REGISTERED CHARITY NUMBER: 211618
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2020 for **The Oxford Mission**
Jerram Surlis Limited 4 Latimer Street Romsey Hampshire SO51 8DG
## **The Oxford Mission**
Report of the Trustees for the Year Ended 31 December 2020
||Page|
|---|---|
|Report of the Trustees|1 to 2|
|Independent Examiner's Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5 to 6|
|Cash Flow Statement|7|
|Notes to the Cash Flow Statement|8|
|Notes to the Financial Statements|9 to 15|
## **The Oxford Mission**
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 2015).
## **OBJECTIVES AND ACTIVITIES**
## **Public benefit**
The Trustees have had regard to the Charity Commission's guidance on public benefit and consider that the objects of the Charity are consistent with the provision of public benefit.
## **Grantmaking**
The Charity makes grants to the Mission in India and Bangladesh by reference to requests for funding received annually from both countries in September of each year. The Trustees, in endeavouring to meet these requests, seek to take into account not only the Charity's own current and anticipated likely future resources in the U.K., but also the respective potentialities for raising funds locally within each of the Charity's areas of operation in India and Bangladesh themselves, as well as any funds available from other sources.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The activities during the year comprised the continued support of the Christian Mission work in India and Bangladesh. In particular £122,685 (2019: £116,258) was remitted overseas or spent in direct support of mission projects, including the boys' orphanage and schools in Behala, the schools, hostel and medical centre at Barisal, and the running of hostels, play centre and school atJobarpar.
Our objective is to educate children and ensure they become good citizens. In the current year, approximately 1,460 children attended our schools and 20 infants attended the play centre.
The net decrease in funds in the year amounted to £262,052 - (Increase 2019: £62,500).
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The investments held as part of the unrestricted funds are required to help finance the substantial charitable obligations of the Oxford Mission in providing income to support our continuing work of education and welfare in India and Bangladesh.
The members of the General Committee have considered the most appropriate policy for investing funds and have found that the common investment funds for charities meet their requirements to generate both income and capital growth. in general, the Committee has found that the long term return on their investments has been satisfactory.
## **Reserves policy**
Bearing in mind the need to preserve the ability of the charity to fund work in India and Bangladesh, and noting the continuing uncertainty of voluntary income from supporters in the United Kingdom, the Trustees have adopted a policy of using reserves to maintain the overseas funding at a level required to ensure the continuation of the work. They recognise that this may mean the reserves will become exhausted in a relatively short time and, to plan for this event, attempts are being made to find supporters and sources of income in India and Bangladesh.
At 31st December 2020, the Charity had reserves of £742,138 of which £401,314 was held as custodian trustees on behalf of others. The unrestricted funds are considered adequate for the Charity's current needs. The reserves policy of the Charity is reviewed annually by the members of the General Committee.
## **FUTURE PLANS**
The Charity plans continuing the activities above in 2021 subject to satisfactory funding arrangements. The Charity expects to close in the United Kingdom, using its remaining assets to enable self-sufficiency for its work in India and Bangladesh as soon as is practicable.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Page 1
## **The Oxford Mission**
Report of the Trustees for the Year Ended 31 December 2020
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Organisational structure**
The Oxford Mission administers three subsidiary charities which are included in these accounts and are shown as restricted funds (see Note 8 to the accounts).
## **Risk management**
The Trustees have reviewed the main risks facing the work of the charity and have concluded that these fall into two categories:
