THE OXFORD GOOD STEWARDS TRUST
Annual Report and Accounts
For the year ended 31 December 2024
Registered charity: 1193525
The Oxford Good Stewards Trust
Trustees Annual Report for the year ended 2024
Reference and Administrative Information
The Trustees present the report and accounts of the Oxford Good Stewards Trust (“OGST”) for the year 2024. 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
| rustees | |
|---|---|
| Michael Byrne | (Treasurer) |
| Megan Carter | |
| 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 2024, 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,
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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 2024
Achievements and Performance
The principal tasks of the past year have been to support existing and find new projects in churches within the Diocese alongside operation of the Oxford Diocese Fund. OGST has continued to communicate with PCCs sharing the experience of others wherever possible.
Grants to churches for gospel growth projects have not been large in size during this year but the number of projects the OGST aims to support has grown with 4 new projects added during the course of the year. 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. Some new projects start without a committed donor church to drive the project and these tend to take longer to get from grant application to first grant.
The value of the Oxford Diocese fund is considerably larger than in 2023 (the fund inaugural year) but the number of contributors has not grown much. A significant development is that increasing numbers of PCCs are using the funds that they set aside as parish share in a more strategic way. Some of the money previously directed to the Diocese is being withheld from the Oxford Diocese fund and directed to the support of other projects. Some but not all of these are projects supported by OGST.
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. The website has played an important role in explaining what OGST does.
During the year the policies described elsewhere in the report have been reviewed 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.
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.
The Oxford Good Stewards Trust
Trustees Annual Report for the year ended 2024
Declaration
The Trustees approved the Trustees report above on 20[th] March 2025. Signed on behalf of the charity’s Trustees by:
Trevor Rayment, Chairman
Mike Clark, Secretary
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 2024, 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:
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Accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
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The accounts do not accord with those records; or
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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
PO Box 9846, Poole, BH15 9JZ 28 March 2025
The Oxford Good Stewards Trust
Statement of Financial Activities for the year ended 31 December 2024
| Restricted | ||||||
|---|---|---|---|---|---|---|
| Un- | (Parish | Restricted | ||||
| restricted | Share) | (Other) | Total 2024 | Total 2023 | ||
| Notes | £ | £ | £ | £ | £ | |
| Income | ||||||
| Income from churches | 0 | 662,388 | 17,417 | 679,805 | 447,039 | |
| Income from personal donors | 0 | 0 | 0 | 857 | ||
| Tax recovered | 0 | 0 | 0 | 150 | ||
| Other income | 0 | 0 | 0 | 0 | ||
| Interest on savings/investments | 68 | 68 | 53 | |||
| Total incoming resources | 68 | 662,388 | 17,417 | 679,872 | 448,099 | |
| Expenditure | ||||||
| Parish Share paid to Oxford Diocese | 662,388 | 662,388 | 397,039 | |||
| Grants to projects | 0 | 17,417 | 17,417 | 47,000 | ||
| Bank charges | 60 | 60 | 60 | |||
| Governance | 575 | 575 | 525 | |||
| Other administrative costs | 247 | 247 | 310 | |||
| Total resources expended | 882 | 662,388 | 17,417 | 680,687 | 444,934 | |
| Net income | (814) | 0 | 0 | (814) | 3,165 | |
| Transfer between funds | 0 | 0 | 0 | 0 | 0 | |
| Total funds brought forward | 4,223 | 0 | 0 | 4,223 | 1,058 | |
| Total funds carried forward | 3,408 | 0 | 0 | 3,408 | 4,223 |
The Oxford Good Stewards Trust
Balance Sheet as at 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible Assets | 0 | 0 | |
| Current Assets | |||
| Debtors | 4 | 0 | 0 |
| Cash at bank | 31,819 | 4,748 | |
| 31,819 | 4,748 | ||
| Creditors: due within 1 year | 5 | 28,411 | 525 |
| Net Current (Liabilities)/Assets | 3,408 | 4,223 | |
| Total Assets less current liabilities | 3,408 | 4,223 | |
| Creditors: due after more than 1 year | 0 | 0 | |
| Provisions for liabilities | 0 | 0 | |
| Net assets | 3,408 | 4,223 | |
| Represented by: | |||
| Restricted Funds | 6,7 | 0 | 0 |
| Unrestricted Funds | 7 | 3,408 | 4,223 |
| (designated and general) | |||
| 3,408 | 4,223 |
The Oxford Good Stewards Trust
Statement of Cash Flows for the year ended 31 December 2024
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| Cash flows from operating activities: | |||||
| Net cash provided by (used in) operating activities | 8 | (764) | 27,836 | 27,072 | (10,150) |
| Cash flows from financing activities: | |||||
| Repayments of borrowing | 0 | 0 | 0 | 0 | |
| Cash inflows from new borrowing | 0 | 0 | 0 | 0 | |
| Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | |
| Cash and cash equivalents brought forward | 4,748 | 0 | 4,748 | 14,898 | |
| Cash and cash equivalents carried forward | 3,983 | 27,836 | 31,819 | 4,748 |
The notes numbered 1 to 8 form part of these accounts.
