**Charity registration number 1168567** # **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**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| ||Bernard Taylor DL| |**President**|Sir Hugo Brunner KCVO (to July 19th 2021)| ||Charles Baker (from July 19th 2021)| |**Trustees**|Prof. M Airs OBE FSA FRHS| ||Hilary Cakebread Hall (Vice-Chair of the Trust &| ||County Organiser for Ride and Stride)| ||Dr Nicola Coldstream FSA| ||Giles Dessain (Treasurer)| ||Dr Stephen Goss (Chair)| ||Richard Hughes (Secretary)| ||Cynthia Robinson (Grants Officer)| ||M Sibly| ||Stephen Slack CBE| |**Other officers**|Gillian Coates (Website Editor)| ||Basil Eastwood CMG (Development Officer)| ||Clare Fox (Events Administrator)| ||Eluned Hallas (Data Manager)| ||Phoebe Hart (Membership Secretary)| ||The Ven David Meara (Lectures Coordinator)| ||David Warr (Visits Coordinator)| |**Charity number**|1168567| |**Auditor**|Critchleys Audit LLP| ||Beaver House| ||23-38 Hythe Bridge Street| ||Oxford| ||Oxfordshire| ||OX1 2EP| |**Bankers**|Barclays Bank plc| ||54 Cornmarket Street| ||Oxford| ||OX1 3HS| |**Solicitors**|Freeths LLP| ||5000 Oxford Business Park South| ||Oxford| ||OX4 2BH| ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 8| |Statement of trustees' responsibilities|9| |Independent auditor's report|10 - 13| |Statement of financial activities|14| |Balance sheet|15| |Notes to the financial statements|16 - 23| ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 MARCH 2022**_ The trustees present their annual report and financial statements for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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) " (effective 1 January 2019 ). ## **Objectives and activities** 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. - 1 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Achievements and performance** The financial year 2021-22 saw a reduced demand for grant support from the Trust. In part we believe this to be the result of the Covid-19 pandemic and the several periods of lockdown, we are nonetheless exploring the other various factors which might have contributed to the slow down. The Trust allocated grants totalling £220,950, comprising £212,000 for general purposes (major and minor repairs and restoration, and the modernisation of facilities) and £8,950 for roof alarms to guard against lead theft. The corresponding figures for 2020-2021 were a total of £295,575 comprising £291,250 in general grants and £4,325 for roof alarms. The Trust continued to monitor its policies this year to allow for more generous grants. This has been possible through the receipt of the last tranche of the substantial legacy bequeathed by Dr David Booth and the receipt of a generous legacy from Simon Haviland (see the _Financial Review_ , below). 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 St Martin, Bladon; St Mary, Bloxham; (2 separate grants); St James, Cowley; St Thomas, Goring; Hook Norton Baptist Church (the David Booth Grant); Holy Trinity, Over Worton; St Mary, Pyrton and St Mary, Cogges. 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 2019-2020, £3,500 (a more normal figure); during 2020-2021 there was a record level of cancellations of £56,000 and in 2021-22 £10,000. The increase is most unfortunate, and it appears to a significant extent to have been an effect of the pandemic. We anticipate this may continue until churches are able to overcome some of the difficulties still resulting from the pandemic including availability of materials and skilled workers. 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. - 2 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ Details of the Trust's finances for 2021-2022, including movements in investments, are given in the Financial Review below. Expenditure has been addressed above, and the variations in income as compared with 2020-21 are included in that Report. 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 adversely impacted this year by the plethora of other charity and social events in early September after much of the first half of the year was under various degrees of national lockdown. The Trust will maintain its efforts to attract future donations and to promote Ride and Stride, and we are glad to acknowledge the dedicated commitment of the Area Coordinators, Church Coordinators and participants. For the second year much of the Trust’s planned programme of guided architectural visits and lectures for the summer of 2021 was not possible in the context of pandemic restrictions and these were postponed to 2022. The Trust continues to engage with national bodies such as the Historic Religious Buildings Alliance and the National Churches Trust. There has been the usual slow but steady turnover in membership of the Trust: counting 'family memberships' as two individuals, we now have 510 personal members (509 in 2021) and 300 organisations (295 in 2021). 