Company Rggl8tratlon no. (IOT45621 (England and Waiesl Reglstered Chartty 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 2023 PIERCE C.A. LIM￿ED MENTOR HOUSE AINSWORTH STREET BLACKBURN LANCASHIRE B816AY OIL AND COLOUR CHEMISTS ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pogg Reference and Administrative Delails Report of the Trustee5 Iln¢luding Directors, Reporti Independent Examination Report Statement of Financial Activitses (Including Income and Expendituie ACC(￿ntI 10 Balance Sheet 11 Notes to the Financial Statements 12-20 Detailed Statement of Financial Activities 21-22 OIL AND COLOUR CHEMISTS ASSOCIATION REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES MrJABury Ms B Paters Mr D P Williams Mr G Armstrong Ms D Coombs Ms N Cosgrove Mr D Mccaul (Resigned 23 June 20231 Dr L Merritt Mr P Sheppard Ms A Bullttk Ms Z Cunliffe Mr P Knowles Ms E Humphrey MrDPye (Appointed 20 September 20231 Mr C McElroy (Appointed 20 September 20231 Miss l Taylor (Appointed 18 January 20241 PRESIDENT r P Sheppard IMMEDIATE PAST PRESIDENT Mr G Amistrong COMPANY SECRETARY Ms B Peters REGISTERED OFFICE 4th Floor Clayton House 59 Pi¢¢adilly Manchester M1 2AQ REGISTERED COMPANY NUMBER 00745621 {England and Wales) REGISTERED CHARITY NUMBER 259095 ACCOUNTANTS Pierce C.A. Limited Mentor House Ainsworth Street Blackburn Lan¢ashire 8B1 6AY INDEPENDENT EXAMINER DonnellyBenUey Limited Chartered Accountants Hazlemere 70-72 Chodey New Road Bolton Lancashire BL14BY BANKERS Virgin ￿neY 3 Eastgates Leicesler LE1 5BL OIL AND COLOUR CHEMISTS, ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who a￿ also Director5 of Ihe Charity for the purrmes of the Companies Act 2006, prèsantth8ir report with the financwl statements of the Charity forthe year 8nded 31 December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities Statement of Recommènded Practice- appli¢abLe to charities preparing their accounts in ac(xbrdance with the Finawa Rewrting Sland*d ap￿rable in th8UK and Republieof Ireland IFRS 1021 leffective 1 January 20191. The financlal ststements have been prepared in accordan￿ th the accountiThJ policies set out in the notes to the a¢¢ounts and Comply with the Charivs governing do¢ument. Companies Act 2006, Charitie5 Act 2011 and Accounting and Reporting ty Charities.. Statement of Recommended. Practi￿ applrAble to charith'e5 preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ir81and published in Odober 2019 Icharrtios SORP 20191. In lh￿ report, refe￿r￿S are made to'lhe Gouncil" and 'Trust885-. The89 tems refer to the Board of Trusteesl Oir8ctrxs. OBJECTIVES AND ACTIVITIES Oble¢tlv*s and Alms The Association has continued In ils work as an aducational charity the development of the science and techmlogy of the coatings and allied industries and to ra￿litate the 9xchange of informats.ors and ideas the￿Orn. The prIn￿PaI objectives of the Association ￿ to provlde a plarform for 8xposure to interested parties, of 6uentiflc and te¢hnobgical developrnents in th8 surface coatings and all1￿ industries. These objectives are achieved by Ihe public&tk?n ofjoumal$ and olher publicatl)ns. the organisatH)rs of ccnferences. symposia, exhibthons. The main obJ'8ctivè5 forthe y98r under review We￿.. To prepare aThY promotè SURFEX 2024 trad8 exhibrtion at Coventy Btjlldiw Soci&ty Arèna To identify and implen*nt further c05t savings pursue optKJn$ to sustsin the Charity over the longer tem, in particular to.. Build up the membgrship, reaching th& next generats'on of (themi8t8 and techndogists. Improve finanoal viabAity. Further develop the Surfex & Ellinger Gardonyi bursar￿$ airntd ¥pecrfic*ty at the educatkjn and d8veloprnent of themists in academia and industry. Promote and deliver Surcon 2023 (academic conferene¢l The strategies wnployed to achieve the Chartty's objèctives were.. To exparxl 8F*I further develop resources to p*owde 8fficient comrnuni¢8tions to a workh¥kJe mernbership. To