OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED
31 MARCH 2021
INDEX
Page 1-8 Trustees’ Annual Report 9 Trustees’ Responsibilities 10-12 Independent Auditor’s Report 13 Statement of Financial Activities 14 Balance Sheet 15-21 Notes to the Accounts
Registered Charity No. 1168567
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021
Name: The Oxfordshire Historic Churches Trust (2016) (A Charitable Incorporated Organisation)
Also known as OHCT
Charity number 1168567
Website www.ohct.org.uk Registered address 4 Haslemere Gardens, Oxford, OX2 8EL Patrons Tim Stevenson OBE, Lord Lieutenant of Oxfordshire The Rt Revd Dr Steven Croft, Bishop of Oxford Sir Hugo Brunner KCVO The Rt Revd Gavin Collins, Bishop of Dorchester from April 14[th] 2021 Bernard Taylor DL
President The Rt Revd Colin Fletcher, Bishop of Dorchester to September 30[th] 2020 Sir Hugo Brunner KCVO (from October 1[st] 2020)
Trustees Prof. Malcolm Airs OBE FSA FRHS Hilary Cakebread Hall (Vice-Chair of the Trust & County Organiser for Ride and Stride) Dr Nicola Coldstream FSA (from May 12[th] , 2020) Giles Dessain (Treasurer) Dr Stephen Goss (Chair) Richard Hughes (Secretary) Cynthia Robinson (Grants Officer) Michael Sibly Stephen Slack CBE (from May 12[th] , 2020) Other officers Gillian Coates (Website Editor) Basil Eastwood CMG (Development Officer) Clare Fox (Events Administrator) Eluned Hallas (Data Manager) Holly Kilpatrick (Membership Secretary to March 31[st] 2021) Phoebe Hart ((Membership Secretary from April 1[st] 2021) The Ven David Meara (Lectures Coordinator) David Warr (Visits Coordinator) Beverley Bhaskare (Ride and Stride Administrator to December 31st 2021)
Solicitors Freeths: 5000 Oxford Business Park South, John Smith Drive, Oxford OX4 2BH Bankers Barclays: Oxford City Branch, 54 Cornmarket St, Oxford OX1 3HB. Auditors Critchleys Audit LLP: Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
REFERENCE AND ADMINISTRATIVE DETAILS
The names of Trustees, Office Holders, Council Members and auditors are listed on page 1.
Background and Purpose
The Oxford Historic Churches Trust (2016) was registered with the Charity Commission in August 2016. It continues the work of the Oxford Historic Churches Trust, which was established in 1964 and which transferred its assets and liabilities to the new Trust on 1 April 2017.
The Trust works for the benefit of both local communities and the wider public, to preserve and enhance Oxfordshire's historic Churches used for public worship and their associated structures and contents. It provides financial help for the repair and practical enhancement of churches and chapels in Oxfordshire regardless of denomination and including buildings dating from Saxon and Norman times through to the twentieth century.
The Trust gives grants towards the maintenance of the fabric and contents of churches with the intention of encouraging and facilitating timely and effective intervention. It also supports protective measures such as the installation of roof alarms to discourage and prevent the theft of lead; and it supports new building works, provided they respect the historic integrity of the building, to make churches more widely usable including by disabled people. The Trust is building an expendable endowment to support its grant-giving in the long-term as well as raising funds for immediate expenditure on grants.
In addition, the Trust encourages a wider appreciation of our historic religious buildings by increasing public awareness of the rich architectural and cultural heritage of places of Christian worship. This work includes the organisation of lectures and guided visits to churches for its members and others, and an illustrated gazetteer on its website of the county's places of worship which can be viewed according to denomination, architectural style, or location. The website also has a guide to church architecture. In addition, by organising occasional forums for the sharing of expertise and experience, the Trust offers support to people with responsibilities for maintaining their churches.
The Trustees are confident that these activities are for the public benefit, in accordance with the requirements of charity law, and have had due regard to the Charity Commission’s guidance on public benefit when exercising powers and duties to which it is relevant.
