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2020-12-31-accounts

ODcvSign EnvelokE ￿.- C3rr39A3-9712-4225-0992-9121r4i1￿)CD85 Charity Règlstration No. 288084 Company Registration No. 01676971 IEngland and Wales) OXFORD INSTITUTE FOR ENERGY STUDIES ANNUAL REPORT AND FINANCIALSTATEMEMTS FOR THE YEAR ENDED 31 DECEMBER 2020

Docu&'gn I￿￿10pe IO". C3Ff39A3.9712-4225-B992-9121r489f)CB85 OXFORD INSTITUTE FOR ENERGY STUDIES LEGAL AND ADMINISTRATIVE INFORMATION Trustoo$ Or C Adam Dr A Al-Kuwaiz Dr AAAI-Mudhaf Professor R J Goodman Mr A Lajous HRH Prince A trAn Salman Al Saud Mr LAWhitehead Mr M Toyoda MrMIToll Dr AAAtliga Mr P F Malhieu Professor K E Boijars (Appointed 24 Febwary 20201 Secretsry M$ KA Teosé8le Charily numbor 286084 Company nuiiibor 01676971 PrlnGlpal addross S7 Woodstock Road Oxlord Oxfordshire OX2 6FA Registered offlce 66 Prescol Street London Audltor CBW Audit Limlled 66 Prescol Street London E1 8NN Bankers Barclays Bank plc Oxtord City Offi PO Box 333 Oxford Oxfordshire OXI 3NS Investment advisors 8reMrin Dolphin 12 Smilhfield Street London EC1A9BD

Docuslgn Envelope ID.. C3FF39A3-97f?_4??.rfr 99?-91?.1R89DCR85 OXFORD INSTITUTE FOR ENERGY STUDIES CONTENTS Pago Trustees report statement ol Trustees responsibllilles Independent audiloes ieport Stalemenl ol financial activities io Summary incorne and expenditure account 11 Slatemenl ol finanaal position 12 Statement of cash flows 13 Notes to tho finanaal stslemenls 14-27

OocuSig11 Fnwekjpe In". c,3FF30A3-9712.4225.B992.91211309DPB85 OXFORD INSTITUTE FOR ENERGY STUDIES TRUSTEES REPORT IINCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2020 Tho Trustees prosent their report and financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounllng polkies sel out In note 1 to the financial slalements and coinply with the Charity's governing documont, the Companies Act 2006 and "Accounllng and Reportlng by Charities: Statement of R￿0MMended Praclice appl.cable to charities preparing their accoun;s in accordance with the Financial lleporling Standard applicable in the UK and Repl5b1￿ of Ireland {FRS 1021 (effecllve 1 January 20191" Oljlectlves and actlvities The Inslilulo has been established as a centre for advsneed academlc lesearcli Into the social scien¢8 aspects of energy and eneigy markets. 11 operates as a -profit makkig educalional organisalion. The expenditufe in the perfiod supported Ihese objectives becaus811 enabled the charity lo undertake projects aimed at ddvaiicing research In this field. The Trustees have paid due regard lo guldance18sued by the Charity Commission in deciding what actimlies the Charity should undertake. Significant activitie$ The Institute Is commilled to achieving Ihe highest academic standards. As a general pollcy the Inslilute conoAnlr4tes ils research on energy issues of Inleinalional s'gnifi¢an¢e. Review of Instltute's Operatlons and Developments During 2020 Ihe Institute continued to undertake reseqirch iiito soe4al seience aspects of major energy issues. Research was undèrtaken ift oil, natural gas and eleclricily. and thè yynergies between all Ihree in relalion to N)e Iraisportallon ancs power se¢lors. Ils unique mullidlsciplinary expertise facililales the ana'ysis ol current energy Issues across production, cansumplion. markets. pol cy and Tegulalion. Ils research spans the supply and demand dyiianiics of globa,. regional and domesti¢ ene,"gy markets; Ilie key factors shaping energy policy in developed. devÈloping 8nd resource-rich countries and their interaction with other agendas. SLich as energy transilloTh. energy securily, climate chaThJe. energy sector refonn., 8nd the sliuclure of energy markets and their evolution. A detailed review of the year is Included Sn the inslilule's Annval Report, located on the charity's website. Fln3ncial review The Charity's activities for the year a￿ presented in the attached financial statements which show a surplus nel movement In funds loi Ihe year of £326,16312019.' £1,873.985). Thé balance of endowment funds al 31 December 2020 was £4.421,450 and for unreslrided funds il was £6.242,092. Rgsorvos policy The Inslitute's principal reason for hokling reserves 15 to generate a flow of inve.%lmenl income in times when the costs of projects th21 il Is undertaklng exceed5 the income received from donations and Irom publications and pro]ecls. Reseryes are Teviewed on a regular basis anrl after such review any surplus accumulalod from good management will be considered for fulu.-e charitable purposes.11 is a150 envisaged thal the inslilule may have lo niake additional expenditures on the Charily's o*'eclives iii ordei to allra¢l donations in Ihé futuiè and I,')al eonsequ&nlly tsseNÈs could fall. Principal fundiftg sources Oona140ns arè received Irém a Wide range of 8ource%. Thosè making donations are predominantly &ngaged in Ihe international energy markets, with sp()nsors including. for examrle, Baker Hughes. Chevron Corporation, Enel Foundation, Mtsui & Co, ond Ilie Swedish EnergyAgency.

