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 2024
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr I W H Smith (Chair)
Dr G R Dyrness (Vice Chair)
Dr P Bendor-Samuel  (Ex officio: 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
Mrs S Van Houtryve
Mr I Satyavrata
Mr N Cotton
Chief Operations Officer appointed Secretary
Mr M R Cripps
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 - 10
Independent auditor's report
10-13
Statement of financial activities
15 - 16
Balance sheet
17
Statement of cash flows
18
Notes to the financial statements
19 - 34
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 2024.

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 2024
- 2 -

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:

5.     Aligning programme impact

6.     Ensuring robust organisational structures, systems and processes

7.     Increasing financial sustainability

8.     Renewing our building

Foundation Intention:

9.     Growing community

The priority focus through the year has been on Strategic Intentions 1, 2, 6, 7, 8 and 9. These were chosen for a number of reasons, including:

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

 

 

 

 

 

 

The Senior Management Team (SMT), with the approval of the Council of Trustees, have worked on a set of detailed priorities and actions focused on the priority Strategic Intentions 1, 2, 6, 7, 8, and 9. A brief comment is provided here:

A recruitment process was launched early in 2023. This led to the appointment of Prof Chammah Kaunda in February 2024 as Academic Dean designate. He is due to join OCMS in September 2024, along with his wife who will join as part-time faculty, replacing another senior faculty member, Dr Damon So, due to retire then.

 

The OCMS PhD programme is distinctive in a number of ways: demographics of the cohort, focus on practitioner-academic interface, inter and multidisciplinary research and in its delivery as a part-time programme drawing on supervisors from around the world. Much time has been spent exploring a variety of university partnership options. We are delighted that one university has stood out as a potential partner that appreciates the distinctives of the programme. We are reaching the closing stages of discussions and hope to see agreement in early 2025.

 

OCMS has a reputation for supporting diverse research brought by our students that reflect grass-roots concerns and realities. Nonetheless, research performed for a PhD must fit within certain constraints, not least its individualised nature. With this in mind, OCMS has decided to complement this with a strategic, collaborative, grant-funded approach. To support this approach, OCMS is developing a Research Institute. Much of the current year has been spent in developing the concept and seeking initial funding.

 

In the past three years OCMS has made significant progress in developing its systems and processes in administration, IT, and HR. In September 2023 we welcomed a new COO, Matt Cripps, who has both ensured the consolidation of these gains and continued to develop policy in line with employment and Charity Commission best practice.

 

OCMS has benefited from a relatively small, but very committed group of individuals and church donors. External factors related to cost-of living increases have resulted in increased costs. In September 2023 we appointed a part-time communications and development officer, Sonja Woodman. Ms Woodman has significantly improved OCMS’ web presence, use of social media and regular communications. She has also supported the Executive Director in funding applications. In Korea preparations have been made for the formation of the OCMS Korea Fellowship.

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

The year has been spent in achieving final planning consent for the three-phased building project approved by the Board. At the same time, considerable efforts have been made to approach potential donors. We anticipate all necessary permissions to be in place shortly. The coming year will focus on fund-raising.

 

In the past year OCMS has experienced significant renewal of its faculty and administrative staff. This includes the sad loss of Dr Tim Keene, part-time volunteer faculty whose experience and sense of fun are sorely missed. Monday prayers, and Wednesday’s chapel and shared meal are central to the life of the community. We have enjoyed excellent staff away-days in November ‘23 and April ‘24 and an excellent managers training workshop run by external consultant Ms Claire Wright.

Following the formation of the OCMS Alumni Association in July 2023, Dr Amiel Drimbe was appointed Chair and a steering group of 10 formed, representing each region of the world and older and newer alumni. The group has met regularly and launched its inaugural alumni lecture in May with Dr Munther Isaac speaking from the West Bank.

