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￿. wCX￿1S￿, Ox*ordshire
Musoum dlrector
Mrs Ursula Corcoran
Independent examiners
critch￿Y5 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 provIs￿nS 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 e￿cted 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 trUSt￿s. 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 I￿ljct￿ln 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 replaC￿ent 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 ￿￿rt￿al Sour￿ of funding. Their primary aim is
to evaluate SoU￿S 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
con￿ntrate on this in the ensuing year.
Arrangements for sètting pay and remunerdtion of key management ￿rsonnel
The remuneration of all staff ts PrO￿Se￿ ty the Audrt and Finance committ￿ and agr￿j by the Board.
hen corisidering remuneration the Committee lakes Into ￿)Unt the rate of inflation at CPI in December,
the indniidual's job description [wh￿h 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 instan￿5 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 adMiss￿n$ 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-actsssron￿j medals that were surplus to requirement. The initial auCt￿n 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)nfl￿1 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 ac*ivtties 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 servI￿s.
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 enhan￿ment 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 re￿ase was delayed trwing to the pandemic and the mu*um 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)r*ion 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 go*ng 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 Ma￿h 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 ne￿SSary without any ￿nalty. The end0wm￿t 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 SoUr￿s. 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 end￿￿￿ent 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 I￿ket 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 sp￿e 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 diT￿lOrS 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
appl￿ble 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
reSoUr￿s. 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 poI￿leS 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 b￿n folbwed, subject to any
material departures disclosed and expkined in the financk81 slalemenls..
prepare the finantial staternents on the going cOr￿M basis unless il is inappropriate tr)
presume that the charrtable company will continue in operation.
The Iiuslees are responsible for keeping ajequale acC￿ntIng records that d￿￿Ose 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 T￿￿eeS 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 01￿￿rt
As thè charity trustees of the Tnjst you are responsible for the preparation of Ihe accounts in acc￿anCe 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 seCt￿n 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 Con￿MS 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
critch￿Y$ 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 atty￿treS
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(*Mt*5.
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
un￿S￿cted 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 atr￿unts.
The finan￿81 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. e￿ept vknere noledl. judgements
and key sOur￿S of eslirnation Un￿rtainty, 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 defir￿j by FRS 102. Tr finanaal statements have been p￿pared in accor¢Jance
wrth Accoynting and Repo￿￿9 by Charities. Statement of Recclnmended Practi￿ applicab￿ to thanties preparing their accounts
in 8￿Cr￿anCe 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￿ prePa￿d 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 fUnCti￿al 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 ent￿ed 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 tr￿e crJndit￿￿S 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 Ir￿the wll be recewj and the amount can be measured reliably. 1fent￿eMent 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¢t1￿b￿ to identsfy invesbnert management Costs incurr&Y within a scheme with reasonable
accuracy the investmenr income 15 reported net or tr￿Se 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 T￿￿t
Notes to the financial statements
For the year ended 31 March 2021
1 Statement of Accounting Polici¢5 {continuedl
Expendtture
All expenditure is a￿Unted 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*, incI￿J1￿ support Costs and costs relating to the govemanc* ofthe chanty
apportioned to chaniable acDv￿es.
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 actlwt￿S and indude office costs,
governar.ce costs, admiTTristratwe payroll costs. Thèy are InCu￿ed 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 8￿buted 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
FI￿u[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 reCognts￿J 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
Ho￿tsge 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 p￿served by the o*arity in order to keep their histoncal qualibes to such a high level as to contribute to kno￿edge and
culture. A register of all assets held by the charity is available ajxj the assets th￿Sefve$ 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£ ex￿￿1￿ 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 OtherW￿e 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 scl*dule 3 of the char￿e$ 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 r*anty. short-temi employee trenefits to vA)ith the employees are ent￿ed 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 e￿￿￿en￿ and other factors, Including
expe¢tstions of future events that arÈ believed to be rÈason8ble U￿jer Ihe urcAJmstances.
No judgements have had a svJfiificani effect on am(wnts I￿ni￿ 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 en￿O￿nents{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) of￿1Ch £66.959 was Un￿$t￿cted1202o. £2.6221. £Nil rest￿cted
12020". £Nill afid £Nil end0￿er￿[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 cOnfe￿ne
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 exarni￿r
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 r￿1ved total employee benefits lexduding employer t*nsion I￿sts) of more than £60.tKKI.
8 Trustees. and key management petsonnel rernuneration and exppnsos
The trustee5 neither re￿iVed norvdived any r￿nUnerabon during ￿ year12020.. £hlill.
The key management petsonnel ofthe charity (x>mprise Museum Director. The total amouTFt of employee benefits linduding
employer pension rthtributions} re￿l￿d 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$50t Investsnents
L￿ted
inve$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 ￿lea￿j from detsrred income in li￿ Y)e dufation ot the
mernbetship.
17

The Soldiers of Oxfordshire T￿￿t
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 purcha￿1 using these funds.
The eduration fvnd represents grants frorn a vaw of sources I￿r￿S 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 ￿talI￿r￿j £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