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2023-08-31-accounts

Charity Registration No. 290112

Company Registration No. 01835274 (England and Wales)

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr G R Dyrness (Vice Chair)
Dr P Bendor-Samuel (Executive Director)
Dr J S Lee
Dr R I Padilla De Borst
Mrs M L Sawyer
Mr J C Heyward (Honorary Treasurer)
Dr D M Kasali
Dr K Kevichusa
Mr I W H Smith (Chairman)
Chief Operations Officer appointed Mr M R Cripps
Secretary
Charity number 290112
Company number 01835274
Principal address St Philip & St James Church
Woodstock Road
OXFORD
OX2 6HR
Registered office St Philip & St James Church
Woodstock Road
OXFORD
OX2 6HR
Auditor Craufurd Hale Audit Services Limited
C/O Craufurd Hale Group
Ground Floor, Arena Court
Crown Lane
MAIDENHEAD
SL6 8QZ
Bankers Royal Bank of Scotland Plc
Oxford South West RCSC
74 Waterside Drive
Aztec West
ALMONDSEY
BS99 5BD

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) CONTENTS

Page
Trustees' report 1 - 9
Independent auditor's report 10-13
Statement of financial activities 14 - 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 32

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Public benefit statement

The Trustees consider that the objectives of the charity meet the tests for public benefit and in exercising their powers and duties, the Trustees have complied with their duty to have due regard to the relevant guidance published by the Charity Commission.

Objectives, aims and activities of the Charity

As set out in the Charity's Memorandum of Association, its objects are to advance education, training and research for the public benefit in Christian Mission, theology and related areas.

The aims of the charity to further these objects are to:

In considering these aims and objects, the Trustees have reviewed the guidance issued by the Charity Commission in relation to public benefit, and consider that the public benefit test continues to be satisfied.

In furtherance of these aims, the Charity has continued to run the Oxford Centre for Mission Studies based in the former St Philip and St James' Church, Oxford.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Basis of Work

In the light of the Aims and Objects of the Charity set out in the Memorandum of Association, the Oxford Centre for Mission Studies is guided in its work by Vision and Mission Statements :

Our Vision

Our vision is to see the global church equipped to participate in the realisation of God’s transforming mission through research and applied scholarship

Our Mission

To advance study, education and research in God’s mission and to convene practitioners, scholars and leaders in creative and prophetic dialogue.

We do this through six strategic thrusts:

Strategic Intentions 2020-2025

The Board and Senior Management Team (SMT) have reviewed and continue to use the Strategic Intentions to shape our priorities. These intentions include four external ambitions, four internal capacity building ambitions and one foundation intention. These are summarised as follows:

External Ambition:

  1. Improving existing programmes

  2. Engaging in proactive research

  3. Developing institutions

  4. Resourcing intercultural mission

Internal Capacity Building:

  1. Aligning programme impact

  2. Ensuring robust organisational structures, systems and processes

  3. Increasing financial sustainability

  4. Renewing our building

Foundation Intention:

  1. Growing community

The Board agreed that the focus should be on intentions 1, 4, 6, 7, 8 and 9 and this has shaped the priorities of the SMT.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Overview

of

Year:

The Senior Management Team (SMT), with the approval of the Council of Trustees, have worked consistently through a set of detailed priorities focused on Strategic Intentions 1, 4, 6, 7, 8 and 9. It will be seen from the above that much of the focus has been on improving organisational systems, processes and financial sustainability.

Emerging from the lock-downs and dependence on remote working, the staff team have settled into a new rhythm of hybrid working that acknowledges the benefits of working from home and office. As a result of learning from the exigencies of Covid-19, OCMS is now taking full advantage of virtual and hybrid meetings. All lectures, student seminars and events like weekly chapel are now hybrid. The OCMS PhD Research Induction programme, (OPRI), starts with a month so virtual sessions before moving to a residential phase. PhD vivas, when necessary, are now done virtually. All this brings flexibility and cost reduction. As an organisation we continue to learn when to work virtually and when to insist on in-person events.

The highlight of the past year has undoubtedly been the outstanding 40[th] Anniversary celebrations that took place 27-29[th] June, followed by the PhD graduation on the 30[th ] June. The celebrations included:

· A lot of

eating and renewal of friendships.

The 140 guests included current and former staff, trustees, alumni, friends and donors. The event saw the launch of the OCMS Alumni Association, now being actively developed by their own steering committee.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Programme Activities:

Programme activities are reviewed below.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Equipping

Our flagship programme remains the PhD programme.