require Surfex Limited, the trading amofthe Charty, toworkwith Stèp Exhibiti￿8 in cryatwwng SURFEX 2024, to expan¢J the number of 8xhibilors and wsilors to help athieve suffiuent net incoming resources to finan￿ th? Charity's actwities. To engage and partner with addltional Universities throughou¢ Ihe country, and To increase the numtrkr of (orporale sponsoring companres. To851a￿￿h linkswith newassooatlonslprofes5ional LxKJi8StO sourc￿ bursary partners, promote and award. OIL AND COLOUR CHEMISTS, ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES PubliG Benefrt The overridirg objecuve of the Charity Commis8KJn 1$ tha¢ Charity S￿)uld act for the b8n8fit of th8 wblic. The Council, comprised of the Trustees ol the Oil and Colour Chemists. Association (the Associalionl, has ref8rred to th8 guidance in the Charity Comrnis5ion's 98n8r81 guidancg on public benefit when reviewing rts aim$ and objectwes in planniro t￿ A8xKialion's future act￿ltieS in the dev8k)pment of the s¢ience and teCh[￿1(¥￿Y of coatings. The As8wation athieves this overriding objective by.. Th8 pUbl￿ation of technlcal and scienlffic informatK)n *nduding Surface Coatings Intert￿tional Joumal The provision of continuing professional developrn8nt in the form of (x)nferences. symposla and. rTh)re recently, We8kly Webinars. The provision ol prof8ssion81 qualifications A C￿e of Professional Conduct and ethical guidance publi¢ benefit is enhafi￿d through independent recognition of Ihe profossiL￿al competence of m8rnb8rs, and a fom)al procedure for investigating ccrnplalnts ￿lating to members. The publi¢ benefrt is seNed ty the AssociatDn's educational a¢tiwlies aThJ ty members ensuring that coatings and associated produ¢ls a￿ pr£KJuod safely, that the public is protected in the use ol coatings and that coats￿5 are de$vJThed and produced to Ofihar￿ 8V8ryd8y lrfe$tyle. The Publ￿ benefrt is enhanced through independent recognition of the wof858ional comp9tence of members aThJ a fonnal procedu￿ for inv8Stig8ting eornplaint$ rdating to members. Volunteors Although Trustees and men*)er5 do not receive any rernuTher8lion for their conlributions to the governancè and d8velopment of the Charity, the part played by vdunt88rs in 8chi8ving Ihe Charty's objectives Is highly significant. Without the Trustees and the many volunteer5 that serve on committees, Charty would not be able to conduct the wide Var￿tY of activit￿$ that our members arKI the international coatings community have come tts ratyon. ACHIEVEMENT AND PERFORMANCE Charitable Activities The Charity sets annual budgèts 8nd mea$ures perfomiance on a ￿gUlar basi5, rn8eting to review at least thTee tirnes p8r year. Financial information has been made availab18 to 811 Twst8es. Improvem8nts in the rnarogemenl of nwmbèrship 8drninistr8ti0Th hav8 been made. The Association ¥*ill 58ek to c￿￿bOrat8 with sdected associated Institut85 Within th8 Surface Eroineering disap11r￿ andlor academia on an independent b88is for th8 greatergcMJd of the co8tings industry. FINANCIAL REVIEW Flnancial Positlon The results for the year are set out in the St8tement of Financi81 Activities. The Association aims to 98ner8te a surplus In each Surfex yearto enable re-investment into members. berleffts and further the objectives of the A880riation for the ensuing tWfry88r wriod. Funds are set aslde to cover both SURFEX and Ellinger-Gordonyi Bursafies. SURFEX 2022 generatsd le$5 overall incom8 compared to SURFEX 2018, however th8 8xhibition was a su¢c45s and over 50% of ex￿1￿'t0￿ signed up to exhibit al SURFEX 2024 during the event. We have r¥>ntnued preparatK)ns and promotion of SURFEX 2024 duriro this fina￿￿j y8ar, a¥ Ihe exhibitson is schedule(I to take place in June 2024. OIL AND COLOUR CHEMISTS, ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Investment Policy and Oblectlves The A5sociation'5 powers of inve5tm8nt ar8 set out in the Mernorandum of ASS￿atIOn of the rmip8ny. The