OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

Charity registration number 208582

Company registration number 59858 (England and Wales)

THE OXFORD HOUSE IN BETHNAL GREEN

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

THE OXFORD HOUSE IN BETHNAL GREEN

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M Judge (Chair)
I Alyas
L Kaur
R Robinson
R Springer (Appointed 18 September 2023)
C Simonsen (Appointed 18 September 2023)
M Ryes (Appointed 18 September 2023)
E Nzaramba (Appointed 18 September 2023)
S Castle (Appointed 18 September 2023)
Company Secretary and Chief Executive J Ryan
Charity number 208582
Company number 59858
Registered office Oxford House
Derbyshire Street
Bethnal Green
London
E2 6HG
Auditor Richard Place Dobson Services Limited
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
Bankers Natwest Bank Plc
Gredley House
1/11 Broadway
Stratford
London
E1 1DU
Solicitors Russell-Cooke LLP
8 Bedford Row
London
WC1R 4BX
Accountant Counterculture Partnership LLP
Unit115 Ducie House
37 Ducie Street
Manchester
M1 2JW

THE OXFORD HOUSE IN BETHNAL GREEN

CONTENTS

Page
Trustees' report 1 - 10
Statement of trustees' responsibilities 11
Independent auditor's report 12 - 14
Statement of financial activities 15 - 16
Balance sheet 17 - 18
Statement of cash flows 19
Notes to the financial statements 20 - 33

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who act as directors for the purposes of company law, present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice- Accounting and Reporting by Charities (SORP (FRS102), second edition issued in January 2019).

The trustees confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity's Commission general guidance on public benefit "Charities and Public Benefit". The Trustees' Report clearly sets out the charitable objectives, our current activities and how they benefit the public.

Objectives and activities

The Charity's objects as set out in our articles and memorandum of association are:

Originally established in September 1884, Oxford House was the first of the university settlements to open its doors. Students and graduates from Keble College and other Oxford colleges undertook a period of residential volunteering to learn first-hand about the realities of urban poverty. Their aim was to provide solutions through social action. By volunteering and creating social action projects such as youth clubs, a poor man’s lawyer service, adult education, labour exchanges, and cultural events, these Victorian pioneers set in motion the pillars of later welfare state provision.

We are still located in the Grade II listed building that was built with donations in 1891 and we remain at the heart of the community in Bethnal Green. We are no longer a religious organisation. As our community has changed so have we.

Today, we are a thriving independent arts, community, and heritage centre based in a marvelous and diverse community. In 2020-21, the board refined the vision, mission, and values of the charity.

Our vision is to ‘ build a harmonious and creative community in Bethnal Green ’ and our mission is ‘ to provide a community-led, inspiring, diverse, and sustainable multipurpose arts space ’.

We do this by using Oxford House, a Grade II listed art and neighbourhood centre, as,

Our Values

As part of the review of our vision and mission in 2021 and following discussions with community partners, we formalised the values that are at the heart of how we work.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Achievement and Performance

2023/24 was a mixed year. Our community programme (weekly performing arts and young people’s summer programme) and our heritage activities were very successful, plus all office rental space was fully occupied. Both were significant achievements in the post-Covid operating environment. However, venue hire was under budget for most of the year, albeit it revived in the final quarter, and we ended the year with several large forward bookings. This decrease in venue hire, unfortunately, impacted on café income.

Despite this mixed picture, there were several encouraging features during the year including:

A COMMUNITY SPACE

A week in the life of a community hub

It is sometimes difficult to encapsulate the type of space Oxford House is. We describe ourselves as a community and arts hub, what that does that mean in practice? It usually means that no two days are the same! This in turn means we host or run a truly diverse range of activities including community classes, commercial hires, office rentals, café visitors all the way through to school visits, theatre performances, film screenings or exhibitions.

Our Grade II listed building has a unique mix of spaces, from theatre, dance studio to café, office and meeting spaces that enables us to support this varied programme. The composite of several typical weeks below hopefully provides an insight to the daily life of Oxford House.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

A COMMERCIAL SPACE

Earned income is vital to the success of the charity and is derived from venue hire income, office rental and café. We also generate some income from ticket sales of our programme that includes historic tours, events and festivals. Circa 75% of our income was generated from these sources in 2023/24.

Venue Hire

Venue hire suffered during the year and was around 30% lower than 2022/23. We are aware from our research that this trend affected other local cultural venues as the mini-boom post Covid faltered and slowed down. The reduction in hires was also impacted by inflation and cost of living pressures.

Theatre rehearsals were particularly affected with a noticeable dip compared to the previous year. Despite that, we were pleased to welcome back several leading companies including NIE Theatre, The Play Is Not The Thing, Coney, Sonia Friedman Productions, Police Cops and Deafinitely Theatre . New hires included Sheffield Crucible, and Mad Women .

Filming included the annual Crisis Christmas appeal where our café and one of our office spaces doubled and were transformed into a Crisis Café and hostel. The theatre was transformed into a TV studio (complete with live audience) for a Channel 4 takeover for a new pilot comedy show, we hope will be go into production soon.

