Oxford Conservation Consortium Financial Statements For the Year Ended 31st July 2023 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 IOto13 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 2023, 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 CoSleEe Magdalen College Merton College Keble College Oriel College Queen's College St Antony's College St John's ColleEe Trinity College University ColleEe Worcester College Trust Secretary.. lane Eagan, Head Conservator Iretired 31.07.20231 Celia Bockmuehl, Interim Head Conservator lappointed 01.08.20231 Registered Office.. Grove Cottage, St Cross Road, Oxford. OXI 3TX Independent Examiners.. Moore Kingston Smith LLP 9 Appold Street, London. EC2A 2AP Banker5: National Westminster Bank PIC Oxford High Street Branch.121 High Street, Oxford. OXI 4DD Oxford Conservation Con50rtium Trustees, Report Page 2 Structure, Governance and Management. The Oxford Conservation Consortium IOCCI is a Chèritable Incorporated Organisation ICIOI with registered charity number 1158728. OCC'S registered address 2nd 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, Keble, Lincoln, Magdalen, Merton, 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 organi5ation 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 a three year term at a general meeting of Members, which is 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 is responsible for reviewing the risk register and ensuring appropriate action is taken to mitigate risks. In the period under review, this review has inclLJded assessing and managing the risks due to coronavirus, ensuring business continuity and provision of services to Members, the safety of staff members and online information security. Objects, Objectives and Principal activities The objects of the CIO are to advance education for the PLJblic 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 service5 on the basis of an annual subscription. Oxford Conservation Consortium Trustees, Report Page 3 Achievements and Performance In 2022123 after 27 years of service, OCC'S Head Conservator and Trust Secretary, Jane Eagan, retired with effect from l August 2023. OCC'S Senior Conservator, Celia Bockmuehl, was appointed as Interim Head of Conservation and Trust Secretary. 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. digitisation, and advising on exhibition loans, pest monitoring, and the interpretation of standards relatinE to heritaEe collections, buildings, and display. Through our preventive work we aim to spread the benefits of favourable environmental conditions, housing, and care 35 widely as possible across our collertions. For example, in 2022123, OCC assisted meTnbers by organizing workshops on care of silver and emergency planning,. these two areas are part of our advice service and show that preservation is at the core of our work, resulting in collections that are more stable and usable for consultation, research, exhibition, and digitisation. OCC assessed its studio space and planned for a modest expansion by replacing static workbenches With mobile units, and redeploying the old work benches in the Chantry Library to provide additional permanent work space. This expansion will be helpfu5 in accommodating interns, placement students, and projects requiring extra capacity. The reopening of the Chantry Library in September 2022 supported by OCC members has meant that important collection development work is carried out by a professional librarian, and inquiries about all aspects of conservation and preservation are answered in a timely manner. We forged closer ties with the Oxford Conservators, Group IOCGI, an inform81 group founded in 1974 with c. 100 members who meet to benefit from a programme of events and opportunities for networking and information sharing. OCC hosts OCG on the Chantry Library website www.chantry1ibrary.org and organises joint events. 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 collertions of its members. In 2022123 we hosted a three- month fully funded internship in tandem with the Institute of Conservation which Eave valuable experience to a recent conservation graduate and positively enhanced the work of the OCC conservation team. In 2022123, OCC continued to supply conseNation and preservation services to the Oxford Centre for Islamic Studies IOCISI, via an external tontract. Oxford Conservation Consortium Trustees, Report Page 4 Financial review and results for the year In the 12 months to 31 July 2023 OCC recorded gross income of £454,127 and a deficit after all costs of £6,520. The deficit is made up of a deficit of £6,386 in restricted funds used by the activities of the Chantry Library and a deficit of £134 from its charitable activities, before transfers between funds. Unrestricted reserves stood at £254,750 on 31 July 2023. 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 it5 obligations. Future plans OCC plans to continue improving it5 services to members, building relationships, sharing knowledge, and developing the skills of the conservation team. Our aim is to continue to improve the utility, useful life, visual and educational impact of heritage objects in our members, collections. We will continue to promote the Chantry Library as an important source of information about the development of the conservation profession in the UK, information about materials and techniques for practicing conservators, and for promotion of the importance of cultural heritage materials. 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 (United Kingdom Generally Accepted Accounting Pr3rticel.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 conslStently- lill Observe the methods and principles in the Charities SORP,. liiil Make judgment5 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 wi15 continue in business. Oxford Conservation Consortium Trustees, Report Page 5 The Trustee5 are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posltion 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 re350nable 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 Euidance 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.. s _ li- 18 C Bockmuehl Interim 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 Con50rtium (the Trustl for the year ended 31 July 2023. Responsibilities and basis of report A5 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 Act'l. I report in respect of my examination of the Trust's accounts carried out under sertion 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Since the charit¢s gross income exceeded £250,000, I confirm that l am qualified to undertake the examination by being qualified member of The Institute of Chartered Accountants in England and Wales. 