membprs of the Council have power to illV88t in any manner they wish. subject to the best intere8t5 of th8 Association being served. Coun￿1 ha5 adopted a conservative approach to investrneTrt in mainlairiing substantkql eash balances in interest-bearing dèposits. This n50rs- DCL, Nordrnann and Safr Alc2n. AOngS￿￿e the Corporate Sponsors we have rtrvamped our Educational Partners sch8rne, wth the University of Lincoln h8ving recently become OUT seventh educational partner- all thanks to the excellent work done by our Academii Link5, and Mernbership & Mark8tiAg teams. Our partnership wilh the Univ&rsily of Salford has further strengthened as we expanded their Science in Industry Modu￿ with an additional Iwfrhour session, making a total of fve 58s8￿nS this year. The mfyyule eulminated in pract￿al session with students cobur matching ar￿ p￿sentIng their own pairnt brands to a panel of expert judges. My thanks go to Tony He51op18ASFI and Matthew Adby IX-Fltel for Iheir help in producAng yet another Su￿$$fUl mo¢Jule. OCCA Council arKI the Registrations and Awafds Team have Invest*Jated the possibilty of 8drninistratSng a registered scientist program for(¥Jr membets via the Science Council. however we found the resources need Was not justified, rA)nsidering the lad( of demand for this qualificatKJn. OCCA Coundl have subs8quently d8cidgd th a h8avy heart to withdraw the Assouation's membership of the Council as we fe￿ the benefit5 of membership did notjU51ify the annu81 SUb￿riptI(￿ ￿$t and Ihertftsre, we will no longer have membership ol the Science Council from 2024. OCCA still retain rnembership of Coatings Sctiet185 Int8mational ICSII and as President of OCCA l am oJn6ntty the interim President of CSI until John Ker8midas (President ol SCAAI takes up the CSI Presdent's ro￿ in 2024. Our Financial Team are a￿lay$ kept busy b8lanring the bcA)ks and keeping a tigm rein on o)5ts, and the team have found 8 considerable cost S0￿n9 in our audit fees for FY2023, which represents more than 50% reductron of our cuweTht f88s. Du8 to the fact that OCCA'S tumover is below a r*rtain threshold. recenUy implernented by e Charities Commission, the Association does not legally need a full audit and only requi￿$ an independent examination of our accounts. A5 Mentioned ab)ve there has been a change at the helm as Abx 8ulbck was appointed TreasU￿r by Council and her p)silion will be ratified at our 2023 AGM. Akn has some big shoes to fill, but she has already shadowed Danny Mccaul for Six months and ha5 got to grips with our approval and paymont Systems and has settled into her role v8ry nic81y. We all wish Danny a very happy and long r91iremenl, and I would like lo thank Danny personalty and orb behalf of Council for his excellent service as Treasurer. OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Finanaal Team have done a brilliant job in managing our finances overthe past year as we ￿¢eNed a lower than expected 5urplu5 frorn SURFEX 2022, due to additional costs for running and prornotiThg the event over the four-year gap from SURFEX 2018. Our members will see our accounts at the AGM and the Association is still in a good financial t*)sits"on and we should also b8nefft from a heatthier surplus from SURFEX 2024 that ensures we Can continue to operate and deliver excellent value lor rnc￿8Y to our m9mbers, ￿rpCtste swrtsots arvj educational partners over Ihe coming years. Finally, I must thank our eontractors; Ann-marie Etherington- Ms OCCA and th8 glue that binds us togeth￿, Richard Kennedy- th8 8diiorial gxpert and voice ol ￿ason". and Mark Hutton- our l.T. guru. They have all gone above an¢J beY￿d this year and without Ihwr expertise (￿cA not run a5 srrKM)Ihly as it does. My thanks also go to our Council rn8mb8rs and SURFEX board. all of whom give up their free time to help OCCA deliver conferen￿$. eXhibit￿n$, social ev8nts, and ac*emi¢ activities. We rnust rernernber they are