The faculty was strengthened with the addition of Dr Sara Afshari, bringing the faculty to 8, including two part-time tutors. The programme now includes an annual induction school in the autumn, with Transfer Panel Intensive in the spring for those moving from MPhil to PhD, and a Thesis Writing Workshop in the summer for those reaching the final stages of the PhD.

The PhD programme remains remarkably successful, maintaining a pass rate of over 80%. In keeping with our priorities, the cohort size had reduced to 85 by the end of the year. Over the past year:

The figures point to one of the most successful years for the OCMS PhD programme.

The Guided Research Programme (GRP)

The beginning of this academic year saw the Guided Research Programme recovering from a couple of difficult, Covid restricted, years. A small number of scholars were unable to return to their research but others gradually reengaged and made good progress. By the start of 2023 the programme was again thriving with new scholars coming on board. By the end of the academic year we had 23 scholars active in the programme with two more admitted and ready to start in the autumn.

We continue our focus on supporting women scholars in research and it is good to be able to report that 42% of all GRP scholars are now female. We are also encouraged to currently have 30% of our scholars from Africa, 28% from Asia as we now seek to build better links with Latin American and Middle Eastern contexts. Prospects for 2023/24 are good with 32 scholars currently in the application process. Those recruited during the year included our first scholars from Latin America who we had been working with already for some months designing a joint project which will include a small group of indigenous leaders in their home countries. Another new starter in the new year will be a Coptic Monk from Australia who met OCMS faculty in January at the International Orthodox Theological Association conference in Greece.

GRP is strongly focused on research output. Two examples during the year would be, a scholar who finished late in 2022 having prepared materials for mission personnel in North Africa to achieve better integration between physical and spiritual well-being, and in May our celebration of the publication (in French) of research undertaken by a scholar in DR Congo on the Biblical understanding of masculinity in cultures of violence.

Having been taught by the pandemic what is, and is not, possible online, we have also taken the opportunity during the year to significantly enhance our resource offering through our Virtual Campus and hybrid research induction, with a further iteration of this coming in January 2024 as we launch a new research induction process. Throughout the year we have, as usual, been blessed with a wonderful band of Personal Tutors, from the US and Ireland to India, Norway, Australia and elsewhere who support our scholars on their research journey.

The external review of GRP, scheduled for 2023, did not take place mainly due to pressure on staff at a time when the programme is expanding.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Integrated Mission Leadership (IML)

The final Module of Cohort 2 of the professional certificate in Integrated Mission Leadership (IML) took place in October 2022. 30 senior mission and church leaders completed the programme and strongly encouraged us to plan for further cohorts. One organisation has taken the programme, modified it and then successfully ran it within their organisation. We are delighted at this approach of multiplying the impact of the programme. That organisation has now launched its second cohort of leaders.

Cohort 3 was planned during 2023 and launched in September with 23 leaders.

Research

Most research in OCMS is currently being done through our PhD and Guided Research scholars as well as our own faculty. However, the vision to establish an OCMS Research Institute for Mission and Innovation is still very much alive. We anticipate fund-raising for the post of director will take place in the coming year with a view to starting the institute in 2024.

Dissemination of Knowledge

Publishing remains an important aspect of the mission of OCMS. In the past year we have published 12 books as follows:

Regnum Publications
No. Published Books
Sept 2020 -
Aug 2021
Sept 2021 -
Aug 2022
Sept 2022 -
Aug 2023
Global Voices 4 3 3
Mini Books 3 5 2
Practitioner 1 2 2
Mission and Global Christianity 11 11 4
Handbook 1 1 -
IMC Study Process - - 1
Total 20 22 12

The figures do not tell the whole story. There are a further 12 books in the final stages of production that will be complete in the second half of 2023 and a strong list of other projects in the pipeline. It is good to note that Regnum Books has almost broken even, thanks to stronger sales. The next step will be to produce a sufficient profit to allow the appointment of a part-time dedicated Regnum Senior Editor.

