REGISTERED CHARITY NUMBER: 211618
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
The Oxford Mission
Jerram Surlis Limited
4 Latimer Street Romsey Hampshire SO51 8DG
Independent examiner's report to the trustees of The Oxford Mission
The Oxford Mission
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 3 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 15 |
Page 2
Independent examiner's report to the trustees of The Oxford Mission
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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 2019).
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 £40,000 (2020: £122,685) 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 at Jobarpar.
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 increase in funds in the year amounted to £82,563 - (Decrease 2020: £262,052).
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 2021, the Charity had reserves of £824,701 of which £457,652 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 2022 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 3
Independent examiner's report to the trustees of The Oxford Mission
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:
-
Decline in the value of their investments and in the annual income.
-
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
Mrs Freda Davis Bishop Bill Down Mrs Margaret How Simon Ling Robert Mathieson Giles M Thorman Miss 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 80 Cheapside London EC2V 6D2
Page 4
Independent examiner's report to the trustees of The Oxford Mission
Approved by order of the board of trustees on 23 November 2022 and signed on its behalf by:
........................................................................ Trustee
Page 5
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 Oxford Mission (the Trust) for the year ended 31 December 2021.
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Jerram FFA/FIPA FFTA Jerram Surlis Limited 4 Latimer Street Romsey Hampshire SO51 8DG
Date: .............................................
Page 6
The Oxford Mission
Balance Sheet 31 December 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| fund | funds | Funds | Funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 32,656 | 8,336 | 40,992 | 46,670 | |
| EXPENDITURE ON | |||||
| Charitable activities | |||||
| Direct charitable expenditure | - | 832 | 832 | 1,147 | |
| Behala | - | - | - | 50,433 | |
| Barisal | 40,000 | - | 40,000 | 30534 | |
| Jobarpar - CSS | - | - | - | 41,308 | |
| Support costs | 12,187 | - | 12,187 | 13,642 | |
| Church of Bangladesh | - | - | - | 280 | |
| Diocese of Calcutta | - | - | - | 130 | |
| __ | __ | __ | __ | ||
| Total | 52,187 | 832 | 53,019 | 137,474 | |
| Net Gains/(losses) on investments | 45,756 | 48,834 | 94,590 | (160,140) | |
| __ | __ | __ | __ | ||
| NET INCOME/(EXPENDITURE) | 26,225 | 56,338 | 82,563 | (250,944) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 340,824 | 401,314 | 742,138 | 993,082 | |
| __ | __ | __ | __ | ||
| TOTAL FUNDS CARRIED FORWARD | 367,049 | 457,652 | 824,701 | 742,138 | |
| ======== | ======== | ======== | ======== |
Page 7
The Oxford Mission
Balance Sheet 31 December 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | funds | Funds | Funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Investments | 5 | 330,719 | 406,323 | 737,042 | 702,453 | |
| CURRENT ASSETS | ||||||
| Debtors | 6 | 430 | - | 430 | 430 | |
| Cash at bank and in hand | 38,255 | 52,160 | 90,415 | 48,698 | ||
| __ | __ | __ | __ | |||
| 38,685 | 52,160 | 90,845 | 49,128 | |||
| CREDITORS | ||||||
| Amounts falling due within one year | (2,355 | (831) | (3,186) | (9,443) | ||
| __ | __ | __ | __ | |||
| NET CURRENT ASSETS | 36,330 | 51,329 | 87,659 | 39,685 | ||
| __ | __ | __ | __ | |||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 367,049 | 457,652 | 824,701 | 742,138 | ||
| __ | __ | __ | __ | |||
| NET ASSETS | 367,049 | 457,652 | 824,701 | 742,138 | ||
| ======== | ======== | ======== | ======== | |||
| FUNDS | ||||||
| Unrestricted funds | 367,049 | 340,824 | ||||
| Restricted funds | 457,652 | 401,314 | ||||
| __ | __ | |||||
| TOTAL FUNDS | 824,701 | 742,138 | ||||
| ======== | ======== |
The financial statements were approved by the Board of Trustees and authorised for issue on 23 November 2022 and were signed on its behalf by:
............................................. Simon Ling – Trustee
............................................. Robert Mathieson – Trustee
............................................. Giles M Thorman – Trustee
Page 8
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
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 year end 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 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
continued...