Achievements and performance
The financial year 2020-2021 saw a continued high demand for support from the Trust. As in the previous year, an unusually high number of applications was made for large projects (seven with costs ranging from £160k to £350k). The Trust allocated grants totalling £295,575, comprising £291,250 for general purposes (major and minor repairs and restoration, and the modernisation of facilities) and £4,325 for roof alarms to guard against lead theft. The corresponding figures for 2019-2020 were a total of £256,974, comprising £230,500 in general grants and £26,474 for roof alarms.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
The Trust revised its policies this year to allow for more generous grants. This was made possible through the receipt of a substantial legacy bequeathed by Dr David Booth (see the Financial Review , below). The Trust will name one or two major grants each year in memory of him. Previously our grants for general purposes were set at between £500 and £20,000, but the maximum was raised this year to £25,000. The level of each grant is determined as hitherto with reference to the overall cost of the project and to the funds that we have available, but our limit of 20% of costs for minor works is now applied to projects of up to £30,000 (previously, the limit used to be £20,000). The maximum in the case of projects costing between £30,000 and £40,000 is now £6,000, and above that 15% of the cost or the new higher limit of £25,000 whichever is less. We continue to allow professional fees to be included in the project cost so as to encourage churches to take professional advice whenever appropriate. We are aware that even this enhanced support leaves churches needing to undertake often very significant fundraising, but we know that an early offer from the Trust is effective 'seed-corn' for further donations.
During the year, there were just two applications for roof alarms, though we know that many churches are still unprotected. This may well reflect more urgent consideration having been given to the implications for churches of Covid. Using funds supplied by the Allchurches Trust, we met the cost of alarm installation (with a limit of £2,500). We shall aim to increase the uptake of grants for alarms in the coming year.
A full schedule of grants allocated is included below. Grants of £10,000 or more were awarded to Clifton Hampden, St Michael & All Angels; Headington Quarry, Holy Trinity; Kidlington Methodist Church; Little Farringdon, St Margaret; Longworth, St Mary; Mixbury, All Saints; Nuffield, Holy Trinity; Wheatfield, St Andrew; Wheatley, St Mary the Virgin.
The Trust normally considers grant applications on three occasions during the year and operates an emergency procedure for the exceptional award of grants for urgent repairs at other times.
The Trust disburses its grants once works have been carried out to at least the value of the grant awarded. Our grant offers remain open for three years from the date of the award, which has allowed most churches sufficient time to complete their fundraising and start work. Sometimes, churches do not reach that position, and their grant has to be cancelled. The amount of such cancellations has fluctuated widely in recent years: during 2018-2019 the amount was £31,500; during 2019-2020, £3,500 (a more normal figure); but during 2020-2021 there was a record level of
cancellations of £56,000. This was most unfortunate, but it appears to a significant extent to have been an effect of the pandemic. Some churches were unable to start their projects because contractors were not working or, when they were, sudden demand meant that they were not available. On a happier note, some churches were able to access special pandemic monies provided as the sole source of funding and so they did not take up our grants. More generally, the level of cancellations over time could reflect the difficulty of fundraising, and the Trust will continue to keep the situation under scrutiny. Of course, churches that cancel a grant because they have not been able to start their work are always welcome to reapply.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
Details of the Trust's finances for 2020-2021, including movements in investments, are given in the Financial Review below. Expenditure has been addressed above, and the variations in income as compared with 2019-2020 were relatively minor with the notable exception of the receipt of the large legacy, income from which will offer improved security to our future operations. Donations from individuals and from other charities continue to make an important contribution to the Trust's annual turnover. The Trust's largest source of recurrent income is from Ride & Stride, a major sponsored cycling event across Oxfordshire and part of a national fundraising campaign. This was a remarkable success in the pandemic year. Though the pandemic meant that managing publicity for recruitment was more difficult than usual, there was an increase in the popularity of cycling which may well have brought in some new participants: as a result, income from this source held up well and provided for over one third of our grants. The Trust will maintain its efforts to attract future donations and to promote Ride and Stride, and we are glad to acknowledge the dedicated leadership and work in this area of our Ride and Stride Organiser, Hillary Cakebread Hall.
The Trust had planned a full programme of guided architectural visits and lectures for the summer of 2020, but, unfortunately, these were not possible in the context of pandemic restrictions and were postponed to 2021.
