REGISTERED COMPANY NUMBER: CE023723 (England and Wales) REGISTERED CHARITY NUMBER: 1191055 REPORT OF THE TRUSTEES AMD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR Tme BRANCH TRUST, CHIPPING NORTON (CIO) Brongens Chartered Certlfied Acc¢Juntsnts Slatulory Auditor5 Eden House Two Rivers Business Park Wilney Oxfordshire OX28 4BL
THE BRANCH TRUST. CHIPPING NORTON ICIOI CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page R•fvr•n¢e and Administratlv• D•tsllJ R•port of th• Trust• R•port of thfr Ind•p•nd•nt Audltors statsment of Flnanclal Actlvltle8 8alinc• Sh••t 10 10 11 Cash Flow Stst•m•nt 12 Note• to tho C••h Flow Stst•m•nt 13 Not95 to th8 Flnanclal 8tat•m•nts 14 to 23 Dotalled Ststsm•nt of Flnanclal Actlvltl 24 10 25
THE BRANCH TRUST, CHIPPING NORTON ICSO) REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES Mrs E A E Kennedy Ire¥KJned 19.3.241 MTJDAShand Mr T R M WoolGwk Dr T W Simpson (resigned 21.10.24) MrB WVRees Mr N R A Gr8nl (resigned 21.5.241 Ms R Wnghl Ire81gned 27.9.251 Mr G A Povey Ms J C Loudon Mr A Min$on (appointed 22,7.251 Dr N C Levitt18ppolnted 22.7 251 REGISTERED OFFICE The Branch 16 Market Place Chlpping Norton Oxford$hire OX7 SNA REGISTERED COMPANY NUMBER CE023723 (England and Wale8} REGISTERED CHARITY NUMBER 1191055 AUDITORS eron8en8 Chartered Certified Accountants Slalulory Auditor8 Eden House Two Rivers Bu81ne88 Park wrtney Oxfordshire OX28 4BL CHIEF EXECUTIVE Mrs E A E Kennedy Page 1
THE BRANCH TRUST. CHIPPING NORTON ICIOI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the financial sts18ments of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102} {effective 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlv•s and alm5 The purposes of the CIO are. for the publlc benefft and In accordance th the principles of the Chri5tlan farth.. To provtr rellef and assi8tsnce to those in need by reason of their youth. age, ill-heath or di8ablllty, sod81 or ewnomic drcumslances, unemployment. bereavement or breakdown in relallonshlp8.' To develop the capacity and skills of those are socially and èconomically disadvantaged in Chipping Norton and the 8urrounding area in such a way that they are better able lo identify and help meet their needs and to participate more fully in society., To provlae facilbties in the interests of ¥oGial welfare for individual$ in Chipping Norton and the surrounding area who have need of such facilities by rea50n of their youth, age, infirmlly or dlsability. financial hardship or social circumstances ¥th the objeGt of improving their condition8 of Ilfe., To promote 8ocial inclusion by preventing people from becoming socially excluded, relievin9 thè nèed$ of those who are socially excluded and assisting them lo integrate into society, and for the purpose of this clause socially excluded means being excluded from ¥oGiety, or part of $ociety, as a re8uII of one of more of the following f8Ctor8.' unemployment.. financlal hardshlp., youth or old age,. ill heatth,. substance abuse or dependency in¢luding alcohtsl and drugs". poor edu¢3llonal or skills attalnment., relationship and family br8akdown', poor housing Ithal is housing that does not meet bas habitable slandardsl,. Grime leilher 93 a victim of crime or 89 an offender rehabilll8llng into socletyl., Such other exclusively oharllable purposes as may from timé to lime be delermlned by the charity Iru8lees. Page 2
THE BRANCH TRUST, CHIPPING NORTON ICIOI REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES Signlflcant a¢tlvltl•s In 2024, the Trustees identified two primary objecb'ves.. 1. To complète thè devèlopment of our new communlty hub, 'The Branch., and relocallng all exlstlng programme8 into the purpose-bulll facility and becoming fully operational Irom the new premises. 2. To dolivar and oxpand our Outreach Programmo, ansuring our work continues lo direcuy address the core charitable purposes as set out in our governing documents. l. Oèv•lopm•nt of 'Yhg Branch" Following the acquisition of 16 Market Place in 2019, The Branch Trust 5ucce&sfully secured the nece8sary funding lo undertake a full refvrbishmenl of the propety. Wnile completion was originglly anlicipaled for early Spring 2024, the project encountered delays, with formal handover taking place In May 2024 The completed bullding includ68 a community kitchen, crèche facilit'è8, a Ihèrapèutlc garden, and dedlcaled space for both support staff and gxtgmal partners-8tslulory and voluntsry.vtho wlbboral? wth us to deliver holistic community support. A8 of December 2024, a 5% relentlon of the lolal build cost remaln8 In plac8. pending the resolutlon of identified issues wllh the heallng and venti181ion systems. The project reached RIBA Stage 5 by year-end, wilh final account negotiations still ongoing. 2. Outroach Programme D•llvery 2024 marked a significant year for our Outreach Programme. Imlh the launch ol our new prgmises, we were able to expand our services and increase community engagement. An Impact Report on our acllvhles In the year Is available on our websllÈ al https'.1.1h81xanchtIu8l.0rlrnPaCI The relocation allow•d ug to reflne ond sc81? our programm• delivery, resulting In.. A notable threefold Incr8aye in the number of people acces8lng the Connect Calé help dg8k,' New strategic partnerships. including three additional collaborators who joined us shortly after opening., 2.442 Volunteering hours enabled., 202 Christmas Harnper8 were delivered, empowering lamllles to cook healthy meals on a budget.. - A 81renglhened ability lo seNe those mosl In need with compa551on, dlgnity. and practlcal support. Publlc benèfit Ensurlng wo m•èt our •lm# The Trustèes undertake an annual review of the Trust's aim8, oblectsves, and actlvlfjes to a88e89 the effectiveness ol our work and ensure continued alignrnenl wllh our charitsble purpose8. Thi8 review proce88 is inlomied by the Charity Commission's general guidance on publlc benefit. Key conslderallons include.. How each activity conlribules lo our mission., The measurable ImpaGI on the individuals and Gommunilies we serve., Ongoing relevance and responsiveness to local needs. Through this process, the Trustees are confident that all activities undertaken in 2024 fijrthered our charitable alms and delivered tangible public beneflt. Page 3