Signed on behalf of the trustees:
Trevor Rayment (Chair); 18[th] March 2025
Michael Byrne (Treasurer); 18[th] March 2025
The Oxford Good Stewards Trust
Notes to the Accounts for the year ended 31 December 2024
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.
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 £575 has been included in these accounts.
The Oxford Good Stewards Trust
Notes to the Accounts for the year ended 31 December 2024
4. Debtors
| . Debtors | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Debtors | |||
| Trade debtors | 0 | 0 | |
| Amounts owed by associated undertakings | 0 | 0 | |
| Prepayments and accrued income | 0 | 0 | |
| Other debtors | 0 | 0 | |
| 0 | 0 | ||
| . Creditors: due within one year | |||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Creditors: due within 1 year | |||
| Trade creditors | 575 | 525 | |
| Amounts owed to associated undertakings | 0 | 0 | |
| Accruals and deferred income | 0 | 0 | |
| Other creditors (excluding loans/mortgage) | 27,836 | 0 | |
| 28,411 | 525 |
5. Creditors: due within one year
6. Fund Movements
| Balance | Balance | ||||||
|---|---|---|---|---|---|---|---|
| 1st Jan | 31st Dec | ||||||
| Fund | Type | 2024 | Transfers | Income | Expenditure | 2024 | |
| Notes | £ | £ | £ | £ | £ | ||
| Parish Share | Restricted | 0 | 0 | 662,388 | 662,388 | 0 | |
| Project BAN | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project CNY | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project CWY | Restricted | 0 | 0 | 8,667 | 8,667 | 0 | |
| Project HWS | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project HYT | Restricted | 0 | 0 | 3,750 | 3,750 | 0 | |
| Project SLH | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project THA | Restricted | 0 | 0 | 0 | 0 | 0 | |
| Project WFP | Restricted | 0 | 0 | 5,000 | 5,000 | 0 | |
| General | Unrestricted | 4,223 | 0 | 68 | 882 | 3,408 | |
| Total | Restricted | 0 | 0 | 679,805 | 679,805 | 0 | |
| Total | Unrestricted | 4,223 | 0 | 68 | 882 | 3,408 | |
| Total | 4,223 | 0 | 679,872 | 680,687 | 3,408 |
The Oxford Good Stewards Trust
Notes to the Accounts for the year ended 31 December 2024
7. Analysis of Net Assets between Funds
| Notes Restricted Funds Parish Share Project BAN Project CNY Project CWY Project HWS Project HYT Project SLH Project THA Project WFP General Funds |
Tangible Fixed Assets Current Assets Current Liabilities Loans Due after 1 year Total £ £ £ £ £ 14,500 (14,500) 0 0 0 0 0 0 0 0 0 0 13,336 (13,336) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,983 (575) 0 3,408 0 31,819 (28,411) 0 3,408 |
|---|---|
8. Reconciliation of net income/(expenditure) to net cash flow from operating activities
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
(814) | 0 | (814) | 3,165 | |
| Adjustments for: | |||||
| (Increase)/decrease in debtors | 0 | 0 | 0 | 0 | |
| Increase/(decrease) in creditors | 50 | 27,836 | 27,886 | (13,315) | |
| Transfers between funds | 0 | 0 | 0 | 0 | |
| Net cash provided by (used in) operating activities | (764) | 27,836 | 27,072 | (10,150) |