The St Michael's and All Saints, Charlty Accounts forthe year ended 31st December 2025 Wenn Townsend Chartered Accountants Oxford
The St Michael's and All Salnts, Charity Charity Number 261304 Ex-officlo Trustees Vicar of Sl Michael at the North Gate Rev A Buckley The Wardens of Sl Michael al the North Gate Mr M Lebus Prof A Spicer The Rector of Lincoln College Mr N Cllfford The Principal of Jesus College Sir Nigel Shadbolt Nominative Trustees Ms R Loseby Ms S Shibli (stepped down on 131h March 20261 Mr R Earl Ideceased 31*l January 20251 Mr l Laing Mr R F Sheppard Mr P Boland (commenced on 11th December 20251 Mr M Kent {commenced on 111h December 2025} Clerk to the Trustees Mrs L Packer Address Sl Michael's Church Centre Cornmarkel Oxford Auditors Wenn Townsend 30 St Giles, Oxford OX13LE Bankers Barelays Bank plc PO Box 858 Wytham Court 11 Wesl Way Bolley Oxford Investment Managers CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Chartered Surveyors Savills IUKI Ltd 33 Margaret Street London W1G OJD Soli¢itors Mills and Reeve LLP 24 Imlliam Street London EC4R 9AT
The St Michael's and All Saints. Charity Trustees, Report for the year ended 31st December 2025 Reference and adminlstratlve information Please refer to page 1 Structure, Governance and Management The St Michael's and All Saints, Charity is regulated by a Scheme sealed by the Charity Commission on 8th December 2025. The body of Trustees consists of five ex-officio trustees and six trustees nominated by the Parochial Church Council of St Michael at the North Gate with St Martin and All Saints, Oxford. The Scheme provides that a person appointed may be, bul need not be, a member of the nominating body. A salaried clerk is employed. The Trustees are referred to as the Feoffees. On appointment a new Feoffee meets the Chairman of the Feoffees, the Incumbent of the Parish of St. Mi¢h&l al the Northgate and the Clerk lo the Feoffee5 and is sent the following documents.. Feoffees. Handbook Scheme sealed 8th December 2025 Minutes of recent meetings The last auilited a¢¢ounls of the Charity A statement of the experience and expertise of other Feoffees A new Feoffee is required to complete the following.. A register of skills A register of Feoffees, interests A declaration The$e registefs and declaration are also completed by each Feoffee annually. The Clerk Shows new Feoffees the properties owned by the Feoffees in central Oxfoid, and they are briefed on the accounts. Full meetings of the Feoffees, referred lo as Board Meetings, are hekl quarterfy and additional meetings are called as and when required. Major decisions are taken al these meetings which ensure that the Feoffees exercise full and effective control of the decision-making prosS. Four Board Meetings were held in 2025. These meetings are preceded by meetings of the Propety and Investment Committee, formed in 2021, 01 those Feoffees with skills in investment and property management, to consider in detail financial and investment matters and to make recommendations to the Board. The Feoffees have examined the principal areas of the Charity's operation and considered the major risks in these areas. The Trustees consider the Charity's systems to be such that these risks are mitigated lo an acceptable level. During the year Professor Mark Brouard. Vice-Principal of Jesus College, from 1st October 2024, attended meetings in place of Sir Nigel Shadbolt. Objectives and Activltle8 Summa of the ur oses of h Chari as sel out in ils ovemin document In accordance with the terms of the Scheme income of the Charity is applied first lo the maintenance of the property of the Charity and lo the expenses of management of the Charity. 10'A of the net income after property and management expenses is then applied to relieve, either generally or individually. persons resident in Oxford who are in need, hardship or distress. The nel income is then applied lo defray the cost of repairs to the fabric, furniture, fittings and organ of the Parish Church and of insurance of the Parish Church, lo the maintenance of music and the provision of music therein, in aid of the stipends of clergy officiating at the Parish Church, and in making grants for such religious and other charitable purposes as the Feoffees decide after consullalion with the Parochial Church Council. Although the charity has wide discretion in respect of making grants the Feoffees have foeused primarily on assisting charities addressing local needs. Grants may be made to institutions or organisations which provide services or facilities to such people.
