Charlty registratlon number 1168567 OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) LEGAL AND ADMINISTRATIVE INFORMATION Patrons Marjorie Glasgow BEM, Lord Lieulenant of Oxfordshire The Rt Revd Dr Steven Croft, Bishop of Oxford The Rt Revd Gavin Collins, Bishop of Dorchester Sir Hugo Brunner KCVO The Rt Revd Colin Fletcher OBE Bernard Taylor DL President The Rt Revd Gavin Collins, Bishop of Dorechester Trustees Prof. Malcolm Airs OBE FSA FRHS Hilary Cakebread Hall Ivice-chair of the Trust & County Organiser for Ride and Stride) Dr Nicola Coldstream FSA Giles Dessain (Treasurer) Dr Stephen Goss (Chair) Richard Hughes (Secretary) Cynlhia Robinson (Granls Officer) stephen Slack CBE David Warr (Appointed 25 Seplember 2023) {Appoinled 25 September 2023) Natalie Merry Other offlcers Gillian Coates (Website Edilorl Clare Fox (Events Administrator) Eluned Hallas (Data Manager) Phoebe Hart (Membership Secretary) David Warr (Visits Coordinator) Charity number 1168567 Auditor Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Bankers Barclays Bank plc 54 Cornmarket Street Oxford OX1 3HS Solicitors Freeths Spires House 5700 Oxford Business Park South Oxford OX4 2RW
OXFORDSHIRE HISTORIC CHURCHES TRUST {2016) CONTENTS Page Trustees, report Statement of trustees. responsibilities Independent audito¢s report 9-12 Statement of financial activities 13 Balance sheel 14 Notes to the financial statemenls 15-24
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The truslees present their annual report and financial statements for the year ended 31 March 2024. 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 lo charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" (effective 1 January 20191. Objectives and actlvities The Oxfordshire Historic Churches Trusl 120161 was registered with the Charity Commission in August 2016. It continues the work of the Oxfordshire 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 communilies and the wider public, to preserve and enhance Oxfordshire's historic Churches used for public worship and their associated structures and contenls. It provides financial help for the repair and practical enhancement of churches, chapels, and meeting houses in Oxfordshire regardless of denomination and including buildings dating from Saxon and Nomian times through to Ihe entleth century. The Trust gives grants towards the maintenance of Ihe fabric and contents of churches with the inlention of encouraging and facilitating timely and effective intervention. It also supports proteclive measures such as the installation of roof alarms to discourage and prevent the thefl of expensive roofing materials,. 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, the 'Herilage Fund,, to provide a secure source of investment income for the long term. In addition, the Trust encourages a wider apprecialion of our historic religious buildings by increasing public awareness of the rich architectural and cullural heritage of places of Christian worship. This work includes the organisalion 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, archilectural style, or location. The website also has a guide to church architecture. In addition, by org8nising occasional forums for the sharing of expertise and experience, Ihe Trust offers support to people with responsibilities for maintaining their churches. The Trustees are confident Ihat these aclivities 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 il is relevant.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance The financial year 2023-2024 has set a new record for grants given by Ihe Trust. The Trusl allocated 47 grants lotalling £525,793. As usual, these grants were for major and minor repairs, restoralion, and the modernisalion of facilities,. they also included four of our new Feasibility Grants given to help churches scope and assess possible future works and one roof alarm grant. The corresponding amount for the 38 grants awarded in 2022-2023 was £434,500. In order to ensure Ihat work is done to the best standards, we have long counted professional fees as eligible for grant support. The Trust encourages the installation of roof alams to protect against the theft of expensive roofing materials, and we now offer up lo 80Vo of the installation costs plus Ihe first year's maintenance. Previous years have seen significant amounts spent on this, but, more recently, demand has fallen off. The Trust nom)ally 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 latest increase in our grant-giving reflects both an increased number of applicalions {the Trusl has put new effort into publicising itself lo churches) and a continuation of our policy to spend down resetves that had built in recent years, not least as an effect of the covid epidemic. A full schedule of grants allocated is included below. Grants of £10,000 or more were awarded lo 19 churches {15 in 2022-2023}. The level of our grants attempts to reflect the inflation of building costs and the tough financial environment wilhin which churches are seeking funds. Given the pressures on churches, finances, we should like to maintain this increased support in the long term, bul that will depend on income lo the Trust from all sources investment income, sponsored fundraising (Ride and stride), and donations from other charities and individuals. Our investment income has risen in recent years, nol least through our having established and built up our 'Heritage Fund, through our Jubilee Appeal and subsequent Legacy Campaign. The fund was particularly boosted by the legacy from Dr David Booth. and this will now enable us to give or three grants each year of up to £50,000 named in his memory.. this year again saw two such David Booth Awards, to Holy Trinity, Nuffield and to All Saints. Marcham, both for the establishment or improvement of social facilities wrthin the church. The lotal eslimaled cost to the churches of all the projects supported by us this year came to over £2.6m. This is once again a clear indication of the wider need for charity to ensure Ihe survival of the county's churches for future generations. The Trust's overall contribution amounted to just over 200A of these costs {nol substanlially different from last yearl. Our grants are typically awarded early in the fundraising process, and, though they may leave a considerable balance to be raised, they can seNe a valuable function as seed-corn funding. The Trust disburses its granls 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 lo complete their fundraising and start work. Sometimes, churches do not reach that position, and their grant has to be cancelled. Of course. any church whose grant is cancelled is always welcome subsequently to submit an updaled application. There were four such cancellations this year amounting to an untypically high total of £61,000. Cancellalions have fluctuated widely from year to year wilh no clear pattern (last year's cancellations were extraordinarily low al £2,244).
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Details of the Twst's finances for 2023-2024, including movements in investments, are given in the Financial Review below. Investmenl income ha5 become our largest recurrent source of income followed by Ride & Stride, a sponsored cycling event across Oxfordshire and part of a national fundraising campaign. Despite being hampered by unusually hot weather, Ride and Stride in 2023 generated almost £85,000, a splendid outcome which was slightly more than in 2022. A portion of this income is identified by the participants for passing directly to their chosen churches. In this way, the county's churches received through us £34,137 over and above the grants that we gave. The Trust is grateful to our Ride and Stride Organiser, the Area and Church Coordinators and, nol least, the participanls. Donations from olher charities and from individuals make an essential contribution to the Trust's annual turnover. This year saw a 40% increase in donations from other charities. We are continuing our efforts to attract fvlure donations as well as to promole Ride and Stride. The Trust ran five guided church visits and four lectures {Iwo live and Iwo online), and we published a series of reviews of books on topics relating to the aims of the Trust. In addition, we ran our first "RoadshoW' since the pandemic, an evening workshop on planning and undertaking building work in churches and on sources of funding. All these events were well attended. The Trust continues lo engage with national bodies such as the Historic Religious Buildings Alliance and the National Churches Trusl. Membership of the Trust has changed lillle over the year, though wilh the usual slow turnover of individuals. Our database currenlly shows over 500 personal members and 300 organisations (the latter being almost entirely churches recognised separately, though they have often joined the Trust as members of combined benefices)- In addition, we have Honorary and Ex Officio members, some 45 individuals and 55 organisations including major donors and organisations concerned with the care of historic buildings. We use email and occasional mailshots to keep all these informed about the work of the Trust. and all our members are invited to an annual meeting al which the Trustees report on our activities and at which matters of policy can be discussed. Ride and Stride provides a further context for our publicity.. this brings us annual contact with many churches and individuals some of whom are not formally Trust members. Objectlves of the Trust During the year, the Trust ha5 developed and adopted a revised set of objectives. These will be pursued and kepl under review for the next few years. and they are reflected in this year's activity as described above. Grants To ensure our grant support for churches, chapels and meeting houses is as generous as affordable noting their changing needs, inflation in building costs, and, in many cases. reduced circumstances through small congregations Finan¢e To ensure that we retain a pnjdent working reserve and that we protect the Herilage Fund as a source of reliable recurrent income To ensure a continuing relationship wilh existing and potential donors and legators, and seek out new fund- raising opportunities in particular to build the Heritage Fund. Ride & Stride To promote Ride & Stride as an invaluable source of income and publicity, and, whilst maintaining ils traditional nature for long-standing participanls, develop a flexible approach to attracl and accommodale new participants Engagement To engage more effectively with places of Christian worship so as to increase their knowledge of the help that we offer and of how they could work locally to support the Trust To engage with the public (especially younger people and families) to promote their interes1 in and support for Oxfordshire's historic churches. chapels and meeting houses Administratlon To continue to ensure that the Trust5. administration is as, effective, cost-efficient and robust as possible
