OpenCharities

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

2022-12-31-accounts

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

Diocesan Trustees (Oxford) Limited

Directors’ Report and Financial Statements For the year ended 31 December 2022

Company Registration No. 867729 (England and Wales)

Charity Registration No. 253575

Registered & Principal Office: Church House Oxford Langford Locks Kidlington Oxford OX5 1GF

1

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

Table of Contents

able of Contents
Page
Directors’ Annual Report 3
Independent Auditor’s Report 10
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18

GLOSSARY

DEFINITIONS

2

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

DIRECTORS’ ANNUAL REPORT 2022

The directors, who are also trustees for the purposes of charity law, present their annual report, together with the audited financial statements, for the year ended 31 December 2022.

OBJECTIVES AND ACTIVITIES

The Charity exists to promote the work of the Church of England in the Diocese of Oxford for the advancement of the Christian religion and to that end to accept and administer property of any kind to be held in trust as appropriate.

The Charity aims to provide the following services in support of the Church of England in the Diocese of Oxford by fulfilling the roles of:

Diocesan Authority and Custodian Trustee

As Diocesan Authority, the Charity administers trusts set up after 30 December 1965, the date of incorporation and administers trusts on behalf of ODBF, in accordance with the Parochial Church Councils (Powers) Measure 1956 or the Incumbents and Churchwardens (Trusts) Measure 1964. As Custodian Trustee, the Charity holds the investments of permanent or expendable endowments. In acting as Diocesan Authority or Custodian Trustee, the Charity assists the managing trustees in the administration of trusts, including the implementation of investment instructions, production of the annual statement of funds, provision of advice in conjunction with the Diocesan Registrar and the safe keeping of legal documents and title deeds. A financial summary of each trust fund, prepared on a receipts and payments basis, is issued to the managing trustees by the Finance Department at Church House Oxford. The Charity is also the Diocesan Authority or Custodian Trustee for parish and ecclesiastical/educational trusts within the Diocese whose assets are land and buildings.

As Diocesan Authority or Custodian Trustee, the Charity oversaw the investments of 658 trusts ( 2021: 662 ) with a total value of £74.6 million at the end of 2022 ( 2021: £83 million ). Additional capital of £1.73 million was accepted during 2022 ( 2021: £nil ). Neither the capital nor the income relating to these trusts are included in the Charity’s financial statements. It is the responsibility of managing trustees to include their financial and property assets and income in the annual accounts of their Parochial Church Council (PCC) or other charitable trusts.

Sole Trustee

The Charity is the Sole Trustee of all the trusts that are included in the financial statements. The principal trust is the Church Schools Uniform Statutory Trust (CSUST). This fund arises from the disposal proceeds or rent of closed schools and school houses in the Diocese and is administered by the Charity in consultation with ODBE under the terms of trust set out in note 12 of the financial statements.

3

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

OBJECTIVES AND ACTIVITIES (cont’d)

CSUST supports the work of ODBE, which exists to fulfil the statutory duties of the Diocese of Oxford for the education of children in the Diocese in accordance with the Diocesan Boards of Education Measure 2021 (as amended), by:

ACHIEVEMENTS AND PERFORMANCE

Diocesan Authority and Custodian Trustee

The Charity has successfully performed its role as Diocesan Authority or Custodian Trustee during 2022 and has contributed to the public benefit delivered through the ecclesiastical parishes within the Diocese by assisting PCCs and other local church trustees, who act as the managing trustees, in the administration of trusts, including the implementation of investment instructions, production of the annual statement of funds, provision of advice in conjunction with the Diocesan Registrar and the safe keeping of legal documents and title deeds. Parishes generally contribute to the public benefit by:

Sole Trustee and Managing Trustee

The Charity has successfully performed its role as the sole trustee of CSUST during 2022. It has contributed to the public benefit delivered through the Church of England schools, with some 60,000 pupils across the Diocese, by contributing to the cost of providing educational services and support to schools in accordance with the Diocesan Boards of Education Measure 2021. Therefore, it has helped to promote:

FUTURE PLANS

The directors intend to continue to perform the core roles of Diocesan Authority and Sole Trustee as explained above. The DT(O)L investments are held for the long-term and short-term. Fluctuations in the value of investments do not have a significant immediate impact on the work of the organisation. Consideration is currently being given to the future Trusteeship of the largest fund held by DT(O)L.