THE BRANCH TRUST. CHIPPING NORTON ICIOI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRATEGIC REPORT A¢hSgvgmonts and perlormanco Charitabl• activities 2024 was a year of both con801id81ion and Iran8formalJ'on. Gov•mance and Loadgr$hlp Our Board of Trustees has demonstrated robust leadership throughout the build and transition period. Wllh the construction phase now largely complete, we have moved from a schedule of monthly meetings focused on the build, to a new governance structure comprlsing quarterly board meellngs and four addilional Strateg planning sessions per year. We have ylrenglhened our govemance framework by.. Conducllng annual govemance and risk reviews,, Holding an annual away day with external facilitation to refied and plan., Building effective gyslem$ for oversight and accountability. ile delays lo the building's handover were Iruslraling, in hindsight, the additional lirne enabled us lo 801idify operallonal procedures, enhance govemance slruclures. and foster stronger Collaboration Internally and oxlemally. Op•iatlonl Impact The staff team wa6 slrenglhened with new ¥laff appointment$, including a Facilitie¥ Coordinator lo overse day-lo-day operations and a Finance Mana9er lo support Ihe implementation of our operational budget. The official openlng of The Branch In September 2024 was a major milestone. The now facllSty ha8 already demonslraled ils value, both as a welcoming community space and a cataly81 for growth. Within weeks, we saw.. - A Sharp increase In 8ervlce uptake., Enhanced collaboration with local organisaliong We ¢lo$e 2024 with a cornmitted and energ18ed team, unlted around a ghared vlsion.. lo build hope, foster ¢onn8Ctlon, and empower Iransfomiallon In the lives of Ih08e we seNe. In and exclllng year. The Branth ha$ already bggun lo fulfil it¥ promise 88 a vlbranl community hub. Finan¢il Mvi•w Flnanclal po8ltlon During the year the ch8rily has raised £984k towards capllal and eommunity prolects. Al 31 December 2024, lolal funds glood al £5.442m, made up of unre51ricled lunds of £144k, designated unreslrlcted fund8 of £5,225k (including (he Branch buildin9 al £5,194kl and reylricled funds of £73k. Re8•rie8 pollcy The Trustees stlpulate that the CIO needs lo hold three maln reSee8, Redevelopment, the General Fund and Restricted Funds. 11 Deslgnat•d Rgdo¥elopm•nt.' To build up adequate reserve5 for the rèdevelopment of the Branch building. The rèseNes are hèld in a Designated Development fund and al Ihe end of Decgmber 2024, this fund had reserves of £5,225k the maionty of which had been spent on build costs. 21 Goneral Fund: The reserves policy for the General FLbnd Is lo tsrgel hold beiween the and 8ix monthg of operational expenses in cash or liquid funds, to provide financial security against dips in monthly income. These reserves are held In the unreslricled General Fund, and al the end of December 2024. thi8 fvnd held £144k, equivalent lo appfoximalely seven month8 of expected operating expenses. 31 R•strictsd Funds". Funds received for specific purpoges, either build related or charity operational. Al the end of Dember 2024, these lund8 hel(1 £73k. to be spent for Specific purposes. Page 4
THE BRANCH TRUST, CHIPPING NORTON ICIOI REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE ANO MANAGEMENT Gov¢rnlng document The Branch Trust is incorporaled under the Charitable Incorporated Organis31ions Regulations 2012 and 18 controlled by 115 goveming document, a deed of tru81 dated 27 Augu81 2020. Charitable adivilies commenced on th81 dale Racruitsn•nt and appointmont of now trust••s New Iru51ees are 8elecleLI by the exi51ing Board of Trustees accordlng lo the skllls, knowled9e and experiencè needed for the effectlve adminlslralion of the CIO. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of The Branch Trust, Chipping Norton ICIOI for thè purp08e8 of company law) are responsible for P paring the Report of the Trustees and the financial glalements in accordance wSlh applicable law and United Kingdom Accounting Standards (United Kingdom Geneially Aecepled Accounting Practice) including Financial Reporting Slgndard 102 "The Flnancial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare financlal statements for each financial year which give a true and fair view of the Stale of affair5 01 the charitable company and ol the incoming resources and application of resources. includlng the income and expenditure, ol the charitable company for that period. In Pfeparing th088 Ilnanclal statements, the Iru8tee8 8re required lo select suitable accounllng policies and then apply them consist6ntty', observe the methods and principles in the Charity SORP,, make lud9emenl$ and e81im81es th81 are reasonable 8nd prudent., slate whether applic8ble accounting 81andards have been followed. 