Charity Registration No. 290112 Company Registration No. 0183S274 {England and Wales) OXFORD CENTRE FOR MISSION STUDIES {A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr I W H Smith (Chairl Dr G R Dyrness (Vice Chairl (Resigned 05.06.251 Dr P Bendor-samuel (Ex officio.. Executive Director) DrJSLee Dr R I Padilla De Borst Mrs M L Sawyer IResigned 05.06.251 Mr J C Heyward (Honorary Treasurerl IResigned as Treasurer 05.06.251 Dr D M Kasali Mrs S Van Houlryve Mr I Satyavrata Mr N Cotton (Treasurer from 05.06.251 Chief Operations Officer appointed Secretary Mr M R Cripps Charty number 290112 Company numbgr 01835274 Prlnclpal address Sl Philip & St James Church Woodstock Road OXFORD OX2 8HR Roglsterfrd offl¢g Sl Philip & St James Church Woodstock Road OXFORD OX2 8HR Audllor Craufurd Hale Audit Services Limited CIO Craufurd Hale Group Ground Floor, Arena Court Crown Lane MAIDENHEAD SL6 8QZ Bankers Royal Bank of Scotland PIC 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 Independent auditorfs report 10-13 Stslemenl of financial activities 13-14 Balance sheet Stslemenl of cash flows 16 Notes to the financial statements OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The trustees present their annual report and financial statements for the year ended 31 August 2025. The financial statements have been prepared In accordants 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 Finanaal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. Public benefit statement The Trustees consider that the objectives of the Charity meet the lesls for public benefit and in exercising their powers and duties, the Trustees have complied with their duly lo have due regard to the ￿levant guidance published by the Charity Commission. ObJKtlvo$. alm$ and a¢tlvltlg$ of thg Charlty The charity's objectives, as outlined in ils Memorandum of Assoaalion, are lo advance education, training, and research for the public benefit in the fields of Christian Mission, theology, and related disciplines. To achieve these objectives, the charity aims to.. Provide the selling and resources for international scholars to engage in missiological study by establishing and maintaining a centre for mission studies., Facilitate scholars lo prepare for advanced degrees in missiology and related topics, and to fund scholarships and exhibitions and to give prizes, ￿rtIfICates, and diplomas lo persons who are or have been students instructed or examined by or by the direction of the charity,. Contribute lo the leaching, practice, and communication of mission in the teaching of theology al universities and theological colleges at Oxford and elsewhere., Establish and maintsin a resour￿ ￿ntre for infomiation relevant to mission worldwide., Gather, publish, and disseminate literature on mission and theological topics., Coordinate study and research among those engaged in mission at inlernalional, national, and local levels., Federate and cooperate with other Charitable groups and inslitulion$ engaged adively or academically in Christian Mission., and Print and publish newspapers, periodicals, books, or leaflets, and engage in television and sound broadcasting for the furtherance of the objects of the charty. In considering these aims and objectives, the Trustees have reviewed the guidance issued by the Charity Commission in relation to public benefit and consider that the public benefit test continues lo be satisfied. In furtherance of these aims, the charity has continued to run the Oxford Centre for Mission Studies, based in the fomier St Philip and Sl James, Church, Oxford. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 Basls of Work In light of the Aims and Objecty'ves of the charity sel 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 realisalion of God's transfcmiing 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.. 1. Equipping individuals, leaders, churches, and inslilulions, prioritising those on the cutting edge of God's transforming mission. 2. Responding to Issues identified by the church wth timely, slralegic, and rigorous research 3. Creating synergy, fostering spaces where scholarship and practice interface for mutual leaming 4. Knowledge dissemination, ensuring that the fruit of scholarship is accessible to refiective mission practitioners. 5. Amplifying the voice of the less easily heard, seeking lo hear and give voice lo reflective practitioners who might otherwise not be heard. 6. Working in partnership with like-minded individuals and inslilulions. Development Intentions 2025-2030 In ils December 2024 meeting, the Board initiated a review of the organisalion's Strategic Intentions ISI). In February and March 2025. the staff team engaged in workshops lo assess the slalus of each Sl and propose revisions and additions. In June. the Board reviewed the proposals and agreed the priorities for the next five years, renaming them Development Intentions. The trustees have paid due regard to guidance issued by the Charity Commission in deading what activities the charity should undertake. The Senior Management Team ISMTI wll Identify annual priorities based on the Development Intentions, which are as follows.. Foundational- 1. Communty.. Deepening and enriching the ways we live out our Values, we seek to grow as a dynamic spiritual, missional and academic community that shapes and nurtures our identity and witness. External Facing- 2. OCMS courses.. Paying attention to the needs and feedback of those we serve. we will develop short courses that enable us better lo achieve our purpose. 3. OCMS Research Institute for Mission and Innovation IORIMII: We will launch and develop ORIMI in order to expand our capacity and capability to drive agile, responsive, prophetic, mission research focused on strategic global issues. 4. Strategic Partnerships- We will develop partnerships in each continent with lik&minded instituts.ons in order lo grow a network of mutually supportive mission research centres. 5. Making scholarship and mission research accessible. We will translate into accessible language the fruit of scholarship and research and develop a range of tools lo disseminate knowledge, slrenglhening the Interfa￿ between scholarship and practice OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 Internal Capaclty 8ulldlng: 6. Quallty Improvgment and Impa￿. We will develop tools to evaluate our programmes in order lo build a culture of continuous improvement and understand the impact of our work. We will continue to explore the best options for long-lemi validation of the PhD programme. 