4

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

FINANCIAL REVIEW

Overall result

The net expenditure before investment losses (2021: gains) for the year was £159k ( 2021: £99k as restated ) with an overall net decrease in funds for which the Charity acts as trustee of £1,572k ( 2021: increase of £1,425k as restated ), after taking account of £1,413k unrealised losses on investments ( 2021: £1,524k gains ).

Prior year adjustment

Historically, the grant payable to ODBE by DT(O)L was accounted for in the year in which it was paid. The Trustees of DT(O)L approved the grant for 2023 during 2022 and, hence, a constructive liability existed at the year-end. Therefore the 2023 grant should be recognised in 2022 and, consequently, the grant payable during 2022 should have been recognised as a liability as at 31 December 2021. Therefore, a prior year adjustment has been reflected in these financial statements. The impact on the 2021 result was to increase net income by £65k. Total (restricted) funds as at 31 December 2021 were reduced by £462k.

Investment performance

The total value of funds, based on balance sheet totals, for which the Charity acts as managing trustee decreased to £10,473k at 31 December 2022 from £12,045k (as restated) at 31 December 2021. Of these funds £10,189k (2021: £11,731k as restated)) were funds of CSUST consisting of Endowment Funds of £8,972k (2021: £10,183k) and Accumulated Income Funds of £1,217k ( 2021: £1,548K). (See note 14 to the financial statements).

During the year the CBF Investment Funds decreased in value, by 12% ( 2021: increase of 15% ). These investment holdings comprised 71% of the total investments as at 31 December 2022 ( 2021: 71% ).

The capital values of investments decreased during 2022 by 12% ( 2021: increase of 17.5% ), a year in which the FTSE 100 index increased by 0.9% ( 2021: 14.3% ). The variance against the FTSE 100 index was due to the specific multi-asset composition of the CCLA Investment Funds. The directors continue to take advice on how best to balance capital risk against maintaining income in the medium to long term.

Investment policy

The Charity has the power to make any investments, which the directors deem fit, and which further the Charity’s aims.

The principles governing investment are generally driven by a need to be cautious to risk, balanced by a requirement to maximise long-term total returns. Risk is reduced by investment in shares and bond funds through investment vehicles such as investment companies, common investment funds and unit trusts. The investment policy aims to maintain a total return of both income and capital that meets both current needs and longer-term capital needs over a 5-to-10-year timescale.

Investments are in funds that, in the majority, have a policy of acting in a socially responsible manner and which have ethical policies that are, as far as possible, in line with the Charity’s policies and objectives.

5

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

FINANCIAL REVIEW (cont’d)

Reserves policy

Due to the nature of the Charity’s activities, its net assets represent either endowment or restricted funds. As the Charity acts principally as a trustee with no general funds of its own, and as ODBF bears the cost of administration as detailed in note 16 to the financial statements, no free reserves need to be maintained to sustain the Charity.

Grant making policy

The Charity makes grant payments as Managing Trustee in accordance with the terms of each trust, as appropriate.

Risk management

The directors confirm that the major risks to which the Charity is exposed have been reviewed and systems have been established to manage those risks. The risk management strategy comprises an annual review of risks which the Charity may face, the establishment of systems and procedures to manage identified risks and the implementation of the procedures designed to minimise any potential impact on the Charity should those risks materialise.

The principal risks are that:

The Charity has insurance to indemnify the directors and officers against the consequences of any neglect or default on their part. The cover provided is up to £1,000,000.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Diocesan Trustees (Oxford) Limited (the Charity) is a Trust Corporation incorporated in England and Wales on 30 December 1965 as a charitable company limited by guarantee (Company Number 867729), which is governed by its Memorandum and Articles of Association and is a registered charity (Charity Number 253575).The members of the company are the directors. In the event of the charitable company being wound up, each member has guaranteed to contribute a maximum of £1. The Charity is not liable to Corporation Tax on its gains and income as the gains and income are applied for charitable purposes.

6

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (cont’d)

Board and Committee structure

The directors, who are also the trustees for the purposes of charity legislation, usually meet four times a year. During 2022 three meetings were held. In addition, the Trustees’ Investment Committee (TIC) is responsible for considering matters relating to the Church Schools Uniform Statutory Trust (CSUST) investments and for making recommendations to the directors. The committee comprises the chairman and up to five other directors, including one representative of ODBE. The committee meets as necessary. The committee met twice during the year.

