Charity registration number 1168567 (England and Wales) OXFORDSHIRE HISTORIC CHURCHES TRUST {2016) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) LEGAL AND ADMINISTRATIVE INFORMATION Patrons Marjorie Glasgow BEM, Lord Lieutenant 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 ffreasurer) Dr Stephen Goss {Chair) Richard Hughes (Secretary) Cynthia Robinson (Grants Officer) Stephen Slack CBE Natalie Merry Other officers Gillian Coates (Website Editor) Clare Fox (Events Administrator) Eluned Hallas (Data Manager) Phoebe Hart (Membership Secretary) Charity number 1168567 Auditor Gravita Audit Oxford LLP First Floor, Park Central 4041 Park End Street Oxford OX1 1JD Bankers Barclays Bank plc 54 Cornmarket Street Oxford OX13HS 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 auditorfs report 9-12 Statement of financial activities 13 Balance sheet 14 Notes to the financial statements 15-24
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. 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 goveming document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities The Oxfordshire Historic Churches Trust (2016) was registered with the Charity Commission in August 2016. It continues the work of the Oxfordshire Historic Churches Trust, vthich was established in 1964 and which transferred its assets and liabilities to the new Trust on 1 April 2017. The Trust works for the benefit of both local communities and the wider public, to preserve and enhance Oxfordshire's historic churches used for public worship and their associated structures and contents. It provides financial help for the repair and practical enhanment of churches, chapels, and meeting houses in Oxfordshire regardless of denomination and including buildings dating from Saxon and Norman times through to the twentieth century. The Trust gives grants towards the maintenance of the fabric and contents of churches with the intention of encouraging and facilitating timely and effective intervention. It also supports protective measures such as the installation of roof alarms to discourage and prevent the theft of lead and other expensive roofing materials,. and it supports new building works, provided they respect the historic integrity of the building, to make churches more dely usable including by disabled people. The Trust is building its 'Heritage Fund, to provide a secure source of investment income for the long term. In addition, the Trust encourages a wider appreciation of our historic religious buildings by increasing public awareness of Ihe rich architectural and cultural heritage of places of Christian worship. This work includes the organisation of lectures and guided visits to churches for its members and others, and an illustrated gazetteer on its website of the county's places of worship which can be viewed according to denomination, architectural style, or location. The website also has a guide to church architecture and is used for book reviews and occasional online lectures on matters of interest to Members. In addition, by organising occasional forums for the sharing of expertise and experience, the Trust offers support to people with responsibilities for maintaining their churches. The Trustees are confident that these activities are for the public benefit, in accordance with the requirements of charity law, and have had due regard to the Charity Commission's guidance on public benefit when exercising powers and duties to which it is relevant. In addition, the Trust encourages a wider appreciation of our historic religious buildings by increasing public awareness of the rich architectural and cultural heritage of plaS of Christian worship. This work includes the organisation of lectures and guided visits to churches for its members and others, and an illustrated gazetteer on its website of the county's places of worship which can be viewed according to denomination, architectural style, or location. The website also has a guide to church architecture. In addition, by organising occasional forums for the sharing of expertise and experience. the Trust offers support to people with responsibilities for maintaining their churches. The Trustees are confident that these activities are for the public benefit. in accordance with the requirements of charity law, and have had due regard to the Charity Commission's guidan on public benefit when exercising powers and duties to which it is relevant.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance The financial year 2024-2025 has set a new record for grants given by the Trust. The Trust allocated 44 grants totalling £564,434, as compared wth £525,793 in 2023-24. As usual. these grants were for major and minor repairs. restoration, and the modernisation of facilities., they also included one Feasibility Grant for scoping future repairs and four roof alarm grants. The Trust encourages the installation of roof alarms to protect against the theft of expensive roofing materials, and we continue to offer up to 800h of the installation costs plus the first year's maintenance. In order lo ensure that work is done to the best standards, we have long counted professional fees as eligible for grant support. Whilst we have always received a number of applications for work on heating and lighting, these are now increasingly being framed within the contexi of environmentally friendly solutions. This can involve installing novel equipment, some of which is costly.. the Trust has been supportive whilst keeping a careftjl watching brief for implications, either welcome or undesirable, for the fabric and aesthetics of church buildings. The Trust normally considers grant applications on three occasions during the year and operates an emergency procedure for the exceptional award of grants for urgent repairs at other times. Our continued high level of grant-giving reflects the number of expensive projects for which our help was sought.. 