Reglstered Company Number: 01898691 Registered Charity Number: 292664 OXFORD TRUST Financial Statements for the year ended 31 March 2025 Wenn Townsend Chartered Accountants Oxford
The Oxford Trust Contents Page Trustee Report 1-10 Independent Auditors Report 11-13 statement of Financial Activities 14 Balance Sheet 15 Cash Flow Slalement 16 Notes on Financial Statements 17-29 Detailed Income and Expenditure Account 30
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 Reference and Administrative Dgtails Registergd Company number Registered Charity number 01898691 292664 Registered office Wood Centre for Innovation Quarry Road Oxford OX3 8SB Trustges Dr J Boyle (Chair) GDCarr Dr D Llewellyn T Grudskaya M J Bennett P Dean DrSDry Prof A Fitt J Flint Imam M Hussain N Mcconville M Morys-carter Ivice Chalrl Prof A Noble L Pebworth CEO S R Burgess Company Secretary S R Burgess Auditors Wenn Townsend 30 Sl 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 Barclays Wytham Court, 11 Wesl Way Botley Oxford OX2 OJB
OXFORD TRUST The Oxford Tru$t Trustees Report forthe year ended 31 March 2025 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing the annual report and financial statements of the chaTIty. The Oxford Trust was founded in 1985. It is a Company Limited by Guarantee {number 18986911 and a registered charity (Number 292664}. Objectives and Activlties The trustees reaffirmed that the Trust's mission remains to 'encourage the pursuit of 5¢ien¢e'. 11 does this through a programme of aclivilies, in Oxfordshire and Bucklnghamshlre. to meet three key obje¢live$'. INNOVATION - To support the technology innovation ecosystem in our region Ioxfordshire only). EDUCATION - Inspiring young people about science. technology. engineering and math. ENGAGEMENT- To engage local family audiences with science as an important part of our c#Jllure The Trust is the legal entity whrch employs staff. and which holds contracts with external organisations. Our primary brand (The Oxford Trust) is used to communicate in the business and innovation sectors where it has a long history of activity. The Trust develops and delivers Science Technology Engineerng and Math (STEM) prcgrarnmes targeted al the public and school audiences under the nationally recognised Science Oxford brand. The Trust works in partnership with a range of other charities, businesses, and organisations in pursuitof its charitable objectives. Where appropriate il takes on contfftcls to deliver national schemes locally and work with other local partners to develop and implement joint projects. The Trust seeks grants and partnerships from like-minded organisalions nationally and internationally to develop innovative projects with a wider scope or infiuence. The Trust's registered offices are now located at ils Wood Centre for Innovation, Quarry Road, Headinglon. Oxford owned by the organisalion where all employees are based. David Burnett-Reid stepped down from the ard in April 2024 due to work commitments. Primary activities of the Trust include.. INNOVATION OXFORD RD Page11
OXFORD TRUST The Oxford Trust Trustees Report for the year ended 31 March 2025 The Oxford Trust currently operates innovation centre sites, the Oxford Centre for Innovation and the Wood Centre for Innovation, across almost 30,000 sq ft of deployable space for early-stage technology companies and support org8nisations. Both centres have selected clients benefiting from the Trust's Enterprise Support Programme IESPI, providing discounted rates for less well funded. but promising, companie5. Lifescience Research and experimental development 25% Energy 3% 14% Education 3°A Charity 3/ Business sector analysis Advanced Technology &5°A Quantum 11% Human health activities Software . 8.5/. Business services 8% 16/ The Trust strategi¢ dlvestiture of Macclesfield House Ilhe home of the Oxford Centre for Innovation for the previous 10 years) was completed in mid-may 2024 with one-year leaseback to enable clients to relocate their operations in a smooth manner. The leaseback effectively ended as of Mareh 3151 2025. The proceeds of Ihatdiveslilure significantly changed our financial position for the current year. However, to maintain our city centre presence and also help some of our existing clients, the Trust identified an alternative. smaller sile in a beautiful Victorian building Ibuill as the University gymnasium). A lease was agreed110 years with 5-year break) and internal changes made that enabled the 'new' Oxford Centre for Innovation at Blue Boar Court Ipiclured below) lo open with 96% occupancy in March 2025. Page12
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 The Wood Centre for Innovatlon, located in Oxford city's dynamic Headlngton Science Cluster, remains effectively full even after some spatial changes made to expand some capacity in summer 2024. The Strategie divestiture previously mentioned allowed the Trust lo continue plans lo expand the innovation footprint Wood Centre for Innovation site and deliver a bespoke facility for our STEM outreach team. This Project was initially initiated late in 2023 aiming lo create the 16,000 sq ft Aspen Building {CGI lOw) However. planning and approvals look far longer than anticipated and preliminary enabling works will not begin until early summer 2025. Subject lo final costs, the full programme is then expected to be completed 12 months later {summer 20261. The Trust continues to help build tech ecosystem neOrkS and programmes lo further Oxfordshire's plaTr as a global innovation region including funding for The Hill lan innovation catalyst working on digrtal health and NHS access programmes} and Advanced Oxford la research lead initiative showcasing and promoting Oxfordshire's technology leadership). In additson, the TrLtst collaborates with others to deliver an events programme for earfy-$tsge tech Page13