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial review Our income, at £437,368, was up from £350,421 in the preceding year.. this year, bequests to the Trust were higher by £61,654, there was increased generosity by other trusts making grants to us, and we received higher dividends from our investment portfolio. Following the Trust's decision in 2022-2023 lo reduce the level of reserves, we gave grants in 2023-2024 of £525,793 as compared with £434,500 in the year before. We shall aim to continue Ihis substanlially increased level of grant giving in corning years. Administrative expenses in the year were £27,809 versus £25,028 in 2022-2023. Our principal costs remain IT infrastructure, publicity for Ride and Stride and audit. A subslanlial portion of the administrative activity of the Trust is undertaken by trustees on a voluntary basis, enabling the Trust to operate at low cost. Our investment portfolio is unchanged from last year. The trustees, advised by the finance committee, which has a range of appropriate experience of inveslment managemenl, accountancy and charity Irusleeship. believes the present portfolio serves us well. Ninety percent of the portfolio is held in three broad-based multi-assel funds managed by CCLA, Cazenove and Newion Investment Management. The remaining 10.10 of the portfolio is held in funds managed by M&G and Savills {the latter in propetyl. The value of our investments at the year-end was £5.864,155. This is an increase in the portfolio's value of £326,306, more than compensation for the capital loss of £277,680 in 2022-2023.1 should like to thank the finance committee for the help and support. Reserves Pollcy Following a thorough review in 2022-2023, the Trustees concluded that the Trust's reseNes, held in Ihe General Fund, were at a higher level than needed both immediately and for the foreseeable future and should accordingly be reduced on a long-term basis. In the light of these considerations, our policy is.. to reduce the level of reserves currently held in the General Fund so that by 31 $1 March 2026 they are at a level which represents 3 times the Trust's annual income to that fund.. and thereafter to maintain Ihem at a level which represents 3 times that annual income. This policy has been maintained for a second year and will be kept under annual review. Investment Pollcy The Trust aims lo invest Prudently to produce a good level of total return so as lo protect capital value in the long lerm 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 lo allow a diversity of holdings including a range of asset types. Flnanclal Governance The trustees delegate powers to manage the investment portfolio to a Finance Committee whose members have range of appropriate experience of investment managemenl, accountancy and charity trusteeship. Membership of the committee is determined by the trustees, and the committee elecls its own secretary. The committee's main role is to advise the Treasurer on Ihe balance between cash holdings and inveslments and lo 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 ils Minvles to the Trustees. The committee also advises the Treasurer on the drafl accounts and financial statement for the Annual Review to be sent to members and on Ihe annual income and expendilure budgets as drafted by the Treasurer. Current membership is Stephen Goss, Giles Dessain, Jame5 Macn8mara. Bruce Crawford and Mark Dessain.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management This is the seventh Annual Statutory Report by Oxfordshire Historic Churches Trusl 120161, a new Charitable Incorporated Organisation {CIO), registered by the Charity Commission on 2 August 2016. I the assets and liabilities of the Oxfordshire Historic Churches Trusl {"1964 Trusf,) were vesled 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 assel, 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, but cio trustees were originally limited to one five-year term. Since a revision in September 2020, CIO Trustees may serve continuously for Iwo consecutive temis, after which a gap of at least one year is required before any renewal. This 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 tem) thereby maintaining the base of valuable expertise they had gained in office. 