12 of this year's grants were made towards works whose costs ranged between £100,000 and £430,000. These high figures illustrate the admirable determination of those who value their churches sufficiently to press ahead with major projects despite regrettably high costs. The Trust is glad to give grants towards such work, and we are assured that the churches find that, though they may often need to find a significant balance, our early promise of support acts effectively as seed-corn for further fund-raising. At the other end of the spectrum, we like to support the smallest projects more generously in percentage terms. especially when that means urgently needed maintenance can proceed without delay. The total estimated cost to the churches of all the projects supported by us this year came to over £3.5m, compared with £2.6m in 202&24. Averaged across all applications, our grants amounted to 170/0 of the total costs to churches. compared with 200A in each of the preceding years. A full schedule of grants allocated is included below. Grants of £10,000 or more were awarded to 18 churches (19 in 2023-2024}. Our investment income has risen in recent years, not 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 we now look to giving two or three grants each year of up to £50,000 named in his memory. We gave David Booth Awards to three churches.. the Wallingford Quaker Meeting House and St James the Great, West Hanney, to install kitchens and WC facilities- and to St Nicholas, BrIell Salome for works to the ceiling and improved lighting and heating. Our generous programme of grant-giving in rent years has depended in part on reserves which accumulated during a period of relalive inactivity during the covid pandemic. That surplus is being spent down in a controlled way, and, over the next few years, our spending will need to be lowered so that it eventually comes to match our income. On this background, the high demand for grants emphasizes the importance of maintained and new income to the Trust from all sources investment income, sponsored fundraising (Ride and Stride), and donations from other charities and individuals. The Trust disburses its grants once works have been carried out to at least the value of the grant awarded. Our grant offers remain open for three years from the date of the award. which has allowed most churches sufficient time to complete their fundraising and start work. Sometimes, churches do not reach that position or they change their plans, and their grant has to be cancelled. Of course, any church whose grant is cancelled is always welcome subsequently to submit an updated application. canlIationS have fluctuated wdely from year to year with no clear pattern. This year's cancellations amounted to just £3,960 (a much more typical outcome than that for 2023-24 when, quite unusually, grants worth £61,000 were not taken up).
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Details of the Trust's finances for 2024-2025. induding movements in investments, are given in the Financial Review below. Investment income has become our largest regular Sour of income followed by Ride & Stride, a sponsored cycling event across Oxfordshire and part of a national fundraising campaign. In 2024, Ride and Stride generated just over £89,000, a splendid result - some £4,000 up on 2023. 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 over £36,000 over and above the grants that we gave. The Trust is grateful to our Ride and Stride Organiser, the Area and Church Coordinators and, not least, the participants. Donations from other charities and from individuals (including legacies) make an essential contribution to the Trust's annual tumover. We are continuing our efforts to attract future donations as well as to promote Ride and Stilde. The Trust ran four guided church visits and hvo lectures during the year, and we published a series of reviews of books on topics relating to the aims of the Twst. In addition, at the kind invitation of the Dean and Chapter of Christ Church, Trust supporters and beneficiaries met in May for a festal Choral Evensong in the Cathedral in the presence of Dennis Blease, Deputy Lieutenant of Oxfordshire, to lebrate the Trust's 60th anniversary, our Diamond Jubilee. Some 200 people attended. We also held a special Jubilee Annual Meeting at Rycote Park at the invitation of our patron, Bernard Taylor and his wfe Sarah. The Trust continues to engage with national bodies such as the Historic Religious Buildings Alliance and the National Churches Trust and this year has, in particular, been active in the campaign to defend the VAT Refund Scheme for Listed Places of Worship. Membership of the Trust has changed little over the year, th the usual slow tumover of individuals. Our database continues to show 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 Conrned with the care of historic buildings. We use email and occasional mailshots to keep all these supporters informed about the work of the Trust, and all our members are invited to an annual meeting at 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. Objectives of the Trust During the year, the Trust has developed and adopted a revised set of objectives. These will be pursued and kept 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 Finance To ensure that we retain a prudent working reserve and that we protect the Heritage Fund as a source of reliable recurrent income To ensure a continuing relationship with 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 its traditional nature for long-standing participants, develop a flexible approach to attract and accommodate new participants Engagement To engage more effectively with plaS of Christian vrshIp 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 interest in and support for Oxfordshire's historic churches, chapels and meeting houses Administration To continue to ensure that the Trusts, administration is as, effedive, cost*fficient and robust as possible