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 respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 2. the account5 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 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. K, James Cross Esq For and on behalf of Moore Kingston Smith LLP 9 Appold Street, London. EC2A 2AP 6 December 2023 Oxford Conservation Consortium Statement of Financial Activities for the Year ended 31 July 2023 Charity registration number 1158728 Page 7 Note.. Ljnrestricted Restricted Total Unrestricted Restricted 2022 2022 Total 2023 2023 2023 2022 Income Contributions 420,048 420,048 399.723 399,723 Other Income 29,453 104 29,557 29.956 250 30,206 Bank Interest 4,522 4,522 179 179 Total Income 454,023 104 454,127 429,858 250 430,108 Expenditure Charitable activities 454,157 6,490 460,647 421,175 244 421,419 Total Expenditure 454,157 6,490 460,647 421,175 244 421,419 Net Income/lExpenditurel 11341 16,3861 16.5201 8,683 8,689 Transfers between Funds 16,3861 6,386 2,685 12,6851 Net movement in Funds 16,5201 16,5201 11,368 12,6791 8,689 Balance B/forward l August 261,270 261,270 249,902 2,679 252,581 Balance C/forward 31 Julv 254,750 254,750 261,270 261.270 The notes on pa8e$ 9 to 13 form part of these account5 Oxford Conservation Consortium Balance Sheet as at 31 July 2023 Charity registration number 1158728 Page 8 31st July 2023 31st July 2022 Note.. Current Assets= Bank Accounts Debtors & Prepayments 322,401 14,819 274,225 14,649 337,220 288,874 Creditors.. Amounts falling due within one year Creditors & Accruals 82,470 27,604 Net Assets 254,750 261,270 Funds Restricted Funds Unrestricted Funds 254,750 261,270 Total Funds 254.750 261,270 Approved and authorised for issue by the Board of Trustees and signed on its behalf: C Alexander Chair of the Management Committee Date.. s-11-I3 The notes on pages g to 13 form part of these accounts Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2023 Page 9 Accounting Policies Basis of Preparation OCC is a public benefit entity. The f1nancial 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 Att 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 for on an accruals basi5 and has been classified under appropriate expenditure headings. Expenditure on equipment 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 objectives of the Charity. Restricted Funds are limited to SLJPPOrting the operating costs of the Chantry Library. 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 recent COVID-19 emergency. The Charity has prepared forecasts, taking into account the potential pressures on income, which confirm the Charity will have sufficient IiqLJidity to operate for at least the next twelve months from the date of approval of these financial statements. The Charity therefore continue5 to adopt the going concern ba515 in preparing its financial statements. Oxford Conseniation Consortium Notes to the Accounts for the 12 months to 31st July 2023 Page 10 2023 2022 Contributions were.. Balliol Christ Church Corpus Christi Exeter Jesus Keble Lincoln Magdalen Merton Oriel Oxford Centre forlslamic Studies Queen's St Antony's Stjohn's Trinity University Worcester 19,300 41,478 34,807 11,545 19,300 11,545 34,807 48,148 28,135 19,300 11,545 28.13S 11.545 41,478 19,300 28,135 11,545 420,048 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 Unrestricted Restricted Total Total 2023 2023 2023 2022 Other income for the year includes.. Trust Fund income Project income Other incomÈ Donation Furlough income 27,433 2,020 27,433 2,020 104 25,872 3,580 754 104 29,453 104 29,557 30,206 Oxford Conservation Consortium Note5 to the Accounts for the 12 months to 31st July 2023 Page 11 Unrestricted Restricted Total Total 2023 2023 2023 2022 Expenditure includes= Staff Salaries National Insurance Pension Contributions Administration services Office Rental Operating costs Independent Examiner's Fees Legal & Professional Fees 260,070 19,693 27,193 51,797 60,771 32,719 1,914 260,070 19,693 27,193 51,797 60,771 39,209 1,914 241,972 18,725 26,027 48,408 63,957 20,680 1,650 6,490 454,157 6,490 460,647 421,419 In 2023 and 2022 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 individual's emoluments exceeded £60,000 in 2023 or 2022. 2023 2022 Debtors & Prepayments Trade Debtors Prepayment 250 14,399 14,649 14,819 14,819 2023 2022 Creditors fa15ing due within one year.. Magdalen College Accrued expenses 80,591 1,879 82,470 25,954 1,650 27,604 Oxford Conservation Consortium Notes to the Accounts for the 12 months to 31st July 2023 Page 12 Restricted Funds On the 1st August 2022 the balance on restricted funds was £0. Net expenditure of £6,386 was charged to the Chantry Library during the year, a transfer from the unrestricted funds of £6,386 was made to cover the costs. The balance on restricted funds at 31st July 2023 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 fifth anniversary of the tenancy and the rent was agreed at £50,620 per annurn plus VAT from December 1st 2020. 2023 2022 Rent due under the lease agreement, excluding VAT-. Due within one year Due between l and 5 years Due after 5 years 50,620 50,620 50,620 101,240 Analysis of Net Assets by Fund UnrÈ5tricted RÈstrittÈd Total Total 2023 2023 2023 2022 Net Current Assets 254,750 254,750 261,270 Total net Assets by Fund 254,750 254,750 261,270 Oxford Conservation Consortium Notes to the Account5 for the 12 months to 315t JLJIY 2023 Page 13 Analysis of Net Assets by Fund12022 comparativel Unrestricted Re5tritted Total 2022 Total 2022 2022 2021 Net Current Assets 261,270 261,270 252,581 Total net Assets by Fund 261,270 261,270 252,581 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 supplied by Magdalen College la Trustee). office rental is 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 £68,96412U22.. £63,093). 11 Trustee Donations Magdalen College donated trust fund income of £27,433 during the year12022'. £25,8721. No other donations were made by any trustee college. 12 Related Party Transartions All trustee colleges pay an annual subscription, see note 2. Magdalen College employs the staff seconded to OCC and through a service agreement, supplies accounting, human resources and IT support £51,79712022.. £48,408). Merton College supplies office accommodation £60,77112022.. £63,9571- Other trustee colleges have paid for conservation training during the year. Christ Church College £213, University College £106, Jesus College £53, Balliol College £106, Magdalen College £538 and Merton College £177. In 2022 Exeter College, a trustee college paid £2,274 to OCC for additional conservation work.