Charity registration number 1191763 **OXFORD EVANGELICAL PRESBYTERIAN CHURCH ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** Version 6 - 030925 ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Rev Andrew Young Dr Neil Martin Rev Thomas Hutchings Mr James Horgan **Charity number** 1191763 **Principal address** Northgate Hall 18 St Michaels Street Oxford OX1 2DU **Auditor** Xeinadin Audit Ltd 5 Robin Hood Lane Sutton Surrey SM1 2SW **Bankers** Barclays Bank plc 54 Cornmarket Street Oxford OX1 3HB **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 -4| |Auditor’s report|5-7| |Statement of financial activities|8| |Balance sheet|9| |Statement of cash flows|10| |Notes to the financial statements|11-24| ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The Trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the church's constitution, the Charities Act 2011 and "Accounting 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 (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The object of the church is the advancement of the Christian faith for the benefit of the public in accordance with the Statement of Faith appended to our Charity constitution. Oxford Evangelical Presbyterian Church is a fellowship of Christians committed to following Jesus Christ. As a Biblebased Church, we take scriptures of the Old and New Testaments as our rule of faith and practice. As an Evangelical Church, we are centred on the good news that Jesus Christ has come into the world to save people from their sins and to restore them to a relationship with God. As a Presbyterian Church, we uphold a representative form of Church government, and our beliefs and teaching are in line with our historic subordinate standard – the Westminster Confession of Faith and its associated Catechisms. We are a friendly Church, welcoming anyone who wants to follow, or to find out about following, Jesus Christ. We meet regularly for public worship, Bible study, and prayer, as well as holding events designed to strengthen our communal life and welcome newcomers. We seek to relieve conditions of need or hardship wherever possible in line with biblical principles. ## _Public benefit_ The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the church should undertake. To assist us in the discharge of our responsibilities, on 24[th] June 2024, the trustees attended a dedicated trustee training event arranged by the Charity Lawyers who assisted us with the CIO registration, EllisFermor and Negus. ## **Significant Activities and Achievements Against Objectives** The Church meets for the public worship morning and evening every Sunday and for Bible study and prayer on Thursday evenings. These meetings are generally led by our Minister, Rev Andy Young, assisted by our elders Rev Tom Hutchings and Rev Dr Neil Martin. Giving other men the opportunity to serve the church and exercise ministry gifts by leading and preaching is an important element of the opportunity that stands before us in Oxford to advance the Christian Faith, and we have been delighted to include doctoral students and others with ministry gifts in our teaching programme. The church has continued to hold events for fellowship and community-building this year including ‘bring and share’ lunches, women’s Bible studies and meet ups, men’s get-togethers, a youth group, regular children’s Sunday clubs, and a very-well-attended children’s holiday club. The church continued to offer an exciting range of women’s events in 2024, directed by our women’s worker, Robin Price, and including Bible studies, social events, and an overnight retreat. The church also continues to be deeply involved in student ministry and outreach, through our growing student ministry ‘Rooted,’ and also through collaboration with Christian student groups in the city. Oxford intercollegiate Christian Union have continued to use our building, the North Gate Hall, for their regular Wednesday night ‘Equip’ events, as well as for morning prayer meetings, Friday lunchtime evangelistic talks, freshers’ welcome events, and as a base for their annual week of outreach – ‘The Main Event’. The church also continues to actively support the work of a local charity called B-Less which recruits and deploys graduate students as mentors and encouragers among undergrads. - 1 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ Oxford Evangelical Presbyterian Church seeks to support those in need or hardship in various ways – materially where appropriate, and also spiritually. This year we have continued to offer practical and pastoral support to families and individuals in the church, especially those with new babies, those struggling with lack of employment, and those experiencing bereavement. Since becoming a CIO in January 2020, the