**Charity registration number 1145408 (England and Wales)**
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mrs Heather Carter||
|---|---|---|
||Mr Thomas Johnstone||
||Mr David Shouesmith (Chairman)||
||Mr Henry Spilberg||
||Lt Col Retd Richard Belbin||
||Mr James Seddon||
||Col Retd Mike Montagu||
||Brigadier Anthony Harking OBE|(Appointed 15 July 2024)|
||L S Atkins||
|**Charity number**|1145408||
|**Registered office**|SOFO Museum||
||Harrison's Lane||
||Woodstock||
||Oxfordshire||
||OX20 1SS||
|**Museum director**|Miss Ursula Corcoran||
|**Independent examiner**|Gravita Audit Oxford LLP||
||First Floor, Park Central||
||40-41 Park End Street||
||Oxford||
||OX1 1JD||
|**Bankers**|Barclays plc and The Co-operative|Bank plc|
|**Solicitors**|Blake Morgan||
||Seacourt Tower||
||West Way||
||Botley||
||Oxford||
||OX2 0FB||
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5 - 6|
|Balance sheet|7|
|Notes to the financial statements|8 - 17|
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report together with the unaudited financial statements of The Soldiers of Oxfordshire Trust for the year ended 31 March 2025.
The Trustees confirm that the Annual Report and the financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
## **Objects and Aims**
The charity’s objects are to promote greater awareness and understanding of the history of conflict as it has affected Oxfordshire by the establishment and maintenance of a museum, caring for the artefacts belonging to the charity and to the contributory trusts (the Royal Green Jackets Trust and the Oxfordshire Yeomanry Trust), and planning future exhibitions, education and outreach programmes.
## **Objectives, Strategies and Activities**
The displays in the main galleries provide opportunities for visitors to learn more about the military heritage of the county. They are enhanced by visiting and temporary exhibitions from within the collections or loaned from other heritage organisations.
New activities through public engagement are used throughout the year to attract new audiences and widen the museum’s appeal. Audience development is key to diversifying the stories told at the museum and attracting new partnerships.
Grant funding is used to support individual exhibition and activity planning. The museum is improving its digital capacity as well as its cataloguing to improve research and learning opportunities.
## **Volunteers**
The charity continues to benefit from a growing band of dedicated volunteers. They contribute to the more cerebral side of our work and assist in research about previous members of the regiments (a source of income), and care of the collections, education and outreach.
## **Achievements and performance**
The main sources of income for the museum are admission fees, online talks a friends programme, sales through the shop and online, and various funding events run through the year. Grant income for specific projects is also sought throughout the year.
## **Financial review**
## **Income and expenditure**
The income to 31[st] March 2025 was £213,312 and outgoing expenses less depreciation were £316,098.
The Trust has substantial funds of £3,031,167 of which £2,198,521 is capitalised in the building and equipment.
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future as a result of substantial reserves. Though the charity had negative general unrestricted reserves of £29,071 at year-end, amounts invested under expendable endowment funds are available to support cash flow requirements. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
- 1 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
On 31 March 2025 the charity held the following Reserves:
Unrestricted funds:
|- Designated (Tangible Fixed Assets)|£2,198,521|
|---|---|
|- General|£(29,071)|
|Restricted Funds|£60,686|
|Endowment Funds|£801,031|
|Reserves at 31 March 2025|£3,031,167|
## **Pensions**
The Trust complies with legal pension requirements.
## **Investment Policy**
The Endowment Fund has been retained in the CCLA COIF Investment Fund. The endowment was invested in the autumn 2017 and is expected to generate a return in line with inflation and has so far performed as expected.
## **Risks**
The major financial risk is the continuing lack of stable income sources. However the expendable endowment provides a very significant buffer against this for a few years. The Trustees continue to focus on this issue and look to ways to reduce the gap between income and expenditure.
The Trustees are unaware of any irregularities, including fraud, involving the management of the charity, or of any instances of actual or possible non-compliance with laws, regulations or agreements that might result in the charity suffering significant penalties or other loss. The charity has policies in respect of access, equal opportunities, health and safety, education, claiming expenses, and acquisitions and disposals.
## **Public Benefit**
The Trustees have referred to the guidance provided by the Charity Commission on public benefit when reviewing the charity's aims and objectives and are satisfied that the charity's activities are in line with that guidance.
