The Soldiers of Oxfordshire Trust (Charitable Incorporated Organisation) Annual Report and Financial Statements Year ended 31 March 2021 Company Registration Numbgr. 07842383 (England and Wales) Period of account: 1 Aprll 2020~ 31 March 2021
The Soldiers of Oxfordshire Trust Contents For the year ended 31 March 2021 Itern Page Reference and Administrative Ddails Tnjslees, Report Independent Examinerfs Report on the Financial Ststements ststemenl of Financial ActivrtEs incofF4)rating Income & ExpendilureA(£ounl Balan Sheet Notes lo the Financial Statements. incorKx)rating'. Statement of Accounb"ng Policies Other Notes lo the Financial Statements 10
The Soldiers of Oxfordshire Trust Reference and Administrative Details For the year ended 31 March 2021 Trustegs Mrs Marie-Jane Barnett Mr John Bridgeman Mrs Heather Carter {from 25 May 2021) Mr DavKJ Innes Mr lan Inshaw Ichaimianl (fesigned 28 Juty 20211 Mr Christopher Lauren Or Thomas Shannon Mr Dav Shouesmith (from 25 May 2021) IChaim)an from 28 Juty 2021) Company registered number 07842383 Charity regist•red number 1145408 Registered office SOFO Museum. Harrison's Lane, Wi)odsl(MJ(, Oxfordshire. OX20 1SS Principal operating offico SOFO Museum, SOFO Off, Haryison's Lar. wCX1S, Oxordshire Musoum dlrector Mrs Ursula Corcoran Independent examiners critchY5 Audit LLP, Beaver House, 2>38 Hythe Bri&> StreeL Oxford. OX12EP Bankèrs Barclays PLC. 1 Churchill Place, Lon¢)n. E14 SHP Solicitor5 Blake Morgan LLP, Seacourt Tower, Wesl Way. Oxford. Oxfordshire. OX2 OFB
The Soldiers of Oxfordshire Trust Trustees, Report Forthe year ended 31 March 2019 The Trustees present their annual report together with the unaudrted financwl statements of The Soldiers of Oxfordshire Trust for the year ended 31 March 2021. The Tnjstees confim that the Annual Report and the financial sialements of the charty compty wrth the current statutory requirements, the requirements of the charity's goveming dcKument and the provIsnS of the Statement of Recommended Practice ISORPI, applicable lo chanlies preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Irejand IFRS 102) {effedive 1 January 2015}- sin the charity qualrfies as small under section 383. the strategic report required of medium and large companies under The Companes Acl 20[ (strateg Report and "reCto¢S Rewrt) Regulations 2013 is not required. Structure, Govemance and Management Constitution The Soldiers of Oxfordshite Tnjsl was a charrtable Trust Inumber 11454081 established under Articles of Association on 10° November 2011 and registered as a ccxnpany limited by guarantee (number 78423831. The Charity Commi&%ion approved conversion to a Charrtable Incorporated Organisalion ICIOI on 6, January 2021. The charity has established a Ira¢Jing company ISOFO Trading Ltd- number 071550271 to undertake all trading activity for the Trust Al profrt5 from the trading company are Gfft AKled lo Ihe Trust. Method of Recruitment and Appointrnent or Elgction of Trnstees Trustees were ected by the members of the Trust at their Annual General Meeting under the company structure. Following conversion lo a CIO they are ejected by the trUSts. New trustee5 are drawn from those with a Gonne¢tDn to the regiments that the Trust enwnpasse5, from those wrth an interest in militsry history, from retired soldiers, from those who support the maintenance of the military history of Oxrordshire and from local business persons. Trust*s are inducted by briefings from the staff of the museum and from other Trustees as appropriate. There is Gurrentty no foimal Iljctln prLxJramme bul one is under consideration Details of the Tnjslees who seNed during the year are included in the Referen and AdminislralNe Details onpage 1. The Trust has been unable to find a replaCent Finance Difector a local businessman has recently showed interest in becoming a trustee. He is currentty being inducted and will hopefully join the Board. Members. Liabillty Each member of the CIO undertakes lo contribute to the assets of the charty in the event of it being wound up while they are a member. or within one year after ItEy cease to tk a memtEr. such amount as may be required, not exceeding £5 (previously £1 under the company Arb"cJes) for the debts and liabilities onlracled before they ceased to be a member. Management Theo are two commrttees that meet regularty under Tem)$ of Referen agreed by the Board.. the Audit and Finance Committee and the FuThJraising Commrttee. The Governan Ccrfnmrttee meets on an ad basis when necessary. The Audit and Finance Committee meets monthly to consider financial and other matters. The commrttee generates the Scheme of Delegation and Risk Regislei for approval by the Board. The commrttee also monitors perfomiance against budget.