Programme Activities

Programme activities are reviewed below:

Equipping

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -

The Guided Research Programme (GRP)

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -

Integrated Mission Leadership (IML)

Research

During the year 2023/24 further steps were taken to develop the concept of the OCMS Research Institute for Mission and Innovation (ORIMI) and to seek funding for the post of director. The staff team have been involved in planning to ensure the successful integration of the ORIMI with current research activities through our faculty and students. It is expected that the Institute will act synergistically with existing programmes, including PhD, GRP and publishing. We anticipate the launch in the coming academic year.

Dissemination of Knowledge

 

This has been a productive year for Regnum Books, with the publication of a further 23 books.

 

Regnum Publications

 

 

 

 

 

 

 

No. Published Books

 

 

 

 

Sept 2010 - Aug 2022

Sept 2022 - Aug 2023

Sept 2023 - Aug 2024

 

 

 

 

Global Voices

3

3

2

Mini Books

5

2

4

Practitioner

2

2

2

Mission and Global Christianity

11

4

15

Handbook

1

-

-

IMC Study Process

-

1

-

Total

22

12

23

 

 

 

 

We continue to see a shift from physical to electronic book sales. The partnership with Fortress-Augsburg remains important both for North American markets and distribution through the on-line libraries so important to scholars.

OCMS continues to publish its peer-reviewed journal, Transformation, available in physical form and online, through SAGE Journals. Over the past year, the journal has consistently been among the top-ranked mission journals for citations. In 2023, the journal saw over 50,000 whole text downloads, with two-thirds of the nearly 10,000 organizational 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 2024
- 7 -

Creating Synergy: Enabling Practitioner and Academic Exchange

OCMS maintains an active relationship with the International Council for Evangelical Theological Education (ICETE) and the European Council for Theological Educators (ECTE). Three faculty are now accredited assessors with ECETE’s peer review institutional evaluation programme. 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. Our communications team has worked through the year to publicise these excellent resources more effectively.

Partnership Development

The Executive Director, working closely with a volunteer Project Manager, has continued to lead the Steering Group of the Alliance of Mission Researchers and Institutions (AMRI). The research platform, AMRIConnect, has grown steadily but momentum is still slow. During the year a second phase of development was undertaken, amongst other things to put in place an effective notification system. This is generating more usage of the platform. Further developments are envisaged for the coming year but will require fresh funding.

The Ethiopian Orthodox project has been launched with support from a small grant from the Templeton Foundation, awarded through Fuller Seminary in the US as part of their Global Formation Project. Led by one of our Research Tutors, the initiative builds on his ongoing relationships in Ethiopia and beyond, some of which are now bearing fruit. The project is a collaboration with Sankt Ignatios College in Sweden, where faculty members from its Ethiopian and Eritrean Orthodox programs are actively involved. The Fuller grant has also enabled the appointment of Rev. Calum Samuelson (50% FTE), who relocated to Sweden in August 2024.

Focusing on Ethiopian extempore spiritual poetry, the project explores its role in shaping contemporary theological discourse and discipleship. Additionally, through Sankt Ignatios College, Dr. Ralph Lee is working on initiatives to support two Orthodox theological colleges in Ethiopia - one in Maqelle and the other in Lalibela.

During the year OCMS received a further five doctoral students on exchange visits from the faculty of Orthodox Theology at Alexandru Ioan Cuza University in Iasi, Romania and the OCMS GRP Director presented a keynote paper at the university’s doctoral symposium.

Organisational Development

Leadership, Management, Administrative and Infrastructural Capacity Building: Staff training has focused on change management, health and safety and safeguarding.

The Trustees are satisfied with the 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. A three-phased project plan has continued to be developed, with planning permission given for all planned phases. The proposed development will greatly enhance the facilities for the Charity, both for staff and students who come to study here. 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 2024
- 8 -

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 the Council. The Senior Management Team continues to monitor the Risk Register monthly. The Trustees are satisfied that the systems and procedures are in place to manage these risks appropriately.

