Company Registration no. 00745621 (England and Wales) Registered Charity no. 259095
OIL AND COLOUR CHEMISTS ASSOCIATION (A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
PIERCE C.A. LIMITED MENTOR HOUSE AINSWORTH STREET BLACKBURN LANCASHIRE BB1 6AY
OIL AND COLOUR CHEMISTS ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Page Reference and Administrative Details Report of the Trustees 2 – 6 Addendum to the Report of the Trustees Report of the Independent Auditors 8 - 10 Statement of Financial Activities 11 Balance Sheet 12 Notes to the Financial Statements 13 - 21 Detailed Statement of Financial Activities 22 - 23
OIL AND COLOUR CHEMISTS ASSOCIATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2021
TRUSTEES
Mr J A Bury Ms B Peters Mr D P Williams Mr G Armstrong Ms D Coombs Ms N Cosgrove Professor L Lin Mr D McCaul Dr L Merritt Mr P Sheppard Ms A Bullock (Appointed 8 September 2021) Ms Z Cunliffe (Appointed 8 September 2021) Mr P Knowles (Appointed 8 September 2021) Ms E Humphrey (Appointed 8 September 2021)
PRESIDENT Mr P Sheppard PRESIDENT ELECT To be confirmed COMPANY SECRETARY Ms B Peters REGISTERED OFFICE 4[th] Floor Clayton House 59 Piccadilly Manchester M1 2AQ REGISTERED COMPANY NUMBER 00745621 (England and Wales) REGISTERED CHARITY NUMBER 259095 ACCOUNTANTS Pierce C.A. Limited Mentor House Ainsworth Street Blackburn Lancashire BB1 6AY AUDITORS DonnellyBentley Limited Chartered Accountants Hazlemere 70-72 Chorley New Road Bolton Lancashire BL1 4BY BANKERS Yorkshire Bank plc 29 Horsefair Street Leicester LE1 5BL
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OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 Th8 Trust888, WIK) are also Directors of Ihe Charty forlhe wrws ofthe Companie5 Ad 6. present thar report wrth the financial statements of th8 Charity for the year ended 31 De(xrnber 2021. The Trnsl88s have adopted the KThisK)ns of Accounting and Rewrting by Charities Staternent of Rewmmend8d Practice- appIlb to charities preparitvJ the1r aoxunts in acD)rdance witti the Finanra81 Rep)rting Standard appli¢8Ne in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. The financi81 ststements have been prepa in accordance with the accounting poIleS set out in the notes lo the untS and cornply wrth the Chafttys goveming doujrnent, Compani8s Act 2006, Chariles Act 2011 and Ac¢ounting and R8POrting by charit$.. Statem8nl of Rec(¥nmended. Practw applicable to ¢harities prepaHrrtJ their accounts in accordan( wilh the Finanual Reporting Stsndard applicable in the UK and Republic ol Iland blished in October 2019 (Charitie5 SORP 20191- In thls report. refer ar8 rnwje to Ihe Coun¢il' Trustees". These tsrms refer to the 8oard ofTrusteesl Directors. OBJECTP4ES AND AcTIVlEs OblKtIvg$ and Alm$ Th8 Associ81ion has continued in rts wort a3 an educatDnal carfty for the devekbpm8nt of th8 Scien and technoljw of coatings and allied industr$ and to facili18te the excf%gng8 of Information and id&as tharwn. The prin¢ipal obi8thves of the Asso¢Jation are to provKle a pLatfomi for eXkK)Su, to interested parties. of scientific and technologiGal devebpment5 In the surface coatirvJs and allied industri8S. TIEse objectives are hIeVed by Ihè publIcaUc of journals and olhw publications., the (*ganisation of o)nference8, symposia and exhibitv)ns. main objectNes lorthe ye?r uTh1er review were.. To promote SURFEX trade exhIbOn * Coventy Bu¢kYing Socbty Arena To Identify and implement further c4)st savin95 and pursue options to sust8ln Ihe Charity over the Iger temi. in partirjjlar to.. Grow the membetship. wchirw out to the next generation ofehemlsts and techry)bgists. Improve ffinancial viability Enable refreshment of the image and id8niity of the charty to supportlhe above. Launch the Surfex trsary ald specrf¢cally at the education aThJ development of ¢hemists in acad8rnia and industry Promote and dellver Surcon 2021 (academic confererte previ(xJsly hdd in 20181. Th& strategies ernployed to ad)we the Chariws objectNes wer8: Tts develop Web-baS re50urce5 to prov8 efficEnt communir2tions to a worf¢J-wide mgmbership; To requirg Surfex Limlted, thetrading amiofthe Charity. toworkwth Step ExhibitTon5 inor9anising SURFEX 2022, toaGhieve sufficient net incoming resourcestofinancethe Charity's xtivities going forward.. ISURFEX 2020 wa5 0ri9inally stheduled for June 2020, and was delayed to the CoMd-19 parKlgrnic, until October 2020. Further delays lating to the pandemic Saw the event res¢hedule£l for June 2021 before beiThJ delayed again. 5ti11 due to th8 pandernie and uttimately being held in June 20221. To form ongoing partnerships universities. and To incmse t numb8r of L¥)wJrate sportsorin9 companies.