Appointment of Directors

The directors comprise up to:

Up to three additional members may be co-opted. Two further persons may be co-opted from time to time by the directors. Directors normally serve for a three-year term linked to Synodical elections.

Directors receive induction training when first appointed and ongoing training as appropriate.

Directors’ responsibilities

The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the net income and expenditure of the company for that period. In preparing these financial statements, the directors are required to:

7

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (cont’d)

The directors are responsible for keeping adequate records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Where the Charity acts as the Sole Trustee, the directors are responsible for keeping proper accounting records of monies that disclose fairly and reasonably the financial position of those funds. Where the Charity acts as Diocesan Authority or Custodian Trustee, the accounting records are under the control of the managing trustees of each relevant trust.

Key management personnel

The overall responsibility for the company rests with the directors who regard themselves as the key management personnel. No director received any remuneration from the company ( 2021: none ).

Related parties

The directors consider the following to be related parties:

Transactions with related parties are disclosed in note 16 to the financial statements.

Public benefit

The directors have complied with section 4 of the Charities Act 2011 having due regard to guidance published by the Charity Commission. The manner in which the charitable company provides public benefit is articulated in the achievements section of this report.

Funds held as the Diocesan Authority or as Custodian Trustee

The directors recommend that the managing trustees of trust funds should review periodically the investments held for trusts taking professional investment advice, as appropriate. Cash and investments are held separately for each trust.

8

Diocesan Trustees (Oxford) Limited Directors, Report and Financial Statements For the Year Ended 31 December 2022 REFERENCE AND ADMINISTRATIVE DETAILS The following were the directors during the year andlor at the date of this report. All have served throughout the year except where indicated otherwise {Member of the Trustees. Investment Committee {TlCI- Director Basis of appointment The Revd Canon J H Tattersall (Chairman) Mr G S Anderson Jp Archdeaconry of Dorchester ODBE nominated and Archdeaconry of Berkshire Archdeaconry of Berkshire Archdeaconry of Dorchester Ex Officio. The Bishop of Oxford Archdeaconry of Buckingham Archdeaconry of Buckingham Archdeaconry of Dorchester Ex Officio- ODBF Chairman Archdeaconry of Berkshire Archdeaconry of Buckingham The Revd A T Bond Mr B Crawford The Right Revd Dr S J Croft Mrs J P Dziegiel (appointed l Jan 20221 Mr M R Hardman {appointed l Jan 20221 Mr M B Powell Sir H W H Sants (appointed l Jan 20221 Mr J C Tucker (appointed l Jan 2022} MrELSWeiss Secretary: Canon M Humphriss is responsible forthe day-to-day management ofthe Charity. Registered Office Church House Oxford, Langford Locks. Kidlington. Oxford. OX5 IGF Bankers National Westminster Bank plc, 32 Cornmarket Street, Oxford OXI 3EZ Auditors Buzzacott LLP, 130 Wood Street. London, EC2V 6DL Solicitors Winckworth Sherwood LLP, 2 Chawley Park, Cumnor Hill. Oxford OX2 9GG Insurers Ecclesiastical Insurance Office plc, Beaufort House, Brunswick Road, Gloucester GLI IJZ BASIS OF PREPARATION This report has been prepared in accordance with applicable United Kingdom Accounting Standards. the Companies Act 2006, and Accounting and Reporting by Charities: Statement of Recommended Practice. STATEMENT OF DISCLOSURE TO AUDITOR As far as each director is aware, there is no relevant audit information of which the Charitls auditor is unaware. Each director has taken all the steps helshe ought to have taken as a director in order to make himselflherself aware of any relevant Information and to establish that the Charit¢5 auditor is aware of that information. of the tors; Canon J H Tattersall Chairman 15 May 2023

Diocesan Trustees (Oxford) Llmlted Directors, Report and Financial Statements For the Year Ended 31 December 2022 INDEPENDENT AUDITOR'S REPORT to the Members of Diocesan Trustees {Oxford) Limited Opinion We have audited the financial statements of Diocesan Trustees (Oxford) Limited (the 'charitable companVI forthe year ended 31 December 2022 whlch comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the notes to the financial statements including the principal 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 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable companvs affairs as at 31 December 2022 and of its income and expenditure forthe yearthen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 directors, use of the going con￿rn 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 charitable companvs ability to continue as a going concern for a perlod of at least twelve months from when the financial statements are author ised for issue. Our responsibilities and the responsibilities of the directors Wlth respect to going concern are described in the relevant sections of this report. io