OCMS continues to publish its peer reviewed journal,Transformation, which is available in physical form and online, through SAGE Journals. Transformation provides to scholars and practitioners an international forum for discussion on Mission Studies, particularly focusing on the Majority World. The journal offers considered analysis and reflection on a range of issues affecting the world today, including economics, development, violence, family life and other ethical issues. Over the past year the journal has consistently been among the top ranked mission journals for citations. In 2022, the journal saw over 65,000 whole text downloads, with two thirds of the nearly 10,000 organisational subscriptions coming from the majority world.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Creating synergy: Enabling practitioner and academic exchange

OCMS has continued to maintain an active relationship through our Academic Dean, Dr Tom Harvey, with the International Council for Evangelical Theological Education, ICETE, and European Council for Theological Educators, ECTE. One of our faculty, Dr Anne Mosley, participated in the inaugural ECTE women’s academic forum. OCMS is also an active participant in a number of global networks, including INFEMIT.

We have continued to offer our lectures in person and hybrid, via ZOOM. All lectures are then uploaded to the OCMS YouTube channel. Over the past year we have organised series in the following areas:

Partnership development

Work continued through 2022/23 on the expansion of the Alliance of Mission Researchers and Institutions (AMRI). Growth has been slower than anticipated and in early 2023 we took on a part-time networker to grow the visibility of the platform among potential users, providing fresh momentum to the platform. The Executive Director, working closely with a volunteer Project Manager, has continued to lead the Steering Group.

In August 2023 we signed an MOU with Yuan University, Incheon, South Korea, with a view to supporting their development as a mission research and study centre.

The Ethiopian Orthodox project has been delayed both by the failure to raise funds and by the civil war in Ethiopia. None the less, project leader Dr Ralph Lee has steadily built a network of relationships within Ethiopia and beyond. This includes the Ethiopian Orthodox Seminary, St Ignatios, in Sweden. The vision remains for a project that will enable the translation of key texts from the Ethiopian Orthodox tradition, develop understanding of current ways of doing theology and explore how this is impacting discipleship today.

The MOU with the Lausanne-Orthodox Initiative (LOI) provides a basis for networking and shared initiative. Faculty member, Dr Ralph Lee, is the Facilitator of LOI and Canon Mark Oxbrow, Director of the GRP, is also very involved as a former founder facilitator.

Organisational Development

Leadership, management, administrative and infrastructural capacity building:

Staff training has focused on Fire Safety and safe use of screens at work.

The Trustees are satisfied with safeguarding policy and processes within OCMS, which they have reviewed systematically at their meetings.

Plans for the development of the OCMS physical site progressed during the year. At the start of the year it looked like OCMS’ future lay in a move to a new location within Oxford. A lengthy search resulted in the identification of only one site. Following eight months of careful exploration, working with architects, a range of consultants and the City Council planning authorities, it became clear that a major rebuild would be required at the new site and estimated costs became prohibitive. The Council concluded that OCMS should remain in its current location and draw on the planning permission gained in 2015. A three phased project plan have been developed. The extent of the project will be determined by the success of the capital campaign.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Risk Management

The trustees of OCMS recognise their responsibility to identify, monitor and manage major risks to OCMS, working closely with the senior management team. The dual responsibility Governance and Finance Committee met three times during the year and routinely reviewed the Risk Register and priority actions for presentation to Council. The Trustees are satisfied that the systems and procedures are in place to manage these risks appropriately.

Financial Review

Total income in 2022/23 was £1,136,719, compared with £1,345,897 in the previous year, a decrease of £209,178. The charity's principal funding sources remain donations from individuals, churches, and Trusts and fees from students. We are very grateful to each person who has supported OCMS in its 40[th] Anniversary year, whether financially, through the gift of their time as a volunteer or through partner organisations who have seconded personnel. A number of individuals and Trusts have invested significantly in the vision and mission of OCMS, including the Association for Protestant Missions and Churches in Germany (EMW) whose grants in 2022/ 2023 totalled £43,806 (2022: £41,505).

Overall supporter donations totalled £416,265 which is a decrease of £151,323 compared to the previous year. General donations were down by a modest £17,486 and the remaining variance of £133,837 related to restricted funds income in the previous year for St Philip and St James Church building development, ARMI Connect and a grant towards fundraising, IT and evaluation.

Fees receivable (£647,156) decreased by £54,733 against the previous year (£701,889). The reason for this variance relates to the anticipated reduction in the number of students in the PhD Programme. This should now stabilise as we maintain the PhD Cohort at around 90 students.

Total expenditure was £1,276,358 (2022: £1,064,730) an increase of £211,628. The majority of the increase relates to spending from restricted funds (£173,891) and was spent on St Philip and St James Development, Binsey Lane Building Development and AMRI Connect. These funds were raised and spent specifically on the projects they were given for. The remaining increase in expenditure is on core activities (£37,737). This relates mainly to the fact that we were returning to a normal working pattern after COVID 19 and other inflationary rises across the board on all areas of expenditure (e.g. heating, lighting, staffing costs etc.).