Several local charities continued to hire our spaces taking advantage of our reduced charity rates including Providence Row, Praxis, The Queer House and Centre for Women’s Justice

We were pleased to host a range of community health related organisations including Barts NHS Trust, East London NHS Trust, NHS North East London, Tower Hamlets Recovery College, Tower Hamlets Families Support Group, Age UK, Age Wise and MIND Newham and Tower Hamlets.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Café

2023-2024 has been a year of big change for the Oxford House Café. Ruby joined as Café Manager at the end of July 2023 and got to work breathing some new life into the Café.

Unfortunately, due to rising cost of living; customer spend per head, commercial hires and general footfall have been low and this has impacted café income. Lower income and the added cost of a full-time cafe manager meant we had to reduce our staffing budget significantly. We decided to try using our front of house staff in the cafe, who we have now trained up to confidently assist in the Café.

We launched a new healthier lunch menu with much more fresh and sustainable food and drink options which have been very well received. We have kept some prices low, and maintained an affordable place for our local community, with a cup of tea and a biscuit starting at £1.65.

Our free community book library launched this Autumn and has been brilliantly received by tenants and customers who have been utilising the system regularly. Our community fridge launch was delayed due to funding issues with the local food bank, but we're hoping to re-launch it very soon!

Affordable workspace

The trend towards people going back to working in the office continued. In fact, by March 2023 we had let 100% of our workspace, with 21 resident companies based in the building. There was some concentration of spaces with several organisations renting more than one space to suit their changing needs. This led to a reduction in resident companies from 27 in the previous year. Inevitably, there was some turnover during the year, and we said goodbye to Samson & Fox and Katswhiskers Creative Limited.

It was a year of expansion for some resident companies. It was lovely to see new organisations grow such as We are Forest , an independent production company who specialize in high impact, innovative and thought-provoking documentaries take on additional office space as their podcast work grew.

We welcomed new tenants, Auto Italia South East , a non-profit contemporary art organisation with a gallery space in Bethnal Green. Auto Italia are dedicated to creating, producing and exhibiting work on the intersections of queer studies and social change; they moved into OH in May 2023. Univity Limited, who consult, coach, train and provide program development specifically for sales and business transformation, moved into the revamped workshop space in February 2024.

A CREATIVE PLACE

Summary

April 2023 – March 2024 was a very busy period for Oxford House’s Arts & Heritage Programme. We are almost at the end of our two-year NLHF programme and have delivered dynamic programmes with young people from across Tower Hamlets. Alongside this, our Somali programming and partnership with Kayd Somali Arts and Culture continues with our Creative Café. Our children and families programme saw us deliver the busiest free summer programme that we have had in many years, reaching hundreds of young people across the borough and finally we were delighted to have secured funding to ensure our free Friday Jazz series can continue.

Schools Creative Projects

A Young Person’s Guide to Bethnal Green

We worked closely with 3 secondary schools to deliver new heritage focused projects co-curated with pupils celebrating our shared history. For ‘A Young Person’s Guide to Bethnal Green’ we worked with thirty Year 9 students from Mulberry Academy Shoreditch and Mulberry School for Girls over 6 weeks to research the history of eight locations in Bethnal Green. Using historic maps, original sources and secondary sources students worked to uncover the histories Oxford House, Weavers Fields, Bethnal Green Library and even the history of ‘The Lesson’ sculpture by Franta Belsky which sits on the same road as their school. Their research and writing became a walking tour and printed guide illustrated by artist Holly Thomas. This guide has been popular with visitors and continues to be a free activity for families of all ages to uncover the history of their local streets, buildings and landmarks.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

No Past, No Future Girls Zine Project

The beginning of 2024 saw us working with a group seventeen brilliant Year 10 pupils from Oaklands School in Bethnal Green to form a girls history club over 6 weeks. We developed a special women’s history zine called ‘No Past, No Future’, focused on sharing forgotten and diverse stories from Tower Hamlets. Students took the lead in deciding the direction and key themes of their zine. Students worked with our team, their teachers and had a special session with a historian to develop their project.

We commissioned a young creative collective called ‘Cut Out Club’ to deliver the creative sessions and to support pupils in creating their final zine. The original artworks that students produced also went on display in at St. Margaret’s House, our historic ‘sister settlement’ to mark Women’s History Month in March. Partnering with SMH was a great way for students to understand the role of women and social reformers in east London. This has been an exciting and deeply rewarding partnership and ‘No Past, No Future’, has been a great opportunity to engage young people in local history creatively leading to public outcomes and profile within their school.

1970s Social Action Programming

A key strand of our NLHF project focuses on Oxford House and East London during the 1970s. The programme launched with a new exhibition by photographer Philip Cunningham called ‘Lost East End’. Philip Cunningham is a photographer who also worked at Oxford House as a youth worker in the early 1970s, while studying at Ravensbourne College. Philip took hundreds of photographs of the people and places around him including striking portraits of neighbours, friends, forgotten pubs, community activism and everyday life in East London. ‘Lost East End’ featured 30 images, many of which had never been seen before. Much like his previous exhibition ‘Youth of Yesterday’ we received much positive feedback from local people, many of whom recognised family members, and old friends from the images.