8ublect to any materfal dèparture8 dl$Glosed and explained in the financial stalement$,' prepare the ffinancial ¥tatements on the going concem basis unless il is inappropriate to Presume that the charitable ¢omp8ny wll continue In bu¥ine8$. The Iru8teeg 8re SponsIble for keeping proper accounllng records which disclose wFth reasonable a¢cuTacy at any lime the fi'nancial p0811ion ol the charitable company and lo enable them lo ensure Ihat the financial 8tslement8 comply wlth the Companie8 Act 2006. They are also responsible for safeguarding the a¥8els of the charflable company and hence lor taking reasonable 8lep8 for the prevenllon and deleclion of fraud and olher irregularities. In $0 far as the Iru¥le05 are aware.. there is no relevant audit information of whiGh the charitable mP¥ny,$ audf(ors affj unaware,, and the Iru51ees have taken all steps Ihal they ought lo have taken lo make themselves awarè ol any ielevanl audit inlormats'on and lo establish that Ihe auditors are aware of that inlormalion, AUDITORS The auditors. Bronsens, will be proposed for re-appolnlment al the next Truslees, Meetlng. Report of the 1ru8lee8, incorporating a strategic report. approved by order of the board of Iruslees, as the company directorg. on 20 October 2025 and signed on the board's behalf by.. Mr B WV Reos- Ttustee Poge 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE 8RANCH TRUST. CHIPPING NORTON ICIOI Opinion We have audlted the financial statements of The Branch Trust, Chipping Norton ICIOI (the 'charitsble company'l for the year ended 31 December 2024 which comprlse the Statement of Financial Acb"vltSes, the Balance Sheet, the Cash Flow Slalemenl and notes to the financial slalemenls, including a summary of Significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iunrted Kingdom Generally Accepted Accounung Praclicel, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial slalemenls.. give a true and fair view ol the 9ts1e of the charitable company's affairs a8 al 31 December 2024 and of its incoming resources and application ol resources, including ils income and expenditure, for the year then ended., have been properfy prepared In accordance wth United Kingdom Generally Accepted Accounting Practice, includlng Financ181 Reporting Standard 102 'The Financlal Reportlng Standard appllcable the UK and Republic of Ireland,; and have been prepared in aG¢ordan¢e vhth the requirem9nts ofthe Compani8$ Act 2006. Ba#18 lor oplnlon We conducted our audlt in accordance with Inlemalional Standards on Audfting IUKI IISAS IUKII and applicable law. Our re8pon8lbililies under those stsndards are further descrlbed In the Auditors, re8ponsibililieg for the audit of the financial statements section of our r&port. We are independent of the charrtable company in accordance with the ethical requirements that are relevant lo our audll of the financial statements in the UK, Including the FRC'S Elhlcal Standard, and we have fulfilled our other ethical responslbilities in accordance with Ihege requirements. We believe that tha audll évldance we have obtained 15 Bufficienl and appropriatè lo provifje a basis for our opinion. Conclu•lon• rgl•tlng to golng ¢onGgrn In auditing th8 financial slalemenls. we have concluded that the trustees, use of the going concérn b8$i8 of accountsng in the preporalion of th? financi818lalements 18 approprigte. Based on the work WÈ have performed, we have not identified any material un¢¢rtalntie$ relatlng lo events or conditions that, indlvidually or collectively, may cast significant doubl on the charitable compariy'5 abillly to Continue as a going coneem for a period of al least twelve months from when th8 financial statements are authorised for i88ue. Our responsibililles and the respon8ibi15lle8 of the IrusleÈs with respect lo going GonGefn are degcribed in th8 relevant sections of thig pOrt. Othor Infomi•tlon The Iruslees are responsible for the other Information. The olh&r informallon comprl8e8 the infom?alion included in the Annual Report. other than the financial $lalements and our Report of the Independent Audilor$ Ihereon. Our opinion on the 1Snancial statements does not cover the other inlormatlon and. except lo the extent otheiSe explicitly staled in our report, we do not express any form ol assurance conclusion thereon. In connection with our audit of the linancial slatemenls, our responsibility is lo lead the other informatson and, in dolng so, consider whether the other Information Ss materially inconsistent with the financial Statemanls or our knowledge obtsined in the audit or Othenlse appe8rs to be materially mi851aled. If we idenlfy $u¢h material inconsistencies or apparent material mi$slalemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, ba9ed on the work we have performed, we Gon¢lude that there is a material misslalemenl of this other informallon, we are required lo report that faGI. We have nothing lo report in this regard. Pagg 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRANCH TRUST, CHIPPING NORTON (CIO) Matt•r8 on whlch w• are requlred to roport by ex¢eptlon We have nolhlng lo report in respect of the following mallers where the Chari118s (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our oplnlon.. the information given in the Report of the Trustees is Inconsistent In any malerbal re8peet with the financial slalements.. or the charitable company has not kept adequate accounting reccfds", or the financial slalemenls are not in agreement ¥Mth the accountin9 records and returns,. or we have not received all the infom)alion and explanations we require for our audit. Responslbllltles of trustee As explained more fijlly in the Statement of Tru$lees' Responsibilitses. the trustee$ (who are also the directors of the charitable company for the purposes of Company lawl are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and for Such Internal control as the trustees delerniine is necessary lo enable the preparation of financial slalemenls Ihat are free from material misstalem8nl, whether due lo fraud or error. In preparlng the financial 8tslemenls, the Iruslèes are regponslble for asse885ng the charflable company's ability lo continue a5 a going concern. di8closing. as applicable. mallers related lo going concern and uslng the going concern basis ol a¢Untsng unless the Iruslees either Intend lo Ilquklale the chadtsble company or lo cease operations, or have no realistic allemative but lo do 80. Our r•Bpon8lbllltle8 for tho audlt of the flnanclal Stalaments We have been appointed as auditors under Section 144 of the Charib'es Act 2011 and report in aG¢ordance with the Act and relevant regulations made or having effect Ihereunder, Our objectives are lo obtain rea8on8ble assurance al)oul whether the fi'nanclal slalemenls as a whole are free from material mi5Stalemenl, whether due lo fraud or error. and lo Issue a Report