Oxford Conservation Consortium Financial Statements For the Year Ended 31st July 2022 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 Conservation Consortium Trustees, Report Page I The Trustees, present their annual report together with the financial statements for the 12 months to 31st July 2022, which comply with the Charities SORP IFRS 1021. Reference and administrative details Registration 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'5 College St Antony's College St John's College Trinity College University College Worcester College Trust Secretary- Jane Eagan, Head Conservator Registered Office.. Grove Cottage, St Cross Road, Oxford. OXI 3TX Independent Examiner5'. Moore Kingston Smith LLP 9 Appold Street, London. EC2A 2AP Bankers.. 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, UnivÈrslty 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 deci5ion-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 a three year term at a general meeting of Members, which is responsiblo 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 ye3r financial accounts are reviewed by Members at general meetings. Risk Management The Management Committee is responsible for reviewing the risk register and ensuring appropriate action is taken to mitigate risks. In the period under review, this review has included assessing and managing the risks due to coronavirus. eNsuring business continuity and provision of services to Members, and safety of staff members. Objects, Objecti ves and Principal activiti e5 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 Achievement5 and Performance In the period under review OCC continued to provide collection care expertise and advice to Members. This included remedial conservation treatment of core collection materials, and preservation activities such as environmental monitoring and control, rehousing, digitlS3tion, and advising on exhibition loans, pest monitoring. and the interpretation of standards relating to heritage collections, buildings, and display. A particular achievement during the year under review was the updating of policy documents on external loans and the roll out of a new spreadsheet for recording cumulative light exposure,. this ensures collection materials are safeguarded against overexposure to light. We also improved our method of monitoring dust in collections to help target cleaning activities, focus resources, and reduce damage through handling during cleaning OCC'S work resulted in collection materials that are more stable and usable for consultation, research, exhibition, and photographic reproduction. Our preventive activities ensured that collections are kept in conditions favourable to their long-term preservation, and maintained for educational and research use for and by the public. OCC members agreed to provide financial support to keep the Chantry Library open Ithe Chantry bequest having been exhaustedl, recognizing it as key resource for the conservation team, the conservation community, and wider public. Through publications, studio tours, presentations, professional activities, and by maintaining the Chantry Library, OCC helped raise the profile of heritage conservation and demonstrated the value of the historic librarylarchive collections of its members. In 2021122, OCC continued to supply conservation and preservation services to the Oxford Centre for Islamic Studies IOCISI, via an external contract. OCIS has an important collection of manuscripts and archival materials requiring conservation treatmont, advice, and care. The reopening of the Chantry Library post-pandemic was planned, and a new part-time librarian engaged at the end of the period under review. The Library has an important collection of technical conservation literature catalogued on the University af Oxford's online catalogue, is open to anyone with an interest in conservation, and used by OCC'S conservators and members, private conservators without access to a research library, University students, amongst others. Oxford Conservation Consortium Trustees, Report Page 4 Financial review and results forthe year In the 12 months to 31 july 2022 OCC recorded gross income of £430,108, and a surplus after all tosts of £8,689. The surplus is made up of 3 surplus of £6 in restricted funds used by the activities of the Chantry Library and a surplus of £8,683 from its charitable activities, before transfers between funds. Unrestricted reserves stood at £261,270 on 31 July 2022. 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 obligations. Future plans OCC plans to continue improving its services to members, building relationships, sharing knowledge, and developing the skills of the conservation team. We will continue to improve the utility, useful life, visual and educational impact of heritage objects in our members, collections. Future plans include offering a three-rllonth internship managed by the Institute of Conservation to a recent conservation graduate. This six-month internship is shared with the Bodleian Libraries Conservation and Collection Care section, and aims to help the intern develop their career, engage with professional networks, and develop practical knowledge by learning from experienced conservation professionals. Sharing the internship builds relationships with other conservators and institutions. We also plan a closer relationship with the Oxford Conservators Group, an informal group founded in 1974 to bring together conservators of different disciplines and working contexts Wlth a view to exchanging knowledge and building relationships. 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 Standards Iunited Kingdom Generally Accepted Accounting Practicel.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-. lil Select suitable accounting policies and then apply them consistently,. lill Observe the methods and principles 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 statements on the going concern basis 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 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 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 irregularities. 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 C Alexander Chair of the Management Committee Date: J Eagan Trust Secretary Date: 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 Ithe Trust) for the year ended 31 July 2022. 