7. Alumni.. We will work with our alumni lo develop an effective alumni assoaalion that conlribules to the fulfilmenl of the OCMS purpose and vision. 8. Communications- Vve will further develop the ￿gularity, quality and timeliness of external and internal communications. 9. Flnan¢lal sustalnablllty: In dependence on the generosity of God. we will grow our capacty and capability lo develop and nurture new and existing relationships of generosity. 10. A bulldlng flt for purpo$g'. We will raise the ftjnds and effe¢tively manage the building project in order to minimise disruption to the work of OCMS during the construction phase. Overview of Year The priorities for 2024125 have largely focused on the following areas.. Establishment of the new Academic Dean who joined in September 2024: Dr Chammah Kaunda joined the team in September 2024, coming from Yonsei University, South Korea. Dr Chammah has brought rich academic expeiiènce from both Asia and Southern Africa. He has also le the academic team in a period of challenge created by the renewal of the validation of the PhD programme. Signing a new validation agreement for the PhD programme: Throughout 2024 detsiled discussions were held with potential validation partners. The process served in some way as a rigorous bul welcome review of the whole programme, resutting in a number of changes in structure and processes lo the programme which have the potential to make il yel more fruifful for students. In December, unexpectedly, the likely partner institution pulled out. In January 2025 negotiations restarted wth Middlesex University, our current partner. With their financial situation somewhat more settled, MU welcomed the opportunity lo renew the pathership. As of January 2026, these negotiations remain ongoing. OCMS Research Institute for Mission and Innovation.. The search for funding for the Research Inslilule has continued throughout the year. In the meantime, the first Research Cluster wa5 launched, 'Exploring the Theological Riches of the Ethiopian Twahado Orthodox Tradition,. The principal investigator in the project is Dr Ralph Lee, part-lime OCMS faculty, and is being conducted in partnership wth St Ignatios Seminary in Sweden. Funding has been accessed through a Templeton Foundation grant and the Canadian Bible Society. Continued momentum in the building project: Significant funding has been achieved through the year and the project now has dose lo £1 m in grants and commilmenls. Work stsrted on the first phase of the project in December 2025. Growing a more robust financial base for the organisation.. The year has seen close to £100,000 of new donor commilmenls. This has been essential in the face of rising costs and the exit of some lonTrslanding major donors. The need to broaden the funding base continues. In November 2024, OCMS contracted with a grant writing service to increase the volume and effectiveness of Trust applications. In Korea, the OCMS Korea Fellowship was registered, set up a b￿k account and joined the 'Mission Fund, platform, enabling donors to receive lax deductible re￿Ip1s. We continue to work lo broaden our donor base in Asia, UK and USA. Commitment to invest in team building.. The year saw a number of stsff changes, particulady among the faculty. Attention has been paid lo good hand-over, celebratory events, recruitment and induction. Team days off-site twice a year provide different spaces in which lo relate and learn together. Wednesday chapel and shared lunch continue lo be the heartbeat of the OCMS weekly rhythm. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 Programme Actlvltles Programme acb'vib'es are reviewed below.. PhD Programme.. The PhD programme has experienced a good year in terms of sludenl progression and graduation. During the academic year.. 11 transferred from MPhil to PhD stage 7 sat their viva with all passing with minor or no corrections. Our overall success rate from registration to graduation remains around 85Qkn. 14 participated in person al the graduation ceremony in June 2025, at which OCMS Trustee, Dr David Kasali, gave the keynote speech. In late 2023, Middlesex University signalled their intent not to renew their validation agreement wth OCMS due to university structural reorganisalion and financial pressures. All already registered in the programme Continue lo be MU students and receive full services. In the light of this OCMS opened up a number of discussions and reached an advanced stage of agreement in principle with an alternative provider, only for the provider lo wthdraw in November 2024, again due to intemal inslitulional pressures In January 2025, we approached Middlesex University with the request they reconsider their decision. Our approach was welcomed and negotiations restarted. At the time of writing the financial arrangements have been agreed, with the OCMS programme administered under the Department of Education. We anticipate signing the renewed Memorandum of Cooperation in early 2026. We have made Significant change5 to the initial OCMS stage. This will allow students lo be assigned a supervisor early in their research journey, and come lo registration with full proposal, Iileralure review and clear methodology. The stage will be more structured with the initial cohort that joins together for induction participating in a series of touchpoinls in the following year. In October 2024, 10 new students participated in the OCMS Research Induction Programme IOPRII. In addition, faculty led Transfer Panel Intensive in July for those moving from MPhil to PhD candidacy, and the Thesis Vvriting Workshop again in July for those who are in the submission stage of the PhD. The success of the programme has led lo a drop in overall cohort size, do¥M) lo around 70. Interest in the programme continLJes lo be high and we will work in the coming two years lo build up the cohort lo be￿een 80-90 students. The Guided Research Programme IGRPI The Guided Research Programme continues lo attract a steady stream of researchers seeking lo conduct missiological research with the guidan￿ of OCMS faculty and personal tutors. These fall into three broad categories. A significant number are undertaking research on behalf of their church or organisation lo deal with a particular iSSLJe or lo enhance future ministry. A second group are seeking to publish, in book formal, academic articles, or training materials aimed al church and mission leaders, dealing with a specific mission topic. The third, very small, group are undertaking commissioned research and seek academic supervision for this work. Mid-year in January 2025 we had 23 scholars active in the programme bul this dropped to 9 al the year end as a larger number than usual completed their research. However at that point we had 34 prospective scholais in the 'admissions pipeline,. A highlight in 2024-25 was working with of our GRP alumni and their team of researchers to present a full-day workshop on indigenous theology at OCMS as well as a lecture and seminar on the same topic. During the year we also celebrated another alumni being appointed bishop in DR Congo and several others publishing books which grew out of their research. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 We continue our focus on supporting women scholars in research, and it is good lo be able to report that we currently have more female than male applicants. Female scholars do, however, struggle more lo finance their research. We are also encouraged to currently have 280h of our scholars from Africa, 240/0 from Asia, and 20Q/D from Latin America. We continue to seek new scholars from Middle Eastern and Central Asian contexts. Raising funds for scholarships this year has been particularly difficult, and indeed unsuccessful. Pla￿S have been filled by a larger than usual number of self-supporting Scholars but we are determined to raise funds so that the be51 scholars can join us irrespective of financial capacity. GRP is strongly focused on research oulpul and we have seen more good publications during the year as well as the launch of a new Japanese missiology course written by one of our South African GRP scholars. Throughout the year, we have been blessed with a dedicated band of Personal Tutors from around the World￿ncludIng the US, Ireland, India, Norway, and Australi￿h0 support our scholars on their research joumey. We are also finding ways of building research partnerships and in the autumn of 2025 wll be joined by an Ethiopian scholar who work will be jointly supported by OCMS. Addis Ababa University and the Universty of Jima as he explores the de-sligmatisalion of mental illness and the involvement of Ethiopian ¢hur¢hes in mental health care. Integrated Mission Leadership IIMLI The Integrated Mission Leadership programme continues to flourish. 2024125 saw the successful delivery of Cohort 4. 11 was the smallest thus far, wrth 15 participants bul significandy the most diverse with largely Global SoLJth leaders. The Cohort very rapidly formed as a supportive leadering community. In the final evaluation many spoke of the personal transfomiation had experienced spiritually and in their leadership. A couple noted it was the best professional educational experience they had encountered. In Cohort 4 we held one module outside Nairobi, Kenya. This worked well and enabled a number of local leaders lo experience a day of the programme as a lasler. In Cohort 5 we intend lo hold modules in Asia and Africa. In January 2025. in partnership with Onnuri Church and the Global Missionary Fellowship. OCMS ran an experimental Korean IML module on the island of JejLJ. South Korea. The first week was attended by 34 senior pastors of significant churches, the second week by 22 mission leaders. The feedback was positive, with many appreciating the space lo slep back from busy ministries and take lime In personal spiritual renewal as well as mission and leadership reflection. OCMS has been asked to return in February 2026 in order to do an advanced module as well as an introductory module for beginners. Dl$$gmlnatlon of Knowledg9 This has been a productive year for Regnum Books, wf(h the publication of a further 19 books. Regnum Publications Sept 2022. Aug 2023 Sept 2023 - Aug 2024 Sept 2024- Aug 2025 Mission and Global Christianity Global Voices Mini Books Practitioner Totsl 12 23 19 OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 A review of sales shows that these have been stable over the past 3 years Year Sept 2022-Aug 2023 Sept 2023-Aug 2024 Sept 2024-Aug 2025 Physlcal 3233 3121 3929 eBook 2914 2753 2044 Totsl 6147 5874 5973 Transformation- Four volumes of the journal Transformation were issued during the year, in partnership with Sage. The journal continues lo flourish under the editorship of Dr Marina Behera. None of the volumes this year reflected a dedicated theme. Journals are ranked at four levels, and transformation is consistenuy in the highest level. Vvhole text downloads continue to achieve around 50,OOOfyear. wth ￿￿third$ of the nearly 10.000 organisational subscriptions Coming from the majority worfd. Organisational Development Leadership, Management, Adminislralive and Infrastructural Capacity Building.. Staff training has focused on health and safely, safeguarding and Cyber security. The Trustees are satisfied with the safeguarding policy and processes within OCMS, which they have reviewed syslemalically at their meetings. Plans for the development of the OCMS physical sile progressed during the year. A Ihre&phased project plan has continued to be developed, wV(h planning pemiission given for all planned phases. The proposed development will greafjy enhance the facilities for the charity, both for stsff and students who ¢ome to study here. The fi'rst phase began in December 2025. Risk Management The Trustees of OCMS recognise their responsibility to identify, monitor, and manage major risks to OCMS, working closely wth the Senior Management Team. The dual responsibility Governan￿ and Finance Committee met three times during the year and routinely reviewed the Risk Register and priority actions for presentation to the Council. The Senior Management Team continues to monitor the Risk Register monthly. The Trustees are satisfied that the systerns and procedures are in pla￿ lo manage these risks appropriately. Financial Review Total unrestricted income in 2024125 was £777,608 Compared with £852,821 in the previous year, a de¢rease of £75.213. Fees receivable1£554,7821 decreased by £93,189 against the previous year1£647,9711. Total reslricled income was £618,818, compared with £399,126 in the previous year, an increase of £219,692. The large majority of this increase was due to donations towards our building project. The charity's principal funding sources remain donations from individuals, churches, and Trusts, and fees from students. We are very grateful lo each person who continues to support OCMS, whether financially, through the gift of their lime as a volunteer, or through partner organisats.ons that have seconded personnel. A number of individuals and Trusts have invèsted significantly in thè vision and mission of OCMS, including the Association for Proleslanl Missions and Churches in Germany IEMW, whose grants in 202412025 lolalled £47,451 12024". £45,384). Total unrestricted expenditure was £792,55612024- £814,685) a decrease of £22,129. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 Our largest expense, £592.840, relates to employment costs for our valuable stsff and includes salaries, govemmenl taxes, pension contributions. travel, training, elc. OCMS employs 10 full-lime equivalent faculty, and 6 full-lime equivalent administration staff. The Executive Director, along with one part-time adminislralive 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. 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 Associatlon 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 slatemenls, were.. Mr I Smith Ichaimianl IAppoinled 03.12.211 IAppointed Chair 01.08.231 Dr G R Dymess (VI￿ Chairl (Appointed 22.05.201 (Resigned 05.06.251 John Heyward (Honorary Treasurer) (Appointed 12.07.211 (Resigned as Treasurer 05.06.25} Dr P Bendor-samuel (Executive Director) (Appointed 16.06.161 Dr J S Lee IAppointed 24.05.191 Dr R I Padilla De Borsl (Appointed 06112120171 Mrs M L Sawyer (Appointed 23105120181 (Resigned 05.06.251 Dr K Kevichusa (Appointed 24.09.201 (Resigned 10.04.241 Dr David Kasali (Appointed 29.04.211 Sophie Van Houtryve (Appointed 25.01.241 Mr N Cotton IHonorary Treasurer) IAppoinled 05.06.251 Trustees are appointed by the Board based on their professional skills andlor representational qualities. The majority have worked or studied in regions served by the charity, and their insights into global mission and theological needs help shape our strategy. The charity is organised so the Trustees meet regularly to review strategy and oversee ils affairs. The management of the charity is delegated lo the Executive Director and Senior Management Team. Faculty staff support the functional aims and objective5 of the charity, providing a sound study environment for students. The Board has elected a Governance and Finance Committee lo meet between full Trustee Board meetings and to perfomi due diligence on financial matters. The Governance and Finance Committee membership was as follows.. Mr J Heyward Ichairmanl Dr P Bendor-samuel Mr I W H STllith Dr D Kasali Mr N Cotton Mr M Cripps The Trustees have examined the major strategic, business, and operational risks facing the Charity, and consider that appropriate systems are in place to mitigate these risks. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee lo ¢onlribule £1 in the event of a winding up. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 ststement of trustees. responslbllltles The Iruslees, who are also thè dI￿OI0r$ of Oxford Cenlrè for Mission Studies for the purpose of wmpany law, are responsible for preparing the Trustees, Report and the financial statements in accordance wth appl￿ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the trustees to prepare financial slalements for each financial year which gwe a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements., and prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable a¢¢uracy at any b'me the financial position of the Charity and enable them to ensure that the financial ststements comply ￿rith the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and he￿e for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor The auditor, Craufurd Hale ALJdit Services Limited, is deemed to be reappointed Ljnder section 487121 of the Companies Act 2006. Dl$¢lo$ure of Infomiatlon lo audltor Each of the Iruslees has confirmed that there is no infomiation of which they are aware which is relevant lo the audit, but of which the 8udiloi Is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and lo establish that the audiloi is aware of such information. Con¢lu$lon The trustees regard the activity of the charity this year as being in keeping wth its slated 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 well-being of OCMS and ensure that appropriate mitigating measures are implemented. 11 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 four months, 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 lo continue the Charity's ¢urrenl activities while considering ways to raise additional funds. With this in mind, the Trustees view the level of reserves maintained through the year as adequate. The trustees have assessed the major risks lo which the charity is exposed and are satisfied that systems are in place lo miligale exposure to these risks. A risk register has been prepared and is updated regularly and reviewed al each Trustee meeting. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 The trustees. report was approved by the Board of Trustees. Dr Paul Bendor. Samuel Executive Director Dated.. OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES Oplnlon We have audited the financial statements of Oxford Centre for Mission Studies (the 'Charity'l for the year ended 31 August 2025 which comprise the statement Df financial activities, the balance sheet, the statement of cash flows and notes to the financial slatemenls, 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 the UK and Republ￿ of Ireland Iuniled Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls". give a true and fair view of the stsle of the charitable company's affairs as al 31 August 2025 and of ils incoming resou￿8 and application of resou￿$. 