Our largest expense, £474,614, relates to employment costs for our valuable staff and includes, salaries, government taxes, pension contributions, travel, training etc. OCMS Employs 2 Senior Managers, 6 full-time equivalent faculty and 5 full-time equivalent administration staff. The Executive Director, along with one part-time administrative staff member are seconded to OCMS from mission agencies. Travel costs are also paid to our faculty and administrative volunteers and are included in this expenditure.

Expenditure is monitored closely by the Executive Finance Committee and Finance Manager on a regular basis.

Conclusion

The Trustees regard the activity of the Charity this year as being in keeping with its stated Objectives and Aims and are satisfied that its strategic development remains aligned to its Vision and Mission. They appraise carefully the risks that might impair the wellbeing of OCMS and ensure that appropriate mitigating measures are implemented.

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. With this in mind, the Trustees view the level of reserves maintained through the year to have been adequate.

The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. A risk register has been prepared and is updated regularly.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

The Charity is a charitable company limited by guarantee, incorporated on 23rd July 1984, and registered as charity number 290112. The charity was formed under a Memorandum of Association which established the objects and powers of the charitable company and is governed under is Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Professor D W Cranston (Chairman) (Appointed 22/05/2020) (Resigned 01/08/2023) Dr G R Dryness (Vice Chair) (Appointed 22/05/2020) Dr P Bendor-Samuel (Executive Director) (Appointed 16/06/2016) Dr J S Lee (Appointed 24/05/2019) Dr R I Padilla De Borst (Appointed 06/12/2017) Mrs M L Sawyer (Appointed 23/05/2018) John Heyward (Honorary Treasurer) (Appointed 12/07/2021) Dr D M Kasali (Appointed 29/04/2021) Dr K Kevichusa (Appointed 24/09/2020) Ian Smith (Chairman) (Appointed 03/12/2021) (Appointed Chair 01/08/2023) David Brunt Chief Operations Officer appointed Secretary) (Resigned 31/03/2023) Matthew Cripps (Chief Operations Officer appointed Secretary 02/10/2023)

Trustees are appointed by the Board following selection based on their professional skills and/or representational qualities. The majority of Trustees have worked or studied in two-thirds world that the charity seeks to serve and their insights into the mission and theological needs of the church globally help form our strategy.

Trustees gain experience and induction into the work of OCMS through attending Board meetings prior to appointment. The charity is organised so the the Trustees meet and converse regularly to review strategy and to oversee its affairs. The management of the charity is delegated to the Executive Director and Senior Management Team. In addition, all the faculty staff support the functional aims and objectives of the charity, and serve to provide a sound study environment for students.

The Board of Trustees has elected a Governance and Finance Committee, to meet between the full Trustee Board meetings and to perform due diligence on financial matters. The Governance and Finance Committee membership was as follows:

The Trustees have examined the major strategic, business and operational risks which the Charity faces or may face, and consider the systems are in place to enable regular reports to be produced, so that the necessary steps can be taken to lessen any such risks.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Auditor

The auditor, Craufurd Hale Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Dr Paul Bendor- Samuel

Executive Director Dated: 25 January 2024

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES

Opinion

We have audited the financial statements of Oxford Centre for Mission Studies (the ‘Charity’) for the year ended 31 August 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of 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 to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised 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 information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES

Fraud and breaches of laws and regulations - ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make in appropriate accounting entries.

We did not identify any additional fraud risks.

We performed procedures including identifying journal entries to test based on risk criteria and comparing identified entries to supporting documentation. These included those posted to unrelated accounts, those posted containing key words, and those posted to an account linked to a fraud risk.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience, and through discussions with the directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit.

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and tax legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Fagan FCCA (Senior Statutory Auditor) for and on behalf of Craufurd Hale Audit Services Limited