of the Independent Audrtors that includes our opinion. Reasonable assurance 18 a high level of assuran¢e, bul is not a guarantee that an audit Gonducted in accordance with ISA8 IUKI will always delect a material misslalemenl when il exlsls. Ml¥8lalemenl$ Can arlse from fr8ud or error and are considered material if, indivldually or in the aggregate. they could Teasonably be expected lo Influence the economlc deci8ion8 of user8 taken on the basis of these financial statements. The extent lo which our procedures are capable of delecllng Irregularbtleg, Includlng fraud18 detailed below.. We gained an understanding of the legal and regualOry framework applicable lo the charlly and the field in which il operate$, and ¢on¥idered the risk of acts by the charty that were contrary lo applicable laws and regulations, Including fraud. We designed audit procedure5 to respond to the risk, rewni$ing that the risk of not delecling a material mis51alemenl due to fraud is highgr than the rlsk of nol delecung one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional mlsrepre8ent8llons, or through Collusion. We focussed on laws and regulations vthich could give rise lo a material mi55talement In the fi'n4ncial statements, Sncluding, but not limited lo, the Charitie6 Act 2011 and UK charity legislation. Our lesls Included agreeing the financial Stslemenl disclosures lo underfying supporting documentation, enquiries with management and enquirie5 of legal counsel. There are inherent limitations in the audit procedures described above and. the further removed non-compliance with law5 and Tegulalion8 is from the events and Iransactlons reflected in the finan¢iÈl slalemenls. the le¥$ likely we would become aware of it. We did nol idenlrfy any key audit matters relating lo irregularities, including fraud. As in all our audits, wg also addressed the risk of management override of internal controls. including lesling journals and evaluating whether there was evidence of bia¥ by the directors that repr&$enled a risk of material misstslemenl due to fraud. A fvrther description of our Tespon5ibililies for the audit of the financial ststemenls is located on the Flnanclal Reporting Council'5 website al www.frc.org.uklaudilorsre$pc*n$ibilili¢s. This description forms part of our Report of the Independent Auditors. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BRANCH TRUST, CHIPPING NORTON (CIO) U#8 of our r•port This report is made solely lo the charitsble company's trugtses. as a body, in accordance with Part 4 of tho Charrties IAccoun18 and Reports) Regulations 2008. Our audrt work has been undertaken so that we might stale lo the charitsble ¢ompany's trustees those matters we are required lo slate to them in an auditors, report and for no other purpose. To the fullest extent permrtted by law. we do not accept or assume responsibilty lo anyone other than the charrtable company and the charitable company's trustees as a body, for our audrt work. for Ihis report, OT for thg Opinn8 wg havè fomigd. Bronsen5 Chartered Certlfied Accountant8 Slalulory Audllor8 Eligible to act as an audrtor in terni8 of Section 1212 01 the Companies Act 2006 Eden House Two River8 8usinèss Park Wilney Oxfordshire OX28 4BL 20 October 2025 Page 8
THE BRANCH TRUST. CHIPPING NORTON ICIOI STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 Total fund8 31.12.23 Total fund8 Unreslricled Designated funds Fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 131,213 662,435 84,706 858.354 1,165,212 Trading and sponsorshlp Investment income 27,807 47,606 49,800 77,607 39,815 1,200 Total 206 626 712,235 1,251 159 EXPENDITURE ON Raising funds 23.073 9,436 32,509 6,385 Charitable activltlo• Charilable aclivilieg 47.452 71.381 118,833 106.6SO Other 125 987 161 738 Total 198.512 313078 NET INCOMEI{EXPENDITUREI Tranof•rn betw••n fund• 10,114 317761 676,695 {15,1201 671.689 1.066,955 18 Net movem•nt In fund• 121,6621 710.810 117,459) 671,689 1,066,955 RECONCILIATION OF FUNDS Total funds brought forward 165.812 4,514,264 90,767 4.770,643 3,703,888 TOTAL FUNDS CARRIED FORWARD 144,150 5 225 074 5 442 532 4 770 843 The notes fomi part of these financial ststemenls Page 9
THE BRANCH TRUST, CHIPPIMG NORTON ICIOI BALANCE SHEET 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total fijnds UnreslrKted Designated fund¥ Fund Restricted fund8 Notes FIXED ASSETS Tangible assets 12 1,880 5,194,171 5.196,051 3,428.082 CURRENT ASSETS Debtors Cash 01 bank 13 2,154 150 185 6,469 66,838 8,623 400,309 91,613 1.361,927 183,286 152,339 183.286 73.307 408.932 1,453.540 CREDITORS Amounts falling due wilhin one year 14 110,0681 1152,3831 1162,451) {110,779) MET CURRENT ASSETS 142 271 246 481 1342 761 TOTAL ASSETS LESS CURRENT LIABILITIES 144.151 5,225,074 73.307 5,442.532 4,770.843 NET ASSETS 144.151 5 225 074 5 442 532 4.770,843 FUNDS Unre8lricte¢J funds Re8lricled funds 18 5.3e9,225 4,680,07e TOTAL FUN08 5 442 532 4 770 843 The charrtable company18 enlllled lo exemp0 from audit under Sectlon 477 of the Companles AGI 2008 for thé ygar ended 31 Deeémbèr 2024. The members have not deposlled nollce, purguant lo Section 476 of the Compan+es Act 2006 requirfng an audtt of these financial slalemenl8. The INslee8 a¢knOedge their responsibilities lor lal ensurin9 that the charitable company keeps accounting records that comply SectKJns 386 and 387 of the Companies Act 2008 and Ib} pparIng financial statements whlch glve a true 8nd fair vlew ol the slate of 8ffair$ of the ¢harllabLe company as al the end of each financial year and of rts surplus or deficit for each fi'nancial year in accord8nce wth the requiremen18 of Section9 394 and 395 and which otherwise comply wlh th• requirements of the Companies Act 2006 relating lo financial slalemenls, so far as appli¢able lo the charitable company. These financial slalemen15 have been 8udiled under the requiremen15 of Section 145 of the Charities Act 2011. The notes form part ofthese financial 51alemenl$ Page 10 continued...