The Soldier5 of Oxfordshire Trnst Trustees, Report {continued) For the year ended 31 March 2021 Structure, Governance arKI Management (continued) Management Icontinuedl The o)mmittee continijes to monitor the Endowment Fund invested wrth CCLA. The fund has perfomed well and that has allowed some funds to be wrthdrawn lo retain the £1 millK)n underlying value. Wrthdrawals have been reque51ed regulady as the lund grows and this course of action has signrfuntly improved cash flow. The Fundraising Committee meets regulaty lo investigate rtal Sour of funding. Their primary aim is to evaluate SoUS of grants lo enhan the museum experièn. trIle there has been some significant Suc$ In achieving additional grants. there has b&n no success yet on growing the endowment. The Board still considers that doing so is vrtal to the cDntinued viabilty of the Trust and so the committee will continue to conntrate on this in the ensuing year. Arrangements for sètting pay and remunerdtion of key management rsonnel The remuneration of all staff ts PrOSe ty the Audrt and Finance committ and agrj by the Board. hen corisidering remuneration the Committee lakes Into )Unt the rate of inflation at CPI in December, the indniidual's job description [whh is periodicalty reviewed) and other simiL8T employment. The consequent effect on the abilty of the Twst to afford the pror¥)sed remuneration is also considered. Risk Management The Finance and Audtt Committ review the Risk Register quarterfy and present il lo the Board for approval. The mAor risks a now allocated lo Trustees or the Museum Director to be Fessx)nsible for spectfic nsks. The Trustees are unaware of any irregularrties, including fraud. invofving the management of the charity, or of any instan5 of aLtual or possibk non<ompliance th laws. reguLotions or agreements that might result in the charity suffering signifrcAnl penatties or other loss The charity has policies in respect of actsss, equal opportunities. hearth and safety, education. claiming eynses. and acquisrtions and disposals. The coronavirus pandem has had a signfficant effect on adMissn$ income as a sUIt of the museum being closed for a great prc¥M)rtion of the year However the truslees took the eady decision to furfough the m4"ority of staff and the income frrxn the Jc Retentw Scheme more than ojnpensated for the loss of income. The failure lo grow the Endowment constitutes a further sontficant rtsk. lIe grants enab the museum lo expand and refresh displays they cover only a small proportion of running Gosts. 11 has been necessary lo draw on the endowment to maintain cash flow. However the trustees Iwk the dfficutt decision to sell a large number of un-actsssronj medals that were surplus to requirement. The initial auCtn raised over £69,000 and further sales are planned. Although the sale generated signfficanl adverse publicty the fLTnds generated will hopefully enable the implementation of the govemance review. Objectives and Activities Objects and Alms The charity's objects are to promote greater awareness and unde(standing of the history of [x)nfl1 as it has affected Oxfordshire by the establishment and Maintenan of a museum. caring for the artefacls belonging lo the charity and lo the contributory trusts (the oxfordshi and Buckinghamshtre Light Infantry Tnjst and the Oxfordshire Yeomanry Trust). and planning future exhibitions. The ck)i¥ter gallery has provided an ideal setting for a number of visiling exhibitions. and to educate the public in the history of the regiments of Oxfordshire and the part played by the people of Oxfordshire in war and (x)nflrct in the United Kingdom and in other countries.
The Soldiers of Oxfordshire Trust Trustses, Report (continued) For the year ended 31 March 2021 Objectives. Strategies and Activities The displays in the main galleries demonstrale a broad range of milrtary acivtties in which units of all three services have been and continue to involved. They range from invofvement in the liberation of Bergen Belsen concentration camp, to the history of our 0st rK)table local famity incjuding Wnston Churchill, lo Oxfordshire's involvement in secret communtations to sryne m(thm equiwient still in use by the servIs. The aim of the displays is notjusl to tell the history of tFK)se partrcular units bul to edLKate all ages on how the eonflicts in which they were involved have affected ihe people of Oxfordshire. Grant funding has continued lo alknv some enhanment of displays and the museum is a popular venue for children because of the hands-on nature of the displays. A numtw of temporary exhibitions have used the cloister gallery. The maJor temporary exhibitron. Spy Oxfordshire. was planned to open roincidentally with the rejease of the James Bond film. Sadly the rease was delayed trwing to the pandemic and the muum was, in any case. closed at the time. It has been wssible to extend the kjan of the exhibits for the exhibition bul the ongoing pandemic effects will, Lbnfortunately, reduce rts impa¢t and projected increase in admissK)ns income. Education Our part-lime Education Officer was made redundant in August 2020 as a result of a rewew of the cost effectiveness and affordability. However we were able to retain the staff member on a zero hour5 contract and he has been used where necessary to retain our aim of wjder educatK)n of the public and in schools. Volunteers The charity coTrlinLtes lo benefit from a small band of (kdKated volunteers. They contribLrte to the more cerebral side of our work and a5SiSt in research thul prev$ members of the regiments and CAre of the collection. Other mattors Issues With the building have at $1 been resow folbwing the remedial work by the builders. Achievements and Performance The Goronavirus pandemic has decrmated activity over the past year with enforcEd dosure for much of the time However we have commenced a series of Mrtual lectures in wllatx)rion with the Museum of Amiy Flying and their partner IT company. The Jeclures have cover&J a vanety of subjects and arthough they make Iitve contribution to income they have kept the profile of the museum alive and expanded our audience. Financial Revlew Going concern After making appropriate enquiries. the Tmstees have a reasonable exwtatK)n that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the gong concem basis in preparing the financial statements. Further details regarding the adopl+on of the going wncern basis can be found in the Accounting Policies. Incomlng and outgoing resources and funds The incoming resources up to 31* March 2021 were £2C6,419 and outgoing expenses less depreciation we £195.250. rhe totsl assets of the Trust are £3.589,930 of which £2.435,080 is capitalised in the building and equipment.