Dotu&gn EtkvÈlopÈ Irj." c3FF39A&g712.4?.?&Bg￿.-pl21F3B￿r)rEl8 OXFORD INSTITUTE FOR ENERGY STUDIES TRUSTEES REPORT ICONTINUEDIIINCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2020 Investmènt poli¢y and obJ@ctlvè$ The investments currenlly held can provlde an annual incom& of over £200,000 Its thè Inslilute to use towards ils objectives and also to help ease cash Ilow over the year. The bulk of tle charity's income is deiived from donations from S)onsors and Benefa¢tors. Th8 income from inveslmenls accounts fL)r approxima;aly 13% of total income. The Inslilute seeks lo piodu¢e Ihe best financial reluiti within an acceptable level of rlsk. The inveglmenl ob]'ectyve is lo generate a return over the long-lerm which should allow the Institute lo at least mainlain the real va.ue of the assets whilst generating an income to SLSPPOrt the ongolng ac15Mlies of Ihe 5nslilule. Should a fall in donations from Sponsors and Benefactors and or unexpected expenses occur, a draw do on capital is acceplAble lo meol expendiluio needs. F4Jture dèvolopmonts The Inslitule's Oil and the Middle East ProgTamme an(1 Gas Research Programme are well established 2nd continue lo produce high quality research ol inlernalional Significan￿ as well a5 Work with a more regional and national focus. The Eleclricily Programme continues lo expand, produ¢lng high quality researcli and oroanisino events Ihal allr8¢1 interest both from resea-.chers a.nd sponsors. Launched in July 2Q19 the Inslilule's China Energy Research Programrne is a centre of analytical excellence offoring ins￿1)ts inlo Ihe faelors that inf<Jmi China's eneTgy polic.es and choices anii thoir pivotsl role in global energy markets. The Programme has made significant PTogress produ¢i.Ig liigh quality research, Èxpanding the ntttwork of ese8rchers and V￿enIng the scope of ils research to eleclricily markets and geopolitics of the energy Iransilion. Looking forward the growng synorgies between each of Ihe Inslilule's iesearch programmes will conllnue lo grow and strengthen and w'll feed into our fesearch on the energy transilioii. The impact of the COVID-19 pandemic on energy markèts eannot go unmenlioned and has beèn a kèy area of research for 2020, the ongoing cffecls across global energy markets w,11 remain an area of research focus. Rl$k monagèmènt A major risk lo which the Inslitule is expDsed is a decline in the valuc of ils inveslwnenls and a resulting drup in the level of income available for its charitable aclivll"es. In order lo mlligale this risk the Institute has invested ils funds in a potlfolits of balanced inv&slmeiits including cash, non cash funds and 'bluÈ chip" shares to ensure that there is a consistcnt annual level of inveslmenl in¢ome generated by these invesl*nents. The endowment Is also an important buffei were other major risks to eventuate, such as a major fall-off in fesearch lunding due. for example. lo adverse ecoTr)mK condilions.

Oo(xJSw Envelope10. C3FF39A&9712-4225-D992-9121BeoDCB8S OXFORD INSTITUTE FOR ENERGY STUDIES TRUSTEES REPORT ICONTINUEDIIINGLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2020 Slwcture. governance and managoment The Charily's gover.)'.ng docijmenl is the Memorandum and Artides ofAssocAalEon. dalcd 11 October 1982. The Trustees, who are also Ihe dire¢tors for the purpose of company law, and who 8eNed during thè year and up to the dale ol signalure ol Ihe financial stat￿￿entS were.. Dr C Adam DrAAI-Kuwaiz DrAAAI-Mudhaf Professor11 J Goodman Mr A Lajous MrAA Naqi HRH Prince A bin Salm8n Al Saud Mr L A Whitehead Mr M Toyoda Mr S D L Roynish MrMIToll AAI Maaloq DrAAAtbga Mr P F Malhieu Professor P D Ballle Professor K E Boriars {Reslgned 29 February 2020) (Resigned 10 Seolember 20201 (Resigned 2 October 20201 (Resigned 11 February 20201 (Appointed 24 February 20201 Recrultment and appolntm&nt of new trusteeg The Institute is registered as a CoTpany Limlled by Guarantee, J3 defined by the Companies Act 2006. and as a Charily thal operates as a non-profit educational organisalion. 11 is conceived as an association of various members. All members of the Inslilule have Ihe right lo appoint iepresenlatives lo lh& Board of Governors (who are also the trusieesl. Thig givè$ Ihe member an active role in Ihe management and supervision of the Instilule. F.ach member has made a financial contribution thereby providing long-term security fortho Inslilule. Tradè credltors policy The charily's current policy concerning the payment of Irado credilor8 is Io-. settle Ilie teyns of paymenl with suppllers when agreeing the terms of each trans8clion', ensure Ihal suppli8rs arè m3d8 aware of the tefms of payment by indusion ol the relevait terms in contracts,. and pay in accordance with the charity's contfaclual and other legal obligations. Organisational strueture The organisalional slruclui'e of the Institute consisls of Governws and Trustees shown above. The decislons ate laken by the Board of Tiuslees. Or B Fallouh deals with lkne daily opera￿.on$ of the InstitrJle and is supported by research and adminislralion teams lo ¢ondLicI various aetivilies. Relaled parties The inslilule's subsi(liary. QIES Services Limited. donale(I their profits of £9.68212019'. £11,878) to Ihe charity. Disabled persons Applie.alions for employment by disabled persons are a￿ayS fully considered, bearing in mind tle aptitudes of the applicant concemed. In the event ol membeis of staff becvming disabled, every effort is made lo ￿lsUre that Iheir employmeiil within the Inslilule cont',nues and that the appropiiale training is arfanged. 11 is the policy of Ihe .'nstitule that the Iralnipig, Career deve'opmenl and promotion of disabled persons should, as far as possible, be idenlical lo that of other employees.