all volunteers and do what they do for the bve of OCCA and cur industry. I must also thank our Corporate Sponsors and Educational Partners for sharing our vision- inspiring cok)urful fvtures- and Iheir support enables us to deliv the services we provide to our members. Lastly. as ahvays, l must thank our growing number of members for Iheir 5UPWrt and without whorn we simply woukl not e￿$t. Paul Sheppard President Septernb8r 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Twstees (who a￿ also tho diractors of Oil and Cobur Chemists. A$￿at￿on fc¥ purpLws ofcornp8ny lawl are responsible for ￿paring Report of Ihe Twstees and the financial 51atements in accx)rdanc8 wth applicable law and United Kingdom Accounting Standards (United Kin￿Orn Generally Accepted Accounting Practic81, induding Financial Reporung Standard 102'Th8 Fin￿¢181 Reporting Stsndard applicable in the UK and Republic of Irel8nd'. Company18w wuir85 the Trustees to prepare finanoal staternents for eath fin8n¢i81 ye8rwhich give a true and frdir wew of the slate of affairs of the Charitable company and of th8 incorniThJ resources and applScatKJn of resources. including th8 income and expenditure. of the charitable company for Ihat period. In p￿paring those financial 51aternents. the Trustees are ￿qui￿￿ to: • select 8uitable a￿UntIng policies and Ih8n appty them consistently. observe the methcxjs and principl85 in th8 Charity SORP. rnake judg8ments and estimates that aTr reasonable prudent. prepar8 th8 finan¢ial statements on the going concem basis unl8S$ it 18 inapproprlate to presume that the charitable company will Continue in bu5ines5. Th8 Trustees are resp)nslble for keoping prO￿r acwuntiry rewds whid) ¢Jisclosè wth r8880nable accuracy. 81 any tirne, the financial position ol the tharitable company and to enable thgm to ensu￿ that the financial staternents cornply with the Cornpanles A¢t 2006. They are 8180 f8SFonsible for safeguarding the assets of th• charitable wmpany and h8nc8 for tsking rea$￿8￿)￿ steps for the preventK)n and d8te¢tKJn of fraud and other irregularrties. OIL AND COLOUR CHEMISTS ASSOCIATION REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER A resolutv)n will be proposed at the Annual General Meeting to reaprK)int Catherine Cole of Don￿llyBe￿tkqy, Chartere(l Accountants, a5 independent exarnin8r to the Charity. This rewrt has be8n pr8pared in a¢cordan¢e ￿th the special provis￿n5 of Part 15 of the Companies Act 2006 lating to small compan*s. Approved by ord6r ofthe board of Trust998 on and slgned on Its behalf by. Mr P K S￿PPard- President OIL AND COLOUR CHEMISTS ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OIL AND COLOUR CHEMISTS ASSOCIATION I reFK)rt to the ch8rity truste88 on my ex8￿natIOn of the accounts of the company forth8 year ended 31 08c8mber 2023 which are set out on pages 10 to 20 inclusive. Re$ponslbllltfjes and basls ol rèport As the charity Iru$tee$ of the cotnpany land sts directors for the purposes ol company lawl you arè sponsible forth8 pr8P8ration of the accouThts in accordance wrth the requirerneTht5 of th8 Comp8nie8 ArA 2￿6 I'the 2006 Act'l. Having satisfied myself that the acwunts of the company are not r8quired to be audited urKSer Part 16 of the 20(￿ Act and are eligible for independent exwnination, I report in re8F￿￿ of my 8xaminau.on ol your ¢ompanWs accounts as carried out under secti¢￿ 145 of the Charities Act 20111'th& 2011 Act'l. In carrying out my examination I havè ftllowgd the DirectK)ns given by the Charity C¢Jnmissi)n under sectK)n 14515Xbl of the 2011 Act. IndeperKl8nt •xamlner'$ s¢a¢gment I have ttjmpleted my examination. l Confirrn that no rnatter5 have rA)rne to my attention in connection wrth the examination giving me c8u5e to b81i8ve that in any material respect.. accounting records were not kept in re$pecl of the CA)mpany as required by sect*Jn 386 of the 20[￿ Ad,. or 2. the ac£ounts do wt accord with th058 re(x)rd$', or 