The Soldiers of Oxfordshire Trust Trustees, Report (continued) For the year ended 31 March 2021 Reserv•s Polrcy The Trustees review the ievel of reserves regulaty have conduded that the En(l(hvment Fund should be considered as our pnmary reserve. It is managed by the Finan and Audrt Committee lo relain ils value at more than £1 million so that we retain the dNidend ina)me and, when appropiiate, fix any investment gain by transferring it lo the CCL4 deposit Account. On 31 M8rch 2(Y21 the charty held the folk)wrng Reserves". Unrestricted Funds.. Designated (Tangible Fixed Assets) General Restricted Funds Endowment funds Reserves at 31 Mah 2021 £2,435,080 82.346 30.484 1,042.020 £3.589,930 Pansions The Trust complies with legal Fension requirements. Investment Policy The Endowment Fund has been relaTned in the CCLA COIF Investment Fund. This piovides an expected return from dividends of rca 4%_ Any divwjends are hekl in 3 CCLA Deposit account and are available to draw as neSSary without any nalty. The end0wmt was invested in the autumn 2017 and has so far perfomied as expected. Risks The major financial risk is the continuing l of Stab inccmne SoUrs. Hmer the expendable endowment provides a very swJnificanl buffer against thi% for a few years. The Trustees will COnSKler whether there are other sources of income available while woth to increase the endent continues. Public Benefit The Trustees have refeThJ to the guidan provthl by the Charity Commission on publ tenefit when reviewing the tharty's aims and ot4"eGtNes and are sat&8fEd th the chanty's &twrties are in line with that guidan. Plans for the Futu In spite of the pandemic. after a lender procèss, the trustw employed Oxford Cuttural Associates lo undertake an in depth govemance revrw of the chanty. Their in depth report was presented lo the Board early in 2021 and recDmmendats"ons accepted. As a resutt trustees have been recruited and work is hand lo find more. Some existing trustees who have served for more than nine years will stand down when replacements have been found. The rewrt also addressed the long term issue of the relath'onship with the Oxfordshire Museum and. more important, Blenheim Para. Worf( commenced to establish a cbser relationship with the latter and already a common Iket arrangement is in place. We hope that the collaboration will flourish lo mutual benefit. The ongoing relationship wrth the County Counal and OxFordshiré Museum rematns uncertain. We wntinue to discuss how we work together and hope for some resolution by the autumn 2021 so that we can better plan for the future. The funds raised from the Sa of meda15 pfovMYes us wrth a financial breathing Spa for those discussions to take place.
The Soldiers of Oxfordshire Trust Trustees, Report (continued) For the year ended 31 March 2021 The museum has also strengthened our relationship with the Army Museums Ogilby Trust IAMOT). They regard the museum as having a bright futu whereas many other small milttary museums are in signrfic&nt drfticulty. AMOT have therefore fulty funded some buikling work to enhan the environmentally controlled storage facility at the museum with the intention that it will be availab to other struggling museums lo store their artefacts. This will provide some Income for the museum when Spa is hired out and AMOT have agreed lo provide a grant of £10,000 annualty for five years. The first grant wa5 paKI in August 2020. The income from that and storage spe will improve the charrty's finawal wsibon. Fundraising The Trust does not raise funds directty frL¥n the general publ. We do have a Friends Group that is open to anyone to join and this group fomis the eore of our audEnce for our talks and films as well as ntributIng financially lo the running of the museum. We do not use outside agencies for fundraising. We make applications to grant-making trusts for wffjic prqecls lo enhan the museum experience. Trustees, responsibilities The trustees (who are also the diTlOrS of the charrtable c£Mnpany foi the pu cl company lawl are responsible for preparing the Trustees, Annual ReFK>rt and the financial slatemenls In accordance with applble law and United Kingdom Accounb"ng Standards {United lQ"ngdom Generally Accepted Accounting Practice). Company law rw4uires the trustees to prepare financial statements for each financial year, whth give a true and fair view of the slate of affai15 of the charitable company and of the incoming resour and application of reSoUrs. including the incofne and expendrture, of the ch8ritable (Thipany for that period. In preparing these financial ststements. the tnjslees are required to". select surtable accounting poIleS and then appty them consistentty". observe the methods and principles in the Charitres SORP IFRS 102}', make judgements and estimates that are reasonable and pmdent", slate whether applicable UK Accounting Slandarfs have bn folbwed, subject to any material departures