Ootvslry) En%elope ID." C)FF39A>9712.4225.B99?.9121B89DCB85 OXFORD INSTITUTE FOR ENERGY STUDIES TRUSTEES REPORT {CONTINUEDIIINCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2020 Employ¢0 Involvement The Charity's policy is lo consult and discuss wlh employees, through unions. slaif ¢ounoils and at meetihgs. mallers likely lo alfecl employees, inleresls. Infotmalion on mallers of concern lo empbyees Is given through informaticsn bulletins and reports which seek k) achlevo a common awareness on the part ol all employees of Ihe financial and economic la￿OrS aff8¢1ing the Chariiis performance. Audltor In accordance wlh 11)e conipany's articles, a resolution proposing Ihal CBW Audit Limited be reappoinled as auditor of the company wi51 be pul al a General Meeting. Dl$clo$ure of Inforniation to auditor Each of Ihe Trustees has confirmed that the￿ 15 no information of thi¢h they are aware whith is relevant lo the audit, bul of whrh the auditor is unawarè. They have further confirmed that they have taken approprlate steps lo identify such ielevanl infc>rmalion and to establish that the auditor is aware of such information. The Trustees report bYa¥ approved by the Board of Trustees. Ms K A Teasdale Secretary 5128/2021 Dated:

t)tsii.Sbn Fnveknpg D.. fJFF3W9712-4225-B092.912fB80D¢B85 OXFORD INSTITUTE FOR ENERGY STUDIES STATEMENT OF TRUSTEES RESPONS181LITIES FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees, wl)0 are also tre dlre¢lors of Oxford Inslilule for Energy Studies lor the purpose of company law, are responsible for preparing the Trustees Report and lh2 financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards {Uniled Kingdom Generally Accopted Accounting Praclicel. Company Law requ1￿$ the Trustees 10 prepa￿ financial statements for each finanaal year give a Irue and fair view of Ihe slate of affaks of the Charity and of the incoming resources and application of resources, cluding the Income and expondilure, of tho ch8rilable company for that year. ln preparing these finandal slalemenl$. the Trustees are requlred lo.. select 8vilable accounting poliues and then apply them consislehlly.. observe Ihe methods and prin(iplas in th8 Charities SORP; make judgements and eslimales Ihal are reasonable and piudetrt., and prepare the finan¢i81 slalemenls on the going concern basis unless il is inappropriate lo presume that the harily will continue in operation. The Trustees are responsible lor keeping adequaiè Èceounlinu Yeeords that disclose with reasonable accuracy at any time Ihe financial posits'on of the Charity and enable Ihein lo ensure that the financial $lalements comply Ih the Companles Act 2006. They are also ￿sponsible for safeguarding Ihe assets of the Charity and hence lor taking reasonable steps for the prevention and deteclion of fraud and other irregularilles.