## **Structure, governance and management**
## **Constitution**
The Soldiers of Oxfordshire Trust was a charitable Trust established in November 2011 and subsequently registered as a company limited by guarantee in January 2021. The charity has established a trading company (Soldiers of Oxfordshire Trading Limited – number 07155027) to undertake certain trading activity for the Trust. All profits from the trading company are Gift Aided to the Trust.
The trustees who served during the year and up to the date of signature of the financial statements were: Mrs Marie-Jane Barnett (Resigned 12 March 2025) Mrs Heather Carter Mr Thomas Johnstone Mr David Shouesmith (Chairman) Mr Henry Spilberg Lt Col Retd Richard Belbin Mr James Seddon Col Retd Mike Montagu Dr Kindell Peters (Resigned 12 March 2025) Brigadier Anthony Harking OBE (Appointed 15 July 2024) L S Atkins
- 2 -
THE SOLDIERS OF OXFORDSHIRE TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Method of Re¢ruitm•nt and Appointment or Election of Trustees
Trustees are elected by the trustees. New trustees are drawn from those with a conr)ection to th8 fonm8r county
regiments and units based in the county. from those with an interest in militsry history. from retir8d soldiers, from
those who support the maintenance of the milwlary history of Oxfordshire and from Ioc81 citizens and business
people. Trustees are inducted by briefings from the stsff of the museum and from other Trustees as appropriate.
Details of the trustees vtho served durlng thé year are induded above.
M•mbars' Llabllity
Each m6mber of the CIO undertakes to contribute to the assets of the chartty in the avant of it being woun(l up
while they are a member, or within one year aft8r they cease to be a member. such amount as may be required,
not exceeding £5 for the debts and liabilities contracted befor8 they céased to be a member.
Management
The m8n8gement of thé trust is by the Trustses who delegate somè r8sponsibilrty to committee8 or the ex8CUtiV8
t88m of th8 Trusl.
Ther8 are committees that meet regularly under Tem)s of Refer8nc8 agreed by the Board: the Flnance
Committee and tho Fundraising Committee.
The Finance Committee meets regularly to consider finanfyal and other matters which are then reported to the
board. The primary responsibilty of the committee is to monitor day to day perfornance, the performanc8 of the
Endowment Fund and major risks.
The Fundraising Committee meets regularly to investigate sources of furKJing. Their primary aim is to evaluat8
sources of grants lo enhance the museum experience whith is a growing source of income for the Trust
Arrangements for setting pay and remunorallon of key management personnel
The remuneration of all staff is proposed by the Finance Committ88 and agreed by the Board.
The trustees, report was approved by the Board of Trustees.
mas Johnstone
Trustee
Date..
/( /:.fy.r.......
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF THE SOLDIERS OF OXFORDSHIRE TRUST**
I report to the trustees on my examination of the financial statements of The Soldiers of Oxfordshire Trust (the charity) for the year ended 31 March 2025.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ACA, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Gary Pready FCA**
## **Gravita Audit Oxford LLP**
First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: ............................12 December 2025
- 4 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Current financial year**
**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
8,460
67,321
-
Charitable activities
**4**
96,373
-
-
Investments
**5**
25,143
-
-
Other income
**6**
16,015
-
-
**Total income**
145,991
67,321
-
**Expenditure on:**
Charitable activities
**7**
355,503
17,697
-
Net gains/(losses) on investments
**12**
-
-
(38,750)
**Net (outgoing)/incoming resources before**
**transfers**
(209,512)
49,624
(38,750)
Gross transfers between funds
70,000
-
(70,000)
**Net movement in funds**
(139,512)
49,624
(108,750)
Fund balances at 1 April 2024
2,308,962
11,062
909,781
**Fund balances at 31 March 2025**
2,169,450
60,686
801,031|**Total**
**2025**
**£**
75,781
96,373
25,143
16,015
213,312
373,200
(38,750)
(198,638)
-
(198,638)
3,229,805
3,031,167|**Total**
**2024**
**£**
73,247
20,492
29,159
3,486
126,384
413,168
81,437
(205,347)
-
(205,347)
3,435,152
3,229,805|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Prior financial year**
|**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**Notes**
**£**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
20,098
53,149
-
Charitable activities
**4**
20,492
-
-
Investments
**5**
29,159
-
-
Other income
**6**
3,486
-
-
