Oxford Real Estate Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04684290 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31st March 2021

for

Oxford Real Estate Limited

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

DIRECTORS:

Dr B Mustafa

R E Makepeace

Dr A Al Akiti

M Chaloner

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

The directors present their report with the financial statements of the company for the year ended 31st March 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2020 to the date of this report.

Dr B Mustafa

R E Makepeace

Dr A Al Akiti

M Chaloner

DONATIONS

The company proposes a Gift Aid donation of £524,853 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.

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 B Mustafa - Director

8th September 2021

Opinion

We have audited the financial statements of Oxford Real Estate Limited (the 'company') for the year ended 31st March 2021 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 2021 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.

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.

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.

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.

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.

Graham Cole BSc FCA (Senior Statutory Auditor)

for and on behalf of Wenn Townsend

Chartered Accountants

Statutory Auditor

30 St Giles

Oxford

OX1 3LE

8th September 2021

TURNOVER

-

Administrative expenses

13,939

4,248

(13,939

)

(4,248

)

Other operating income

623,600

624,172

OPERATING PROFIT

609,661

619,924

Interest receivable and similar income

151

2,643

609,812

622,567

Interest payable and similar expenses

75,539

73,784

PROFIT BEFORE TAXATION

534,273

548,783

Tax on profit

-

PROFIT FOR THE FINANCIAL
YEAR

534,273

548,783

FIXED ASSETS

Investment property

4

9,215,842

CURRENT ASSETS

Debtors

5

22,678

983

Cash at bank

977,229

912,584

999,907

913,567

CREDITORS

Amounts falling due within one year

6

4,057,873

3,968,512

NET CURRENT LIABILITIES

(3,057,966

)

(3,054,945

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,157,876

6,160,897

CAPITAL AND RESERVES

Called up share capital

1,393,217

Retained earnings

4,764,659

4,767,680

SHAREHOLDERS' FUNDS

6,157,876

6,160,897

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 8th September 2021 and were signed on its behalf by:

Dr B Mustafa - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1st April 2019

1,393,217

4,698,897

6,092,114

Profit for the year

-

548,783

Total comprehensive income

-

548,783

Donation

-

(480,000

)

(480,000

)

Total transactions with
owners, recognised directly in
equity

-

(480,000

)

(480,000

)

Balance at 31st March 2020

1,393,217

4,767,680

6,160,897

Profit for the year

-

534,273

Total comprehensive income

-

534,273

Donation

-

(537,294

)

(537,294

)

Total transactions with
owners, recognised directly in
equity

-

(537,294

)

(537,294

)

Balance at 31st March 2021

1,393,217

4,764,659

6,157,876

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 £524,853 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 2021, and thus no tax charge is recognised in these accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INVESTMENT PROPERTY

Investment properties are stated as per a professional valuation on 31st March 2021..The original cost of the 138 High Street property was £1,289,443 and for St Aldates Courtyard £4,211,842.

Fair value at 31st March 2021 is represented by:

£

Valuation in 2019

9,215,842

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

2021

2020

£

Trade debtors

22,678

983

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR

2021

2020

£

Trade creditors

5,527

1,269

Amounts owed to group undertakings

3,859,168

3,776,941

VAT

60,471

60,967

Accruals and deferred income

128,200

Accrued expenses

4,507

1,135

4,057,873

3,968,512

7.	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.