##
|||Page|
|---|---|---|
|Report ofthe Trustees||1to8|
|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|||DrJ Boyle (Chair)|||
||||Ms J Bennett|||
||||P Dean|||
||||Ms S Dry|||
||||Prof A Fitt-|||
||||J Flint|||
||||Imam
M Hussain|||
||||N J McConville|||
||||Ms M Morys-Carter||(Vice Chair)|
||||Prof A Noble|||
||||Ms L Pebworth|||
||||D B Reid|||
|CEO|||S R Burgess|||
|Company|Secretary||S R Burgess|||
|Auditors|||Wenn Townsend|||
||||30StGiles|||
||||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|2023|2022|
|---|---|---|---|---|---|---|---|
||||Fund|Fund|Fund|Total Funds|Total Funds|
||||(Note 1b/17)|(Note 1b/17)|(Note 1b/17)|||
||||||E|||
|Income from:||||||||
|Donations
and legacies|||21,553|||21,553|411,830|
|Charitable
activities|||2,914,936||296,996|3,211,932|2,406,992|
|Investments|||9,370|||9,370|8,681|
|Total income|||2,945,859||296,996|3,242,855|2,827,503|
|Expenditure
on:||||||||
|Raising funds|||28,348|||28,348|28,333|
|Charitable
activities|||2,131,802|426,998|345,268|2,904,068|2,425,307|
|Total expenditure|||2,160,150|426,998|345,268|2,932,416|2,453,640|
|Net gains
/ (losses)|on|12||||||
|Investments|||||(3,250)|(3,250)|6,308|
|Net income
/ (expenditure)|||785,709|(426,998)|(51,522)|307,189|380,171|
|Transfers||17|(713,186)|713,186||||
|Net income
/ (expenditure)|||72,523|286,188|(51,522)|307,189|380,171|
|after transfers||||||||
|Reconciliation
offunds:||||||||
|Total funds brought|forward||200,292|14,113,327|262,258|14,575,877|14,195,706|
|Total funds carried|forward||272,815|14,399,515|210,736|14,883,066|14,575,877|
|||||Note|Unrestricted|Designated|Restricted|2023|2022|
|---|---|---|---|---|---|---|---|---|---|
||||||Fund|Fund|Fund|Total Funds|Total Funds|
||||||(Note 1b/17)|(Note 1b/17)|(Note 1b/17)|f||
|Fixed Assets||||||||||
|Tangible assets||||||17,189,564||17,189,564|17,209,616|
|Investments||||12||53,532|45,097|98,629|102,692|
|||||||17,243,096|45,097|17,288,193|17,312,308|
|Current Assets||||||||||
|Debtors||||13|153,603|||153,603|369,721|
|Cash
in hand|||||682,543||165,639|848,182|422,805|
||||||836,146||165,639|1,001,785|792,526|
|Creditors||||||||||
|Amounts
falling due||||||||||
|within one||year||14|(540,544)|(210,563)||(751,107)|(662,386)|
|Net current||assets|||295,602|(210,563)|165,639|250,678|130,140|
|Total assets||less current||||||||
|liabilities|||||295,602|17,032,533|210,736|17,538,871|17,442,448|
|Creditors:|amounts||falling|due||||||
|after one|year|||15|(22,787)|(2,633,018)||(2,655,805)|(2,866,571)|
|Net assets|||||272,815|14,399,515|210,736|14,883,066|14,575,877|
|Funds||||||||||
|Unrestricted||funds||17|272,815|||271,815|200,292|
|Designated|funds|||17||14,399,515||14,399,515|14,113,327|
|Restricted funds||||17|||210,736|210,736|262,258|
|Total funds||||17|272,815|14,399,515|210,736|14,883,066|14,575,877|
##
||||||Note|2023f|2022|
|---|---|---|---|---|---|---|---|
|Cash flow from operating
activities|||||19|1,055,047|572,258|
|Net cash flow from operating|activities|||||1,055,047|572,258|
|Cash flows from investing
activities:||||||||
|Purchase oftangible
fixed assets
Sale offixed asset investments||||||(406,946)|(1,057,687)
15,000|
|Capital repayment