Page 9
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
3. STAFF COSTS
The average monthly number of employees during the year was as follows:
4.
| 2021 | 2022 | ||
|---|---|---|---|
| General Secretary | 1 | 1 | |
| ======== | ======== | ||
| No employees received emoluments in excess of £60,000. | |||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |||
| Unrestricted | Restricted | Total | |
| fund | fund | fund | |
| £ | £ | £ | |
| INCOME AND ENDOWMENT FROM | |||
| Donations and legacies | 35,183 | 11,487 | 46,670 |
| EXPENDITURE ON | |||
| Direct charitable expenditure | - | 1,147 | 1,147 |
| Behala | 50,433 | - | 50,433 |
| Barisal | 30,534 | - | 30,534 |
| Jobarpar - CSS | 41,308 | - | 41,308 |
| Support costs | 13,642 | - | 13,642 |
| Church of Bangladesh | 280 | - | 280 |
| Diocese of Calcutta | 130 | - | 130 |
| __ | __ | __ | |
| Total | 136,327 | 1,147 | 137,474 |
| Net gains/(losses) on investments | (160,908) | 768 | (160,140) |
| NET INCOME/(EXPENDITURE) | (262,052) | 11,108 | (250,944) |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 602,876 | 390,206 | 993,082 |
| __ | __ | __ | |
| TOTAL FUNDS CARRIED FORWARD | 340,824 | 401,314 | 742,138 |
| ======== | ======== | ======== |
continued...
Page 10
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
5. FIXED ASSET INVESTMENTS
| 2021 | 2022 | |
|---|---|---|
| £ | £ | |
| Shares | 737,042 | 702,353 |
| __ | __ | |
| 737,042 | 702,353 | |
| ======== | ======== | |
| Additional information as follows: | ||
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| Shares | 702,353 | |
| At 1 January 2021 | (53,732) | |
| Disposals | 88,321 | |
| Revaluations | __ | |
| At 31 December 2021 | 702,353 | |
| NET BOOK VALUE | ||
| At 31 December 2021 | 737,042 | |
| ======== | ||
| At 31 December 2020 | 702,453 | |
| ======== | ||
| The Investment portfolio is UK based | ||
| Cost or valuation at 31 December 2021 is represented by: |
| Cost or valuation at 31 December 2021 is represented by: | ||
|---|---|---|
| Listed | ||
| investments | ||
| £ | ||
| Valuation in 2021 | 737,042 | |
| ======== | ||
| Investments (neither listed nor unlisted) were as follows: | ||
| 2021 | 2022 | |
| £ | £ | |
| Shares | 737,042 | 702,353 |
| Mineral Rights | 72,805 | 72,805 |
| Mineral rights revaluation | (72,805) | (72,805) |
| __ | __ |
continued...
Page 11
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other debtors | 430 | 430 | |
| ======== | ======== | ||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note 8) | - | 2,243 | |
| Other creditors | 3,186 | 7,200 | |
| __ | __ | ||
| 737,042 | 702,353 | ||
| ======== | ======== | ||
| 8. | LOANS | ||
| An analysis of the maturity of loans is given below: | |||
| 2021 | 2022 | ||
| £ | £ | ||
| Amounts falling due within one year on demand: | |||
| Bank overdrafts | - | 2,243 | |
| ======== | ======== |
| 9. MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement in | At | ||
| At 1.1.21 | funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 340,824 | 26,225 | 367,049 |
| Restricted funds | |||
| East Bengal Bishopric Endowment Fund | 170,229 | 24,147 | 194,376 |
| Anglo Indian Schools Fund | 73,222 | 11,391 | 84,613 |
| Kushtia Endowment Trust | 157,863 | 20,800 | 178,663 |
| __ | __ | __ | |
| 401,314 | 56,338 | 457,652 | |
| __ | __ | __ | |
| TOTAL FUNDS | 742,138 | 82,563 | 824,701 |
| ======== | ======== | ======== |
Page 10 continued...