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

INDEPENDENT AUDITOR’S REPORT (cont’d)

Other information

The directors are responsible for the other information. The other information comprises the information included in the Directors’ Report and Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

11

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

INDEPENDENT AUDITOR’S REPORT (cont’d)

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the charitable company’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 directors 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

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

12

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

INDEPENDENT AUDITOR’S REPORT (cont’d)

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

13

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

INDEPENDENT AUDITOR’S REPORT (cont’d)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 11 August 2023

14

Diocesan Trustees (Oxford) Llmlted Oirectors, Report and Financial Statement5 For the Year Ended 31 December 2022 STATEMENT OF FINANCIAL AcfiviTIES {including Income and Expenditure Account) for the Year Ended 31 December 2022 Unrestricted Restricted Endowment Funds Funds Funds Total 2022 Total 2021 (as restoted Note 20) £'ooo Note £'ooo £'ooo £'ooo £'ooo Income and Endowment5 from: Donations 78 78 114 Investments 354 354 336 Other sources 73 Total 78 354 432 523 Expenditure on Charitable Activitie5". Grants 5a 1468) 14681 f462J (160) Other 5b 178) 145) 11231 Total 1781 1513) 15911 (622) Net lexpendlture) before inve5trnent {lossesl/gains Unrealised Ilossesllgains on investment5 1159) 11591 (99) {180) 11,2331 11,4131 1,524 Net lexpenditurel income and net movement in funds {3391 11,2331 11,5721 1,425 Reconciliation of funds: Total funds brought forward as previously stated Prior year adjustment (note 201 Total funds brought forward as restated 2,133 14621 10,374 12,507 {4621 11,147 (527) 1,671 10,374 12,045 10,620 Total funds carried forward 1.332 9,141 10,473 12,045 The Statement of Financial Activities ISOFAI includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The prior year comparative SOFA for 2021 is shown in Note 21 on page 31. The notes on pages 18 to 31 form part of these financial statements. 15

Diocesan Trustees (Oxford) Limited Directors, Report and Financial Statements For the Year Ended 31 December 2022 BALANCE SHEET as at 31 December 2022 Company No. 867729 (England and Wales) 2022 2021 (as restated Note 20) Note £'ooo FIXED ASSETS Investments 10.439 11,852 CURREKf ASSETS Debtors due after more than one year Debtors due within one year Cash at bank 114 181 204 398 487 Total Current A55ets 588 805 Creditors: Amounts falling due within one year 1503) (561) Net Current Assets 85 244 Total Assets Less Current Llabilities 10,524 12,096 Creditors: Amounts falling due after more than one year io 1511 (51) NET ASSETS 10.473 12.045 FUNDS Permanent Endowment Funds li loo 113 Expendable Endowment Funds 12 9,041 10.261 9,141 10,374 Restricted Funds 13 1,332 1,671 10,473 12,045 The notes on pages 18 to 31 form part of these financial statements. Included in the above are unrealised valuation gains amounting to £5,762k12021.' £7,175kl. See notes 11 to 13 to the financial statements. The financial statements were approved and authorised for issue by the directors on 15 May 2023 and signed heir behalf by The Revd Canon J H Tattersall Chairman G S Anderson JP Director 16

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

STATEMENT OF CASH FLOWS for the year ended 31 December 2022

Net cash used in operating activities (Below A)
Cash flows from investing activities
Dividends and interest received from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December (Below B)
A. Reconciliation of net movements in funds to
net cash flow used in operating activities
Net movement in funds
Adjustments for:
Unrealised losses/(gains) on investments
Dividends and interest receivable from investments
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash used in operating activities
B. Analysis of cash and cash equivalents
Cash at bank		 2022
£’000
£’000
(443)
354
354
(89)
487
398
(1,572)
1,413
(354)
128
(58)
(443)
398		 2022
£’000
£’000
(443)
354
354
(89)
487
398
(1,572)
1,413
(354)
128
(58)
(443)
398		 2022
£’000
£’000
(443)
354
354
(89)
487
398
(1,572)
1,413
(354)
128
(58)
(443)
398		 2021
(as restated Note 20)
£’000
£’000
(534)
336
336
(198)
685
487
1,425
(1,524)
(336)
(39)
(60)
(534)
487		 2021
(as restated Note 20)
£’000
£’000
(534)
336
336
(198)
685
487
1,425
(1,524)
(336)
(39)
(60)
(534)
487		 2021
(as restated Note 20)
£’000
£’000
(534)
336
336
(198)
685
487
1,425
(1,524)
(336)
(39)
(60)
(534)
487
(89)
487		 (198)
685
487
1,425
(1,524)
(336)
(39)
(60)
(534)
487
398
(1,572)
1,413
(354)
128
(58)
(443)
398

