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 advancement of public education by:
promoting the city of Oxford and the County of Oxfordshire; and
supporting the work of educational establishments through the provision of sector specific research, insights and think tanks.
The advancement of citizenship and community development through:
the promotion of urban and rural regeneration
the promotion of the voluntary sector; and
the promotion of the effective and efficient use of charitable resources.
The advancement of the arts, culture, heritage or science by:
supporting, encouraging and promoting cultural and artistic excellence in the development of literary, dramatic, artistic material and artistic festivals
supporting the preservation of buildings or sites of historic or architectural importance; and
promoting local historic traditions and events
The advancement of amateur sport by providing information on recreational facilities for the public at large or those who, by reason of their youth, age, infirmity or disablement, financial hardship or social economic circumstances, have need of such facilities.
The advancement of environmental protection or improvement by:
promoting and supporting the development of new and existing sustainable visitor economy and cultural products and experiences;
Supporting, encouraging and developing recycling, sustainable waste management and renewable energy sources; and
Promoting, supporting and developing Oxfordshire’s sustainable visitor economy, economic growth and regeneration
The provision of financial and/or technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemployed people in cases of financial or other charitable need through help:
in setting up their own business or
To existing businesses
The provision of promotional services and business advice to industry and commerce to achieve productive, sustainable growth across Oxfordshire.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.
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:
Promoting cultural events and festivals on the Experience Oxfordshire consumer website and across Experience Oxfordshire social media channels.
Raising the profile and importance of Cultural assets during English Tourism Week through a range of social media activity and business visits, engagement with Oxfordshire MPs and the Tourism Minister.
Developing stories on Oxford’s rich cultural heritage educating residents and visitors through Oxford Official Walking Tours.
The implementation and development of an arts and culture hub promoting cultural assets and events across the county digitally by providing a FREE platform for cultural event organisers to promote their events on www.experienceoxfordshire.org
Promoting cultural assets and events throughout Oxfordshire in the digital Destination Guide and, Venues Guides.
Promoting cultural venues through a dedicated website and social media channels www.experienceoxfordshire.org/venues alongside attendance at national and international trade shows.
Attending cultural stakeholder meetings across the county and providing business advice and support to cultural organisations.
Providing access to cultural experts and business improvement tools through our digital partner programme.
Managing and facilitating a wide range of business advice and virtual networking events throughout the year to support cultural engagement across the County and provide signposting to business support. Events have been hosted at Blenheim Palace, Randolph Hotel by Graduate Hotels, Hilton Garden Inn Abingdon, Weston Library, Voco Oxford Thame, Old Swan and Minster Mill, Leonardo Royal Oxford and The Oxford Collection.
Development and promotion of a range of campaigns to support cultural organisations including ‘Only in Oxfordshire’.
Attendance at travel trade shows to showcase the cultural offering across Oxfordshire and drive bookings to cultural venues.
Development and implementation of ‘The Oxfordshire Welcome’ to support businesses and raise standards.
Working with local media partner Global Hits Radio to promote culture and heritage assets to local residents through a ‘Stay Local’ campaign.
Regular liaison and feedback with DCMS, VisitEngland and VisitBritain on behalf of Oxfordshire businesses.
Commissioned Economic Impact Data and undertook business survey analysis to monitor trends.
Promotion of the Local Visitor Economy Partnership (LVEP) accreditation held by Experience Oxfordshire limited.
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:
A review of the major risks to which the charity is exposed, undertaken on an annual basis;
The establishment of systems and procedures to manage and mitigate those identified risks; and
Implementation of actions to minimise the potential impact of those risks on the charity, should they materialise.
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.
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:
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.
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.
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.
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:
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
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
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.
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 is a private company limited by guarantee incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
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.
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.
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.
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.
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.
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.
Cash and cash equivalents include cash in hand and deposits held at call with banks.
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, 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, 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.
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.
Deposit account interest
Bank charges
Sundry expenditure
Contract services
Governance costs includes payments to the Independent Examiner of £2,040(2023- £2,184) for fees.
The average monthly number of employees during the year was nil (
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.
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.
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:
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.