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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|
##
|Registered|Company|number|01898691|||
|---|---|---|---|---|---|
|Registered|Charity number||292664|||
|Registered|office||Oxford Centre|for|Innovation|
||||New Road|||
||||Oxford|||
||||OX1 1BY|||
|Trustees|||Dr J Boyle (Chair)|||
||||Ms J Bennett|||
||||N Cross|||
||||P Dean|||
||||DrS Dry|||
||||Prof A Fitt|||
||||J Flint|||
||||Imam Monawar|Hussain||
||||Prof WJames|||
||||Ms M Morys-Carter||(Vice Chair)|
||||Prof A Noble|||
||||Ms L Pebworth|||
|CEO|||S R Burgess|||
|Company|Secretary||S R Burgess|||
|Auditors|||Wenn Townsend|||
||||30St Giles|||
||||Oxford|||
||||OX1 3LE|||
|Solicitors|||Freeths LLP|||
||||Spires House|||
||||5700 Oxford Business Park, South|||
||||Oxford|||
||||OX4 2RW|||
|Bankers|||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|2022|2021|
|---|---|---|---|---|---|---|---|
||||Fund|Fund|Fund|Total Funds|Total Funds|
||||(Note 1b/17)|(Note 1b/17)|(Note 1b/17)|||
|Income from:||||||||
|Donations
and legacies|||411,830|||411,830|353,041|
|Charitable
activities|||2,053,463||353,529|2,406,992|1,432,683|
|investments|||8,681|||8,681|5,880|
|Total income|||2,473,974||353,529|2,827,503|1,791,604|
|Expenditure
on:||||||||
|Raising funds|||28,333|||28,333|41,276|
|Charitable
activities|||1,817,987|412,142|195,178|2,425,307|1,825,224|
|Total expenditure|||1,846,320|412,142|195,178|2,453,640|1,866,500|
|Net gains
/ (losses)|on|12|||6,308|6,308|(5,000)|
|investments||||||||
|Net income I(expenditure)|||627,654|(412,142)|164,659|380,171|(79,896)|
|Transfers||17|(1,157,639)|1,130,785|26,854|||
|Net income I(expenditure)
after transfers|||(529,985)|718,643|191,513|380,171|(79,896)|
|Reconciliation
offunds:||||||||
|Total funds brought|forward||730,277|13,394,684|70,745|14,195,706|14,275,602|
|Total funds carried|forward||200,292|14,113,327|262,258|14,575,877|14,195,706|
|||||Note|Unrestricted|Designated|Restricted|2022|2021|
|---|---|---|---|---|---|---|---|---|---|
||||||Fund|Fund|Fund|Total Funds|Total Funds|
||||||(Note 1b/17)|(Note 1b/17)|(Note 1b/17)|||
|Fixed Assets||||||||||
|Tangible assets||||11||17,209,616||17,209,616|16,564,071|
|Investments||||12||54,345|48,347|102,692|111,771|
|||||||17,263,961|48,347|17,312,308|16,675,842|
|Current Assets||||||||||
|Debtors||||13|369,721|||369,721|97,615|
|Cash in hand|||||208,894||213,911|422,805|1,099,410|
||||||578,615||213,911|792,526|1,197,025|
|Creditors||||||||||
|Amounts
falling due||||||||||
|within one||year|||(345,711)|(316,675)||(662,386)|(563,464)|
|Net current||assets|||232,904|(316,675)|213,911|130,140|633,561|
|Total assets||less current||||||||
|liabilities|||||232,904|16,947,286|262,258|17,442,448|17,309,403|
|Creditors:|amounts||falling|due||||||
|after one|year|||15|(32,612)|(2,833,959)||(2,866,571)|(3,113,697)|
|Net assets|||||200,292|14,113,327|262,258|14,575,877|14,195,706|
|Funds||||||||||
|Unrestricted||funds||17|200,292|||200,292|730,277|
|Designated|funds|||17||14,113,327||14,113,327|13,394,684|
|Restricted funds||||17|||262,258|262,258|70,745|
|Total funds||||17|200,292|14,113,327|262,258|14,575,877|14,195,706|
##
##
|||||Note|2022|2021|
|---|---|---|---|---|---|---|
|Cash flow from operating
activities||||19|572,258|417,766|
|Net cash flow from operating
activities|||||572,258|417,766|
|Cash flows from investing
