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||||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|||
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|||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|
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||||||||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|
##
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##
##
|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|
##
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|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)|