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 47 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. Under the circumstances the Trust faced as a result of the pandemic it was decided to maintain the same objectives as the previous year. ## _**Objectives adopted for 2021-2022**_ - **Grants** 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 saw a decrease in the number of grant applications. Mindful of the severe pressure many churches faced with reduced giving and smaller active congregations the Trust provided as generous grants as possible to support their maintenance and improvement projects._ - 3 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **• 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 continued 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 continuing to adapt the running of Ride+ Stride in 2021 to accommodate measures against the Covid-19 pandemic _Following the successful distribution of publicity and administration materials via a mailout in 2020 we decided to continue with this. This was to protect our volunteers as the pandemic continued and was a more environmentally responsible use of resources. Although there was a reduction in income from this event this continues to be a significant source of income for the Trust_ ## **• 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 approach this year, we maintained a collection of relevant resources on our website and commenced planning an on-going online resource to support churches identify and resolve maintenance requirements._ ## **• 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 _The Heritage Fund remains as a category of reserve that can provide a regular source of investment income, further established on receipt this year of the balance of our recent generous legacy together with another generous bequest_ ## **• Administration: infrastructure** Continue to refine the Trust database and website to ensure the most efficient support for all our activities _Both continue to function well and are regularly reviewed to ensure their maximum efficacy. The data held is regularly scrutinised and updated_ ## **• Administration: archiving** Maintain the central, indexed archive to document the CIO’s activities. _We continue to maintain the cloud-based archive covering the administration and activity of the CIO._ - 4 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Financial review** Our General Fund Income increased to £320,674 versus £288,261, in 2021. 2021 Ride and Stride, our principal fundraising event, was hit by competing events and generated £93,597, nearly £15,000 less than in 2020. However, investment income at £169,768 was sharply up as we had a full year of dividends from our investment portfolio. Heritage Fund income was £130,269, with generous legacy from Simon Haviland of £50,000 and £64,179 remaining balance from the estate of Dr David Booth. One of the consequences of Covid being that churches have struggled to get projects under way, and we have seen a sharp drop off in application for grants. As a result, we allocated £220,950 (c.f. £295,575 in 2020-2021). In addition, we distributed £38,941 as individual churches' share of Ride and Stride sponsorship. We hope the level of applications will increase now and are ready to give sympathetic consideration to all applications. Our annual running costs at £27,190 are £2,109 down on 2021. Our largest costs were IT infrastructure (47%), audit (16%) and publicity for Ride and Stride (25%). Our investment portfolio performed well during the year. Valued at £5,279,295 at 31 st March 2021, it rose to £5,815,529 by the year end. We invested £100,000 of cash which was above our immediate needs and had increase in value of our holdings of £436,234 as the stock markets performed. 