Charity registration number 1107094
Company registration number 04588061 (England and Wales)
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
S Crook
D Hare
E Leffman
(Appointed 14 November 2023)
M Markham
N Poole
C Wigg
T Vorley
(Appointed 6 October 2023)
Charity number
1107094
Company number
04588061
Registered office
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
Independent examiner
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
CONTENTS
Page
Trustees report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 13
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charitable company's Memorandum and Articles, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The principal activity of the charitable company during the year was improving the quality of life in Oxfordshire by widening participation in cultural activities, fostering collaborative activity between universities, cultural organisations and other partners in Oxfordshire, and promoting festival culture, and strengthening organisations across the county.

 

The objects of the charitable company are:

 

 

 

 

 

 

 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Achievements and performance

Business review

The Charitable Trust and its subsidiary, Experience Oxfordshire Limited, share the premises located at Pye House, Kidlington, Oxfordshire, OX5 1HZ.

 

Continued cuts in grant income and core funding in recent years from Local Authorities and major sponsors has reduced the core activity in relation to cultural development. In addition, the 23/24 financial year saw a continued impact on the business due to the Covid-19 pandemic, however trading was improved on 22/23 as market place conditions improved, particularly the return of inbound markets.

 

The subsidiary continued to assist in the running, development and promotion of culture and tourism within the County by:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

 

 

Financial review

It is the policy of the charitable company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company’s current activities while consideration is given to ways in which additional funds may be raised.

The charitable company maintains reserves in order to provide business stability in the event of identified and unidentified risks to the charity materialising. The trustees consider that it would be prudent to maintain reserves at a minimum of £35,000.

The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Risk management

 

The trustees have a risk management strategy which comprises:

 

 

 

 

The main area of risk to which the charity is exposed is financial risk through the reduction or withdrawal of core funding. Key elements in the management of this area of risk, included in the Business Plan, are negotiating for longer term financial commitments from core funders, strengthening performance reporting to core funders and the setting of a reserves policy.

Structure, governance and management

Governing document

Experience Oxfordshire Charitable Trust is a company limited by guarantee governed by its Memorandum and Articles of Association dated 12 November 2002, amended on 22 November 2004, 10 December 2008 and 12 March 2024. It is registered as a charity with the Charity Commission. The liability of members in the event of a winding up is limited by guarantee to an amount not exceeding £1 per member. At the balance sheet date there were 7 members.

 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

S Crook
J Davidson
(Resigned 6 December 2023)
D Enright
(Resigned 6 October 2023)
D Hare
E Leffman
(Appointed 14 November 2023)
M Markham
N Poole
C Wigg
T Vorley
(Appointed 6 October 2023)
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Recruitment and appointment of new trustees

 

Experience Oxfordshire Charitable Trusts' Memorandum and Articles of Association provide that the appointment of trustees shall be as follows:

 

The usual term of office for a Director shall be three years, at the end of which they shall retire. A Director shall be eligible for reappointment by the Directors for up to a further two terms, each of three years.

The trustees administer the charity through board meetings. A Director is appointed by the trustees to manage the day to day operations of the charity. To facilitate effective operations, the Director has delegated authority, within terms of delegation approved by the trustees for operational matters including finance, employment and artistic performance related activity.

 

Induction and training of new trustees

 

All trustees have at least a one hour discussion with the Chairman prior to appointment, during which a historical summary is given and an opportunity for questions provided. Trustees are provided with orientation information and a briefing including the Memorandum and Articles of Association, the business plan, recent board minutes and the most recent audited accounts. The Induction and Training policy for the board of trustees was reviewed during the year. Board development days are held annually.

Related Parties

 

Oxfordshire County Council provided funding to the subsidiary, Experience Oxfordshire Limited during the year. The Council is also an Ambassador partner of the subsidiary, providing a limited amount of direct funding, and is represented on the Board.

The trustees report was approved by the Board of Trustees.

S Crook
Trustee
Dated: 3 October 2024
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
- 5 -

I report to the trustees on my examination of the financial statements of Experience Oxfordshire Charitable Trust (the charitable company) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Jemima King FCA
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
Dated: 3 October 2024
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
149
4,154
Investments
3
1,382
89
Total income
1,531
4,243
Expenditure on:
Charitable activities
4
66,659
32,459
Total expenditure
66,659
32,459
Net expenditure and movement in funds
(65,128)
(28,216)
Reconciliation of funds:
Fund balances at 1 April 2023
151,513
179,729
Fund balances at 31 March 2024
86,385
151,513

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
2
2
Current assets
Debtors
11
-
3,899
Cash at bank and in hand
88,423
149,556
88,423
153,455
Creditors: amounts falling due within one year
12
(2,040)
(1,944)
Net current assets
86,383
151,511
Total assets less current liabilities
86,385
151,513
Net assets
86,385
151,513
The funds of the charitable company
Unrestricted funds
86,385
151,513
86,385
151,513

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 3 October 2024
S Crook
Trustee
Company registration number 04588061 (England and Wales)
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Charity information

Experience Oxfordshire Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.

1.1
Accounting convention

The accounts have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2016). The charitable company is a Public Benefit Entity as defined by FRS 102.

 

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts 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 accounts, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

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 charitable company.
1.4
Income

Incoming resources represent income receivable from grants, corporate membership, sponsorship, conference income and interest receivable.

 

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions 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.

EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs can not be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
149
4,154
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Deposit account interest

1,382
89
4
Charitable activities

 

 

2024
2023
£
£

Bank charges

36
-

Sundry expenditure

20
-

Contract services

64,000
30,000
64,056
30,000
Share of governance costs (see note 7)
2,603
2,459
66,659
32,459
5
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,040
2,184
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
7
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£
Independent examamination
-
2,040
2,040
-
2,184
2,184
Legal and professional
-
563
563
-
275
275
-
2,603
2,603
-
2,459
2,459
Analysed between
Charitable activities
-
2,603
2,603
-
2,459
2,459

Governance costs includes payments to the Independent Examiner of £2,040(2023- £2,184) for fees.

EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
8
Employees

The average monthly number of employees during the year was nil (2023: nil).

9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Fixed asset investments
Other investments
Cost or valuation
At 1 April 2023 & 31 March 2024
2
Carrying amount
At 31 March 2024
2
At 31 March 2023
2
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
14
2
2
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
3,899
12
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,040
1,944
EXPERIENCE OXFORDSHIRE CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
13
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 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
151,513
1,531
(66,659)
86,385
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
179,729
4,243
(32,459)
151,513
14
Subsidiaries

These financial statements are separate charitable company financial statements for Experience Oxfordshire Charitable Trust.

Details of the charitable company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Experience Oxfordshire Limited
30 Upper High Street, Thame, Oxfordshire, OX9 3EZ, England
Destination Management Organisation
Ordinary Shares
100.00
Visit Oxfordshire Limited
30 Upper High Street, Thame, Oxfordshire, OX9 3EZ, England
Dormant company
Ordinary shares
100.00
15
Related party transactions

Experience Oxfordshire Limited

During the year Experience Oxfordshire Charitable Trust paid a £64,000 (2023: £30,000) cultural development grant under Service Level Agreement to its subsidiary undertaking.

 

Experience Oxfordshire Limited did not make a donation during the 31 March 2024 year end (2023: £3,899) to Experience Oxfordshire Charitable Trust.

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