The St Michael's and All Saints, Charlty Trustees, Report for the yearended 31st December 2025 Public benefit statement In exercising their powers and duties the Trustees have paid due regard to the guidance on public benefit published by the Charity Commission. Each of the aims of the charity has been directed towards the public benefit in the ways described below. Summa of the main activities in relation to tho or services identified in the accounts 05es for the ublic benefrt in articular the acts'vities ro ects To appty 10% of the net income In relleving either generally or Indlvidually persons resident In the City of Oxford as constituted from tlme to time who are In condltlons of need. hardship or dlstress. Net ineome in 2025 after propety and management expenses was £462,177. In total during 2025. £55,000 was distributed in grants via the philanthropic chaiity Oxfordshire Community Foundation and its Living Essentials Fund (ring fenced to beneficiaries in the City of Oxford) which funds charitable organisations providing vulnerable people with food, elothing, shelter, thermally comfortable spaces and prevenlalive help such as debt and energy advice. £46,218 represented 10Oh of the net income. with the balance of £8,782 being distributed under the provision lo make grants for religious and other charitable purposes after duly consulting the Parochi81 Church Council Inote 101. In or towards defraying the cost of repairs to the fabric of the sald Parish Church and the maintenance of services therein including the provision of music thereln and the repair of the fumiture, fittings and organ thereof. And in defraying the cost of insurance ol the said Parish Church, the organ and the furniture therein. The Parish Church of Sl Michael at the North Gate is situated in the centre of Oxford where its lower. built shortly before the Norman Conquest, is the oldest surviving building in the city. By covering the costs of repair and maintenance of this historic church the charity ensures that the church is in a fil slate lo allow public access (including worshippers. tourists, and those seeking a quiet space) and that the church continues to host an active community in the heart of Oxford. The public is served through this programme of continued maintenance and improvement in a variety of ways. 11 enables the church to be open every day for personal quiet and prayer, for the enjoyment of the hislorul heritage, for Providing open and accessible services of worship and leaching on Sundays and during the week, for the holding of regular cultural activities and making the buildings available for hire or free use lo groups serving the needs of the community at large. The total expenditure in the year for this purpose (including insurance, IT supporL expenses and repairs) was £197,62912024.' £112.273} including £160.000 for the first phase ofthe Tower Project lo preserve and refurbish the historic Saxon tower, and improve how its history is explain to visitors and the local community. This first phase focused on repairing the tower roof, to make it walertighl, and any damage to the limber beams, and lo fitting new windows lo improve the natural light and views of the tower's arehitectural features and the city Inole 131. In addition. the charity holds a Church Repair Fund of £2.500.000 8131 December 2025 {2024.' £150,000). This Designated Fund exists to manage effectively the subslanlial costs of repairs to the Church that will be necessary in years lo come (see Reserve Policy below and notes 7 and 121. The charity supports the music at Sl Michael's by covering the cost of the Director of Music, Organist and the professional choir. These were £37,762 in 202512024.. £30,218) Isee note 13). The choir serves the worshipping community at St Michael's by leading the congregation in sung servl¢es and providing full choral serVIS which are open and a¢Gessible to all. More information on these activities can be found in the report of the a¢¢ounls of the Parochial Church Council of st Michael at the North Gate with St Marbn and All Saints.
The St Michael'$ and All Saints, Charlty Trustees, Report forthe year ended 31st December 2025 Objectives and Activlties (continued) To pay stipends of the clergy officlating at the said Parlsh Church In¢luding the Rector provlded the application of thè income beneflts the said clergy by Increaslng their yearly income. The charity provides a grant to the Diocese for the Vicar at Sl Michael al the North Gate. The cost of this foi the year was £43.059 {2024." £34,042). The grant is paid lo the Diocese, which is then responsible for paying the Vicar a regular stipend. This is significant in allowing St Michael's to continue lo serve the congregation, parish and visitors lo the city cenlre.. without this contribution it is ¢urienlly unlikely that any slipendlary clergy could be allocated lo the church by the Diocese in Oxford. There are few permanent residents within the Parish boundaries, bul the Bishop of Oxford recognises the importance of Sl Michael's in supporb.ng the public benefit by means of both the Vicar's role as City Rector with the Oxford City Council and his pastoral relations with city centre businesses and visitors. To make grants for such religious and other ¢haritablg purposes as the Trustees. after consultation with the Parochial Church Council. from tlme to time decide. In 2025 the Charity provided additional support forthe Parish of St Michael's in the form of £78.02912024.. £78,477). towards the salaTies of the treasurer, church administrator and Church ¢arelaker. who support the Vicar In his work. The Trustees. financial situation is considered below under Achievements and Performance. and Financlal Review. Achievements and Performance The Feoffees manage the Charities affairs effectively and efficienuy al quarterly meetings reviewing financial statements of Charity assets, eash flow forecasts. comparisons of income and expenditure with the budget for the year to dale, and revised forecasts for the financial year end. Cash flow forecasts are accompanied by explanatory notes setting out the assumptions upon which the forecasts are based, drawing attention to where the greatest uncertaints'es in the forecasts lie. After careful consideration of the financial position, and after meeting the Charities expenses, the Charity was able to maintain funding for the purposes sel out in paragraphs A to D, above, with net income after charitable activities of £50.69812024. £59,010) carried forward. On 8 December 2025, The Charity Commission sealed the scheme which merged the Church Houses Relief in Need Charity with the Sl Michaels and All Saints Charities Church Branch. This completed the process started in October 2023 to merge the two charities. They are now administered as one Charity under a single scheme, with 8 single set of charitable objective$ $0 that the charitable aims of both branches are better protected. more resilient and efficiently administered in the current financial climate {note 141. Following an Extraordinary Board meeting in May 2025, the Feoffees agreed lo lest the market for a sale of a biock of four adjacent properties to further the aims of ils strategie review of propety holdings agreed in 2022 Isee Financial Review belowl. This led lo unanimous agreement to the Heads of Terms in August and the sale of the properties in December 2025. The Feoffees obtained and considered a written report on the proposed disposib'on from a designated adviser (instructed by the Feoffees and acting exclusively for the charity), and decided that they were satisfied, having considered the adviser's report, that the tems on which the disposition was proposed to be made were the best that could reasonably be obtained for the charity. Achieving both the Charity merger and property disposals has allowed the Charity to progress with planned reviews of its investment and Teserving strategy. Work on the reviews continues as described in the Financial Review, Reserves Policy and Plans for the Future below. All bar one of the Charity's other properties were let throughout the period and there was an increase in rental income compared with 2024. During the year the Charity paid for substantial essential repairs and maintenance lo the fabric of the Church and Tower at the Parish Church of £179,421 12024.. £93,491) (Note 131. In addition, the Feoffees agreed a grant of £55,000 to The Oxfordshire Community Foundation's LNing Essentials Fund Iring-fenced to beneficiaries in the City of Oxford).