3. the accounts do r¥)t comply with the accounting requirement3 of secth)n 396 01 Ihe 2006 Act other than any wu1￿Ment that the accounts gN8 a Irug and fair view, whKh is not a matter considered as part of an independent examinats"on", or the accounts have not been prepa￿d in accordanco with the methods and w￿1[AeS of th8 Stalementol Reeornmended Pra¢tKe for accounting ￿pOrting by charitses. I have no concems and have corne across no olher mattets in connectK)n ￿1th the eXarninati￿ to which attention should ￿ drawn in this report in order to enable a proper uThJerstan¢Jlng of th8 a(xounts to b9 reached. .. Cd£ 01/07 114- Catherine Cole BA FCA ICAEW DonnellyBentley Limited Chartered Accourntants Hazlemere 70 Chorf8y New Fio Bdton, 8L14B Y OIL AND COLOUR CHEMISTS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total Fund$ 31.12.22 Total Fund¥ Unrestriclod Restri¢t•d Funds Funds Notes INCOME AND ENI)OWMENTS FROM Sponsorships Publications SCI subscriptions Membership subscriptions Licence fee income Events Investment Inc￿me Gift aid receipt Donations and section monies 30,060 4.104 9.389 15,595 2.500 19,943 2.221 30,060 4,104 9,389 15,59S 2,500 19,943 2,221 25,600 2,602 10.374 15,715 24.280 776 101.471 2.437 2,437 Total 86,249 86,249 183,318 EXPENDITURE ON Raising funds Publications Events DonatKJns Other Interest 50,967 19.727 1,170 990 52,137 20.717 52,463 13.871 10.000 76,224 72.092 4,801 76.893 Total 142.789 6,961 149,750 152,558 INCOMEIIEXPENDITUREI BEFORE TRANSFERS 156,5401 16,961) 163,5011 30.760 TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS {56.540) 16.9611 163,5011 30,760 RECONCILIATION OF FUNDS Totsl funds brought forward 17.818 116.750 134,568 103,808 TOTAL FUNDS CARRIED FORWARD 138.7221 109.789 71,067 134,568 The notes form part of these financial slatemenls. All income and expenditure derives from continuing activities. The ststemenl of Financial Adivilies includes all gains and losses recogni8&J during the yèar. 10 OIL AND COLOUR CHEMISTS ASSOCIATION BALANCE SHEET AS AT 31 DECEMBER 2023 Unrgstricted Restrlct Funds funds 31.12.23 Total Funds 31.12.22 Total Funds Notos FIXED ASSETS Investrnents 100 100 100 CURRENT ASSETS Debtors Cash al bank 12 8,591 3,605 8.591 113,394 12,722 151,682 109.789 12.196 109.789 121.985 164.404 CREDITORS Amounts falliro due within one year 151,0181 151,0181 129,9361 NET CURRENT ILIABIUTIESI I ASSETS 138,8221 109,789 70.967 134,468 TOTAL ASSETS LESS CURRENT LIABILITIES 138,7221 109.789 71,067 134,568 NEf ASSETS 138,7221 109.789 71,067 134.568 FUNDS Unrestricted funds Reslricled funds 14 138,7221 109,789 17,818 116,750 71,067 134,568 These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charrtable small companies. The company wa8 enlilled lo exèmption from audf( under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtsin an audit of ils acccwnls for Ihe year ended 31 December 2023 in a¢cordano with section 476. The trustees acknowledge their restM)nsibility for complylng with the reqU1￿MentS of the Companies Act 2006 with respect lo accounting records and the proparalion of the accounts. The financial statements were approved by the Board of Trustees on ............... and wer signed on ils behalf by.. Mr P Sh•ppard - President OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPJIBER 2023 ACCOUNTING POLICIES Basls of pr8parlng the tlnanclal statemènts The charity is a Private company, limited by guarantee. and registered in England and Wales. In the event of the charity being wound up, the liability in ￿spect of the guar8nlee is limited to £1 per member of the charity. The address of the registered office is given in the charity infomialion on page l ol Ihgse financial stslements. The charty conslilules a public benefrt entity as defined by FRS 102. The financial statements have been prepared in acwrdance with Aecounting and Reporting by Chartties.. Statement of Recommended Praclic8 applicable to charities