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 Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorts ￿spOnSIbl1rt1eS for the audit ol the financial stalernenls section of our report. We are independent of the Charity in accordance wth 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 obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls. we have concluded that the Iruslees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nDI identified any material uncertainties relating to 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 twelve rnonlhs from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the trustees Imth respect lo going concern are described in the relevant sections of this report. Other inforniation The other information comprises the information induded in the annual report other than the fina￿la1 statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opiniDn on the financial statements does not cover the other infomiation and we do not express any fomi of assurance conclusion Ihereon. Our responsibility is lo read the other Information and, in doing so, consider whether the other Information is materially inconsistent wth the financial slalements or our kno￿edge obtained in the course of the audit, 01 otherwise appears to be materially misstated. If we identify such malerral Inconsi51encies or apparent material misstslemenls, we are required lo determine whether this gives rise lo a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that there is a material misstslement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which wg ar& requirod to report by 8xception We have nothing to report in respect of the followng mallers in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the informab'on given in the financial ststemenls is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records.. or we have not received all the information and explanations we reqLJire for our audit. 10- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES Responslbllltles 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 Iruslees determine is ne￿SSary ID enable the preparation of financial statements that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial slatemenls, the Iruslees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic altemalive 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 a￿OrdanCe with regulations made under thatAcl. 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 auditorfs report that includes 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 delecl a material misslalement when it exists. Misslatemenls can arise from fraud or error and are considered matenal rf, individually or In the aggregate, they could reasonably be expected lo influenc& the economic decisions of u5er5 taken on the basis of these financial slatemenls. The extent lo which our Procedures are capable of detecting irregularities, including fraud, is detailed below. Fraud and breaches of laws and regulatlons - ablllty to detect Identifying and ￿SpOnding lo nsks of material misslalemenl due to fraud To identify risks of material misstatement due to fraud I'fraud risks I we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity lo commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included.. Enquiry of rnanagement and those charged with governance around actual and potential litigation and claims. Enquiry of entity staff in tax and compliance functions to identify any instances of non (n v) )rtrtDJ <0￿ ¢0 Lrj z> OJ tr) QL)O C vj r t Z5 DJ i * TJ fj w 7J th Lnw • T5 OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET ASAT31 AUGUST2025 2025 2024 Notss Fixed assets Tangible assets Investments 1,627,294 1,627,664 14 1.627.296 1,627,666 Current assets DeblDrs Cash at bank and in hand 48,479 1,125,232 79,663 907,110 1,173,711 986,773 Credltors: amounts falllng due wlthln one year 16 1320.3111 1417,4071 Net current assets 853,400 569,366 Total asyets leys current liabilities 2,480,696 2,197,032 Creditors- amounts falling due after more than one year 17 1130,4331 1130,9551 Net assets 2,350,263 2,066,077 Represented by Endowment funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 20 21 1,004.870 601,083 1,004,870 300,204 22 393.521 350,789 393,521 367,482 744,310 761,003 2.350.263 2,066,077 These financial slalements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial stslements were approved by the Trustees on . Dr Paul Bendor- Samuel Executive Director Mr Nigel Cotton Treasurer and Trustee Company Registration No. 01835274 15- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Notes Cash flows from opgratlng actlvltlgs Cash generated fromllabsorbed by) operations 26 210,461 17,8651 Investing activities Purchase of tangible fixed assets Investment income received 19,9991 21,912 137,6561 19,422 Net ¢ash generated fromllused In) Invgsting activiti&s 11,913 118,2341 FlnanGlng actlvltles Repayment of bank loans 14,2521 13,7651 Net cash usod in financing activitiès 14,2521 {3,7651 Net Increaselldecreasel In cash and cash equlvalents 218,122 129,8641 Cash and cash equivalents at beginning of year 907,110 936,974 Cash and cash equivalents at end of year 1,125,232 907,110 16- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng pollcles Charity infomiation 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 gLJarantee is limited to £1 per Member of the charity. The charity is registered in England and Wales. The registered office is St Philip & St James Churth, Woodstock Road, Oxford, OX2 6HR. 1.1 Accounting convention The financial statements have been prepared in accordance wth the Charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland I'FRS 1021 and the Charities SORP 'A¢counting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financk81 Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The Charity is a Public Benefil Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional Currenw of the Charity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The prinapal accounting policies adopted are sel out below. 1.2 Golny concern Al the time of approving the financial slalements, the Iruslees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concern basis of accounting In preparing the financial stalemenls. 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 unreslricled general funds for specific future purposes or projects. Restricted funds are subject lo 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 slalements. Endowment funds are subject lo specific conditions by donors that the capitsl musl be maintsined by the Charity. 1.4 Incomo Income is recognised when the Charity is legally entitled lo il after any performance conditions have been mel, the amounts can be measured reliably, and it is probable that income wll be received. Cash donations are recognised on receipt. Other donations are recognised On￿ the Charity has been notified of the donation. unless performan￿ conditions require deferral of the amount. Income lax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime 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 lime freely. In accordance wth the Charities SORP FRS 102, general volunteer lime is not recognised. 17- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 A¢¢ounllng poll¢lg$ Icontlnugdl 1.