No separate statement of net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

17

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Principal Accounting policies

Diocesan Trustees (Oxford) Ltd (DT(O)L) is a company limited by guarantee (No.867729 (England and Wales)) and a registered charity (No. 253575) governed by its Memorandum and Articles of Association, incorporated in England. Its registered office is Church House Oxford, Langford Locks, Kidlington, Oxon OX5 1GF.

Basis of accounting

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2022 with comparative information provided for the year to 31 December 2021 .

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with 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 (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest thousand.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the directors and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

18

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Principal Accounting Policies (cont’d)

Going concern

The directors have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The directors have made this assessment with respect to a period of at least one year from the date of approval of these financial statements including the preparation of future income and expenditure cash flows. The directors have concluded there are no material uncertainties that cast doubt on the ability of the Charity to continue as a going concern. The directors are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due. This is because the Charity has sufficient monetary assets, including short term cash balances, which could be readily realised to meet liabilities should there be an unexpected curtailment of income.

Income

Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably, and it is probable that the funds will be received.

Income comprises donations, income from listed and property investments and income relating to closed school sites.

Donations comprise gifts in kind which represent the actual cost of administering the Charity incurred by ODBF. Such gifts in kind are also shown as charitable expenditure.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Rent receivable is recognised on an accruals basis determined under the relevant licences to occupy and leases.

Income from the sale of closed school sites (see below) is recognised upon receipt of funds after the sale of the site is completed.

Closed school premises

The land and buildings of a number of closed church schools are vested in CSUST. The future of these sites is uncertain as to use and retention. Where such sites are eventually sold, the proceeds may need to be apportioned between CSUST and a Local Authority and/or other parties. As such assets have no meaningful value during this period of uncertainty, they are not valued for the purpose of these financial statements.

Rental income from closed school premises is recognised in these accounts when receivable (see above).

Expenditure

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT.

19

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Principal Accounting Policies (cont’d)

Expenditure comprises expenditure on the Charity’s primary charitable purposes as described in the directors’ report including the payments of grants. The expenditure includes both costs that can be allocated directly to such activities and those indirect costs necessary to support them.

Grants payable are included in the statement of financial activities when approved and when committed. Commitment will usually arise when the intended recipient has either received the funds or been informed of the decision to make the donation.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market bid-price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Apart from fixed asset investments held at fair value, these are recognised initially at transaction value and subsequently measured as described below.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid.

The amounts recoverable from the sale proceeds of closed schools represent professional fees and other costs incurred in respect of those school land and buildings and are recoverable from the disposal proceeds once sold.

It should be noted that there is no certainty about when these sums will be received, but it is deemed appropriate to include the full amounts as debtors in order to preserve the right to recovery should the opportunity arise. If and when any such items become clearly irrecoverable, they are written off as expenditure (see critical estimates and areas of judgement above).

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

20

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Principal Accounting Policies (cont’d)

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Charity anticipates it will pay to settle the debt.

Fund structure

The unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the Charity and may be applied at the discretion of the directors.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

The endowment funds comprise assets which normally must be held as capital (permanent) but, where permitted, may be applied towards meeting certain charitable aims (expendable). The income therefrom is used either in accordance with the donors’ wishes, if stipulated, or for general purposes.

Custodian funds

Funds held by the Charity on behalf of various trusts and over which the Charity has no power to make management decisions are classified as custodian funds and are not included in the financial statements. Instead, a description of the funds held is disclosed in the directors’ report.

21

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

2. Income from Donations

Gifts in kind in respect of the administrative services and
governance donated by ODBF		 2022
£’000
78		 2021
£’000
114

In both the above years, income from donations related to unrestricted funds.