from unlisted|investment|||||813|387|
|Dividends
and interest received||||||9,370|8,681|
|Net cash flow from investing|activities|||||(396,763)|(1,033,619)|
|Cash flows from financing
activities:||||||||
|Repayment
of long term loans||||||(232,907)|(215,244)|
|Net cash flow from financing|activities|||||(232,907)|(215,244)|
|Change
in cash and cash equivalents||in the|reporting|period||425,377|(676,605)|
|Cash and cash equivalents
at|the beginning||ofthe reporting||period|422,805|1,099,410|
|Cash and cash equivalents
at|the end|ofthe|reporting|period||848,182|422,805|
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|||||||||2023f|2022|
|---|---|---|---|---|---|---|---|---|---|
||Dividends|and||interest received||||9,370|8,681|
|5a)|Expenditure|||on Charitable|Activities|||||
||||||Staff|Other|Allocation|Total|Total|
||||||costs
f.|costs
f|ofsupport|2023f|2022|
||Education|and||||||||
||Engagement||costs||471,026|258,746|586,272|1,316,044|1,023,713|
||Innovation|costs|||54,473|1,015,572|507,404|1,577,449|1,391,044|
||Governance||costs|||10,575||10,575|10,550|
||Support costs|||(see note 5b)|344,173|749,503|(1,093,676)|||
||||||869,672|2,034,396||2,904,068|2,425,307|
##
|The significant|components
ofsupport costs are|as follows:||
|---|---|---|---|
|||Total|Total|
|||2023|2022f|
|Computer costs||36,784|41,354|
|Depreciation||426,998|412,142|
|Establishment|costs|59,790|50,470|
|Financial costs||107,496|108,501|
|Staff costs||344,173|254,864|
|Other support costs||118,435|109,729|
|||1,093,676|977,060|
##
##
|Net inco|me is stated a|fter charging/(crediting):|||
|---|---|---|---|---|
||||2023|2022|
|Depreciation
—owned||assets|426,998|412,142|
|Interest
Trustees'|received
and officers'|indemnity|(9,370)
1,248|(8,681)
1,008|
|Auditor's|remuneration|- audit|10,200|9,400|
|Auditor's|remuneration|—other services||1,625|
##
##
|Staff costs are made up as follows:|||
|---|---|---|
||2023|2022|
||E||
|Wages and salaries|674,010|507,404|
|Social security costs|67,898|52,767|
|Other pension costs|127,764|111,034|
||869,672|671,205|
|The avera|ge|monthly
number
ofempl|oyees
during the year|was as follows:|||
|---|---|---|---|---|---|---|
||||2023|2023|2022|2022|
||||FTE|Number|FTE|Number|
|Education|8|Engagement|14|14|13|13|
|Central|||6|6|5|5|
|Innovation|||3|3|1|1|
||||23|23|19|19|
##
##
||Unrestricted|Designated|Restricted|2022|
|---|---|---|---|---|
||Fund|Fund|Fund|Total Funds|
||(Note 1b/17)
F|(Note 1b/17)
f|(Note 1b/17)
f||
|Income from:|||||
|Donations
and legacies|411,830|||411,830|
|Charitable
activities|2,053,463||353,529|2,406,992|
|Investments|8,681|||8,681|
|Total income|2,473,974||353,529|2,827,503|
|Expenditure
on:|||||
|Raising funds|28,333|||28,333|
|Charitable
activities|1,817,987|412,142|195,178|2,425,307|
|Total expenditure|1,846,320|412,142|195,178|2,453,640|
|Net gains
/ (losses) on investments|||6,308|6,308|
|Net income
/ (expenditure)|627,654|(412,142)|164,659|380,171|
|Transfers|(1,157,639)|1,130,785|26,854||
|Net income
/ (expenditure)|(529,985)|718,643|191,513|380,171|
|after transfers|||||
|Reconciliation
offunds:|||||
|Total funds brought forward|730,277|13,394,684|70,745|14,195,706|