activities:|||||||
|Purchase oftangible
fixed assets|||||(1,057,687)|(217,640)|
|Purchase offixed asset investments
Sale offixed asset investments|||||15,000|(1,870)|
|Capital repayment
from unlisted
investment|||||387||
|Dividends
received|||||8,681|5,880|
|Net cash flow from investing
activities|||||(1,033,619)|(213,630)|
|Cash flows from financing
activities:|||||||
|Receipts from issue of new long-term
loans||||||117,550|
|Repayment
of long term loans|||||(215,244)|(66,131)|
|Net cash flow from financing
activities|||||(215,244)|51,419|
|Change
in cash and cash equivalents|in the|reporting|period||(676,605)|255,555|
|Cash and cash equivalents
at the beginning||ofthe reporting||period|1,099,410|843,855|
|Cash and cash equivalents
at the end|ofthe|reporting|period||422,805|1,099,410|
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||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
|||||||||E|
||Dividends|and interest received|||||8,681|5,880|
|5a)|Expenditure||on Charitable|Activities|||||
|||||Staff|Other|Allocation|Total|Total|
|||||costs|costs|ofsupport|2022|2021|
|||||E|||||
||Education|and public|||||||
||engagement|||387,916|145,550|490,247|1,023,713|760,414|
||Enterprise|costs||28,425|875,806|486,813|1,391,044|1,055,860|
||Governance||costs||10,550||10,550|8,950|
||Support costs (see note 5b)|||254,864|722,196|(977,060)|||
|||||671,205|1,754,102||2,425,307|1,825,224|
##
|The significant|components
ofsupport costs are a|s follows:||
|---|---|---|---|
|||Total|Total|
|||2022f|2021
E|
|Computer costs||41,354|45,737|
|Depreciation||412,142|359,431|
|Establishment|costs|50,470|6,935|
|Financial costs||108,501|103,752|
|Staff costs||254,864|234,324|
|Other support costs||109,729|36,965|
|||977,060|787,144|
##
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|Net inco|me is stated a|fter charging/(crediting):|||
|---|---|---|---|---|
||||2022|2021|
||||E||
|Depreciation —owned||assets|412,142|359,431|
|Interest
Trustees'|received
and officers'|indemnity|(8,681)
900|(5,880)
915|
|Auditor's|remuneration|- audit|10,550|8,950|
##
##
|Staff costs are made up as follows:|||
|---|---|---|
||2022|2021|
|Wages and salaries|507,404|518,372|
|Social security costs|52,767|52,645|
|Other pension costs|111,034|81,425|
||671,205|652,442|
|The avera|ge
monthly
number ofemploye|es
during the year|was as follows:|||
|---|---|---|---|---|---|
|||2022|2022|2021|2021|
|||FTE|Number|FTE|Number|
|Education|& public engagement|13|13|12|12|
|Central||5|5|5|5|
|Business|Enterprise|1|1|1|1|
|||19|19|18|18|
##
|||Unrestricted|Designated|Restricted|2021|
|---|---|---|---|---|---|
|||Fund|Fund|Fund|Total Funds|
|||(Note 1b/17)|(Note 1b/17)|(Note 1b/17)||
|||F|f.||f,|
|Income from:||||||
|Donations
and legacies||186,738||166,303|353,041|
|Charitable
activities||1,432,683|||1,432,683|
|Investments||5,880|||5,880|
|Total income||1,625,301||166,303|1,791,604|
|Expenditure
on:||||||
|Raising funds||41,276|||41,276|
|Charitable
activities||1,405,839|359,431|59,954|1,825,224|
|Total expenditure||1,447,115|359,431|59,954|1,866,500|
|Net losses on investments||||(5,000)|(5,000)|
|Net income
/ (expenditure)||178,186|(359,431)|101,349|(79,896)|
|Transfers||(175,448)|4,051,703|(3,876,255)||
|Net income
/ (expenditure)
after transfers||2,738|3,692,272|(3,774,906)|(79,896)|
|Reconciliation
offunds:||||||
|Total funds brought|forward|727,539|9,702,412|3,845,651|14,275,602|