Docusw En￿￿De ID= cyrrJoA&9712-4225-D992-9121D89DCD85 OXFORD INSTITUTE FOR ENERGY STUDIES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OXFORD INSTITUTE FOR ENERGYSTUDIES Oplnlon We have audileis Ihe financial slalemenls of Oxford Inslilule for Energy Studles Illie 'Charily') for the year ended 31 December 2020 which comprise Ihe slalemenl of financial activities. Ihe summary income and exponditure aceounl. the slalemenl of Iin8n¢lal position, the statement of cash flows and the notes to the fina.Icial slalemenls, iiicludirng significant accounling policies. The financial reporting framework that lias been applied in their preparation is applicable law and United Kingdom Accounting Slandaids, including fRS 102 Tlie Flnan¢ial Reporting Slancjaid applicable in Ihe UK 8nd R8piiblic of Ireland Iunited Kingdom Generdlly A￿epte<l Accounting Pia¢ti¢el. In our opinion, Ihe financial slateyenls.. gThie a true and lair View of the state of tie charitable coryanls affairs as al 31 December 2020 and of ils Incomi?g resources and application of rosources, for the year then ended,. have been properfy prepared in accordance with United Kingdom Generolly A¢¢epled Accounting Practice., and have been prepared in accordance wlh the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with Inlernalional Standards on Auditing IUK) {ISAs (UKII and applicable law. Our responsibililies under those standards are further described in the Audilo¢s responsibilil;'es for Ihe audit of Ihe financial siatenienls se-lion ol our rewrt. We are independent ol the Chaiity in accordance with the elhical requirements Iliryc l are relevant lo our audit ol the financial statements in the UK, including the FRC'S Elhi¢al Sland¢ird, and we have fulfilled our olher ethical responsibilities in ac¢ordanc& wlh these requiiemenls. We believe that the avdil evidence we have oblain8d is sufficignl and appropriaia to provide a basis lorour opinion_ Concluslons relating to going concern In auditing the financial slatemenls, we have concluded that the Trustees use tsf Ihe going ¢on¢em basis of accounling in the preparation of tho financ4al 81alemenls is approwiale. Based on the work wé havÈ performed we have not identified any m8terial uncertainties relating lo events or conditions that, individually or collectively, May ¢asl significant doubt on lh2 Charily's ability to continue as a going concern for a poiiod of al least twelve months frLJm when Ihe financial statements are aulhorised fof issue. Our resptsnsibililies and ihè ￿QSponSIbl1l1Lès of Ihe Trustees with respect lo going concern are described in the relevant secllon% of this report. Olh&r infomiatlo The other infiymalion Comprises the infoimation incluiSed in the annual report other than the financial slatemenls and our audilorfs report Iheieoy. The Trustees ar8 responsiLJl8 for the other inlorh)ation conlaineé wilh.,n the anrtual report_ Ovr opinion on Ihe financial statements does not cover tlie otll er information and. except to the extent othen￿lSe explicilly staled in our report, we do not expre￿ any form of absuronre ¢ondusion Ihereon. Our responsibility is to read the other Inlormatlon and. In doing so, consider whelher the other informal".011 Is materially inconsistent with the finaThcial statements or our knowled oblaihed in Ihe course of the audit, or olheNvise appears to be matcrially misslaled. If we Identify such material inconsisleneies or apparent material misstatements, we are required to detemiine whether Ihis gives rise lo a Material niisslalemenl in the fiThancSal slalemenls themselves. If, based on the work we have yerform&d, we ¢onclud8 Inal there is a materi misslatement of this Other inform3lion, VIÈ are requirèd to report that fact. We have nolhing to report in this regard. Opinion$ on othèr matters prèscribed by the Companies Act 2006 In our opiiiion. based on the WOTk undertaken in Ihe Course of our audit.. the inforinalion given in the Trustees report, which Sncludes the directors. report prepared for Ilie purwses of company law. foi Ihe financial year for which thé finahcial gtaièments arè prepared is consi%lènt wilh the financial statements., and the directors, report indudèd Wihin thè Trustèes TèPC)rt ha$ beèn prepared in accordance with appltcable legal requiremcnts.

Dowggn Cnvclopts ltr. C3fF39A3SJ112-4225-D992-9121BBgDCD85 OXFORD INSTITUTE FOR ENERGY STUDIES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OXFORD INSTITUTE FOR ENERGY STUDIES Mattèrs on which wa ar• requirèd to rèport by èxception In the Iighl of the kntswlèdoe and underslanding of the Charity and118 envlronment obtained in ihe course ol the audit, WÈ havè ntst ideiilified m8lerial mis$latemttnl¥ in the dire¢lors' reptrrt induded v￿thin the Trustees rep(yt. We have nothing lo report in respect of the fotlc)wlng matters In relalion to which the Companies Act 2006 requires us lo report to you if, in our op nS0n: a<lequ8te accounting records have not been kepL or returns adequate for our audit have not been received Irom branches not visiled by us., or the financial statements are not in agreen￿nI with the accounting ds and relums., or certaSn disclosures of Iruslees, remuneration specified by law a",e ntsl made,. or we have not received all the information and explanations we require for our aud!I' or the Trustees were not enlllled lo prepare Ihe fiiianeial slatements in accordanee with the small companiès regime and lake advantage of the srnall companies, exemptions in prepartng the Trustee3 report and frc¥ii the reoulrement lo prepare a slralegk rep￿. R•sponsibilitiès of Trustéès As &xpYained more lully in the stalem&nl of Truslees responsibilities. the TTUStees. who are also the dire¢tors of the Charily for Ile puipose of company law. are responsible for Ilie preparaiion of the financial slatemeils and for being satisfied that they give a IrLJe and fair view, and foy such internal ¢onlrol as the Tw%lees detemiine is necessary lo enable the PTeparal',on of financial slalemenls that are free from material Misslalement. whether due lo fraud or error. In preparing Ihe finan¢ial slatemenls, the Trustees are responsible loi as5essinu Ihe Charity's abilily to continue as a going concesn, disclosing, as applicable, matters related to going concein and uslng the goiNJ concem b8sSs of accouriling unless the Trustees ellher Intend lo Ilquidale the charitable company or lo ctsas& operations, or have no realistic alternative but to do so. AuditoPs responsibilities for the aiidil of the financial ststements Our objectives are io abtain reasonabl& assurancè aboui whethèr ihe financial stalèmènls as a wnole arè free from maleTial misslic le.renl, whelher due lo fraud or error, and lo issue an audilorts report Ihal inclLides our opin'gn. Reasonable as$uranGe is a high level of a$sur8nce bul is not a guarantee that an audm wnduthed In aG¢ordance wlh ISAS IUKI wll 41ways delect 0 material misslalemenl when il exists. MisslateT￿lS can drise from fraud or error and aré considèred material if, it)dividually or in thè aggrègsle. they could rèas0n8t￿Y be expected to infl(Jence Ihe eeonornic decisicms of users taken on ihe basis of these fmanral statements. Irregularilies. including fraud, are instances of non-compliance wlh laws and regulations. We design procedures in line wth our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecling irregularities, including fraud, is detailed below.