3. Income from Investments

2022
£’000
Dividends receivable
295
Interest receivable
6
Rents receivable
53
354
In both the above years, income from investments related to restricted funds.
Income from Other Sources
2022
£’000
Surplus on disposal of closed school sites
-
Income from other sources related to restricted funds.		 2021
£’000
287
-
49
336
2021
£’000
73

4. Income from Other Sources

22

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

5. Expenditure on Charitable Activities

a) Grants

TES TO THE FINANCIAL STATEMENTS (cont’d)
xpenditure on Charitable Activities
) Grants
Grants to ODBE
Grants of £5,000 or less
Total grants payable		 2022
£’000
462
6
468		 2021
(as
restated)
£’000
462
-
462

The above grants are from restricted funds, apart from £nil (2021: £67K) grants to ODBE from endowment funds.

b) Other

) Other
Administration provided by ODBF
Governance costs borne by ODBF
Total Unrestricted Funds
Property Maintenance
Administration of Funds and Grants
Total Restricted Funds
Total Other Charitable Expenditure		 2022
£’000
45
33
78
5
40
45
123		 2021
£’000
100
14
114
18
28
46
160

Governance costs are borne by ODBF and form part of the costs recognised in these financial statements and part of the related gift in kind (note 2). Governance costs represent staff costs in relation to governance (including directors’ expenses), committee costs, audit fees and legal costs.

The audit fees were £6K ( 2021: £6K ). Directors comprise the key management of the charity but received no remuneration in either year. One director received reimbursement of travel expenses totalling £0.1K during the year ( 2021: £0.1K ).

23

Diocesan Trustees (Oxford) Limited

For the Year Ended 31 December 2022

Directors’ Report and Financial Statements

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

6. Investments

Restricted
Funds
Endowment
Funds
£’000
£’000
Market value at 1 January
1,567
10,285
Unrealised (losses)/gains in year
(180)
(1,233)
Market value at 31 December
1,387
9,052
Historical cost of investments
1,140
3,537
Analysis of investments at 31 December 2022:
CBF – Investment Fund shares
CBF – Global Equity Fund Income shares
CBF – Property Fund shares
M&G Charifund units
COIF Ethical Accumulation shares
Charities Property Fund
All of the invested funds are held within the UK.
7. Debtors due after more than one year
Loans advanced to ODBE (note 16)
Amounts recoverable from proceeds of closed schools
Other loans		 Restricted
Funds
£’000
1,567
(180)		 Endowment
Funds
£’000
10,285
(1,233)		 2022 Total
£’000
11,852
(1,413)		 2021 Total
£’000
10,328
1,524		 2021 Total
£’000
10,328
1,524
1,387 9,052 10,439 11,852
1,140 3,537 4,677 4,677
Total
£’000
7,391
1,921
196
3
662
266
10,439
2022
£’000
-
9
-
9		 Holding
%
71
18
2
-
6
3
100
2021
£’000
100
9
5
114

24

Diocesan Trustees (Oxford) Limited

For the Year Ended 31 December 2022

Directors’ Report and Financial Statements

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

NOTES TO THE FINANCIAL STATEMENTS (cont’d)
8. Debtors due within one year
Interest receivable
Amounts recoverable from proceeds of closed schools
Other
9. Creditors: amounts falling due within one year
Amounts due to Local Authorities
Other
10. Creditors: amounts falling due after more than one year
Amounts due to Local Authorities		 2022
£’000
27
138
16
181
2022
£’000
35
468
503
2022
£’000
51		 2021
£’000
26
138
40
204
2021
(as
restated)
£’000
35
526
561
2021
£’000
51

25

Diocesan Trustees (Oxford) Limited

For the Year Ended 31 December 2022

Directors’ Report and Financial Statements

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

11. Permanent Endowment Funds

ermanent Endowment Funds
Bishop of Oxford’s Discretionary Fund
Caversfield – F. Sharpe Bequest
Streatley – Judd Bequest
Woolhampton – James Blyth Charity Trust
Woolhampton – Misses Blyth-Currie Trust		 Balance at
1 January
2022
£’’000
28
4
3
61
17
113		 Investment
losses
£’000
(3)
-
-
(8)
(2)
(13)		 Balance at
31 December
2022
£’000
25
4
3
53
15
100

Included in the balance at 31 December 2022 is £89K ( 2021: £102K ) of unrealised investment gains.

26

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

12. Expendable Endowment Funds

CSUST
Bartlett Memorial Fund		 Balance at
1 January
2022
£’000
10,183
78		 Investment
losses
£’000
(1,211)
(9)		 Balance at
31 December
2022
£’000
8,972
69
10,261 (1,220) 9,041

Included in the balance at 31 December 2022 is £5,426k ( 2021: £6,646k ) of unrealised investment gains.