preparing their accounts in accordance with the FinancAal Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 issued in O¢tober2019, the Financial Reporh"ng Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). the Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Practice. The charsty has applie(l Update Bulletin 1 as published on 2 February 2016 8nd ¢Joes not include a cash fl¢)w stslemenl on the grounds that gross incornè is below £500.000. The financial statements are prepared on a going concem basis under Ihe historical cost convention. modified to include certain itenK8 al fair value. The significant accounting poli¢ies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stsled. Prfrparallon of con$olidat•d finan¢ial statemants The finanaal statements contain information about Oil and Colour Chemists Associalicfi as an individual charity and do not contain consolidated financial infom8tion as the parent of a group. The charity is exempt under Section 399{2AI ofthe Companies Act 2006 from the requlrements to prepare consolidated financial stslemenls. Income All income is recLJgnised in the Slatement of Financial Activities once the charity has enlillemenl lo the funds, it is probable Ihat the income will be rec8ived, and the amount can be rneasu￿d reliably. Income is derived from the following sources.. Sponsorships- corporate sponsorships monies recewed from members Publications derived from sale of advertising space in the bimonthly Surface Coatings Intemalional journal Membership sub8cripll￿8- annual subscriptions charged to members. Li￿nCe fee income- membership fees charged under a Licen￿ fee arrangementwith a group of members. Events- an￿Unts roceived from centrally organised events. Other trading activities- amounts receive(l from regional section events. Investment income- bank inter8St received. Grft aid re¢eipts- donation received from Surfex Limited whith is a 100% subsidiary. 12 OIL AND COLOUR CHEMISTS ASSOCIATION NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure Liabilities are recognised as expenditure as soon as the￿ is a legal or constructive obligation eommrtting the charity lo that expenditure, r( Is probable that a transfer of economic benefits will be required in settlernent and the amount of the obligation can be measured reliably. Expenditure. is accounted for on an accruals basis and has been classified under headings ihat oggregate 811 ¢osl ￿lated to the category. Where costs cannot be directly attribuled lo parb'cular headings. they have been allocated to activities on a basis consistentwith Ihe use ofresources. Taxation The charity is exempl from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when fvnds are raised for particular feslricted purposes. Further explanation of the nature and purpose of each lund 15 included in the notes lo the financial ststements. Foreign currencies Assets and liabilities in foreign currencies are translatod into steding 8t the rates of exchange ruling at the balance sheet dale. Transactions in foreign currencies are translated into Sterling al the rate of exchange ruling al the dale of transaction. Exchange differences are tsken into aceount in arriving al the operating result. Investments Investments in subsidiaries are me8$ured al cost less impaimient. VAT VAT is recOVe￿d on expenditure relating to taxable supplies and a partial exemption calculation is prepared to ensure recovery of relevant residual input tsx. Going concern The fin8nrAal statements have been prepared on a going COn￿M basis as the truSt￿S believe that nD material uncertainties exist. The trustees have Considered the level of funds held and Ihe expected level of in¢orn& and expenditure for 12 months from 8Uthorising these financial st81ements. The budgeted income and expondilure is sufficient with the level of rgsorves for the charity to be able to contsnue as a gclng concern. Cash and equivalents Cash and ¢ash equivalents comprise cash on hand and call deposits, and other strKJrt4emi hyhly liquid investments that are readily convertible to a known amount of cash and are subject lo an insignificant risk of change in value. Oebtors and créditors recervable I payable wtthln ono yoar Debtors and creditors wth no s18ted interest rate and receivable or payable within one year are recorded al transaction price. Any losses a￿sIng from impairment are reccMJnised in expenditure. 