Financial Review

Total unrestricted income in 2023/24 was £852,821 compared with £864,426 in the previous year, a decrease of £11,605. 72% of this was from fees, 25% was donor income.

Fees receivable (£614,063) decreased by £54,078 against the previous year (£668,141).

Total restricted income was £399,126. Compared with £272,293In the previous year, an increase of £126,833. 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 to each person who continues to support OCMS, whether financially, through the gift of their time as a volunteer, or through partner organisations that 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 2023/2024 totalled £45,384 (2023: £43,806).

Total unrestricted expenditure was £814,685 (2023 - £772,994), an increase of £41,691.

Our largest expense, £575,721, 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, is 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 well-being 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 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 to continue the Charity’s current 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 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 2024
- 9 -
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:

 

Mr I Smith (Chairman) (Appointed 03/12/2021) (Appointed Chair 01/08/2023)
Dr G R Dyrness (Vice Chair) (Appointed 22/05/2020)
John Heyward (Honorary Treasurer) (Appointed 12/07/2021)
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)
Dr K Kevichusa (Appointed 24/09/2020) (Resigned 26/06/2024)
Dr David Kasali (Appointed 29/04/2021)
Sophie Van Houtryve (Appointed 25/01/2024)
Ivan Satyavrata (Appointed 10/07/2024)
Mr N Cotton (Appointed 06/01/2025)
Matthew Cripps (Chief Operations Officer appointed Secretary 02/10/2023)

Trustees are appointed by the Board based on their professional skills and/or 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 its affairs. The management of the charity is delegated to the Executive Director and Senior Management Team. Faculty staff support the functional aims and objectives of the charity, providing a sound study environment for students.

The Board has elected a Governance and Finance Committee to meet between 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 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 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 2024
- 10 -
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: 19 May 2025
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES
- 11 -

Opinion

We have audited the financial statements of Oxford Centre for Mission Studies (the ‘Charity’) for the year ended 31 August 2024 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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, 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 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:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

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

-

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

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF OXFORD CENTRE FOR MISSION STUDIES
- 12 -
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
- 13 -

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:

- Enquiry of management 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-compliance with laws and regulations.

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

- Using analytical procedures to identify any unusual or unexpected relationships.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

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 non-compliance 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
- 14 -

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
20 May 2025
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 2024
- 15 -
Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
funds
funds
2024
2024
2024
2024
2023
2023
2023
2023
Notes
£
£
£
£
£
£
£
£
Income from:
Donations and legacies
3
216,173
352,730
-
568,903
185,990
230,275
-
416,265
Charitable activities
4
614,063
46,396
-
660,459
668,012
42,018
-
710,030
Other trading activities
3,163
-
-
3,163
700
-
-
700

Investments

5
19,422
-
-
19,422
9,724
-
-
9,724
Total income
852,821
399,126
-
1,251,947
864,426
272,293
-
1,136,719
Expenditure on:
Charitable activities
6
810,445
326,150
-
1,136,595
767,754
503,364
-
1,271,118

Grants Expended

9
4,240
-
-
4,240
5,240
-
-
5,240
Total resources expended
814,685
326,150
-
1,140,835
772,994
503,364
-
1,276,358
Net incoming/(outgoing) resources before transfers
38,136
72,976
-
111,112
91,432
(231,071)
-
(139,639)
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 2024
Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
funds
funds
funds
2024
2024
2024
2024
2023
2023
2023
2023
Notes
£
£
£
£
£
£
£
£
- 16 -
Net incoming/(outgoing) resources before transfers
38,136
72,976
-
111,112
91,432
(231,071)
-
(139,639)
Gross transfers between funds
(623)
623
-
-
(55,965)
55,965
-
-
Net income/(expenditure) for the year/
Net movement in funds
37,513
73,599
-
111,112
35,467
(175,106)
-
(139,639)
Fund balances at 1 September 2023
723,490
226,605
1,004,870
1,954,965
688,023
401,711
1,004,870
2,094,604
Fund balances at 31 August 2024
761,003
300,204
1,004,870
2,066,077
723,490
226,605
1,004,870
1,954,965

