Charity registration number 1128620
Company registration number 4339438 (England and Wales}
## THE OXFORD LITERARY FESTIVAL
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
## THE OXFORD LITERARY FESTIVAL
## LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Y Alibhai-Brown C A Allan K Farquhar-Thomson A J M Lowther-Pinkerton BG E Okri PTR Simons JM Sevem Charity number 1128820 Company number 4339438 Ragistered office C/O Critchleys LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Independent examiner Critchlays Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Bankers HSBC Bank PLC 8 Canada Square London E14 5HQ
## {Appointed 7 Dacamber 2021)
(Appointed 7 December 2021)
(Appointed 14 September 2022)
## THE OXFORD LITERARY FESTIVAL
## CONTENTS
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Page
Trustees’ report 1-2
Independent examiner's report 3
Statement of financlal activities 4
Balance sheet 5
Notes to the financial statements 6-12
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## THE OXFORD LITERARY FESTIVAL
## TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT)
## FOR THE YEAR ENDED 30 JUNE 2022
The Trustess present their annual report and financial statements for the year ended 30 June 2022.
The financial stataments have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitias 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 objective of the charity is to advance education by promoting and providing opportunities for the appreciation, understanding and enjoyment of literature and the arts, in particular through the promotion and running of a literary festival in Oxford.
The Trustess have paid due regard to guidance issued by the Chanty Commission in deciding what activities the Charity should undertake.
## Achlevements and performance
To mark the Festival's 25th Anniversary:
1. In the autumn of 2022 the Festival staged a serias of major speakers at The Shaldonian Theatre - including lan McEwan (supported by the European Union Cultural Relations Platform) - launching his new novel; Celia Imry; Lord Patten, Philip Lymbery and Deborah Meaden.
2. On 23rd November the European Union Embassy in London hosted a reception to launch the plans for tha 26th Festival in spring 2023.
3. The first events for 2023 went on sale on 26th November.
4. On 10th February 2023 the Festival and NETFLIX announced a major partnership to open up the Festival to City of Oxford pupils and students.
5. Highlights of the 2023 Festival include -
i} The Bodley Lecture and Medal with Colm Toibin.
ii) The University Chancellor's Lecture with Mick Herron.
iii) The Vice-Chancellor's conversation with Professor Peter Coveney and Professor Roger Highfield.
iv) The Second Festival Science and Innovation Award being presented to Professor Lard Martin Rees OM - the Astronomer Royal.
v) The Festival Honorary Fellowship awarded to Tom Halland.
vi) The Inaugural America Lecture to be dellvered by Pulitzer Prize winner - Isabel Wilkerson.
vii) The Financial Times Lecture to be delivered by Martin Wolf.
6. The Festival Board is extremely grateful to all the companies, private donor, trusts and foundations whase generous support - with that of our loyal audiences - have ensured the survival of the only major literary festival in Britain which recelves no state or public funding.
## Financial review
In the year ended 30 June 2022, the Festival's income from donations, sponsorship and other receipts increased to £420,151 (2021: £28,623) due to an increase in Sponsor contributions to the Literary Festival. Ticket sales for the 2021 festival are not shown dus to cancellation of the festival due to Covid-19. These have been deferred until 2023 and are not reflected in the statement of financial activity. Costs increased to £443,297 (2021: £84,110) as a result of increased activities following Covid-19.
Notwithstanding the net liabilities shown on the balance sheet, these financial statements have been prepared on a going concem basis as the Trustees are confident that sufficient funds will be available to enable operations to continue ata sustainable level for a period of at least 12 months from the approval of the accounts by the Trustees - aspacially givan the strong level of existing sponsorship and new negotiations in hand.
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## THE OXFORD LITERARY FESTIVAL
## TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
The Trustees have considered the sustainability of the Charity and believe that a minimum reserve of £25,000 should be retained. The company is not yet in a pasition to achiave this objective.
The Trustess have identified the major risks which may affect the charity and have taken reasonable steps to mitigate those risks.
## Structure, governance and management
The Oxford Literary Festlval is a company limited by guarantea and Is governed by Its Memorandum and Articles of Association. As at 26 March 2010 tha company, The Oxford Literary Festival became a charity and Is registered with the Charity Commission (registered number 1128820).
