Charity No'.1195535 THE SPURGEON OAKIANDS CHARrrABLE TRUST Report and Finaneial Statements For the year ended 31 December 2024 Tho Spurgeon Oaklands Charllal)l• Trust Tr￿t￿$. R•port for th• y￿r •nd•d 31 O•c•mb•r 2024 Stalus and ObJoctlve• The SpLryeon Oaklands Chaiitable Trust flhe Trusf) was ¢onsthule(I by a trust deed dated 31 May 1994 was ￿gIStered chanty. numbw 103WS. Tr Charty is r85iStered in Er¥Jland and Waks. Al 1 January 2022 the Charity COMMe￿ed operth'ng as a Charitable IrKorporaled Organisati)n ICIO), number 1195535 wf*n the ￿1vIti.8$ arKI as$el$ and liabilitTres were taken over. The CIO'S address continues to be." 32 (Jueens Ro￿. ReadiNJ. BerksYMie RG14AU. Trus*•s The Trustees vtho ser¥ed year ended 31 December 21T24. wilh subsequent changes. are as fdlows.. R D Higjs Rev J C Fung P J Nixon CBJO L C Ead8S Those •fvising the CIO'S Twstees ¥e'. Ind•pond•nt Examln•r Fk*her Wheelhouse of BDO LLP. Biidgewater House. CO￿{er9￿P. Bristol. BS16BX F*ld Sèymour Pathes LLP, 1 Lonthn StreeL Reading. Berkshire. RG14PN Sollcltors Structur•, Govemance and IAanagwnont The Spurgeon Oaklands Chaiitable Tnjst Was registued as a CIO on 16 August 2021 and conmnenced operating from 1 January 2022 follovitng the Irartsfer of the activrties and a5se15 and Irabili¢*s of the registered charity. nLxnber 1039625 of the sfft name. The Trustee5 continue to hokj the uiginal lund an(1 i￿ome I￿om, and upl￿ the foll0v￿n9 objects under the CIO Foundatv)n Ccnsbluti¢)n.' To rÈsidtnlial accommodatbJ) for nèedy Christian l￿daIned MiristeTS and lay workers and their familie$ ty reason of theK age, sickness, infvmty, di5abih'ty. poverty or social and economtc circumstance5 With prim*y ￿l$ideratiOn being grven {bth alvrdys without limitation upon the Tru5tees' ab50krte th's¢relion) to those nominated by the Retired Bapttst Ministers HousiThJ Soc*ty Lyntted. To provlde finwKial assistance *xl siwwt by way CA ￿ Of othephise such temis as the Tiustees shall in thwr sde disuetion wisider apwopriate to such persons as or were occupants of Oaklands ary other woF*rty part of the Tntst Furxl>. To hold in trust, and make avalabk, S￿P￿S income for each of the folowing in the proportions set OPP05*e thew n*nes akvays wthout limitatim on tr* TrLvJlee$' absolute ¢Jis¢retw)n). Regenl's P¥k Baptist Colege, Pusey Street. Oxford SpLrgeon'3 ¢￿Id Care. 30 Mill Street. Bedlord Spwgeon's College. ScAth NoThvood. LcK)don 10% 10% 10% The Spurgeon Oaklands Charitable T￿￿t Trusts•s' R•port for th• year end•d 31 D•c•mb•r 2024{contin￿dI Structure. Govomanea and manag￿￿8Tht (¢onllnwl Such charitable purpose or wrposes as shal be nominated by the P￿$￿J￿t for the time being ot. The Baptist Union of Great Britain Southem counb.es 8aptist AssocHI Wesl Midland Baptsst Association 30% 20% 20% No expenses were reimbursed to the TNstees thmg Ihis orlhe preNry￿S y￿. No remuneration was wd to the Trustee5 this or the prevI￿S year. The CIO FOundat￿n Conststikn stipulates lh* thwe slv)ukl be a minimum of 5 Iruslees. The recruibment of trustees follows an agreement as to the tTrferred Sk￿15 required and Ihen plans are made to approaeh suitable eontacts. There are no 0s￿nI plans to inuease the number of trustees. sk as9•59rn•nt The Twstees have exami)eil the rnai￿ risks to *knich the CIO 1$ exposed. in partiular th￿8 related to the operaticffls and finances of the CIO. The CIO does not enter into Complex fmancing arrangements or provide any guarantees in tyder to ensure Ihat these potential iisk areas are avoided. There is no in¢entive on the Tnjstees to wegenl a tsased fmancial pidwe. There is a risk that an ￿Crease in bad debts WKI wcyerty voi¢ts in Ihe current ffinancial siluation coukl impact the CIO. The Twstees MC￿11(￿ ¥oid5 and rent payments lo ensure that early warnings are provided to enabk appropriate acti￿$ to be tsken. As part of tr*ir going w)cem revi8W the Trustees have stress tesied this F*)ssiblty we confident that they have Sufficient resouices available. There is a risk that in¢reased regulations require I￿reased staThJards for housiThJ accommodat￿￿. The Trustees have a policy