|Total funds carried|forward|730,277|13,394,684|70,745|14,195,706|
##
##
|||Unrestricted|Designated|Restricted|2021|
|---|---|---|---|---|---|
|||Fund|Fund|Fund|Total Funds|
|||(Note 1b/17)|(Note 1b/17)|(Note 1b/17)|f|
|Fixed Assets||||||
|Tangible assets|||16,564,071||16,564,071|
|Investments|||54,732|57,039|111,771|
||||16,618,803|57,039|16,675,842|
|Current Assets||||||
|Debtors||97,615|||97,615|
|Cash
in hand||1,085,704||13,706|1,099,410|
|||1,183,319||13,706|1,197,025|
|Creditors||||||
|Amounts
falling due||||||
|within one year||(394,780)|(168,684)||(563,464)|
|Net current assets||788,539|(168,684)|13,706|633,561|
|Total assets less current||||||
|Liabilities||788,539|16,450,119|70,745|17,309,403|
|Creditors: amounts|falling due|||||
|after one year||(58,262)|(3,055,435)||(3,113,697)|
|Net assets||730,277|13,394,684|70,745|14,195,706|
|Funds||||||
|Unrestricted
funds||730,277|||730,277|
|Designated
funds|||13,394,684||13,394,684|
|Restricted funds||||70,745|70,745|
|Total funds||730,277|13,394,684|70,745|14,195,706|
##
##
|Tangible Fixed Assets|||||
|---|---|---|---|---|
||Land and|Exhibition|Fixtures and||
||Buildings|Equipment|Fittings|Totalsf|
|Cost|||||
|At 1 April 2021|17,138,226|330,433|171,368|17,640,027|
|Transfers|(112,419)||112,419||
|Additions|936,847|39,269|81,571|1,057,687|
|At 31 March 2022|17,962,654|369,702|365,358|18,697,714|
|Depreciation|||||
|At 1 April 2021|803,916|127,988|144,052|1,075,956|
|Transfers|(4,062)||4,062||
|Charge for year|294,692|70,987|46,463|412,142|
|At 31 March 2022|1,094,546|198,975|194,577|1,488,098|
|Net Book Value|||||
|At 31 March 2022|16,868,108|170,727|170,781|17,209,616|
|At 31 March 2021|16,334,310|202,445|27,316|16,564,071|
|The net book value of land and buildings|comprised:||||
||||2022|2021|
|Land and buildings:|||||
|Freehold|||4,055,979|4,093,409|
|Long leasehold|||12,812,129|12,240,901|
||||16,868,108|16,334,310|
##
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|ixed Asset Investments||||
|---|---|---|---|
||Other|||
||Listed|Unlisted||
||Investments|Investments|Total|
|Cost/valuation||||
|At 1 April 2021|8,750|103,021|111,771|
|Disposals||(15,000)|(15,000)|
|Capital repayments||(387)|(387)|
|Revaluations|250|6,058|6,308|
|At 31 March 2022|9,000|93,692|102,692|
##
|||||Notes to the Financial Statem
for the year ended 31 March|Notes to the Financial Statem
for the year ended 31 March|Notes to the Financial Statem
for the year ended 31 March|ents
2022||
|---|---|---|---|---|---|---|---|---|
|13.|Debtors: Amoun|ts||Falling Due Within One Year|||||
||||||||2022|2021|
||Trade debtors||||||356,125|84,122|
||Other debtors||||||11,329|11,826|
||Prepayments
and accrued income||||||2,267|1,667|
||||||||369,721|97,615|
|14.|Creditors: Amounts||||Falling Due Within One Year||||
||||||||2022f|2021|
||Trade creditors||||||382,143|210,047|
||Taxation and social|||security|||11,031|13,074|
||Accruals and deferred||||income||25,393|128,409|
||Other creditors||||||1,515|1,512|
||Bank loans||||||193,324|178,069|
||Other loan||||||48,980|32,353|
||||||||662,386|563,464|
||Deferred
income|comprises:|||||||
||||||||2022f||
||At 1 April 2021||||||118,700||
||Additions
during|the||year|||||
||Amounts
released||to||income||(118,700)||
||At 31 March 2022||||||||
||Income has been|deferred for projects grant paid||||in advance|but specified for use in future|periods.|