The Trusteas, who ara also tha directors for the purpose of company law, and wha sarved during the year and up to the date of signature of the financial statements were: Y AllphaFBrown (Appointed 7 December 2021) CAAllan JG Benson (Resigned 5 April 2022) K Farquhar-Thomson A JM Lowther-Pinkerton (Appointed 7 December 2021) B GE Okni
PTR Simons G J Warren (Resigned 14 September 2022) JM Severn (Appointed 14 September 2022)
The Board of Trustees appoint new members of the Board either to fill a casual vacancy or by way of addition to the Board. Particular emphasis is placed upon the appointment oftrustees with knowledge and axparience relevant to the charity's activities.
Day to day administration of tha charity is delegated to Sally Dunsmare, as Chief Executive, under the supervisian of the Board of Trustees. Decision-making powers are retained by the Trustees and exercised at their regular meatings.
The Trustees’ report was approved by the Board of Trustees.
Chalrman: Jari Michael Severn
27 March 2023
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THE OXFORD LITERARY FESTIVAL
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CRI CHLE YS
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE OXFORD LITERARY FESTIVAL
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| report to tha Trustees an my examination ofthe financial stataments of The Oxford Literary Festival (tha Charity) for the yaar anded 30 Juns 2022.
## Responsibilities and basis of report
As the Trustees of the Charity (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 flnanclal statements of the Charity are nat required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the Charity's financial statements carried out under saction 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5}(b) of the 2011 Act. Independent examiner's statamant Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of ICAEW, which is one of the listed bodies. | hava completed my examination. | confirm that no mattars have come to my attention in connectian with the examination giving me cause to believe that in any material respect:
1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2 the financial stataments do nat 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 falr 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).
| draw your attention to note 1.2 which details the rationale for preparing the financial statements on a going concem basis.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this raport in arder to enable a proper understanding ofthe financial statements to he reached.
Robert Kirtland FCA
Critchleys Audit LLP
Beaver House
23-38 Hythe Bridge Street Oxford OX1 2EP
Dated: 30 March 2023
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## THE OXFORD LITERARY FESTIVAL
## STATEMENT OF FINANCIAL ACTIVITIES
## INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2022|2021|
||Notes|£|£|
|Income from:||||
|Donations and legacies|3|70,247|28,623|
|Charitable activities|4|349,900|-|
|Investments|5|4|-|
|Total income||420,151|28,623|
|Expenditure on:
Charitable activities|6|443,297|84,110|
|Netexpenditure for the year/||||
|Netmovement In funds||(23,146)|(55,487)|
|Fund balances at 1 July 2021||(327,007)|(271,519)|
|Fundbalancesat30June2022||(350,153)|(327,006)|
The statement of flnanclal activities Includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activitias.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## THE OXFORD LITERARY FESTIVAL
## BALANCE SHEET AS AT 30 JUNE 2022
|||2022||2021||
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Fixed assets||||||
|Tangible assets|9||780||1,040|
|Current assets||||||
|Debtors|10|90,859||24,583||
|Cash at bank and in hand||-||1,002||
|||90,859||25,585||
|Creditors: amounts falling due within one||||||
|year|12|(373,088)||(214,518)||
|Net current liabilities|||(282,229)||(188,933)|
|Total assets less current liabilities|||(281,449)||(187,893)|
|Creditors: amounts falling due after more||||||
|than one year|13||(68,704)||(139,113)|
|Net liabilitles|||(350,153)||(327,006)|
|Income funds||||||
|Unrestricted funds|||(350,153)||(327,006)|
||||(350,153)||(327,006)|
The company |s entitled toe the exemption from the audit requirement contalned in section 477 of the Companies Act 2006, for the year ended 30 June 2022.
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 provislons applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 27 March 2023
Chairman: Jar Michael Severn
## Company Registratlan No. 4339433
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THE OXFORD LITERARY FESTIVAL
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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1 Accounting policies
Charity informatian
The Oxford Literary Festival is a charitable company limited by guarantees incorporated in England and Wales. The
ragistered office is C/O Critchlays LLP, Beaver House, 23-38 Hythe Bridge Street. Oxford, Oxfordshire. OX1 2EP.
1.1. Accounting convention
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act
2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the
Charitigs SORP “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). The Charity is a Public Benefit Entity as dafined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
Tha financial statements are prepared in staring, which is the functional currency of the Charity. Monetary amounts in
these financial statements are rounded to the nearest £.