The St Mlcha¢l's and All SaSnts' Charlty Trustees. Report for the year ended 31st December 2025 Achievements and Performance Icontlnuedl Organisalions that have benefited from grants awarded via OCF are.. Barton Community Association funding which will allow the Association to run a community café for an extra day each week offering affordable food and signposting customers lo other community services and support Oxford Winter Night Shelter (The Living Room) supporting the 3-monlh winter night shelter and year-round day centre lo provide warmth, tood, showers. laundry and practical support for people experiencing homelessness Rose Hill Junior Youth Club, that provides cookerylfood education sessions, community wellbeing lunch clubs and hands-on cooking days for disadvantaged children, young people and families The services of the Clerk are made available al no cost lo The St Michael's Oxford Educational Trust, which is a small trust awarding grants for eduealional purposes. five of whose eight trustees are also Feoffees. Financlal Revlew General Since 2022, the Charity has been pursuing a review of its property holdings with the aims of stsbilising and regularising rent payments through renegotiation of leases., reducing the need for expertise in managing the property investments., achieving a more balanced investment portfolio overall by reducing exposure to direct ownership of properties.. and to increase the liquidity of the unrestricted funds. The Chaiity's income increased In 2025 to £682,21912024.. £598,318) as rent-free periods in force during 2024 came lo an end and renegolialed rental terms commenced. The property disposals in December 2025 achieved another major step towards a more balanced investment portfolio by reducing exposure lo direct ¢)wnership of properties, especially when they involve substantial maintenance and property management costs. Along with the merger, this has given the opportunity to rebalance the portfolio so that direct property investments now make up approximately 40¥9 of the charity's assets and the liquidity of the unrestricted funds has been increased. eserves Polic The Charity maintains reserves so that it can continue to fulfil the aims described in the Public Benefrt Statement above. 11 believes the holding of such reserves is important to safeguard the Charity against liabilities caused by factors such as empty propety costs and general economic instability. During 2025, the Feoffees have undertaken a review of its Reserves and Designated Funds p)licy in line with Charity Commission best practice to tske into account the impacts of the merger, increased liquidity from the property sale, and reduction in future planned maintenance and eVelopment costs associated with those properties that have been sold. The Charity has allocated Unreslricled Funds at the 31 December 2025 year end in the following way {note 7 and note 12}. General unrestricted 'free' reseNes available lo spend on any of the Charity's purposes are held in a liquid form in deposit funds and are to be maintained al roughly the level of one year's expenditure, currentty at £630,000. These are available to help short-medium term cash flow fluctuations and risks around unplanned shortfalls in nel income. A Designated Investment Fund which provides income, liquidity and a capital buffer for achieving charitable purposes.
The St Michael's and All Salnts, Charity Trustees, Report for th¢ year ended 31st December 2025 Financial Review {continuedl A Designated Church Repair FurKI for the management of foreseeable major maintenance work on the Parish Church, and or9an, the timing of which is not predictable. Following a report commissioned by the Feoffees in 2025 of future costs and their possible timing by the Charity's propeity agents, the Church Repair Fund has been increased to £2.5m (£150,000 in 20241 based on analysis of projected costs and returns lo ensure funds are available lo finance the reasonable works overthe long temi. Major maintenance costs will be drawn4own when needed and monitored quinquennially against the maintenance plan provided by our propety agents and the church's surveyor, and against inflation and forecast investment returns A Designated Propety Repair Fund for the management of foreseeable maintenance costs at the Charity's remaining direct property investments at £750,000. Major property maintenance costs will be drawn-down when needed and monitored against the Charity's plans for the piopety portfolio at least quinquennially. It is noted that the Designated Propety Fund, which in previous years accounts fepresented unreslricled direct property investment assets, will cease lo exist from 1 January 2026 as the Permanent Endowment will hold all ongoing dI¢t property assets other than those designated for sale. The net analysis is shown in note 7 and movements during the year are shown in note 12. Income generated by the assets in the Designated Funds is applied lo the Unrestricted Fund with the designation apptying solety to the capital value of the assets held by each Designated Fund. The Unreslricled Fund expended £631.521 12024.. £539,308) whilst incoming reSouS were £682,21912024-. £598,318). The total nel movement in Unrestricted Funds was £50.698 12024.. £59,010} before the transfers to Designated Funds of £697,24212024., £70,000). The Designated Funds had net losses of £83,74712024.' gains of £45,953) due to unrealised investment losses of £18,586 (note 41 and realised losses on disposal of investments of £65.161 Inote 121. Permanen Endowment Position The Permanent Endowment is shown in the accounts al year-end market value in the case of liquid investments or 2023 valuation in the case of direct propety investments and decreased in value by £286,99212024." increase in value of £34,617) due to unrealised losses on investments of £66,302 (note 4) and realised losses on disposal of property investments of £220,690 Inole 121. There was a £nil net gain on fixed asset revaluation in 202512024.. £nill Inole 21. With the merger and sale of property during 2025. properties that were previously split between the Permanent Endowment and the Designated Funds have been transferred lo the Permanent Endowment to increase liquidity in the Designated Fund5 al the balance sheet valuation with the exception of one property that is designated for sale. The long leasehold interest in this property has been transferred al its balance sheet valuation from the Permanent Endowment to the Designated Investment Fund. Investment Poli It is the policy of the Feoffees lo invest their funds in a diversified portfolio of propety and other assets to provide a stable and predictable annual cash flow lo enable the charitable purposes to be funded effeclivety in both the short term and the longer term so that there is fairness beeen the current generation and future generations of beneficiaries and the capital value is maintained in real terms after adjusting for inflation. The Charity's long-standing ethical policy. re2ffirmed in 2021, is to follow closely the Church of England Responsible Investment Policy (Respects'ng People, Respecting the Planet, Good Govemancel (based on the rationale that the major beneficiary is the Parochial Church Council}. The Charity's strategic review of its investrnent asset allocation is ongoing. The purpose of the review is lo ensure that the Charity's investments allow for the conlinualion of the charitable aims both now and in the long term and includes clear planning to oplimise investments, manage risk and establish policies. systems and processes that continuously improve performance, reporting, monitoring and operational efficiency.