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 already embedded by the Trust with additional clarificalion from examples relating particularly to the work of the Trust and membership of ils committees. The Trust has other policies in line with the expectations of the Charity Commission, including a ReseNes Policy, and policies on GDPR and Privacy, Safeguarding, Serious Incident Reporting, Use of Social Media, and Trustees. Expenses. The last three of these were newly adopted this year. All these policies are kept under review. The Trust has no employees, but it has a small number of service contracts for the provision of accounting, website maintenance, publicity through social media, data management (including membership records), and similar administrative funclions. Ultimate authority rests with the Trustees who are self-electing. In practice they act as an executive committee. New trustees are elected by ihe other Trustees based on skills gap idenlified. They receive a basic induction into their role and the Charity.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees appoint a Council which meets three lor sometimes four) limes a year to allocate grants under powers delegaled from the Trustees and to advise the Trustees on other matters. The Council consists of the Trust's thirteen Area Representatives logether 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 applicalions to the Trust. Whenever possible, the Trustees appoint additional representatives as 'Allernates' to learn the role, to act as assislants, 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 teTmed its general members) join to support its activilies and enjoy Ihe events it organizes. The Truslees 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, the Trustees keep the suggesled membership donation and events charges low and do not regard these as a significant source of Trusl income for current grant-making. The trustees who served during the year and up to the dale of signature of the financial statements were: Prof. Malcolffl Airs OBE FSA FRHS Hilary Cakebread Hall (Vice-chair of the TTUSt & County Organiser for Ride and Stride) Dr Nicola Coldstream FSA Giles Dessain (Treasurer) Dr Stephen Goss (Chairl Richard Hughes (Secretary) Cynthia Robinson (Granls Officer) Michael Sibly stephen Slack CBE David Warr Nalalie Mery (Resigned 23 May 20231 (Appoinled 25 September 20231 (Appointed 25 September 20231
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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-. Branding and identity damaged as the Trust develops new approaches to publicity., Tumover in key office holders leads to loss of institutional memory. 3. Loss of office equipment and database information due to accident, fire or theft- 4. Improper use of personal data held by the Trust or a breach of data security; 5. Risks associated with vulnerable persons, in particular minors. taking part in Trusl events,. 6. Reduction in income from grant-giving instilulions- 7. Breakdown in relations with those who have pledged donations or legacies., 8. Breakdown of new centralised IT facilities; and, Reduction in income due to the impact of economic uncertainty on investment income and donations. These Tisks and uncertainties are mitigated by.. Improved communicalion with members and other stakeholders- Recruiting and inducting replacement office-holders in good time., Ensuring that all data, in particular the financial and donor data bases, are held or backed-up off site., d. Annual review of a Privacy Policy and Procedures compliant with the General Data Protection Regulations. Safeguarding policy in place and reviewed annually., Maintsining links with key institutional donors,. Links maintained with pledged donors or legators, for instance through person81 invitations to Trust events- Careful monitoring of the performance of our suppliers-, and. Maintaining a diversified investment portfolio and a prudent level of reserves while endeavouring to diversify sources of income. The trustees. report was approved by the Board of Truslees. Dr Steph Trustee ss (Chair) Date..
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the truslees to prepare financial statements for each financial year which give a Irue and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements. the Iruslees are required to.. selecl suitable accounting policies and then apply them con51Stently', observe the melhods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudenl., state whether applicable accounting standards have been followed, subject to any malerial departures disclosed and explained in the financial stalements., and prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounling records that disdose 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 Charity (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.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) Opinion We have audited the financial statements of Oxfordshire Historic Churches Trust12016) (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activilies, Ihe balance sheet and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdorn Accounting Slandards, 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 2024 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. Basls for opinion We conducted our audil in accordance with International Standards on Auditing (UK) IISAS {UKII 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 Ihe 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 oblained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Irustees, 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 charity's ability to continue as a going concern for a period of at least Ie1ve 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 