The Trust continues to engage with national bodies such as the Historic Religious Buildings Alliance and the National Churches Trust.
This year saw Holly Kilpatrick, well known and popular in the Trust as our Membership Secretary, step down from office. The Trust is much indebted to her for all her work over the years, and we are glad to record our appreciation and thanks.
There has been the usual slow but steady turnover in membership of the Trust: counting 'family memberships' as two individuals, we now have 509 personal members (497 in 2020) and 295 organisations (256 in 2020). The latter are almost entirely churches whose increased number this year is due to our having acknowledged the separate churches within combined benefices. In addition, we have 52 individuals and 55 organisations as Honorary or Ex Officio members. These groups, which we keep informed about the work of the Trust, include major donors and organisations concerned with the care of historic buildings.
Progress against our objectives
Our objectives call for work over an extended period, and activity in these areas will be continued in the coming year. Progress is reviewed at each Trustees' meeting and the objectives are reviewed and set annually.
Objectives adopted for 2020-2021
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Grants
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Increase our grant giving for church repairs and practical enhancements in response to rising calls for support and to the financial and practical problems arising for churches from the covid pandemic
As described above in 'Achievements and Performance', the Trust increased its grant giving in 2020-2021 by 15% over the preceding year. In addition, we made significant enhancements to the level of our grants.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
- Raising the profile of OHCT
Devise and try innovative approaches to publicity for the Trust with the aims of raising awareness of the Trust amongst churches and their 'Friends' and of increasing the rate of recruitment of new members, especially amongst families and younger people: this to be supported also through our traditional means (website and circulations to members)
The pandemic prevented us from holding any of the events that normally give the Trust and its work valuable publicity. In compensation, we increased the frequency of email circulations to stay in touch with our Members. Our website editor has made significant progress with improving the content and coverage of our gazetteer of the county's churches, and she ensured there was a regular flow of illustrated articles describing how the Trust had supported restoration and repairs in individual churches.
Ride and Stride
Protect this source of income as much as possible by adapting the running of Ride and Stride in 2020 to accommodate measures against the Covid-19 pandemic
This year, it was not possible for our volunteers to undertake the distribution of publicity and administrative materials to support Ride and Stride. Instead, we undertook a massive mailout which was successful and resulted in an excellent level of participation. This major source of income was maintained.
Raising awareness of the issues surrounding churches and chapels and their maintenance
In addition to maintaining a programme of church visits, engage at both local and national levels with initiatives supporting the sustainability of churches
Being unable to hold meetings for this purpose this year, we maintained a collection of relevant resources on our website.
Development
Ensure continuing engagement with existing donors and legators to ensure fulfilment of Campaign pledges; pursue any new fund-raising opportunities that can be identified including corporate sponsorship for the Trust and its activities
We continue to build the Heritage Fund as a category of reserve that can provide a regular source of investment income, important progress having been made on receipt this year of a generous legacy.
Administration: infrastructure
Continue to refine the Trust database and website to ensure the most efficient support for all our activities
Our database and website project was completed this year, and both are functioning well. The data held is regularly scrutinised and updated.
Administration: archiving
Complete the establishment of a central, indexed archive to document the CIO’s activities.
We have completed our cloud-based archive covering the administration and activity of the CIO.
FINANCIAL REVIEW
Thanks to the generous legacy from Dr David Booth, this year’s revenue was £2,880,069, an increase of £2,518,997 over last year; overall, our legacy income was increased by £2,557,682. Grants from trusts for general purposes, at £37,700, were reduced by £9,950, trusts having directed their giving elsewhere to meet acute needs arising from Covid. With Covid impacting most public events, we had been anxious that the 2020 Ride and Stride, our principal fundraising event, might be heavily hit; but, in the event, our supporters responded well and generated £108,233, just £4,000 less than in 2019.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
With the benefit of the Booth legacy, we have substantially increased our grants to churches: in all, we allocated £295,575 (c.f. £256,974 in 2012-2020). In addition, we distributed £43,686 as individual churches' share of Ride and Stride sponsorship.
It was an unfortunate consequence of Covid that some churches were unable to get their projects started. The Trust's policy is to hold open its grant offers for three years, which is normally sufficient for the works to be well underway if not completed. This year, grants worth £56,000 expired and were cancelled – an unprecedented amount. The Trust can consider renewed applications in these cases in due course.