The Sl Mlchael's and All SaSnts' Charity Trustees. Report for th¢ year ended 31st December 2025 Financial Revlew {continued} Investments 2025 saw a major shift. in line with the strategy review, away from 76.kn of the portfolio being held in direct propety investments. At year end £5,245.000 was held in this asset class compared with £11.595,000 at the previous year end. All bar one of the Charity's properties, were occupied throughout the year with improved rental income following a review and implementation of the propety strategy in 2023 and 2024 respectively. The implementation of the strategy is ongoing and is reviewed annually and monitored by the Property and Investment Sub-committee. In view of the need for decisions on propety matters beeen meetings, the Feoffees have a Propety and Investment Sub-committee comprising between four and six Feoffees with experience and expertise in propety and investment matters, together with the Clerk. The Feoffee Board delegated routine decisions on propety matters to the Committee Chair and the Clerk and meetings take place in the run up lo full Board meetings, at which recommendations of the Committee are considered and acted upon. S8vills continue lo be engaged in the day-lo-day management of the Charity's properties. the airns of this servi are to ensure that relations with the trustees. occupiers are conducted. and the Feoffees, obligations as property owners are mel, in a professional and timely manner. The Chair and members of the Property and Investment Sub- Committee and the Clerk meet with Savills regularly lo further monitor progress and performance. making reports and reeommendalions to the Properly and Investment Sub-committee for decisions and action. The Feoffee Board are satisfied these aims are being achieved. Portfolio Investments The Charity's portfolio investments are held in the COIF Ethical Investment Funds. Al the end of 2025 investments held by the Charity, excluding property, decreased in value by £84,88812024'. increase of £80,5701 INote 41. At the year end, the proceeds from the property sale in December were held in the CCLA Deposit Fund. The Feoffees are content that holding assets on deposit whilst the future investment policy is finalized is in the best interests of the charity given current unstable economic conditions. Poli on rant makin 100h of the net inwme after management and propety expenses are applied in relieving either generally or individually persons resident in the City of Oxford as consliluled from time lo time who are in eondilions of need, hardship or distress. In December 2025, following a review of the Charities cash flow projections and for a Second year, the Feoffees decided to partner with the Oxfordshire Community Foundats'on, a philanlhropi¢ charitable organisation. A sum of £55,000 was awarded to their Living Essentials Fund which supports people to tack homelessness, and unaffordable essentials such as food insecurity and warmth_ The Charities, grant to the Liv5ng E5senlials Fund was ring-fenced for charitsble activities in the City of Oxford. During 2025 the Charity agreed 0 3- year grant strategy. As in previous years, as well as payments made to Sl Michael's at the Northgale for the purp)ses described in paragraphs B and C on page 3 and 4 above, the Feoffees provided additronal support for the Parish of St Michael's in the form of £78,029 towards administration salarie$12024. £78.4471. Plans for the future Continuing to implement the propety strategy and finalising and implementing the investment strategy as described above will take predence over the coming months lo ensure the Charities approach to the management of investments and distribution of income ensure the longevity of the Charity and its commitment to the public benefits described in A lo D above. Following the merger of the St Michaels and All Saints Ch2rilies Church Branch and the Church Houses Relief in Need Charity, and the 2026 changes lo SORP, the Charity will undertake a review of its internal governance to ensure appropriate policies, systems and process are developed to ensure compliance and best practice across all activities which will heighten productivity. efficiency and ¢ommunication and further minimise risk.