disclosed and expkined in the financk81 slalemenls.. prepare the finantial staternents on the going cOrM basis unless il is inappropriate tr) presume that the charrtable company will continue in operation. The Iiuslees are responsible for keeping ajequale acCntIng records that dOse wth reasonable accur&y al any time the finanual tK)s(tion of the charitable company and enable them lo ensure that the financial statements comply with the Companies AGI 20 They are also responsible for safeguarding the assets of the Charitable company and then for taking reasonable steps for the prevenb.on and detection of fraud and c)ther irregularities. Approved by order of the memkkrs of the t(tsrd of tnjstees on ... .. beha by.. . and signed on tts Mr C J Lauren Trustee
Independent Examinerfs Report to the Trustees of The Soldiers of Oxfordshire Trust For the year ended 31 March 2021 Independent examinees ryjort to the TeeS of The Soldiws of Oxft)rdshiTre Tmst I report lo the twstees on my examinatK)n of the ac(xJunts of The &)Idiets of Oxfordshire Trust (the Trust) for the year ended 31 March 2021. which are set out on pw 8 to 18. Respon&bilities and basis 01rt As thè charity trustees of the Tnjst you are responsible for the preparation of Ihe accounts in accanCe with the requirements of the Charrties Aoa 2011{'the Ad,). I rewrt in respect of my examination of the Trustee's accounts carried out undei section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb} of the 2011 Act. Independenl examineffs ststement I have completed my examinatton. I confimi that no material matters have c4Jne lo my attention in connection wtth the examinatv)n giving me rause lo believe that in any material respect". {11 accounting records were rK)I kept ill res(*ct of the Trust as requi ty seCtn 130 of the Aca," or 121 the accounts do not acc(Kd wtth those rerJ)rd5" or 131 the accounts do not comply wtth the appli(3ble requirements conwning the fomi and conlenl of accounts set out in the Charitres IA(zounts and Rewrtsl Regulalh)ns 2008 other than any requirement that the accounts gwe a 'ttue and fair view. which not a matter consKlered as part of an independent examination. I have no ConMS and have cgme )s5 no other matters in connection with the examination to which attention should be drawn in this rewrt in order to enatle a proper tjnderslanding of the accounts lo be reached. Katherine Wilkes FCA 14 December 2021 critchY$ Audit LLP Beaver House 2>38 Hylhe Bridge Street Oxford OX1 2EP
The Soldiers of OxfordshirÈ Trust Stst•ment of Finantial Activitles lincludlng In¢ome and Expendtlure Account) For the year ended 31 March 2021 Llnre5tri¢ted Re5tncted Endowent Funds Funds Funds Total 2021 Total 2020 Income and 8ndowrnents from: Donations and legacies Charitable attytreS Investment income Other income Note 65.211 66,959 31.414 28.585 14.250 79,461 66.959 31.414 28,585 32.717 2,622 33,999 Total incorne 192.169 14.250 206,419 69.338 Expendrture on.. Charitable activtbes 216.fA16 42.757 259,363 291,663 Total 216,6[ 42.757 259,363 291,663 Net 98inslllossesl on investments 185.231 185,231 121.9921 Net income I lexpendlturel before trdnsfers 124.4371 128,5071 185.231 132,287 1244,31n Transfers between funds 13 104.778 1104.7781 Net movemont In funds 80.341 128.5071 80.453 132,287 1244,3171 Reconcrllation ol Funds Funds brought forward at 1 Apn"12020 Totsl funds at 31 March 2021 2.437.085 58.991 1.567 3,457,643 3.701,960 2.517,426 30.484 1.042.020 3,589,930 3.457,643 The ststernent of finan¢ral actiMtEs indudes all gains arKI losses recconLsed in the year. All income and expenditLtre denves frorn continuing a(Mt5. The notes numbered 1 to 19 fonn part ofthese finaF¥L>al stslemenl&
Th$ Soldiers of OxfordshlTe Tntst Balance sheet As at 31 March 2021 Company number: 07842383 2021 2021 2020 2020 Flxed assets T8ngible assets Investments 2,435,080 1.042.020 2,499.193 896.789 10 Current assets Debtors Cash at bank and in h8nd 48,986 73.667 122,6S3 26.450 46,423 72.873 Liabilities reditors. Amounts falling due Within one year Net current asstt8 12 19,8231 111.212 112,830 61,661 Total net assèts 3,589,930 3.457.643 Funds.. Endowmeni fvnds Restricted funds unScted bJnds 13 1.042,020 961,567 58.991 2.437,085 2.517,426 Totsl lunds 3,589.930 3,457.643 For the financial year in question the company was to Èkernptson under section 477 ofthe Cornpanie5 Act 2006 relating to srnall companies. No mwnbers have required the company to obtsin an audit of its accnunts for the ye3r in question In accordance with section 476 of the CIHnpanies Act 2006. The ¢Jirectors a(*nowledge their responsibility for complying wth the qUirements of the Art respect to aruuntsng recofds and lorthe prep8ratioJ) ofthe atrunts. The finan81 statements were awroved by the Trustees and aLrthwised for issue onlplk) their bèhalf by- and a signed on Mr C J Laurènce Trustee The notes numbered 1 to 19 form part of tlEse financial statemènts.