$ Expgndlture and Irre¢ov9rable VAT Expenditure is included on an 0￿rual$ basis and has been classified under headings that aggregate all costs related lo 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 reliaLIy. Expenditure is classified under the following hèadings". Costs of raising funds comprise the costs of fundraising, training and other sundry income and their associated ¢osls. Charitable expenditure comprises those costs incurred by the charity in the delivery of its charitable activities. It includes both costs that can be allocated diredy to such adivilies and those costs of an indirect nature necessary lo support them. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed lo reflect the use of the resource. Costs relating lo a specific activity are allocated directly. G0Veman￿ Cost includes those costs assoryaled with meeting the conslilutional 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, payrDII and governance costs which support the charity's charitable aclivilies. These costs have been allocated lo charitable activities in their entirely on the basi5 that these costs represent cost for the charitable activities of the Charity do not represent costs for raising funtls. 1.6 Grants payable Grants payable are payments made lo third parties, either individuals or other charitable organisalions, 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. Condi(ion81 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 al cost and subsequently measured al cost or valuation, nel of depreciation. Depreaalion 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 Sl Philip & Sl James. Church Fixtures and fittings Computers Not depreciated as discussed below Not depreciated as discussed below 2 % Slraighl Line Method 330/0 Slraighl Line Method 18- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 A¢¢ounllng poll¢lg$ Icontlnugdl The freehold propety is not depreciated on the basis that the residual value of the property would not be lower than the cost of the property induded in the accounts. The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpendilurel for the year. Freehold property al the former Sl Philip & St James, Church, Oxford, was acquired from the Church Commission in 1989 subject lo a covenant restricting its use lo a ￿ntre for mission studies. 11 Camol be disposed of without speafic 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 ils activities. 1.9 Impairment of fixed assets Al 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 Ind￿atIOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.10 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. 1.11 Flnanclal Instruments The Charity has elected lo apply the provisions of Section 11 'Basic Finanaal Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the Charity's balance sheet when the Charty becomes party lo the conlraclual provisions of the inslrumenl. Basic financial assets Basic financial assets, which include debtors and cash and bank balances. are measured al 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 lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities on the basis that these are due wthin one year or less. Derecognition of financial liabilities Financial liabilities are derecognised when the Charty's contractual obligations expire or are discharged or cancelled. 1.12 Taxation Oxford Centre for Mission Studies as a charity is not liable for assessment to tax on f(s income and gains lo the extent that they are applied lo ils charitable objectives. 19- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 A¢¢ounllng poll¢lg$ Icontlnugdl 1.13 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 al the reporting end dale, taking into account the risks and uncertainties surrounding the obligaty'on. 1.14 Employee beneflts The cost of any unused holiday entiuemenl is recognised in the period in which the employee's services are received. Termination beneff(s are recognised immediately as an expense when the Charity is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. 1.15 Retirement benefits Payments to defined ¢onlribution rety'remenl benefit s¢hemes are charged as an expense as they fall due. The assets of the scheme are held separately from those of the Charity. 1.16 Forelgn exchange Transactions in currencies other than pounds slerfing are recorded at the rates of exchange prevailing al the dales of the transactions. Al each reporting end date, monetary assets and liabilities that are denominated In foreign currencies are relranslaled at the rates prevailing on the reporting end date. Gains and losses arising on translation In the period are included in profil or loss. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the trustees are required to make judgements, eslimales and assumptions about the carying amount of assets and liabilities that are not readily apparent from other source5. The estimates and asso¢ialed assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affe￿$ ￿lY that period, or in the period of the revision and futLJre periods where the revision affects both Current and future periods. -20- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Donatlons and legacles Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2025 2025 2026 2024 2024 2024 Donations and gifts Grants re￿1vable for scholarships Other grants receivable 212,066 394.984 607.050 196,173 135,036 331,209 114,362 43,699 114,362 48.699 122,303 95.391 122,303 115,391 5,000 20.000 217,066 553,045 770,111 216,173 352,730 568,903 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 2￿￿4125 totalled £47,451 12024.. £45,384) as fDIIows'. EMW Women's Scholarship £23,61312024.. £21,974) EMW Publications and Transformation £23,83812024". £23,410) Charitable activities Unrestricted funds 2025 Restrictsd funds 2025 Total Unr8strictsd funds 2024 Restricted funds 2024 Total 2025 2024 Tuition fees Support for and sale of publications elc. Contributions lo overheads 511,083 511,083 585.222 585,222 65,773 65,773 46,396 46,396 24,622 24,622 28,841 28,841 535,705 65,773 801,478 614,063 46,396 660,459 Investment income Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 21,912 19,422 21 OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Charltable actlvltles Unrestricted Restricted Funds Funds General 2025 Total Unrestricted Restricted Funds Funds General 2024 Total 2025 2025 2024 2024 Staff costs Inole 111 Scholarships allocated Provision of course programme costs Publications Bad debts Support costs Legal and professional fees Audit and accountancy Trustees. Indemnity Insurance Mortgage interest Church building expenses Project Expenses I Administration