## 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,
- a. the provision and maintenance of facilities for public worship,
- b. the provision of ministers and others for the conduct of public worship, outreach and provision of pastoral care,
- c. outreach and evangelisation, and
- 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of this clause 3d to be construed in accordance with the Church of England (Worship and Doctrine) Measure 1974 as originally enacted.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.
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