Oxford Student Conferences Registered Charity No. 1151631
Financial Statements for the year ended 31st May 2022
Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles’ Oxford OX1 3LE
Oxford Student Conferences
Index to the Financial Statements
for the year ended 31st May 2022
| Page | |
|---|---|
| Annual Report | 1 - 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 - 9 |
| Summary Income and Expenditure Account | 10 |
Oxford Student Conferences
Annual Report for the year ended 31st May 2022
Legal and Administrative Information
Oxford student conferences is registered with the Charity Commissioners (No. 1151631) and constituted by Deed of Trust dated 24th January 2013.
The Charity is administered by a Board of Trustees. Those Trustees who served during the year were as follows:-
E J L Tsen F J Rennie (appointed 9th March 2022)
Objectives, Organisation and Activities
The charitable objectives of the organisation are to further the education and intellectual exchange of ideas with young adults, by organising and executing talks and conferences in the Oxford area.
The charity’s main activity is to organise Tedx Oxford, the Tedx conference (x = independently organised Ted event). During the conference, speakers from many different fields present short talks to an audience.
Public Benefit
We have referred to the guidance contained in the Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning future activities. The Trustees consider that the annual Tedx Oxford conference reflects our aims and objectives and is organised to provide accessible talks to benefit the target demographic in accordance with our charitable activities.
Finances and Reserves Policy
The attached financial statements show the current state of the finances which the Trustees consider to be sound.
The balance shown on unrestricted income funds amounted to £12,175 (2021: £12,244)
In the opinion of the Trustees, the charity does not require a surplus of free reserves as each year’s conference is designed to break even. Where surpluses are generated, these are to be reinvested in future years’ conferences.
Risk Management
The Trustees have examined the major strategic, business and operational risks which the Charity faces or may face, and confirm that systems are in place to enable regular reports to be produced, so that the necessary steps can be taken to lessen any such risks.
Key Management Personnel
The Trustees consider that they, along with the remaining members of the Committee make up the charity’s key management personnel, responsible for the day to day running of the organisation. All members of the committee give up their time voluntarily. As such, there is no remuneration payable to key management personnel.
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Oxford Student Conferences
Annual Report for the year ended 31st May 2022
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual 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 & Wales 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper 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.
F J Rennie On Behalf of the Trustees
……………………. 2023
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Oxford Student Conferences
Independent Examiner's Report for the year ended 31st May 2022
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st May 2022 which are set out on pages 4 to 10.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 accounts to be reached.
Mr L J Baker FCA Wenn Townsend 30 St Giles’ Oxford OX1 3LE
………………………. 2023
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Oxford Student Conferences
Statement of Financial Activities for the year ended 31st May 2022
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Note | funds | funds | 2022 | 2021 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Charitable activities | 2 | 22,788 | - | 22,788 | 1,500 |
| ───── | ───── | ───── | ───── | ||
| Total Income | 22,788 | - | 22,788 | 1,500 | |
| ═════ | ═════ | ═════ | ═════ | ||
| Expenditure on: | |||||
| Charitable activities | 3 | 22,857 | - | 22,857 | 3,695 |
| ───── | ───── | ───── | ───── | ||
| Total Expenditure | 22,857 | - | 22,857 | 3,695 | |
| ═════ | ═════ | ═════ | ═════ | ||
| Net Income/(Expenditure) | (69) | - | (69) | (2,195) | |
| Net Movement in Funds | (69) | - | (69) | (2,195) | |
| Reconciliation of Funds | |||||
| Total Funds Brought Forward at 1st June | 12,244 | - | 12,244 | 14,439 | |
| ───── | ───── | ───── | ───── | ||
| Total Funds Carried Forward | at 31st May | 12,175 | - | 12,175 | 12,244 |
| ═════ | ═════ | ═════ | ═════ |
All income and expenditure derive from continuing activities.
The notes on pages 6 to 9 form an integral part of these accounts.
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Oxford Student Conferences
Balance Sheet as at 31st May 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Current Assets | |||
| Cash at bank and in hand | 10,685 | 14,094 | |
| Debtors: amounts falling | |||
| due within one year | 7 | 4,340 | - |
| Current Liabilities | |||
| Creditors: amounts falling | |||
| due within one year | 8 | (2,850) | (1,850) |
| ───── | ───── | ||
| Net Assets | 12,175 | 12,244 | |
| ═════ | ═════ | ||
| Capital & Reserves | |||
| Unrestricted Funds: | |||
| General Fund | 12,175 | 12,244 | |
| ───── | ───── | ||
| Total Funds | 12,175 | 12,244 | |
| ═════ | ═════ |
These accounts were approved at a meeting of the Trustees held on ……………………...
