THE OXFORD GOOD STEWARDS TRUST
Annual Report and Accounts
For the year ended 31 December 2022
Registered charity: 1193525
The Oxford Good Stewards Trust
Trustees Annual Report for the year ended 2022
Reference and Administrative Information
The Trustees present the report and accounts of the Oxford Good Stewards Trust (“OGST”) for the year 2022. The accounts have been prepared in accordance with the Charities SORP (FRS102) [ 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) ]. The Trust is a registered charitable incorporated organisation (number 1193525 ) whose principal address is:
7 Colegrove Down, Oxford, OX2 9HT
Structure Governance and Management
The aim of the Oxford Good Stewards Trust is to help grow the Kingdom of God by receiving donations and making grants mostly within the Oxford Diocese.
The trust was registered as a CIO with the Charity Commission on 15 February 2021.
Trustees
John Blackbeard Until 27 January 2022 Michael Byrne (Treasurer) Mike Clark (Secretary) Ralph Hewins Trevor Rayment (Chair)
In accordance with the governing document, the minimum number of trustees is four and new trustees are appointed by a majority of existing trustees following recommendations from supporting churches.
During 2022, the trustees have met approximately monthly via online meetings. All meetings are minuted and any decisions taken via email are recorded in the minutes.
The Object of the Oxford Good Stewards Trust
The object of the CIO is to advance the Christian religion, as this is set forth in the statement of faith, for the benefit of the public residing in the Diocese of Oxford or elsewhere as approved by the Trustees, by supporting, through the making of grants and otherwise,
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a. the provision and maintenance of facilities for public worship,
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b. the provision of ministers and others for the conduct of public worship, outreach and provision of pastoral care,
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c. outreach and evangelisation, and
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d. the promotion of the awareness and understanding of the doctrine of the Church of England. The doctrine of the Church of England is for the purposes of this clause 3d to be construed in accordance with the Church of England (Worship and Doctrine) Measure 1974 as originally enacted.
The Trust is a public benefit entity. The Trustees confirm that they have given due regard to the public benefit guidance published by the Charity Commission. This guidance requires that the charity has identifiable benefits and that these be of benefit to the public or a section of it. The objectives, activities, achievements and performance are required to be summarised in the annual report.
The Oxford Good Stewards Trust
Trustees Annual Report for the year ended 2022
Achievements and Performance
The principal task of the past year has been to begin to make grants in an efficient and transparent manner which gains the support and confidence of those churches that it seeks to support. A small number of donations have been received and grants have been made during 2022. At the same time efforts have continued to communicate the aims and activities of the OGST amongst supporting churches. This has been accomplished by discussions with interested churches, presentations. Towards the end of the year work started on a website for OGST.
During the year the policies described elsewhere in the report have been agreed by trustees.
The trustees primary aim on all things is to bring glory to God and to advance His Kingdom. None of the progress made this year would have happened without God’s help and we give praise to Him.
Financial Review
In the first year the only operational costs have been the bank charges. Construction of the website by an external supplier has been funded by a donation. Donations have been received to support the work at a small number of churches and grants have been made during the year. Trustees are grateful for the generosity of supporting churches.
In view of the minimal financial activity in this year and the income being well below the threshold of £25,000 for which the Charity Commission require an independent examination, the trustees agreed that no independent examination would be carried out.
Reserves Policy
In accordance with best practice, the Trust reserves policy is to hold reserves in the form of net current assets sufficient to cover the equivalent of at least three months of unavoidable operational expenditure. Because grants are only made on receipt of donations and are usually made within a calendar year of the receipt of the grant, the operational costs comprise bank charges and fees for examination of the accounts.
Principal Risks and Uncertainties
The Trustees consider that the principal risk to the work of the Oxford Good Stewards Trust is not financial but a lack of confidence by churches and donors in its work which would mean that the Trust could not meet its objectives. Trustees are investing time and effort to make the operations of the Trust transparent and accountable and are investing time in communications with Churches in the Oxford Diocese.
Safeguarding Policy
OGST has a safeguarding policy and OGST will seek assurances annually from grant receiving bodies that they are actively fulfilling safeguarding legislation as a condition of making or continuing a grant.
Declaration
The Trustees approved the Trustees report above on 24[th] April 2023.