31 January 2024

Chartered Accountants Statutory Auditor

C/O Craufurd Hale Group Ground Floor, Arena Court Crown Lane MAIDENHEAD SL6 8QZ

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
Restricted Endowment
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
185,990
230,275
-
Charitable activities
4
668,012
42,018
-
Other trading activities
700
-
-
Investments
5
9,724
-
-
Total income
864,426
272,293
-
Expenditure on:
Charitable activities
6
767,754
503,364
-
Grants Expended
8
5,240
-
-
Total resources expended
772,994
503,364
-
Net incoming/(outgoing) resources before
transfers
91,432
(231,071)
-		 Total
Unrestricted
funds
2023
2022
£
£
416,265
203,476
710,030
733,575
700
500
9,724
682
1,136,719
938,233
1,271,118
726,257
5,240
9,000
1,276,358
735,257
(139,639)
202,976		 Restricted
Endowment
funds
funds
2022
2022
£
£
364,112
-
43,552
-
-
-
-
-
407,664
-
329,473
-
-
-
329,473
-
78,191
-		 Total
2022
£
567,588
777,127
500
682
1,345,897
1,055,730
9,000
1,064,730
281,167

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
Restricted Endowment
funds
funds
funds
2023
2023
2023
Notes
£
£
£
Net incoming/(outgoing) resources before
transfers
91,432
(231,071)
-
Gross transfers between funds
(55,965)
55,965
-
Net income/(expenditure) for the year/
Net movement in funds
35,467
(175,106)
-
Fund balances at 1 September 2022
688,023
401,711
1,004,870
Fund balances at 31 August 2023
723,490
226,605
1,004,870		 Total
Unrestricted
funds
2023
2022
£
£
(139,639)
202,976
-
-
(139,639)
202,976
2,094,604
485,047
1,954,965
688,023		 Restricted
Endowment
funds
funds
2022
2022
£
£
78,191
-
-
-
78,191
-
323,520
1,004,870
401,711
1,004,870		 Total
2022
£
281,167
-
281,167
1,813,437
2,094,604

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET

AS AT 31 AUGUST 2023

Notes
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Provisions for liabilities
Net assets
Represented by
Endowment funds
21
Restricted funds
22
Unrestricted funds
Designated property fund
23
General unrestricted funds		 2023
£
£
1,600,739
4
1,600,743
5,000
62,201
936,974
1,004,175
(498,213)
505,962
2,106,705
(134,720)
(17,020)
1,954,965
1,004,870
226,605
420,931
302,559
723,490
1,954,965		 2022
£
£
1,754,692
4
1,754,696
5,000
26,149
1,007,892
1,039,041
(459,856)
579,185
2,333,881
(239,277)
-
2,094,604
1,004,870
401,711
190,536
497,487
688,023
2,094,604

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 January 2024

Dr Paul Bendor - Samuel Mr John Colin Heyward Executive Director Treasurer and Trustee Company Registration No. 01835274

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash generated from operations
28
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
46,409
(20,597)
9,724
(10,873)
(106,454)
(106,454)
(70,918)
1,007,892
936,974		 2022
£
£
142,521
(108,676)
682
(107,994)
(9,224)
(9,224)
25,303
982,589
1,007,892

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Oxford Centre for Mission Studies is a company limited by guarantee, having no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the charity. The charity is registered in England and Wales. The registered office is St Phillip & St James Church, Woodstock Road, Oxford, OX2 6HR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are those funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

The charity receives assistance in the form of donated goods and services. The charity benefits from the services of a number of volunteers who give their time freely. In accordance with the Charities SORP FRS 102, general volunteer time is not recognised.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.5 Expenditure and irrecoverable VAT

Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a specific activity are allocated directly.

Governance cost includes those costs associated with meeting the constitutional and statutory requirements of the charity and include all independent examiners fees and costs linked to the strategic management of the charity.

VAT is not recoverable by the Charity and is charged as a cost against the activity for which the expenditure was incurred.

Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's charitable activities. These costs have been allocated to charitable activities in their entirety on the basis that these costs represent cost for the charitable activities of the Charity and do not represent costs for raising funds.

1.6 Grants payable

Grants payable are payments made to third parties, either individuals or other charitable organisations, in the furtherance of the Charity's objects. In the case of unconditional grant offers, these are accrued once the recipient has been notified of the award. Conditional grants are only accrued when the conditions have been fulfilled and the recipient has been notified.

No multi-year grants are made, other than where additional funding has been received through a restricted fund.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Not depreciated as discussed below St Philip & St James' Church Not depreciated as discussed below Fixtures and fittings 2% Straight Line Method Computers 33% Straight Line Method

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

The freehold property is not depreciated on the basis that the residual value of the property would not be lower than the cost of the property included in the accounts.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Freehold property at the former St Phillip & St James' Church, Oxford, was acquired from the Church Commission in 1989 subject to a covenant restricting its use to a centre for mission studies. It cannot be disposed of without specific authority from the Charity Commission.

