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 I￿e1ve 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-