This fund's capital arises from the sale proceeds of closed schools and school houses within the Diocese. In addition to these funds, the land and buildings of five closed church schools or school houses are vested in CSUST. The future of these sites is uncertain as to use and retention. Even where these are to be eventually sold, the proceeds are usually apportioned between CSUST and the relevant Local Authority and/or other parties. Therefore it is inappropriate to place any particular value on these sites for balance sheet purposes.

The funds shown do not include sale proceeds of schools and school houses where these are held by solicitors pending an order and/or determination.

Both the capital and income may be used for defraying costs incurred in connection with sales of closed schools and for the purchase of a site, building, improving or maintaining Church of England schools and school houses in the Diocese. The income may also be used for advice, guidance and resources regarding the management and education provided, carrying out inspections in connection with such a school and the employment of staff in connection with the administration of the Trusts.

This fund is administered by the company in consultation with ODBE. A summary of all CSUST funds is provided in note 14 below.

27

Diocesan Trustees (Oxford) Limited

For the Year Ended 31 December 2022

Directors’ Report and Financial Statements

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

13. Restricted Funds

Balance at
1 January
2022
(as restated
Note 20)
£’000
CSUST
1,548
Bartlett Memorial Fund
72
Bishop of Oxford’s Discretionary Fund
8
Caversfield – F. Sharpe Bequest
5
Woolhampton – James Blyth Charity Trust
31
Woolhampton - Misses Blyth -Currie Trust
5
Tackley CE School
2
1,671		 Income
£’000
347
4
1
-
2
-
-
354		 Expenditure
£’000
(507)
(6)
-
-
-
-
-
(513)		 Investment
losses
£’000
(171)
(7)
-
-
(2)
-
-
(180)		 Balance at
31 December
2022
£’000
1,217
63
9
5
31
5
2
1,332

Included in the balance for income funds at 31 December 2022 is £247K ( 2021: £427K ) of unrealised investment gains. The majority of these funds represent unexpended income arising from the endowment funds described in Notes 11 and 12 above.

Tackley C.E. School

The fund comprises rent received from Tackley pre-school and interest thereon. The income is to be used for the benefit of the school.

Descriptions of the other funds may be found in notes 11 and 12 above.

14. CSUST Funds Summary

Endowment (Note
12)
Restricted (Note 13)
Total		 Balance at
1 January
2022
(as restated
Note 20)
£’000
10,183
1,548
11,731		 Income
£’000
-
347
347		 Expenditure
£’000
-
(507)
(507)		 Investment
losses
£’000
(1,211)
(171)
(1,382)		 Balance at
31 December
2022
£’000
8,972
1,217
10,189

28

Diocesan Trustees (Oxford) Limited

For the Year Ended 31 December 2022

Directors’ Report and Financial Statements

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

15. Analysis of Net Assets Between Funds

Permanent Endowment
Funds:
Bishop of Oxford’s
Discretionary Fund
Caversfield – F. Sharpe
Bequest
Streatley – Judd Bequest
Woolhampton – James
Blyth Trust
Woolhampton – Misses
Blyth-Currie Trust
Expendable Endowment
Funds:
CSUST
Bartlett Memorial Fund
Total Endowment Funds
Restricted Income
Funds:
CSUST
Bartlett Memorial Fund
Bishop of Oxford’s
Discretionary Fund
Caversfield – F. Sharpe
Bequest
Woolhampton – James
Blyth Trust
Woolhampton – Misses
Blyth-Currie Trust
Tackley CE School
Total Funds		 Investments
£’000
25
4
3
53
15
100
8,883
69
8,952
9,052
1,311
48
4
-
19
5
-
1,387
10,439		 Cash
£’000
-
-
-
-
-
-
2
-
2
2
354
18
5
5
12
-
2
396
398		 Debtors
£’000
-
-
-
-
-
-
138
-
138
138
52
-
-
-
-
-
-
52
190		 Creditors
£’000
-
-
-
-
-
-
(51)
-
(51)
(51)
(500)
(3)
-
-
-
-
-
(503)
(554)		 Total
2022
£’000
25
4
3
53
15
100
8,972
69
9,041
9,141
1,217
63
9
5
31
5
2
1,332
10,473		 Total
2021
(as
restated
Note 20)
£’000
28
4
3
61
17
113
10,183
78
10,261
10,374
1,548
72
8
5
31
5
2
1,671
12,045

29

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

16. Related party transactions

Administration is carried out by ODBF free of charge. The receipt of this service is classified by the SORP as a gift in kind valued at £78k ( 2021: £114k ) (see Note 2). The cost is included in charitable activities (Note 5b). Included in these administrative costs are staff costs of £32k ( 2021: £60k ). There are some investment management costs that are incurred by ODBF but they are not material and have not been separately analysed in the Statement of Financial Activities.

