. CNACT owed The Branch Trust £40.345112022 - £85.264}, which is included in trade debtors. Page 24
THE BRANCH TRUST, CHIPPING NORTON (CIO) DETAILED STATEMENT OF FINANCIAL ACTNITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and legacies Gifts and donations Gift aid Grants 658,104 19,198 487,910 1,518,548 17,735 449,019 1,165,212 1,985,302 Trading and sponsorship Sponsorships Investment income Deposil account interest 39,815 46,132 3,904 1,251,159 1,989,206 Total incoming resources EXPENDITURE Raising donations and legacies Wages Fundraising costs - advertising and promotional Fundraising expenses 200 3,529 5,300 885 5.025 429 6.385 8.983 Charitable actlvities Wages Pensions Sundries Course and craft resources Food and hampers Expenses paid by PCC Storage costs 70,135 2,779 29,644 400 1,968 4,923 7,394 18,267 8,142 375 9,643 109,429 44.329 Support costs Governance Costs Wages Auditors. remuneration Insurance Utilities Telephone and internet Postage and stationery Sundries Accountancy and legal fees Subscriptions Carried ford 51,033 3,750 790 332 935 162 2,697 2,500 174 62,373 15,795 9,909 613 84 68 1,417 2,400 50 30.336 This page does not fomi part of Ihe statutory financial staiements Page 25
THE BRANCH TRUST. CHIPPING NORTON {CIO) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 Governance costs Brought forward Travel and subsistence Computer and website costs Staff training and grfts Bank charges Irrecoverable VAT Fixtures and fittings depreciation Computer equipment depreciation 62.373 101 3,469 1,347 126 11,326) 700 1.600 30.336 295 842 1,235 168 1,312 599 68.390 34,787 Tol81 resources expended 184,204 88,099 Net income 1.066,955 1.1,107 This page d¢)es not fomi part of the statutory financial statements Page 26