We also held a ‘1970s East End Film Night’, showing ‘Tunde’s Film’, a groundbreaking film made in 1973 by local young people and filmed in Shadwell, Stepney, Whitechapel and Bethnal Green and featuring music from Joan Armatrading. We also screened Rubika Shah’s award-winning film White Riot which charts the rise of the national protest movement Rock Against Racism (RAR), formed in 1976 and featured interviews, performance footage and archival footage. We also screened ‘Polystyrene: I am a Cliché’.

The season was topped off by a special event called ‘Stepney Words, Cockney Rebels’, a daylong event celebrating East End working-class writing and the 50th anniversary of the Basement Writers. Alongside a day of talks, writing workshops and performance, we were delighted to host activist and teacher Chris Searle in conversation with writer, activist and educationalist Michael Rosen. The event consisted of discussion and anti-racist poetry readings and was a complete sellout. It was a highlight in our artistic calendar.

Summer Programming

Funding from the Tower Hill Trust enabled us to have one of our busiest summer periods since before the pandemic. We delivered 26 workshops that reached all ages across the borough. Once again, our aim was to work with and support local artists and organisations. This included four young musicians who form the Oxford House Jazz Band. We worked again with Ruhela Begum, a local maker, who leads workshops in community spaces across Tower Hamlets. We were able to collaborate with Grace & Poise, an innovative ballet school based at Oxford House, who offered ‘ballet to poetry’ workshops for local girls focused on movement and confidence building. Finally, our programme saw us work with a fantastic theatre designer and prop maker, Justine Berthault, who led children's lantern-making workshops, adding a focus on the natural world and importance sustainability in urban spaces.

We also wanted to ensure that we could offer affordable activities for older people and funding enabled us to work with the University of the Third Age Tower Hamlets and East London Cares to host social clubs, specifically targeting older people in our borough and creating space for them to connect. As part of our partnership with U3A, we started a new project – The Oxford House Film Club where we screened two award winning music documentaries, ’20 Feet from Stardom’ and ‘Searching for Sugarman’ and received positive feedback from many. Alongside this, our Friday Jazz series continued and reached over 150 visitors, many aged 65+.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

We worked closely with Tower Hamlets Youth League United (THYLU) to deliver weekly creative activity reaching over 120 young people from the local area. Working alongside their team, we created a diverse range of events for 100 children. This included our largest ever outdoor clay session reaching nearly 80 children in Weavers Fields. Whilst last summer we dealt with record high temperatures, this year we had to deal with rainy weather. Luckily, the programme was flexible enough that we developed indoor activities for these days.

Earlier in the year we were donated 2000 new life-sized foam bricks from an engineering project in the City. We developed a day of engineering challenges for the THYLU children to work in teams to design and build some of London’s iconic buildings using these bricks. This activity turned out to be a hit as it challenged the children’s teamwork skills and problem solving. We worked with the OH Jazz Band’s musicians to lead a special children’s concert for 100 children from THYLU. This event was successful, and the band developed a bespoke programme of music that the children would recognise. Finally, the young people learnt how to conduct - which had many keen participants. This activity went down brilliantly, and the enthusiasm was infectious for adults as well.

We will be looking at ways to have more concerts like this specifically for children. Most in the audience were familiar with instruments through school but few had ever been to a jazz gig, so we are delighted to have developed the opportunity which was a great experience for staff, young people, and the musicians.

Somali Focused Programming

Our yearlong collaboration with Kayd Somai Arts & Culture continued and autumn saw us host our sixth and final Creative Café event. It was focused on fashion and Somali heritage, and it formed part of Somali Week Festival 2023. We kicked it off with our first ever fashion show, showcasing young British-Somali designer, Sulleqa, who mixes traditional and contemporary styles. The show had a wonderful energy, and we had a full house watching. This was followed by a women’s creative panel discussion. Prior to this we delivered events covering literature, AI and technology and other topics all led by young Somali creatives. It has been great to see such strong support and engagement from young audiences, particularly women attending these events. We aim to grow this audience in the future. The literature and poetry performances were of high quality, and we would like us to explore ways of collaborating further with Kayd on this strand of work which has so enriched our programme.

Friday Jazz

Thanks to generous support from the Ashley Family Foundation we were able to continue our monthly free jazz concerts in our café. This event has had hundreds of attendees and has grown a regular audience of local people who come each month.

Financial review

Overview

Oxford House generated income for the year to 31 March 2024 of £558,540 (2023: £528,797), of which £109,285 was restricted income (2023: £75,983). Expenditure increased to £600,002 (2023: £514,673) in the year to 31 March 2024, of which £120,550 was expenditure against restricted funds (2023: £66,518). Overall, the outgoing resources for the year ended 31 March 2024 amounted to £41,462 (2023: Incoming resources - £14,124).