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 and support at the Finance Committee. ## **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. ## **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 tax-efficient and inexpensive professionally managed funds chosen to allow a diversity of holdings including a range of asset types. Note 12 to the Accounts lists these investments. - 5 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **Financial Governance** The Trustees delegate powers to manage the investment portfolio to a Finance Committee whose members have a range of appropriate experience of investment management, accountancy and charity trusteeship. Membership of the committee is determined by the Trustees, and the committee elects its own secretary. The committee's main role is to advise the Treasurer on the balance between cash holdings and investments and to select and keep under review the managed funds in which it invests. The Committee communicates and meets as necessary, meeting at least once annually: it receives regular reports from its professional fund managers, and it reports through its Minutes to the Trustees. The Committee also advises the Treasurer on the draft accounts and financial statement for the Annual Review to be sent to members and on the annual income and expenditure budgets as drafted by the Treasurer. Current membership is Stephen Goss, Giles Dessain, James Macnamara and Bruce Crawford. ## **Structure, governance and management** This is the fifth 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 one-year 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 is careful to observe its Conflict of Interest Policy. This Policy builds on the general provisions already within the Trust's Constitution: its value is in comprising a codification of specific practices long 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. No new trustees have been appointed. - 6 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ 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 officeholders 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. 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 organises. 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. The trustees who served during the year and up to the date of signature of the financial statements were: Prof. M Airs OBE FSA FRHS Hilary Cakebread Hall (Vice-Chair of the Trust & County Organiser for Ride and Stride) Dr Nicola Coldstream FSA Giles Dessain (Treasurer) Dr Stephen Goss (Chair) Richard Hughes (Secretary) Cynthia Robinson (Grants Officer) M Sibly Stephen Slack CBE - 7 - OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Princlpal rlsks and mitigations The principal risks to the charity {in temis of bolh likglihood and gravity of effecl on its activities) have been identifieij as.. a. Branding and identity damaged a¥ the Twyt develops new approathe8 to publicity. b. Tumover in key office holders leads lo l¢)ss of inslilulional memory,. c. Loss of office equipment and datsbase infomatlon due to accident, fire or thèft; d. Improper use of personal data held by the Tnjst or 8 t*reath of data secuTrty,' e. Risks associated with vulnerable persons. in particular minors, tsking part in Trust events., f. ReduGtion in income from grant giving institutions; g. Breakdown In relation$ WEth those vkno have pledged donations or legacies., h. Breakdown of new centralised IT facilities., and. i. Reduction in income due to the impact of economk uncertainty on investment income and donations. These risks and uncertainties are mitigated by= a. Improv*Y oimmunlcation wth membors and other stakeholders,. b. RecNltlng and induGting replacement offi¢eholders in good time,. c. Ensuring that all data, in particular Ihe financlal and donor dats bases, are held or backed-up off site d. Annu81 review of a Privacy Policy 8nd Procedures ￿MplIant wSth the General Data Protection Regulations,. e. Safeguar**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**3**
186,605
-
Other trading
activities
**4**
94,570
-
Investments
**5**
169,768
-
**Total income**
450,943
-
**Expenditure on:**
Raising funds
**6**
6,624
-
Charitable activities
**7**
265,348
13,675
**Total expenditure**
271,972
13,675
Net gains/(losses) on
investments
**11**
436,234
-
**Net movement in funds**
615,205
(13,675)
Fund balances at 1 April
2021
5,061,945
13,675
**Fund balances at 31**
**March 2022**
5,677,150
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
186,605
2,649,128
-
94,570
108,912
-
169,768
122,029
-
450,943
2,880,069
-
6,624
8,299
-
279,023
299,827
4,325
285,647
308,126
4,325
436,234
692,703
-
601,530
3,264,646
(4,325)
5,075,620
1,797,299
18,000
5,677,150
5,061,945
13,675|**Total**
**2021**
**£**
2,649,128
108,912
122,029
2,880,069
8,299
304,152
312,451
692,703
3,260,321
1,815,299