Our annual running costs at £29,190 are £4,096 down on 2020. Our largest costs were IT infrastructure (45%), data processing (14%), audit (14%) and publicity for Ride and Stride (17%).
Our investment portfolio has been transformed during the year. Valued at £1,827,267 at 31[st] March 2020, it rose to £5,279,295 by the year end. This increase includes £2,759,324 in new investments (£2,576,291 from the Dr Booth legacy plus £183,033 moved from cash held in our bank accounts). In addition, we had revaluation gains of £692,703 as the stock markets recovered from their nadir in March 2020.
Of our portfolio, 85% is held in three broad based multi-asset funds managed by CCLA, Cazenove and Newton Investment Management. The remaining 15% of the portfolio are held in funds managed by M&G and Savills (the latter in property). I would like to thank Bruce Crawford and James Macnamara for their help at the Finance Committee supporting these major changes in our investment portfolio.
In line with Charity Commission guidelines and professional advice, we are continuing our policy of allocating legacies to the Heritage Fund, creating an expendable endowment, with the invested income used to fund grants.
Reserves Policy
For many years the Trustees have sought to maintain a General Fund of between 3 and 5 times that of the annual grant awards. Not only did this allow a margin to cover any unexpected or unduly large call upon our finances, but it also provided some protection against any sharp drop in one or more of our sources of income. Following our Jubilee Appeal, we now have a stand-alone category of reserves, comprising monies in the Heritage Fund. This is an expendable endowment, the express purpose of which is, over the long term, to generate additional income to a level that will allow us to increase our annual grant making capacity in real terms. This Reserves Policy will be kept under review, particularly in the light of this year's considerable strengthening of the Heritage Fund.
Investment Policy
The Trust aims to invest prudently to produce a good level of total return so as to protect capital value in the long term and provide a reasonable level of income whilst managing volatility. To these ends, the Trust makes use of taxefficient and inexpensive professionally managed funds chosen to allow a diversity of holdings including a range of asset types. Note 9 to the Accounts lists these investments.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
GENERAL GOVERNANCE
This is the fourth Annual Statutory report by Oxfordshire Historic Churches Trust (2016), a new Charitable Incorporated Organisation (CIO), registered by the Charity Commission on 2 August 2016.
All the assets and liabilities of the Oxfordshire Historic Churches Trust (“1964 Trust”) were vested in the new CIO on 1 April 2017. The 1964 Trust remains in formal but dormant existence for the time being in case legacies and other donations specify its charity registration number. To make this possible it retains £100 as its sole asset, which it has passed to the new CIO as an interest-free loan.
The 1964 Trust and the new CIO have the same trustees. The 1964 Trust deed does not provide for fixed terms for trustees. However, the original constitution of the CIO provided for fixed five-year terms, renewable only after a oneyear gap. This was changed in September 2020 to allow CIO Trustees to serve continuously for two consecutive terms, a one-year gap being required only after that. The revised provision, which reflects a specimen recommendation from the Charity Commission, was adopted for better continuity in the running of the CIO, particular note having been taken of the desirability of allowing that Trustee officers might be asked to remain in post beyond their first term thereby maintaining the base of valuable expertise they had gained in office.
The Trust has no employees, but it has a small number of service contracts for the provision of accounting, web site maintenance, data management (including membership records) and similar administrative functions.
The Trust introduced a new Conflict of Interest Policy during the course of this year. This Policy builds on the general provisions already within the Trust's Constitution: its value is in comprising a codification of specific practices already embedded by the Trust with additional clarification from examples relating particularly to the work of the Trust and membership of its committees.
Ultimate authority rests with the Trustees who are self-electing. In practice they act as an executive committee. New trustees are elected by the other Trustees based on skills gap identified. They receive a basic induction into their role and the Charity. Two new trustees were formally elected on May 12[th] 2020; Dr Nicola Coldstream, author and expert on medieval architecture, and Stephen Slack, until recently Chief Legal Adviser to the Archbishops' Council and General Synod of the Church of England.