**Total income**
73,235
53,149
-
**Expenditure on:**
Charitable activities
**7**
360,623
52,545
-
Net gains/(losses) on investments
**12**
-
-
81,437
**Net (outgoing)/incoming resources before transfers**
(287,388)
604
81,437
Gross transfers between funds
270,000
-
(270,000)
**Net movement in funds**
(17,388)
604
(188,563)
Fund balances at 1 April 2023
2,326,350
10,458
1,098,344
**Fund balances at 31 March 2024**
2,308,962
11,062
909,781|**Total**
**2024**
**£**
73,247
20,492
29,159
3,486
126,384
413,168
81,437
(205,347)
-
(205,347)
3,435,152
3,229,805|
|---|---|
- 6 -
THE SOLDIERS OF OXFORDSHIRE TRUST
BALANCE SHEET
AS AT31 MARCH 2025
2025
2024
Notss
Flxed assets
Tangible assets
Investments
14
15
2.198,521
801.031
2,255,622
909,781
2,999.552
3,165.403
Current assots
Debtors
Cash at bank and in hand
16
5,512
65.374
37.235
37,615
70,886
Creditors: amount$ falllng due wlthln
onè yoar
17
(6.000)
(6,484>
Net current assets
31,615
64,402
Total assats loss curr•nt Ilabllltl
3,031,167
3,229,805
Capltal funds
Endowment funds -
eneral
General endowment funds
801.031
909.781
801,031
909.781
Expendable endowment
1,602.062
1,819,562
19
801.031
909,781
Income funds
Restricted funds
Unrestricted funds
Designated funds
General unrestricted funds
60,686
11,062
20
2,198.521
(29.071)
2,255.622
53.340
2,169,450
2,308.962
3,031.167
3,229,805
Th8 financial statements were approved by the Trustees on .
omas Johnstone
Tru$tee
**THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **Charity information**
The soldiers of Oxfordshire Trust is a charitable incorporated organisation in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are caring for artefacts belonging to the charity and contributory trusts, and planning future exhibitions.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are maintained for the future benefit of the charity but are expendable in nature.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 8 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 50 years straight line Plant and equipment 25 years straight line Fixtures and fittings 2 & 5 years straight line Computers 3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 9 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.12 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 10 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were no judgements which have had a significant effect on amounts recognised in the financial statements.
## **3 Donations and legacies**
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
||**funds**|**funds**||funds|funds||
||**2025**|**2025**|**2025**|2024|2024|2024|
||**£**|**£**|**£**|£|£|£|
|Donations and grants|8,460|67,321|75,781|20,098|53,149|73,247|
## **4 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Income from charitable activities|96,373|20,492|
## **5 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Other income|25,143|29,159|
- 11 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Other income**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Other income|16,015|3,486|
## **7 Expenditure on charitable activities**
|**Direct costs**
Staff costs
Depreciation and impairment
Travel and subsistence
Rent, rates and utilities
Insurance
Maintenance and small equipment costs
Computer costs
Publicity and function costs
General office costs
Training and conferences
Volunteer expenses
Legal and professional
Exhibition and archive costs
**Share of support and governance costs (see note 8)**
Support
Governance
**Analysis by fund**
Unrestricted funds
Restricted funds|**2025**
**£**
167,609
57,102
3,781
29,056
5,956
29,548
13,507
15,856
16,949
-
911
3,476
19,329
363,080
5,470
4,650
373,200
355,503
17,697
373,200|**2024**
**£**
131,137
57,102
3,189
65,976
5,666
20,652
13,139
32,224
8,641
306
965
1,170
68,933|
|---|---|---|
|||409,100
-
4,068|
|||413,168|
|||360,623
52,545|
|||413,168|
- 12 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **8 Support costs**
|Intercompany write off
Independent examination
fee
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
5,470
-
-
4,650
5,470
4,650
5,470
4,650|**2025**Support costs Governance
costs
**£**
£
£
5,470
-
-
4,650
-
4,068
10,120
-
4,068
10,120
-
4,068|2024
£
-
4,068|
|---|---|---|---|
||||4,068|
||||4,068|
|**9**|**Net movement in funds**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|4,650|4,068|
||Depreciation of owned tangible fixed assets|57,102|57,102|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
The key management personnel of the charity comprise Museum Director. The total amount of employee benefits received by key management personnel for their services to the charity was £62,052 (2024: £60,775).