At the 31 March 2024 the balance sheet was in a net current liability position of £25,452. The total funds of the charity were £3,303,771 (2023: £3,345,233) but this value continues to be tied up in the fixed assets of the charity.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Reserves Policy

The trustees made no change to its previously reported reserves policy, which is:

Unrestricted reserves at the 31 March 2024 were £3,303,771 although this amount was mainly tied up in tangible assets and long term liabilities. The aim is to achieve a free cash reserves position of 3 months turnover – based on turnover to 31 March 2023 the target figure is £132,199. Trustees revisited the Business Plan during the year and are seeking to establish a 3-year financial plan for recovery post Covid-19 inclusive of a gradual rebuild of reserves.

Risk management

Trustees continue to work very closely with the Chief Executive to manage the complexity of risk in the post-pandemic recovery phase. The finance subcommittee meet monthly to review financial performance and general risks.

In line with the end of the critical phase of the pandemic and to manage the pressure on cash flow, we agreed with LB Tower Hamlets interest-only payments between January – December 2022 and full loan repayments of capital and interest resumed from April 2023.

Throughout the year the finance subcommittee met monthly with the CEO and accountant to review financial risks. This included management of major expenditure items, fluctuations in income and projected cashflow. The subcommittee uses a framework to ensure adequate risk management which includes regular monitoring of major risks, embedded risk identification and assessment within operating procedures, clear structure of delegated authority and control; and maintaining reserves in line with set policies.

In assessing risk, the trustees recognise that some areas of work require the acceptance and management of risk if key objectives are to be achieved. The trustees have reviewed the major risks to which the charitable company is exposed and identified control and mitigation procedures, under the headings of governance; operational; financial; environmental; heritage project; and compliance. These are reviewed regularly by trustees.

Plans for future periods

Heritage and participatory programming

Our current Heritage Fund project ‘Through the Lens’ ends in summer 2024 with a major exhibition and weekend heritage festival. It explored our diverse post-WW2 history through the lens of three communities: women, young people, and the Somali community. The project built on the programming and heritage expertise we have developed over the last 5 years.

We want to develop our expertise in heritage programming and community engagement subject to new funding. These new projects will broaden our reach with community-based projects that utilise the newly digitised OH Archive and will feature work with artists, schools, cultural organisations, and community groups.

Structure, governance and management

Oxford House is governed by company directors who are also charity trustees within the meaning of charity law. Michael Judge has been Chair of the board since September 2016 and joined the board in 2012.

John Ryan has been the Chief Executive Officer and Company Secretary since June 2008 and leads the staff team. The remuneration for the Chief Executive Officer is set by the trustees considering comparable benchmarks.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

M Judge (Chair)
J Andrews (Resigned 14 April 2023)
P Richards (Resigned 23 November 2023)
I Alyas
L Kaur
R Robinson
R Mitchell (Resigned 18 September 2023)
L Carnal (Resigned 18 September 2023)
R Springer (Appointed 18 September 2023)
C Simonsen (Appointed 18 September 2023)
M Ryes (Appointed 18 September 2023)
E Nzaramba (Appointed 18 September 2023)
S Castle (Appointed 18 September 2023)

Recruitment and Appointment of Trustees

Oxford House believes it is important that trustees reflect the diversity of the local community and have the skills and expertise to govern the charity. Accordingly, we regularly review the effectiveness of our governance and recruit new trustees to provide the skills and experience required to govern effectively. The board reviews skills, experience, and gaps in diversity at its annual Away Day. Trustees’ recruitment is determined by this, and we use a variety of networking, advertisement, and recruitment.

With several trustees coming to the end of their terms the board was refreshed in the summer of 2023. We advertised widely and promoted the roles through local networks and with stakeholders. Following a successful campaign five new trustees were recruited and inducted. They also attended their first board awayday in October 2023.

New trustees are inducted through one-to-one sessions with the Chief Executive and Chair of Trustees and matched with a buddy or existing trustee. We completed a major revamp of our induction during the year adding new sessions covering our strategic/business plan, finances, community programming, fundraising and income generation.

The trustees who have served during the year are shown in the Reference and Administrative Details on page two. The new trustees recruited were:

Sarah Castle

“Oxford House is a place rooted in history yet steadfastly looking to the future as it seeks to build a harmonious and creative community in Bethnal Green. Who wouldn’t want to be a part of this journey?”

Sarah is Head of Access and Learning at a national museum. She previously managed the higher education programme at the Museum of London. She has a particular interest in inclusion and loves that Oxford House works with local communities to promote this amazing building and what goes on inside (and on the roof!) as theirs to inform and to enjoy.

Sarah is passionate about community arts and has been involved in making music and taking part in performances for as long as she has lived in East London (20+ years).

Martin Reyes

Martin is Head of People and Culture at Whitechapel Gallery, leading the development and execution of the HR strategy and contributing to the Gallery’s success through its people. With more than ten years working for community-oriented organisations in the third sector, he has held multiple leadership roles across diverse organisations covering homelessness, mental health and learning disability. As a chartered member of CIPD, Martin is a qualified and accredited HR professional who also holds membership with the CMI. Martin is a local resident.