Grants totalling £462K were made to ODBE in the year ( 2021: £462K as restated ) to support the work of the charity (see Note 5a).

The relationship between the Charity, ODBF and ODBE is as set out within the directors’ report.

The amount receivable from ODBE was a loan as set out in Note 7. The loan was interest-free and provided funds to ODBE to finance its cash flow for premises work.

The reimbursement of expenses to the directors is disclosed in Note 5.

There were no other related party transactions in the year requiring disclosure (2021: none).

17. Custodian funds

In addition to the Trusts detailed above, the Charity acts as Diocesan Authority or Custodian Trustee on behalf of trusts. These trusts each have individual objects and are related to the Charity in that they are all connected with the Church of England. The Charity oversaw the investments of 658 trusts ( 2021: 662 ) with a total value of £74.6 million at the end of 2022 ( 2021: £83 million ). Additional capital of £1.73 million was accepted during 2022 ( 2021: £nil ). These trusts are administered separately from those for which the Charity acts as Managing Trustee and are not included in these financial statements.

18. Staff

The Charity has no employees and therefore has no employment, national insurance or pension obligations.

19. Members liability

The Charity is constituted as a company limited by guarantee. In the event that the company is wound up, company members are required to contribute an amount not exceeding £1.

20. Prior-year adjustment

Historically, the grant payable to ODBE by DT(O)L was accounted for in the year in which it was paid. The Trustees of DT(O)L approved the grant for 2023 during 2022 and, hence, a constructive liability existed at the year-end. Therefore the 2023 grant should be recognised in 2022 and, consequently, the grant payable during 2022 should have been recognised as a liability as at 31 December 2021. Therefore, a prior year adjustment has been reflected in these financial statements. The impact on the 2021 result was to increase net income by £65k. Total (restricted) funds as at 31 December 2021 were reduced by £462k.

30

Diocesan Trustees (Oxford) Limited Directors’ Report and Financial Statements

For the Year Ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS (cont’d)

21. Prior Year Comparatives (as adjusted per Note 20)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2021

Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2021
(as restated
Note 20)
Note
£’000
£’000
£’000
£’000
Income and Endowments from:
Donations
2
114
-
-
114
Investments
3
-
336
-
336
Other sources
4
-
73
-
73
Total
114
409
-
523
Expenditure on Charitable Activities:
Grants
5a
-
(395)
(67)
(462)
Other
5b
(114)
(46)
-
(160)
Total
(114)
(441)
(67)
(622)
Net expenditure before investment gains
-
(32)
(67)
(99)
Unrealised gains on investments
6
-
217
1,307
1,524
Net income and net movement in funds
-
185
1,240
1,425
Reconciliation of funds:
Total funds brought forward as previously
stated
-
2,013
9,134
11,147
Prior year adjustment
(527)
-
(527)
Total funds brought forward as restated
-
1,486
9,134
10,620
Total funds carried forward
-
1,671
10,374
12,045
The Statement of Financial Activities (SOFA) include all gains and losses recognised in the year. All
income and expenditure derives from continuing activities. The notes on pages 18 to 30 support the
above figures.		 Unrestricted
Funds
£’000
114
-
-
114
-
(114)
(114)
-
-
-		 Restricted
Funds
£’000
-
336
73
409
(395)
(46)
(441)
(32)
217
185		 Endowment
Funds
Total
2021
(as restated
Note 20)
£’000
£’000
-
114
-
336
-
73
-
523
(67)
(462)
-
(160)
(67)
(622)
(67)
(99)
1,307
1,524
1,240
1,425
At 31 December 2021, the above funds were represented by the following net assets :-
Investments
Cash
Debtors
£’000
£’000
£’000
Permanent endowment funds
113
-
-
Expendable endowment funds
10,173
51
138
Restricted income funds
1,566
436
180
Total
11,852
487
318		 Liabilities
£’000
-
(101)
(511)
(612)		 Total
£’000
113
10,261
1,671
12,045

31