.................................... F J Rennie (Trustee)
The notes on pages 6 to 9 form an integral part of these accounts.
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Oxford Student Conferences
Notes to the Financial Statements for the year ended 31st May 2022
1. Summary of significant accounting policies
(a) General information and basis of preparation
Oxford Student Conferences is a charity in the United Kingdom. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are to organise Tedx Oxford, the Tedx conference (x = independently organised Ted event).
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) 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 purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
(c) Income recognition
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.
Income from charitable activities is recorded when the annual conference takes place as at this point, it has been earned by the charity.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
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Oxford Student Conferences
Notes to the Financial Statements
for the year ended 31st May 2022
1. Summary of significant accounting policies (continued)
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified 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 probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Expenditure on charitable activities includes the cost of the annual TedX conference
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
(e) Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(f) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(g) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. Income from charitable activities
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Sponsorship | - | - | - | 1,500 |
| Ticket sales | 22,788 | - | 22,788 | - |
| ───── | ───── | ───── | ───── | |
| 22,788 | - | 22,788 | 1,500 | |
| ═════ | ═════ | ═════ | ═════ |
All of the above income for both periods was unrestricted .
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Oxford Student Conferences
Notes to the Financial Statements
for the year ended 31st May 2022
3. Expenditure on charitable activities
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Event costs | 21,857 | - | 21,857 | 2,745 |
| Independent Examiner’s fees | 1,000 | - | 1,000 | 950 |
| ───── | ───── | ───── | ───── | |
| 22,857 | - | 22,857 | 3,695 | |
| ═════ | ═════ | ═════ | ═════ |
All of the above costs for both periods were unrestricted.
4. Independent examiner’s remuneration
The independent examiner’s remuneration amounts to an independent examination fee of £1,000 (2021: £950).
5. Trustees' and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2021: £Nil).
The total amount of employee benefits received by key management personnel is £Nil (2021: £Nil). The Trust considers its key management personnel comprise the committee, all of whom give up their time voluntarily.
During the year, trustees were reimbursed for out of pocket expenditure.
6. Staff costs and employee benefits
There were no employees during the year (2021: none)
No employees received total employee benefits (excluding employer pension costs) of more than £60,000.
7. Debtors: amounts falling due within one year
| Accrued income | 2022 £ 4,340 _ 4,340 ═════ |
2021 £ - |
|---|---|---|
| _ - ═════ |
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Oxford Student Conferences
Notes to the Financial Statements
for the year ended 31st May 2022
8. Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals | 2,850 | 1,850 |
| ───── | ───── | |
| 2,850 | 1,850 | |
| ═════ | ═════ |
9. Analysis of net assets between funds
| Current year | Unrestricted | Restricted | |
|---|---|---|---|
| Funds | Funds | Total | |
| £ | £ | £ | |
| Net current assets | 12,175 | - | 12,175 |
| ───── | ───── | ───── | |
| 12,175 | - | 12,175 | |
| ═════ | ═════ | ═════ | |
| Prior year | Unrestricted | Restricted | |
| Funds | Funds | Total | |
| £ | £ | £ | |
| Net current assets | 12,244 | - | 12,244 |
| ───── | ───── | ───── | |
| 12,244 | - | 12,244 | |
| ═════ | ═════ | ═════ |
Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the objectives of the Charity.
10. Related party transactions
There are no related party transactions during the year (2021: £ nil).
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Oxford Student Conferences
Summary Income and Expenditure Account (General Fund) for the year ended 31st May 2022 (for the information of the Trustees)
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Income | ||||
| Sponsorship income | - | 1,500 | ||
| Ticket sales | 22,788 | - | ||
| ───── | ───── | |||
| 22,788 | 1,500 | |||
| Expenditure | ||||
| Event costs | 21,857 | 2,745 | ||
| Independent examiner’s fee | 1,000 | 950 | ||
| ───── | ───── | |||
| 22,857 | 3,695 | |||
| ───── | ───── | |||
| Surplus/(deficit) for the year | (69) | (2,195) | ||
| Surplus brought forward | 12,244 | 14,439 | ||
| ───── | ───── | |||
| Surplus carried forward | 12,175 | 12,244 | ||
| ═════ | ═════ |
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