The Trustees appoint a Council which meets three (or sometimes four) times a year to allocate grants under powers delegated from the Trustees and to advise the Trustees on other matters. The Council consists of the Trust’s thirteen Area Representatives together with the Trustees and Officers. It includes three office-holders from the Diocese of Oxford and also takes care to address the needs of other denominations. The Area Representatives are the key initial contacts for those wishing to submit grant applications to the Trust. Whenever possible, the Trustees appoint additional representatives as 'Alternates' to learn the role, to act as assistants, and to advise Council on occasions when an Area Representative is unable to attend.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
The Trust’s members (who under the new CIO’s constitution are formally termed its general members ) join to support its activities and enjoy the events it organizes. The Trustees see the membership as an important constituency for the Trust’s activities and its major source of legacies. In furtherance of the Trust’s public outreach, Trustees keep
membership fees and events charges low and do not regard these as a significant source of Trust income for current grant-making.
Principal risks and mitigations
The principal risks to the charity (in terms of both likelihood and gravity of effect on its activities) have been identified as:
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a. Branding and identity damaged as the Trust develops new approaches to publicity;
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b. Turnover in key office holders leads to loss of institutional memory;
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c. Loss of office equipment and database information due to accident, fire or theft;
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d. Improper use of personal data held by the Trust or a breach of data security;
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e. Risks associated with vulnerable persons, in particular minors, taking part in Trust events;
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f. Reduction in income from grant giving institutions;
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g. Breakdown in relations with those who have pledged donations or legacies;
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h. Breakdown of new centralised IT facilities; and,
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i. Reduction in income due to the impact of economic uncertainty on investment income and donations.
These risks and uncertainties are mitigated by:
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a. Improved communication with members and other stakeholders;
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b. Recruiting and inducting replacement office-holders in good time;
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c. Ensuring that all data, in particular the financial and donor data bases, are held or backed-up off site;
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d. Annual review of a Privacy Policy and Procedures compliant with the General Data Protection Regulations;
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e. Safeguarding policy in place and reviewed annually;
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f. Maintaining links with key institutional donors;
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g. Links maintained with pledged donors or legators, for instance through personal invitations to Trust events;
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h. Careful monitoring of the performance of our suppliers; and,
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i. Maintaining a diversified investment portfolio and a prudent level of reserves while endeavouring to diversify sources of income.
Signed on behalf of the Trustees
Date…14.July 2021……………………………
Dr Stephen Goss
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
Dr Stephen Goss
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST
Opinion
We have audited the financial statements of Oxfordshire Historic Churches Trust (the ‘charity’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)”.
In our opinion, the financial statements:
•give a true and fair view of the state of the charity's affairs as at 31 March 2021, and of its incoming resources and application of resources, for the year then ended;
•have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matter
The financial statements of the Charity for the year ended 31 March 2020 are unaudited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (Continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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•the information given in the trustees’ report is inconsistent in any material respect with the financial statements;
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•sufficient accounting records have not been kept;
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•the financial statements are not in agreement with the accounting records and returns; or
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•we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under the Charities Act 2011 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the charity through discussions with directors and other management, and from our knowledge and experience;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity.
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (Continued)
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims;
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reviewing relevant correspondence.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Charities Act 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Critchleys Audit LLP, Statutory Auditor
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Date 16 July 2021
Critchleys Audit LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies Grants, donations, subscriptions and tax recovery 3 Heritage fund appeal income 3 Roof alarm fund income Other trading activities Sponsored bicycle ride 4 Events Investments Investment income Total income and endowments EXPENDITURE ON: Raising funds Sponsored cycle ride 5 Charitable activities Grants to churches 7 Distribution of cycle ride revenues to churches 4 Roof alarm fund expenditure 7 Governance costs 8 Total expenditure Net gains/(losses) on investments Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 57,321 2,591,807 - 108,233 679 122,029 2,880,069 8,299 235,250 43,686 - 20,891 - 308,126 692,703 3,264,646 1,797,299 5,061,945 |
Restricted Funds £ - - - - - - - - - - 4,325 - - 4,325 - (4,325) 18,000 13,675 |
Total Funds 2021 £ 57,321 2,591,807 - 108,233 679 122,029 2,880,069 8,299 235,250 43,686 4,325 20,891 - 312,451 692,703 3,260,321 1,815,299 5,075,620 |
Total Funds 2020 £ 71,294 45,466 30,000 112,234 1,069 101,009 |
|---|---|---|---|---|
| 361,072 | ||||
| 12,458 241,474 47,519 12,000 20,829 |
||||
| - 334,280 |
||||
| (243,729) | ||||
| (216,937) 2,032,236 |
||||
| 1,815,299 |
The statement of financial activities includes all gains and losses recognised in the year. All activities are classed as continuing.