The Soldiers ol Oxftsrdshl Trust Notes to the financial statements For the aT ended 31 Iblarch 2021 1 Stat8ment of Accounting Policies A surnmary of the pnnopal accounting poliaes adopted lknknich have been applied cxjnsistently. eept vknere noledl. judgements and key sOurS of eslirnation Unrtainty, is set out below. General Infomiation and basis of Pvepavation The Soldiers of Oxlordshire Trust is a tharitab incwTated ganiSatiOn in the Unrted lth'ro(lorn. The address of the registered office 1$ given in the charity infom)ation on page 1 of these financial statements. The nature of the ch8rty's operations and principal activities afe caring for artifacts belonging to the thartty and contributory trusts, and planning future exhibib'ons. The charity constitutes a public benéfit enlty as defirj by FRS 102. Tr finanaal statements have been ppared in accor¢Jance wrth Accoynting and Repo9 by Charities. Statement of Recclnmended Practi applicab to thanties preparing their accounts in 8CranCe with the Financial Reporbng Stsndard applicabje in the UK and Republic ol Ireland IFRS 1021 issued on 16 July 2014, the Financial Reporbng Stsndariy applicable In Unrted Kingdom and Republic of Ireland IFRS 1021, the Charits'es Act 2011, the Cornpgnies Act arKI UK GereraltyAccepted Practice as it appl fr(¥n 1 January 2019. The financial statements a prePad on a going concem basis uThYerthe histortcal rAYSt tt>nvention. wodified to indude rtain items at fair value. The finanual statements are prepared in sterting is fUnCtial currency of the charity. Going Concern The finan&al ststements have been prepared on a going concem basis as ts Trustees belsave that no material uncertaintKes exist The Trustees have considered the levej of funds held and the 8Wted level of incomÈ and expenditure for 12 rnonth$ from authonsing these financjal ststements. The bu&Jeted income expendrture sufficient with the revel of reserves for the charity to be able to conbnue as a going concÉm. Income All incoming resour a indude(J in the Statement of Finawal Actiwtses ISOFAI when the charity Is leg81ty ented to the income after any perft)miance condith'ons have been met. the amount can be measured reliabty and it is Probab that the inciKne will received. Donations For donats'tsns to be recognise(I the ctharity will have been notified of tIE amounts and the setdement date In kwth"ng. If there are conditions attathed to the cjonation and thLS requires a level of performance before enb"lJem8nt can be obtained then iTrcome is deferred until those conclitions are fijlty rnet or the fulfilment of tre crJnditS ts within the control of the ch8rity and it is probable that they ¥MII be fulfilled. Grants Incotne from government and othergrants are reccgnsed at fairwdlue Tr*hen the charity has enbuement after any performance Conditions have teen rnet, it IS PTobable that the Irthe wll be recewj and the amount can be measured reliably. 1fenteMent 1$ not met then these amounts are deferred. Capital grant5 are retognised when there is entrfjernent and are not deferred over the life of the asset on which they are expended. Unspent amounts of caF%tal grant are reflected In the balar in Ihe restricted fixed asset fiJnd. Investment incorn8 Invesltnent incoffle is eamed through holding assets for investrrbent purposes such as shares and propety. li indudes di¥Adends, Interest and rent. Where it 15 not pr8¢t1b to identsfy invesbnert management Costs incurr&Y within a scheme with reasonable accuracy the investmenr income 15 reported net or trSe costs. It is induded when amount c2n be rneasured reliably. Interest income 15 recogni$e(l u51ng the effecti interest methcxj and diwdend and rent income is reccvJnised as the charity's nght to rec£ive payment Is established. 10
The Stsldiets of Oxfordshirn Tt Notes to the financial statements For the year ended 31 March 2021 1 Statement of Accounting Polici¢5 {continuedl Expendtture All expenditure is aUnted for on an accJuak basis aThJ h8s been dassified under ading$ that aggregat& all Gosts related to the catsgory. ExpeFKliture is recognised where therÈ L5 a 981 or constructive obligatson to rnake payments to third parties, it is probable th81 the settlement UAII be wuired and the amount of the obloation can be measured rdiably. It is categorised under the followw headings.. Expendlfyre on Charitsble actl¥tlies These are Costs incurred on the tharitabte actMt, incIJ1 support Costs and costs relating to the govemanc ofthe chanty apportioned to chaniable acDves. Irrecoverable VAT is charged as an exJ)ense against the acbwty ftsr%thith