Thg St Michagl's and All Saints. Charity Trustees, Report for the year ended 31st December 2025 Plans for the future l¢ontinuedl To ensure the Charity fulfils ils purposes as described in A and D above. the CharÈty will continue to implement its 3-year Grant strategy developed in June 2025. The strategy and associated policies will be review annually. The Charity is managing ils transition to a new Chair in 2026, together with embedding new trustees rrUited in 2Lf25 having mind lo the skllls requKed across the full trustee body. Mentoring has been arrang84 for the Clerk during 2026 2nd there will be another recruitment campaign to find suitable replacements for trustses whose terms end during 2026. Fundraising Standards Informatlon Tha Charity does not carry out any significant fundraising ?clivities. Pay policy for staff The Feoffees consider that they, as the Charty's trustees. comprise the key management personnel of the charity In charge of directing, controlling. running and operating the Charity on a daY-daY basis. All Feoffees give of their time freely and no Trustee receNed remuneration in their capacity as Trustee during the year. Following a benchmarkng exercise in 2014, stsff pay És r&Wed by the Feoffees and nomialty Increased annually in line with the Consumer Price Index. Trustees, responstbilltles Statement The trustees are Tesponsible for preparing the Trustees, Report and the financial statements in accgrdance wth applicable law and United Kingdom Accounting Stsndards {Uniled Kingdom Generally Accepted Accounting Practice). The law app17cable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and frdir view of the state of affairs of the charity and of the incoming reSOurS and application of resources of the chartty for that period. In preparing thèse financkql slatemenl$, the trustees are required to: select suitable accounting polTeies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent stste whether applicable accounting standards have been followed, Subject to any material departures disclosed and explained In the financial statenenl5', . prepare the financial statements on the going concern basis unless it is inappropTtate tr) presume that the charity will continue in operation. The trustees are responsible for keeping accounting records that disclose wth reasc)nable ac£uracy at any tirne the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions ofthe trust deed. They are also responsible for safeguarding the assets of the charty and hence for takir)g reasonable steps for the prevention and detection of fraud and other irregularities. Louise Pa¢ker lerk to the Trustees 18 June 2026
The St Michael's and All Saints. Charity Indèpendent Auditors, Report to the Trustees of The St Michael's and All Saints, Charity Opinion We have audited the financial statements of St Michael's and All Saints, Charity Ilhe 'charily'l for the year ended 31 st December 2025 which comprise the Statement of Financial Aclivilies, the Balance Sheet. the Cash Fl(y Slalement and notes lo the financial slalemenls. including a summary of significant accounting policies. The financial reporting fr3mework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the stale of the charity's affairs as al 31 st December 2025, and of ils incoming resources and application of resources. for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in accordance with Inleinalional Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that Ére relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Stancsard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidènce we have obtained is sufricienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the Iruslees. use ol the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial slalerrients are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other informatiorTr Gomprises the information Included in the Iruslees annual report, other than the financial slalernents and our auditor's report thereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to lead the other inform8tlon and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard.
The St Michael's and All Salnts, Charity Independent Audltors, Report to the Trustees of The St Mlchael's and All Saints, Charity Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following m8tters In relation to which the Charities IAccounls and Reports) Regulations 2008 require us to report lo you if, in our opinS0n'. the information given in the financial statements is inconsistent in any material respect with the trustees, retx)rt'. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting cords., or we have not received all the infomiation and explanations we requi for our audit. Responsibilitles of trustees As explained more fully in the trustees, responsibilities statement set out on page 8, the trustees are responsible for the preparation of fi'naneial statements and for being salisfsed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial stalemenls that are free from material misstatement. whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charity or lo cease operations, of have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as audilof under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assur8n¢e about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 delecl material misslalements in respect of irregularities, including fraud. The specific procedures for this engagement and the exlenl to which these are capable of delecling irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and clalms., Reviewing minutes of meetings of those charged with governance- Reviewing financial statement disclosures and testing to supporting dtscumentalion to assess compliance with applicable laws and regulations., Performing audit work over the risk of management override of controls, including lesling ofjournal enlrtes and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misst8temenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatemenls. as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraLtd involves intentsonal concealmen( forgery, collusion. omission or misrepresentation. -10-
The St Mi¢hael's and All Salnts, Charity Independent Auditors, Report to the Trustees of The St Mlchael's and All Saints, Charlty A further description of our responsibilities for the audit of the finan¢lal statements is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibilifjes. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, a5 a body, in accordance with Part 4 ot the Charities (Accounts and ReFKJrts) Regulations 2008. Our auditwork has been undertaken $0 that we might slate to the charity's Iruslees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed. Wenn Townsend Chartered Accountants and Statutory Audltors 30 St Giles Oxford OX13LE /0 18th June 2026 Wenn Townsend Is eligible to act as an auditor in terms of section 1212 11