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review Our income in 2024-25, at £402,474 was down from £445.217 in the predIng year,. the principal reasons being a reduction in the total amount of bequests received, a smaller overall income from other charities, and lower dividends from our investment portfolio. Income from Ride and Stride, £89,281, was over £4,000 higher this year than last. Following the Trust's decision in 202212023 to reduce the level of reserves, we continued to give a high level of grants in 202412025, a total of £564,434 versus £525,793 in the year before. Administrative expenses this year were essentially unchanged at £28,116. Our principal costs remain IT infrastructure, publicity for Ride and Stride, and the audit. A substantial portion of the administrative work for the Trust is undertaken by the Trustees on a voluntary basis, enabling the Trust to operate at low cost. The value of our investments at the year-end was £5,825,308, versus £5,864,155 at 31 March 2024. This drop in value should be seen in the context the portfolio's value having increased by £326,306 in 202&24. Our investment portrolio is unchanged from last year. The Trustees, advised by the Finance Committee which has a range of appropriate experien of investment management, accountancy and charity trusteeship, believe that the present portfolio serves us well. 900k of the portfolio is held in three broad based multi-asset funds managed by CCLA, Cazenove and Newton Investment Management. The remaining 10 % of the portfolio is held in funds managed by M&G and Savills {the latter in property). I would like to thank the finance committee for the help and support. Reserves Policy The Trustees. have reviewed the level of reserves needed, and, in the light of the funds held in the Heritage Fund, an expendable endowment, we have decided to redu further the amount held on general reserve. Our revised policy will be= To aim for the level of reserves held in the General Fund to be beeen 2.0 and 1.5 times the annual income to that Fund. This policy will remain under annual review. Investment Policy The Trust aims to invest prudently to produ a good level of total retum so as to protect capital value in the long term and provide a reasonable level of income whilst managing volatility. To these ends, the Trust makes use of tax- efficient and inexpensive professionally managed funds chosen to allow a diversity of holdings including a range of asset types. Financial Governance The Trustees delegate powers to manage the investment portfolio to a finan committee whose members have a range of appropriate experience of investment management, accountancy and charity trusteeship. Membership of the committee is determined by the Trustees, and the committee elects its own secretary. The committee's main role is to advise the Treasurer on the balance between cash holdings and investments and to select and keep under review the managed funds in which it invests. The committee communicates and meets as necessary, meeting at least once annually= it receives regular reports from its professional fund managers and it reports through its Minutes to the Trustees. The committee also advises the Treasurer on the draft accounts and financial statement for the Annual Review to be sent to members and on the annual income and expenditure budgets as drafted by the Treasurer. Current membership is Stephen Goss, Giles Dessain, James Macnamara. Mark Dessain and, from January 2025, Mark Blandford-Baker. Bru Crawford seNed until October 2024.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management This is the seventh Annual Statutory Report by Oxfordshire Historic Churches Trust (2016), a new Charitable Incorporated Organisation (CIO), registered by the Charity Commission on 2 August 2016. All the assets and liabilities of the Oxfordshire Historic Churches Trust ("1964 Trusf) were vested in the new CIO on 1 April 2017. The 1964 Trust remains in formal but dormant existence for the time being in case legacies and other donations specify its charity registration number. To make this possible it retains £100 as its sole asset, which it has passed to the new CIO as an interest-free loan. The 1964 Trust and the new CIO have the same trustees. The 1964 Trust deed d$ 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 consecutive terms, 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 term thereby maintaining the base of valuable expertise they had gained in office. The Trust is care1 to observe its Conflict of Interest Policy. This Policy builds on the general provisions already thin the Trust's Constitution= its value is in comprising a codification of specific practices already embedded by the Trust with additional clarification from examples relating particularly to the work of the Trust and membership of its committees. The Trust has other policies in line with the expectations of the Charity Commission, including a Reserves 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 functions. Ultimate authority rests with the Trustees who are self-electing. In practice they act as an executive committee. New trustees are elected by the other Trustees based on any skills gap identified. They receive a basic induction into their role and the Charity. No newTrustees have been appointed.
