2022-03-31-accounts - Oxford Economic Papers Association

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Oxford Economic Papers Association

Annual Trustees’ Report for the year ending 31 March 2022

Registered Charity Number: 1043130 Registered address: Oxford Economic Papers Manor Road Building Manor Road Oxford OX1 3UQ

The OEP Association gained charitable status in 1994. Since that date, we have donated in total more than £1.25 million to the University of Oxford, providing funding to the Department of Economics to support teaching and research, and graduate students, to the colleges of the university, various conferences, and the long-running series of Hicks Lectures inaugurated by the OEP editors in 1984.

Trustees of the OEP Association

The OEP Association has three trustees, elected at the 2021 Editorial Board Annual General Meeting. They are Joe Perkins (Chair), Howard Smith and David Vines. Inès Moreno de Barreda stepped down as a trustee at the 2022 Editorial Board Annual Meeting.

Structure, governance and management

After a review of the constitution in 2017 the two Oxford Economic Papers boards (editorial and Association) were merged to form the Editorial Board, which elects the trustees. We are still known collectively as the Oxford Economic Papers Association.

The OEP Editorial Board meets regularly to: elect the Trustees; appoint full members to serve on the Editorial Board; appoint an auditor and consider the audited accounts; consider the annual report; and discuss the level of charitable donations and the beneficiaries of that charitable giving, with recommendations made to the Trustees who take the formal decision on donations. The most recent Editorial Board meetings were in January 2021, September 2021 and October 2022.

Achievements and performance

At the AGM held on 5th October 2015 the OEP Association resolved to donate not less than £85,000 a year to the Department of Economics at the University of Oxford, for three years from 2015 to 2017, to support graduate funding. OEP funding enabled the department to introduce a

more generous Graduate Teaching Assistanceship scheme. At the 2016 AGM the Association committed to donating a further sum of £12,500 per year to the department for the next four years. This £12,500, in addition to the £85,000 earmarked for year, meant that £97,500 was donated and paid to the University of Oxford in November 2016.

In the financial year ending in March 2018 a total of £102,500 was paid to the department. This sum consisted of £85,000 for graduate funding and £12,500 for graduate studentships as agreed at the 2016 and 2017 AGMs. There was also a donation of £5,000 to support a History of Economic Thought conference at Oxford which is leading to a special issue of the Journal.

At the 2018 AGM it was agreed to reduce the payment for graduate funding to £30,000 for the next financial year but to commit to a payment of £30,000 as part of an integrated doctoral programme being run by the department. There was a commitment to continue that level of funding for a total of three years. It was also agreed to continue the funding of the graduate studentship at the level of £12,500.

As a result, a total of £74,724 was paid on the department in the financial year ending March 2019. This included the amount of £2,224 to support a workshop on State Dependence of Economic Policy which had been delayed by a year.

In 2019-20, the OEP Association paid the department the following amounts:

Graduate Funding: £16,000 Graduate studentship: £12,500 (as fourth year of the graduate studentship) Integrated Doctoral Programme: £30,000 (as second of three for this programme)

In 2020-21, the OEP Association paid £60,000 to the department for the Integrated Doctoral Programme. In 2021-22, the OEP Association paid £90,000 to the department to support graduate education in economics. The amounts for the financial years ending March 2021 and 2022 are shown in the accompanying account.

These payments have enabled the Department of Economics to support graduate students (bursaries, scholarships and studentships) in the face of increasing budget constraints.

Hicks Lecture

OEP continues to organise and fund an international lecturer to speak in Oxford. In February 2022, Daron Acemoglu, Institute Professor of Economics at the Massachusetts Institute of Technology, gave the 25[th] Hicks Lecture, entitled “Redirecting Technological Change: Applications to Energy, Automation, and AI” The lecture was given remotely because of the ongoing Covid pandemic, but we expect future lectures to return to in-person presentations.