eyFenditure arose. Support costs allocatlon Support cost5 are those that assist the work ofthe thanty but do not direttty present chantsble actlwtS and indude office costs, governar.ce costs, admiTTristratwe payroll costs. Thèy are InCued direcuy in support of expenditure on the 0.ects of the charity and include project management out al Headquarters. Where support costs cannot be directly 8buted to particular headirys they have en allocated to cost of raising funds and eWndrtu on chaiitablÈ activibes on a basi5 consistentwith use of the resources. The analysis of these costs is IrKjud in note 5. Tangible Frxed Assets Tangible fixed assets c05ting £500 or more are c2pitalised arwj carried at cost, net ofdepreciation and ary prtswsion frjr impairment C05t includes costs direcljy attritvJtable to making the asset capab of operatiw as intended. Dep>on is promded on all tsngible fixed 8$5ets other than freelK)kJ land. at rates calculated to tte off the cL)st of each asset on a straight4ine basis over its exKEcted useful life. as fol". Land and building FIu[e8 and lthngs Computer equipment Plant & machinery 50 ar5 Straight line 2 & 5 years 5tr8ight line 3 years straight line 25 years Straight line A vIeW for impaiment of a fixed asset is Carried otrt rfevents or changes In UrCumstsn indicate that the carrying valu8 of any fr¥ed asset tnay not be recoverab. Shortfalls beN4Een the cJrryirrfJ Ydlue of fixed assets and their recoverable amounts a recognised as Impairments. Impairment losses are reCogntsJ in Statement of Financjal Actimties. Liabilities Debtors and creditors with no stated interest rate and 8b or payable vAtt)in one year are recorded attransacbon pri. Any losses 8nsing from impaimient are CogniSed in expenditu.
The Soldiers of Oxfordshirn Trust Notes to the financial statements For the year ended 31 March 2021 1 Statement of Accounting Policies Icoiitinuedl Hotsge assets Herit8ge assets are recognised on the balan sheet and initialty rneasu at C05t en purchased or if donateLI, theirvaluation. Assets ar8 subsequently stste¢J at cost or valuatson s5 acujmulated depreri3tion and acoJtnulated impairrnent10sses. Fair values foi donated assets are estirnated by reference to market pnces. Whère infomation on the cost or valuation of heritage assets is not available or the wst of prowding such Infom)ab"on significantly outs¥eighs any benefit to the users of the accounts then l)errtage assets a TK)t recognised on the balan sheet Acquisityons only arise donated to the charty or rt rt Is beitev8d that tlw VAII further the thanty's objectrves. Ullr acquired they wll be pserved by the oarity in order to keep their histoncal qualibes to such a high level as to contribute to knoedge and culture. A register of all assets held by the charity is available ajxj the assets thSefve$ are acces&bJe to the publicwith pnor agreement. Hentage assets are to ts held for the foreseeab fijture. Investments Investments are recognised Inrtialty at fairvalue leh is normaltythe transaction prie£ ex1 transathon costs. Subsequenty. they are measured at fair value with changes recognised in "net gains I Ilosse51 on investments. in the SOFA if the Shares are publicly traded or their fair value can OtherWe be measured reliaw. Social investments include mixed motive investrnents and programme relaled Investr)ents thieh 8re those held to further our Charitab purposes. Programme lated investments indude insert detail. klixed motive investsnents indL¥Je insert detail. Taxation The chanty is an exempt charty wtthin the rneaning of scldule 3 of the chare$ Act 2011 and is considered to P8SS the tests set out In Paragraph 1 schedu 6 Finan Act 2010 arKY therefore rt meets the definith.on of a chantsble company for UK corporation tax purposes. Employee beneffts When employees h8ve ndered seFMce to the ranty. short-temi employee trenefits to vA)ith the employees are ented are rec(unised * the undiscounted amount expected to paid in exchange for that serw4. The charity opeMt8s a defined contribution plan forthe benefit ofits empws. ContribuD"ons are exp8nsecl as they become paysble. Fund Accounting Unrestricted funds are available for use at the discretion of the Trustees in turtherance of the general objectives of the thanty 8nd which have not been deygn8ted for other puryjoses. DesvJnated funds eomprise unrestricted funds tt)at have been set aside by the Trustees for parbcular purtmxes. The aim and use of each designated ftjnd 15 set out in ihe notes to the finanaal statements_ Restricted ftjnds are funds which are to us&J in accordan Tr•Ath