##
##
|Creditors: Am|ounts
Falling Due After One Ye|ar||
|---|---|---|---|
|||2022|2021|
|Bank loans||2,553,904|2,746,050|
|Concessionary|loans|312,667|350,000|
|Other loan|||17,647|
|||2,866,571|3,113,697|
##
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||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
|Total future|minimum|lease payments||under non-cancellable|||||
|operating
leases are||as|follows:||||||
|Not later than one year|||||||1,061|4,821|
|Later than one and not|||later than five|years||||221|
||||||||1,061|5,042|
|Movement|in Funds||||||||
||||Opening|Incoming|Resources|Investment|Transfers|Closing|
||||balance|resources|expended|gains I||balance|
||||2021f|||(losses)||2022|
|Unrestricted|funds||||||||
|General
fund|||730,277|2,473,974|(1,846,320)||(1,157,639)|200,292|
|Designated|funds||||||||
|Fixed assets|fund||13,339,952||(412,142)||1,131,172|14,058,982|
|Investments|fund||54,732||||(387)|54,345|
|Restricted funds|||||||||
|Technology|Company||||||||
|investment
fund
EEFcontract|||57,039|353,529|(181,472)|6,308|(15,000)
41,854|48,347
213,911|
|Other projects|||13,706||(13,706)||||
|Total funds|||14,195,706|2,827,503|(2,453,640)|6,308||14,575,877|
||||Opening|Incoming|Resources|Investment|Transfers|Closing|
||||balance|resources|expended|gains l||balance|
||||2020|||(losses)||2021|
|||||||||E|
|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|
##
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||f|f|f|
or the year ended 31 March 2022|
or the year ended 31 March 2022||||
|---|---|---|---|---|---|---|---|---|
|19.|Reconciliation
of Net Income|||to Net Cash Flow from Operating||Activities|||
||||||||2022|2021|
|||||||||E|
||Net income/(expenditure)||for|the reporting|period||||
||(as per the statement of||financial activities)||||380,171|(79,896)|
||Adjustments
for:||||||||
||Depreciation
charges||||||412,142|359,431|
||(Gain)/loss
on investments||||||(6,308)|5,000|
||Dividends
received||||||(8,681)|(5,880)|
||(Increase)/decrease|in debtors|||||(272,106)|74,442|
||Increase
in creditors||||||67,040|64,669|
||Net cash flow from|operating||activities|||572,258|417,766|
##
##
||||2022|||2021|
|---|---|---|---|---|---|---|
|Income|||||||
|Grants received||||356,337||285,090|
|Activities income||||679,507||47,000|
|Rental income
Less running
costs|||'1,727,485
(837,495)||1,252,925
(590,762)||
|||||889,990||662,163|
|Dividend
and interest income||||8,681||5,880|
|Donations
received||||55,493||200,709|
|||||1,990,008||1,200,842|
|Expenditure|||||||
|Activities costs|||8,801||12,365||
|Grant costs|||196,715||39,902||
|Motor travel and|subsistence||6,149||3,180||
|Staff costs direct|||6,678||3,581||
|Depreciation|||412,142||359,431||
|Establishment
costs|||50,470||6,935||
|Financial costs|||108,501||103,752||
|Computer costs|||41,354||45,737||
|Marketing
costs|||48,072||13,839||
|Sundry
office costs
Professional fees|||24,069
37,410||9,887
16,350||
|Staff costs|||662,865||652,442||
|Staff recruitment,|welfare and training||8,340||5,678||
|Stationery
and postage|||3,195||2,581||
|Travel and subsistence|||1,384||78||
|||||(1,616,145)||(1,275,738)|
|Surplus/(deficit)|of income over||||||
|expenditure
before investment||transactions||373,863||(74,896)|
|Gain/(loss)
on investments||||6,308||(5,000)|
|Surplus/(deficit)|of income over|expenditure|for the year|380,171||(79,896)|