church has continued to mature operationally, enacting and augmenting the various policies we adopted in the previous year. Our pool of DBS-checked and trained volunteers for children’s activities has expanded, and we have developed formal guidelines for hiring out the North Gate Hall to third parties. Ever since entering into a formal lease for the North Gate Hall in January 2023, the Trustees of the church have been aware of the considerable burden placed not only on our current congregation but on future congregations of Oxford Presbyterian Church by the inherent commitment to annual rent payments. Our prayer has been that, in time, both our own finances and the circumstances of the owner (Oxford City Council) would evolve in such a way that an offer for the freehold might become feasible. In August 2024, during an asset valuation process initiated by the Council, we became aware that they might be open to selling the building and, with significant help from generous external supporters, the church was able to make an acceptable offer later that month. Heads of Terms were agreed in October, and the freehold finally passed into the hands of the church in March 2025. To prepare ourselves for this significant expansion in the scale of the charity’s activities, the Trustees appointed an experienced firm of charity accountants, Xeinadin Audit Limited, to act as auditors and to provide tax advice. The church also launched a professional recruitment process for a full time director of operations. Restoration works on the building continued in 2024 with the much needed refurbishment of the roof, including removal of the original tiles and leadwork; restoration, reinforcement, and – where necessary – complete reconstruction of timber joists and brick pediments, re-levelling of rainwater run-off areas and restoration of gutters and down pipes, and the complete re-tiling and re-asphalting of the main gable and both side gables. Historic damp penetration in several areas, affecting not only the North Gate Hall but also our neighbour, Union House, led to unexpected repairs inside both buildings but we are delighted now to be able to say with confidence that the building is water tight and is no longer causing damage to adjacent properties. ## **Financial review** Total income for the year was £1,020,330 (2023: £609,370) with total expenditure of £1,026,771 (2023: £739,380) resulting in a deficit for the year of £5,766 (2023 deficit of £136,569). Total funds at the end of the year were £407,911 (2023: £413,677) of which £328,325 is unrestricted funds (2023: £346,334) and £79,586 is restricted funds (2023: £67,343). During the year, £505,000 was spent on substantial repairs to Northgate Hall. ## **Reserves policy** It is the policy of the church that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the church’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. ## **Structure, governance and management** The church became a Charitable Incorporated Organisation (registered charity number 1191763) on 1[st] January 2020, and the assets and liabilities associated with its former existence as a charitable trust were transferred to the new entity. The Charitable Trust has now been wound up. The Trustees who served during the year and up to the date of signature of the financial statements were: Rev Andrew Young Dr Neil Martin Rev Thomas Hutchings Mr James Horgan - 2 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## _Recruitment and appointment of trustees_ Trustees with suitable experience are appointed by majority vote at the annual general meeting. Appropriate training and induction is given. The day-to-day activities of the Church are carried out by the Ministers and support staff who report to the Trustees. ## **Principal Risks and Uncertainties** The principal risks to the charity in the coming year are associated with our ambitious restoration plans for the North Gate Hall, requiring resources an order of magnitude greater than our normal operating costs. The Trustees have worked hard to mitigate this risk, securing a facility agreement with a fund administered by National Christian Foundation in the United States that limits our liability to the annual cost of the rent we were paying as lease holders in 2023-24, and limits the length of that liability to 20 years. The building project itself has many associated risks – working with a listed building in a conservation area with requirements to conduct archaeological investigations during any excavation work. Once again, the trustees have worked hard to mitigate these risks by working in close partnership with experienced architects, quantity and party wall surveyors, and local heritage experts. Beyond the extraordinary works taking place on the building, the day-to-day