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 OBJE¢TIVES AND AcTIVlEs Publlc Benefit The overriding objective of the Charty CommissK)n is that the Charity should act for the bonefit of the pu1C. The Coun¢ll, comprised of the Trust88s of the 011 and Cdojr Chemists, Association (the A550Ck?tionl. has reyeld to the guid8nce in the Charity Commission s general guidanGe on public benefit when reviewlng its ain8 and obj8ctive5 and in plannirvJ the Asso¢kation's future aGtivTties in the development of the science and techndogy of coatlngs. The Assodatkjn achiev88 this oveThiding obje¢bvÈ by.. The publwtion ol te¢hni¢al and scaentific inlomialbn Induding SurfaL Coating$ Intsrnational Joumal The provision of continuing profe55iDnal devdopment in the fm ol o)nfer8nces, 5ymposfd and. nYJre nuy. Weekly Webinar5. The provision of professional Qualifications A Cod8 of Professional CoThJu¢t and ethica5 WKlan The public benefit is enh8nc8d through independent reCognitn of the PTofe55Dnal tr)mpetence of rnember5, &j a fomial procedure foT investigating complaints l8"ng to memb8r5. The publtc benefit rd 8ewl by the AssoriatK)n's educoth)nal actiwti8s and by merrt)er8 8nsuring that coatings and as50cialed products are produced safely, that the putrAic 18 protecte(I In the use of (yjatings ané that Djatings are d8signed and produ¢ed to enhance everyday lifesty. Th8 public benefit ks enhan(td through independent recognitK)n ot tl profes8ional ¢19nCe of th9 rnbers, 8nd a formal procedure for inv8Styating complalnts r8latsng to rnembers. Volunt¢ors Amhough Trustees and members do not reNe any remuner8tion fortheir to the governance and d&v8loprnenl of the Charity, the part pkyed by volunteers in achieving the Charivs objectfves is highly signifKant. Without th9 Trustee5 and the many volunteers that serve commrttee$. the Chanty would not b8 able to carry out the Whle variety of actNiti85 that osjr membgrs and the intematr.onal coatings communty have (x)me lo relyon. ACHIEVEMEKf AND PERFORMANCE Charitable Activiti•$ The Charity sets #Thnual budgets and Theasu$ performance on a regular bass. meebng to review at Jeasl thr88 tim88 per yew. Financial information has been m&le available to all Trust8èS. Improvernents in the managerrEnt ofmembershsp 8dmMistraUon have been made. The Association will seek to lIaK)rate with selected associated InStleS wrthin the Surface Engineerir¥J dIscilneS andloT academia on an indeperKlent basis for the greater go(yJ of the coatr"ng5 industry- FINANCIAL REVIEW Financial Position Th8 results forthe year are set out in the Ststement of Finanryal ActNities. The Asso¢iation airns to generate a SuU8 in each Surfex year tts enable re-inv88trn8nt Into members. benefits to lurther th8 objectwes of the Asso¢iation for Ihe en$uiw hTryear pericxl. Funds a Set asde to cover both SURFEX Bursaries and the Ellinger-Gordonyi Award. Surfex Limited acknleved a sueSs[l $Utt foJlthviThJ SURFEX 2018 and, 5imilarty. h8ving rer hdd anolh8r succe551ul event for SURFEX 2022 in June of this year. we have budgeted for similar positive financaal resth. The full detail of these results wll not be released until earfy August 2022, however. we have budgeted to g8n8rate positive ftnancial r8suIts from the 2022 event.
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 FINANCIAL REVIEW Investfflont Poliey and ObCtIveS Tho Association's powers of inve5tTnent are set out in the Memorandum ol A$8ttialion of the con)pany. Th8 membgrs of th8 Council have power to invest in any manrrthey wsh, subject to the best interests of the Association being served. Cwn¢il has adopted 8 conseNatsve approach to investtnent in maintaining substanlal Cash balan$ in interest.b8aring deposrts. This Ik)vetsds into the approach to risk and reserves wlicy. Re5erye$ Poll¢y It is the pdicy of th8 Assotiation to maintain unrestricted funds at a level which, when supwrting actiities during thÈ'non-SURFEX' exhibSts"on yearfsl, gNes it adequate coversvth thatif in¢oming resources from this source were to fall due to econ(Anic slowdown, then its activities could be wntinued for a minitnutn penod of -fO rnonths. Despil8 the fad that there has been no Surfex event for a period of 4 years12018-20221, the Charity's activit$ hav8 b8en able to cont'nue, drawing on reserves previously held. In of the SU$$1 SurfÈx 2022 exhibition, Ihe Chaiity is now gxpeded to have sufficient funds to support all acti%At9 IOT another tsv8nty4our months. FUTURE PLANS The Council ks ever mindful of the rapKlrty of 5oentific and tschnotogical change and continues to strive to énsure that the coatings induslry 15 kept abreast of *velopments through.. sryÈntific and teGhnicalpublication5 technKal rnpethrvJs & symp05ia enhanced professk)nal qualffjcatitins exhibit4Dns webinars Objedives for the future bwll continue to t5 On the main obj'ectives ststed above. Most imrxjrtantly, following a 5uc¢essftJl Surfex 2072 in June of thks year. preparations be made, conjun¢tbn with Step Exhibitions, for ongolrvJ Surf8x ev8nts every 2 y8ars- the next event to be heK1 in June 2024. Addits"ondty, in Th)SUrfex y8ars. the Association will seek to hokl Sur¢on or a sirnilar teGlm¢cal sympo&um. STRUCTURE. GOVERNANCE AND IIANAGEMENT GOrnIng Do¢umènt The AssociatDn is a (y)mpany limited by guarantee and incorporated in EnglarKI. The governing instrurn8nt er which the A850eiation operates 18 Memorandvm and tydes clAs50cfdtn. Recrultrnent and Appolnlmont of Now Truste85 Fdlowing the changes to the govemance of the Chanty. impl8mentsd In 2005. the Trvst88s a elected for a peri(K1 of d¥0 year5. Organlsatknnal Structure The Association i8 oryani5ed as fdlows.. Tho CourKI of Management. whose members are direthy OT indiredy elected to serwe for a perd of yeats. Al Trustees a Members of the Asswlalion. TwsteÈs are offered gtsidance OTh their duties and re5ponsibil¥ties. Day to day op&ratio a managed by Tru$tegs and through outsourcing arrangements. Tthe cour11 15 accountsble to the mernbÈrship. which in lum ¢ompri5es individual$ conne¢ted wrth the coatings Industy. poli¢y proposals are stsbmitt8d to the crCAl for approval. The Trustee5 acknowledge th8t OCCA South Afn'ca has a forrnal approved indeFenden¢e. by way of a new Ince agreed in 2020, and now runs autonomously of the UK. with the exc8plion of Professional Membership approval adrn¢nvatrats'On.