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The St Mlchael's and All Salnts, Charity Balance Sheet as at 31st December 2025 Note 2025 2024 Fixed assets Freehold and leasehold properties Fixtures, fittings and equipment Investments 5,245,000 11,595,000 2,064.842 2,149,730 7,309,842 13,744,730 Current assets Cash al bank Charities deposit fund Debtors and prepayments 134,633 7.434.190 182.711 38.983 1.344.190 289.375 7,751,534 1,672,548 Current liabilities Creditor$ {210,39n 1246,2581 Net current assets 7,541,137 1,426,290 Net assets 14,850,979 15.171,020 Financ9d by: Unreslricled funds Designated funds Permanent endowment funds 7112 7112 7112 629,746 4,500,000 9,721,233 1,276,290 3,886.505 10.008,225 Total funds 14,850,979 15,171,020 The financial statements were approved and author¢sed for issue by the Feoffees on 18th June 2026. on behalf of the Feoffees ing R Loseby 13-
The St Mlchael's and All Salnts, Charity Statement of Cash Flows for the year ended 31st December 2025 Reconciliation of Increase In funds to net cash flow from operating activities 2025 2024 {Decreasel l increase in funds {Increase) I decrease in debtors Increase I Idecreasel in creditors Inleresudividends received (Gain) I loss on investments Loss on disposal of investment property (320,0411 106,664 135,8611 {115,308) 84.888 285.851 139,580 1240,7071 52,022 {109,986) (80,570} Net cash flow from operatlng activities 6,193 (239,6611 Cash flow from investing actlvllles Interesvdividends received Payments lo acquire tangible fixed assets Nel proceeds from sale of investment property 115,308 109,986 120,0001 6,064,149 Net cash flow from investing activltles 6.179,457 89.986 Increasel(decrease) In cash 6,185,650 1149.6751 Net cash at 1st January 2025 1,383.173 1,532,848 Net cash at 31st December 2025 7,568,823 1.383,173 Components of cash Cash al bank 134.633 38,983 Charities deposit fund 7.434,190 1.344.190 7,568,823 1,383,173 14-
The St Michael's and All Salnts, Charity Notes to the Accounts for the year ended 31st De¢¢mber 2025 General information and accounting policles The St Michael's and All Saints, Charity is regulated by a Scheme sealed by the Charities Commission on 8th December 2025. The address of the registered office is given in the charity information on page 1 of these financial stalemenls. The charity acquired the nel assets of Sl Michael's and All Saints, Charities Relief Branch (The Church Houses Relief in Need Charity registered charity 202750) on 8th December 2025 and this has been aecounled for using merger accounting as required by the FRS 102 SORP in order lo present a true and fair view. All comparative amounts presented in these financial statements are combined figures. The required disclosures are included in note 14 to the accounts. The following accounting policies have been used consistently in dealing with items which are conSided material in relation lo the accounts of The Sl Michael's and All Saints, Charity. Accounting basis These accounts have been prepared on an accrua15 basis and include income and expenditure as they are earned or incurred, rather than as cash is received or paid. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charilie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland issued in October 2019, the FinanGial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accounting Practice. The ae¢ounls include all the transactions, assets and liabilities for which the Charity is responsible in law. The Charity constilules a public benefit entity as defined by FRS 102. The Trustees eonsider that there are no material unceilainlies about the Charity's abilty to continue 05 a going concern. Fixed assets The freehold and leasehold properties are held as inveslmenls. These properties are included at the 31 December 2023 Red Book valuations by S8vi115. The Trustees feel that there has not been a material movement in value since that date. During 2024, the freehold of the only leasehold property (which had previously been held on a 2000 year lease) was obtained. The prorty is included at the 318I December 2023 valuation plus the purchase price of the freehold. The truslees obtain professional valuatlon of the investment properts.es each three to five years. Depreclation Investment properties are not depreciated In accordance with prevailing accounting standards, and instead reviewed for impairment al each year end. Depreciation of other fixed asset5 is calculated to write off the cost or valuation less any residual value over thelr estimated useful lives as follows-. Fixtures, fittings and equipment 25% Straight line Investments Investments are included in the accounts at market value. Realised gainslllosses) are those arising beeen the sale of an investment and its value at beginning of the year. Unrealised gainsl(lossesl are those arising where the investment is still held but the value has changed. Income recognitlon Rental income Rentsl income is recognised by the period the rent covers. Grants payable Grants ale accounted for when approved by the Trustees. 15-
The St Mlchael's and All Saints, Charlty Notes to the Accounts for the year ended 31st December 2025 Investment Income Investment income is accounted for on an accruals basis. Fund accounting 11 Unrestricted funds Unrestricted funds include designated funds which were funds set aside out of general funds and designated for specific purposes by the Trustees. 511 Restricted funds Reslricled funds are funds which have been raised for. and their use restricted lo. a sCIfIC purpose, or donations subject lo donor-imposed conditions. No such funds are identified. 115} Permanent endowment funds A permanent endowment fund must be held permanently. The income from il is unrestricted. Judgements and key sources of estlmatlon uncertainty In the application of the charity's accounting policies, the Feoffees are required to make judgements, estimated and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimated and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to aecounling eslimaled are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the vIsion affects both current and future periods. Thejudgement that has a significant effect on amounts recognised in the financial statements is the valuation of investment property held by the charity at the end of 2025. as detailed in note 2. Fr¢ehold and leasehold properties 1stJanuary 202$ Disposal$ 2025 31$¢ December 2025 Investment propety 11,595,000 {6,350,0001 5,245.000 Current year split by fund De$lgnated Fund Endowment Fund Total 2025 Investment property 820.000 4,425,000 5.245,000 Prior year spllt by fund Designated Fund Endowment Fund Totsl 2024 Investment propety 2,882,896 8.712,104 11.595.000 16-