THE BRANCH TRUST, CHIPPING NORTOI4 {CIOI BALANCE SHEET- contlnu•ql 31 DECEMBER 2024 The financl81 statements were approved by the Board of Truste&8 and authOrid for issue on 20 October 2025 and were 8ign8d on its behalf by.. Mr B W V Ree8 - Trustee The notes form part of these fln8nci818tatements Page11
THE BRANCH TRUST. CHIPPING NORTON {CIOI CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Notes Ca#h flows fr<xn operatlng actlvltlos Cayh generated from operations 771 566 943614 Net cash provided by operating activities 771 566 943614 Ca•h flo from Investlng a¢tbvltle8 Purchase of tsngible flxed assets Interest received 11,793,872) 12,212.0151 ¢a$h used in invg8trng activities 1 777,085 2.165,883 C8•h flow8 from flnanclng aGtlvlti New loans In year 43,901 100,961 Nèl cash provided by finanGlng acts'vrtle$ 43,901 100 961 Changè In ¢•Jh and c•¥h gqulvalents In the r•portlng p•rlod C••h and cash •quivalentB at tho b•glnnlng of thè mpOrn9 period 1961,618) 11.121,3081 1 361927 2 483 235 Calh and caih èqulv*lgnts •1 the ond of thè r•pertlng pèrlod 400,309 1361.927 The notes form part of these financial $laltrmenls Page 12
THE BRANCH TRUST. CHIPPING NORTON ICIOI NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 310ECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTNITIES 31 12.24 31.12.23 Not Incomg for thg roportlng pgrlod {a$ pgr thg Ststgmont of Flnan¢lal A¢tlvltl•sl Adjustments for: Depreciation charges Interest recebved Decrease in debtors Increaselldecreasel In credltors 671.689 1.068,955 25.902 116.7871 82,990 7,772 2.300 146.1321 1.883 81.392} N•t Cash provlded by ¢weratlon* 771 566 943 614 ANALY81S OF CHANGES IN NET FUNDS Al 1.1.24 Cash flow A131.12.24 Net ca•h Cash al bank 1381927 961618 400 309 1361927 961618 400 309 Dobt Debts falling due wlhln 1 year 100961 144,861 100,961 43,900 Tot•1 1260,966 1005 518 255 448 The notes form part of these financial statements Page 13
THE BRANCH TRUST, CHIPPING NORTON ICIOI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Ba819 of prèparlng th• flnan¢lal $tat•m•nts The financial statements of the charitable company, which is a public benefit entty under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'A¢¢ountsng and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191.. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and Ihe Companies Act 2006. Th8 financial statements have been prepared under the historical cost convenknon. Incomg All income 15 recognised in the Slalemenl of Financial Activities once the charity has entsllemenl lo the funds, il 19 probable that the income 11 be recelved and the amount can be meagured reliably. Expèndttur• Llabililies are recognlsed as expenditure as soon a8 there Is a legal or conslructwo obllgalion committing the charity to that expenditure, St Is probable that a transfer ol economic benefits will be requlred in selllemenl and the amount of the obligation can be measured reliably. Expenditure 18 accounted for on an accruals basis and ha8 been classified under headlngs that aggregate all cost related lo Ihe category. Where costs cannot be directly alldbuled lo particular headings Ihey have been allocated lo activities on a basis consistent wrth the L+se of resources, Tanglble flxod ••sot• Depreciation is provided al the following annual rate8 In order lo write off each a$$g1 over 118 e8limaled uselul life. Fixtureg and fittlngs Computer equlpmenl 5 - 10 ye8r8 straight Ilne Straight Ilne over 3 year8 Taxatlon The charlty is exefflpt from ¢orporalion tax on ils charitable aclbvlll¢$. Fund accountlng Unrestricted fvnds can be used in 8ccordance wrth the charitable oblecllves al the dlscrelion of the trustees. Reslricled funds Cgn onty be used for p4rtiGular Te$tricted purposes wthin the objects of the charity. Regtriclions arise when ¥pecified by the donor or en funds are raised lor particular re8lri¢ted purpoyvJ8. Further explanabon of the nature and purpose of each lund is includ8d In the notes to the financial slalement$. Ponslon costs and other post-rotlromgnt bonofits The charitable company operates a defined contribution penslon scheme. Conlrlbulions payable lo the charitable company's pension scheme are charged to the Slalement of Financial Activities in the period Ic which they relate. Page 14 conunued...