informatlon The other information comprises the infomiation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within Ihe annual report. Our opinion on the financial statemenls does not cover the other information and we do nol express any fomi of assurance condusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stalements or our knowledge oblained in the course of the audit, or olheywise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise to a material misstatement in the financial statements Ihemselves. If, based on the work we have performed, we conclude that there is a malerial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which Ihe Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion: the information given in the financial statements is inconsistenl in any material respect with the trustees, report., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) Responsibilities of trustees As explained more fully in the statement of truslees, responsibilities, the trustees are responsible for the preparation of the financial slalements 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 lo going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Audltorfs responsibilltles for the audlt of the financial statements We have been appointed as audilor under section 144 of the Charities Act 2011 and report in accordance with the Acl and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. the engagement partner ensured that the engagement team collectivety had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience., we focused on specific laws and regulations which we considered may have 8 direct material effecl on the financial stalemenls or the operations of the company. 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 identified laws and regulalions were communicated within the audit team regularty and the team remained alert to instances of non-cofflpliance throughout the audit. We assessed the susceptibility of the company's financial slalements to material misstalement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the intemal controls in place to miligate risks of fraud and non-compliance with laws and regulalions. 10
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relalionships., tested joumal entries to identify unusual transactions., assessed whelher judgements and assumptions made in determining the accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response lo the risk of irregularilies and non-compliance wilh laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures lo underlying supporting documentation., reading the minutes of meetings of those charged with governance. enquiring of management as to actual and potential litigation and claims., reviewing relevant correspondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulalions 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 is available on the Financial Reporting Council's website at.. https'.11 vw.frc.org.uklauditorsresponsibilities. This description forms part of our audilols report. Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" las amended) in preference to the Accounting and Reporting by Charities.. Slatement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been wilhdrawn. This has been done in order for Ihe financial stalemenls to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's trustees. as a body, in accordance with part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audil work has been undertaken so th81 we might state to the charity's trustees those matters we are required lo stale to them in an auditovs report and for no other purpose. To the fullesl extent permilted by law, we do not accept or assume responsibility to anyone other than the charity and the charity, trustees as a body, for our audit work, for thi5 report, or for the opinions we have formed. 11
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) Critchleys Audlt LLP Chartered Accountants ststutory Auditor Beaver House 23-38 Hyihe Bridge Street Oxford OXI 2EP Critchleys Audit LLP is eligible for appointment as auditor of Ihe charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 12
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfcted Endovmient funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Totsl 2024 2023 Notes Income from: Donations and legacies other trading activities Investments 60,222 94,818 200,506 89,671 149,893 94,818 200,506 47,949 93,294 181,086 28,092 76,041 93,294 181,086 Total income and endowments 355,546 89,671 445,217 322,329 28,092 350.421 Expenditure on: Raising funds Charitable activilies 14,433 520,155 14,433 520,155 16,449 482,591 16,449 482.591 Totsl expenditure 534,588 534,588 499,040 499,040 Net gainsl(lossesl on investments 12 152,558 173.748 326,306 {159,927) (117,753) (277.680) Net Incomel{expenditure) and movement in funds (26,484) 263,419 236,935 (336,638) (89,6611 (426.299) Reconciliatlon of funds: Fund balances at 1 April 2023 1,212,193 4,038,658 5.250,851 1,548.831 4,128,319 5,677,150 Fund balances at 31 March 2024 1.185,709 4,302.077 5,487,786 1,212,193 4.038,658 5,250,851 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 13-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Investtnents 13 5,864,155 5,537,849 Current assets Debtors Cash at bank and in hand 14 1,145 189,316 4,753 256,399 190,461 261,152 Creditors: amounts falling due within one year 15 (566,830) (548.150) Net current liabilities (376,369) (286,998) Total assets less current liabilities 5,487.786 5,250,851 The funds of the charity Endowment funds Unrestricted funds 16 4,302,077 1,185,709 4.038,657 1.212,194 5,487,786 5,250,851 The financial state ents were approved by the Irustees on Dr Stephen Trustee oss hair) 14-
