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REGISTERED NUMBER: 04684290 (England and Wales)
















Report of the Directors and

Financial Statements for the Year Ended 31st March 2024

for


Oxford Real Estate Limited



Oxford Real Estate Limited (Registered number: 04684290)








Contents of the Financial Statements

for the Year Ended 31st March 2024





Page




Company Information  

1




Report of the Directors  

2




Report of the Independent Auditors  

4




Income Statement  

8




Balance Sheet  

9




Statement of Changes in Equity  

10




Notes to the Financial Statements

11





Oxford Real Estate Limited



Company Information

for the Year Ended 31st March 2024









DIRECTORS:

Dr B Mustafa


Dr A Al Akiti


Dr M Meki





SECRETARY:

Dr M Meki





REGISTERED OFFICE:

Marston Road


Oxford


Oxfordshire


OX3 0EE





REGISTERED NUMBER:

04684290 (England and Wales)





AUDITORS:

Wenn Townsend


Chartered Accountants


Statutory Auditor


30 St Giles


Oxford


OX1 3LE





BANKERS:

Barclays Bank Plc


P.O. Box 858


Oxford


OX2 0XP





SOLICITORS:

Blake Morgan


Seacourt Tower


West Way


Oxford


OX2 0FB



Oxford Real Estate Limited (Registered number: 04684290)



Report of the Directors

for the Year Ended 31st March 2024


The directors present their report with the financial statements of the company for the year ended 31st March 2024.  


DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.


Dr B Mustafa

Dr A Al Akiti

Dr M Meki


DONATIONS

The company proposes a Gift Aid donation of £550,000 from its distributable profits to the ultimate parent, Oxford Centre for Islamic Studies which is a charity.


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Wenn Townsend, will be proposed for re-appointment at the forthcoming Annual General Meeting.




Oxford Real Estate Limited (Registered number: 04684290)



Report of the Directors

for the Year Ended 31st March 2024


This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.


ON BEHALF OF THE BOARD:






Dr M Meki - Director



4th September 2024


Report of the Independent Auditors to the Members of

Oxford Real Estate Limited


Opinion

We have audited the financial statements of Oxford Real Estate Limited (the 'company') for the year ended 31st March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31st March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going 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 company'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 directors with respect to going concern are described in the relevant sections of this report.


Report of the Independent Auditors to the Members of

Oxford Real Estate Limited



Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.


Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Directors has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Oxford Real Estate Limited



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:


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

Enquiry of management, those charged with governance and the entity's solicitors (or in-house  legal team) around actual and potential litigation and claims;

Enquiry of entity staff in tax and compliance functions to identify any instances of  non-compliance with laws and regulations;

Reviewing minutes of meetings of those charged with governance;

Reviewing financial statement disclosures and testing to supporting documentation to  assess compliance with applicable laws and regulations;

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,including those leading to a material misstatement in the financial statements or non-compliance  with regulation. This risk increases the more that compliance with a law or regulation is removed from  the events and transactions reflected in the financial statements, as we will be less likely to become aware  of instances of non-compliance. The risk is also greater regarding irregularities occurring due to  fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission  or misrepresentation.


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


Report of the Independent Auditors to the Members of

Oxford Real Estate Limited



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Anthony Haines BSc FCA (Senior Statutory Auditor)

for and on behalf of Wenn Townsend

Chartered Accountants

Statutory Auditor

30 St Giles

Oxford

OX1 3LE


4th September 2024



Oxford Real Estate Limited (Registered number: 04684290)



Income Statement

for the Year Ended 31st March 2024



2024


2023

£   

£   



TURNOVER

-


-




Administrative expenses

31,148


8,226



(31,148

)

(8,226

)



Other operating income

682,162


623,600



OPERATING PROFIT

651,014


615,374




Interest receivable and similar income

14,216


4,013



665,230


619,387




Interest payable and similar expenses

77,306


68,948



PROFIT BEFORE TAXATION

587,924


550,439




Tax on profit

-


-



PROFIT FOR THE FINANCIAL

YEAR

587,924


550,439





Oxford Real Estate Limited (Registered number: 04684290)



Balance Sheet

31st March 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Investment property

4

9,215,842


9,215,842




CURRENT ASSETS

Debtors

5

199,492


164,566



Cash at bank

418,851


842,465



618,343


1,007,031



CREDITORS

Amounts falling due within one year

6

3,628,474


4,055,088



NET CURRENT LIABILITIES

(3,010,131

)

(3,048,057

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

6,205,711


6,167,785




CAPITAL AND RESERVES

Called up share capital

7

1,393,217


1,393,217



Retained earnings

4,812,494


4,774,568



SHAREHOLDERS' FUNDS

6,205,711


6,167,785




The 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 Board of Directors and authorised for issue on 4th September 2024 and were signed on its behalf by:






Dr M Meki - Director




Oxford Real Estate Limited (Registered number: 04684290)



Statement of Changes in Equity

for the Year Ended 31st March 2024



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1st April 2022

1,393,217


4,772,250


6,165,467



Profit for the year

-


550,439


550,439



Total comprehensive income

-


550,439


550,439



Donation

-


(548,121

)

(548,121

)


Total transactions with

owners, recognised directly in

equity

-


(548,121

)

(548,121

)


Balance at 31st March 2023

1,393,217


4,774,568


6,167,785



Profit for the year

-


587,924


587,924



Total comprehensive income

-


587,924


587,924



Donation

-


(550,000

)

(550,000

)


Total transactions with

owners, recognised directly in

equity

-


(550,000

)

(550,000

)


Balance at 31st March 2024

1,393,217


4,812,492


6,205,709





Oxford Real Estate Limited (Registered number: 04684290)



Notes to the Financial Statements

for the Year Ended 31st March 2024


1.

STATUTORY INFORMATION



Oxford Real Estate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.    



Investment property


Investment properties are included in the financial statements at market value as valued by the directors. Any surplus or deficit on revaluation is transferred to the revaluation reserve.



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Rent receivable


Rents receivable are accounted for on the accruals basis.



Distribution of profits


The company distributes its taxable profit to its parent charity each year. It is proposed that the company pays over £550,000  to the charity within 9 months of the year end date. As a result there is no taxable profit in the year ended 31st March 2024, and thus no tax charge is recognised in these accounts.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was NIL (2023 - NIL).


4.

INVESTMENT PROPERTY


Investment properties are stated as per a professional valuation on 31st March 2019. The original cost of the 138 High Street property was £1,289,443 and for St Aldates Courtyard £4,211,842.


Oxford Real Estate Limited (Registered number: 04684290)



Notes to the Financial Statements - continued

for the Year Ended 31st March 2024


4.

INVESTMENT PROPERTY - continued



Fair value at 31st March 2024 is represented by:

£   



Valuation in 2019

9,215,842




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE

YEAR


2024

2023


£   

£   



Trade debtors

199,492


164,566




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE

YEAR


2024

2023


£   

£   



Trade creditors

2,229


898




Amounts owed to group undertakings

3,423,649


3,865,314




VAT

62,539


60,181




Accruals and deferred income

138,657


127,395




Accrued expenses

1,400


1,300



3,628,474


4,055,088




7.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



1,393,216

Ordinary

£1

1,393,217


1,393,217




8.

NET CURRENT LIABILITIES



The company is dependent on the continuing support of its ultimate parent undertaking, Oxford Centre for Islamic Studies. On the basis that the support will continue, the accounts have been prepared on the going concern basis.