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 enhan￿ment 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 pla￿S 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, BrI￿ell Salome for works to the
ceiling and improved lighting and heating.
Our generous programme of grant-giving in re￿nt 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. can￿lIationS 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 Con￿rned 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 pla￿S of Christian v￿rshIp 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 pre￿dIng 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 be￿een 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 care￿1 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 reqUI￿d 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 prO￿dureS 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
kno￿edge 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￿ V￿th 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 Pro￿dureS 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
R0ofAla￿n
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
Repla￿ment 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
StonewOr￿1nteMal 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 m￿ting 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)
P￿VIouS 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
p￿vIouS 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-