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees appoint a Council vthich meets three (or sometimes four) times a year to allocate grants under powers delegated from the Trustees and to advise the Trustees on other matters. The Council consists of the Trust's thirteen Area Representatives together with the Twstees and Officers. It includes three office-holders from the Diocese of Oxford and also takes care to address the needs of other denominations. The Area Representatives are the key initial contacts for those wishing to submit grant applications to the Trust. Whenever possible, the Trustees appoint additional representatives as 'Altemates' to ream the role, to act as assistants, and to advise Council on occasions when an Area Representative is unable to attend. The Trust's members {who under the new CIO'S constitution are fomially termed its general members) join to support its activities and enjoy the events it organizes. The Trustees see the membership as an important constituency for the Trust's activities and its major Sour of legacies. In furtherance of the Trust's public outreach, the Trustees keep the suggested membership donation and events charges low and do not regard these as a significant source of Trust income for current grant-making. The Trustees who served during the year and up to the date of signature of the financial statements were.. Prof. Malcolm Airs OBE FSA FRHS Hilary Cakebread Hall {Vice-Chair of the Trust & County Organiser for Ride and Stride) Dr Nicola Coldstream FSA Giles Dessain (Treasurer) Dr Stephen Goss (Chair) Richard Hughes (Secretary) Cynthia Robinson (Grants Officer) Stephen Slack CBE David Warr Natalie Merry (Deceased 18 November 2024)
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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.. a. Branding and identity damaged as the Trust develops new approaches to publicity" b. Tumover in key office holders leads to loss of institutional memory., c. Loss of office equipment and database inforniation due to acadent. fire or theft., d. Improper use of personal data held by the Trust or a breach of data security., e. Risks associated wth vulnerable persons, in particular minors, tsking part in Trust events., f. Reduction in income from grant-giving institutions,. g. Breakdown in relations wth those who have pledged donats.ons or legacies., h. Breakdown of new centralised IT facilities., and, Reduction in income due to the impact of economic uncertainty on investment income and donations. These risks and uncertainties are mitigated by.. Improved communication with members and other stakeholders" b. Recwiting and inducting replacement office-holders in good time., c. 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 wth the General Data Protection Regulations., e. Safeguarding policy in place and reviewed annually- f. Maintaining links with key institutional donors- g. Links maintained wth pledged donors or legators, for instance through personal invitations to Trust events., h. Careful monitoring of the performance of our suppliers- and, i. 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 Trustees. Dr Stephen Gos Trustee (Chair) Date: .. 9 June 2025
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and INales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity 11 continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) Opinion We have audited the financial statements of Oxfordshire Historic Churches Trust (2016} (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities, the balan sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting standa applicable in the UK (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 2025 and of its incoming resources and application of resources, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities ft)r the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, 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 concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees viith respect to going concem are described in the relevant sections of this report. Other information 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 wthin the annual report. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misststement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are reqUId to port by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 requires us to report to you if, in our opinion= the information given in the financial statements is inconsistent 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 infom)ation 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 llY in the statement of trustees, responsibilities. the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Twstees detemiine 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 concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounling unless the Trustees either intend to Cease operations, or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th ISAS (UK} will always detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our prOdureS are capable of detecting irregularities. induding fraud. is detailed below. the engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise notFcompIian 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 speafic laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. we assessed the extent of compliance ryth the lay and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable,. and identified laws and regulations were communicated viithin the audlt team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, 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 knoedge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 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.. perfom)ed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions.. assessed whether judgements and assumptions made in detemiining the accounting estimates were indicative of potential bias- and investigated the rationale behind significant or unusual transactions. In response lo the risk of irregularities and non-complian Vth laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of those charged govemance: enquiring of management as to actual and potential litigation and claims,. reviewing relevant corresponden. There are inherent limitations in our audit ProdureS described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description fom)s part of our auditor's 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= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReF)Orting Standard applicable in the UK and Republic of Ireland {FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements 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 accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this 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) Cf- k Iwlk (Afv J LLP IA VI Gravits Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 4041 Park End Street Oxford OX1 1JD Date: ......... 12 June 2025 Gravita Audit Oxford LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 12-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Other trading activities Investments 101.918 100.980 191.813 7,763 109,681 100.980 191.813 60,222 94,818 200,506 89,671 149,893 94,818 200.506 Total income and endowments 394,711 7,763 402,474 355,546 89,671 445,217 Expenditure on: Raising funds Charitable activities 17,464 616.168 17,464 616.168 14,433 520,155 14,433 520,155 Total expenditure 633.632 633.632 534.588 534,588 Net gainsl(losses) on investments 12 (85,409) 6,562 (78,847) 152,558 173,748 326,306 Net incomellexpenditure) and movement in funds (324.330) 14,325 {310.005) (26.484) 263,419 236.935 Reconciliation of funds: Fund balances at 1 April 2024 1,185,709 4,302,077 5,487,786 1,212,193 4,038,658 5,250,851 Fund balances at 31 March 2025 861.379 4.316,402 5.177.781 1,185,709 4,302,077 5,487,786 The statement of financial activities indudes 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 2025 2025 2024 Notes Fixed assets Investments 15 5,825.308 5,864.155 Current assets Debtors Cash at bank and in hand 16 1,264 77,951 1,145 189,316 79.215 190,461 Creditors: amounts falling due within one year 17 (726.742) 1566.830) Net current liabilities (647.527) {376.369) Total assets less current liabilities 5,177.781 5,487.786 The funds of the charity Endowment funds Unrestricted funds 18 4,316,402 861,379 4,302,077 1,185,709 5,177.781 5,487,786 The financial statements were approved by the Trustees on 9 June 2025 Sv+i- Dr Stephen Gos Trustee (Chair) 14-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Oxfordshire Historic Churches Trust (2016) is a Charitable Incorporated Organisation registered in England and Wales, Charity Number 1168567. The charity is a public benefit entity. The registered office is: 4 Haslemere Gardens. Oxford. OX2 8EL 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011. FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. ('FRS 102") and the Charities SORP "Accounting and Reporling by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1A Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income wll be received. Membership subscriptions relating to future years are included in deferred income. Cash donations are recognised on receipt. Other donations are recognised On the Charity has been notified of the donation, unless perfomance condib'ons require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwse if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not knoym, the legacy is treated as a contingent asset. 