Docu&w En¥tlope ID.. C3FF39A>9712.4225.B992.9121B89DCB8S OXFORD INSTITUTE FOR ENERGY STUDIES INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF OXFORO INSTITUTE FOR ENERGY STUDIES We ensured that the engagement team eoleelively had the appropriate competence, ca)abililieS and s￿11$ lo Identify or recognise non-compliance with applicable laws and regulations. The laws and re9ulalions applicable lo IhÈ charity were idenlilied Ihrougi discussions with Iruslees an($ other managemenl. and from our commercial kno￿edge and experien￿ of Oxfo,'d Inslilule of Enefgy Sludles. 011￿)ese laws aiid regulations, we focused on those that we considered may have a diiecl alerial effect on Ihe financial stateiiienls or the operations of the ¢harily, It)¢ludihg Chaiilies Act 2011. Companies AGI 2008, taxation legislation, dal2 protection. anli-bribery. anti- money-laundering, employmonl, environmental and hoallh and safely legislation. The exlenl of compliance wth these laws and regulations identified above was assessed Ihrough making enqLJiries ol mai)agement and inspecting legal correspondence. The identified laws a.ILI regulations were communicated within the audil leam egijlarly and the team remalned alert lo inslai¢es of non-compliance throughout the audll. assessed the $118cepts"bility of the eom)any'8 financial statements to malefial misstatement. induding obtaining an understanding of how fraud m'ghl n¢¢ur, by: making pnquiries of manageinenl as lo where they ¢on8idereii Ilere was sus¢eplibilily lo fraud, Iheir knowledge of aclual. suspe¢led and alleged fraud., considering the internal controls in place to mitigale risks of fraud and non-compliancè with laws and regulations.. and understanding the design of the Gomp8ny's remuneration policies. To address the risk of fraiid through manageinenl bias and oveTride of controls, we.. performed analyllcal procedures lo Identify any unusual or unexpected relationsh ps,. tested journal entries lo ideilify unusual transaclions., assessed whether judgements and a$$umplion$ made in determinlng ihe accounting estimates sèt cwt in note 2 ￿E[e indicative of PDlenlial bia5". and investigated the ralionale behind significanl or unusual transactions. In response lo the risk of irregularilies and non-compliance with laws and regulations, ￿ designed procÈdures which included, bul were not limited lo-. agreeing financlal statement dlsdosures lo under(ying supporting documentation. l'eading Ihe minutes of meetings of Ihose Charged wilh goveriian¢è', enquiring of management as lo actual ail d polent.d liligalion and claims., and reviewtng coire5pondoiice wlh HMRC. Charilios Commission and the company's legal advisors. Tliere are inhereni limitalrons In our audit procedures described above. The more removed thai laws and regulations are from financial transactions, the less Iikety il is that we would become aware of non-compliance. Auditing blandards also limit the audit procedures required to i(Jenlify non-compliance with laws and regulalions lo enquiry of the directors and other management arid the inspection of regulatory and legal co1reswnd￿Ce. if a)y. Maleiial mis9181emenls that arisè (ILJe lo fraud ¢an bè haider lo deled 11)8n Ihoye Ihal arise froni error a$ they may involve deliberate concealment or collusion. A fuitlier descript￿￿ of our 18sponsibililie5 is available on the Financial Reporting Council's website al.. htlps=Il vNM.frc org.uklaudilorsresponsibilities. This descriplion forms part of our 3udilo, s report.

OXFORD INSTITUTE FOR ENERGY STUDIES INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF OXFORD INSTITUTE FOR ENERGY STUDIES USÈ of our report This ropori is made solèly lo Iho charltablo companls mombars. as a body, In accordanco wilh Chapter 3 of Part 16 of tho Companios Ael 2006. Our audit work has beèn undertaken so that we mighl stale io the ¢harilablè companls membors Ihoso maller8 wo are required lo state lo thom in an audilors, report and lor no other purpose. To Ihc fullcsl oxlonl permllled by law, we (kj not occepl or assume rosponsSbllly lo anyone other than the chdriiable company and Ilie charllable company's members as a body. for our audll worf(. for thls faporl, or for lh8 opinlot)s wé havè lormÈd. 4'LiAJA f .knS Mr Jonathan Cross {Senlor Statutory Audltorl for and on behalf of CBW Audll LlmSted 16 June 2021 Chartarèd Account8nts Stalulory Audltor 66 Prescol Stre81 London EI 8NN