Page 14
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) – CHARITY NUMBER 1168567
BALANCE SHEET AS AT 31 MARCH 2021
| Note FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank and in hand Debtors 10 CREDITORS PAYABLE WITHIN ONE YEAR 11 NET CURRENT LIABILITIES NET ASSETS THE FUNDS OF THE CHARITY Restricted funds 12 Unrestricted funds Designated funds 12 General funds 12 |
2021 £ £ 5,279,295 103,757 1,172 104,929 (308,604) (203,675) 5,075,620 13,675 3,769,545 1,292,400 5,075,620 5,075,620 |
2020 £ £ 1,827,267 293,806 2,394 296,200 (308,168) (11,968) 1,815,299 18,000 1,014,123 783,176 1,815,299 1,815,299 |
2020 £ £ 1,827,267 293,806 2,394 296,200 (308,168) (11,968) 1,815,299 18,000 1,014,123 783,176 1,815,299 1,815,299 |
|---|---|---|---|
| 1,815,299 | |||
| 1,815,299 | |||
| 1,815,299 |
The notes on pages 14 to 19 form part of these accounts.
The accounts were approved by the Trustees on......14 July 2021.............................
..............................................……. Trustee
..............................................……. Trustee
Page 15
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021
1 CHARITY INFORMATION
Oxfordshire Historic Churches Trust (2016) is a Charitable Incorporated Organisation registered in England and Wales, Charity Number 1168567. The charity is a public benefit entity.
Its registered office is: 4 Haslemere Gardens, Oxford, OX2 8EL
2 ACCOUNTING POLICIES
(a) Basis of Accounting
- The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) 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). Assets accounts are prepared under the historical cost convention, except for investments which are shown at market value, and in compliance with all applicable accounting standards and the Charities Act 2011.
(b) Presentation of the Accounts
The Charity has adopted the SORP “Accounting and Reporting by Charities” (revised 2019). The presentation currency used in Sterling.
(c) Subscriptions
Subscriptions are included in the accounts at the date of receipt. No account is taken of any subscriptions in arrears or in advance.
(d) Donations
Donations are included in the accounts at the date of receipt.
(e) Resources expended - grants
- Grants are accounted for on a payable basis. If the grant is not claimed and paid within 3 years of approval, it lapses. Grants to churches not yet paid are shown in creditors note 11.
(f) Investment Assets
Investments are shown at market value at the balance sheet date. The statement of financial activities takes account of unrealised gains and losses on investments.
(g) Incoming resources – grants
Grants are accounted for on a received basis.
(h) Legacies
Legacies are accounted for on a received basis.
(I) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 16
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
2 ACCOUNTING POLICIES (CONTINUED)
(j) Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charitable company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
3
DONATIONS, SUBSCRIPTIONS AND TAX RECOVERY
| Kilroot Foundation St Michael’s and All Saints Charities Adrian Swire Charitable Trust Other donations and subscriptions Schuster Trust Lord Phillimore Trust Doris Field Charitable Trust Brunner Settlement Trust J A Pye Settlement Trust CL Lloyd Charitable Trust Total HERITAGE FUND APPEAL INCOME Legacies/Income received Total 4 SPONSORED BICYCLE RIDE Total proceeds of the bicycle ride Proceeds paid directly to the churches nominated by the sponsored cyclists Expenses incurred in organising the event |
2021 £ 20,000 - 2,500 25,821 1,000 2,000 5,000 - - 1,000 57,321 2021 £ 2,591,807 2,591,807 2021 £ 108,233 (43,686) (8,299) 56,248 |
2020 £ - 20,000 2,500 24,794 1,000 2,000 5,000 6,000 10,000 - 71,294 2020 £ 45,466 45,466 2020 £ 112,234 (47,519) (12,458) 52,257 |
|---|---|---|
Page 17
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
5 TRUSTEES’ EXPENSES AND REMUNERATION
| 4 (2020: 3) trustees were reimbursed for expenses totalling The trustees received no remuneration in the year |
2021 £ 2020 £ 512 698 |
|---|---|
6 AUDITORS’ FEES
Auditors’ fees amounted to £4,200. In the year ended 31 March 2020, independent examiners’ fees amount to £1,500.