1. Decline in the value of their investments and in the annual income.
2. Control over the allocation of funds overseas.
It is recognised that the funds are not inexhaustible, and although efforts are made to maintain the level of income in the UK, the governing bodies of the Oxford Mission in both India and Bangladesh are encouraged to seek local or alternative sources of income where possible. Reports are obtained of the financial results from both India and Bangladesh, and these are monitored against the budget requests on an annual basis.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
|**Registered Charity number**|211618|
|---|---|
|**Principal address**|PO Box 1455|
||Peterborough|
||PE2 2WE|
|**Trustees**||
||Freda Davis|
||Bill Down|
||Margaret How|
||Simon Ling|
||Robert Mathieson|
||Giles M Thorman|
||Pam Walton|
|**Independent examiner**|Jerram Surlis Limited|
||4 Latimer Street|
||Romsey|
||Hampshire|
||SO51 8DG|
|**Investment Advisers**|M&G Group|
||Victoria Road|
||Chelmsford|
||Essex CM1 1FB|
||CCLA Investment Management|
||Senator House|
||85 Queen Victoria Street|
||London|
||EC4V 4ET|
Approved by order of the board of trustees on 3[rd] July 2021 and signed on its behalf by:
Robert Mathieson Trustee
Page 2
## Independent Examiner’s Report to the Trustees of
## **The Oxford Mission**
## **Independent examiner's report to the trustees of The Oxford Mission**
I report to the charity trustees on my examination of the accounts of the The Oxford Mission (the Trust) for the year ended 31 December 2020.
## **Responsibilities and basis of report**
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements 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 confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
David Jerram EFA/FIPA FFTA Jerram Surlis Limited 4 Latimer Street Romsey Hampshire SOSi SDG
Date: 2 July 2021
Page 3
## **The Oxford Mission**
## **Statement of Financial Activities**
for the Year Ended 31 December 2020
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Total
**EXPENDITURE ON**
**Charitable activities**
Direct charitable expenditure
Behala
Barisal
Jobarpar - CSS
Support costs
Church of Bangladesh
Diocese of Calcutta
**Total**
**Net gains/(losses) on investments**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
35,183
35,183
-
50,433
30,534
41,308
13,642
280
130
136,327
(160,908)
(262,052)
602,876
340,824|Restricted
funds
£
11,487
11,487
1,147
-
-
-
-
-
-
1,147
768
11,108
390,206
401,314|2020
Total
funds
£
46,670
46,670
1,147
50,433
30,534
41,308
13,642
280
130
137,474
(160,140)
(250,944)
993,082
742,138|2019
Total
funds
£
66,657|
|---|---|---|---|---|
|||||65,657
1,284
42,803
61,250
12,205
18,597
-
-|
|||||136,139
131,982
62,500
930,582|
|||||993,082|
Page 4
## **The Oxford Mission**
## **Balance Sheet At 31 December 2020**
|Notes
**FIXED ASSETS**
Investments
5
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS/(LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
TOTAL FUNDS|Unrestricted
fund
£
344,963
430
29
459
(4,598)
(4,139)
340,824
340,824|Restricted
funds
£
357,490
-
48,669
48,669
(4,845)
43,824
401,314
401,314|2020
Total
funds
£
702,453
430
48,698
49,128
(9,443)
39,685
742,138
742,138
340,824
401,314
742,138|2019
Total
funds
£
927,592
430
71,112|
|---|---|---|---|---|
|||||71,542
(6,052)|
|||||65,490|
|||||993,082|
|||||993,082|
|||||602,876
390,206
993,082|
The notes form part of these financial statements
continued...