DOC￿￿g￿ Envelope ID.. C3FF39A3471?.4??S.H99?.-9121HRgi)f.H8S OXFORD INSTITUTE FOR ENERGY STUDIES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Urtrest¥icted Endowmant funds funds 2020 2020 Total Unreslrieted Endowinenl fui)ds funds 2019 2019 Tot 2020 2015 Nol9¥ Inc e froin". Voluntary Ir￿Me Incoming resources from charitable activities Incomlng resour¢es from inveyimenls 730,023 730,023 899,287 899,287 948,677 948.677 1,338,694 1,338,694 256.608 256,608 279,g22 279,922 Total Incom 1.935,308 1,935,308 2,517,903 2.517,903 Ex Raising funds èn 43,503 43,503 45,191 Chariiable zclivilies Projetls and publicat￿nS Support costs 1,240,362 397,399 1,240,362 1.344,807 397,399 384,825 1,344.807 384.825 Total chayilablo &xpond5ture 1.637,761 1,637,761 1,729,632 1,729.632 Other expenditure 12 60,998 60,998 44,018 44,016 Total rosources gxpendpd 1,742,262 1,742,2S2 1.818,839 1,818,B39 NÈI gainslllosses) on investments 11 121,970 11,147 133.117 675,392 499,529 1.174.921 Net movemont In funds 315,016 11,147 326.163 1,374,456 499,529 1,873,985 Fund balanrks at 1 January 2020 5,927,078 4,410,303 10,337,379 4.552,620 3,910,774 8,463,394 Fund balanc•s at 31 December 2020 6,242,og2 4,421,450 10,663,542 5.927,076 4,410,303 10,337,379 The stslemenl of financial aalivilies includes all gains and losses recoonised in the year. All incomè and èxpendittjre derive from continuing activilies. 10-

DocuSgn ItNelope ID. c3FF39A3-97l2.4225-B9￿.9l?.IRB9r)cRo OXFORD INSTITUTE FOR ENERGY STUDIES SUMMARY INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020 All income funds 2020 2019 Gross income Gains on investments 1,935,308 121.970 2,517.903 675.392 Tolal income In Ihe reporting pwiod 2,057,278 3,193,295 Total expenditure fmm Income funds 1,742.262 1.818.839 N&t Income for th& y￿r 315,016 1.374,456

Docusiw Envelope In." c.3FF39A3-9712-47.2uf.R992-9121B89DCB85 OXFORD INSTITUTE FOR ENERGY STUDIES STATEIIIENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 2020 2019 Notes Flxgd as$els T8ngible assets Inveslmenls 13 14 7,828 9,434.911 17,749 9.499.999 9,442,729 9.517,748 Current assets Debtors Cash at bank and in hand 16 169,177 1,148,484 196.590 741,470 1.317.661 938.060 Cr•ditor$: •m(wnts falllng du8 wilhin one year Taxation and social security Olhei crerlilors 34,693 62.165 35,088 83,341 96.858 118.429 Nel currènt asséts 1,220,e03 819,631 Totsl assets less Current Ilabllltlo$ 10.663.542 10,337.379 Capltal funds Endowmenl funds- general Income funds Unréstricted funds 4.421.450 4,410.303 6,242,092 5,927,076 10,663,542 10,337,379 20 MAY 2021 The Inanrlal statement$ were app¥oved by the Tmsl8es on .................. tlo£¥SIgMdby. 51ydbr. IDSWSEQ14ts1J9p.I Mr LA ￿llehead Trustee MrMIToll Trustee Company Registration No. 01676971 12-

Docusyii EiiYel¢)pv ID-. C3FF39A3-9712-42ts8992-9121Q89DCB85 OXFORD INSTITUTE FOR ENERGY STUDIES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEM8ER 2020 2020 2019 Notes Cash flows from opgrating acllvltles Cash {absorbed byllgeneraled from operations 24 146,2511 464,005 Investing activities Purcl)ase of tangible fixed assets Decrease in cash within investment portfollo Puichase of other invesln)enls Proceeds on disposal of other Investments Investment Income received 11.5481 53,048 (947,9981 1,093 155 256.608 111,2011 1.379,8001 903,682 279,922 N8t cash gènèratsd fromllused in) Investlng actlvltl8s 453,265 1207,3971 Net cash used In flnahcSng a¢tivltle$ Nat incrèasè in caÈh and ca$h èllulvalènts 407,014 256,608 Cash and cash equivalents al beginning of year 741.470 484,862 Cash and cash ¢quivalÉnts at end of year 1,148,484 741,470 13-

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

Charity information

Oxford Institute for Energy Studies is a private company limited by guarantee incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the Charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The charity has taken advantage of the exemption under Section 24.13A of "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" not to prepare consolidated accounts, on the basis that the subsidiary is not material for the purpose of giving a true and fair view. The financial statements present information about the charitable company as an individual entity and not about its group.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

With the recent and rapid development of COVID-19, the world entered an unprecedented disruption to business activities, educational activities and everyday life. The charity's performance is therefore carefully monitored by the trustees, since COVID-19 is currently having a significant impact on the world economy. The trustees have updated budgets accordingly to reduce the impact on the group and ensure resources are available to meet liabilities as they fall due.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

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 funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Permanent Endowment Fund Created on Inception

The Permanent Endowment Fund represents contributions received from founder members of the Institute and inaugural gifts received by the Institute on incorporation. The donors designated the original capital as a Permanent Endowment Fund that cannot be spent, and that the investment income generated from the Fund is unrestricted and can be used to finance the activities of the Institute.

The investment gains and losses derived from the underlying investments of the Permanent Fund are prorated and split between the permanent endowment fund and the General Unrestricted Fund.