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 STRUCTURE, GOVERNANCÉ AND MANAGEMENT The Trustees of OCCA UK. have no wntrol or inftuence over the &JministratI, r8sources and expenditu or OCCA $th AfrirA and for Ihls son the assets, incorne and expenditure of OCCA South Afri¢a have not been recognised within these aco)unts slnce 2012. Inductlon and Tralnlng of Now Tru5ts85 Induction is carried out by officers setting asidg timg to instruct thg wtsntia tru5t88 coverfn9 aspe¢ts such as governance, duties and responsibiltbe$. Rlsk Management The Counul have a duty to identify and Rview the risks to whKh Ihe Charity 18 exposed to enwre appropriate Conlrols ar8 in place to piovide reasonable assurance against tr8ud and error, and appropriate insurance pdicaes sourced. The Councll undertakes regular rewews of the sources of its incoming resources and the requirements on Igoiw re$wrcÉs to maintain rts charitable activrties. The Coun¢11 recogni8es the imwrtanc8 of the SURFEX exhibitions In the maintenance of incoming resource5. It also recognises the requirement to develop KK)li¢ig8 to ensure th8t the A550¢lab. will ¢onnu8 to provide charitable activities in future years, which may Indude ihe 8stablishmt of rTh)re frjmial arraThJernents with other relevant organisations. Ccrfjnol carries out r8gu18r revws of the risks inherent in the organisaiion. The rna)r risks Klentrfied ar8 ihe ability to g8nerate suffioent inc(me to crmtinue a£thvrties'. the ability to increase mernbetship and th8 control of publir2tion & otr operational CDSts. Th& Counul rèviews and updates ts insurance pdicy, by assessing Ihe mathet and sourcing th? most sultae and ox8t-eff8CtN8 $nsUran provkler and polity to (nver legal obl¢gation$ and mitigate rtain financial rtsks. PRESIDENT% REPORT- OCCA AGM 2021 Al the Associatlon's Annu81 G¢ner81 M8•tlng held In Sopt•rnb•r 2021 r•tSdng Pre8ldenL Grah AmF6trongi submitt•d the followlng r8ptyrt.' The is no doubt OCCA has Changed dramaticlly during Tny 3 yeats at the helm. bul l Can only claim a little of the glory, a$ th8 changes undgrtaken could not have happened without ertherthe dynamic council. OT wr o)ntra¢lors' invofvement. OCCA welo)nw four new memLrs of Council fr manuf8Cturing and d¢stribution backgrcwrth, bringing techniral, sales 8nd marketing skills, a5 well as signrfKant expernc8. Whilst taklng away th8 eaSU of meeting fa to face, Zcrf)m rneetings are, I believe. far morg time-efflclent, 8t¥J 9allY reduce the neeil fortravel. A result of the us8 of ZLK)tn. and beCae of the immense elforts of Ann- MariÈ Etherington and Mark Huiton, CCA estsl$hed 8 seiies ol webinars that hav& grown in Statu Yond anyon8'5 expectatKJn$. The fifth Programme is to start this autumn, with a $th seri8$ anned for earfy 2022. These webinars now attract over Or hundreL1 attend88S to each lalk and have been a m8jOT ¢nfluerr i re-recruiting dd mernters and attrading new ones. The p18n now is to hokl SURFEX in June 2022. Planning is well undw way, and tt i8 eat to be at)le to note the Increased support for the event from exhibitors, 5wkers. and 8tt&ndees. I r8thnty will be Iherg, and I look forward to Jrneting many of you there. Our technical conference. SURCON 2021 is 8cheiJLAed to tske FAactsthis o)ming Nov8mber. This was orwJinally planned as a"hybn"d' 8vent, but the Technical Team who are organizing the evet. have rdu¢tsnYy decided it1 be only a virtual unferenc¢. It is pleasing to note, how8V8r, the excellent range of speakers. talkirvJ on a wd8 vadety of subjects. Th have been major change5 that have corne about over th8 last year or so with ourjoumal. Surface Coalings Intemational. with the 8PPOinttnÈnt of the new Technical Editor, Richard Kennedy, and rnovlng the layi)ut. desvjn and print to Print Plus. Eartier this year we entered three editions into Ihe gobal awards for Trade Assouation publications, and we were winners of the gokl award for the front (y)ver of th8'Christmas" edrtion and with honorable mtkInS for the other Iwo editions. A 9at r8fiection on the rnassive moves forward with SCI. I look fonvard to contini•ng to 8UPPOrt OCCA over thè (y)mlro years. firsly as Imm8dHte Past PrestsnL Ihen, rf I