restricbons Imposed by donots or which have bee raised by the charity for rheular puwses. The cost of raising and rnIn1sten suth funds are tharged against the speofic nd. The aim 8nd use ofeach restrtcted fund is set out in the notes to the finarval staternents. Endtswment hjnds represent those assÈls which must be hew pemianenty by the charity. piincipally Insert detail. Income arising on the endowTheni funds can be used In accordance wth the objects of the charity and is In¢Juded as unrestricted inwme. Any capital gains or10s5es arising on the investments fomi part of the tund. Inveslment managernent c*arges and legal advica rÈlating to the fvnd are charged against the fijnd. Judgements and key sources of estlmation uncert•lnty Estimates and judgemènts are continually evaluated and are bawj on historicd een and other factors, Including expe¢tstions of future events that arÈ believed to be rÈason8ble Ujer Ihe urcAJmstances. No judgements have had a svJfiificani effect on am(wnts Ini in the finawal statements. 12
Thè Soldiers of Oxfordshire Trust Notss to the financial statements For the year ended 31 March 2021 2 Income from donations and legacies Total 2021 Total 2020 0onats.ons Grants 27,097 52.364 22.647 10,070 79,461 32,717 The income from donations and capital grants wès £79,461 (2020". £32.7171 ofwhich £65.211 was unrestricted12020". £18.0471. £14.250 restnL#ed12020". £14.6701 and £Nil enOnents{2o2O'. £NIll_ 3 Charitable aetivitles Total 2021 Total 2020 Gift aid donabons Other incorne 1,374 1.248 66,959 66.959 2.622 Income from charitsble actiMtw6 was £66.95912020". £2,622) of1Ch £66.959 was Un$tcted1202o. £2.6221. £Nil restcted 12020". £Nill afid £Nil end0er[2o20.. £Nill. 4 Income from Investrnents Total 2021 Total 2020 Divi¢Jends and Interest Other 31,414 33,719 280 31,414 33,9 The inve5tsneni income was £31.41412020". £33.9991 of whith £31,414 was unrestricted12020.. £33.9991, £Nil restricted12020." £Nill and £Nil endowments12020". £Nill. 13
The Soldlers of Oxfordshire Trust Notes to the finaneial ststements Forthe year ended 31 March 2021 5 Analysis of expenditUVE on ch3Fitable activrbes Dlrect costs Support tosts Total 2021 Total 2020 Charit2b actiwts.es 193.264 193.264 66,099 66,099 259,363 259,363 291,663 291.663 Chartlabje actrvities Total 202 Total 2020 Direct ¢osts Wages and 5alarie5 Tra[ and subsitence Rent. rates and utilitie5 Insurance Maintenance and Small equipment costs Exhibition and archive costs Cornputer costs Publioty and functon costs General office costs Training and cOnfene Volunteer expenses 1(Kl.436 252 15.266 4,878 8.876 42,757 13.485 2.797 4,397 120 100,436 252 15,266 4,878 8.B76 42,757 13.485 2.797 4.397 120 101.386 1.684 24.899 5,954 13.706 18,873 18,992 g.867 5,240 28 1,310 201.939 Support costs Govem8n Professional fees Depreciation 193,264 193,264 1,986 1,986 2.500 3.676 83.548 89.724 64.113 66.09g 64,113 66,099 259,363 259,363 291,663 Expenditu on Charitab activibes was £259,36312020." £291.6631 ofwhich £216,6[ was unresthcted12020". £272,790), £42.757 restncted12D20." £18.8731 and £Nil endowment12020." £Nill. Net inc0mtllexpenditu> for the period includ•s= 2021 2020 Depreciation Fees payable to indewndent exarnir 64,113 1,950 83,548 1.770 14
The Soldiers of Oxfordshlre Trust Notes to the financial ststements For the year ended 31 March 2021 6 Governance costs Totsl 2021 Total 2020 Trustee expenses IndepenLlent Examiners fees 36 1.950 1,986 730 1,770 2,500 7 Staff Costs staff costs during the period were: Wages and salaries Soci31 secunty costs Defined contnbution pension costs 2021 2020 94,286 4,461 1,689 100,436 95,236 4,461 1.689 101,386 The average numter of persons employed by the chanty duri1 the n(j Vds as follo." 2021 2020 Management and administratson No employees r1ved total employee benefits lexduding employer tnsion Ists) of more than £60.tKKI. 8 Trustees. and key management petsonnel rernuneration and exppnsos The trustee5 neither reiVed norvdived any rnUnerabon during year12020.. £hlill. The key management petsonnel ofthe charity (x>mprise Museum Director. The total amouTFt of employee benefits linduding employer pension rthtributions} reld by key management personnel for their servi$ to the charity was £50.05012020.. £49,323). Travel and subststence expenses ere paKI to 1 Trustee Ounting to £3612020". £610 to 1 Trusreel. 15