Income Equalisation Fund

The Institute depends on investment income together with donations and other contributions received to fund its research projects. In view of the danger of sudden fluctuations in the level of income, if income from the investment portfolio exceeds 7%, there will be a transfer to the Income Equalisation Fund, which is a designated fund. This is so that in periods of low income there are sufficient resources available to maintain the Institute's operations.

In periods where the investment income is less than 2% of the value of the investment portfolio, a transfer will be made from the Income Equalisation Fund to the General Fund. The amount transferred will be 2% of the market value of the investments less the investment income received.

For the period under review, the return did not exceed 7% and was above than 2%, therefore no transfer was made from this Fund to the General Fund.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income, it is certain that the resources will be received, and the amount can be quantified with sufficient reliability.

1.5 Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold improvements 20% on cost Library 33% on cost Plant and machinery 33% on cost Fixtures, fittings & equipment 20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The Charity has an accounting policy regarding the treatment of the library purchases. Since employees of the charity use these resources over a number of years it was felt the accounting policy should reflect this and so should be capitalised. The Trustees have deemed the library assets to have a useful life of three years so should be depreciated over this period.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.14 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.15 Allocation and apportionment of costs

Costs are allocated between:

These allocations are made on a consistent basis. Projects are continuously changing in an attempt to further the objectives of the Institute.

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting policies

(Continued)

1.16 Donations and Grants

Income received from donations and grants, including capital grants, is included in incoming resources when these are received, except as follows:

If donors specify that donations and grants (including capital grants) are for particular purposes, which do not amount to pre-conditions regarding entitlement, then this income is included in incoming resources restricted funds when receivable.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life.

Those charged with governance have applied the rates using industry standards, from which they expect a low level of estimation uncertainty.

Valuation of fixed asset investments

Fixed asset investments are revalued at the end of each reporting date using market rates. The valuation is conducted by Brewin Dolphin, an independent and experienced firm of investment advisers.

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

3 Voluntary income

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Donations and gifts 706,750 899,287
Coronavirus Job Retention Scheme grant 23,273 -
730,023 899,287

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

4 Incoming resources from charitable activities

Brainstorming Publications
2020
2020
£
£
Income
-
1,467
Saudi Aramco fellowship grant
-
-
Uniten fellowship grant
-
-
China day
-
-
1,467		 Oil day
Gas project Fellowship grants
Electricity
project
2020
2020
2020
2020
£
£
£
£
-
865,502
-
44,994
-
-
(3,500)
-
-
-
39,885
-
-
-
329
-
-
865,502
36,714
44,994		 Total
2020
£
911,963
(3,500)
39,885
329
948,677

For the year ended 31 December 2019

Unrestricted funds

Brainstorming Publications Oil day Gas project Fellowship grants Electricity Total 2019
project
£ £ £ £
£		 £ £
5,083
14,705		 3,656 1,055,493
176,769		 67,988 1,338,694

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

5 Incoming resources from investments

Unrestricted Unrestricted
funds funds
2020 2019
£ £
Income from listed investments 211,470 225,801
Income from Corporate bonds 27,237 33,499
Income from International Bond 16,288 18,107
Interest receivable 1,613 2,515
256,608 279,922
6 Raising funds
2020 2019
£ £
Investment management 43,503 45,191

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

7 Charitable activities

Projects
and
publications
2020
£
Staff costs
741,724
Depreciation and
impairment
-
Consultancy
471,149
Materials and Library
Costs
10,568
Light and heat
-
Telecommunications
-
Photocopying, postage,
printing and stationery
21
Sundry expenses
1,786
Repairs, maintenance and
property expenses
-
Travel and subsistence
12,711
Gas day costs
2,932
Staff healthcare
-
Computer software
-
Bank Charges
-
Insurance
-
Subscriptions
(529)
Rent, rates and water
-
Other charitable
expenditure
-
1,240,362
1,240,362		 Support
costs
2020
£
240,131
11,469
-
-
5,602
5,125
2,030
5,667
1,554
-
-
-
41,810
651
3,978
-
83,490
(4,108)
397,399
397,399		 Total
2020
Projects
and
publications
2019
£
£
981,855
626,425
11,469
-
471,149
544,990
10,568
18,248
5,602
-
5,125
-
2,051
17,150
7,453
7,429
1,554
-
12,711
60,237
2,932
50,806
-
-
41,810
-
651
-
3,978
-
(529)
1,067
83,490
423
(4,108)
18,032
1,637,761
1,344,807
1,637,761
1,344,807		 Support
costs
2019
£
244,274
10,642
-
-
4,462
5,133
9,385
20,498
2,772
-
-
4,996
379
1,063
4,756
76,465
-
384,825
384,825		 Total
2019
£
870,699
10,642
544,990
18,248
4,462
5,133
26,535
27,927
2,772
60,237
50,806
4,996
379
1,063
4,756
1,067
76,888
18,032
1,729,632
1,729,632

8 Auditor's remuneration

The analysis of auditor's remuneration is as follows:

Audit of the annual accounts
Non-audit services
All other non-audit services		 2020
£
8,500
5,500		 2019
£
7,500
5,500

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Trustees

There w as no trustees' remuneration or other benefits for the year ended 31 December 20 20 nor for the year ended 31 December 201 9 .