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 am elected, as a (xjntinuing memb8r of Counol. Paul Sheppard IPresid8nt EleGtI 15. 1 know excrted at taking on the manue of our new President, and I look foNard to 8UPPOrting him with the n8w initiative5 he wi15 look to lTrtr£%JU. to move ourgreat A55(Kiation into its Second century. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees (who are also the dire¢tOTS of Otl and Colour Chemlsts. AssooatSon for Ihe purpose5 of Company lawl are resw)n5ible for preparing the Report of the Trustees 8nd the finanaal Ststements in acrordanc8 with applicab law and Vnited Kingdom Accountlng Slandard5 Iunitetl Kingdom Generally Accepted Accounting Practice). Induding Financial Reporting Standard 102'The Financbl Reporting Standard appiit2ble in the UK and Republic of Irdand,. Company law requires the Trustees to Prepa ffn8nci415tatements for each financial yearwhich give 3 true and fair view of tt)e stste of affair5 of the charitable company and of the inming resources and applicatitsn of resources. induding the InMe and expenditure. of the Charitab company for that period. In preparing those finantsal ststements, the Trustees are required lo.. Select suitable ac(ountiThJ polKies And then aprAy th8ffl ty)nsSstent'. Obse the methods and Princie$ In Ihe Charrty SORP. make judgements and estimates tha18r8 reasonable and prudent., prep8re the finandal statements on the going concern basis unless it is inappropri8t8 to presume that the charitable company will continu8 bn business. The Tru5tee8 are resrx)nslb18 for keeng proper aeuxJntiThJ recofds whith disdose vthh 8$onabl& accuracy. a¢ any time, the financial position of the cha[ble cornpany and to enab18 them to ensure that the finanGial 51atemenl$ comply wth the Cornpanies A¢t 2006. They a also responsible for safeguarding the assets ol the d)arrtable comp8ny and hence for taknng r8asonable steps for the preVents"C and detection of fraud and ot¥ iryegularthe5. In so far as the Trustees a awa". the is no rel&vant audr( ¥nformatKJn of which the Charitable companrfs aL*Jitor$ are un8wafe'. and the Tnjslees have tsken aYI step8 thatthey ought to have taken to mak8 them5dves awar8 of any rdevant audil Informaln and to e51abli$h that the a1rtOr$ are aware of that inforrnation. AUDITORS The auditor5, DonnelbyB8nlley Limit8d will seek r8-8Iectn. This r&port has been prepared in aCcordae wth th8 Speal provish)n$ of Part 15 of Ihe Companies Act 20( relatin9 to small companies. Approved by order ofthe tr¥Jard of Twstees on and si)ned on its behalf by." 6+h Sef lerfb4< lott Mr P K Sh•ppard- President
OIL AND COLOUR CHEMISTS. ASSOCIATION ADDENDUM TO THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 CoronarUS Covld-19 and tts •tlact on the & Colwr Chemlsts, Associatlon tike most if Th)t all c(xnpanies. Institutes and ASaON$. tf Covid-19 pafid8rn has had an 8ff8Ct on the managernent and operaltorts of OCCA. Initially all Ya¢e to far. meetings and ConfenCeS w8r8 canceled. beirvJ r8placed by VKleo Gonferencing Ing the Zoom platform. As the UK and the restof the Worfd start to reduce and eliminate pandemic restrlOr. we will Seek to re-rntrcwju lace to face meetings atKI events. but we foresee the ¢onts"nued use of vitho confenclng. enablin9 rneetings with ourcolle8gues 08rdleSS oflocation. The use ofthis and other technologies such as dtqital versions of wrloumal also help5 the Assooation in reduang our CaTbon frtyirint. Our Woekly Webinar inttiative is set to mntinu8 forlhe foreseeab18 firture. A benerrt has been attratift of b)th lap58d and new memb8rs joining the A5so¢iatK)n, and the adI.0n of several more Corwrate Sponsors and Educational Partners that not only eontribute to wr w8binar programme. bul also provide content for our joumal and in¢rea$e our revenue. The major effect has been the kK)5tponement ol Ihe SURFEX 2020 exhibiti( and conference, orwJinally scheduled lor JunÈ 2020, delayed due to lh8 eowid 19 pandemlc, until October 2020. Further delays relab.ng to the pandemic saw the evènt rescheduled lor June 2021 before being delayed again, siui due to th8 pandemic and ultimalgly being ld in June 2022. followin9 gUan from Government advisers, veue staff and exhitMtOTS. This postponement significandy alfected in¢omg for OCCA in 2021. The Trust£es, however, in conjunction wth our flnancial advisers al Pierce C.A. Ltd, are happy to report that this loss of income ha$ not impacte(l the finala1 ability of the A5S(tiath)n, and w8 look forward now lo receiving revenue in 2022 for the ChedUled exhibition once financial results are released from Step Exhibition5 in &arfy August 2022.
