2021-03-31-accounts

			Page
Report ofthe Trustees			1 to 8
Report ofthe Independent Auditors			9to 11
Statement of Financial	Activities		12
Balance Sheet			13
Cash Flow Statement			14
Notes to the Financial	Statements		15to 26
Detailed Income and Expenditure		Account	27

01898691
292664
Oxford Centre	for	Innovation
New Road
Oxford
OX1 1BY
DrJ Boyle (Chair)
N Cross
P Dean
Prof A Fitt
J Flint
Imam Monawar	Hussain
Prof WJames
Ms M Morys-Carter		(Vice Chair)
Prof A Noble
Ms L Pebworth
Ms J Bennett
Ms S Dry
J Welfare
S R Burgess
S R Burgess
Wenn Townsend
30St Giles
Oxford
OX1 3LE
Freeths LLP
5000 Oxford Business Park South
Oxford
OX4 2BH
HSBC
65 Cornmarket	Street
Oxford
OX1 3HY
Barelays
Wytham Court,	11	West Way
Botley
Oxford
OX2 OJB

		Note	Unrestricted	Designated	Restricted	2021	2020
			Fund	Fund	Fund	Total Funds	Total Funds
			(Note 1b/17)	(Note 1b/17) F	(Note 1b/17)	f	F
income from:
Donations and legacies			186,738		166,303	353,041	332,755
Charitable activities			1,432,683			1,432,683	1,785,140
Investments			5,880			5,880	7,728
Total income			1,625,301		166,303	1,791,604	2,125,623
Expenditure on:
Raising funds			41,276			41,276	66,951
Charitable activities			1,405,839	359,431	59,954	1,825,224	2,342,553
Total expenditure			1,447,115	359,431	59,954	1,866,500	2,409,504
Net losses on investments		12			(5,000)	(5,000)	(7,439)
Net income I(expenditure)			178,186	(359,431)	101,349	(79,896)	(291,320)
Transfers		17	(175,448)	4,051,703	(3,876,255)
Net income I(expenditure) after transfers			2,738	3,692,272	(3,774,906)	(79,896)	(291,320)
Reconciliation offunds:
Total funds brought	forward		727,539	9,702,412	3,845,651	14,275,602	14,566,922
Total funds carried	forward		730,277	13,394,684	70,745	14,195,706	14,275,602

			Note	Unrestricted	Designated	Restricted	2021	2020
				Fund	Fund	Fund	Total Funds	Total Funds
				(Note 1b/17)	(Note 1b/17)	(Note 1b/17)
				E
Fixed Assets
Tangible assets			11		16,564,071		16,564,071	16,705,862
Investments			12		54,732	57,039	111,771	114,901
					16,618,803	57,039	16,675,842	16,820,763
Current Assets
Debtors			13	97,615			97,615	172,057
Cash in hand				1,085,704		13,706	1,099,410	843,855
				1,183,319		13,706	1,197,025	1,015,912
Creditors
Amounts falling due
within one	year		14	(394,780)	(168,684)		(563,464)	(288,373)
Net current	assets			788,539	(168,684)	13,706	633,561	727,539
Total assets	less current
Liabilities				788,539	16,450,119	70,745	17,309,403	17,548,302
Creditors: amounts		falling	due
after one year			15	(58,262)	(3,055,435)		(3,113,697)	(3,272,700)
Net assets				730,277	13,394,684	70,745	14,195,706	14,275,602
Funds
Unrestricted	funds		17	730,277			730,277	727,539
Designated funds			17		13,394,684		13,394,684	9,702,412
Restricted funds			17			70,745	70,745	3,845,651
Total funds			17	730,277	13,394,684	70,745	14,195,706	14,275,602

				Note	2021	2020
Cash flow from operating activities					417,766	(155,096)
Net cash flow from operating activities					417,766	(155,096)
Cash flows from investing activities:
Purchase oftangible fixed assets					(217,640)	(367,201)
Proceeds oftangible fixed assets disposal						1,920
Purchase offixed asset investments					(1,870)	(2,000)
Sale offixed asset investments						5,036
Dividends received					5,880	7,728
Net cash flow from investing activities					(213,630)	(354,517)
Cash flows from financing activities:
Receipts from issue of new long term loans					117,550	321,300
Repayment of long term loans					(66,131)
Net cash flow from financing activities					51,419	321,300
Change in cash and cash equivalents	in the	reporting	period		255,555	(188,313)
Cash and cash equivalents at the beginning		ofthe reporting		period	843,855	1,032,168
Cash and cash equivalents at the end	ofthe	reporting	period		1,099,410	843,855