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 20 20 nor for the year ended 31 December 201 9 .

10 Employees

The average monthly number of employees during the year was:

Academic
Administrative
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was £60,000 or
more were:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£120,001 - £130,000
£140,001 - £150,000		 2020
Number
10
6
16
2020
£
819,703
94,975
75,351
990,029
2020
Number
3
1
-
1
1		 2019
Number
9
6
15
2019
£
737,889
85,213
67,856
890,958
2019
Number
1
-
1
-
1

The number of staff to whom defined contribution retirement benefits are accruing is 16 (201 9 : 15 ). Pension contributions for the year are disclosed above.

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

11 Net gains/(losses) on investments

Unrestricted Endowment
funds
funds
general
£
£
Revaluation of investments
14,981
11,147
Gain/(loss) on sale of investments
106,989
-
121,970
11,147
For the year ended 31 December
2019
675,392
499,529		 Total
2020
£
26,128
106,989
133,117		 Total
2019
£
1,081,043
93,878
1,174,921
1,174,921

12 Other expenditure

Wages
Accountancy fees
Auditor's remuneration
Legal and professional
Tangible fixed assets
Leasehold
improvements
£
Cost
At 1 January 2020
17,272
Additions
-
At 31 December 2020
17,272
Depreciation and impairment
At 1 January 2020
17,062
Depreciation charged in the year
124
At 31 December 2020
17,186
Carrying amount
At 31 December 2020
86
At 31 December 2019
210		 Library
£
114,478
-
114,478
104,479
6,093
110,572
3,906
9,999		 Unrestricted
funds
£
22,932
20,673
8,500
8,893
60,998
Plant and
machinery
Fixtures,
fittings &
equipment
£
£
57,409
18,688
1,548
-
58,957
18,688
50,519
18,038
5,060
192
55,579
18,230
3,378
458
6,890
650		 Total
2019
£
20,259
14,232
7,500
2,025
44,016
Total
£
207,847
1,548
209,395
190,098
11,469
201,567
7,828
17,749

13 Tangible fixed assets

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2020
9,158,594
Additions
947,998
Valuation changes
26,128
Disposals
(986,166)
At 31 December 2020
9,146,554
Carrying amount
At 31 December 2020
9,146,554
At 31 December 2019
9,158,594		 Cash in
portfolio
Total
£
341,405
9,499,999
-
947,998
-
26,128
(53,048)
(1,039,214)
288,357
9,434,911
288,357
9,434,911
341,405
9,499,999

Fixed asset investments revalued

The investments comprise listed investments that are revalued to market value at the balance sheet date. The valuation is conducted by Brewin Dolphin, an independent and experienced firm of investment advisors.

The historical cost of listed investments held as at 31 December 2020 is £6,309,528 (2019: £6,411,276).

Of the total value of listed investments, £6,014,447 (2019: £5,273,183) represents overseas investments and £3,132,107 (2019: £3,885,412) represents UK investments.

15
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
16
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors
Prepayments and accrued income		 2020
£
9,146,554
2020
£
101,552
14,486
28,653
24,486
169,177		 2019
£
9,158,594
2019
£
119,102
34,139
15,686
27,663
196,590

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

17 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals		 2020
£
34,693
11,807
6,127
44,231
96,858		 2019
£
35,088
33,345
6,456
43,540
118,429

18 Retirement benefit schemes

Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit and loss in respect of defined contribution schemes was £75,351 (2019: £67,856)

19 Analysis of net assets between funds

Unrestricted
Funds
Endowment
funds
2020
2020
£
£
Fund balances at 31 December 2020 are
represented by:
Tangible assets
7,828
-
Investments
5,024,608
4,410,303
Current assets/(liabilities)
1,220,803
-
6,253,239
4,410,303		 Total
2020
£
7,828
9,434,911
1,220,803
10,663,542		 Total
2019
£
17,749
9,499,999
819,631
10,337,379

Unrestricted funds

The unrestricted funds comprise the general fund and the income equalisation fund. The balance on the general fund at the year end was £5,672,575 (2019: £5,313,132) and the balance on the income equalisation fund was £613,944 (2019: £613,944).

20 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2020
£
66,000
247,500
-
313,500		 2019
£
66,000
264,000
49,500
379,500

OXFORD INSTITUTE FOR ENERGY STUDIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

20 Operating lease commitments

(Continued)

Operating lease payments represent rentals payable by the charity for its office premises. Rentals are fixed for the term of the lease.

21 Events after the reporting date

During March 2020 the World Health Organisation announced the pandemic of COVID-19, which led to lockdowns across the world and has a significant economic impact across several industries. This has led to a non-adjusting post balance sheet event where the effects to the charity will not be adjusted for as at 31 December 2020. The main effects are predicted to be in the valuation of investments and the future donations made to the charity, however an estimate on the financial effect of COVID-19 cannot be reliably made.

22 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

Aggregate compensation
23
Analysis of changes in net funds
The Charity had no debt during the year.
24
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Cash (absorbed by)/generated from operations		 2020
2019
£
£
350,400
284,870
2020
2019
£
£
326,163
1,873,985
(256,608)
(279,922)
(106,989)
(1,174,921)
(26,128)
-
11,469
-
27,413
23,619
(21,571)
21,244
(46,251)
464,005