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 pro￿sS. 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 serVI￿S 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 reSou￿S 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 be￿een 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 be￿een 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 pre￿dence 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 r￿rUited
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 reSOur￿S 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 conSide￿d
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 pro￿rty 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 be￿een
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 s￿CIfIC 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 De￿mber 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 alIC￿ated 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-