Page 5
## **The Oxford Mission**
## **Balance Sheet - continued At 31 December 2020**
The financial statements were approved by the Board of Trustees on 3[rd] July 2021 and were signed on its behalf by:
……………………………… Simon Ling – Trustee
……………………………… Robert Mathieson – Trustee
……………………………… Giles M Thorman – Trustee
The notes form part of these financial statements
Page 6
## **The Oxford Mission**
## **Cash Flow Statement for the Year Ended 31 December 2020**
|Notes
Cash flows from operating activities:
Cash generated from operations
1
**Net cash provided by (used in) operating activities**
**Cash flows from investing activities:**
Sale of fixed asset investments
**Net cash provided by (used in) investing activities**
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning of the**
**reporting period**
2
**Cash and cash equivalents at the end of the**
**reporting period**
2|2020
£
(89,657)
(89,657)
65,000
65,000
(24,657)
71,112
46,455|2019
£
(69,587)|
|---|---|---|
|||(69,587)|
|||100,000|
|||100,000|
||||
|||30,413
40,699|
|||71,112|
The notes form part of these financial statements
Page 7
## **The Oxford Mission**
## **Notes to the Cash Flow Statement for the Year Ended 31 December 2020**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|||2020|2019|
|---|---|---|---|
|||£|£|
||Net income/(expenditure) for the reporting period (as per the statement|||
||of financial activities)|(250,944)|62,500|
||Adjustments for:|||
||Losses/(gain) on investments|160,140|(131,982)|
||Decrease in debtors|-|342|
||increase/(decrease) in creditors|1,147|(447)|
||Net cash provided by (used in) operating activities|(89,657)|(69,587)|
|**2.**|**ANALYSIS OF CASH AND CASH EQUIVALENTS**|||
|||2020|2019|
|||£|£|
||Cash in hand|4|4|
||Notice deposits (less than 3 months)|48,694|71,108|
||Overdrafts included in bank loans and overdrafts falling due within one|||
||year|(2,243)|-|
|||-|342|
|||1,147|(447)|
||Total cash and cash equivalents|46,455|71,112|
Page 8
## **The Oxford Mission**
## **Notes to the Financial Statements for the Year Ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011. The financial statements have, been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the yearend date are noted as a commitment but not accrued as expenditure.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used In accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **Trustees' expenses**
Trustee expenses paid in the year are for Committee Travel purposes only and are in line with previous years.
Page 9
## **The Oxford Mission**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **3. STAFF COSTS**
The average monthly number of employees during the year was as follows:
|General Secretary
No employees received emoluments in excess of £60,000.
**4.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
54,571
Total
54,571
**EXPENDITURE ON**
**Charitable activities**
Direct charitable expenditure
77
Behala
42,803
Barisal
61,250
Jobarpar - CSS
12,205
Support costs
18,597
**Total**
134,932
**Net gains/(losses} on investments**
74,055
**NET INCOME/(EXPENDITURE)**
(6,306)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
609,182
**TOTAL FUNDS CARRIED FORWARD**
602,876
**5.**
**FIXED ASSET INVESTMENTS**
Shares
Other investments|2020
1
Restricted
funds
£
12,086
12,086
1,207
-
-
-
1,207
57,927
68,806
321,400
390,206
2020
£
702,453
.
702,453|2019
1
Total
funds
£
66,657|
|---|---|---|
|||66,657
1,284
42,803
61,250
12,205
18,597|
|||136,139
131,982
62,500
930,582|
|||993,082|
|||2019
£
865,805
61,787
927,592|
Additional information as follows:
Page 10
## **The Oxford Mission**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **5. FIXED ASSET INVESTMENTS - continued**
|**MARKET VALUE**
At January 2020
Disposals
Revaluations
At 31 December 2020
**NET BOOK VALUE**
At 31 December 2020
At 31 December 2019|Listed
investments
£
865,805
(87,868)
(75,484)|
|---|---|
||702,453|
||702,453
865,805|
The Investment portfolio is UK based
In 1982 Mineral Rights in Colorado, USA were bequeathed to Oxford Mission. These Mineral Rights were previously valued at a nil value - no income was received and it was considered that there was no resale value. A valuation was undertaken in 2019 as income was being regularly received at that time.
The exploration company that is exploiting the most productive of the leases relating to the mineral rights held went into Chapter 11 following the major fall in oil and gas prices during the year, and whilst the company has emerged from this procedure in 2021 it was considered prudent to write the value of the investment down to nil.
The market value of the mineral rights, if sold as a whole, at 31st December 2020 stands at £nil (2019 £61,787).