							2021	2020
	Dividends	and interest received					5,880	7,728
5a)	Expenditure		on Charitable	Activities
				Staff	Other	Allocation	Total	Total
				costs	costs	ofsupport	2021	2020
	Education	and public
	engagement			358,795	9,734	391,885	760,414	1,136,862
	Enterprise	costs		59,323	601,278	395,259	1,055,860	1,197,241
	Governance		costs		8,950		8,950	8,450
	Support costs (see note 5b)			234,324	552,820	(787,144)
				652,442	1,172,782		1,825,224	2,342,553

The significant	components ofsupport costs are a	s follows:
		Total	Total
		2021f	2020f
Computer costs		45,737	54,093
Depreciation		359,431	363,698
Establishment	costs	6,935	6,705
Financial costs		103,752	89,601
Staff costs		234,324	332,689
Other support costs		36,965	35,739
		787,144	882,525

			2021	2020
			f.
Depreciation —owned		assets	359,431	363,698
Interest Trustees'	received and officers'	indemnity	(5,880) 915	(7,728) 1,277
Auditor's	remuneration	—audit	8,950	8,450

Staff cost	s are made	up as follows:
					2021	2020
					f.	F
Wages and salaries					518,372	769,520
Social security costs					52,645	72,379
Other pension costs					81,425	108,659
					652,442	950,558
The average monthly		number ofemployees	during the year	was as follows:
			2021	2021	2020	2020
			FTE	Number	FTE	Number
Education	8 public engagement		12	12	13	13
Central			5	5	7	7
Business	Enterprise		1	1	3	3
			18	18	23	23

	Unrestricted	Designated	Restricted	2020
	Fund	Fundf	Fund	Total Funds
Income from:
Donations and legacies	332,755			332,755
Charitable activities	1,785,140			1,785,140
Investments	7,728			7,728
Total income	2,125,623			2,125,623
Expenditure on:
Raising funds	66,951			66,951
Charitable activities	1,978,855	237,431	126,267	2,342,553
Total expenditure	2,045,806	237,431	126,267	2,409,504
Net gains/(losses)
on investments		(5,564)	(1,875)	(7,439)
Net income I(expenditure)	79,817	(242,995)	(128,142)	(291,320)
Transfers	106,359	(106,359)
Net income I(expenditure) after transfers	186,176	(349,354)	(128,142)	(291,320)
Reconciliation offunds:
Total funds brought forward	541,363	10,051,766	3,973,793	14,566,922
Total funds carried forward	727,539	9,702,412	3,845,651	14,275,602

				Unrestricted	Designated	Restricted	2020
				Fund	Fund	Fund	Total Funds
Fixed Assets
Tangible assets					12,922,250	3,783,612	16,705,862
Investments					52,862	62,039	114,901
					12,975,112	3,845,651	16,820,763
Current Assets
Debtors				172,057			172,057
Cash in hand				843,855			843,855
				1,015,912			1,015,912
Creditors
Amounts falling due
within one	year			(288,373)			(288,373)
Net current	assets			727,539			727,539
Total assets less current			liabilities	727,539	12,975,112	3,845,651	17,548,302
Creditors:	amounts	falling	due
after one year					(3,272,700)		(3,272,700)
Net assets				727,539	9,702,412	3,845,651	14,275,602
Funds
Unrestricted	funds			727,539			727,539
Designated	funds				9,702,412		9,702,412
Restricted funds						3,845,651	3,845,651
Total funds				727,539	9,702,412	3,845,651	14,275,602

Tangible Fixed Assets
	Land and	Exhibition	Fixtures and
	Buildings	Equipment	Fittings	Totals
Cost
At 1 April 2020	16,932,107	319,971	170,309	17,422,387
Additions	206,119	10,462	1,059	217,640
At 31 March 2021	17,138,226	330,433	171,368	17,640,027
Depreciation
At 1 April 2020	523,004	63,994	129,527	716,525
Charge for year	280,912	63,994	14,525	359,431
At 31 March 2021	803,916	127,988	144,052	1,075,956
Net Book Value
At 31 March 2021	16,334,310	202,445	27,316	16,564,071
At 31 March 2020	16,409,103	255,977	40,782	16,705,862
The net book value of land and buildings	comprised:
			2021	2020
				E
Land and buildings:
Freehold			4,093,409	4,077,054
Long leasehold			12,240,901	12,332,049
			16,334,310	16,409,103
Fixed Asset Investments
	Other
	Listed	Unlisted
	Investments	Investments	Total
Cost/valuation
At 1 April 2020	13,750	101,151	114,901
Additions		1,870	1,870
Revaluations	(5,000)		(5,000)
At 31 March 2021	8,750	103,021	111,771