15-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) 1.5 Expenditure Resources expended - grants Grants are accounted for on a payable basis. If the grant is not claimed and paid within 3 years of approval, it lapses. Grants to churches not yet paid are shown in the creditors note. 1.6 Fixed asset investments Investments are shown at market value at the balan sheet date. The statement of financial activities takes account of unrealised gains and losses on investments. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Basic financial liabilities Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at least e1ve months after the reporting date. If there is an uncondilional right to defer setuement for at least twelve months after the reporting date, they are presented as non-current liabilits'es. Trade creditors are recognised at the transaction pri. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Adual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant accounting estimates idenb'fied. Income from donations and legacies Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Legacies Grants 46,500 55.418 46,500 63.181 87,171 2,500 87,171 62,722 7,763 60,222 101.918 7,763 109.681 60,222 89,671 149.893 16-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies {Continued) Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Grants Kilroot Foundation Adrian Swire Charitable Trust Schuster Charitable Twst Lord Phillimore Trust Doris Field Charitable Trust Sam Guemey Foundation Critchley Trust B Brunner Trust Other donations and subscriptions 10.000 10.000 20.000 20.000 15,000 1,000 1.500 15,000 1,000 1,500 15,000 1,000 2,000 15,000 1,000 2,000 5.000 2.000 3.000 2.000 5.000 2.000 3.000 2.000 5,000 1.000 5,000 1,000 15,918 7,763 23,681 16,222 2,500 18,722 55,418 7,763 63,181 60,222 2,500 62,722 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Membership subscriptions and sponsorships Fundraising events 89,281 11,699 84,858 9,960 Other trading activities 100,980 94,818 Investments Unrestricted Unrestricted funds funds 2025 2024 Income from listed investments 191,813 200,506 17-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Raising funds Unrestricted Unrestricted funds funds 2025 2024 Fundraisin and ublici Ride and Stride Other Events 8,890 8,574 6,584 7,849 Fundraising and publicity 17,464 14,433 17,464 14,433 Expenditure on charitable activities Charitable activities 2025 Charitable activities 2024 Direct costs Distribution of cycle ride revenues to churches 36,468 34.137 Grant funding of activities (see note 8) 560,474 464,793 Share of support and governance costs (see note 10) Governance 19,226 21,225 616,168 520,155 Analysis by fund Unrestricted funds 616,168 520,155 18-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Church Wallingford Baptist Church Oddington, St. Andrew Headington. St. Anthony RC Kidmore End, St. John North Stoke. St. Mary the Virgin Oxford, St. Giles Oxford, St. Michael Shrivenham, St. Andrew Wallingford Quaker Mtg. Hse Wendlebury, St. Giles Bampton Methodist Church Brightwell Baldwin, St. Barts. Broughton, St. Mary Eaton Hastings, St. Michael Longcot, St. Mary the Virgin Oxford, St. Mary Magdalen Middleton Stoney Chinnor, St. Andrew Lt. Faringdon, St. Margaret Banbury, St. Mary Stonesfield, St. James Adderbury, St. Mary Crowmarsh Gifford, St. Mary Duns Tew, St. Mary Magdalene Kiddington, St. Nicholas Long Wittenham, St. Mary North Leigh, St. Mary Shipton-u-wychwood, St. Sibford Gower, Holy Trinity Steeple Aston, SS Peter & Paul Stoke Talmage, St. Mary Mag. Chinnor, St. Andrew South Moreton, St. John the Baptist Henley, Holy Trinity Black Bourton, St. Mary Henley on Thames. Holy Trinity Stoke Talmage, St. Mary Mag. West Hendred, Holy Trinity Barford St Michael. St Michael" Project Leaking roof slateslgutters Porch repairs Roof repairs Extension for VdCIServery Repairs to boundary wall INC',kitchen,' organ pipes Tower and roof repairs INndowslrainwater goods Extension for Wclfacilities IPIClkitchen', soundlAV Repairs to windows Installation of sound system Repointing spire',weather vane Porch repairs Lighting improvements Restoration of VkÈrd memorial Roof Mami Roof R0ofAlan Options for repairslrestorfn Repla Roofing slatesls'wk Hanging