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE INDEPENDENT AUDITORS Opinlon We have auditgd the financial statements of Oil and Colour Chemists Association {the 'charilable company'l for the year ended 31 December 2021 which comprise Ihe Statement of FTnan¢ial Activities, the B81an¢e Sheet and notes to the financial ststèm8nts, including a summary of significant accounting policies. The financial reporting framèwod( that has been appli in their preparation is appli¢8blo18W and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice). including Financial ReportirKJ Standard 102 Th& Finanal Reporting Standard applicable in th8 UK and RBpublic of Ireland.. In our opinion the fir¢ancial statsm8nts'. give a true and falr vlew of the state of the tharitable company5 affairs as at 31 December 2021 and of its incoming resources aThJ application of resources. including its incomo and expenditure, forthe year then ended., have been properfy Prepared in accordance with United Kingdorn Generally Ac¢ept8d Accountin9 Practi, including Financial Reporting Standard 102 The Financial Repoitng Slandard applicablg in thè UK and the Republi¢ of Ireland and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We condu¢tgd our audit in accordance with International Stsndards on Auditing IUKI (ISAS IUKII and applicable law. Our reswnsiblleS undef those stsndards are further described in the Auditors responsibilities forthe audit of the finanal slatgmants section of our rgport. We are independent ol the charitsble company in accordan with the èthical requirements that a relevant to OLJr audit of the rinancial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our othèr ethical responsibi1StSes in accordance with th8s9 requirements. We baliev8 that the audit evidence we have obtained is sufficient an¢J appropriate lo pn)vidÈ a basis for OLbr opinion. Conclusions relatlng to going ¢on¢8rn In auditing the financial slatsments, we have concluded that the trustees. use of Ihe going concern baS of accounting Én the preparation of the financial statements is appropriate. Based on the work we have performed, we hava not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable Company's ability lo continue as a going concem for a period of at least hvelve months from when the financial stat&ments are aulhorisod for issue. Our responsibiliti85 and tha responsibiliti&s of the trustees respect lo goSng concem are described in th8 relevant sections of this report. other Infom)atlon The truslg0s are rasponsible for the other informalion. The other information comprises the infomation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the finanaal statements doès not cover the other information and, except to the extent othe1$& expliciuy ststed in our report. we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other wiforniation and, in doing so. oJnsider whether thg Other infomiation is materially ino)nslStenl with the financial statements or our knoedge obtsined in the course of the audit or otherwi58 appears lo be matèrially misstsled. If we identify such material incon5iStencigs or apparent material misstatements, we are required lo dgtem)ine whetherthis gives rise to a material misststement in the financial statements themsglv8s. If, based on the work we have performed, we conclude that there is a material rnisstalemant of this other inlomiation, we a required to report that lact. We have Th)thing to rewt in this regard.
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE INDEPENDENT AUDITORS Oplnlon on other matters prescribod by th• Companlos Act 2006 In OUT opinion, basgd on the work undertaken in the course of the audit- the infomiation given in the Report of the Twslees for the financ¢al ygar for which the financial statements are ppared is consistent with the financial statements.. and the Rgport oflheTrusteos has baen Pfepared in accordance with applicable legal rgquirements. Matters on whi¢h we are requlred to rèport by exception In the light of the knowledge and understanding of thè charitable company arKI its environmentobtsined in the course of th& audit. we have not identrfied material misststements in the Report of the Trustees. W8 havg nothing to report in respect of the following mattèrs where the Companias Act 2006 requires us to report to you rf. in our opinion.. adequate accounling records have nol been kept or rettjms adequate for our audit have not en recgivgd from brdnches not visi18d by us.. or the financial slaternents ar6 not in agreement with the accounting records and retums.. or certain disdosures of Iruslees. remungration specsfièd by law are not made," or we have not received all the inforniation arKI 8xplanations we require for our audf(', or thetrusteesweTrnot•nlitied toprepar8theffinancial ststements inaccordan¢&withthesmall companies. regime and 18ke advantage of the small cxJmpani8s' exemption in preparing Ihe TTuslee5' report and take adv8ntsge of the small companies, exemption from the requirementto pr&pare a strategic report. Responsibilities of trust¢•s As explained morg lully in the Statement of Trustees. Rgsponsibdities, the trustees Ivtho are also the directors of the charilabltr Company for the purposes of company lawl are responsib for the preparation of the financial statements and for being satisfi6d that they give a true and fair &w, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial stBtements that are free fr(An material misstslomenL whether due to fraud or erTOr. In pieparing the financial ststements. the trustèes are responsible for assessing thè charitable companls ability to Continue as a going concern. disck)sing. as applicable, matters related to going concem and using the going con¢èm basis of accounting unless the trustees either intend to liquidate thè charilable company or to cease operations, or have no realistic altgmative but to do so. Our rosponslbilitle6 for th& audit of the financlal statements Our objectives arg to obtain reasonable assurance about whether the financlal statements as a wholg arè fre& from material misstatement, whether due to fraud or error. 8nd to issue an auditorfs report that Indudes our opinion. Reasonable a55urano* is a high level of assurance bul is not a guarantee that an audit conduded in accordance with ISAS IUKI will always detect a materia5 misstalementwhen it exists. Misstatgmgnts can arise from fraud or errcff and are considerod mat8rial if, individually or in the 8ggregate. they could asOnablY be exp8Ctèd to influence Ihe econornic de¢isiorss of Ltsers taken on the basis of thgso financial ststem8nts. Irregularities. induding fraud, are in5tsnixs of non-compllance with laws and regulation5. We dasi procedures in line with our rèsponsibilities. outlined above. to detect matèrial misstatemènts in respect of irregularities, including fraud. The extent to which our procedures are capable of d0te¢ting irregularities, including frajd. is detsiled below. We idontrfied area oflaws and regulations that wuld raasonably be expected to have a material effgct on the financial ststom8nts from our experience and through discussion with the Officers and Trustses las required by auditing standards).
OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE INDEPENDENT AUDITORS We had regard to laws and regulations in arèas that directly affect th8 financial statements including financial reporting and taxation legislation. We considared that extent of complianc8 with those laws and rggulations as part of our prctedures on the related financial statement itèms. We communicatgd identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We addross8d the risk of fraud through m8nagement overrKle of controls. by testing the appropriateness ofjournal entries and other adjustments- assessing whether the judgem8nts made in making ac(K>unling estimates are indicative of a potential bias., and evaluating the business rationala of any significant transadions that are unusual or outside the nomal course Df business. Our audit procedures We designed to resporKJ lo risks of material misstatement in the finanual stslements, rgcognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not dèlecting one resulting from error. as fraud may invofve dèlibèrate concealment by, for example, forgery, misrepresenlalions or through collusion. A furth8r description of our responsibilitses for the audit of the finanual statements is located on the Financial Reporting Council's w&bsite at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our Tepgrt This report is made solely to the charitable ox)mpany's members. as 8 body, in accordance with Chapter 3 of Part 16 of the Compani&s Aci 2006. Our audit work ha5 been undertaken so th8t we might stat8 to the charitsble company's members those matters we are required lo state lo them in an auditors, report and for no other purpose. To the fulbesl extent permiited by law. we do rt accapt or assume responsibility lo anyong olher than th8 d)aritable company and the charitsble companls mmb8rs. as a body, for our audit work. for this report. or forthe opinions we hav8 formed Angèla Donohoe FCA IS•nlor Statuto For on behalf of Donn¢llyBentley Limit Chartered A¢cauntants uditor) lts-g-zz Statutory Auditor Hazlemere 70-72 Gh8Y New Road Bolton Lancashire BLI 4BY 10
OIL AND COLOUR CHEMISTS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 31.12.21 Total Funds 31.12.20 Total Funds Unr•strlded Restrictod Funds Funds INCOME AND ENDOWMENTS FROM Sponsorships Publications SCI subscriptions Membership subscriptions Licence fee incom Events Other trading activities Investment income 16.250 3,563 16.250 3,563 13.500 6,069 11,848 19,738 2,500 3.858 178 402 16.467 16,467 2.500 5.587 5.587 161 161 Total 53.372 53,372 58,093 EXPENDITURE ON Raising funds Publications Events Donations Other 200 49.258 1,613 200 49.258 1,613 178 52,813 1,224 2,395 63.501 67.906 400 68,306 Total 118,977 400 119.377 120,111 NET INCOMEI{EXPEMDITURE) 165,6051 {400} 166.0051 162.018) RECONCILIATION OF FUNDS Total funds brought forward 44.164 125,649 169,813 231,831 TOTAL FUNDS CARRIED FORWARD 121.4411 125.249 103.808 169.813 The notes form part of thès8 financial statements.
OIL AND COLOUR CHEMISTS ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2021 Unrestri¢t¢d Restrlcted Funds fund$ 31.12.21 Total Funds 31.12.20 Total Funds Notgs FIXED ASSETS Investments 11 100 100 100 CURRENT ASSETS Debtors Cash at bank 12 9.892 20.988 9.892 146,237 7,560 196,390 125.249 30.880 125.249 156.129 203,950 CREDITORS Amounts falling due within one year 13 (52,4211 152,4211 134.237) NET CURRENT (LIABILlEs) I ASSETS 121.541) 125,249 103,708 169.713 TOTAL ASSETS LESS CURRENT LIABILITIES 121.441) 125,249 103,808 169,813 MET ASSETS 121,441) 125.249 103,808 169,813 FUNDS Unrestricted funds Restricted funds 14 {21,441) 125,249 44.164 125,649 103.808 169,813 These financial slalements have been prepared in accordance wilh thè special provisiors of Part 15 of the Companies Act 2006 relating to charitable small companies. The financial stslements were approved by the Board of Tfustees on ... and We signed on its behalf by.. //fj,J Mr P Sheppard- Pr•sldènt 12
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES Basis of preparlng th flnanclal statemonts The charity is a private company, limited by guarantee, and registered in England and Wales. In the 8v8nt of the charity bein9 wound up. the liability in respect of the guarantee is Iwnit8d to £1 per member of the charity. The address of the registered office is givèn in the charity infom)alion on page 1 of these financ181 statements. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in 8ccordan¢g WÉth Accounting and Repong by Chariti85: St8t9ment of Rocommended Practscg applicable to charities preparing their accounts in aw)rd8nce wth the FinanGial Rep)n9 Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 issued in O¢tober2019, the Financial Reporbng Standard applic8ble in thg United Kingdom and Republic of Ireland {FRS 1021. the Charities Act 2011. the Companies Act 2006 aThJ UK Generally Accopled Practice. The charity has applied Update Bulletin 18s publlshed on 2 February2016 and does not in¢lud8 'a cash flow stalement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going ¢x)ncem basis under the hislorr¢al cost convention. modified lo include certain itsms at fair value. Thè snIficant accounting policies applied in the preparation of Ihese flnan¢ial statemen15 are set out below. These policies have Lwn ColSten11Y applied to all years prv68nt$d unless otherwise sts1. Preparation of ¢onsolidated finan¢i81 stat8ments Thè financial slalements wntain infomialion about Oil and Colour Chemi Association a5 an individual charity and do not contain consolidated financi81 infomiation as the parent of a group. Thè charity is exempl under Section 39912AI ofthg Companies Act 2006 from the requirgments to prepare consolidated financialstatements. Incom• All income is cOgniSed in the Stst8ment of Financi81 Acttvitias once the charity has entillamanl to the funds. it is probable that the incoma wll be receivgd and the amount can be measured reliably. Income is derived from tho following sources: Sponsorships- corw>rate Sponsorships monies received from memb9rs Publications derived from sale of advertising sp8(* in thg bimonthly Surface CoaliThJ5 Internatnal ioumal Membership subscripons- annual subscriptKJns charged to membors. Licencg feo in¢omo- membershipfges charg under a Licen¢e fe¢ arrangement wth a group of meMr$. Events- amounts received from ¢8ntrally organised èvents. Other trading activities- amounts recelved from regional section events. Investment incom8- bank interest received. 13
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Exp•nditur• Liabilities are re¢ognised as expenditure as soon as there is a legal or nStruCtIVe obligation commitb'ng the charity to that expenditure, it is probable that a transl8r of economic benefts will required in settlement and th& amount of the oblig3tK)n can be me8$urgd reliably. Expanditure. is accounted foron an accruals basis and has been cSassifi8d under headings that aggregate 811 cost related to the catogory. Where costs trannot be directly attributed to particulai headings they have baon allocated to activities on a basis consistent with the use ofresources. Taxation The charity is èxempt from corporation tax on its charitable actNities. Fund accounting Unrestricted funds (Sn bg used in ac(danCe with th8 charitable objeth'ves al the discrètion of the twstees. Restricted funds can only be used for particular reslricte(I purposes within the objacts of the charity. Restrictions arise whan specifiod by the donor or when lunds are raised for partsLwlar restricted purposes. Further explanation of the nature aThJ purpose of each fund is indudgd in the notes tr) the financxal statemgnls. For8ign curren¢b*¥ Assets and liabilities in loreign currgn¢ies are tr8nslatgd into sterliNJ at the rates of exchange ruling al thg balance sheet dale. Transactions in for8ign currencies are translated into st8ding al the rale of exchange ruling at the date of transaction. Exchange differences arg taken into 8ccounl in orriving at the operating result. Investm•nts Investments in subsidiarios aTe rnaasured at cost less bmpalmwnt. VAT VAT is recovered on axpendilure lating to taxable suppli8s And a partial eXeMptiC calculation is prepared to ensLsre recovery of relevant residual input tax. Going ¢oncèm The finanaal statements have been prepared on a going concem basis a5 the Irusteas believe that no material unc8rtainlies exist. The trustees have considered Ihe18vel of funds held and the expected level of income and axpandilL¢re for 12 months from authorising these fin8n¢i81 statements. The budgeted incom8 and expenditure is sufficient with the level of raserves for the charity to be ablo to cor)tinue as a going concem. Whilsl the trustees have adopted the going concem bass set out above. the impact of the worfdwido Coronavirus pandemic, Covid-19, on all organisation5 reprgs8nts an uncertainty and the tru8 impact of this pandemic will onty bem• apparent ow tima. Cash and eash equivalents Cash and cash ewivalonts comprise cash on hand and call deposits, and oth8r short-term highly liquid invèstsnents that arè raadily convertiblè to a known amountofcash and are subject to an insignifficant risk of change in value. Dtbtors and creditors ro¢8bvable I payable wlthln one year DebtOTS and creditors with no staled interèst rate and receivable or pay8ble wlthin one year are recorded al transaction price. Any losses arising from impaimient are recognisgd in expenditure. 14