13 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 DONATIONS AND LEGACIES 31.12.23 Total funds 31.12.22 Total fvnds Unrestrict funds Unr8Strictod funds Sponsorships 30,060 30,C 25,600 25,600 SUBSCRIPTIONS 31.12.23 Total funds 31.12.22 Total funds Unrestricted funds Unrestricted lunds SCI subscriptions OCCA memberships Licence fee income 9,389 15.595 2.500 9,389 15.595 2.500 10.374 15,715 2.500 10.374 15.715 27,484 27,484 28,589 28,589 The Licence Fee income is in respect of an arrangement wilh the South African branth. INVESTP•lENT INCOME 31.12.23 Total funds 31.12.22 Totsl funds Unreslrlcted funds Unr&strlcted funds Deposit account interest 2,221 2.221 776 776 l income in the year lo 31 December 2023 and 2022 related to unrestricted funds. RAISING FUNDS Other trading activltlos 31.12.23 Total funds 31.12.22 Total funds Unr•strlthd funds Unrestrlcted funds Sections expenses 14 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACnVITIES COSTS Dlroct ￿$ts Unrestricted Restricted 31.12.23 Unre$trl¢ted Restricted 31.12.22 fund5 fund5 Totsl funds lunds Total Fund8 funds Publications Events Donatsons 50,967 19,727 1,170 990 52.137 20,717 51,774 13,871 10,000 689 52,463 13,871 10,000 70,694 2,160 72.854 75.645 689 76,334 SUPPORT COSTS Governanca costs Management Totals Other resources expended 74.143 2,750 76,893 Support costs, induded in the above. are as follows.. Unrestrlcted Rostricted 31.12.23 Unrestrl¢ted Restd¢ted 31.12.22 funds fund5 Total funds fund$ Totsl Funds funds Adminkstration costs Awards rx)sts Sundry cost5 Accountancy Subscriptions Auditors, rernuneration Independernt examin8b.on fee Travel ¢osts 58,128 75 58.203 55.968 1,220 57,188 233 609 7,538 796 4.052 674 4,285 1,283 2,062 2,635 7.333 756 250 2,312 2.635 7,333 756 6,000 796 2.750 2,750 2,038 2.038 72.092 4.801 76,893 74,754 1.470 76.224 INDEPENDENT EXAMINER REMUNERATION The total fee paid to the Independent Examiner wa5 £2,75012022: £6.000 for an audit of the financial stalemenlsl. 15 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES, REMUNERATION AND BEMEFrrs There were no trustees, remuneration or other benefits the year ended 31 Deeember 2023 nor for the year 8nded 31 December 2022. Trust8•s' &xp•ns No twslees12022.' one) were reSmbursed expenses during the year12022.' £37). 10. STAFF COSTS There 8re no employees who received total employee benefits ol than £60,00012022 . £Nill. There were no employees during the year excluding directors and voluntary slaff12022 .. Nill. 11. FIXED ASSET INVESTMENTS Share$ in group undgrtakings MARKET VALUE At 1 January 2023 and 31 December 2023 100 NET BOOK VALUE At 31 December 2023 100 At 31 December 2022 100 There were no investment assets outside the UK. The compan*s investments al the balance sheet dale in the share cApital ofcompanigs include the following.. Surfex ￿miled - Company Nurrthr 02745686 Nature ol business.. The organisation of exhibitions Class of share.. Ordinary hokling 100 31.12.23 31.12.22 Turnover Totsl expenditure Aggregate capital and reserv8S (Lossyprofit for the ye 108,332 6,157 100 102.175 1,308 11,2081 11,3081 16 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade debtors Amounts owed from group undertakings VAT 6.043 2,424 8,503 1.795 2.548 8.591 12,722 13. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade creditors Amounts owed lo group undertakings Accruals & deferred income 2.982 28.841 19.195 9.563 20,373 51,018 29,936 Accruals and defer￿d income includes amounts receivgd by the company in respect of prepaid subscriptions at 31 December 2023 of £6,05912022 .' £10.402}. 