1.8 Fixed asset investments

Fixed asset investments are measured at transaction price excluding transaction costs.

A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Where applicable, cost reflects subsidies provided by the restricted fund donations and grants.

1.11 Cash and cash equivalents

Cash and cash equivalents represents cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities on the basis that these are due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.13 Taxation

Oxford Centre for Mission Studies as a charity is not liable for assessment to tax on its income and gains to the extent that they are applied to its charitable objectives.

1.14 Provisions

Provisions are recognised when the Charity has a legal or constructive present obligation as a result of a past event, it is probable that the Charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.15 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The assets of the scheme are held separately from those of the Charity.

1.16 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates 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 accounting estimates 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 revision affects both current and future periods.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
165,990
1,863
Grants receivable for
scholarships
-
105,825
St Philip and St James
development donations
-
24,190
Other grants receivable
20,000
98,397
185,990
230,275		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
167,853
183,476
30,917
105,825
-
96,930
24,190
-
100,210
118,397
20,000
136,055
416,265
203,476
364,112		 Total
2022
£
214,393
96,930
100,210
156,055
567,588

A number of individuals and Trusts have invested significantly in the vision and mission of OCMS, including the Association for Protestant Missions and Churches in Germany (EMW) whose grants in 2022/23 totalled £43,805.77 (2022: £41,505.07) as follows:

EMW Women’s Scholarship £21,411.54 (2022: £19,327.83) EMW Publications and Transformation £22,394.23 (2022: £22,177.24)

4 Charitable activities

Unrestricted
funds
Restricted
funds
2023
2023
£
£
Tuition fees
647,156
-
Support for and sale of
publications etc.
-
42,018
Contributions to
overheads
20,856
-
668,012
42,018		 Total
Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
647,156
701,889
-
42,018
-
43,552
20,856
31,686
-
710,030
733,575
43,552		 Total
2022
£
701,889
43,552
31,686
777,127

5 Investment income

Interest receivable

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
9,724 682

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

6 Charitable activities

Unrestricted
Funds
General
Restricted
Funds
2023
2023
£
£
Staff costs (note 10)
474,614
-
Scholarships allocated
6,938
155,971
Provision of course
programme costs
81,949
-
Publications
-
29,454
Bad debts
(4,433)
-
Support costs
108,961
70,080
Legal and professional fees
19,360
78,670
Audit and accountancy
11,747
-
Trustees' Indemnity
Insurance
15,611
-
Mortgage interest
15,740
-
IT, website and other
consultancy fees
37,267
-
IT Infrastructure virtual
learning
-
2,781
Impairment of fixed assets
-
166,408
767,754
503,364		 Total Unrestricted
Funds
General
Restricted
Funds
2023
2022
2022
£
£
£
474,614
463,342
-
162,909
127,557
112,784
81,949
6,417
31,172
29,454
-
31,871
(4,433)
11,527
-
179,041
35,501
150,281
98,030
24,359
-
11,747
10,737
-
15,611
15,381
-
15,740
8,254
-
37,267
23,182
-
2,781
-
3,365
166,408
-
-
1,271,118
726,257
329,473		 Total
2022
£
463,342
240,341
37,589
31,871
11,527
185,782
24,359
10,737
15,381
8,254
23,182
3,365
-
1,055,730

Auditors remuneration for the year was £4,250 net of VAT (2022: £4,125).

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

7
Costs of charitable activities by activity type
Activities
undertaken
directly
Support
activities
Total funds
2023
Activities
undertaken
directly
£
£
£
£
Staff costs (note 10)
441,126
33,488
474,614
430,777
Scholarships allocated
164,209
177,741
341,950
240,341
Provision of course
programme costs
81,949
-
81,949
6,417
Publications
29,454
-
29,454
31,871
Bad debts
(4,433)
-
(4,433)
11,527
Legal and professional
fees
-
98,030
98,030
-
Audit fees
-
4,250
4,250
-
Accountancy fees
-
7,497
7,497
-
Trustees indemnity
insurance
-
15,611
15,611
-
Mortgage interest
-
15,740
15,740
-
It, website and other
consultancy fees
-
37,267
37,267
-
IT Infrastructure virtual
learning
-
2,781
2,781
-
Impairment of fixed
assets
-
166,408
166,408
712,305
558,813
1,271,118
720,933		 Support
activities
Total funds
2022
£
£
32,565
463,342
185,782
426,123
31,172
37,589
-
31,871
-
11,527
24,359
24,359
4,000
4,000
6,737
6,737
15,381
15,381
8,254
8,254
23,182
23,182
3,365
3,365
334,797
1,055,730		 Support
activities
Total funds
2022
£
£
32,565
463,342
185,782
426,123
31,172
37,589
-
31,871
-
11,527
24,359
24,359
4,000
4,000
6,737
6,737
15,381
15,381
8,254
8,254
23,182
23,182
3,365
3,365
334,797
1,055,730
1,055,730

8 Grants Expended

To organisations

**Unrestricted ** Unrestricted
funds funds
2023 2022
5,240 9,000

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

The total donations made by the Trustees during the financial year totalled £29,325 (2022: £14,435).