OXFORDSHIRE HISTORIC CHURCHES TRUST {2016) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charlty infomiation Oxfordshire Historic Churches Trust (20161 is a Charitable Incorporated Organisalion registered in England and Wales, Charity Number 1168567. The charity is a public benefit entity. The registered office is.. 4 H8slemere Gardens, Oxford, OX2 8EL 1.1 Accountlng convention The financial stalements 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 102,1 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 Slandard applicable in the UK and Republic of Ireland IFRS 1021" (effeclive 1 January 20191- The charity is a Public Benefit Enlily as defined by FRS 102. The charily has taken advanlage of the provisions in the SORP for charities nol to prepare a Slatement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The Principal accounting policies adopted are set out below. 1.2 Going concern Al 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 Unreslricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial slalemenls. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, Ihe amounts can be measured reliably, and il is probable that income will be received. Membership subscriptions relating to future years are included in deferred income. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless perfofmance conditions require deferral of the amount. Income lax recoverable in relalion to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipl or otherwise if the Charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. 15
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Resources expended - grants Grants are accounled for on 8 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 financi818ctivitie5 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 wilh banks and other short-lerm liquid investments with original malurities 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, lo defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer seltlement for al leasl e1ve months after the reporting date. they are presented as non-current liabilities. Trade creditors are recognised at the transaction price. Critical accounting estlmates and judgements In the application of Ihe charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are nol 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 estimate5 and underlying assumptions are reviewed on an ongoing basis. Revisions lo 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 accounling estimales identified. Income from donations and legacies Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Totsl 2024 2023 Legacies receivable Grants, donations, subscriptions and tax recovery 87,171 87,171 28,092 28,092 60,222 2,500 62,722 47,949 47,949 60,222 89,671 149,893 47,949 28.092 76,041 16-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies (Continued) Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endobvment funds funds 2023 2023 Tolal 2024 2023 Grants receivable for core actlvities Kilroot Foundation 20.000 Adrian Swire Charitable Trust Schuster Charitable Trusl Lord Phillimore Trust Doris Field Charitable Trust Cooper Trust Sam Guerney Foundation Other donations and subscriptions 20,000 20,000 20,000 15.000 1,000 2,000 15.000 1,000 2,000 2,500 1,000 2,000 2,500 1,000 2,000 5,000 5,000 5,000 1,000 5,000 1,000 1,000 1,000 16,222 2.500 18,722 16,449 16,449 60,222 2,500 62,722 47,949 47,949 Income frorn other trading activities Unrestricted Unrestrlcted funds funds 2024 2023 Sponsored bicycle ride Events 84,858 9,960 83,662 9,632 other trading activities 94,818 93.294 17-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investrnents Unrestricted Unrestricted funds funds 2024 2023 Income from listed inveslmenls 200,506 181.086 Raising funds Unrestricted Unrestricled funds funds 2024 2023 Fundraisin and ublici Ride and Stride Other Events 6,584 7,849 7,583 8,866 Fundraising and publicity 14,433 16,449 14,433 16,449 18
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable actlvitles Charllable activities 2024 Charltable activities 2023 Direct costs Distribution of cycle ride revenues to churches 34,137 32,890 Grant funding of aclivilies (see note 81 464,793 432,256 Share of support and govemance costs (see note 9} Governance 21,225 17,445 520,155 482,591 Analysis by fund Unrestricted funds 520,155 482,591 19-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable Church Chesterton, Sl Mary Thame, St. Mary the Virgin Adderbury, St. Mary Bampton, St. Mary Black Bourton, St. Mary Chinnor, St. Andrew Combe Longa, St. Lawrence Leafield, St. Michael & Aas Mollington. All Saints Oddington, St. Andrew Stoke Talmage, St. Mary Mag. Cholsey, St. Mary Dorcester Abbey of SS P&P Rotherfield Greys,St. Nicholas Tackley, St. Nicholas