The St Mlehael's and All Saints, Charity Notes to the Accounts for the year ended 31st December 2025 Freehold and leasehold propertles (continued) The Feoffees arrange for an independent valuation of properties on a quinquennial basis. The last Red Book valuation was undertaken by Savills al 31 December 2023. The Feoffees believe that there has not been a material movement in value since 31 December 2023. Until 2024, one of the properties was held under a lease for a teim of approaching 2000 years at a fixed rent of 50p per annum. In 2024 the freehold was acquired for £20,000. The property is included al the 31st December 2023 Red Book valuation by Savills of the leasehold interest plus the £20.000 paid for the freehold. Based on the above valuations. the current year revaluali)n gain of the Property in the Designated fund is £nil (2024.. £nil). and the Endowment fund is £nil12024: £nill. In December 2025, three of the investment properties were sold. The properties were held at £6,350,000 and net proceeds received were £6.064.149, resulting in a £285.851 loss on disposal recognised. Fixtures, fittlngs and equipment Total Brought forward cost At 1st January 2025 and at 31st Decemter 2025 21,906 Accumulated depreclatlon At 1stJanuary 2025 and at 31st December 2025 21,906 Net book value Al 31st December 2025 and al 31st December 2025 Investments Designated Permanent Investments Endowment Fund Total Market value al 1st January 2025 Nel gains on revaluation.. unre81ised 853,609 1,296,121 2,149,730 118,586} {66.3021 184,8881 Market value at 31st Dember 2025 835,023 1,229,819 2.C64,842 The net gainsllosses on revaluation of investments including amounts recorded in the Statement of Financial Activities in designated funds are losses of£18,58612024.' gains 01 £45,953) and permanentendowmentfunds are losses of £66,30212024'. gains of £34,617). Investments held Deslgnated Endowment Total 419,104 COIF Charities Ethical Investment Income Fund- income 159.116 COIF Chariti8s Ethical Investment Income Fund- accumulation 1,229,819 1.229,819 835,023 835,023 835.023 1,229,819 2,064.842 17-
The St Michael's and All Salnts, Charity Notes to the Accounts torthe yearended 31st December 2025 Debtors and prepayments 2025 2024 Under one year.. Trade debtors net of provision for doubtful debts other debtors Prepayments and accrued income 17,188 171,737 100,450 139,859 42,852 182.711 289,375 Credltors 2025 2024 Under one year: Taxation and social $eGurily Trade creditors Accruals and deferred income Other creditors 1,912 157,965 50,287 233 6.948 96,913 142.169 228 210,397 246,258 Deferred income consists of rent In advance.. At 1 January 2025 Released from previous year Deferred in current year 123,800 1123,8001 31.575 87,909 187,9091 123,800 Al 31 December 2025 31,575 123.800 18-
The St Michael's and All Saints, Charity Notes to the Accounts for the year ended 31st December 2025 Net asset analysls- 2025 Freehold Flxtures and fittings leasehold and Investments propertles equipment Net current assets Total Unrestricted General Unrestricted"Free" ReseTves 629,746 629,746 Designated Investment Fund -church Repair Fund - Property Repair Fund 820.000 430,000 1,664,977 750,000 1,250,000 2,500.000 750,000 835.023 820,000 835,023 2,844,977 4,500,000 Endowment Permanent Endowment Funds 4,425,000 1,229,819 4.6,414 9,721,233 5,245,000 2,064,842 7,541,137 14,850.979 Ngt asset analysis - 2024 Freehold Fixture$ and fittings leasehold and Investments propertles equlpment Net currènt assets Total Unrestricted General Unrestricled"Free" Reserves 1.276.290 1,276,290 Oesignated Propety Fund Investments Fund Church Repair Fund 2.882,896 2.882,896 853.609 150,000 853.609 150,000 2.882.896 853,609 150,000 3,886,505 Endowment Permanent Endowment Funds 8,712.104 1,296,121 10,008,225 11.595.000 2,149.730 1,426,290 15,171,020 General Unrestricted 'Free' Reserves are those funds freely available to use in corsnection with the charity's principal aims and objectives. Oesignaled funds have been established by the Feoffees fc* specific purposes as follows'.- The Investment Fund represents the value of investments and property held at the balance sheet dale not forming part of the permanent endowment. providing incoffle, ¢opital and liquidity for achieving Charitable purposes. The Church Repair Fund has been established lo accumulate funds for the management of anticipated major maintenance expenditure works on the Church, including the organ. The Property Repair Fund has been established to accumulate fvnd5 for the management of anli¢ipaled major maintenance on the charity's properties. Prior lo 3111212025 a Propety Fund was also held to report the value of properties not forming part of the permanent endowment. Following a review of Designated Funds in 2025 it was decided that it was appropriate for all properties not designated for immediate sale to be held in the permanent endowment and assets from the Property Fund have been transferred to other Fund5. 19-
The St Michael's and All Saints, Charity Notes to the Accounts for the year ended 31st December 2025 Net asset analysis Icontlnuedl The Permanent Endowment Funds represent those funds which must be held permanently. Income generated on them is unrestricted. Staff costs 2025 2024 Gross wages Employers, pension Employers, National Insuran Employment allowance 39,975 1,199 4,918 14,9181 44.276 390 4,168 {4.168} 41.174 44,666 There was 1 part-time employee during the year12 part-time employees in the prior year ducIng to 1 at year endl No employee was paid more than £60,000 in the year. Allocatlon of support costs The charity alloeates Ils support costs as shown in the table below. Support costs are alICated on 8 basis consistent with the use of resources. Cost of generating funds Charitable activities 2025 Total 2024 Total Support costs Staff ¢osts Insurance General office expenses and repairs Audit fee Other accountancy services Legal and professKinal 20,587 678 2.182 4.350 4,877 3,817 20,587 678 2.182 4,350 4,877 3,817 41,174 1,356 44,666 1,344 5,858 8,160 6,060 18,396 8,700 9.754 7.634 Total 36,491 36,491 72.982 84,484 10 Charitable grants 2025 2024 Grants under 25.1.a' Oxfordshire Community Foundatson 46.218 Grants under 25.1.e' Oxfordshire Community Foundation 8,782 30,000 55,000 30,000 Grants under 25.1.a represent 100A of the net income after management and property expenses. Grants under 25.1.e are grants for such religious and other charitable purposes after consullalion with the Parochial Church Council. The 2024 figure represents grants made for the same purpose before the merger. In the current and prior year, grants were made lo Oxfordshire CommL¢nity Foundation on the basis that the grant was pooled with the LNing Essentials Fund (ring fenced lo beneficiaries in the City of Oxford), which funds charitable organisations providing vulnerable people with food. clothing, shelter. thermally comfortable spaces and preventative help like debt and energy advice.