operations of the charity continue to be substantially dependent on external fundraising, and we have continued to cultivate an ever-widening portfolio of funding relationships in order to limit our exposure to changes in circumstances for individual donors. The building project creates many opportunities to raise the profile of the charity with partner churches, trusts, and philanthropists, and we have been able to assemble an exciting programme of fundraising opportunities for 2025-26 which we hope will yield substantial new income, covering operation needs and limiting the extent to which we have to draw on the facility agreement described above. ## **Future Plans** The charity aims to have its new Director of Operations in post by January 2026, who will begin to relieve the significant burden of operations responsibilities that have fallen on our Treasurer and Associate Minister in connection with the exciting property projects we have been given the opportunity to embrace this year. The ministry life of the church is also growing with congregational numbers regularly well over 150 on Sunday mornings and 75 in the evenings, with a particular growth in interest among students, and we are excited to be able to respond by adding another intern position and a one-year assistant minister role. All three of these roles have been provided with full, external hypothecated funding for the first year with the result that we anticipate no short-term impact on our financial position. Our desire to maintain at least the Director of Operations role on a permanent basis, however, underlines the importance of continuing to develop the charities fundraising base and we will continue to invest significant resources in cultivating support relationships both locally and internationally **.** ## **Remuneration Policy** One of the key elements of the new Director of Operation’s job description is to chair our remuneration committee, implementing best practice in salary planning and administration (focussing on performance management, pay reviews and benchmarks, expenses and benefits, compliance and disclosure, and affordability for the medium/long term). The trustees have committed to a major review of our senior minister’s pay and benefits in 2025-26 to ensure that the plan we developed in consultation with the Charity Commission to gradually transfer equity in the churchowned property where he lives with his family to him as a benefit in kind is properly funded. ## **Fundraising policy** All fundraising is carried out in compliance with best fundraising practice and follow traditional methods. During the year, no professional fundraisers were employed, and no complaints or criticisms were raised concerning our fundraising activities. - 3 - ## ## ## ## ## ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **AUDITOR’S REPORT** ## **TO THE TRUSTEES OF OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **Opinion** We have audited the financial statements of Oxford Evangelical Presbyterian Church (the “Charity”) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available for small entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 misstatement of this other information, we are required to report that fact. - 5 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **AUDITOR’S REPORT** ## **TO THE TRUSTEES OF OXFORD EVANGELICAL PRESBYTERIAN CHURCH** We have nothing to report in this regard. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: - adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of the trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment, financial reporting legislation and health and safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. - 6 - OXFORD EVANGELICAL PRESBYTERIAN CHURCH AUDITOR'S REPORT TO THE TRUSTEES OF OXFORD EVANGELICAL PRESBYfERIAN CHURCH We determined that the principal risks were reL4led lo managerr*nl bra5 in accounting eslimales, presenlalK)n of separately disclosed items and management overrKle of controls. In response lo the risks ￿￿enI[fied we designed prtxedures which itKluded. bul were not limited lo challenging SKJnilieanl accounting eslimales. agreeing financ￿1 slalemenl disclosures to underlyin9 SUPPOrting documenlalion. idenlfying and testing jouinal et)lries. ieviewing Trustees, minutes and evaluating the charity's internal controls. There are inherent Iimilalions in the audrt procedu￿$ described above The more Temoved that laws and regulations are from financial transactions, the less likely rt Is that we would beeome aware of non-complianee. Material mi$$tatements that arise due to fraud can be harder lo delect than those that arise from error as they may Involve deliberate concealment or collusK)n. A further descnption of our responsibilrties for the audit