THE BRANCH TRUST. CHIPPING NORTON ICIOI NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS ANO LEGACIES 31.12.24 31.12.23 Gifts and donations Gift aid Grants 538,817 19,919 299.61B 658.104 19.198 487,910 858,354 1,165,212 Grants received, included in the above, are a8 foll¢)W8'. 31.12.24 31.12.23 Sl Mary'$ Church PCC 9ranl8 Redevelopment grants Archlteclural Heritage Fund grants CAF Canada grants E8mee Fairbairn grant Oxfordshire Community Foundallon grants We8t Oxfordshire DC grants Lalng Family Trust grants Thrive Oxford grant PYE Ch8rllable Settlement grants Robert McAlpine Foundation grant Oxfordshirg Community & Voluntary Action grants Chipping Norton Town Council grants A¢TS435 grants Oxfordshlre County Councll grants Paypal Giving Clothworker9' Foundallon PF Charitsble Trust Joseph Rank Foundallon 6.702 796 232,500 50,198 49,802 10,000 10,000 24,330 44,991 100,000 391 2,500 15,000 4,000 1,600 1,345 259 8,820 28,209 5.000 15.000 1.055 230 100,000 25,000 50,000 299,61B 487.910 TRADING AND SPONSORSPIIP 31.12.24 31.12.23 Sponsorships 39.815 INVE3TMENT INCOME 31.12.24 31.12.23 Rents recelved Deposit account interest 32.019 16,787 48,606 46.132 Pag8 15 confjnued...
THE BRANCH TRUST. CHIPPING NORTON ICIOI NOTES TO THE FINANCIAL STATEMENTS- continu•d FOR TklE YEAR E14DED 31 DECEMBER 2024 RAISING FUNDS Raiing donatlon8 and legacles 31.12.24 31.12.23 staff costs Fundraising coats . advertising and promotional Fundrai81ng expen8e8 12,050 7,605 200 5.300 885 32,509 6,385 CHARITABLE ACTIVITIES COSTS Direct Costs Charitable aGtivllle$ 118,833 SUPPORT COSTS Governance osts Other resources expended NET INCOMEIIEXPENDITURE) Nel Incomellexpendilurel Is Staled 8fter charglngllcredllingl.. 31.12.24 31.12.23 Audrtors. remuneralitsn Depfg¢iation- owrd a$sel8 3,900 3,750 TRUSTEES. REMUNERATION ANO BENEFITS There were no trustees, remuneratson or other benefits lor the year ended 31 December 2024 nor for the y8ai ended 31 De¢ember 2023. Trn$tees' gxpgnJg• There were no Iruslge8' expen$e¥ paid for the year ended 31 December 2024 nor lor the year ended 31 December 2023. Page 16 continued...
THE BRANCH TRUST. CHIPPING NORTON ICIOI NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 10. STAFF COSTS 3112.24 31.1223 Wage8 and 8alarie8 Other pension c081s 150,691 4,213 121,368 2,779 154 904 124 147 The average monthly number of employ0&8 during the year was as follows.. 31.12.24 31.12.23 Outreach worker8 Adminslralion No eMoYeeS reeelved emoluments in exet89 of £60,000. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslrlcled Deslgnaled lunds Fund Restricted funds Total lunds INCOME AND ENDOWMENTS FROM Donations and lega¢ie$ 146,344 976,546 42.322 1,185,212 Tradlng and spongorshlp Investment Income 24.815 15,000 39,815 Total 192469 1,001368 1.251159 EXPENDITURE ON Raising fund8 6.385 6,3B5 Charltabl• actlvltlo8 Charltable activities 19,907 8,640 78,103 IL,650 Other 32 73 Total NET INCOMEIIEXPENDITUREI Transfers b•tween fund¥ 95,113 200 992.696 120,8541 200 1,066.955 Net movement In funds 94,913 992.696 120.654} 1,066,955 RECONCILIATION OF FUNDS Total fvnds brought forward 70,900 3,521,567 111,421 3,703,888 TOTAL FUNDS CARRIED FORWARD 165813 4514263 4 770 843 Page 17 ontinued...
THE BRANCH TRUST, CHIPPING NORTON ICIO} NOTES TO THE FINANCIAL STATEMENTS - Continuèd FOR THE YEAR ENDED 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS Impfovements lo propèrty Fixture5 and httings Freehold property Computer equipment Totals COST Al 1 January 2024 Additions 490,000 2.901,932 1,713 995 34,250 4,799 3.430,981 1.793 872 Al 31 December 2024 490 000 4615 927 114.127 S 224 853 DEPRECIATION At 1 January 2024 Charge for year 700 2,199 2,899 At 31 December 2024 NET BOOK VALUE Al 31 December 2024 490 000 4815927 5 196 051 Al 31 Decèmbèr 2023 490.000 2 901932 3 428 082 13. DEBTOR8: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade d•blors VAT 8,230 393 33,791 14. CREOITOR8: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other loans Isee note 151 Trade creditors Social securtty and other laxei Other credrtors Accrued expens•8 144,861 7,042 100,961 8.088 1.101 631 1,548 162,451 110779 15. LOANS An analysis of the maturity ol loans is given below.. 31.12.24 31.12.23 Amount8 falling due WTthln one year on demand.. Oiher loans 144 861 Page18 continued...