The financial statemants have been prepared under the historical cast convention. The principal accounting policias
adopted are set out below.
1.2. Golng concern
Notwithstanding the net liabilities shown on the balance sheet, these financial statements have been prepared on a
going concern basis as the Trustees are confident that sufficient funds will be available to enable operations to
continue at a sustainable level for a period of at least 12 months from the approval of the accounts by the Trustees. As
at 30 June 2022, the charity has an interest-free loan of £60,000 in place which is repayable by instalments up to 2024.
In addition to this, the pattern of the charity's activities is such that voluntary income will be available from major donors
at stepped intarvals throughout the next 12 months, enabling the Trustees and Chief Executive ta manage cashflow
effectively. The Trustees are confident the 2023 finances are secure. The charity's activities have resumed to full
operations now that the country is out of any Covid-19 restrictions. The Trustees have the ability to reduce operations
significantly if income was to fall.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the
charity and which have not been designated for other purpases.
As all income in the year is unrestricted a funds note has not been cansidered necessary.
1.4 Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to
the income after any performance conditions have been met, the amount can be measured reliably and it is probable
that the income will be received. The following specific policies are applied to particular categories of income:
Donations - For donations to ba recognised the charity will have been notified of the amounts and the settement date
in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement
can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within
the control of the charity and it is probable that they will be fulfilled.
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THE OXFORD LITERARY FESTIVAL
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
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1 Accounting policies (Continued)
Grants - Income from government and other grants are recognised at fair value when the charity has entitlement after
any performance conditions have been met, it is probable that the income will be received and the amount can be
measured reliably. If entitlement is not met then these amounts are deferred.
Donated goods, facilities and services - Donated facilities and donated professional services are recognised in
income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has
control over the item, Fair value is determined on the basis of the value of the gift to the charity. For example the
amount the charity would bs willing to pay in the open market for such facilities and services. A comesponding amount
is recognised in expenditure.
1.5 Expenditure
All expenditure is accounted for on an accruals basis and has been classifiad under headings that aggregate all costs
related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to
third parties, it is prabable that the settlement will ba required and tha amount of the obligation can be measured
reliably. It is categorised under the following headings:
Costs of raising funds - This includgs all expanditure incurred by the charity to raisa funds for its charitable purposes
and includes costs of all fundraising activities events and non-charitable trading.
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Charitable expenditure - These are costs incurred an the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. Support costs allocation
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Support costs are those that assist the work of the charity but do not directly represent charitable activities and Include
office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on
the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be
directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable
activities on a basis conslstent with use of the resources. Premises overheads have been allocated an an Insert detall
basis and other overheads have been allocated on an Insert detall basis.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful
livas on the following bases:
Office equipment 25% reducing balance
1.7 Cash and cash equivalents
Cash and cash equivalents Include cash In hand, deposits held at call with banks, other short-term liquid Investments
with original matures of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings In
current liabilities.
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## THE OXFORD LITERARY FESTIVAL
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
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1 Accounting policies
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(Continued)
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- 1.8 Financial instruments
The Charty has elected to apply the pravisions of Sactlon 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 Charlity’s balance sheet when the Charity 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 ta set off the recognised amounts and there Is an Intention to settle on a net basls or to reallse the asset and settle tha 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 effactive interest mathod 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 transactlon, where the debt Instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilites classified as payable within one year are not amortsed.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current llabllitles. Trade creditors are recognised Initlally at transaction price and subsequently measured at amortised cost using the effective Interest method. 2 Critical accounting estimates and judgements In the application of the Charity’s accounting policles, 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 bassd on historical experience and other factors that are considered to be relevant. Actual results may diffar from these estimates.
The estimates and underlying assumptions are reviewed on an ongalng basis. Revisions to accounting estimates are recognised in the period In which the estimate is revised where the revision affects only that periad, or In the period of the revision and future perlods where the revision affects both current and future periods. There are no significant accounting estimates or judgements in thess financial statements.