## **11 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2025**
**Number**
7
**2025**
**£**
153,728
9,360
4,521
167,609|**2024**
**Number**
4|
|---|---|---|
|||**2024**
**£**
121,474
6,239
3,424|
|||131,137|
- 13 -
## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**11**|**Employees**||**(Continued)**|
|---|---|---|---|
||The number of employees whose annual remuneration was more than £60,000|||
||is as follows:|||
|||**2025**|**2024**|
|||**Number**|**Number**|
||£60,001 to £70,000|1|1|
|**12**|**Gains and losses on investments**|||
|||**Endowment**|**Endowment**|
|||**funds**|**funds**|
|||**2025**|**2024**|
||Gains/(losses) arising on:|**£**|**£**|
||Revaluation of investments|(38,750)|81,437|
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **14 Tangible fixed assets**
|**Tangible fixed assets**||||
|---|---|---|---|
|**Freehold land**
**and buildings**
**£**
**Cost**
At 1 April 2024
2,855,088
At 31 March 2025
2,855,088
**Depreciation and impairment**
At 1 April 2024
599,465
Depreciation charged in the year
57,102
At 31 March 2025
656,567
**Carrying amount**
At 31 March 2025
2,198,521
At 31 March 2024
2,255,622|**Plant and**
**equipment**
**Fixtures and**
**fittings**
**£**
**£**
4,931
417,550
4,931
417,550
4,931
417,550
-
-
4,931
417,550
-
-
-
-|**Computers**
**£**
28,630
28,630
28,630
-
28,630
-
-|**Total**
**£**
3,306,199|
||||3,306,199|
||||1,050,576
57,102|
||||1,107,678|
||||2,198,521|
||||2,255,622|
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## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **15 Fixed asset investments**
|**Cost or valuation**
At 1 April 2024
Valuation changes
Disposals
At 31 March 2025
**Carrying amount**
At 31 March 2025
At 31 March 2024
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Amounts owed by fellow group undertakings
**17**
**Creditors: amounts falling due within one year**
Trade creditors
PAYE/NI payable
Accruals
**18**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**Listed**
**investments**
**£**
909,781
(38,750)
(70,000)
801,031
801,031
909,781
**2025**
**2024**
**£**
**£**
380
1,962
-
3,550
380
5,512
**2025**
**2024**
**£**
**£**
496
465
1,064
-
4,440
6,019
6,000
6,484
**2025**
**2024**
**£**
**£**
4,521
3,424|
|---|---|
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
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## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **19 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**Expendable endowments**
Endowment funds
**Previous year:**
**Expendable endowments**
Endowment funds|**At 1 April**
**2024**
**£**
909,781
**At 1 April**
**2023**
**£**
1,098,344|**Transfers**
**Gains and**
**losses**
**At 31 March**
**2025**
**£**
**£**
**£**
(70,000)
(38,750)
801,031
**Transfers**
**Gains and**
**losses**
**At 31 March**
**2024**
**£**
**£**
**£**
(270,000)
81,437
909,781|
|---|---|---|
## **20 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|Fixed asset fund
General funds
**Previous year:**
Fixed asset fund
General funds|**At 1 April**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
2,255,622
-
(57,101)
53,340
145,991
(298,402)
2,308,962
145,991
(355,503)
**At 1 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
2,312,724
-
-
13,626
73,235
(360,623)
2,326,350
73,235
(360,623)|**Transfers**
**At 31 March**
**2025**
**£**
**£**
-
2,198,521
70,000
(29,071)
70,000
2,169,450
**Transfers**
**At 31 March**
**2024**
**£**
**£**
(57,102)
2,255,622
327,102
53,340
270,000
2,308,962|
|---|---|---|
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## **THE SOLDIERS OF OXFORDSHIRE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **21 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**At 31 March 2025:**
Tangible assets
2,198,521
-
-
Investments
-
-
801,031
Current assets/(liabilities)
(29,071)
60,686
-
2,169,450
60,686
801,031
**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**At 31 March 2024:**
Tangible assets
2,255,622
-
-
Investments
-
-
909,781
Current assets/(liabilities)
53,340
11,062
-
2,308,962
11,062
909,781|**Total**
**2025**
**£**
2,198,521
801,031
31,615|
|---|---|
||3,031,167|
||**Total**
**2024**
**£**
2,255,622
909,781
64,402|
||3,229,805|
## **22 Related party transactions**
There were donations from 4 trustees in the year totalling £10,035 (2024: £162), and £59 of reimbursements made to 2 trustees in the year (2024: £nil).
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