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 2024
31 August 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,627,664
1,600,739
Investments
14
2
4
1,627,666
1,600,743
Current assets
Stocks
15
-
5,000
Debtors
16
79,663
62,201
Cash at bank and in hand
907,110
936,974
986,773
1,004,175
Creditors: amounts falling due within one year
17
(417,407)
(498,213)
Net current assets
569,366
505,962
Total assets less current liabilities
2,197,032
2,106,705
Creditors: amounts falling due after more than one year
18
(130,955)
(134,720)
Provisions for liabilities
-
(17,020)
Net assets
2,066,077
1,954,965
Represented by
Endowment funds
22
1,004,870
1,004,870
Restricted funds
23
300,204
226,605
Unrestricted funds
Designated funds
24
393,521
420,931
General unrestricted funds
367,482
302,559
761,003
723,490
2,066,077
1,954,965

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 19 May 2025
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 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(7,865)
46,409
Investing activities
Purchase of tangible fixed assets
(37,656)
(20,597)
Investment income received
19,422
9,724
Net cash used in investing activities
(18,234)
(10,873)
Financing activities
Repayment of bank loans
(3,765)
(106,454)
Net cash used in financing activities
(3,765)
(106,454)
Net decrease in cash and cash equivalents
(29,864)
(70,918)
Cash and cash equivalents at beginning of year
936,974
1,007,892
Cash and cash equivalents at end of year
907,110
936,974
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
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 Philip & 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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). 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 2024
1
Accounting policies
(Continued)
- 20 -
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 2024
1
Accounting policies
(Continued)
- 21 -

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 Philip & 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 2024
1
Accounting policies
(Continued)
- 22 -
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
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
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.

1.17
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 2024
- 23 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
196,173
135,036
331,209
165,990
1,863
167,853
Grants receivable for scholarships
-
122,303
122,303
-
105,825
105,825
St Philip and St James development donations
-
-
-
-
24,190
24,190
Other grants receivable
20,000
95,391
115,391
20,000
98,397
118,397
216,173
352,730
568,903
185,990
230,275
416,265

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 2023/24 totalled £45,384.05 (2023: £43,805.77) as follows:

 

EMW Women’s Scholarship £21,974.40 (2023: £21,411.54)

EMW Publications and Transformation £23,409.65 (2023: £22,394.23)

4
Charitable activities
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Tuition fees
585,222
-
585,222
647,156
-
647,156
Support for and sale of publications etc.
-
46,396
46,396
-
42,018
42,018
Contributions to overheads
28,841
-
28,841
20,856
-
20,856
614,063
46,396
660,459
668,012
42,018
710,030
5
Investment income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
19,422
9,724
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
6
Charitable activities

Unrestricted Funds General

Restricted Funds

Total

Unrestricted Funds General

Restricted Funds

Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Staff costs (note 11)
558,451
17,270
575,721
474,614
-
474,614
Scholarships allocated
7,301
153,791
161,092
6,938
155,971
162,909
Provision of course programme costs
96,197
1,925
98,122
81,949
-
81,949

Publications

-
44,499
44,499
-
29,454
29,454
Bad debts
(7,386)
-
(7,386)
(4,433)
-
(4,433)
Support costs
81,250
103,740
184,990
108,961
70,080
179,041
Legal and professional fees
1,944
-
1,944
19,360
78,670
98,030
Audit and accountancy
14,350
-
14,350
11,747
-
11,747
Trustees' Indemnity Insurance
14,498
-
14,498
15,611
-
15,611
Mortgage interest
11,016
-
11,016
15,740
-
15,740
IT, website and other consultancy fees
32,824
2,169
34,993
37,267
-
37,267

IT Infrastructure virtual learning

-
2,756
2,756
-
2,781
2,781

Impairment of fixed assets

-
-
-
-
166,408
166,408
810,445
326,150
1,136,595
767,754
503,364
1,271,118

Auditors remuneration for the year was £6,500 net of VAT (2023: £4,125).