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Ruth Springer is on the Senior Team of a secondary school in Bethnal Green and has lived and worked in East London for 16 years. She also works as a Leadership coach and trainer with school leaders across the country. As a history teacher, she is particularly interested in the way Oxford House has participated in and been shaped by the history of Bethnal Green over the last 140 years.

Caroline Simonsen

Caroline has worked across theatre, the arts and education at The Old Vic, New Diorama Theatre, Fuel, and in schools. She is currently a Programme and Partnership Manager in Wandsworth Council’s Arts and Culture Service where she works on participatory arts projects and strategies with local communities and organisations.

Ery Nzaramba

“I just love Oxford House’s history and what it stands for. Every borough, every neighbourhood in the country should have an OH. I feel honoured to have been given a chance to serve its cause.”

Ery is a freelance Writer and Actor who lives locally.

Oxford House Trustees

Michael Judge (Chair), Jamie Andrews (resigned April 2023), Polly Richards (resigned 23 November 2023), Ibrar Alyas, Nivek Amichund (resigned April 2022), Linda Kaur, Robert Robinson, Roxi Mitchell (resigned 18 September 2023), Lynda Carnal (resigned 18 September 2023), Dilruba Begum (resigned 18 September 2023), Ruth Springer (appointed 18 September 2023), Caroline Simonsen (appointed 18 September 2023), Martin Reyes (appointed 18 September 2023), Ery Nzaramba (appointed 18 September 2023) and Sarah Castle (appointed 18 September 2023)

Oxford House Staff

John Ryan, Deborah Fowler (resigned July 2023), Jessica Ihejetoh, Anisa Khanom, Enus Ali, Annie Gao, Evelyn Maison, Agnes Asiedu, Kwame Owusu, Maha Shami (end of contract July 2023), Miriam Ashon, Ruby Holder and Anisa Howell

Freelancers

Amanda Hall (Counterculture), Louise Wilkinson and Vicky Wilford

Funders

National Lottery Heritage Fund - 'Through the Lens' London Borough of Tower Hamlets Tower Hill Trust Ashley Family Foundation Garfield Weston

Community Partners

Green Candle Dance Company Young & Talented School of Stage and Screen Lisa Gilbert Academy of Ballet Grace & Poise Academy Thai Boxing Sketch Appeal

THE OXFORD HOUSE IN BETHNAL GREEN

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

CSR Partners

M3 Consulting

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

.............................. M Judge (Chair) Trustee

26/09/2024 Date: .............................................

THE OXFORD HOUSE IN BETHNAL GREEN

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of The Oxford House in Bethnal Green for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

THE OXFORD HOUSE IN BETHNAL GREEN

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE OXFORD HOUSE IN BETHNAL GREEN

Opinion

We have audited the financial statements of The Oxford House in Bethnal Green (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE OXFORD HOUSE IN BETHNAL GREEN

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE OXFORD HOUSE IN BETHNAL GREEN

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We have made enquiries of management, and trustees, regarding the procedures relating to identifying, evaluating and complying with

  1. laws and regulations and whether they were aware of any instances of non-compliance;

  2. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  3. the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

Discussion among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas:

  1. misappropriation of cash - this was highlighted as an area of high risk for fraud and not being recorded in the accounts. Audit procedures performed included but were not limited to substantive and analytical testing of income recording systems.

  2. management override of control - we reviewed management accounts and journals to discover any evidence of management override.

  3. revenue recognition - this was tested substantively for all types of income, we also performed analytical testing over the balance.

  4. estimated residual life of building - we reviewed the building for signs of impairment and recent valuation information to confirm the land and buildings were included within the accounts accurately.

  5. 13 -

THE OXFORD HOUSE IN BETHNAL GREEN

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE OXFORD HOUSE IN BETHNAL GREEN

We obtained an understanding of the legal and regulatory framework that the Charitable Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Charitable Company. The key laws and regulations we considered in this context included the UK Companies Act, Charities Act, data protection regulations, health and safety and employment legislation.

Discussion was had with management and the trustees and amongst the engagement team to gain an understanding of the entities current activities, authorisation procedures and effectiveness of the control environment. Our understanding was tested during the audit work and the systems and controls in place were found to be operating effectively.

The engagement partner has reviewed the team selected to undertake the engagement and ensure that they have sufficient competence and are capable of identifying and recognising non-compliance with laws and regulations. No non-compliance was identified.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Place Dobson Services Limited Chartered Accountants Statutory Auditor

.........................26/09/2024

Ground Floor 1 - 7 Station Road Crawley West Sussex RH10 1HT

Richard Place Dobson Services Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE OXFORD HOUSE IN BETHNAL GREEN