The St Mlchael's and All Saints. Charlty Notes to the Accounts for the year ended 31st December 2025 11 Trustees. remuneration No iemuneration was paid to any Trustee in thelr capacity as Truslee12024.. £Nill. None of the Trustees was reimbursed for expenses during the year {2024.. £Nill. The cost of the Trustees, Indemnity Insurance to the charity for the year was £1,337 {2024'. £1,194). 12 Statement of funds Analysis of funds - 2025 Openlng Balance Gains I Income Expendlture Transfer Losses Closlng Balance Unrestricted General Unrestricted"Free" Reserves 1,276,290 682,219 1631,5211 1697,242) 629.746 Designatsd Property Fund Investments Fund Church Repair Fund Property Repair Fund 2.882,896 853,609 150.(X)O 12,817,735) 414,977 2,350,000 . 750.000 165,1611 118.586) 1,250,000 2,500,000 750,000 3,886,505 697.242 Endowmènt Permanent Endowm8nl Funds 183,7471 4,500,000 10,008,225 1286,9921 9,721,233 Total funds 15,171,020 682,219 1631.5211 1370.7391 14.850.979 Analysis of funds- 2024 Opening Balance Gains I Income Expenditure Transfer Losses Closing Balancg Unrestricted General Unrestricted"Free' Reserve5 1,287,280 598.318 1539,308) 170.LK)O) 1,276,290 Designated Property Fund Investments Fund Church Repair Fund 2,862,896 807,658 100,000 20.000 2,882,896 853.609 150.000 45.953 50,000 3.770,552 70.000 45.953 3.886,505 Endowment Permanent Endowment Funds 9,973.608 34,817 10.008,225 Total funds 15,031.440 598,318 1539,3081 80,570 15.171.020 21
The St Michael's and All Saints. Charity Notes to the Accounts forthe year ended 31st December 2025 13 Related partles During the year ended 31st December 2025, transactior¢s with related parties were as follows.. The Reverend A Buckley, Prof A Spicer, Mr M Lebus, and Mr R Ead were also Trustees of Sl Michael al the North Gale with St Martin and All Saints. During the year, the following amounts were paid to the church'.- 2025 2024 Church expenses lincludlng IT and insurance) Church repairs Church administration salaries Music 18,208 179,421 78.029 37,762 18,782 93.491 78.477 30,218 313,420 220,968 Al the year end, the chaity was owed £11.079 {2024.' £2,550) by Sl Michael at the North Gale with St Martin and All Saints, and this is included In debtors. Mr N Clifford is a150 a Trustee of Llncoln College. In the prlor year, the freehold of 136 High Street was purchased from Lincoln College for £20.000. The services of the Clerk are made available al no cost lo The St Michael's Oxford Educational Trust. which is a small IrLtst awarding grants for educational purposes, five of whose eight trustees are also Feoffees. 14 Charity meryer The eharity acquired the nel assets of Sl Michael's and All Saints, Charities Relief Branch (The Church Houses Relief in Need Charity - registered charity 2027501 on 8th December 2025 and this has been accounted for using merger accounting as required by the FRS 102 SORP in tsrder to present a true and fair view. All comparative amounts presented in these financial statements are combined figures. Analysis of principal Statement of Financial Activitles components for the year ended 31st December 2025 St Michael's Church Relief and All Saints. Branch Branch Charity Combined Ipre-merger) Ipre-mergerl (post4nerger) Total Total income Total expenditure 628,450 1542,8851 22.890 144.691) 30,879 682.219 143,9451 {631.5211 Nel incomellexpenditurel 85,565 {21.801) {13,0661 50,698 Other gainslllossesl 142,214} {26,5921 1301,9331 (370,7391 Net movement in funds 43.351 148,3931 {314,9991 1320,0411 22-
The St Michael's and All Saints, Charity Notes to the Accounts for the year ended 31st Decembèr 2025 14 Charity merger Icontlnuedl Analysis of princlpal Statement of Flnancial Activities components for the year ended 31st December 2024 Church Branch Relief Branch Merger Combined adjustments Total Total income Total expenditure 660,661 1463.8251 37,657 175,4831 598,318 1539,3081 Net incornellexpendilurel 9S.836 137.8261 59,010 Other gainslllossesl 61,778 18,792 80,570 Nel movement in funds 158,614 119,034) 139.580 Total funds brought forward 13,834.479 1.196,961 15,031,440 Totsl funds carried forward 13,993,093 1.177,927 15,171,020 Analysis of net assets at the date of merger Church Branch Rellef Merger Combined Branch adjustments Total Net assets 14,036.444 1.129,534 15.165.978 Represented by.. General funds Designated funds Endowment funds 1.268,808 3.834, 148 8.933,488 106,934 136,7471 1,338,995 36.747 3,870,895 9,956,088 1,022.600 Totsl funds 14,036.444 1,129,534 15.165.978 The merger adjuslmenls relate to.. {1) 'Unrestricled investments in the Relief Branch have been Irealed as designated in the merged entity lo be consislenl with the treatment in the Church Branch. 23-