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
7
Costs of charitable activities by activity type
Activities undertaken directly
Support activities
Total funds 2024
Activities undertaken directly
Support activities
Total funds 2023
£
£
£
£
£
£
Staff costs (note 11)
533,881
41,840
575,721
441,126
33,488
474,614
Scholarships allocated
161,092
184,990
346,082
164,209
177,741
341,950
Provision of course programme costs
96,197
1,925
98,122
81,949
-
81,949
Publications
44,499
-
44,499
29,454
-
29,454
Bad debts
(7,386)
-
(7,386)
(4,433)
-
(4,433)
Legal and professional fees
-
1,944
1,944
-
98,030
98,030
Audit fees
-
7,800
7,800
-
4,250
4,250
Accountancy fees
-
5,610
5,610
-
7,497
7,497
Trustees indemnity insurance
-
14,498
14,498
-
15,611
15,611
Mortgage interest
-
11,016
11,016
-
15,740
15,740
IT website and other consultancy fees
-
35,933
35,933
-
37,267
37,267
IT Infrastructure virtual learning
-
2,756
2,756
-
2,781
2,781

Impairment of fixed assets

-
-
-
166,408
166,408
828,283
308,312
1,136,595
712,305
558,813
1,271,118
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
10,731
8,142
9

Grants Expended

Unrestricted
Unrestricted
funds
funds
2024
2023
To organisations
4,240
5,240
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
10
Trustees

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

 

Four Trustees were reimbursed for travel expenses in the year and the amount reimbursed in total was £5,892 (2023: £3,399). Also, during the year, the Charity incurred costs of £557 in connection with two dinners and an associated show attended by Trustees.

 

Other than those disclosed above, no other benefits were provided to Trustees during the year (2023: £nil).

 

The total donations made by the Trustees during the financial year totalled £9,259 (2023: £29,325).

11
Employees
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Academic, library and development
6
6
Administrative
5
5
Management
2
2
13
13
Seconded and volunteer personnel
5
5
The aggregate payroll costs of these employees were as follows:
2024
2023
£
£
Wages and salaries
506,410
421,305
Social security costs
42,705
33,438
Other pension costs
26,606
19,871
575,721
474,614

There are no employees who received total employment benefits of more than £60,000 (2023 -none)

12
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 2024
- 27 -
13
Tangible fixed assets
St Philip & St James' Church
Freehold property
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 September 2023
1,038,218
431,160
214,318
1,683,696
Additions
27,973
-
9,683
37,656
At 31 August 2024
1,066,191
431,160
224,001
1,721,352
Depreciation and impairment
At 1 September 2023
-
-
82,957
82,957
Depreciation charged in the year
-
-
10,731
10,731
At 31 August 2024
-
-
93,688
93,688
Carrying amount
At 31 August 2024
1,066,191
431,160
130,313
1,627,664
At 31 August 2023
1,038,218
431,160
131,361
1,600,739
14
Fixed asset investments
Other investments
Cost or valuation
At 1 September 2023
4
Disposals
(2)
At 31 August 2024
2
Carrying amount
At 31 August 2024
2
At 31 August 2023
4
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
27
2
4
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
15
Stocks
2024
2023
£
£
Stock of publications
-
5,000
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,901
24,715
Other debtors
44,762
37,486
79,663
62,201
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
7,740
7,740
Other taxation and social security
10,950
8,754
Trade creditors
27,761
48,876
Student fees paid in advance
259,373
288,516
Amounts owed to fellow group undertakings
2
4
Deferred income
25,552
74,849
Accruals
86,029
69,474
417,407
498,213
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
19
130,955
134,720
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 29 -
19
Loans and overdrafts
2024
2023
£
£
Bank loans
138,695
142,460
Payable within one year
7,740
7,740
Payable after one year
130,955
134,720
Amounts included above which fall due after five years:
Payable by instalments
116,242
119,592

As security for the mortgage, RBS hold a legal charge over the charity's freehold property in the bank's standard form.