of re4iev•irg the C￿d￿lon of each flat on changes of tenant to undertake any upgrale work thal appears to be necess¥y. Thls red￿ this risk. Golng Concern At the end of September 2025 Ihe CIO h*1 apF*oxinately £313.000 of cash available, approximatdy £200,IKJO of which was avatsble for general use. The ￿Ma1nder has been designated by Ihe trustees for the pwposes as tyjth.ned in note 1f. The Trustees have prepared a stress test and this confirms that sh¢)uld no furlher irKcxne be recei¥ed, the CIO 1$ atAe to meet its liabilities as Ihey fall due for at kast ¥nOtt￿ 12 nwnth$ the date of apwoval of the financial stalemenls. The Spuryeon Oaklands Charltable Trust Trust••s' R•port for tho year •ndod 31 D•combor 2024 {¢onlinu•d) Obioclivos and A¢￿v￿1￿ lorth• b•Mfft Wherever posgble the CIO attemFts to let thè lats to those qualfy thè Charitable objectives crf the CIO. FoUThwing a revie4V of the cKcurns￿ces of Its indrvidual tenants, modest increases in rents were made. The tgnanl$ nwl the thari￿le objecbves of the CIO ¢onts'nue lo receive the b8neffl of rents ￿t we wel below maJ*et rates. The managern￿t ontribLrtion to the O*lands (Reathigl M•a9emwrt Associalion Limrted {Management A8$cKiationl was £12,602 lo cover routine maintenance. insurance etc. The CIO has arrangements V•ith the Management Asso¢iatk)n *Atsreby the Management Association holds the Head Lease for all flat5 arKJ al the gar￿e$. The seven ftats are let to the CIO under the terms of Uthyedeasès. charges aThJ ¢￿rt￿de maintenance are payable lo the Managemenl Association. arrarye insurancè cover. A¢hl6vèments and P•rfomi During the year all of the seven l*s *re ￿ Al one are let on twms. Surplus income can be distributed to the wcific charities as set out in the CIO FoLmdalion Constitulit)n al the discretion of the T￿￿tee8. At a meeb'ng 2024 the Truslees resolved to make no distribulions from 2024 due to the sthtsntial expeTrJilure that ￿11 need to be made on refuth"$hing Ihe windows oflhe llats. Financlal Rtview and r•s•nw$ polcy Tax ststus.. The CIO 1$ exemFrt from taxatK*n on and capital gains to the extent thal funds are applied for charitable purp)se$. The CIO obtsins Ils Ir￿ pmcipally from rents and frc the preM￿m$ on lease extensK)n$. ReseNes: At 31 December 2024 Ihe Twstees have de5ignateil reserves of £1.610.572 (2023: £1,616,774) for the hol(*'ng of propefties lo be occwied by tenants who we retired fun lime Christian w0￿er$ let at ￿jeh rents a5 their means make wxtKal. or where no charilabje ten￿1 can be found the propèrties are let at ful market ￿rtI and 18t to the OaklaTrJs (Reathr¥J) Management Association Ltd are at an agreed market rent. The designated funds comprise the value of the ryvjirol Charilab￿ settkment, the amoLmt realised from the premiums on lease 8Xtensions. and the surpfus upon revahjation and provisii for replacement of assets. No funds are ￿ defic The general reserves. exduthng deswJnated reserves. amowtin9 to £1 ￿.818 {2023.. £170,010) are maintained at 8 level lo enat4e the Trustees to upgrade Ilats as they become vacant so that all we maintained in a good state of repair. tt is also ￿tIcipated that substantial fl￿re expendilwe will need to be m&Je on re￿￿bIshIng ihe of the Ilat& This expenditure *ill be planned orKe the detail$ and costiry are known. The Trusteè$ the of Irt￿trn8nt Wopert￿S the valuation made in late 2022 by Haslams, a fimi of Chartered SuNeyor5. The basis of ¥pluahDn 15 their existing use ¢)pen market value. Aftw levie*, the Tnjstees consider thal the ¥a￿allOn contmues lo be appropriate. In consKlering the (listributirm ol •) accordan￿ with Ihe chwilable 0￿.eCts of the CIO. the trustees deaded Mt lo distrknut• any fvnds in 2024. The Spurgeon Oaklands Charitsble Trust Trustsgs, Report for the year ended 31 Dewnber 20241¢ontinued Related party transactions Al day to day man4ement is undertaken by Ihe Twstees using the serv￿$ of an external charty adminTrstrator. No staff are emthed. Plans for Future Perlods It is hoped to r￿Mmence 8 pattem d annual dtstrtiulions to the various charities specif*d in the CIO F¢wndation