Fee- Ethiopia project IT. website and other ¢onsLJltancy fees IT Infrastructure virtual leaming 568,091 24,749 114,185 592,840 114,185 558.451 7,301 17,270 153,791 575,721 161,092 61,388 58,090 22,799 119,478 22,799 13,5061 139,883 1,944 16,625 96,197 1,925 44,499 98,122 44.499 17,3861 184,990 1,944 14,350 {3,5061 80,891 1,944 1 S,625 17,3861 81.250 1,944 14,350 58,992 103,740 18,354 9,940 18,354 9,940 14,728 14,498 11,016 14,498 11,016 14,728 23,170 23,170 38,589 2,745 41,334 32.824 2,169 34,993 226 226 2,756 2,756 792,316 319,684 1,112,000 810,445 326,150 1,136,595 Auditors remuneration for the year was £6,900 nel of VAT12024.. £6,500). -22- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Costs of charitable activities by activity typg Activities Support Total funds Activities undertaken activities 2025 undertaken dlrectly directly Support Total funds activities 2024 Staff costs (note 111 Scholarships allocated Provision of course programme costs Publications Bad debts Legal and professional fees Audit fees Accounlanw fees Trustees indemnty insurance Mortgage interest IT website and other consultancy fees IT Infraslruclure virtual leaming Impairment of fixed assets 547,753 163,236 45,087 139,883 592,840 303,119 533,881 161,092 41,840 184,990 575,721 346,082 61,388 22,799 13,5061 32,209 93,597 22,799 13,5061 96,197 44,499 17,3861 1.925 98,122 44,499 17,3881 19,077 8,280 5,940 19,077 8,280 5,940 1,944 7,800 5.610 1,944 7,800 5,610 18,354 9,940 18,354 9,940 14,498 11,016 14,498 11,016 41,334 41.334 35,933 35,933 226 226 2,756 2,756 791,670 320,330 1,112,000 828,283 308,312 1,136,595 Net movement in funds 2025 2024 The net movement in funds is stated after chargingllcreditingl.. Depreaalion of owned tangible fixed assets 10.369 10,731 Grants Expended Unrestricted Unrestricted funds funds 2025 2024 To organisalions 240 4,240 -23- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Trustees None of the trustees lor any persons connected with them) received any remuneration from the Chanty during the year. Four Trustees were reimbursed for travel expenses in the year and the amount reimbursed in total was £9.214 12024.. £5,892). Also. during the year. the Charity incurred other costs of £512 12024.. £5571 in wnnection with meals and a long service award. Other than those disclosed above, no other benefits were provided lo Trustees during the year12024.' £nill. The lotsl donations made by the Trustees during the financial year lotalled £8,028 12024". £9,259). A receipt tolalling £200 was also ￿ceiVed by a trustee for IML accommodation. 11 Employees Numberofemployees The average monthly number of employees during the year was". 202S Number 2024 Number Academic, library and development Adminislralive Management 16 Seconded and volunteer personnel The aggregate payroll costs of these employees were as foll0v￿.. 2025 2024 Wages and salaries Social security costs Other pènsion costs 518,735 47,127 26,978 506,410 42.705 26,606 592,840 575,721 There are no employees who received total employment benefits of more than £60,00012024-nonel 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. -24- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 13 Tanglble fixed assets St Philip & St James, Church Freehold Fixture5 and property fittings Totsl Cost Al 1 September 2024 Additions 1,066,191 4,379 431,160 224,001 5,620 1,721,352 9,999 Al 31 August 2025 1,070,570 431,160 229,621 1,731,351 Depreclatlon and Impalment Al 1 September 2024 Depreciation charged in the year 93,688 10,369 93,688 10,369 Al 31 August 2025 104,057 104,057 Carrying amount Al 31 August 2025 1,070,570 431,160 125,564 1,627,294 Al 31 August 2024 1,066,191 431,160 130,313 1,627,664 14 Flxed asset Investments other investments Cost or valuation Al 1 September 2024 & 31 August 2025 Carrying amount Al 31 August 2025 Al 31 August 2024 -25- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 14 Flxed a$$9t Inve$tmgnts Icontlnugdl 2025 2024 Other investments comprise.. Notes Investments in subsidiaries 25 15 Debtors 2026 2024 Amounts falling due within one year: Trade debtors Other debtors 11.619 36,860 34,901 44,762 48,479 79,663 16 Creditors- amounts falling due within one year 202S 2024 Notes Bank loans Other taxation and social security Trade creditors Sludenl fees paid in advance Amounts owed lo fellow group undertakings Deferred income Accruals 18 4,010 13,364 18.773 207,473 7,740 10,950 27,761 259,373 28,734 47,955 25,552 86,029 320,311 417,407 17 Creditots- amounts falling due after rnore than one year 2026 2024 Notes Bank loans 18 130.433 130,955 -26- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Loans and overdrafts 202S 2024 Bank loans 134,443 138,695 Payable wthin one year Payable after one year 4,010 130.433 7,740 130,955 Amounts included above which fall due after five years.. Payable by instalments 116,242 As securty for the mortgage, RBS hold a legal charge over the charity's freehold property in the bank's standard fomi. 19 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 25,675 26,606 The Charity contributes to a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 20 Endowment funds Endowment funds represent assets which musl be held permanently by the Charity. Income arising on the endowment funds Can be used in accordance with the objects of the Charity and is induded as unrestricted income. Any capitsl gains or losses arising on the assets form part of the fund. Movement in funds In¢oming re$our¢es Balan¢e * 1 Septetnber 2024 Resources expended Tran$fers Balan¢e 31 Augusi 2025 Freehold Property Endowment Fund 1,004,870 1,004,870 1,004,870 1,004,870 -27- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 21 Restrlcted funds The restricted funds of the charity comprise the unèxpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. Movernent in funds Resources Transfer5 expended Balance at 1 September 2024 Incoming resourre5 Gains and losses Balance at 31 August 2025 Scholarship funds AMRI Publications fund Windows Resloralion International mission leaders st Philip & Sl James Building Development Capilalised Development Costs IT Equipment Capilalised Crowell Trust- Fundraising, IT. Evaluation Crowell Trust- Communications Officer Peer Support Funds Ethopia Project- Symposium Elhopia Project- Fuller Grant Peace Buidling Conference Joon Beom Park- Equipping Fundraising IML Korea 16,664 114,362 373 65,773 1114,1841 11,4431 (22,7991 16,842 1,070 28,899 5,926 71,873 5,926 69,146 43,699 (58,9921 53,853 61,945 307,910 {14,8721 354,983 60,490 