of the financi81 statements is located on the Financial Reporting Council's website al." www.frc.org.uklaudilorsresponsibilrties. This descriplitin forms part of our audrtor's report. Other mattorn The financial slalements fof the year ended 31 December 2023 were not audited Use ofour rnport This report is made solely lo the Charty's trustees, as a Lvjy. in ac￿rdance vthh Part 4 of the Charrties (Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might Slate lo the Charty's Iruslees those matters we are ￿qui￿ lo stale to them in an auditor's report and for no other purpose. To the fullèst extent permrtted by law. we do not accept or assume responsibilty lo anyone other than the charity and the Chanly's Irusleès as a body. for audrt work. for this report. or for the opinions we have fomed. Xeinadin Audil Limited Slalutory Auditor Chartered Accountants S Robin Hood Lane Sutton Surrey SM1 2SW Date, tè tszs Xeinadin Audit Limrfed is eligible for apFoinI￿nI as audit¢Yof Ihg tharity by virtue ol ils eligibility for appointment as audilorola company under sectw 1212 oflhe CoMpan￿S Act 2006. ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**Notes**
**Income from:**
Donations and legacies
3
Other income
4
**Total Income**
**Expenditure on:**
Charitable activities
5
Fundraising activities
7
**Total Expenditure**
**Net**
**income/(expenditure)**
Transfers between funds
Other recognised gains and losses
Exchange gains
/(losses)
**Net movement in funds**
Reconciliation of funds
Balances at 1 January
2024
**Balances at 31 December 2024**|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
514,912
499,750
1,014,662
364,709
244,303
609,012
5,668
-
5,668
358
-
358| |---|---| ||**520,580**
**499,750**
**1,020,330**
**365,067**
**244,303**
**609,370**| ||355,257
639,404
994,661
297,167
428,440
725,607
30,865
1,245
32,110
13,773
-
13,773| ||**386,122**
**640,649**
**1,026,771**
**310,940**
**428,440**
**739,380**| ||**134,458**
**-140,899**
**-6,441**
**54,127**
**-184,137**
**-130,010**
(153,142)
153,142
-
199,285
(199,285)
0
675
-
675
(6,559)
-
(6,559)| ||**(18,009)**
**12,243**
**(5,766)**
**246,853**
**(383,422)**
**136,569**
346,334
67,343
413,677
99,481
450,765
550,246| ||**328,325**
**79,586**
**407,911**
**346,334**
**67,343**
**413,677**| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities - 8 - ## ## ## ||||**2024**|||**2023**|| |---|---|---|---|---|---|---|---| ||**Notes**||£|£|£||£| |**Fixed assets**|||||||| |Tangible assets|**12**|||839,213|||854,628| |**Current assets**|||||||| |Debtors|**13**|178.350|||46,345||| |Cash at bank and in hand||171 245|||153.121||| |||349,595|||199,466||| |**Creditors: amounts falling due within one**|**14**||||||| |**year**||(1681695)|||(201740)||| |**Net current assets**||||180.900|||1781726| |Total**assets less current liabilities**||||1,020.113|||1,033,354| |**Creditors: amounts falling due after**|||||||| |**more than one year**|**15**|||(6121202)|||{619677)| |**Net assets**|**21**|||**407 911**|||**413 677**| |**Represented by**|||||||| |Restricted income funds|**19**|||79,586|||67,343| |Unrestricted funds|**20**|||3281325|||3461334| |||||**407 911**|||**413 677**| |The financial statements were approved by the|Trustees on_....?) ..(.J9_**_._**_l_
_.a._
**02.**||||||| |~,r~~||Dr Neil Martin|||||| |**Trustee**||Trustee|||||| ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**Notes**
**Cash flows from operating**
**activities**
Cash (absorbed by) generated
from operations
**Investing activities**
**24**
Purchase of tangible fixed assets
Interest received
Bank loan repayment
Loan advanced
Bank loan advanced
**Net cash generated (used in)/**
**generated from financing**
**activities**
**Net (decrease)/increase in cash**
**and cash**
**equivalents**
Cash and cash equivalents at beginning of
year
**Cash and cash equivalents at end of year**|**2024**
**£**
**£**
28,154
(4,195)
1,196
(2,999)
(7,031)
-
-
(7,031)
18,124
153,121
171,245|**2023**
**£**
(829,167)
-
0
100,000
526,263|**£**
(103,767)
(829,167)
626,263
(306,671)
459,792
153,121| |---|---|---|---| - 10 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **1. Accounting Policies** ## **Charity information** Oxford Evangelical Presbyterian Church is a Charitable Incorporated Organisation governed by a constitution dated 12 October 2020. The principal address is Northgate Hall, 18 St Michael Street, Oxford OX1 2DU. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the church's Constitution, the Charities Act 2011 and "Accounting 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 (FRS 102) (effective 1 January 2019)". The church is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the Trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. - 11 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ Expenditure is classified 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 each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis: Freehold land and buildings Functional property - not depreciated Leasehold premises Over term of the lease from January 2023 Fixtures and equipment 20% Straight Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. The Freehold property represents a Church manse occupied by the Minister and in the opinion of the Trustees no depreciation is required in these accounts as any charge is considered to be not material, on the basis that the asset has either a very long useful life or a residual value, based on its current value, which is not materially different from its carrying value. ## **1.7 Impairment of fixed assets** At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Financial instruments** The church has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the church's balance sheet when the church becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest - 12 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic Financial Liabilities**_ Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the church’s contractual obligations expire or are discharged or cancelled. ## _**Non basic financial instruments**_ Equity linked loans are not basic financial instruments. The liabilities are initially recognised at fair value on the date the contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in income/(expenditure) for the year ## **1.10 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the church is demonstrably committed to terminating the employment of an employee or to providing termination benefits. ## **1.11 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **2 Critical accounting estimates and judgements** In the application of the church’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 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 current and future periods. - 13 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **3** . **Donations and Grants** |Donations and Grants
Donations and Grants
Gifts and donations
Grants (UK)
Grants (USA)
Building Grants (USA)
Ministerial Grants (USA)
Gifts for Manse deposit|**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
**Unrestricted**
**Funds**
**Restricted**
**Funds**
**Total**
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
514,912
499,750
1,014,662
364,709
244,303
609,012| |---|---| ||74,124
4,820
78,944
79,286
63,793
143,079
5,742
109,739
115,481
-
-
-
435,046
-
435,046
285,423
-
285,423
-
260,693
260,693
-
45,982
45,982
-
124,498
124,498
-
-
-
-
-
-
-
134,528
134,528| ||514,912
499,750
1,014,662
364,709
244,303
609,012| ## **4. Other income** |Investments
Bank interest
Other
Hire of premises|**Unrestricted**
**Funds**
**Unrestricted**
**Funds**
2024
2023
£
£
1,196
358
4,472
-| |---|---| ||5,668
358| 14 ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **5. Expenditure on Charitable Activities** |**5. Expenditure on Charitable Activities**|| |---|---| |Ministry costs
Staff costs
Outreach and other activities
Church and Manse expenses
Rent of church premises
Repairs to premises
Professional fees (premises)
Church premises running costs
Ministers' housing costs
Other repairs and maintenance
Office expenses
Travel expenses
Governance costs: audit and accountancy fees
Other legal and professional fees
Bank charges
Depreciation|2024
2023
Unrestricted
Restricted
Total
Total
£
£
£
£
51,326
66,182
117,508
109,238
30,788
-
30,788
19,902
145,000
-
145,000
147,524
0
470,631
470,631
184,662
0
79,371
79,371
131,570
8,674
-
8,674
3,503
40,639
23,220
63,859
54,452
14,477
-
14,477
11,804
12,120
-
12,120
15,426
5,991
-
5,991
5,115
8,821
-
8,821
4,440
17,477
-
17,477
26,243
334
-
334
289
19,610
-
19,610
11,439| ||355,257
639,404
994,661
725,607| Audit and Accountancy fees includes £7,200 of audit fees (2023: Independent Examination fees of £4,440) 15 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **6. Support costs** Included in Expenditure on Charitable Activities (note 5) are the following Support Costs: - |Governance
Accountancy and Audit
Trustee Training
Other
Recruitment costs and
payroll administration
Insurance
Bank charges
Ministers' Housing|**Unrestricted**
**Restricted**
**2024**
**Total**
£
£
£
8,821
-
8,821
900
-
900
5,630
-
5,630
2,001
-
2,001
334
-
334
40,639
23,220
63,859
58,325
23,220
81,545|**2023**
**Total**
£
3,780
-
2,396
2,169
289
54,452| |---|---|---| |||63,086| ## **7. Expenditure on Fundraising activities** |Fundraising activities
Travel costs
Grant processing|**Unrestricted**
**Restricted**
**2024**
**Total**
**£**
**£**
**£**
19,761
-
19,761
11,104
1,245
12,349
30,865
1,245
32,110|**Total**
**2023**
**£**
7,551