Ashbury, St. Mary West Hendred, Holy Trinity Uplon, St. Mary the Virgin Aston Upthorpe, All Saints Broadwell, SS Peter & Paul Carterton, St. Joseph RC Chaflbury, St. Mary the Virgin Fyfield. St. Nicholas Hook Norton Baptist Church Kelmscott, Sl. George Nuffield, Holy Trinity Pyrton. Sl. Mary Uffington, St. Mary Wallingford. Sl. Mary-le-more Wrteatley, St. Mary the Virgin Oxford, St. Michael & All Ags Barford, St. Michael Chesterton. St. Mary Garford, St. Luke Goosey, All Saints Chapel Oxford, St. Mich8el & All As Walerstock, St. Leonard West Hendred, Holy Trinity Ashbury, St. Mary Barford, St. Michael Kingham, St. Andrew Kirtlington, St. Mary the Virgin Marcham, All Saints ' Middleton Stoney, All Sainls Shutford, St. Martin Stoke Talmage, St. Mary Mag. Warborough, St. Laurence Project Roof inspection surveylworks Heating feasibility assessment Window repairs Renewal of leadlRainwater Kitchen instllnlroofldrainage Walllroofslstonework Churchyard works Upgrade eleclricity supply Stonework repairs Porchlstained glass repairs Stonework repairs Purchase of electronic organ Repairs to Abbey Turret Clock Upgrade of church clock Replacement pipe organ RoofAlarm Inspection of tower bell frame Supplementary to 894 Nave ceiling repairs Upgrade healingAighting Upgrade healing Installation of Wclkitchen Installation of Wclkitchen Upgrade lighlinglheating Roof and masonry paIrS Community spacenNClkilchen Restoration of pulpil Restoration of church clock Repairs lo windowslvalleys Replacement flooring Decarbonisation investigation Repairs to leaking roof Clock repairs Bell repairs Repairs,. Drainage Repairs to gutteringlsofTIts Window replacement Installn of under pew heaters Stonework repairs RooflGutterslRepointing Roof and Tower repairs Repairs to porch Refvrbishment of Wclkilchen Wclkilchenlorgan Repairs to plasterlredeco¢n Repairs lo guttersldownpipes QQ repairslrestoration Award (£) 2.500 2,280 2,500 24,000 20,000 7,000 1,200 6,000 15,000 5,000 10,000 4,000 3.000 1,000 18.000 4,213 1.100 5,500 1,400 20,000 9,000 15,000 30,000 12,000 20,000 50,000 3,000 7,500 11.000 10,000 2,100 500 2,000 2,000 4,000 1,500 1,500 3,000 8,000 30.000 35,000 15.000 50,000 25,000 8,000 10,000 7,000 All general purposes grants 47 grants Sub-total 525,793 -20-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable (Continued) Total new grants awarded Less Cancelled Grants 525,793 {61,000) GRAND TOTAL COMMIThED 464,793 ' Awarded the David Booth grant Support costs allocated to actlvlties 2024 2023 Governance costs 21,225 17,445 Analysed between: Charitable activities 21.225 17,445 2024 2023 Govemance costs comprise: Audit fees Legal, IT, prinling, postage and meeting expenses 5,400 15,825 4,500 12,945 21,225 17,445 10 Net movement in funds 2024 2023 The nel movement in funds is stated after chargingl{crediting)= Fees payable for the audit of the charity's financial ststements 5,400 4,500 11 Trustees There were 4 (2023.. 41 Irustees reimbursed for expenses totalling £1,276 12023: £2,027). No truslees received any remuneration during the year12023'. none) 12 Galns and losses on Investments Unrestrlcted Endowment funds fund5 2024 2024 Total Unrestricted Endovmient fund5 funds 2023 2023 Total 2024 2023 Gainslllosses) arising on.. Revalualion of investments 152,558 173,748 326,306 {159.927) 1117,7531 1277.680) 21
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Fixed asset Investments Listed investments Cost or valuatlon At 1 April 2023 Valuation changes 5,537,849 326,306 At 31 March 2024 5,864.155 Carrying amount Al 31 March 2024 5,864,155 At 31 March 2023 5,537,849 22-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Debtors 2024 2023 Amounts falllng due withln one year: Other deblors 1,145 4,753 15 Creditors: amounts falling due wlthln one year 2024 2023 Grants to churches not yet paid Accruals and deferred income 561,480 5,350 543,500 4,650 566,830 548,150 16 Endowment funds Endowment funds represent assets which are held for the long term by the charity. Income arising on the endowment funds can be used in accordance wilh the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of Ihe fvnd. At 1 April 2023 Incoming resources Gains and At 31 March losses 2024 Expendable endowments Heritage fund 4,038,658 89,671 173,748 4,302,077 Previous year: At 1 April 2022 Incoming resources Gains and At 31 March losses 2023 Expendable endowments Heritage fund 4,128,319 28,092 (117,7531 4,038,658 The Heritage Fund This expendable endowment was established to mark the fiftieth anniversary of the Trust wilh donations sought through the Jubilee Campaign and the subsequent Legacy Campaign to provide a secure source of investment income for use by the Trust over the long term. 23-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Totsl 2024 At 31 March 2024: Inveslmenls Current assetsl(liabilitiesl 1,562,078 1376,369) 4,302,077 5,864,155 1376,369) 1,185,709 4,302,077 5,487,786 Unrestricted Endowment funds funds 2023 2023 Total 2023 At 31 March 2023: Investments Current assetsl{liabilitiesl 1,499,191 (286,998) 4,038,658 5.537,849 {286,998) 1,212,193 4,038,658 5,250,851 18 Related party transactions There were no disclosable related party transactions during the year (2023 - none) other than the transactions with the trustees in note 11. -24-