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
Notes
£
£
Income from
Donations and grants
3
22,419
-
Other trading activities
4
54,564
-
Provision of community facilities
5
372,272
-
Other income
6
-
-
Total income
449,255
-
Expenditure on:
Raising funds/ trading activities
7
75,835
-
Charitable activities
Provision of community facilities and
services
8
403,617
-
Through the Lens
8
-
-
Total charitable expenditure
403,617
-
Total resources expended
479,452
-
Net (outgoing)/incoming resources before
transfers
(30,197)
-
Gross transfers between funds
(39,504)
39,504
Net (expenditure)/income for the year/
Net movement in funds
(69,701)
39,504
Fund balances at 1 April 2023
121,553
3,212,415
Fund balances at 31 March 2024
51,852
3,251,919		 Restricted
funds
2024
£
109,285
-
-
-
109,285
-
16,945
103,605
120,550
120,550
(11,265)
-
(11,265)
11,265
-		 Total
2024
£
131,704
54,564
372,272
-
558,540
75,835
420,562
103,605
524,167
600,002
(41,462)
-
(41,462)
3,345,233
3,303,771		 Total
2023
£
106,683
57,579
364,425
110
528,797
58,563
389,592
66,518
456,110
514,673
14,124
-
14,124
3,331,109
3,345,233

THE OXFORD HOUSE IN BETHNAL GREEN

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year

Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
Notes
£
£
Income from
Donations and grants
3
30,700
-
Other trading activities
4
57,579
-
Provision of community facilities
5
364,425
-
Other income
6
110
-
Total income
452,814
-
Expenditure on:
Raising funds
7
58,563
-
Charitable activities
Provision of community facilities and services
8
389,592
-
Through the Lens
8
-
-
Total charitable expenditure
389,592
-
Total resources expended
448,155
-
Net (outgoing)/incoming resources before transfers
4,659
-
Net (expenditure)/income for the year/
Net movement in funds
4,659
-
Fund balances at 1 April 2022
116,894
3,212,415
Fund balances at 31 March 2023
121,553
3,212,415		 Restricted
funds
2023
£
75,983
-
-
-
75,983
-
-
66,518
66,518
66,518
9,465
9,465
1,800
11,265		 Total
2023
£
106,683
57,579
364,425
110
528,797
58,563
389,592
66,518
456,110
514,673
14,124
14,124
3,331,109
3,345,233

THE OXFORD HOUSE IN BETHNAL GREEN

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
18
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
19
Net assets excluding pension liability
Net assets
The funds of the charity
Restricted income funds
22
Unrestricted funds - general
Unrestricted funds - Designated
21		 2024
£
1,357
70,075
93,755
165,187
(190,639)		 £
4,004,142
(25,452)
3,978,690
(674,919)
3,303,771
3,303,771
-
51,852
3,251,919
3,303,771		 2023
£
517
71,966
106,719
179,202
(133,435)		 £
4,017,156
45,767
4,062,923
(717,690)
3,345,233
3,345,233
11,265
121,553
3,212,415
3,345,233

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

THE OXFORD HOUSE IN BETHNAL GREEN

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2024

The financial statements were approved by the trustees on ......................... 26.9.2024

.............................. M Judge (Chair) Trustee

Company registration number 59858 (England and Wales)

THE OXFORD HOUSE IN BETHNAL GREEN

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
26
Investing activities
Investment income received
Net cash generated from investing activities
Financing activities
Repayment of borrowings
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(345,732)
372,272
372,272
(39,504)
(39,504)
(12,964)
106,719
93,755		 2023
£
£
(356,845)
364,425
364,425
-
-
7,580
99,139
106,719

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

The Oxford House in Bethnal Green is a charitable company incorporated in England and Wales. The registered office is Oxford House, Derbyshire Street, Bethnal Green, London, E2 6HG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All income is included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other trading income represents café income and is recognised as received.

Rental income relates to hire of rooms and leasing of offices and is recognised in the period to which the rental relates.

1.5 Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for its expenditure. All costs have been directly attributed or proportionally charged to the functional categories of expenditure in the SOFA. Repairs and maintenance to premises are charged to current expenditure as incurred.

Expenditure on charitable activities comprises the non-capital costs of delivering the heritage project and the costs of the provision of community facilities and services. These costs are classified as direct charitable expenses.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. The costs include those related to statutory audit, legal fees and costs of trustees' meetings.

All remaining costs are classified as support costs. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include building, office and admin costs and supporting marketing costs. These costs have been allocated to the expenditure headings on a consistent basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings over 50 years on straight line basis Fixtures, Fittings & Equipment 20% per annum on net book value at start of year Cafe Fixtures & fittings over 10 years on straight line basis

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Assets costing in excess of £1,000 are recognised.

In 2023 Trustees assessed that the estimated residual value of the building was in excess of cost and that as the property had been depreciated down to its estimated residual value no further depreciation is required.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

As a registered charity, the company is exempt from corporation tax on surpluses arising from its charitable activities during the year.

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.12 Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The principal area of estimation uncertainty relates to the determination of the appropriate useful lives of the tangible fixed assets and the depreciation charges arising therefrom. These are as set out in the policy stated above.