Page 12
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 32,656 | (52,187) | 45,756 | 26,225 |
| Restricted funds | ||||
| East Bengal Bishopric Endowment Fund | 2,778 | (277) | 21,646 | 24,147 |
| Anglo Indian Schools Fund | 2,462 | (246) | 9,175 | 11,391 |
| Kushtia Endowment Trust | 3,096 | (309) | 18,013 | 20,800 |
| __ | __ | __ | __ | |
| 8,336 | (832) | 48,834 | 56,338 | |
| __ | __ | __ | __ | |
| TOTAL FUNDS | 40,992 | (53,019) | 94,590 | 82,563 |
| ======== | ======== | ======== | ======== |
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement in | At | ||
| At 1.1.20 | funds | 31.12.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 602,876 | (262,052) | 340,824 |
| Restricted funds | |||
| East Bengal Bishopric Endowment Fund | 167,223 | 3,006 | 170,229 |
| Anglo Indian Schools Fund | 76,994 | (3,772) | 73,222 |
| Kushtia Endowment Trust | 145,989 | 11,874 | 157,863 |
| __ | __ | __ | |
| 390,206 | 11,108 | 401,314 | |
| __ | __ | __ | |
| TOTAL FUNDS | 993,082 | (250,944) | 742,138 |
| ======== | ======== | ======== |
continued...
Page 13
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
9. MOVEMENT IN FUNDS – continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 35,183 | (136,327) | (160,908) | (262,052) |
| Restricted funds | ||||
| East Bengal Bishopric Endowment Fund | 4,899 | (489) | (1,404) | 3,006 |
| Anglo Indian Schools Fund | 2,560 | (256) | (6,076) | (3,772) |
| Kushtia Endowment Trust | 4,028 | (402) | 8,248 | 11,874 |
| __ | __ | __ | __ | |
| 11,487 | (1,147) | 768 | 11,108 | |
| __ | __ | __ | __ | |
| TOTAL FUNDS | 46,670 | (137,474) | (160,140) | (250,944) |
| ======== | ======== | ======== | ======== |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement in | At | ||
| At 1.1.20 | funds | 31.12.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 602,876 | (235,827) | 367,049 |
| Restricted funds | |||
| East Bengal Bishopric Endowment Fund | 167,223 | 27,153 | 194,376 |
| Anglo Indian Schools Fund | 76,994 | 7,619 | 84,613 |
| Kushtia Endowment Trust | 145,989 | 32,674 | 178,663 |
| __ | __ | __ | |
| 390,206 | 67,446 | 457,652 | |
| __ | __ | __ | |
| TOTAL FUNDS | 993,082 | (168,381) | 824,701 |
| ======== | ======== | ======== |
continued...
9. MOVEMENT IN FUNDS – continued
Page 14
The Oxford Mission
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 67,839 | (188,514) | (115,152) | (235,827) |
| Restricted funds | ||||
| East Bengal Bishopric Endowment Fund | 7,677 | (766) | 20,242 | 27,153 |
| Anglo Indian Schools Fund | 5,022 | (502) | 3,099 | 7,619 |
| Kushtia Endowment Trust | 7,124 | (711) | 26,261 | 32,674 |
| __ | __ | __ | __ | |
| 19,823 | (1,979) | 49,602 | 67,446 | |
| __ | __ | __ | __ | |
| TOTAL FUNDS | 87,662 | (190,493) | (65,550) | (168,381) |
| ======== | ======== | ======== | ======== |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 15