17 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. MOVEMENT IN FUNDS At 01.01.23 Not mov•ment In funds At 31.12.23 Unrgstrlctgd funds General fund Kekwick Award Benevolent Fund Jordan Award 12,6521 11,732 7.530 156,5401 {59.1921 11.732 7.530 1,208 17,818 156,5401 {38.7221 Restricted funds The Ellinger Gardonyi Fund 116,750 16.9611 109,789 TOTAL FUNDS 134,568 163.5011 71,067 Net movement in funds, included in the above are as follows.. Incoming Ro$our¢os Resourcos èxpended Transfvrs botw8en funds Movèm•nt In funds Unrestricted funds General fund 86,249 (142,7891 156.5401 Rgstrictgd funds The Ellinger Gardonyi Fund 16,9611 16.9611 TOTAL FUNDS 86,249 1149,7501 163,5011 Restricted funds The purpose of the Ellinger Gardonyi Fund is to facllilale promolKJn of the education and support of fvture chemists. 18 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Iconlinuodl MOVEMENT IN FUNDS Cornparatives lor movemont In funds Net movement In lunds At1.1.22 At 31.12.22 Unrestricted funds General fund Kekwick Award Benevolent Fund Jordan Award 141.9111 11.732 39.259 12,6521 11,732 7,530 1,208 1,208 {21,4411 39.259 17,818 Restrf¢ted fund$ Ethel Behrens Fund The Ellinger Gardonyi Fund 6,￿0 118,909 16,3401 12.159 116.750 125.249 18,499 116,750 TOTAL FUNDS 103,808 30.760 134,568 Net movernenl in funds. included in tho atx)ve are as follows.. Incoming Resource8 Rgsour¢ txpendgd Transfers between funds Movem8nt in funds Unr&strl¢tsd funds General fund 183,318 {150,3991 6,340 39.259 Restrfctqd funds Ethel Behrens fund The Ellinger Gardonyi Fund 16,3401 16.3401 12,1591 12,1591 TOTAL FUNDS 183,318 1152,558) 30,760 Rostrlct8d funds During the year the Ethel Behrens fijnd was transferred lo the general fund. for the purpose of fijrthering the general activities of the charity. The purp)se ol the Ellinger Gardonyi Fund is lo factlitale promotion of the educadon and support of future chemists. 19 OIL AND COLOUR CHEMISTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. ULTIMATE CONTROLLING PART The charitable c￿npanY is under the control of the Trustees. 16. RELATED PARTY DISCLOSURES During the year to 31 December 2023. expenditure was incurred from the following parties.. Ms A M Elheringlon is a dirertor of Surfex Limited, which is a wholly owned subsidiary of Oil and Colour Chemists A550ciation, and Kaleidoscope Colours Limited. Costs of £32.090 12022.. £29.4301 from Kaleidoscope Cdours Limited for administration. bookkeeping, consultancy and advertising Services. At the balance she81 dale Oil and Cokjur Chemists Assocxalion owed £2,10012022.' £1,932) to Kaleidoswpe Colours Limitsd. OIL AND COLOUR CHEMISTS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Sponsor$hlps 30.060 25.600 Investment In¢ome Deposit account interest 2,221 776 Charitabla activiti Publications SCI subscriptions Membership subscriptions License fee income Events Donations 4.104 9,389 15,595 2,602 10,374 15,715 19,943 18 24,280 Other oporating incorn Gifi aid re￿ipt Section monies recèived 101,471 2,419 86.249 183,318 Total Incomlng resou￿86 86,249 183,318 EXPENOITURE Other tradlng actlvltles Secb'on expenses Interest payable Charltablo a¢tlvltlo8 Events Publications Donations 20,717 52,137 13,871 52.463 10,000 72,854 76.334 This page does not fom) part of the statulory financial stslements 21 OIL AND COLOUR CHEMISTS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 31.12.22 Support costs Management Administrative costs Awards ￿$ts SLJndry costs Accountancy Travel Subscriptions 58,203 4,285 1,283 7,538 2.038 796 57,188 2,312 2,635 7.333 74.143 70,224 Govemance c¢6ts Independenl Examination fee Auditors. remuneratKJn 2,750 6,000 Total r•sour¢•s oxpendod 149.750 152.558 Nèt lexpendituro11 incomè 163.5011 30,760 This page does not form part of the statutory financial statements 22