Aims of the Association

The OEP Association aims to continue pursuing its goals of underpinning the production of a world-class economics journal, as well as using its surplus to further economics education. In connection with the latter, it places a particular emphasis on assisting postgraduate students.

Public benefit

In the considered opinion of the trustees, the OEP Association has complied with its duty

under section 17(5) of the Charities Act 2011 to have due regard to the commission’s public benefit guidance when exercising all those powers or duties to which the guidance is relevant.

Financial review

The Report and Accounts for the year ended 31st March 2022 are attached. At its first meeting in January 2018 the new board of Trustees reviewed OEP’s internal financial controls. OEP complies with all required requirements and most recommended requirements. Several areas are being kept under review, including data protection, investment policy and expenditure policy.

The policy on reserves is that a significant sum should be kept in reserve to allow for contingencies directly connected to the publication of the journal. These include fluctuations in exchange rates, a sudden deterioration in the journal purchasing policies of university libraries, and difficulties with suppliers. In addition, we aim to expand the current editorial team which will require the use of some reserves. For the balance, it is the view of the Trustees that donations to support economics education should be made as and when the opportunity arises.

Date: 9 January 2022

Signed by

Joe Perkins Chair of Trustees of OEP Association

OXFORD ECONOMIC PAPERS ASSOCIATION REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 CHARITY NUMBER: 1043130

oxri ORD ECONOt*llC PAPERS ASSOCIATION JNDEpfi NDENT EXAMINER'S REPORT TO THE TRUSTEES OF OXFORD ECONOMIC PAPERS ASSOCIATION I r¢porl on tlie accoiints of the asso¢ialioii for the year ended 31st March 2022 Res eetive res onsibilities of Ir115tee5 anil exAniiner The trLislees are responsible for the preparatioii of Il)¢ a¢¢ounls in a¢cordan¢e iviih the Cliarilies Act 201 (the "Act"). The irustees coiisider that ai) aiidil is not Teqiiired for Iliis period under section 144 of ilie Act and ihat an independent exaininatioii is iieeded. Flaving satisfied myself tlial the charity is i)ol subject lo an aLidi¢ under cl)arity law and is ¢ligibl¢ for iiid¢p¢ndenl exainination, it is my r¢sponsibility to- e.xamine the a¢¢ounls under section 145 of the Act- folloiv th¢ procedures laid doivn in the general directions given by th¢ Charity Coinmission (Linder section 145(5)(b) of the 2011, and state ivhether parti¢iilar matters have coine to my att¢nlion. BAsi$ of inde eiident e.xaminer's stntement My examination was carricd out ii) accordance ivith general directions giv¢n by Ilie Cliarily Commission. An examination incliides a revieiv of tlie accounting records k¢pt by th¢ cliarity and a ¢ompaTlSon of the accolinls presented with rliose records. 11 also includes consideration of any iinusiial items or disclosures in the accounls, nnd seeking explanations froii) you as trustees conceming any such inalters. The procedures undertaken do nol proyide all the evidence thal would be required in an audit and consequently no opinion is given as to ivhether the accounts present a true and fair vieiv" and Ilie report is limited to Iliose matters set oiil in the statement beloiy. In(le endent eTaminer's stitement In Connection witli my examination, no malerial Inatter have ivhich gives me cause to believe Ilwt in, any Inalerial respect.. the accounting records were not kept in a¢¢ordaii¢e with section 130 of the Charities Act,. or the accounts did not accord ivith the aecounting reeords. or the accounts did not coinply ivith the applicable requirements conceming ilie foi'in and content of accoui)ls sel out in Il)e Charili¢s (Accoun15 and Reports) Rcgiilatioiis 2008 oth¢r Ihan the r¢quiremenl that the accoun15 give a 'lrue and fic ir, vieiv which is not a matter ¢onsidered as part of an independent exainination. I have no Concerns and have come across no other Inatters in connection ivith the exaniination to ivhich att¢nlion should be draivn in tl)is report in order to enable a proper underslaning of tlie accounts to be r¢aehed. VC Paige FCCA WalionPaige Accoui)lants I l Lime TIEe Meivs 2 Lime Walk Headinglon Oxford OX3 7DZ Page

