Oxford Conserdation Consortium Financial Statements For the Year Ended 31st July 2021 Charity Reg no. 1158728 Oxford Conservation Consortium Contents Page Number Trustees, Report Ito5 Independent Examiner's Report Statement of Financial Activities Balance Sheet Statement of Accounting Policies Notes to the Financial Statements 9t013 Oxford Conservatlon Consortium Trustees, Report Page I The Trustees, present their annual report together with the financial statements for the 12 months to 31st july 2021, which comply with the Charities SORP IFRS 1021. Reference and administrative details Regi5trètion number.. 1158728 Trustees.. Balliol College Christ Church Corpus Christi College Exeter College Jesus College Lincoln College Magdalen College Merton College Keble College Oriel College Queen's College St Antony'5 College St John's College Trinity College University College Worcester College Trust Secretsry.. lane Eagan. Head Conservator Registered Office.. Grove Cottage. St Cross Road, Oxford. OXI 3TX Independent Examiners.. Moore Kingston Smith LLP Devonshire House. 60 Goswell Roèd, London. ECIM 7AD Banker5'. National Westminster Bank PIC Oxford High Street Branch,121 High Street, Oxford, OXI 4DD Oxford Conservation Consortium Trustees, Report Page 2 Structure, Governance and Management. The Oxford Conservation Consortium IOCCI is a Charitable Incorporated Organisation ICIOI with registered charity number 1158728. OCC'S registered address and principal location of operations is Grove Cottage, St Cross Road, Oxford OXI 3TX. OCC is established under a Foundation Constitution registered by the Charity Commission on 30 September 2014. The Trustees of OCC, all colleges within the University of Oxford, are Balliol, Christ Church, Corpus Christi, Exeter, jesus, Lincoln, Magdalen. Merton, Keble, Oriel, Queen's, St Antony's. St john's, Trinity, University and Worcester. All were Trustees for the full period under review in this Trustees, Report. All Trustees are also Members of OCC. The organisation and decision-making processes of OCC are described in documented Rules which were approved at a general meeting of Members on 12 December 2014. There is a Management Committee comprised of at least five and not more than nine people. each elected for è three year term at a general meeting of Member5, which 15 responsible for the overall direction and management of OCC. The Head Conservator, who is an ex officio member of the Management Committee, is responsible for all aspects of the day to day running of OCC. General meetings of Members of OCC take place no less than twice annually. Annual budgets and full year financial accounts are reviewed by Members at general meetings. Risk Management The Management Committee 15 responsible for reviewing the risk register and ensuring appropriate action is taken to mitigate risk5. In the period under review, this review has included assessing 3nd managing the risks due to coronavirus. ensuring business continuity and provision of services to Members, and safety of staff members. Objects, Objectives and Principal activities The objects of the CIO are to advance education for the public benefit, in particular through the preservation and maintenance of educational and historic materials and documents. These objects are achieved primarily by providing a broad range of conservation and preservation services for Members of OCC who pay for these services on the basis of an annual subscription. Oxford Conservation Consortium Trustees, Report Page 3 Achievements and Performance In the period under review OCC continued to provide collection care expertise and advice to Members. This included preservation activities such as environmental monitoring and control, rehousing collections, providing digital surrogates of fragile and heavily consulted material, and giving advice on exhibition loans, pest monitoring, and the interpretation of 5tandard5 relating to heritage collections. Programmes of ongoing remedial conservation treatment, Dn single and multiple items, were agreed between curators and the Head Conservator. Over the year, OCC then worked to treat and 5tabilise collection materials so they could be consulted, exhibited, photographed for users, and preserved for the future. We continued to support Members in their collection care activities, including raising the profile of heritage conservation and historic librarv and archive collettions through publications, blogposts, visits. fundraising activities, conference papers and webinar talks. We h05ted studio tours for our Members, conservation students. and members of the public, and organized training and information sessions for our Members. In 2020121, OCC began to Supply conservation and preservation services to the Oxford Centre for Islamic Studies IOCISI, via an external contract. OCIS is an Oxford-based centre for the advanced study of Islam and Muslim societies and a registered educational charity. OCIS has an important collection of manuscripts and archival materials requiring conservation treatment, advice, and care. OCC maintsins the Chantry Library and its collertion of technical conservation literature. The Library is normally open for consultation by anyone with an interest in conservation, but this access was severely disrupted due to Covid-19. The Librèry was closed to readers in March 2020. and the Librarian continued to work part-time from home on cataloguing. During closure due to lockdown, the Head of Conservation responded to a small number of inquiries and operated the scan and send service. In Feb 2021. the Librarian's contratt was not renewed, and from then we outsourced cataloguing to the Assistant Librarian of one of the OCC members. The outside inquires decreased but the collection continued to be used by the OCC conservation team in their daily studio work and