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2023-12-31-accounts

THE OXFORD GOOD STEWARDS TRUST

Annual Report and Accounts

For the year ended 31 December 2023

Registered charity: 1193525

Page 1 of 11

The Oxford Good Stewards Trust

Trustees Annual Report for the year ended 31 December 2023

Reference and Administrative Information

The Trustees present the report and accounts of the Oxford Good Stewards Trust (“OGST”) for the year 2023. 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

Michael Byrne (Treasurer) Megan Carter From 30[th] August 2023 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 2023, the trustees have met 6 times. Most meetings are online; one meeting was in person. 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,

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.

Page 2 of 11

The Oxford Good Stewards Trust

Trustees Annual Report for the year ended 31 December 2023

Achievements and Performance

The principal tasks of the past year have been to begin to make grants to churches, establish the Oxford Diocese fund, set up a website and continue communications with PCCs.

Grants to churches for gospel growth projects have increased markedly during this year and the number of projects the OGST aims to support has grown also. The number of donations received is modest, but it has been possible to link the donors and receivers in such a way that fellowship in the Gospel can grow.

From a purely numbers standpoint, the largest development in 2023 has been the establishment of the Oxford Diocese Fund whereby PCCs can pool their parish share grants allowing a single donation to be made to the Diocese each month. The procedure which was developed with the Diocese has worked well.

Underpinning all of the work of OGST is communication with PCCs so that OGST understands the needs of PCCs and PCCs help OGST develop its work in fruitful directions. Considerable effort has been made to talk with PCCs during the year. The new website has played an important role in explaining what OGST does.

During the year the policies described elsewhere in the report have been agreed by trustees.

The trustees’ primary aim in 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

During this year the primary operational costs have been the bank charges, website maintenance and the cost of an independent examination of the accounts. Construction of the website by an external supplier was largely 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.

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, web site maintenance 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.

Page 3 of 11

The Oxford Good Stewards Trust

Trustees Annual Report for the year ended 31 December 2023

Declaration

The Trustees approved the Trustees report above on 6[th] March 2024. Signed on behalf of the charity’s Trustees by:

Trevor Rayment, Chairman

Mike Clark, Secretary

Page 4 of 11

The Oxford Good Stewards Trust

Independent Examiner’s Report to the Trustees of The Oxford Good Stewards Trust

I report on the accounts of the Oxford Good Stewards Trust (“the CIO”) for the year ended 31 December 2023, which are set out on pages 6 to 11.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of both the Association of Chartered Certified Accountants (ACCA) and the Association of Charity Independent Examiners (ACIE), both of which are listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. Accounting records were not kept in respect of the CIO as required by section 130 of the Act; or

  2. The accounts do not accord with those records; or

  3. The accounts do not comply with the applicable requirement concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jason Foxwell FCCA FCIE

Independent-examiner.net 39 Enfield Road, Poole, BH15 3LJ

13 March 2024

Page 5 of 11

The Oxford Good Stewards Trust

Statement of Financial Activities for the year ended 31 December 2023

Notes
Income
Income from churches
Income from personal donors
Tax recovered
Other income
Interest on savings/investments
Total income
Expenditure
Parish Share paid to Oxford Diocese
Grants to projects
Bank charges
Governance
Other administrative costs
Total expenditure
Net income
Transfer between funds
Total funds brought forward
Total funds carried forward		 Un-
restricted
Restricted
(Parish
Share)
Restricted
(Other)
Total 2023
Total 2022
£
£
£
£
£
3,000
397,039
47,000
447,039
5,000
857
0
857
1,000
150
0
150
0
0
0
0
0
53
53
6
4,060
397,039
47,000
448,099
6,006
397,039
397,039
0
0
47,000
47,000
5,000
60
60
81
525
525
0
310
310
851
895
397,039
47,000
444,934
5,932
3,165
0
0
3,165
74
0
0
0
0
0
1,058
0
0
1,058
984
4,223
0
0
4,223
1,058

Page 6 of 11

The Oxford Good Stewards Trust

Balance Sheet as at 31 December 2023

Notes
Fixed Assets
Tangible Assets
Current Assets
Debtors
Cash at bank
Creditors: due within 1 year
Net Current (Liabilities)/Assets
Total Assets less current liabilities
Creditors: due after more than 1 year
Provisions for liabilities
Net assets
Represented by:
Restricted Funds
4,5
Unrestricted Funds
5
(designated and general)		 2023
2022
£
£
0
0
0
0
4,748
14,898
4,748
14,898
525
13,840
4,223
1,058
4,223
1,058
0
0
0
0
4,223
1,058
0
0
4,223
1,058
4,223
1,058

Page 7 of 11

The Oxford Good Stewards Trust

Statement of Cash Flows for the year ended 31 December 2023

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
2023
Total
2022
£
£
£
£
2,850
(13,000)
(10,150)
13,914
0
0
0
0
0
0
0
0
0
0
0
0
14,898
0
14,898
984
17,748
(13,000)
4,748
14,898

The notes numbered 1 to 6 form part of these accounts.

Signed on behalf of the trustees:

Trevor Rayment (Chair); 6[th] March 2024

Michael Byrne (Treasurer); 6[th] March 2024

Page 8 of 11

The Oxford Good Stewards Trust

Notes to the Accounts for the year ended 31 December 2023

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:

Income

All income is 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

An independent examination fee of £525 has been included in these accounts.

Page 9 of 11

The Oxford Good Stewards Trust

Notes to the Accounts for the year ended 31 December 2023

4. Fund Movements

4. Fund Movements
Fund
Type
Notes
Parish Share
Restricted
Project APP
Restricted
Project BAN
Restricted
Project HYT
Restricted
Project SLH
Restricted
Project WFP
Restricted
General
Unrestricted
Total Restricted
Total Unrestricted
Total		 Balance
1st Jan
2023
Transfers
Income Expenditure
Balance
31st Dec
2023
£
£
£
£
£
0
0
397,039
397,039
0
0
0
0
0
0
10,000
10,000
0
0
0
4,000
4,000
0
0
0
30,000
30,000
0
0
0
3,000
3,000
0
1,058
0
4,060
895
4,223
0
0
444,039
444,039
0
1,058
0
4,060
895
4,223
1,058
0
448,099
444,934
4,223

5. Analysis of Net Assets between Funds

Notes
Restricted Funds
Parish Share
Project APP
Project BAN
Project HYT
Project SLH
Project WFP
General Funds		 Tangible
Fixed
Assets
Current
Assets
Current
Liabilities
Loans Due
after 1
year
Total
£
£
£
£
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,748
(525)
0
4,223
0
4,748
(525)
0
4,223

Page 10 of 11

The Oxford Good Stewards Trust

Notes to the Accounts for the year ended 31 December 2023

6. Reconciliation of net income/(expenditure) to net cash flow from operating activities

Notes
Net income/(expenditure) for the reporting period
(as per the Statement of Financial Activities)
Adjustments for:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Transfers between funds
Net cash provided by (used in) operating activities		 Unrestricted Restricted
Total
2023
Total
2022
£
£
£
£
3,165
0
3,165
74
0
0
0
0
(315)
(13,000)
(13,315)
13,840
0
0
0
0
2,850
(13,000)
(10,150)
13,914

Page 11 of 11