5,075,620| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 14 - OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) BALANCE SHEET ASAT31 MARCH 2022 2012 2021 NotsB Fixèd assèts Inv88tm¢nts 12 5,815.529 5,279,295 ¢urr•nt a880ts Debtors Cash at bank and in hand 13 1,495 149,370 1.172 103.757 150,865 104.929 Creditors: amounts fallsng due within one yoar 14 1289.2441 1308,604) Net current liabilities 1138,3791 {203,675) Totsl a880ts1088 current Ilabllltles 5,677.150 5,075,620 Incom& funds Restricted fvnds 15 13,675 Desi9naled fvn¢J$ General unrestricted funds 18 4.128,319 1,548,831 3,769,545 1,292.400 5,677,150 5,061,945 5.677,150 5,075.620 The flnancial statements were approved by the Trustees c ryca bread Hall (Vice-chair of the Trust & County Or9aniser for Ride and Stride) Tru 15- ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** ## **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 ## **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” (“FRS 102”) 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)" (effective 1 January 2019). 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 a mounts 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 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. - 16 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **1 Accounting policies** **(Continued)** ## **1.4 Income** ## **Subscriptions** Subscriptions are included in the accounts at the date of receipt. No account is taken of any subscriptions in arrears or in advance. ## **Donations** Donations are included in the accounts at the date of receipt. ## **Incoming resources – grants** Grants are accounted for on a received basis. **Legacies** Legacies are accounted for on a received basis. ## **1.5 Expenditure** ## **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 the creditors note. ## **1.6 Fixed asset investments** 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. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less . ## _**Basic financial liabilities**_ 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 charity 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. ## **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 are no significant accounting estimates identified. - 17 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **3 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Legacies receivable|130,269|2,591,807| |Grants, donations, subscriptions and tax recovery|56,336|57,321| ||186,605|2,649,128| |**Grants receivable for core activities**||| |Kilroot Foundation|20,000|20,000| |Adrian Swire Charitable Trust|2,500|2,500| |Schuster Charitable Trust|1,000|1,000| |Lord Phillimore Trust|2,000|2,000| |Doris Field Charitable Trust|5,000|5,000| ||1,000|-| ||-|1,000| |Other donations and subscriptions|24,836|25,821| ||56,336|57,321| |**Other trading activities**||| ||**Unrestricted**|Unrestricted| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Sponsored bicycle ride|93,598|108,233| |E vents|972|679| |Other trading activities|94,570|108,912| |**Investments**||| ||**Unrestricted**|Unrestricted| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Income from listed investments|169,768|122,029| ## **4 Other trading activities** ## **5 Investments** - 18 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **6 Raising funds** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Fundraising and publicity||| |Sponsored bicycle ride|6,624|8,299| ||6,624|8,299| ## **7 Charitable activities** ||**Charitable**|
**Charitable**| |---|---|---| ||**Expenditure**|
**Expenditure**| ||**2022**|
**2021**| ||**£**|
**£**| |Distribution of cycle ride revenues to churches|38,941|
43,686| |Grant funding of activities (see note 8)|219,625|
239,575| |Share of governance costs (see note 9)|20,457|
20,891| ||279,023|
304,152| |**Analysis by fund**||| |Unrestricted funds|265,348|
299,827| |Restricted funds|13,675|
4,325| ||279,023|
304,152| - 19 - **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **8 Grants payable** |**Church**
**Project**
**Award**
Alvescot, St. Peter*
Emergency roof support
Beckley, Assumption of BVM
Repairs to roof tiles
Bladon, St. Martin
Renovation of pipe organ
Bloxham, St. Mary
Heating upgrade
Bloxham, St. Mary
Installation of WC/kitchen
Cowley, St. James
Installation of WC
Dorchester Abbey
Conservation of four brasses
Ducklington, St. Bartholomew*
Repairs to coping stones/slates
Duns Tew, St. Mary Magdalene
Repairs to windows/tower work
Fritwell, St. Olave
Emergency works to chancel/nave roof
Goring, St. Thomas
Overhaul of organ
Great Bourton, All Saints
Repairs to Lychgate
Great Rollright, St. Andrew
Repairs to boundary wall
Hook Norton Baptist Church**
Remedial works to drainage
Horley, St. Etheldreda*
Replacement/repairs to windows