Investments (neither listed nor unlisted) were as follows:
|Mineral Rights
Mineral rights revaluation
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors|2020
£
72,805
(72,805)
-
2020
£
430|2019
£
72,805
(11,018)|
|---|---|---|
|||61,787|
|||2019
£
430|
Page 11
## **The Oxford Mission Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
|**7.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 8)
Other creditors
**8.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdraft
**9.**
**MOVEMENT IN FUNDS**
At 31.12.21
£
**Unrestricted funds**
General fund
602,876
**Restricted funds**
East Bengal Bishopric Endowment Fund
Anglo Indian Schools Fund
Kushtia Endowment Trust
167,223
76,994
145,989
390,206
**TOTAL FUNDS**
993,082|2020
£
2,243
7,200
9,443
2020
£
2,243
Net
movement in
funds
£
(262,052)
3,006
(3,772)
11,874
11,108
(250,944)|2019
£
-
6,052|
|---|---|---|
|||6,052|
|||2019
£
-|
|||At 31.12.20
£
340,824
170,229
73,222
157,863|
|||401,314|
|||742,138|
Page 12
## **The Oxford Mission**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **9. MOVEMENT IN FUNDS- continued**
Net movement in funds, included in the above are as follows:
|Unrestricted funds
General fund
**Restricted funds**
East Bengal Bishopric Endowment Fund
Anglo Indian Schools Fund
Kushtia Endowment Trust
TOT**AL FUNDS**
**Comparatives for movement in funds**
**Unrestricted Funds**
General fund
**Restricted Funds**
East Bengal Bishopric Endowment Fund
Anglo Indian Schools Fund
Kushtia Endowment Trust
**TOTAL FUNDS**|Incoming
resources
£
35,183
4,899
2,560
4,028
11,487
46,670|Resources
expended
£
(136,327)
(489)
(256)
(402)
(1,147)
(137,474)
At 1.1.19
£
609,182
137,603
63,038
120,759
321,400
930,582|Gains and
losses
£
(160,908)
(1,404)
(6,076)
8,248
768
(160,140)
Net
movement
in funds
£
(6,306)
29,620
13,956
25,230
68,806
62,500|Movement
in funds
£
(262,052)
3,006
(3,772)
11,874|
|---|---|---|---|---|
|||||11,108|
|||||(250,944)|
|||||At 31.12.19
£
602,876
167,223
76,994
145,989|
|||||390,206
993,082|
Page 13
## **The Oxford Mission**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **9. MOVEMENT IN FUNDS -continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
East Bengal Bishopric Endowment Fund
Anglo Indian Schools Fund
Kushtia Endowment Trust
**TOTAL FUNDS**|Incoming
resources
£
54,571
5,186
2,939
3,961
12,086
66,657|Resources
expended
£
(134,932)
(518)
(293)
(396)
(1,207)
(136,139)|Gains and
losses
£
74,055
24,952
11,310
21,665
57,927
131,982|Movement
in funds
£
(6,306)
29,620
13,956
25,230|
|---|---|---|---|---|
|||||68,806|
|||||62,500|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
East Bengal Bishopric Endowment Fund
Anglo Indian Schools Fund
Kushtia Endowment Trust
**TOTAL FUNDS**|At 1.1.19
£
609,182
137,603
63,038
120,759
321,400
930,582|Net
movement
in funds
£
268,358)
32,626
10,184
37,104
79,914
(188,444)|At
31.12.20
£
340,824
170,229
73,222
157,863|
|---|---|---|---|
||||401,314|
||||742,138|
Page 14
## **The Oxford Mission**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2020**
## **9. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|as follows:|||||
|---|---|---|---|---|
|**Unrestricted funds**
General fund
**Restricted funds**
East Bengal Bishopric Endowment Fund
Anglo Indian Schools Fund
Kushtia Endowment Trust
**TOTAL FUNDS**|Incoming
resources
£
89,754
10,085
5,499
7,989
23,573
113,327|Resources
expended
£
(271,259)
(1,007)
(549)
(798)
(2,354)
(273,613)|Gains and
losses
£
(86,853)
23,548
5,234
29,913
58,695
(28,158)|Movement
in funds
£
(268,358)
32,626
10,184
37,104|
|||||79,914|
|||||(188,444)|
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2020.
Page 15