during lockdown for research. The Library received small donations of books from deceased and retired conservators, other small professional conservation libraries which had closed, and individuals who left the conservation field. Our major achievements for 20121 were to have continued to provide a full range of services to our members,. to have supported our staff as they returned to full-time work on site,. to have supported our members with their queries about Covid-19, quarantining material, and reader requests,. and to have ensured business continuity during a challenging time. Oxford Conservation Consortium Trustees, Report Page 4 Financial review and results for the year In the 12 months to 31 July 2021 OCC recoTded gross income of £434,261, and a Surplus after all costs of £41,811. The surplus is made vp of a deficit of £1,414 in restricted funds used by the activities of the Chantry Library and a surplus of £43,225 from its charitable activities. before transfer5 between funds. Unrestricted reserves stood at £249,902 on 31 July 2021. The policy of the CIO is to accumulate unrestricted reserves of approximately £200,000 (the equivalent of approximately six months expenditure) for the purposes of continuing services and meeting its obliRations. Future plans OCC will continue to improve its services to members, build relationships and share knowledge, and develop the ski115 of its conservation team. Our aim is to improve the utility, useful life, visual and educational impact of heritage objerts in our members, collections. In 20121 the Chantry bequest which had supporred the Library since 2016 when OCC took over ownership from the Institute of Conservation, was exhausted. In 21122 we will discuss the future direction of the Chantry Library and plan for its f1nancial support and a part-time librarian. The Chantry Library 15 an important source of information about technical conservation, heritage, and the development of the conservation profession in the UK, ènd OCC will continue its efforts to support this. Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practicel.The law applicable to charities in England & Wales requires the trustee5' to prepare financial statement5 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 resource5 of the charity for that period. In preparing these financi31 statements, the Trustees are required to.. lil Select suitable accounting policie5 and then apply them con51Stently; lill Observe the methods and principle5 in the Charities SORP,. liiil Make judgments and estimates that are reasonable and prudent,. livl State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Iv) Prepare the financial statement5 on the going concern basi5 unless it is inappropriate to presume that the charity will continue in business. Oxford Conservation Consortium Trustees, Report Page 5 The Trustees are responsible for keeping proper accounting records that disclose with reasonable accijracy at any time the financial position of the tharity 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 Declaration of Trust. 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 irreEularities. The Trustees have complied with the duty in the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Independent Examiners Moore Kingston Smith acted as Independent Examiners for the year. A resolution to reappoint them will be proposed at the Trustees. Annual Meeting. On behalf of the Trustees e,R *}. C Alexander Chair of the Mana Date: ement Committee 10112 J Eagan Trust Secretary Date: 10 |IL(11 Oxford Conservation Consortium Independent Examiner's Report to the Trustees Page 6 I report to the trustees on my examination of the accounts of Oxford Conservation Consortium (the Trust) for the year ended 31 July 2021. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the ACVI. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Direttions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs 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 respert.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 2. the accounts do not accord with those records,. or 3. 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 account5 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. 04YL K, rJL LCP James Cross Esq For and on behalf of Moore Kingston Smith LLP Devonshire House, 60 Goswell Road, London. ECIM 7AD Date: 14 December 2021 Oxford Conservation Consortium Statement of Financial Activities for the Year ended 31 July 2021 Charity registration number 1158728 Page 7 Note.. Unrestricted Restricted Total Unrestricted Restricted Total 2021 2021 2021 2020 2020 2020 Income Contributions 407,103 407,103 382.314 382,314 Other Income 27,093 25 27,118 87,837 87.837 Bank Interest 40 B61 861 Total Income 434,236 25 434,261 471,012 471,012 Expenditure Charitable activitie5 391,011 1,439 392,450 393,121 3.192 396,313 Total Expenditure 391,011 1,439 392,450 393,121 3,192 396,3L3 Net IncomellExpenditurel 43,225 11,4141 41,811 77,891 13,1921 74,699 Transfers between Funds 3,555 13.5551 4,944 14,9441 Net movement in Funds 46,780 14,9691 41.811 82.835 18,1361 74.699 Balanee B/forward l August 203,122 7,648 210.770 120,287 15,784 136.071 Balance C/forward 31 July 249,902 2,679 252,581 203,122 7,648 210,770 The notes on pages 9 to 13 form part of these accounts Oxford Conservation Consortium Balance Sheet as at 31 July 2021 Page 8 Charity registration number 1158728 31st July 2021 31stJuly 2020 Note.. Current Assets- Bank Accounts Debtors & Prepayments 256,635 9,819 200,612 15,990 266,454 216,602 Creditors- Amounts falling due within one year Creditors & Accruals 13,873 5,832 Net Assets 252,581 210,770 Funds Restricted Funds Unrestricted Funds 2,679 249,902 7,648 203.122 Total Funds 252,581 210,770 Approved and authorised for issue by the Board of Trustees and signed on its behalf: C Alexander Chair of the Mana Date.. ement Committee The notes on p)8e5 9t0 13 forrn part of these accounts Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2021 Page 9 Accounting Policies Basis of Preparation OCC is a public benefit entity. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Charities SORP IFRS 1021, and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts are rounded to the nearest pound. Income All Income is included in the Statement of Financial Activities on 3 receivable basis. Expenditure All expenditure is accounted for on an accruals basis and has been classified under appropriate expenditure heading5. Expenditure on equipment with a c05t under £2.000 is expensed in the year of purchase. Fund Accounting Unrestricted funds are funds which are available for use at the discretion of the Trustees in furtherance of the general objective5 of the Charity. Restricted Funds are limited to supporting the operating costs of the Chantry Librarv. Pensions Pension costs, which consist of contributions to a multi-employer defined benefit scheme and Nest are accounted for in the period they fall due. Going Concern The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast Significant doubt on the ability of the Charity to continue as a going concern, including the impact of the on- going COVI D-19 emergency. The Charity has prepared forecasts, taking into account the potential pressures on income, which confirm the Charity will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these financial statements. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. Oxford Conservation Consortium Notes to the Accounts for the 12 months to 315t July 2021 Page 10 2021 2020 Contributions were: 18,366 39,471 33,123 18,366 18,366 10,986 33,123 45,819 26,774 18,366 10,986 26,774 10,986 39,471 18,366 26,774 10,986 407,103 18,412 39,570 33,206 18,412 18,412 11,013 18,412 45,934 26,841 18,412 Christ Church Corpus Christi Exeter Jesus Keble Lincoln Magdalen Merton Oriel Oxford Centre for Islamic Studies Queen's St Antony's St john's Trinity University Worcester 26,841 11,013 39,570 18,412 26,841 11,013 382,314 Vnrestritted Restricted Total Total 2021 2021 2021 2020 Other income for the year includes.. Trust Fund income Project income Other income Donation Furlough income 23,677 2,061 23,677 2,061 25 20,926 13,843 3,834 250 48,984 87,837 25 1,355 27,093 1,355 27,118 25 Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2021 Page 11 Unrestricted Restrirted Total 2021 Total 2021 2021 2020 Expenditure includes.. Staff Salaries National Insurance Pension Contributions Administration services Office Rental Operating costs Independent Examiner's Fees Legal & Professional Fees 221.972 17,417 24,875 47,808 58,832 18,523 1,584 955 222,927 17,417 24,875 47,808 58,832 19,007 1,584 231,495 20,489 24,630 45,960 56,100 12,822 1,572 3,245 396,313 391,011 1,439 392,450 In 2021 and 2020 four staff were employed by Magdalen College and seconded to OCC, four further staff were employed directly by OCC. All salary costs are rechar8ed to OCC in full and no individuals, emoluments exceeded £60,000 in 2021 or 2020. 2021 2020 Debtors & Prepayments Trade Debtors Prepayment-office Rental 6,922 9,068 15,990 9,819 9,819 2021 2020 6 Creditors falling due within one year.. Magdalen College Accrued expenses 10,949 2,924 13,873 4,302 1,530 5,832 Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2021 Page 12 Restricted Funds On the 1st August 2020 the balance on Restricted Funds was £7,648. Net expenditure of £4,969 was charged to the Chantry Library during the year, including a £3,555 transfer to Unrestricted Funds to cover the costs of general administration and rent. The balance on Restricted Funds at 315t July 2021 was £2,679. Lease Commitments The lease of the office is for a period of 10 years from 1st August 2015. There was a rent review on the fifth anniversary of the tenancy and the rent was agreed at £50,620 per annum plus VATfrom December 1st 2020. 2021 2020 Rent due under the lease agreement, excluding VAT.. Due within one year Due between l and 5 years Due after 5 years 50,620 151,860 46,750 187,000 Analysis of Net Assets by Fund Unrestricted Restricted Total Total 2021 2021 2021 2020 Net Current Assets 249.902 2,679 252,581 210,770 Total net Assets by Fund 249,902 2,679 252,581 210,770 Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2021 Page 13 Analysis of Net Assets by Fund12020 comparativel Unrestricted Restricted Total Total 2019 2020 2020 2020 Net Current Assets 203.122 7,648 210,770 136,071 Total net Asset5 by Fund 203,122 7,648 210,770 136,071 10 Trustees, Remuneration Trustee colleges receive no remuneration other than the services covered by Member contributions, detailed in Note 3. Administration services and staff are supplied bv Magdalen College la Trusteel, together with office rental payable to Merton College la Trusteel, detailed in Note 5. No expenses were reimbursed to Trustee college. Key Management is considered to be the Head Conservator, employed by Magdalen College and seconded to OCC. Total remuneration excluding National Insurance and including pension costs amounted to £60,73012020 £59,1421. 11 Trustee Donations Magdalen College donated Trust Fund income of £23,677 during the year12020 £20,926). No other donations were made by any Trustee college. 12 Related Party Transactions Magdalen College, as a Trustee of OCC, pays an annual subscription. It also employs the staff seconded to OCC and through 3 service agreement, supplies accounting, human resources and IT support. Corpus Christi College, a Trustee of OCC, pay5 an annual subscription. It also paid £64912020 £0) to OCC for additional conservation work. Lincoln College, a Trustee of OCC pays an annual subscription. It also paid £nil12020'. £13,843) to OCC for additional conservation work.