3 Income from donations and grants

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
22,419
109,285
Donations and gifts
National Lottery Heritage
Fund
-
103,605
Tower Hill Trust
-
5,680
Garfield Weston Foundation
20,000
-
Ashley Family Foundation
-
-
Other Donations
2,419
-
22,419
109,285		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
131,704
30,700
75,983
103,605
-
66,518
5,680
-
4,950
20,000
-
-
-
-
4,515
2,419
30,700
-
131,704
30,700
75,983		 Total
2023
£
106,683
66,518
4,950
-
4,515
30,700
106,683

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Other trading activities

Unrestricted Unrestricted
funds funds
general general
2024 2023
£ £
Cafe takings 51,839 56,001
Community programme 2,725 1,578
Other trading activities 54,564 57,579
5 Provision of community facilities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 372,272 364,425
6 Other income
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income - 110
7 Expenditure on raising funds and trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Trading costs
Fundraising advisory costs 3,466 5,103
Cafe costs 36,008 24,266
Staff costs 36,361 29,194
75,835 58,563

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Expenditure on charitable activities

Provision of
community
facilities and
services
Through the
lens
2024
2024
£
£
Direct costs
Staff costs
133,848
61,522
Depreciation and
impairment
13,015
-
Direct costs
201,395
42,083
348,258
103,605
Share of support and governance costs (see note 9)
Support
61,324
-
Governance
10,980
-
420,562
103,605
Analysis by fund
Unrestricted funds - general
403,617
-
Restricted funds
16,945
103,605
420,562
103,605		 Total
Provision of
community
facilities and
services
Through the
lens
2024
2023
2023
£
£
£
195,370
149,432
45,083
13,015
14,213
-
243,478
161,602
21,435
451,863
325,247
66,518
61,324
53,777
-
10,980
10,568
-
524,167
389,592
66,518
403,617
389,592
-
120,550
-
66,518
524,167
389,592
66,518		 Total
2023
£
194,515
14,213
183,037
391,765
53,777
10,568
456,110
389,592
66,518
456,110

9 Support costs allocated to activities

Staff costs
Building & facilities
Professional fees
Admin & finance costs
HR Costs
Travel & Subsistence
Subscriptions
Governance costs
Analysed between:
Provision of community facilities and services		 2024
£
27,537
13,189
6,334
9,242
3,528
160
1,334
10,980
72,304
72,304		 2023
£
30,840
8,412
4,489
7,645
1,445
206
740
10,568
64,345
64,345

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

9
Support costs allocated to activities
Governance costs comprise:
Audit fees
Other
10
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements
Depreciation of owned tangible fixed assets		 (Continued)
2024
2023
£
£
9,545
9,575
1,435
993
10,980
10,568
2024
2023
£
£
9,545
9,575
13,014
14,213		 (Continued)
2024
2023
£
£
9,545
9,575
1,435
993
10,980
10,568
2024
2023
£
£
9,545
9,575
13,014
14,213
10,568
2023
£
9,575
14,213

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
14
2024
£
237,024
19,046
3,198
259,268		 2023
Number
13
2023
£
233,400
18,281
2,868
254,549

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Employees

(Continued)

The number of employees whose annual remuneration was more than £60,000 is as follows:

£60,001 to £70,000
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2024
Number
1
2024
£
139,435		 2023
Number
1
2023
£
148,595

The Senior leadership team included the Chief Executive, Operations Manager and Cultural Programmer.

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023		 Freehold
buildings
Cafe Fixtures
& fittings
£
£
4,901,896
292,646
4,901,896
292,646
961,481
215,905
-
13,014
961,481
228,919
3,940,415
63,727
3,940,415
76,741		 Total
£
5,194,542
5,194,542
1,177,386
13,014
1,190,400
4,004,142
4,017,156

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

14 Tangible fixed assets

(Continued)

Freehold property is included in the accounts at a historic valuation from 1978 which is treated as a deemed cost. In the opinion of the Trustees the property now has a value considerably more than this.

Included within fixed assets are some assets purchased with designated funds. These consist of the Café fixtures and fittings and freehold improvements. The cost of these assets is £2,771,758 (2023: £2,771,758) and net book value of £2,690,434 (2023: £2,690,434).

15 Stocks

15
Stocks
Café purchaes for resale
16
Debtors
Trade debtors
Prepayments and accrued income
17
Loans and overdrafts
Other loans
Payable within one year
Payable after one year		 2024
£
1,357
2024
£
40,266
29,809
70,075
2024
£
688,496
38,032
650,464		 2023
£
517
2023
£
28,606
43,360
71,966
2023
£
728,000
36,465
691,535

The Loan from the London Borough of Tower Hamlets is secured on the property and was drawn on the basis that monthly repayments would be made from May 2019 to April 2034. Full loan repayments of capital and interest began in April 2023 after a term of interest-only payments which was previously agreed with LB of Tower Hamlets.