THE BRANCH TRUST. CHIPPING NORTON {CIOI NOTES TO THE FINANCIAL STATEMENTS - continu•d FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS Nel movement in lunds Transfers bÈfv4een funds A11.1.24 31.12.24 Unrn8trlct•d fund8 General Fund Designated Redevelopment Fund Operational costs and salaries 184,998 4,514.264 814 10,929 676,695 814 131,7761 34,115 144.151 5,225,074 4,680,076 686.810 2,339 5,369,225 Re8trlct•d fund8 Domestic Abuge Support Work Outreach costs and 5alarie$ Young People Imental Health) Chri8tmas Hampers Fund Ukranian Fund Energy Crisi$ Fund Branch Out Music Community Chef Branch Out Cook Apprenliceshlp Ready Scheme Conneet¢d Communities Nurture Making Homes One Off Support Refundable deposits Icoworkersl Oxfordshlre Community Foundation Fund 9,231 41.599 {2,0211 139,5441 311 551 {2,3501 7.210 2.831 311 1,326 352 400 1,500 8,608 8,308 24,291 778 775 2,702 400 1,500 15,000 1,200 15,000 3,360 18.392) 7,108 9,291 {2431 7,607 266 475 1,200 13,1151 7,607 266 475 1,200 TOTAL FUNDS 4 770 843 671 689 5 442 532 Page 19 continued...
THE BRANCH TRUST, CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEP41ENTS - continuad FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS - eontlnuod Nel movement in funds. included in the above are ag folh)ws'. Incoming regources Resources èxpended Movement in funds Unrnjtrlcted funds General Fund Design81ed Redevek)pmenl Fund Operational costs and salarie$ 2C6,626 712,235 1195.6971 135.540} 814 10,929 676,695 918,861 {232,0511 686,810 R••trlctsd fundj Domestic Abuse Support Work Outreach costs and salaries Young People Imenlal Health) Chrlstmas H8mper8 Fund Ukranlan Fund Commtjnity Chef Branch Out Cook APprenceShIp Ready Scheme Connect•d Communilit8 Nurture Makln9 Homes One Off Support Refundable deposits ICoWorker$l Oxfordshire Cornmunlty Foundation Fund 5,616 10,000 1,250 3,190 {7,637) 149,5441 19391 {2,6391 {2,3501 {6,3921 (2.1671 (5.7091 {2431 12,4931 1341 18801 12,0211 139.5441 311 551 12,3501 18,3921 7,108 9,291 12431 7,607 266 475 1,200 9.275 15.000 10.100 300 1.355 1.200 8,620 8.820 TOTAL FUNDS 984,767 313 0781 671689 Page 20 conts'nued...
THE BRANCH TRLIST, CHIPPING NORTON (CIO) NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS- Contlnuod Comparatives for movemènt in funds Net movement in funds Transfers been funds At 31.12.23 At1.1.23 Unro8tdctsd funds General Fund Designated RedevelDpment Fund Operational cost8 and salaries 70,900 3,S21.567 94,298 992,697 814 1200} 164,998 4.514,264 814 3,592,467 1.087,809 {2001 4.680.076 R•8trlct•d fundB Oome511c Abuse Support Work Outreach costs and salarie8 Young People (Mental Health) Chrfstmas Hampor8 Fund Ukranian Fund WODC Hard8hip Fund Oxfordshlre Communlly Foundation Fund Energy Cri818 Fund Branch Out Mu81C Communlty Chef Branch Out Cook Apprenticeship Ready Scheme Connected Communities 13,617 92,203 987 1,624 785 800 14,3861 151.2041 19871 18491 1,917 {8001 9,231 41,599 600 775 2,702 1,005 400 11,0051 400 1,500 15,000 1,200 15,000 (4001 400 1,500 15,000 1.200 15,000 3.360 111421 200 TOTAL FUNDS 3 703 888 1066 955 4 770 843 Page 21 continued...
THE BRANCH TRUST. CHIPPING NORTON ICIO) NOTES TO THE FINANCIAL STATEMENTS- continu•d FOR THE YEAR ENDED 31 DECEMBER 2024 16. MOVEMENT IN FUNDS- contlnuod Comparative nel movement in fvnds, inGluded in the above are as follows.. Incoming resources Resourcos expended Movement in funds Unre8trlctsd fund• General Fund Designated Redevelopment Fund Operational costs and 8alarles 176.877 1,001,368 184,5791 18,6711 94.298 992,697 814 1,193,837 1IC6,028) 1.087,809 R••trl¢tgd funds Dornestic Abuse Support Work Outreach c081s and salaries Young People (Mental Health) Christmas Hampers Fund Ukranian Fund WOOC Hardship Fund Oxfordshire Community Foundatlon Fund Enèrgy Cilsis Fund Branch Out Muslc Community Chef Branch Out Cook Apprenticeship Ready Schem8 Connected Communities 14,3881 155.3431 19861 16,5051 <4,0001 18001 14,3861 IS1,2041 1987} 18491 1,917 18001 4,139 S,856 5,917 {1,OOSI 11,0051 400 1,500 15,000 1.200 15,000 400 1,500 15,000 5,711 15,000 14,5111 640 57 322 20 8541 TOTAL FUNDS 1251 1S9 184.204 1066 955 O•tsll# of ongolng and ih•lr purpo8• D••lgnat•d R•d•v•lopm•nt Fund Laige and small grants, individu81 glftg Including one-off and regular giving to be used for the redevelopment of 16 Market Place. This fund began lo be drawn down in 2021 and it will all be gpenl during main bulld phase which wlll complete in 2025. Dom•#tlc Abu#• Support Werk Includes gifts from Individuals (with Gift Aidl and grants lo be u¥ed to support Branch prolects for 8urvlvors of domeslbc violence. Used for on-gtsing projects. Outr•ach costs and salarl•$ Includes gifts from individuals and grant$ to cover salaries of Outreach workers and Outreach project C0818. Used lor on-golng prolecls. Young People . Montal H•alth A specific gift from a Trust lo support better mental health and well-being in young people. Will be used for future prcjecls. Chrlstmas Hampor Fund Includes donations for food vouchers and Chri¥lmas Hampers. Page 22 continued...