Kidmore End, St. John*
Woodworm/drainage works
Over Worton, Holy Trinity
Restoration of organ
Oxford, New Road Baptist Church
Installation of new Boilers
Pyrton, St. Mary
Heating/lighting/kitchen work
Rose Hill Methodist Church
Repairs and updating kitchen
Rotherfield Greys, St. Nicholas
Renovation of pipe organ
Sandford St. Martin, St. Martin
Repairs to south porch
Sibford Gower, Holy Trinity
Stabilisation/repairs to boundary wall
Sonning Common, Christ The King
Removal of heating panels
Swalcliffe, St Peter and Paul*
Drainage works
West Hanney, St. James
Repairs to bell clappers
Witney, Cogges St. Mary
Repairs to roof/rainwater goods
Wolvercote, St. Peter
Replace stone cross
Wroxton, St. Thomas RC
Complete rethatch of roof
Wroxton, St. Thomas RC*
Supplementary grant for rethatch
**All general purposes grants**
30 grants Sub-total
**Roof alarm grants**
2 grants
**Total new grants awarded**
**Less grants not taken up**
**Plus Refund to All Churches Trust**
**GRAND TOTAL COMMITTED**|**(£)**
2,500
5,000
13,000
12,000
25,000
13,500
1,000
1,000
6,000
1,500
20,000
7,000
2,000
25,000
500
2,200
15,000
6,000
10,500
3,000
5,300
3,000
1,500
1,000
3,000
1,000
20,000
500
4,000
1,000
212,000
8,950
220,950
(10,000)
8,675
219,625| |---|---| *Emergency grants ** Awarded the David Booth grant - 20 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **9 Support costs** |Audit fees
Legal, IT, printing,
postage and meeting
expenses
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
-
4,500
-
15,957
-
20,457
-
20,457|**2022**
**£**
4,500
15,957
20,457
20,457|Support
costs
Governance
costs
£
£
-
4,200
-
16,691
-
20,891
-
20,891|2021
£
4,200
16,691
20,891
20,891| |---|---|---|---|---| Governance costs includes payments to the auditors of £ 4,500 (2021- £ 4,200 ) for audit fees. ## **10 Trustees** There were 3 (202 1 : 4 ) trustees reimbursed for expenses totalling £666 (2021: £512). No trustees received any remuneration during the year (2021: none) ## **11 Net gains/(losses) on investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Revaluation of investments|436,234|692,703| |**12**|**Fixed asset investments**|| |---|---|---| |||**Listed**| |||**investments**| |||**£**| ||**Cost or valuation**|| ||At 1 April 2021|5,279,295| ||Additions|100,000| ||Valuation changes|436,234| ||At 31 March 2022|5,815,529| ||**Carrying amount**|| ||At 31 March 2022|5,815,529| ||At 31 March 2021|5,279,295| - 21 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **13 Debtors** |**Amounts falling due within one year:**
Other debtors
**14**
**Creditors: amounts falling due within one year**
Grants to churches not yet paid
Accruals and deferred income|**2022**
**£**
1,495
**2022**
**£**
284,744
4,500
289,244|**2021**
**£**
1,172
**2021**
**£**
303,744
4,860
308,604| |---|---|---| ## **15 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Balance at**|**Resources**|**Balance at**|**Resources**||**Balance at**| |---|---|---|---|---|---|---|---| ||**1**|**April 2020**|**expended**|**1 April 2021**|**expended**|
**31**|**March 2022**| |||**£**|**£**|**£**|**£**||**£**| |Roof alarm fund||18,000|(4,325)|13,675|(13,675)||-| **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. - 22 - ## **OXFORDSHIRE HISTORIC CHURCHES TRUST (2016)** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2022**_ ## **16 Designated funds** The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes: |Heritage
Fund|**Balance at**
**1 April 2020**
**£**
1,014,123
1,014,123|**Movement in funds**
**Incoming**
**resources**
**Revaluations,**
**gains and**
**losses**
**£**
**£**
2,591,808
163,614
2,591,808
163,614|**Balance at**
**1 April 2021**
**£**
3,769,545
3,769,545|**Movement in funds**
**Incoming**
**resources**
**Revaluations,**
**gains and**
**losses**
**31**
**£**
**£**
130,269
228,505
130,269
228,505|**Balance at**
**March 2022**
**£**
4,128,319
4,128,319| |---|---|---|---|---|---| **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 a fund akin to 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. ## **17 Analysis of net assets between funds** |**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 31
March 2022 are
represented by:
Investments
5,815,529
-
Current assets/
(liabilities)
(138,379)
-
5,677,150
-|**Total**Unrestricted
funds
**2022**
2021
**£**
£
5,815,529
5,279,295
(138,379)
(217,350)
5,677,150
5,061,945|Restricted
funds
2021
£
-
13,675
13,675|Total
2021
£
5,279,295
(203,675)
5,075,620| |---|---|---|---| ## **18 Related party transactions** There were no disclosable related party transactions during the year (2021 - none) . - 23 -