6,222| |---|---|---| |||13,773| - 16 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **8** . **Employees** The average monthly number of employees during the year was ||**Charitable**|**Charitable**| |---|---|---| ||**activities**|**activities**| ||**2024**|**2023**| ||Number|Number| ||6|5| ||£|£| |Wages and salaries|103,330|98,700| |Employer’s National Insurance|5,372|2,675| |Pension Contributions|8,806|7,863| ||117,508|109,238| There were no employees with annual remuneration of more than £60,000 (2023 nil) Key management personnel remuneration totalled £61,364 (2023 : £62,864) ## **9 Trustees** Rev Andrew Young, a Trustee, was paid a salary of £28,000 (2023: £38,500) plus pension contributions of £5,760 (2023: £3,600) for his role as Minister of the Church and provided with living accommodation at the Church manse. Dr Neil Martin, a Trustee, was paid a salary of £18,675 (2023: £18,000). These payments to Trustees are as permitted in clause 6.2 of the Constitution. Expenses totalling £11,232 were paid to four trustees for travel, manse costs and hospitality. The charity also made payments of £24,889 (2023 - £10,590), for overseas travel and related expenses for two Trustees. ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 17 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **11 Other gains and losses** |**Other gains and losses**||| |---|---|---| ||**Unrestricted**|**Unrestricted**| ||**funds**|**funds**| ||**2024**|**2023**| |Gains/(losses) upon:|**£**|**£**| |Foreign exchange|675|(6,559)| ## **12 Tangible fixed assets** |**Freehold**
**Land and**
**Buildings**
**Leasehold Fixtures**
**Premises** **and**

**Equipment**
**Cost**
**£**
**£**
**£**
At 1 January 2024
740,000
35,000
91,688
Additions
-
-
4,195
At 31 December 2024
**Depreciation and impairment**
740,000
35,000
95,883
At 1 January 2024
-
1,000
11,060
Depreciation charged in the year
-
1,000
18,610
At 31 December 2024
**Carrying amount**
-
2,000
29,670
At 31 December 2024
740,000
33,000
66,213
At 31 December 2023740,000 34,000 80,628|**Total**
**£**
866,688
4,195
870,883
12,060
19,610
31,670
839,213
854,628| |---|---| Freehold land and buildings represent the church manse, 76 Wharton Road, Oxford, OX3 8AJ. Under a Declaration of Trust dated 5 September 2023, the church is the legal owner of 96.77% and the Rev Andrew Young and Mrs Davinia Young the beneficial owners of 3.23%. It is the intention to transfer further equity stakes to the Rev and Mrs Young, for an appropriate consideration. No transfer was made in the year to 31 December 2024. The carrying value of property used as security for the loans is £740,000 (2023: £740,000) - 18 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**13**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**14**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**16**
Other creditors
Deferred Income
Accruals|**2024**
**£**
500
177,850
178,350
**2024**
**£**
7,030
49,628
36,250
75,787
168,695|**2023**
**£**
10,095
36,250
46,345
**2023**
**£**
6,586
7,086
-
7,068
20,740| |---|---|---| Deferred Income represents the balance of funds received in the financial year to cover the cost of one year’s rent of Northgate Hall. £36,250 is attributable to the quarter ending 25 March 2025 (2023: £nil) ## **15 Creditors: amounts falling due after more than one year** |Bank loans
**16**
Other borrowings
**16**
|**2024**
512,202
100,000
£612,202
|**2023**
519,677
100,000
£619,677| |---|---|---| 19 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **16 Loans and overdrafts** |Bank loans – Kingdom Bank
Other loans – Housing Affordability Finance (HAF) Ltd
Payable within one year
Payable after one year
Amounts included above which fall due after five years:

Payable by instalments
Payable other than by instalments|**2024**
**£**
519,232
100,000
619,232
7,030
612,202
619,232
(484,082)
(50,000)
(534,082)|**2023**
**£**
526,263
100,000
626,263
6,586
619,677
626,263
(543,333)
(50,000)
(593,333)| |---|---|---| |||| The Kingdom Bank Loan is secured by a fixed charge with interest charged at 5.8% on the property 76 Wharton Road, Oxford OX3 8AJ for a term of 30 years. The loan with Housing Affordability Finance (HAF) Ltd is a second ranking loan as follows; £50,000 loan secured on the property £50,000 an equity share of 23.17% of a valuation less outstanding principal and interest of any interest bearing loans secured against the property. The HAF loan is made for a period of 10 years to 2033. Interest on the loan of £50,000 is payable at the rate of 2% above the HAF base rate. No interest is due on the equity share loan. ## **17 Financial Instruments** Carrying value of financial liabilities measured at fair value through profit or loss |Equity share loan|2024
£50,000|2023
£50,000| |---|---|---| - 20 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ |**18**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution
schemes|**2024**
**2023**
**£**
**£**
8,806
7,863| |---|---| The church operates defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the church in independently administered funds. ## **19. Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. |Building fund
Ministerial fund
Building fund
Ministerial fund
Manse|Balance at 1
January
2024
Income
Expenditure
Transfers
Balance at 31
December
2024
£
£
£
£
£
28,515
370,432
(550,002)
153,142
2,087
38,828
129,318
(90,647)
-
77,499| |---|---| ||67,343
499,750
(640,649)
153,142
79,586| ||Balance at 1
January
2023
Income
Expenditure
Transfers
Balance at 31
December
2023
332,013
109,775
(324,814)
(88,459)
28,515
118,752
-
(79,924)
-
38,828
-
134,528
(23,702)
(110,826)
-| ||450,765
244,303
(428,440)
(199,285)
67,343| The transfer into the Building Fund in 2024 was to cover expenditure which exceeded restricted income. The transfer from the Building Fund in 2023 was made following the purchase of the church chairs as they are used for a general, and not specific, purpose. 21 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ The transfer from the Manse Fund in 2023 was made following the purchase of the Manse in September 2023. The asset purchased with the funds given for that specific purpose is now used for a general purpose. ## **Building Fund** The fund was set up following the acquisition of a 35 year lease on North Gate Hall, St Michael's Street, Oxford, to fund the repair and renovation of the premises. This includes all legal and professional fees, together with refurbishments and other building costs. ## **Ministerial Fund** A fund set up to finance the salary costs of the second minister and other support administration and ministry costs. ## **Manse Deposit Fund** This fund was set to receive monies for the deposit and other costs incurred in the purchase of a Church Manse. The manse was purchased in 2023, and the fund is now closed. ## **20 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |General funds
General funds|Balance at 1
January 2024
Income
Expenditure
Gains and
losses
Transfers
Balance at 31
December 2024
£
£
£
£
£
346,334
520,580
(386,122)
675
(153,142)
328,325| |---|---| ||346,334
520,580
(386,122)
675
(153,142)
328,325| ||Balance at 1
January 2023
Income
Expenditure
Gains and
losses
Transfers
Balance at 31
December 2023
99,481
365,067
(310,940)
(6,559)
199,285
346,334| ||99,481
365,067
(310,940)
(6,559)
199,285
346,334| - 22 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **21 Analysis of net assets between funds** ||Unrestricted|Restricted||Unrestricted|
Restricted|
Restricted|
Restricted| |---|---|---|---|---|---|---|---| ||funds|funds|Total|funds||funds|Total| ||2024|2024|2024|2023||2023|2023| ||£|£|£|£||£|£| |Fund balances are represented|by:||||||| |Tangible assets|839,213|-|839,213|854,628|-||854,628| |Current assets / (liabilities)|101,314|79,586|180,900|111,383|67,343||178,726| |Long term liabilities|(612,202)|-|(612,202)|(619,677)|-|(619,677)|| ||328,325|79,586|407,911|346,334|67,343||413,677| ## **22 Related party transactions** During the year, the following payments were made to Trustees: - |||**2024**||**2023**| |---|---|---|---|---| ||||**Rev**|| ||**Rev Andrew**||**Andrew**|| ||**Young**|**Dr Neil Martin**|**Young**|**Dr Neil Martin**| ||£|£|£|£| |Salary|28,000|18,675|38,500|18,000| |Social security|2,607|1,322|1,414|430| |Pension|5,760|-|3,600|-| |Proportion of manse owned by||||| |church|96.77%||96.77%|| |Utilities (for manse)|4,975|N/A|920|N/A| |Salary paid to spouse|7,000|6,748|1,750|4,950| See note 9 for the reimbursement of expenses made to Trustees during the year 23 - ## **OXFORD EVANGELICAL PRESBYTERIAN CHURCH** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_ ## **23 Analysis of changes in net debt** |Cash at bank and in hand
Loans falling due within one year
Loans falling due in more than one
year|**At 1**
**January**
**2024**
**Cash**
**Flows**
**At 31**
**December**
**2024**
153,121
18,124
171,245
(6,586)
(444)
(7,030)
(619,677)
7,475
(612,202)| |---|---| ||(473,142)
25,155
(447,987)| ## **24 Cash generated from operations** |
Net expenditure for the year
Adjustments for:
Interest received
Foreign exchange differences
Depreciation and impairment of tangible fixed assets
Movements in working capital
(Increase)/decrease in debtors
(Increase)/decrease in creditors
Cash generated from/(absorbed by) operations|**2024**
**2023**
£
£
(6,441)
(130,010)
(1,196)
-
675
(6,559)
19,610
11,441
(132,003)
24,521
147,509
(3,160)| |---|---| ||28,154
(103,767)| ## **25 Post Balance Sheet event** On 27 March 2025, the freehold of Northgate Hall was purchased, free of borrowings, from Oxford City Council. The purchase price of £3,500,000 was funded with the help of the National Christian Foundation. - 24 -