13.	Debtors: Amou	nts	Falling Due Within One Year
				2021	2020
				E
	Trade debtors			84,122	146,586
	Other debtors			11,826
	Prepayments and accrued income			1,667	25,471
				97,615	172,057
14.	Creditors: Amounts		Falling Due Within One Year
				2021	2020
	Trade creditors			210,047	242,181
	Taxation and social security			13,074	16,979
	Accruals and deferred		income	128,409	14,913
	Other creditors			1,512	14,300
	Bank loans			178,069
	Other loan			32,353
				563,464	288,373
	Deferred income	comprises:
				2021f
	At 1 April 2020			3,090
	Additions during	the year		118,700
	Amounts released to		income	(3,090)
	At 31 March 2021			118,700

Creditors: Am	ounts Falling Due After One Ye	ar
		2021	2020
		F
Bank loans		2,746,050	2,922,700
Concessionary	loans	350,000	350,000
Other loan		17,647
		3,113,697	3,272,700

Lease Commitments
							2021	2020
Total future minimum	lease payments		under non-cancellable
operating leases are	as	follows:
Not later than one year							4,821	2,963
Later than one and not		later than five	years				221	1,550
							5,042	4,513
Movement in Funds
		Opening	Incoming	Resources	Investment		Transfers	Closing
		balance	resources	expended	gains	I		balance
		2020 E		f	(losses) E			2021
Unrestricted funds
General fund		727,539	1,625,301	(1,447,115)			(175,448)	730,277
Designated funds
Fixed assets fund		4,117,836		(359,431)			9,581,547	13,339,952
Investments fund		52,862					1,870	54,732
Stansfeld Park fund		5,531,714					(5,531,714)
Restricted funds
Technology Company
Investment fund		62,039			(5,000)			57,039
Stansfeld Park fund		3,783,612	92,643				(3,876,255)
Other projects			73,660	(59,954)				13,706
Total funds		14,275,602	1,791,604	(1,866,500)	(5,000)			14,195,706
		Opening	Incoming	Resources	Investment		Transfers	Closing
		balance	resources	expended	gains	I		balance
		2019			(losses)		f	2020
Unrestricted funds
General fund		541,363	2,125,623	(2,045,806)			106,359	727,539
Designated funds
Fixed assets fund		4,094,971		(48,030)			70,895	4,117,836
Investments fund		61,462			(5,564)		(3,036)	52,862
Stansfeld Park fund		5,895,333		(189,401)			(174,218)	5,531,714
Restricted funds
Technology Company
Investment fund		63,914			(1,875)			62,039
Stansfeld Park fund		3,909,879		(126,267)				3,783,612
Total funds		14,566,922	2,125,623	(2,409,504)	(7,439)			14,275,602

Reconciliation of N	et	Income	to Net Cash	Flow from Operating	Activities
					2021	2020
Net (expenditure)/income for			the reporting	period
(as per the statement		offinancial activities)			(79,896)	(291,320)
Adjustments for:
Depreciation charges					359,431	363,698
Loss on disposal offixed assets						1,835
Loss on investments					5,000	7,439
Dividends received Decrease in debtors					(5,880) 74,442	(7,728) 55,713
Increase/(decrease)	in	creditors			64,669	(284,733)
Net cash flow from	operating		activities		417,766	(155,096)

			2021			2020
Income
Grants received				285,090		29,340
Activities income				47,000		258,843
Rental income			1,252,925		1,496,957
Less running costs			(590,762)		(694,564)
				662,163		802,393
Dividend and interest income				5,880		7,728
Donations received				200,709		332,755
				1,200,842		1,431,059
Expenditure
Activities costs			12,365		82,050
Grant costs			39,902		3,250
Motor travel and subsistence			3,180		3,812
Staff costs direct			3,581		9,644
Depreciation			359,431		363,698
Establishment costs			6,935		43,707
Financial costs			103,752		98,535
Computer costs			45,737		66,468
Marketing costs			13,839		35,164
Sundry office costs			9,887		21,719
Professional fees			16,350		22,393
Staff costs			652,442		937,368
Staff recruitment, welfare and training			5,678		2,137
Stationery and postage			2,581		13,225
Travel and subsistence			78		9,935
				(1,275,738)		(1,713,105)
Deficit of income over
expenditure before investment	transactions			(74,896)		(282,046)
Loss on disposal offixed assets Loss on investments				(5,000)		(1,835) (7,439)
Deficit ofincome over expenditure		for the year		(79,896)		(291,320)