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

10 Employees

Number of employees

The average monthly number of employees during the year was:

Academic, library and development
Administrative
Management
Seconded and volunteer personnel
The aggregate payroll costs of these employees were as follows:
Wages and salaries
Social security costs
Other pension costs		 2023
Number
6
5
2
13
5
2023
£
421,305
33,438
19,871
474,614		 2022
Number
6
3
2
11
5
2022
£
412,212
32,565
18,565
463,342

There are no employees who received total employment benefits of more than £60,000 (2022 -none)

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

12 Tangible fixed assets

St Philip & St
James' Church
£
Cost
At 1 September 2022
1,191,987
Additions
12,639
Disposals
(166,408)
At 31 August 2023
1,038,218
Depreciation and impairment
At 1 September 2022
-
Depreciation charged in the year
-
At 31 August 2023
-
Carrying amount
At 31 August 2023
1,038,218
At 31 August 2022
1,191,987		 Freehold
property
Fixtures and
fittings
£
£
431,160
206,360
-
7,958
-
-
431,160
214,318
-
74,815
-
8,142
-
82,957
431,160
131,361
431,160
131,545		 Total
£
1,829,507
20,597
(166,408)
1,683,696
74,815
8,142
82,957
1,600,739
1,754,692

As disclosed in note 22, the trustees have made the decision to write off the development costs totalling £166,408.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

13 Fixed asset investments

Cost or valuation
At 1 September 2022 & 31 August 2023
Carrying amount
At 31 August 2023
At 31 August 2022
Other investments comprise:
Notes
Investments in subsidiaries
26
14
Stocks
Stock of publications
15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors		 Other
investments
4
4
4
2023
2022
£
£
4
4
2023
2022
£
£
5,000
5,000
2023
2022
£
£
24,715
10,556
37,486
15,593
62,201
26,149

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

16 Creditors: amounts falling due within one year
2023 2022
Notes £ £
Bank loans 18 7,740 9,637
Other taxation and social security 8,754 8,895
Trade creditors 48,876 23,195
Student fees paid in advance 288,516 331,786
Amounts owed to fellow group undertakings 4 4
Deferred income 74,849 23,567
Accruals 69,474 62,772
498,213 459,856
17 Creditors: amounts falling due after more than one year
2023 2022
Notes £ £
Bank loans 18 134,720 239,277
18 Loans and overdrafts
2023 2022
£ £
Bank loans 142,460 248,914
Payable within one year 7,740 9,637
Payable after one year 134,720 239,277
As security for the mortgage, RBS hold a legal charge over the charity's freehold property in the bank's
standard form.
19 Provisions for liabilities 2023 2022
£ £
17,020 -
Movements on provisions:
£
Additional provisions in the year 17,020

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Retirement benefit schemes

The Charity contributes to a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

21 Endowment funds

Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 September
2022
£
Freehold Property Endowment Fund
1,004,870
1,004,870		 Movement in funds
Incoming
resources
Resources
expended
Transfers
£
£
£
-
-
-
-
-
-		 Balance at
31 August
2023
£
1,004,870
1,004,870