20
Provisions for liabilities
2024
2023
£
£
Legal fees provision
-
17,020
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,606
19,871

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.

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 30 -
22
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.

Movement in funds
Balance at
1 September 2023
Incoming resources
Resources expended
Transfers
Balance at
31 August 2024
£
£
£
£
£
Freehold Property Endowment Fund
1,004,870
-
-
-
1,004,870
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 2024
- 31 -
23
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.

Movement in funds
Balance at
1 September 2023
Incoming resources
Resources expended
Transfers

Gains and losses

Balance at
31 August 2024
£
£
£
£
£
£
Scholarship funds
23,178
122,303
(128,817)
-
16,664
AMRI
15,894
4,251
(20,768)
623
-
-
Publications fund
27,002
46,396
(44,499)
-
-
28,899
Windows Restoration
5,926
-
-
-
-
5,926
International mission leaders
67,440
95,391
(93,685)
-
-
69,146
St Philip & St James Building Development
-
89,087
-
(27,142)
-
61,945
Capitalised Development Costs
33,348
-
27,142
-
60,490
IT Equipment Capitalised
3,324
-
(2,756)
-
-
568
Crowell Trust - Fundraising, IT, Evaluation
17,300
(1,589)
15,711
Crowell Trust - Communications Officer
32,227
-
(15,572)
-
-
16,655
Peer Support Funds
966
200
-
-
-
1,166
Ethopia Project - Symposium
-
10,425
(6,675)
-
-
3,750
Ethopia Project - Fuller Grant
-
18,556
(11,789)
-
-
6,767
Peace Buidling Conference
-
2,333
-
-
-
2,333
Joon Beom Park - Equipping Fundraising
-
10,184
-
-
-
10,184
226,605
399,126
(326,150)
623
-
300,204
OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Restricted funds
(Continued)
- 32 -

Scholarship Funds

Scholarship funds are given to OCMS for the benefit of students in the PhD Programme, Integrated Mission Leaders programme or Guided Research Programme.

 

Windows Appeal

OCMS has some of the finest stained glass windows in Oxford.  In order to fully clean, restore and install protective shields (against vandalism and storm damage) to all of the windows will cost in excess of £100,000.  OCMS has gratefully received a small amount of money towards this restoration work and continually works towards protecting this valuable asset of the Church.

 

St Philip and St James Building Development

OCMS is continually working to raise funds towards replacing the heating 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 to date with respect to the St Philip & 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.

 

IT Equipment Capitalised

OCMS was lucky to receive some grants during COVID19 to buy new IT equipment. The value on this reserve is to cover the annual depreciation and is not a cash fund.

 

Crowell Trust - Fundraising, IT, Evaluation

This grant was given to OCMS to help with fundraising, IT infrastructure and evaluating its projects.

 

Crowell Trust - Communications Officer

This grant was given to OCMS to enable us to employ a Communications Officer 2 days per week.

 

Peer Support Funds

This fund was originally set up by a former scholar who saw the need to help struggling students. It has been used for small social events (such as small support gatherings while scholars are away from their homes), to buying IT equipment or subsidising flights or accommodation where a scholar is from a less privileged background. All of the funds in the Peer Support Fund are given from outside sources for the benefit of our scholars and donations are always warmly welcomed.