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 2011 {'the Act'l. I report in respect of my examination of the Trust's accounts ca rried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions Eiven by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in con nection with the examination giving me cause to believe that in any material respect: 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 accounts give a true and fair view which is not a matterconsidered as part of an independent examination. I have no concerns and have come across no other matters in connection with the exa mination to which attention should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. ObY& K, 4￿ra￿L James Cross Esq For and on behalf of Moore Kingston Smith LLP 9 Appold Street, London. EC2A 2AP 20 Decemnber 2022 Oxford Conservation Consortium Statement of Financial Activities for the Year ended 31 July 2022 Charity registration number 1158728 Page 7 Note.- Unrestricted Restricted Tot31 Unrestricted Restricted Total 2022 2022 2022 2021 2021 2021 Income Contributions 399,723 399,723 407,103 407,103 Other Income 29,956 250 30.206 27,093 25 27,118 Bank Interest 179 179 40 40 Total Income 429,858 250 430,108 434,236 25 434,261 Expenditure Charitable activities 421,175 244 421,419 391,011 1,439 392,45(1 Total Expenditure 421,175 244 421,419 391,011 1,439 392,450 Net Income/lExpenditurel 8,683 8,689 43,225 11,4141 41,811 Transfers between Funds 2,685 12,6851 3,555 13,5551 Net movement in Funds 11,368 12,6791 8,689 46,780 14,9691 41,811 Balance Blforward l August 249.902 2,679 252,581 203,122 7,648 210,770 Balance C/forward 31 July 261.270 261,270 249,902 2,679 252,581 The notes on pages 9 to 13 form part of these accounts Oxford Conservation Consortium Balance Sheet as at 31 July 2022 Charity re8lStration number 1158728 Page 8 31stJuly 2022 31st July 2021 Note: Current Assets: Bank Accounts Debtors & Prepayments 274,225 14,649 256,635 9,819 288,874 266,454 Creditors: Amounts falling due within one year Creditors & Accruals 27,604 13,873 Net Assets 261,270 252,581 Funds Restricted Funds Unrestricted Funds 2,679 249,902 261,270 Total Funds 261,270 252,581 Approved and authorised for issue by the Board of Trustees and signed on its behalf: 6jyg AJ 4JLKWL C Alexander Chair of the Management Committee Date.. 12-Z The note5 on p38es 9 to 13 form part of these accounts Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2022 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 Charitie5 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 a receivable basis. Expenditure All expenditure is accounted *or on an accruals basis and has been classified under appropriate expenditure headings. Expenditure on equipment with a cost under £2.000 is expensed in the year of purchase. Fund Accounting Unrestricted funds are funds which are available for use 3t the discretion of the Trustees in f urtherance of the general objectives of the Charity. Restricted Funds are limited to supporting the operating costs of the Chantry Library. Pensions Pension costs, which consist of contributions to a multi-employer defined benef it 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 signif icant doubt on the ability of the Charity to continue as 3 going concern, including the impact of the recent COVID-19 emergency. The Charity has prepared forecasts, taking into account the potential pressu res on income, which confirm the Charity will have sufficient liquidity to operate for at least the next twelve months f rom the date of approval of these f inancial 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 31st July 2022 Page 10 2022 2021 Contributions were.. 18,366 39,471 33,123 10,986 18,366 10,986 33,123 45,819 26,774 18,366 10,986 26,774 10,986 39,471 18,366 26,774 10,986 399,723 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 Christ Church Corpus Christi Exeter Jesus Keble Li ncoln Magdalen Merton Oriel Oxford Centre for Isla mic Studies Queen's St Antony's St John's Trinity Un iversity Worcester Unrestricted Restricted Total Total 2022 2022 2022 2021 Other income for the year includes.. Trust Fund income Project income Other income Donation Furlough income 25.872 3,580 504 25,872 3,580 754 23,677 2,061 25 250 1,355 27,118 29,956 250 30,206 Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2022 Page 11 Unrestricted Restricted Total Total 2022 2022 2022 2021 Expenditure includes: Staff Salaries National Insurance Pension Contributions Administration services Office Rental Operating costs Independent Examiner's Fees Legal & Professional Fees 241,972 18,725 26,027 48,408 63,957 20,436 1,650 241,972 18,725 26,027 48,408 63,957 20.680 1,650 222,927 17,417 24.875 47.808 58,832 19,007 1,584 244 421,175 244 421,419 392,450 In 2022 and 2021 four staff were employed by Magdalen College and seconded to OCC, four further staff were employed directly by OCC. All salary costs are recharged to OCC in full and no individuals, emoluments exceeded £60,000 in 2022 or 2021. 2022 2021 Debtors & Prepayments Trade Debtors Prepayment 250 14,399 14,649 9,819 9,819 2022 2021 Creditors falling due within one year- Magdalen College Accrued expenses 25,954 1,650 27,604 10,949 2,924 13,873 Oxford Conservation Consortium Notes to the AccoLJnts for the 12 months to 31st July 2022 Page 12 Restricted Funds On the 1st August 2021 the balance on Restricted Funds was £2,679. Net expenditure of £2,679 was charged to the Chantry Library during the year, includinE a £2,685 transfer to U nrestricted Funds to cover the costs of general administration and rent. The ba lance on Restricted Funds at 31st July 2022 was £0. 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 f ifth anniversary of the tenancy and the rent was agreed at £50,620 per annum plus VATfrom December 1st 2020. 2022 2021 Rent due under the lease agreement. excluding VAT: Due within one year Due between l and 5 year5 Due after 5 years 50,620 101,240 50,620 151,860 Analysis of Net Assets by Fund Unrestricted Re5tTlCted Total Total 2022 2022 2022 2021 Net Current Assets 261,270 261,270 252,581 Total net Assets by Fund 261,270 261,270 252,581 Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2022 Page 13 Analysis of Net Assets by Fund12021 comparativel 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 10 Tru5tees' Remuneration Trustee colleges receive no remuneration other than the services covered by Member contributions, detailed in Note 3. Administration services and staff are suppl led by Magdalen College la Trustee), together with office rental payable to Merton College la Trusteel, detailed in Note S. No expenses were reimbLJrsed 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 £63,09312021: £60,730). 11 Trustee Donations Magda len College donated Trust Fund income of £25,872 during the year12021'. £23,677). 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 a service agreement, supplie5 accounting, human resources and IT support. Corpus Christi College, a Trustee of OCC. pays an annual subscription. It also paid £nil12021'. £6491 to OCC for additional conservation work. Exeter College, a Trustee of OCC pays an annual subscription. It also paid £2,27412021'. £nill to OCC for additional conservation work.