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## THE OXFORD LITERARY FESTIVAL
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
|3|Donations and legacies|||
|---|---|---|---|
|||Unrestricted|Unrestricted|
|||funds|funds|
|||2022|2021|
|||£|£|
||Donations and gifts|70,247|28,623|
|4|Charitable activities|||
|||2022|2021|
|||£|£|
||Cammissions receivabla|85,556|-|
||Ticket sales|152,927|-|
||Sponsorships|111,417|-|
|||349,900|-|
|5|Investments|||
|||Unrestricted|Total|
|||funds||
|||2022|2021|
|||£|£|
||Interestreceivable|4|-|
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## THE OXFORD LITERARY FESTIVAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
## 6 Charitable activitles
||Running|Governance|TotalRunning|TotalRunning|Governance|Total|
|---|---|---|---|---|---|---|
||Events|Casts|2022Events||Costs|2021|
||2022|2022||2021|2021||
||£|£|£|£|£|£|
|Staffcosts|64,240|-|84,240|15,000|-|15,000|
|Administrative assistance|12,740|-|12,740|1,135|(24)|1,111|
|Speakers’ fees and travel|60,182|-|60,182|164|-|164|
|Venue costs and equipment|||||||
|hire|78,547|-|78,547|1B0|-|180|
|Event running costs|139,378|-|139,378|42,130|-|42,130|
|Postage and stationery|1,969|-|1,969|1,822|-|1,822|
|Advertising|23,899|-|23,899|2,500|-|2,500|
|Telephone and fax|359|-|359|845|-|B45|
|Printing|4,297|-|4,297|445|-|445|
|Travel and subsistence|16,203|-|16,203|6,7B5|-|6,785|
|Bankcharges|-|2.682|2,682|-|564|564|
|Book-keeping|-|4,343|4,343|-|2,180|2,180|
|Office running costs|2,214|-|2,214|1.741|-|1,741|
|Sundry expenses|1,245|-|1,245|8,558|-|8,558|
|Depreciation of office|||||||
|equipment|260|-|260|BS|-|85|
|Insuranca|10,739|-|10,739|-|-|-|
||436,272|7.025|443,297|81,390|2,720|84,110|
||436,272|7,025|443,297|81,390|2,720|84,110|
7 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
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## THE OXFORD LITERARY FESTIVAL
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
## 8 Employees
||The average monthly number ofamployees during the year was:|||
|---|---|---|---|
|||2022|2021|
|||Number|Number|
|||2|4|
||Employment costs|2022|2021|
|||£|£E|
||Wages and salanes|75,119|15,000|
||Social security costs|8,514|-|
||Other pension casts|607|-|
|||84,240|15,000|
||There were no employees whose annual remuneration was more than £60,000.|||
|9|Tangible fixed assets|||
||||Office equipment|
||||£|
||Cost|||
||At 1 July 2021||4,966|
||At 30 June 2022||4,966|
||Depreciation and impairment|||
||At 1 July 2021||3,926|
||Depreciation charged In the year||260|
||At 30 June 2022||4,186|
||Carrying amount|||
||At 30 June 2022||780|
||At 30 June 2021||1,040|
|10|Debtors|||
|||2022|2021|
||Amounts falllng due within ons year:|£|£|
||Trade debtors|85,102|2,000|
||Other debtors|150|-|
||Prepayments and accrued income|5,607|22,583|
|||90,859|24,583|
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## THE OXFORD LITERARY FESTIVAL
## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2022
|11.|Loans and overdrafts||||
|---|---|---|---|---|
||||2022|2021|
||||£|£|
||Bank overdrafts||37,356|11,035|
||Other loans||99,352|139,113|
||||136,708|150,148|
||Payable within oneyear||68,004|11,035|
||Payable afterons year||68,704|139,113|
|12|Creditors: amounts falling due within one year||||
||||2022|2021|
|||Notes|£|£|
||Bank overdrafts|11|37,356|11,035|
||Borrowings||30,648|-|
||Other taxation and social security||53,288|5,908|
||Trade creditors||70,455|24,098|
||Other creditors||1,880|805|
||Accruals and deferred income||179,461|172,672|
||||373,088|214,518|
|13|Creditors: amounts falling due after more than one year||||
||||2022|2021|
||||£|£|
||Borrowings||68,704|139,113|
14 Members’ Liability
Every Trustee undertakes to contribute to the assets of the charity in the event of it being wound up while he or she is a member or within one year after he or she ceases to be a member, an amount not exceeding £1.
The total amount of such guarantees at 30 June 2022 was £7 (2021: £6).
15 Related party transactions
During the year one trustee donated £5,000 to the charity for general purposes during the year (2021: ENIl).
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This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic form, authentication and manner of delivery under section 1072 of the Companies Act 2006,