Signed on behalf of the charity’s Trustees by:
Trevor Rayment, Chairman Mike Clark, Secretary
The Oxford Good Stewards Trust Trustees Annual Report for the year ended 2022
The Oxford Good Stewards Trust
Statement of Financial Activities for the year ended 31 December 2022
| Unrestricted | Restricted (Parish Share) |
Restricted (Other) |
Total 2022 |
Total 2021 | ||
|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | £ | |
| Incoming resources | ||||||
| Income from churches | 0 | 0 | 5,000 | 5,000 | 250 | |
| Income frompersonal donors | 1,000 | 0 | 1,000 | 750 | ||
| Tax recovered | 0 | 0 | 0 | 0 | ||
| Other income | 0 | 0 | 0 | 0 | ||
| Interest on savings/investments | 6 | 6 | 0 | |||
| Total incoming resources | 1,006 | 0 | 5,000 | 6,006 | 1,000 | |
| Resources expended | ||||||
| Parish Sharepaid to Oxford Diocese | 0 | 0 | 0 | |||
| Grants toprojects | 0 | 5,000 | 5,000 | 0 | ||
| Bank charges | 81 | 81 | 16 | |||
| Governance | 0 | 0 | 0 | |||
| Other administrative costs | 851 | 851 | 0 | |||
| Total resources expended | 932 | 0 | 5,000 | 5,932 | 16 | |
| Net Incoming resources | 74 | 0 | 0 | 74 | 984 | |
| Transfer between funds | 0 | 0 | 0 | 0 | 0 | |
| Total funds brought forward | 984 | 0 | 0 | 984 | 0 | |
| Total funds carried forward | 1,058 | 0 | 0 | 1,058 | 984 |
The Oxford Good Stewards Trust
Balance Sheet as at 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible Assets | 0 | 0 | |
| Current Assets | |||
| Debtors | 0 | 0 | |
| Cash at bank | 14,898 | 984 | |
| 14,898 | 984 | ||
| Creditors: due within 1year | 13,840 | 0 | |
| Net Current(Liabilities)/Assets | 1,058 | 984 | |
| Total Assets less current liabilities | 1,058 | 984 | |
| Creditors: due after more than 1year | 0 | 0 | |
| Provisions for liabilities | 0 | 0 | |
| Net assets | 1,058 | 984 | |
| Represented by: | |||
| Restricted Funds | 4,5 | 0 | 0 |
| Unrestricted Funds | 5 | 1,058 | 984 |
| (designated andgeneral) | |||
| 1,058 | 984 |
The Oxford Good Stewards Trust
Statement of Cash Flows for the year ended 31 December 2022
| Notes Cash flows from operating activities: Net cash provided by (used in) operating activities 6 Cash flows from financing activities: Repayments of borrowing Cash inflows from new borrowing Net cash provided by (used in) financing activities Cash and cash equivalents brought forward Cash and cash equivalents carried forward |
Unrestricted Restricted Total 2022 Total 2021 £ £ £ £ 914 13,000 13,914 984 0 0 0 0 0 0 0 0 |
|---|---|
| 0 0 0 0 |
|
| 984 0 984 0 |
|
| 1,898 13,000 14,898 984 |
The Oxford Good Stewards Trust
Notes to the Accounts for the year ended 31 December 2022
1. Basis of preparation
Basis of accounting
These accounts have been prepared on an accruals basis in accordance with: the 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) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and applicable charity law.
Change in basis of accounting and Changes to previous accounts
This is the first year of operation for the Trust and the first annual accounts.
2. Accounting Policies
The following policies have been used in the preparation of these accounts:
Incoming Resources
All incoming resources are included in the accounts when the Trust is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is recognised in the period to which it relates.
Expenditure
All expenditure is accounted for inclusive of VAT, which cannot be recovered, on an accruals
basis and has been classified under headings that aggregate all costs related to the category.
Tangible Fixed Assets
Debtors
Debtors are measured at their recoverable amounts.
Liabilities
Liabilities are measured at their settlement amount.
3. Disclosures
There are no material uncertainties about the Trust’s ability to continue. The Trust is a public benefit entity.
Disclosure of Trustees’ remuneration and benefits
In the reporting period none of the Trustees have been paid any remuneration or received any other benefits from an employment with the Trust or a related entity.
Disclosure of Trustees’ expenses
In the reporting period no expenses have been incurred by Trustees in fulfilling their duties.
Disclosure of related party transactions
There have been no related party transactions in the accounting period
Disclosure of audit, independent examination and other financial service fees
No fees have been paid for the examination of these accounts.
The Oxford Good Stewards Trust
Notes to the Accounts for the year ended 31 December 2022
4. Fund Movements
| Fund | Type | Balance 1st Jan 2022 |
Transfers | Income | Expenditure | Balance 31st Dec 2022 |
|
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | £ | ||
| Parish Share | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project APP | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project BAN | Restricted | 0 | 0 | 5,000 | 5,000 | 0 | |
| Project HYT | Restricted | 0 | 0 | 0 | 0 | 0 | |
| General | Unrestricted | 984 | 0 | 1,006 | 932 | 1,058 | |
| **Total ** | Restricted | 0 | 0 | 5,000 | 5,000 | 0 | |
| **Total ** | Unrestricted | 984 | 0 | 1,006 | 932 | 1,058 | |
| Total | 984 | 0 | 6,006 | 5,932 | 1,058 |
5. Analysis of Net Assets between Funds
| Notes Restricted Funds Parish Share Project APP Project BAN Project HYT General Funds |
Tangible Fixed Assets Current Assets Current Liabilities Loans Due after 1 year Total £ £ £ £ £ 0 0 0 0 0 6,000 (6,000) 0 5,000 (5,000) 0 2,000 (2,000) 0 1,898 (840) 0 1,058 0 14,898 (13,840) 0 1,058 |
|---|---|
The Oxford Good Stewards Trust
Notes to the Accounts for the year ended 31 December 2022
6. Reconciliation of net income/(expenditure) to net cash flow from operating activities
| Reconciliation of net income/(expenditure) to net cash flow from operating activities |
Unrestricted | Restricted | Total 2022 | Total 2021 | |
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Net income/(expenditure) for the reporting period(asper the Statement of Financial |
74 | 0 | 74 | 984 | |
| Adjustments for: | |||||
| (Increase)/decrease in debtors | 0 | 0 | 0 | 0 | |
| Increase/(decrease)in creditors | 840 | 13,000 | 13,840 | 0 | |
| Transfers between funds | 0 | 0 | 0 | 0 | |
| Net cashprovided by (used in) operating | 914 | 13,000 | 13,914 | 984 |
Signed on behalf of the trustees:
Trevor Rayment (Chair)
Date 24 April 2023
Michael Byrne (Treasurer) Date: 6[th] June 2023