 

Ethiopia Project - Symposium

This project will serve as the very first step in launching the new field of Täwaḥǝdo Christian Studies. Consequently, its directors, outputs, and outcomes will be fully integrated within the multi-decade, international initiative entitled “Faith Adoring the Mystery: Stewarding Spiritual Treasures of Ethiopia for the Life of the Global Church and Beyond”. The project features two main components: 1) A three-day conference (in Södertälje, Sweden) featuring academic papers from world-class scholars and practitioners; 2) Publication of the first-ever academic volume focused on Ethiopian Qǝne, featuring 8–12 chapters. The finished book will acknowledge and be dedicated to the donors of this project and will be published by the Regnum publishing house of OCMS.

 

Ethiopia Project - Fuller Grant

This contract for services is between Dr Ralph Lee MBE of OCMS and The Nagel Institute for the Study of World Christianity (Nagel) based in Grand Rapids, MI. This service is supported by The Templeton Religion Trust, for the named project: Forming religious education and leadership towards a global, ecumenical, culturally decentered vision of spititual maturity and flourishing. The project will explore spiritual formation in the Ethiopian and Eritean Orthodox Tawahedo Churches. Specifically, it will focus on the unique extempore theological-poetic practice of Qane.

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
23
Restricted funds
(Continued)
- 33 -

Peace Building Conference

Nine institutions, of which OCMS is one, have joined together to plan the upcoming Peacebuilding Summit: Palestine in Comparative Perspective, to be held at the High Leigh Conference Center just outside London, England, on 21-24 July, 2025. The summit will bring together Christian scholars, practitioners, and leaders from both the Global South and North in conversation with Palestinian Christian theologians and practitioners to reconsider the role of the Body of Christ in peacebuilding, particularly in the context of Palestine.

 

Joon Beom Park - Equipping Fundraising

These funds were given to OCMS to help with our fundraising efforts.

24
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 2022
Transfers
Balance at
1 September 2023
Transfers
Balance at
31 August 2024
£
£
£
£
£
Property Fund
190,536
106,453
296,989
38,178
335,167
ED Salary Reserve
-
123,942
123,942
(65,588)
58,354
190,536
230,395
420,931
(27,410)
393,521
25
Analysis of net assets between funds
Unrestricted funds
Designated funds
Restricted funds
Endowment funds
Total
2024
2024
2024
2024
2024
£
£
£
£
£
Fund balances at 31 August 2024 are represented by:
Tangible assets
122,321
439,450
61,023
1,004,870
1,627,664
Investments
2
-
-
-
2
Current assets/(liabilities)
245,159
85,026
239,181
-
569,366
Long term liabilities
-
(130,955)
-
-
(130,955)
367,482
393,521
300,204
1,004,870
2,066,077
26
Related party transactions

Key management personnel are regarded as the senior management team. The total remuneration paid to key management personnel during the year, including employer pension contributions, totalled £163,658 (2023: £98,237).

 

Other than the transactions disclosed in note 10 and above, there are no other disclosable related party transactions during the year (2023- none).

OXFORD CENTRE FOR MISSION STUDIES
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 34 -
27
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.

28
Analysis of changes in net funds
At 1 September 2023
Cash flows
At 31 August 2024
£
£
£
Cash at bank and in hand
936,974
(29,864)
907,110
Loans falling due within one year
(7,740)
-
(7,740)
Loans falling due after more than one year
(134,720)
3,765
(130,955)
794,514
(26,099)
768,415
29
Cash generated from operations
2024
2023
£
£
Surplus/(deficit) for the year
111,112
(139,639)
Adjustments for:
Investment income recognised in statement of financial activities
(19,422)
(9,724)
Depreciation and impairment of tangible fixed assets
10,731
174,550
Movements in working capital:
Decrease in stocks
5,000
-
(Increase) in debtors
(17,461)
(36,052)
(Decrease)/increase in creditors
(80,805)
40,254
(decrease) / increase in provisions
(17,020)
17,020
Cash (absorbed by)/generated from operations
(7,865)
46,409
30
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:
2024
2023
£
£
Balances brought forward
30,737
30,737
Net movement in the period
-
-
Balance carried forward
30,737
30,737
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