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 DONATIONS AMD LEGACIES 31.12.21 Total funds 31.12.20 Totsl lunds Unrostrlcted fund$ Unrnstrfctéd funds Swnsorships 16,250 16,250 13,500 13.500 SUBSCRIPTIONS 31.12.21 Total 31.12.20 Total funds Unre5trfct•d funds Unrestricted funds SCI subscriptions OCCA memberships Licence fee income 11.848 19,738 2.500 11,848 19,738 2,500 16.467 2,500 16,467 2.5CII 27,811 27.811 34.086 34,086 Included within OCCA memberships are any)unts from South African memb•rs of £Nil12020.. £2.7271. The Licence Fe8 ineome is in respect of an arrangemènt with the South African branch. OTHER TRADING ACTiVtriES 31.12.21 Total funds 31.12.20 Total fund$ Unrestricted funds Unrestrlctod funds Section activiligs 178 178 INVESTMENT INCOME 31.12.21 Total lund$ 31.12.20 Total funds Unrestricted funds Unrestrid fvnds Deposit acrount interest 161 161 402 402 15
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 RAISING FUNDS Othw tradlng activities 31.12.21 Total funds 31.12.20 Total funds Unr•strl¢tèd funds Unrestricted fvnds Sections expenses 200 200 178 178 CHARITABLE ACTIVITIES COSTS Direct ¢osts 31.12.21 Total funds 31.12.20 Totsl funds Unrestricted funds Unr•strlcted funds Publications Events Donations 49.258 1.613 49,258 1,613 52.813 1.224 2.395 52,813 1,224 2,395 50.871 50,871 56.432 56,432 SUPPORT COSTS Governance osts Management Totsl$ Other resources expènded 63.956 4,350 Support costs, indudgd in the above, are as follows: UrTrstrf¢tod R05tricted 31.12.21 funds funds Total funds Unre$¢rl¢W Restricted 31.12.20 fvnd5 funds Total fvnds Adminislralion msts Awards costs Sundry ¢osts AcvnI8ncY Subscriptions Audltors, r8rnuneratio 52,973 1.383 1,135 7,185 41N) 53,373 1,383 1,135 7.185 880 4.350 48.864 48,864 2.430 6.761 1.196 4.250 2.430 6,761 1,196 4.250 4,350 67.906 400 68.306 63.501 63.501 16
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 AUDITORS, REMUNERATION The total fee paKI lo the 8uditrJr for audit serVeS was £4,35012020'. £4,250). 10. TRUSTEES. REMUNERATION AMD BENEFtrs There were no trustees, remuneration or other benefits for the year 8nded 31 Decemb8r 2021 nor for the year ended 31 Decambgr 2020. Tfustses, expènses Three tru5109s12020.' four) were rgimbursed expe$ tolaling £41812020: £7681. 11. FIXED ASSETS Sharo$ In gTOUP undertakings MARK VALUE Al 1 January 2021 and 31 December 2021 100 NEf BOOK VALUE At 31 December 2021 100 At 31 Dernber 2020 11JO There were no investmont assets outside the UK. Tho ¢ompany's investmènts at the balance sheet dale in the share capital ofcompanies includa the folSowtng'. Svrfox Limited- Company Number 02745686 Nature of business-. The organisation of exhibiuons Class of share= Ordirbary holding 100 31.12.21 31.12.20 Aggregale capital and reserves ILossyprofil for the year 16041 13.0431 2.439 14,7581 17
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 31.12.21 31.12.20 Trade (lebtors VAT Prepayments 6,182 2.110 1,600 6,040 1,520 9,892 7,560 13. cREDORS. AMOUNTS FALLING DUE MIITHIN ONE YEAR 31.12.21 31.12.20 Trada creditors Amounts owed to group undortakings AccnJ81s & deferred incom& 10,912 19,692 21.817 12.563 812 20,862 52,421 34.237 18
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2021 14. MOVEMENT IN FUNDS Net movoment n fund5 At1.121 At 31.12.21 Unrestricted funds Genèral fund Kekwick Award 8gnevolenl Fund Jordan Award 23.331 11.732 7,530 1.571 165.2421 141.9111 11,732 7,530 13631 44.164 165,6051 121.4411 Restricted funds Ethel Behrens Fund Th& Ellin9er Gardonyi Fund 6.340 119.309 6.340 118.909 {4001 125.649 1400) 125,249 TOTAL FUNDS 169,813 166,0051 103,808 Nel movement in funds, induded in the above ar8 as follows: Incomlng Resources Resources axpended Mo¥¢m•nt In funds Unrestrictsd fvnds General fund 53.372 119.377 166.0051 TOTAL FUNDS 53.372 119.377 166,005) 19
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. (Continued) IOVEMENT IN FUNDS Comparatlves for movement In fvnds Net movèmènt in funds At1.1.20 At 31.12.20 Unrestricted funds General fund Kekwick Award Benevolent Fund Jordan Award 85,349 11.732 7.530 1,571 162.0181 23.331 11.732 7,530 1,571 106,182 162,0181 44,164 Rèstrfcted fund$ Ethel Behrgns Fund Th6 Ellinger Gardonyi Fund 6,340 119.309 6.340 119,309 125.649 125,649 TOTAL FUNDS 231.831 162.0181 169,813 Net movement in funds, induded in tha above are 8$ fdlows-. Incoming Re5¢yr¢oS Rgsour expènded Movement in funds UnTe$trict•d funds Gèneral fvnd 58,093 120,111 (62,0181 TOTAL FUNDS 58,093 120,111 162,018) 1& CONTINGENT LIABIUTIES The Association has indomnified the direclors of Surfex Limited forall personal liabilities arising as a conseqLtence of their acting in that capacity. 16. ULTIMATE CONTROLLING PARTY The charitablo company is under the ntrol of the Trustees. 20
OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. RELATED PARTY DISCLOSURES During the year lo 31 December 2021. expendityre was incuffod from the following partl&s'. Costs of £29,040 12020: £27,777) from Kaleidoscope Colour5 Limited for administration. bookkeeping, consultancy and advertising services. Ms A M Ethertnglon is a diredor ol Surtex Llmlted and Kalei(k)5cope Colours Limited. At the balance sheet date Oil and Colour ChenNsts A550cialion owed £2.16212020: £2.1621 to Kaleidos(x)pe Colours Limited. 21