THE BRANCH TRUST. CHIPPING NORTON ICIOI NOTES TO THE FINANCIAL STATEMENTS- ¢ontinuod FOR THE YEAR ENDED 31 DECEMBER 2024 16. h10VEMENT IN FUNDS - contlnuod Ukranian Fund Support for Ukranban f8mllle8 through language le880ns. houslng 8UPPOrt and other direct 8UPPOrt. West Oxfordshlre DC Hard5hlp Fund Grant lo be used lo support residents with food and essential supplies. Oxford$hlrg Communlty Foundatlon Fund Grant to expand and continue the range ofwelfare operats'ons and prolecls undertaken. Enorgy Cr1818 Fund A donatbon toward8 a881s11ng familleg with rislng fuel cost8. Branch Out Musl Projects to help young people discover new music skills. Comfflunlty Ch•f Sponsorship of the Communlty Khchen al the Branch Br•n¢h Out Cook Healthy eallng, budgellng and Iwe 8kllls course for young people slruggllng to 8ngage wth full time eduGalion. AppreDtl¢o¥hlp Ready Schem• Mentoring, equlpping and In8plring young people 10 81ep Into apprenllceshtps and employment. Connoctod Communitias Funds from Communities First Oxford8hire to provide equlpment for community ba8ed acllvlle¥. Nurturg Providing support workèrs lo lead Iherapeulic nurture se$8lon5 for a child or sibling group, P•laklng Hom Work with the District Council & Houslng Providers lo help digtribute donated Item¥ lo people who have been made homèléss or havè been rehoused after a tile in a refuge or prison. Ono Off Support Dislribullon of 8mall grants lo Indlvldual8 In need of help from funds don8led vla the Acts 435 onllne giving charity. Rgfundablg deposlts Icoworkersl Thls fund holds rent deposits refvndable to Co Workers renllng work$paGe at the Branch. 17. RELATED PARTY DISCL08URE3 The Branch Trust was fomied out of the work of Sl Mary's Church, Chipping Norton PGC Iregislered charity no. 11320701. The charities have geveral Trustees in common. During the year St Mary's, Chipping Norton advanced £43,90012023.. £100,961), provided for cash flow for the payment of build ¢0s1¥. The loon balance al 31 DeGember 2024 was £144,861 12023.. £100,961}. This loan is interest free, has no fi'xed repayment dale and is un3ecured. Page 23
THE BRANCH TRUST. CHIPPING NORTON (CIO) DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENOED 31 DECEMBER 2024 31.12.24 31.12.23 INCOME AND ENDOWMEMTS Donatlon¥ and1ogaclo5 Gffts and donations 538,817 19,919 299.618 658,104 19,198 487,910 Grants 858,354 1,165,212 Trndlng •nd •pon•ornhlp Spon80rships 77,607 39,815 InvKtm•nt Incom• Rents CeIVed Depogil account interest 32,019 46,132 Total Incomlng ro8ouY¢&• 984,767 1.251,159 EXPENDITURE Ral•lng donatlon• and l•gacl Wages Fundraising co8t8- advertislng and promotional Fundraislng expènses 12,050 200 7,605 5.300 885 32.509 6,385 Charltabl• ¥Gtlvltl•• Wages Sundrieg Course and craft resoureès Food and hampers Expenses paid by PCC Storage co$1$ 85,383 70.135 88 18,267 ,142 375 31,750 118.833 106.650 Stspport co•ts Governance costs Wages Pension$ Audilor5' remuneration Rale5 and water Insurance 53,278 4,213 3,900 2,601 7,837 7,051 813 79,693 51,033 2,779 3.750 790 332 935 59,619 Telephone and intemel Carried forward Thls page not form part ofthe statutory financial statements Page 24
THE BRAMCH TRUST, CHIPPING NORTON {CIOI DETAILED STATEPAENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Gov•manc• costs Brought fOard Postage and slalionery Sundries Accountancy and legal fees Subscripllon5 Travel and subsistence Computer and web8ile costs Staff training and gifts Repairs and maintenance Cleaning costs Bank charg&s Irrecoverable VAT Fbxlufes and fittings depreciation Computer equlpment depreGlatlon 79,693 1,102 9,548 10,550 183 59,619 162 2,697 2,500 174 101 3.469 1.347 22,682 5.222 388 2,880 135 3,451 24,333 126 11,326} 700 161.736 Total re80urcès èxpended 313078 184204 N•t Sncom• 671689 1066 955 This page does not fomi part of the statutory financial statements Page 25