Constitution in the fulure. No funds are held as custC*Jian trustee on behalf ol others. Trusteès. responslbllttles The Trustees a￿ responsiLle for Frfeparing the Trustees. Re￿ and the financial statements in accordance wrth applicable law and United 1Q.ngdc￿n AccountJ"ng Standards (United Kingdom Ge1w81￿ A£cepted A£count¥ig Practice). Charity law applKable to charities in England and Wales requires the Trustees to prepare rinancial statements for e￿h financial year whKh gNe a true and fair of the State of affairs of the CIO and of the income and eKpendrture. of the CIO for Ihat period. In preparing these financial stslements the Trustees are requyed lo". selèel suitable &coJnting and then apptry them eonsistenty. obseNe the methods and Pri￿lpIeS in the Charities SORP IFRS 102)., make judgements and accounting estimates that are reasonable and prudent". slate whether applicable UK accounting standards have been follch¥ed. subiect to any mat&rial dapartures that musl be disclosed and explained in the financial statements., and prepare the financial statements on the going eoncem basis unless rt ig inappropriate to prasume that the CIO will continue in operakn"on. The Twstees are responsible for keeping prcper xcounling records thal disckjse with reasonable accuracy at any lime the financial position of the CIO enable them lo ensure that the financial ststements c(mply with the Charilies Act 2011. the appI￿able Charities (Accounts and Reports) Regulations, and the provissons of the Fcwndalion Constitution document. They are also resKx)nsible for safeguarding the assets of the CIO and hence for tsking reasonable sleps for the prevention and detection of fraud aThJ other irregulwrties. Signed on behaw of the Trustees P J Nlxon TNstee Date.. The Spurgeon Oaklands Charltable Tntst Ind8p8nd•nt Examin•rfs Report to the Trustees of Th• Spurgeon Oaklands Chwltabl• Trust I report to the trustees on ffly examination of the accounts of The Spurgeon Oaklands Charit*le Trust for Ihe year ended 31 December 2024. which are set out on page$ 1 to 13. This report is made solety to the chall￿s trustees. as a body, in ￿Crfdance wilh Regulation 31 of the Charities (Aecounls and ReFQrtsl Regulaticms 2008. My work has been undertaken so that I might state lo the charivs trustees those matters l am requred to s￿￿e to them ￿ an independent •xaminerfs rep)rt for no other WTFQS8. To the fvlkst extent Fe￿itted by kw. I ikn not actept or assume resp)nsibihty lo afty0￿ other than the charity's trustees as a Lxxly. for my work, for Ihis repor( or for the stat&)wnt I have made. Responslblllti•s and basis for rnport As the chanty trustees ol Ihe CIO you are lesp(￿$th for Ihe preparatKm of the accounts in cordance with the requirements ol the CharIt￿S Act 2011 fthe Actl. I repcyt 41 respect of my examination of the CIO'S acrounts carried out under see￿n 145 of the Act and in carwng oul my examin*"on I have folb7w*J all the W1￿0b1e 0￿￿C￿$ given by the Ch￿rtY Ccffimission under se¢tion 145(5)Ibl of the ACL Independent •xanlner's slatemenl I have compleled my examination. I confm that no makrial ￿￿tter$ have ¢ome lo my attention in Connectic￿ wth thè eXaMina￿n giwng me ¢atsse to bel￿e.. 1. accountin9 records were kept in fespe(* of the CIO as required by s&tK>n 130 of tho Acl., or 2. the accounts (ks rw)l accord Ih¢w Tecrt" 3. the accounts do nol compty wllh the ac¢ounting requirements of Sectb)n 396 of the 2006 Acl other than any requirement Ihat the accounts give a 'true and fw vièw wh￿h is not a matter considered a5 part of ￿ independent examinatK)n'. or 4. the accounts have not been prepared in acco￿a￿e with the mell￿d$ and principles of the Statement of Recommend&J Pr￿t￿ for xcourrting reporting by charities (applicable lo charities weparing their accounts w) aCcOrda￿e with the Financial Reporting StaThJard aWKab18 UK and Rep￿1￿ of Ir8L3nd IFRS 102)). I have no con￿rn$ and have c(￿e across no olheT matters in connection with the examination lo whith attention should te drawn in this report in Order to enable a propw understanding of t 8ccounts to be reachgd. Dc