Page 18
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
7 GRANTS AWARDED
| Church Abingdon, St. Helen Abingdon, St. Nicholas Aston Rowant, SS Peter & Paul Binsey, St. Margaret Brightwell-cum-Sotwell, St.Agatha Cassington, St. Peter Chinnor Community Church Church Recording Society Clifton Hampden, St. Michael & All Angels Didcot Baptist Church Elsfield, St. Thomas Gt. Haseley, St. Peter Headington Quarry, Holy Trinity Hempton, St. John Horley, St. Etheldreda Kidlington Methodist Church Kidmore End, St. John Little Faringdon, St. Margaret Longworth, St. Mary Middleton Stoney, All Saints Mixbury, All Saints Nuffield, Holy Trinity Rotherfield Grays, St. Nicholas Sandford St. Martin, St. Martin Swalcliffe, SS Peter & Paul Sydenham, St. Mary Upton, St. Mary the Virgin Warborough, St. Laurence Waterstock, St. Leonard Watlington Methodist Church West Hendred, Holy Trinity West Hendred, Holy Trinity Wheatfield, St. Andrew Wheatley, St. Mary the Virgin Wolvercote, St. Peter (35 grants) Less : cancellations Unrestricted Roof alarms (2 grants awarded) Total grants |
Amount Project £ 5,000 Roof repairs/Heating work 7,000 Tower repairs 7,000 Repairs to windows/buttresses 6,000 Masonry/associated works 3,000 Repair and renew gullies 3,400 Vestry roof repairs 2,000 Re-roofing and gutter repairs 250 Start up Fund for recording churches 22,000 Re-roofing and repairs to windows 8,000 Improvements/accessibility 2,000 Stonework/rainwater goods 5,000 Tower and stonework repairs 11,000 Creation of community space 1,000 Repairs to valley gutters 8,000 Replace/repair windows 20,000 Community space/repairs/WC 1,600 Roof repairs 18,000 Re-roofing stone slate roof 13,000 Repairs/rehang bells 7,000 Repairs to roof/rainwater goods 20,000 QQ work/improvements 20,000 Community space/heating/WC 2,000 Roof repairs 9,500 Repairs to tower and porch 7,000 Drainage works 3,000 Repairs to church steeple 6,500 Extension for WC/kitchenette 8,000 Repairs to roof/stonework 9,000 Stabilisation/repairs 4,000 Replacement of roof slates 1,000 Repairs to Bell Tower wall 7,000 Roof repairs 20,000 Restoration/Conservation 20,000 Extensive refurbishment 4,000 Tower repairs 291,250 (56,000) 235,250 4,325 239,575 Of which: |
|---|---|
Of which: General fund expenditure £235,250 Roof fund expenditure £4,325
Page 19
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
| 8 9 |
GOVERNANCE COSTS 2021 £ 2020 £ Auditors’ fee 4,200 - Independent examiners’ fee - 1,500 Legal, IT, printing, postage and meeting expenses 16,691 19,329 20,891 20,829 INVESTMENTS Market Value @ Additions/ Transfers Cash Gain/ Market Value @ 01.04.20 cost Movement (loss) 31.3.21 £ £ £ £ £ Main Reserve Account M&G Charifund 221,126 - - 51,226 272,352 Charities Property Fund 250,511 - - (4,147) 246,364 Schroders MAF 533,962 - - 115,971 649,933 CCLA – COIF Charities Investment Fund Income 181,618 1,200,000 - 26,788 1,408,406 CCLA – Deposit Account - 100,000 - - 100,000 Cash balances 3,842 - (1,424) - 2,418 Heritage Fund Account Newton Growth and Income - 1,400,000 - 148,305 1,548,305 Charities Property Fund 111,986 - - (1,854) 110,132 Empiric Student Property 29,084 - - 5,808 34,892 Schroders MAF 492,726 400,000 - 7,998 900,724 Cash balances 2,412 - 3,357 - 5,769 1,827,267 3,100,000 1,933 350,095 5,279,295 |