|Total funds carried forward|200,292|14,113,327|262,258|14,575,877|
##
##
||||Unrestricted|Designated|Restricted|2022|
|---|---|---|---|---|---|---|
||||Fund|Fund|Fund|Total Funds|
||||(Note 1b/17)|(Note 1b/17)
F|(Note 1b/17)
f||
|Fixed Assets|||||||
|Tangible assets||||17,209,616||17,209,616|
|Investments||||54,345|48,347|102,692|
|||||17,263,961|48,347|17,312,308|
|Current Assets|||||||
|Debtors|||369,721|||369,721|
|Cash in hand|||208,894||213,911|422,805|
||||578,615||213,911|792,526|
|Creditors|||||||
|Amounts
falling due|||||||
|within one|year||(345,711)|(316,675)||(662,386)|
|Net current|assets||232,904|(316,675)|213,911|130,140|
|Total assets less current|||||||
|liabilities|||232,904|16,947,286|262,258|17,442,448|
|Creditors:|amounts|falling due|||||
|after one year|||(32,612)|(2,833,959)||(2,866,571)|
|Net assets|||200,292|14,113,327|262,258|14,575,877|
|Funds|||||||
|Unrestricted|funds||200,292|||200,292|
|Designated|funds|||14,113,327||14,113,327|
|Restricted funds|||||262,258|262,258|
|Total funds|||200,292|14,113,327|262,258|14,575,877|
##
|Tangible Fixed Assets|||||
|---|---|---|---|---|
||Land and|Exhibition|Fixtures and||
||Buildings|Equipment
f|Fittings|Totalsf|
|Cost|||||
|At 1 April 2022|17,962,654|369,702|365,358|18,697,714|
|Additions|362,299|2,010|42,637|406,946|
|At 31 March 2023|18,324,953|371,712|407,995|19,104,660|
|Depreciation|||||
|At 1 April 2022|1,094,546|198,975|194,577|1,488,098|
|Charge for year|302,468|74,308|50,222|426,998|
|At 31 March 2023|1,397,014|273,283|244,799|1,915,096|
|Net Book Value|||||
|At 31 March 2023|16,927,939|98,429|163,196|17,189,564|
|At 31 March 2022|16,868,108|170,727|170,781|17,209,616|
|The net book value of land and buildings|comprised:||||
||||2023f|2022
F|
|Land and buildings:|||||
|Freehold|||4,051,144|4,055,979|
|Long leasehold|||12,876,795|12,812,129|
||||16,927,939|16,868,108|
##
##
|Fixed Asset Investments||||
|---|---|---|---|
||Other|||
||Listed|Unlisted||
||Investments
f|Investments
f|Total
E|
|Cost/valuation||||
|At 1 April 2022|9,000|93,692|102,692|
|Capital repayments||(813)|(813)|
|Revaluations|(3,250)||(3,250)|
|At 31 March 2023|5,750|92,879|98,629|
##
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##
||||||||
|---|---|---|---|---|---|---|
|13.|Debtors: Amou|nts|Falling Due Within One Year||||
||||||2023f|2022|
||Trade debtors||||151,531|356,125|
||Other debtors|||||11,329|
||Prepayments
and accrued income||||2,072|2,267|
||||||153,603|369,721|
|14.|Creditors: Amounts|||Falling Due Within One Year|||
||||||2023|2022|
||Trade creditors||||201,548|382,143|
||Taxation and social||security||16,646|11,031|
||Accruals and deferred|||income|26,759|25,393|
||Other creditors||||285,991|1,515|
||Bank loans||||188,830|193,324|
||Other loan||||31,333|48,980|
||||||751,107|662,386|
||Deferred
income|comprises:|||||
||||||2023||
||At 1 April 2022||||||
||Additions
during|the|year||17,500||
||Amounts
released to|||income|||
||At 31 March 2023||||17,500||
##
||||||
|---|---|---|---|---|
|Creditors: Am|ounts|Falling Due After One Year|||
||||2023f|2022
f.|
|Bank loans|||2,375,471|2,553,904|
|Concessionary|loans||280,334|312,667|
||||2,655,805|2,866,571|