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Balance at
1 September
2022
r
£
Scholarship funds
25,052
AMRI
28,568
Publications fund
14,438
Windows appeal
5,926
International mission
leaders
54,432
St Philip & St James
Building Development
59,426
Capitalised development
costs
187,117
IT equipment capitalised
6,105
Crowell Trust - Fundraising,
IT, Evaluaiton
18,600
Crowell Trust -
Communications Officer
-
Paul Woods research costs
901
Peer support funds
1,146
401,711		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Gains and
losses
Balance at
31 August
2023
£
£
£
£
£
105,825
(155,971)
48,272
-
23,178
1,863
(14,537)
-
-
15,894
42,018
(29,454)
-
-
27,002
-
-
-
-
5,926
66,170
(53,162)
-
-
67,440
11,551
(78,670)
7,693
-
-
12,639
(166,408)
-
-
33,348
-
(2,781)
-
-
3,324
-
(1,300)
-
-
17,300
32,227
-
-
32,227
-
(901)
-
-
-
-
(180)
-
-
966
272,293
(503,364)
55,965
-
226,605		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Gains and
losses
Balance at
31 August
2023
£
£
£
£
£
105,825
(155,971)
48,272
-
23,178
1,863
(14,537)
-
-
15,894
42,018
(29,454)
-
-
27,002
-
-
-
-
5,926
66,170
(53,162)
-
-
67,440
11,551
(78,670)
7,693
-
-
12,639
(166,408)
-
-
33,348
-
(2,781)
-
-
3,324
-
(1,300)
-
-
17,300
32,227
-
-
32,227
-
(901)
-
-
-
-
(180)
-
-
966
272,293
(503,364)
55,965
-
226,605
226,605

Scholarship grants represent monies given by sponsoring organisations to subsidise the costs of providing tuition to students. Other restricted funds have been given for the purpose stated above.

The Capitalised Developments costs represents the costs spent to date with respect to the St Phillips & St James buildings owned by the charity. These costs have been included within fixed assets and have been spent in accordance with the restrictions placed on those donations received.

The trustees have made the decision to write off the development costs totalling £166,408. These costs were initially capitalised. At the balance sheet date the trustees have deemed these costs to no longer be of benefit to the charity and have therefore made the decision to write these fixed assets off to the Statement of Financial Activities.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

23 Designated funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Movement in Funds
Balance at
1 September
2021
Transfers
Balance at
1 September
2022
Transfers
£
£
£
£
Property Fund
181,312
9,224
190,536
106,453
ED Salary Reserve
-
-
-
123,942
181,312
9,224
190,536
230,395
24
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2023
2023
2023
2023
£
£
£
£
Fund balances at 31 August 2023
are represented by:
Tangible assets
(43,427)
439,540
199,756
1,004,870
Investments
4
-
-
-
Current assets/(liabilities)
314,966
(2,261)
193,257
-
Long term liabilities
-
(134,720)
-
-
Provisions
(17,020)
-
-
-
254,523
302,559
393,013
1,004,870		 Balance at
31 August
2023
£
296,989
123,942
420,931
Total
2023
£
1,600,739
4
505,962
(134,720)
(17,020)
1,954,965

25 Related party transactions

Key management personnel are regarded as the senior management team. The total remuneration paid to key management personnel during the year totalled £98,237 (2022: £105,044).

Other than the transactions disclosed in note 9 and above, there are no other disclosable related party transactions during the year (2022- none).

26 Subsidiaries

Regnum Books Limited is a wholly' owned subsidiary of the Charity and is currently dormant. The Charity owns the two issued shares of Regnum Books Limited, shown under investments. At the balance sheet date, the total capital and reserves of Regnum Books Limited was £2. The Charity continues to use Regnum Books as a trading name for certain publishing activities.

OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

27
Analysis of changes in net funds
At 1 September
2022
£
Cash at bank and in hand
1,007,892
Loans falling due within one year
(9,637)
Loans falling due after more than one year
(239,277)
758,978
28
Cash generated from operations
(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Increase in provisions
Cash generated from operations		 Cash flows
At 31 August
2023
£
£
(70,918)
936,974
1,897
(7,740)
104,557
(134,720)
35,536
794,514
2023
2022
£
£
(139,639)
281,167
(9,724)
(682)
174,550
9,306
(36,052)
15,041
40,254
(162,311)
17,020
-
46,409
142,521		 Cash flows
At 31 August
2023
£
£
(70,918)
936,974
1,897
(7,740)
104,557
(134,720)
35,536
794,514
2023
2022
£
£
(139,639)
281,167
(9,724)
(682)
174,550
9,306
(36,052)
15,041
40,254
(162,311)
17,020
-
46,409
142,521
794,514
2022
£
281,167
(682)
9,306
15,041
(162,311)
-
142,521

29 Trust monies

The Oxford Centre of Mission Studies holds various monies within the UK on behalf of the International Infemit Ministry. These monies are held in a separate bank account and are not included within the accounts of the Charity.

Movement in these funds during the year were as follows:

Balances brought forward
Net movement in the period
Balance carried forward		 2023
£
30,737
-
30,737		 2022
£
18,724
12,013
30,737