GOVERNANCE COSTS 2021 £ 2020 £ Auditors’ fee 4,200 - Independent examiners’ fee - 1,500 Legal, IT, printing, postage and meeting expenses 16,691 19,329 20,891 20,829 INVESTMENTS Market Value @ Additions/ Transfers Cash Gain/ Market Value @ 01.04.20 cost Movement (loss) 31.3.21 £ £ £ £ £ Main Reserve Account M&G Charifund 221,126 - - 51,226 272,352 Charities Property Fund 250,511 - - (4,147) 246,364 Schroders MAF 533,962 - - 115,971 649,933 CCLA – COIF Charities Investment Fund Income 181,618 1,200,000 - 26,788 1,408,406 CCLA – Deposit Account - 100,000 - - 100,000 Cash balances 3,842 - (1,424) - 2,418 Heritage Fund Account Newton Growth and Income - 1,400,000 - 148,305 1,548,305 Charities Property Fund 111,986 - - (1,854) 110,132 Empiric Student Property 29,084 - - 5,808 34,892 Schroders MAF 492,726 400,000 - 7,998 900,724 Cash balances 2,412 - 3,357 - 5,769 1,827,267 3,100,000 1,933 350,095 5,279,295 |
|---|---|---|
| 1,827,267 3,100,000 1,933 350,095 5,279,295 |
Investments are shown at market value in the balance sheet. In addition to the gain of £350,095 shown above, a further gain of £341,305 was recorded in respect of the movement in value of legacy shares between probate and receipt of the assets. This movement is recorded in the additions column above, to reflect the assets which were added to investments.
Page 20
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
10 DEBTORS
| Income tax recoverable Other debtors CREDITORS PAYABLE WITHIN ONE YEAR Grants to churches not yet paid Accruals |
2021 £ 395 777 1,172 2021 £ 303,744 4,860 308,604 |
2020 £ 1,812 582 |
|---|---|---|
| 2,394 | ||
| 2020 £ 302,868 5,300 |
||
| 308,168 |
11 CREDITORS PAYABLE WITHIN ONE YEAR
12 FUNDS
| Heritage | Roof Alarm | Roof Alarm | |||
|---|---|---|---|---|---|
| General | Fund | Fund | |||
| unrestricted | Designated | Restricted | Total Funds | ||
| £ | £ | £ | £ | ||
| Funds brought forward | 783,176 | 1,014,123 | 18,000 | 1,815,299 | |
| Incoming resources | 288,261 | 2,591,808 | - | 2,880,069 | |
| Resources expended | (308,126) | - | (4,325) | (312,451) | |
| Gains/(losses) on investment assets | 529,089 | 163,614 | - | 692,703 | |
| Transfer between funds | - | - |
- | - |
|
| Funds carried forward | 1,292,400 | 3,796,545 | 13,675 | 5,075,620 |
The Heritage Fund. This designated fund has been established by the trustees to mark the fiftieth anniversary of the trust. Donations are received without restriction by the donor and incoming resources above therefore reflects transfers made at the discretion of the Trustees. It is intended to form an expendable endowment within the accounts of the Trust so the grant giving capacity of the trust can be substantially increased in the years ahead.
The Roof Alarm Fund. This fund supports protective measures such as the installation of roof alarms to discourage and prevent the theft of lead. It is the Trust's policy that the grants cover half the cost of each alarm system up to a maximum of £2,500.
Page 21
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)
13 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted funds Designated funds General funds Restricted funds |
Fixed Assets £ 2,599,822 2,679,473 -) 5,279,295 |
Net Current Liabilities £ 1,169,723 (1,387,073) 13,675 (203,675) |
Total £ 3,769,545 1,292,400 13,675 5,075,620 |
|---|---|---|---|
14 RELATED PARTY TRANSACTIONS
No related party transactions took place in the reporting period (2020: none).