oxroRD ECONOMIC PAPERS ASSOCIATION STATfi,MENT or FINANCIAL ACTIVITIEI S FOR THE YEI AR [1 P4DEI D 31ST MARCH 2022 2022 2021 INcof¥IlNG RESOURCES Incoining resour¢es fron) Cenerated Fiimil$ Receipls froin Oxford Uiiiversity Press Deposit inl¢i'esl TOTAL INCOMING RESOURCES 218,129 10 218,139 218,977 219.092 RESOURCES EXPLNDED Cosl of raislng fiinds S¢¢r¢larial assislan¢e Aries softivar¢ Honoraria 19,593 3,927 113,835 137,355 19,017 3,662 108,076 130,755 Charitiible expen(Ilture Donations: Conferences Departtn¢nl of Econoniics (5,000 ) 90,0 5.000 gradiiate funding gradiialt slydentship integrated doctoiate progranime 60,000 65,000 85,000 Governance ¢o$ts Audit and a¢counian¢y In511rance Sundry 620 157 608 104 712 908 TOTAL RESOURCES EXPENDED 223.263 196,467 Net (Resources expen(led)I Income for the year (5,124) 22,625 Fund ballln¢¢s al l April 2021 257,527 234,902 ri uiid bRlttnces Al 31 Mnrch 2022 £ 252,403 £ 257,.527 All in¢ome and expenditure is of an ui)reslricted natiire Page 2

OXFORD ECONOMIC PAPERS ASSOCIATION BALANCE SHEET AS AT 31ST MARCH 2022 Notes 2022 2021 CURREwf ASSF.TS Balance al bank- current accoui)ts deposit accoiinl 273,575 102,034 49,237 424,846 265,237 102,024 33,285 400.546 Debtors CURRETr4T LIABILITIES Creditors: Amounts falling due iviihin one year 172,443) 252, 143,019 ) 257,527 FUNDS Unrestricted 252,403 £ 257,527 Approved by the Iruslees on and signed on there behalf by: Joe Perkins Chair of Trustees Page 3

OXFORD ECONOMIC PAPERS ASSOCIATION NOTES TO THE ACCOUNTS FOII THE YEAR ENDED 31ST MARCH 2022 Al Aeeoiintl olicies Aceoiinlin Polieies The fjnancial statements have beeii pr¢pared iii c¢ordaTrLf Ivilh A¢¢oiiiilino aiid Reporting by ChaTiIi¢5.' St¢ltemenl of Recoinmendcd Practice applicable io ¢harities preparing thcir accoiinis in a¢¢ordance ivitli Ilie financial Reportiiig Standard applicable in the UK and Republic of Irelniid (FRS 102)leffeclive l Janiiary 2019)- (Charities SORP (FRS 102)), the Financial Reporting Staiidard applicabl¢ iii the UK and Republic of Ireland IFRS 102) (b) In oini R¢soiiJ'ees Incoming resoiirces are included ivhen receivable. Resources Ex endcd Resources expended r¢ included iii the Statement of Fiiiancial Activities on an accriials ba5j5, in¢lvsiv¢ of VA T ivhich elli)not b¢ r¢¢oYered. Fiind AeeoEiiiti ruiids held by the charity are all of An unrestricted general nature iYhi¢h ¢aii be used in accordance with tlie charitable objects ai the discrelioii of Ihe Iruste¢5. Debtors 2022 2021 Other debtOlB 49,237 33,285 Credltors:_ Amounts fallin diie within one eor 2022 2021 Otlier crediiors 172443 143,019 L al status of the charit The charity is unincorporated. Triistees Siibsistence expenses atnounting to £NlL ¥ver¢ r¢iinbursed to trustee5 in the yellr. Page 4

OXFORD ECONOMIC PAPERS ASSOCIATION REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2022 CHARITY NUMBER: 1043130