568 60.490 342 12261 15,711 {14,2671 1,444 16,655 1,166 {13,6341 11,2231 3,021 1,551 1,608 3,750 3,750 6,767 2,333 54,930 30.163 134,6891 132,5971 27,008 101 10,184 110,1841 15741 574 300,204 618,818 319,684 11.7451 601,083 -28- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 21 Rg$trl¢led fund$ Icontlnugdl Scholarship Funds Scholarship funds are given lo OCMS for the benefit of students in the PhD Programme, Integrated hllssion Leaders programme or Guided Research Programme. Windo￿3 Appeal OCMS has some of the finest $18ined glass windows in Oxford. In order lo fully clean, restore and install protective shields (against vandalism and storm damage) lo all of the wndows will cost in excess of £100,000. OCMS has gratefully received a small amount of money towards this resloralion work and Continually works towards protecting this valuable asset of the Church. St Philip and St James Building Development OCMS is continually working lo raise funds towards replacing the healing and lighting. We are also committed to building better work spaces for our staff and scholars. Full plans are available on request. Capitalised Developments costs The Capitalised Developments costs represents the costs spent lo dale with respect to the Sl Philip & St James buildings owned by the charity. These costs have been included within fixed assets and have been spent in accordance ￿rith the reslriclions placed on those donations received. IT Equipment Capitallsed OCMS was lucky to receive some grants during COVID19 to buy new IT equipment. The value on this reserve is lo cover the annual depreciation and is not a cash fund. Crowell Trust- Fundraising, IT, Evaluation This grant was given to OCMS lo help with fundraising, IT infrastructure and evaluating ils projects. Crowell Trust- Communlcatlon$ Offlcer This grant was given to OCMS lo enable us lo employ a Communications Officer 2 days per week. Peer Support Funds This fund was originally set up by a fomier scholar who saw the need lo help struggling students. 11 has been used for small social events (such as small support gatherings while scholars are away from their hcKnesl, lo buying IT equipment or subsidising flights or accommodation where 8 scholar is from a less privileged background. All of the funds in the Peer Support Fund are given from outside sources for the bènefit of our scholars and donations are always warmly welcomed. Ethlopla Prole¢l- Symposlum This project will serve as the very first slep in launching the new field of Tawahado Christian Studies. Consequenly, its directors, outputs, and outcomes will be fully inlegraled wthin the mulli-decade. international initiative enlilled 'Failh Adoring the Mystery.. Stewarding Spintual Treasiires of Ethiopia for the Life of the Global Church and Beyond". The project features bmo main components.. 11 Athree-day conference lin Sodertalje, Swèdenl featuring academic papers from world-class scholars and praclilioners," 21 Publication of the firsl-ever academic volume focused on Ethiopian Qene, featuring 8-12 chapters. The finished book will acknowledge and be dedicated lo the donors of this project and will be published by the Regnum publishing house ofOCMS. Ethiopia Project- Fuller Grant This contract for services is between Dr Ralph Lee MBE of OCMS and The Nagel Institute for the StLkly of World Christianity (Nagell based in Grand Rapids, Ml. This Servi￿ is supported by The Templelon Religion Trust, for the named proiecl.. Fom7ing religious education and leadership towards a global, eCu￿￿nIcal, culturally deeentered vision of spititual maturity and flourishing. The project will explore spiritual formation in the Ethiopian and Erilean Orthodox Tawahedo Churches. Specifically, (( will focus on the unique extempore theological-poelic practice of Qane. -29- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 22 Deslgnated funds The Un￿strICted funds of the charity Comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. Movement in Fund5 Transfers Movement in Fund5 Incomlng r8sources Balance at 1 S8ptsmb8r 2023 Balance at 1 September 2024 Tran8teYs Balance at 31 August 2025 Propety Fund ED Salary Reserve 298,989 123,942 38.178 165,5881 335,167 58,354 335.167 58,354 420,931 127,4101 393,521 393,521 23 Analysis of net assets between funds Unrestrlcted Deslgnated Restrl¢ted Endowment funds funds funds funds 2025 202S 2025 2025 Total 2025 Fund balances al 31 August 2025 are represented by.. Tangible assets Investments Current assetsllliabililiesl Long temi liabilities 122,052 439,540 60,832 1,004,870 1,627,294 228,735 84,414 1130,4331 540,251 853,400 1130,4331 350,789 393,521 601,083 1,004,870 2,350,263 24 Related party transactions Key management personnel are regarded as the senior management team. The total remuneration paid lo key management personnel during the year, induding employer pension contributions, totalled £242,369 {2024'. £163,658). There was a total Income received of £35,338 from Regnum Books for management fees and inlercompary expenses. Fees of £17,446 were a150 paid mostly relating lo EMW Grant. The transaction5 were deemed lo be in line wrth the charity's objectives and We￿ undertaken al arm's length. Other than the above and the transactions disclosed in note 10 and above, there are no other disclosable related party Iransartions during the year12024- none). 25 Subsldlarles 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. Al the balance sheet dale, 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. 30- OXFORD CENTRE FOR MISSION STUDIES (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 26 Cash generated from operatlons 2025 2024 Surplus for the year 284,186 111,112 Adjustments for.. Investment income recognised in statement Df financial activities Depreciation and impairment of tangible fixed assets 121,9121 10,369 119,4221 10,731 Movements in working capital.. Ilncreaselldecrease in slo¢ks Decreasellincreasel in debtors IDecreasel in Creditors Idecreasel l increase in provisions 5,000 117,4611 180,8051 117.0201 31,184 193,3661 Cash generated fromllabsorbed by) operatlons 210,461 17,8651 27 Trust monies The Oxford Centre of Mission Studies holds various monies within the UK on behalf of the Intemalicnal Infemit Ministry. These monies are held in a separate bank account and are not included wrfthin the accounts of the Charity. Movement in these funds during the year were as follows.. 202S 2024 Balan￿S brought forward Nel movement in the period 30,737 30,737 Balan￿ carried forward 30,737 30,737 31