The Soldlers of oxfordshi Trust Notes to the financlal statements For the year ended 31 March 2021 9 Tangible fixed assets Land and buikjings Plant arvj machinery FLthres and th.ngs Computer equipment Total Cost As at 1 April 2020 Additions As 8t 31 March 2021 2.855.088 4.931 417.550 28,) 3.306,199 2,855.088 4.g31 417.550 28.630 3.306,199 Dèpre¢lation As at 1 April 2020 Charges in peri(kl As at 31 March 2021 1371.0581 157.102 1428.160 14.9311 1402.3871 17,0111 1409.3981 128.6301 1807,006 164,1131 1871,119 149311 128,6301 Net book values As at 31 M8rch 2021 2,426.928 8.152 2,435.080 As at 1 April 2020 2,484.030 15.163 2,499,193 10 Fixed a$50t Investsnents Lted inve$bnents Total Cost orvaluation As at 1 April 2020 Disposals Revaluation As at 31 Marth 2021 896.789 140,0001 185.231 1,042,020 896,789 140,0001 185,231 1,042,020 amount As at 31 March 2021 1,042,020 As at 31 March 2020 896,789 896,789 The tsir value of listed Investrnents is determined by referen to Ihe quoted priL* for identical assets In an acb¥e market at the balance sheet date. 16
The Soldiers of OxfordshipE Trust Notes to Ihe flnancial ststements For the year endtd 31 March 2021 11 Debtors 2021 2020 Trade debtors Amounts owed by group undertakings Other debtors 22,371 22.381 4.234 48. 86 608 20,431 5,411 .450 12 Creditots.. amounts falling due wlthin one year 2021 2020 Trade creditors Other taxatton and social securty Acuuals and deferred inc(xne Other creditors 5.797 6.545 3,095 201 9,093 4,11 561 11,212 Dèferred income 2021 2020 Deferred income at 1 Apnl 2020 Rele8sed from prevTous years Resources deferred in the period Deferred incomè at 31 March 2021 1,095 13651 1,460 13651 730 1.og5 The deferTed income balance relates to annual rnembership fees trom Friends and Praetorians. This was pakl 2s a lump sum by each Pr8etorian and each yearthe annual fee is leaj from detsrred income in li Y)e dufation ot the mernbetship. 17
The Soldiers of Oxfordshire Tt Notes to the financial ststements Forthe yearended 31 March 2021 13 Funds Balance at 1 April 2020 Balance at 31 March 2021 Gains, losses Expenditure and transfers Income Restri¢ted funds Exhibition Educaknon 56.f40 2.851 58,991 14,250 142,7571 27,633 2,851 14.250 142.7571 Expendable endowment funds Endownent funds 1,567 961,567 80,453 80,453 1.042.OZO 1.042.020 Goneral funds Fixed assets fund General funds Total unrB8tri¢ted fvnd5 2.499. 193 62.1081 2,437.085 164,1131 1152.493 1216,6061 2,436.080 82,346 2,517.426 192.169 192.169 104,778 104,778 Total funds 3,457,643 206,419 259,363 185,231 3.589,930 The exhibrtions fund represents grants from the Heiitage Lottery Fund and WREN FourKJao"on to expand arKI Improve the Museurn s exhibitions. A v2nety of capital items have beerTr purcha1 using these funds. The eduration fvnd represents grants frorn a vaw of sources IrS Museums educth'onal ac1TV"e$. 14 Comparatlvtr Funds Balance at 1 April 2019 Balancè at 31 March 2020 GaFn$, 108s¢s Expenditur¢ and transfers Incorne Restrtcted funds Exhibition Education 14 670 2.851 63.194 118.8731 56.140 2,851 58,991 14,670 118,8731 Expendable endowrnent fund8 EndoKment tunds 983 559 983,559 121,9921 121,9921 961,567 961,567 GenÈrdl funds Fixe(l assets fund General funijs Totsl unrestricted funds 2.582.741 72.466 2,655.207 183,5481 1189.2421 272,790 2N99,193 162,108 2,437.085 668 Totsl funds 3.701,960 69,338 1291,663 121,9921 3,457,643 18
The Soldiers of Oxford8hire Trust Notes to the financial statements For th8 yearended 31 March 2021 16 Anatysis of net assets bètween funds Fund balance5 at 31 March 2021 are Presented by". Unrestrfcted Restrlctsd Endowment funds funds fvnds Totsl funds Tangible fixed assets Investments Current assets Current liabilities Total net assets 2.435.0130 35.222 56.947 19.823 ,517,426 2,435,080 1,042,020 122,653 19,8231 3,58 ,930 1,006,798 35,222 30, 42.0 16 Contingent 1Sabilid There a no CONiryent liabilths that require disdosure_ 17 Mèmbets IFabllity Each member of the d)aritable company undertakes to contribute to the assets of the company in the event of it Ikiry wound up while helshe is a member. or Mnthin one year after helshe ceases to be a member. such amount as may be required. not exTreding £1 for the debts atyj liabilities contracted hels Se$ to be a memter. 18 Relotsd party transactlons There re donations frorn 6 trustees in the year talIrj £58012020." £niD. 19 Opèralion of tradtng subsldlary The chanty operates a trading subsidiary, Soldiw5 of Oxfordshire Tr&lir*J Limited (a cornpany limrted by 9uaranleel. As at 31 March 2021, Soldiers of Oxfordshire Trajing Limtted had net liabilthes of£13.94012020." net liabilthes of £6,235). Dunng the year ended 31 March 2021 Soldiers of Oxfordshire Trading Lifflited had tumover of £17.8C612020. £YJ,0231 and incurred expenditure of £25.23112020". £37,7981_ 19