chandeliers for heat Installn. Of WCIServery Installn. Of waterldrainage Extensive repairs Repairs to slworkldrainage Repla lead on tower roof Repla gas heaters Repla oil fired heating Renewal of roofs Internal repairs to ceiling Replament of oil tank Removal of unstable monument Repairs to rainwater goods Re•rooflre-point porch Rooflrainwater goods work Repairlrefurbt. Glass windows Repairs to chancel roof Rooflrainwater goods work Award (£) 2,000 3,000 10,000 35,000 7.000 16.000 35.000 14.000 50,000 15,000 1,000 1,500 5,000 2,000 2,000 3,500 4,814 4,762 6,858 3,000 4.000 26.000 30.000 8.000 35,000 4,000 15,000 20,000 8,000 15,000 6,000 1,500 2,500 3,000 5,000 1.500 1.500 6.000 5.000 19-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable (Continued) Britwell Salome. St. Nicholas Headington, St. Mary North Moreton, All Saints Radley, St. James the Great West Hanney, St. James the G. Ceiling wkllightinglheating Extensive QQ works Conservation of stained glass StonewOr1nteMal repairs Instlln of Wclkitchenlintemal 42,000 30,000 12,000 20.000 42.000 All general purposes grants 47 grants Sub-total 564,434 Total new grants awarded Less Cancelled Grants 564.434 {3,960) GRAND TOTAL COMMirrED 560,474 . Awarded the David Booth grant -20-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net movement in funds 2025 2024 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's ffinancial statements 5.880 5.400 10 Support costs allocated to activities 2025 2024 Governance costs 19,226 21,225 Analysed between: Charitable activities 19,226 21,225 2025 2024 Governance costs comprise: Audit fees Legal, IT, printing, postage and mting expenses 5,880 13,346 5,400 15,825 19,226 21,225 11 Trustees There were 2 {2024= 4) trustees reimbursed for expenses totaling £1,784 (2024.. £1,276). No trustees received any remuneration during the year (2024.. none) 12 Gains and losses on investments Unrestricted Endowment funds funds 2025 2025 Total Unrestricted Endowment funds funds 2024 2024 Total 2025 2024 Gainslllossesl arising on= Revaluation of investments {85.409) 6.562 (78.847) 152,558 173,748 326,306 13 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remuneration was more than £60.000. 21
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15 Fixed asset investments Listed investments Cost or valuation At 1 April 2024 Additions Valuation changes 5,864,155 40,000 {78,847) At 31 March 2025 5,825,308 Carrying amount At 31 March 2025 5,825,308 At 31 March 2024 5,864,155 16 Debtors 2025 2024 Amounts falling due within one year: Other debtors 1,264 1,145 17 Creditors: amounts falling due within one year 2025 2024 Grants to churches not yet paid Accruals and deferred income 720,742 6,000 561.480 5.350 726,742 566,830 18 Endowment funds Endowment funds represent assets vthich are held for the long temi by the charity. Income arising on the endowment funds can be used in accordance wth the objects of the charity and 15 included as unrestricted income. Any capital gains or losses arising on the assets fonn part of the fund. At 1 April 2024 Incoming resources Gains and At 31 March losses 2025 Expendable endowments Heritage fund 4,302,OT7 7,763 6,562 4,316,402
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Endowment funds {Continued) PVIouS year: 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 The Heritage Fund This expendable endowment was established to mark the fiftieth anniversary of the Trust with 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. 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources expended Gains and At 31 March losses 2025 General funds 1.185,709 394.711 (633.632) {85.409) 861,379 pvIouS year: At 1 April 2023 Incoming resources Resources expended Gains and At 31 March losses 2024 General funds 1.212,193 355.546 {534.588) 152,558 1,185,709 20 Analysis of net assets between funds Unrestricted Endowment funds funds 2025 2025 Total 2025 At 31 March 2025: Investments Current assetsl{liabilities) 2,834.424 (1,973.045) 2,990,884 1,325.518 5,825,308 {647.527) 861.379 4,316.402 5,177.781 -23-
OXFORDSHIRE HISTORIC CHURCHES TRUST (2016) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Analysis of net assets between funds {Continued) Unrestricted Endowment funds funds 2024 2024 Total 2024 At 31 March 2024: Investments Current assetsl{liabilities) 2,879,833 (1,694,124) 2,984,322 1,317,755 5,864,155 {376,369) 1,185,709 4,302,077 5,487,786 21 Related party transactions There were no disclosable related party transactions during the year (2024 - none) other than the transactions with the trustees in note 11. -24-