##
##
||||||||2023|2022f|
|---|---|---|---|---|---|---|---|---|
|Total future|minimum|lease payments||under non-cancellable|||||
|operating
leases are||as|follows:||||||
|Not later than one year|||||||6,103|1,061|
|Later than one and not|||later than five|years|||5,594||
||||||||12,758|1,061|
|Movement|in Funds||||||||
||||Opening
balance|Incoming
resources|Resources
expended|Investment
gains I|Transfers|Closing
balance|
||||2022|||(losses)||2023|
|Unrestricted|funds||||||||
|General
fund|||200,292|2,945,859|(2,160,150)||(713,186)|272,815|
|Designated|funds||||||||
|Fixed assets|fund||14,058,982||(426,998)||713,999|14,345,983|
|Investments|fund||54,345||||(813)|53,532|
|Restricted funds|||||||||
|Technology|Company||||||||
|Investment|fund||48,347|||(3,250)||45,097|
|EEFcontract|||213,911|296,996|(345,268)|||165,639|
|Total funds|||14,575,877|3,242,855|(2,932,416)|(3,250)||14,883,066|
||||Opening|Incoming|Resources|Investment|Transfers|Closing|
||||balance|resources|expended|gains I||balance|
||||2021|||(losses)||2022f|
|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||57,039|||6,308|(15,000)|48,347|
|EEFcontract||||353,529|(181,472)||41,854|213,911|
|Other projects|||13,706||(13,706)||||
|Total funds|||14,195,706|2,827,503|(2,453,640)|6,308||14,575,877|
##
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|||||||2023|2022f|
|---|---|---|---|---|---|---|---|
|Net income/(expenditure)|||for|the reporting|period|||
|(as per the statement||of|financial activities)|||307,189|380,171|
|Adjustments
for:||||||||
|Depreciation
charges||||||426,998|412,142|
|(Gain)/loss
on investments||||||3,250|(6,308)|
|Dividends
received
(Increase)/decrease|in|debtors||||(9,370)
216,118|(8,681)
(272,106)|
|Increase
in creditors||||||110,862|67,040|
|Net cash flow from|operating|||activities||1,055,047|572,258|
##
##
||||||2023|||2022|
|---|---|---|---|---|---|---|---|---|
|Income|||||||||
|Grants received||||||18,317||356,337|
|Activities
income||||||656,959||679,507|
|Cafh income||||||37,785|||
|Rental income|||||2,517,188||1,727,485||
|Less running
costs|||||(995,201)||(837,495)||
|||||||1,521,987||889,990|
|Dividend
and interest income||||||9,370||8,681|
|Donations
received||||||3,236||55,493|
|||||||2,247,654||1,990,008|
|Expenditure|||||||||
|Activities costs|||||10,564||8,801||
|Cafh supplies|||||29,040||||
|Grant costs|||||248,526||196,715||
|Motor travel and|subsistence||||6,246||6,149||
|Staff costs direct|||||14,729||6,678||
|Depreciation|||||426,998||412,142||
|Establishment
costs|||||59,790||50,470||
|Financial costs|||||107,496||108,501||
|Computer costs|||||36,784||41,354||
|Marketing
costs|||||45,758||48,072||
|Sundry
office costs|||||28,905||24,069||
|Professional
fees|||||36,337||37,410||
|Staff costs|||||863,901||662,865||
|Staff recruitment,|welfare and|training|||10,377||8,340||
|Stationery
and postage|||||4,929||3,195||
|Travel and subsistence|||||6,835||1,384||
|||||||(1,937,215)||(1,616,145)|
|Surplus/(deficit)|ofincome|over|||||||
|expenditure
before investment|||transactions|||310,439||373,863|
|Gain/(loss)
on investments||||||(3,250)||6,308|
|Deficit) ofincome over expenditure||||for the year||307,189||380,171|