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Creditors: amounts falling due within one year

Borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
19
Creditors: amounts falling due after more than one year
Other loans
Trade creditors
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
38,032
14,918
63,374
1,445
72,870
190,639
2024
£
650,464
24,455
674,919
2024
£
3,198		 2023
£
36,465
6,526
43,069
3,181
44,194
133,435
2023
£
691,535
26,155
717,690
2023
£
2,868

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Unrestricted funds - Designated

These are designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1
Fixed asset fund
Previous year:
At 1
Fixed asset fund		 April 2023
£
3,212,415
April 2022
£
3,212,415		 Transfers
At 31 March
2024
£
£
39,504
3,251,919
Transfers
At 31 March
2023
£
£
-
3,212,415

The fixed asset fund represents the land, buildings and improvement to property assets, which are required to be held in running the day to day activities of the charity but are not readily available as cash to support the activities. In previous years these assets have been shown as part of the restricted funds but on completion of the Heritage project, all restricted funds have now been spent on the purpose for which they were given and the related assets have been transferred as designated.

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
PQASSO 2 Mayors Community Fund
Tower Hill Trust
Welcome Back-High Street Colloboration
Ashley Family Foundation
NLHF (Through the Lens)		 April 2023
£
-
1,000
4,950
800
4,515
-
11,265		 Incoming
resources
£
-
-
5,680
-
-
103,605
109,285		 Resources
expended
At 31 March
2024
£
£
-
-
(1,000)
-
(10,630)
-
(800)
-
(4,515)
-
(103,605)
-
(120,550)
-		 Resources
expended
At 31 March
2024
£
£
-
-
(1,000)
-
(10,630)
-
(800)
-
(4,515)
-
(103,605)
-
(120,550)
-
-

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

22
Restricted funds
Previous year:
At 1
PQASSO 2 Mayors Community Fund
Tower Hill Trust
Welcome Back-High Street Colloboration
Ashley Family Foundation
NLHF (Through the Lens)		 April 2022
£
1,000
-
800
-
-
1,800		 Incoming
resources
£
-
4,950
-
4,515
66,518
75,983		 (Continued)
Resources
expended
At 31 March
2023
£
£
-
1,000
-
4,950
-
800
-
4,515
(66,518)
-
(66,518)
11,265

NLHF Heritage project - National Lottery Heritage Fund, phase II funding for the project 'From Victorian Gap Year to Community Hub; heritage and community at Oxford House'. Further details are given in the Trustees' Annual Report.

PQASSO 2 - Mayor's Community Fund towards the costs of securing PQASSO level 2.

Welcome Back – High Street Collaboration - Oxford House developed high street relaunch activities and events in Bethnal Green that supported local recovery and relaunched our Love Bethnal Green online presence to support place promotion/marketing to generate participation in events and maximise their impact.

Tower Hill Trust – ‘Summer Holiday Creative Programme 2023’ for local young people.

Ashley Family Foundation – Relaxed intergenerational ‘Community Jazz Concerts’ held monthly through the year

23 Analysis of net assets between funds

Unrestricted
Unrestricted
funds
funds
general
Designated
2024
2024
£
£
At 31 March 2024:
Tangible assets
63,727
3,940,415
Current assets/(liabilities)
12,580
(38,032)
Long term liabilities
(24,455)
(650,464)
51,852
3,251,919		 Restricted
funds
2024
£
-
-
-
-		 Total
2024
£
4,004,142
(25,452)
(674,919)
3,303,771

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

23
Analysis of net assets between funds
Unrestricted
Unrestricted
funds
funds
general
Designated
2023
2023
£
£
At 31 March 2023:
Tangible assets
76,741
3,940,415
Current assets/(liabilities)
70,967
(36,465)
Long term liabilities
(26,155)
(691,535)
121,553
3,212,415		 (Continued)
Restricted
Total
funds
2023
2023
£
£
-
4,017,156
11,265
45,767
-
(717,690)
11,265
3,345,233

24 Financial commitments, guarantees and contingent liabilities

The land and Buildings of The Oxford House at Bethnal Green are subject to two charges to secure the loan provided in August 2008, to carry out improvements to the building. The charges are held by;

1) The Trustees of the National Heritage Memorial Fund

2) The Mayor and Burgesses of London Borough of Tower Hamlets

These charges state that the Trustees of The Oxford House at Bethnal Green cannot dispose of, change use or make significant alterations without prior approval from the above parties.

The trustees are also required to repair, maintain and insure the property as requested by the above parties.

25 Related party transactions

The charity Oxford House Development Trust is a connected charity. There were no receipts or payments between Oxford House in Bethnal Green and this connected charity during the year (2023:£nil)

26
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
Decrease/(increase) in debtors
Increase in creditors
Cash absorbed by operations		 2024
£
(41,462)
(372,272)
13,014
(840)
1,891
53,937
(345,732)		 2023
£
14,124
(364,425)
14,213
64
(24,591)
3,770
(356,845)

THE OXFORD HOUSE IN BETHNAL GREEN

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

27 Analysis of changes in net (debt)/funds
At 1 April 2023 Cash flows At 31 March 2024
£ £ £
Cash at bank and in hand 106,719 (12,964) 93,755
Loans falling due within one year (36,465) (1,567) (38,032)
Loans falling due after more than one year (691,535) 41,071 (650,464)
(621,281) 26,540 (594,741)