OXFORD TRUST The Oxford Trust Trustees Report for the year ended 31 March 2025 entrepreneurs called 'Exit Right, helping build knowledge and networks and support Companies from 518rt-up to exit. Together with Oxford University's Medical Sciences Division's BioEscalator, Oxford Brookes University's Biolnnovatlon and Enterprise Hub, Oxford University Hospitals Trusfs The Hill, innovation centre operator Oxford Innovatlon Space and Barclays Eagle Labs a new grouping was created called the Headington Sciènce Cluster to promote and explain the impact this part of the city has on global technology development especially in bioscience, digital health and materials science. HEADINGTON SCIENCE CLUSTER EDUCATION & ENGAGEMENT The strategy for our Educab'on & Engagement activities is being refreshed lo ensure that we continue to address the changing curriculum and adjust to school pressures. The Trust is in a ft)rtunate position lo recycle capital from its innovation cenlres to support our programmes. Our financial strength, and leverage grant from the Aspen Trust, allowed us to design. receive planning and implement the hard wall enclosure of the previous open canopy space adIanI to the main Science Oxford Cenlre. This now allows visiting students, teachers and families to enjoy a weatherproof environment as well as offer many additional programming opportunities in the future. Additional improvements to outdoor seating areas near the ponds including hard standing, new benches elc. were also completed during this financial year. a. PUBLIC PROGRAMME: Under the Science Oxford brand, the Tnjsl continues to develop and deliver regular technology, science and nature themed clubs al the Science Oxford Centre that encourage creativity, invention, and explorakn'on, that help young people develop skills in, for instance, computer coding & robotics. Our staff also deliver bespoke STEM-Ihemed experiences for young people during the school holidays. A local after-school club called Arti- Techs blends art and engineering in an accessible way for students with different abilibes and 15 fully funded by the Trust. The team continues to develop links with our nearby communities from Rose Hill to Barton and other local organizations who share similar ideals such as Oxfordshire Youth. In2Uni etc. The Science Oxford Centre is ltypicallyl open lo families of young children every Saturday and uses both the interactive zones, the 'Live Lab, demonstration area, water lab outside exhibit and our 15-acre natural realm for exploration and learning. We manage capacity to deliver the best experience rather than maximise income and most of the sessions are full attraeling 180-200 people each day of all ages, a majority of whom still come from within 1 hour of the site. In addition, outreach activities take place in libraries, museums, community and youth centres across the area as much as capacity allows b. PRIMARY SCHOOL PROGRAMME: This remains by far our largest area of work and is focused on schools across Oxfordshire and BU¢'nghamShlre with a particular emphasis on schools local lo our centre where 'multitouch' engagement is mre achievable for these institutions. It includes a wide variety of programmes that adapt to school requirements such as.. The Science Oxford Centre (SOC} is targeted at early year5 and primary-aged children and, as noted above, their families during public days. The SOC remains a unique indoorloutdoor centre focused on enabling young people112 and under} to develop higher order thinking skills through exploration, discovery, and play. Over 8,000 students from 140 schools visited us in the last full academic year. Page14
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 Our extensive programme of outr8ach workshops shows science dome {planelarium) and kit loans, that inspire interest in science, technology, engineering, and math {STEMI in young people and develop their skills in these areas. continues lo see good demand with more than 10,000 students reached across 92 schools. The Big Science Event, our annual competition for primary schools. continues to be popular with dozens of primary schools and is slowly returning lo pre-pandemic levels of lake up and the 2025 iteration will take place in collaboration with the national Great Science Share initiative in June. Our Conts'nuing Professional Development ICPD) for primary teachers in the region has stsrted lo return to normal and a local version of our acclaimed TDTScience programme {see below) is offered for free lo selected primary schools. The Trust completed the migration of national delivery of Thinking Doing Talking Sclence ITDTScience} primary science CPD programme lo the Primary Sclence Teaching Trust IPSTTI which will be rolled out across England and Wales in the coming years. The Trust continues to deliver TDTScience in our local region. The strategy for our Education & Engagement activities is being refreshed to ensure that we continue to address the hanging curriculum and adjust to school pressures. The advantage of our funding model, where a majority of the costs are covered from innovation centre revenues, significantly helps our flexibility and adaptability. a. SECONDARY SCHOOL PROGRAMME: After a detailed review we decided. despite continuing demand, lo pause our Secondary School ¢areers focused programme in August 2024 and give more lime to refresh our offer in a way that better meets the needs of aspiring young scientists and engineers alongside the practical challenges faced in the secondary school sector. It is planned Ihal a new programme will be18unched in the next financial year as part of the Trust's 40th anniversary year. The latest 2023-24 academie year analysis showed the following oulpuls from our school actwf(ies. and these ontinued to be built upon during our linancial period ending March 2025. Our impact Tl.. .Iiber 2023 August 2024 STEM Education and Engagement iSc4 E¥eNtpirtKlpan15 5ch)ols 137 the Centre Education programme 9,438 111dien EnRaEE Schwl yrtS 20,000+, 30,000+ $¢knoxI1d¢8 lorPAffjarySthoS ',g peop pry5th STEm¢ar¢w$PrwThl 92, 10,OOO+ 33 r, I loans acheis lird on¢ary5Clltw I 1,089 .dent,,.., "Eaged 403.. 72. Page15
OXFORD TRUST The Oxford Trust Trustees Report for the year ended 31 March 2025 b. PARTNERSHIPS & COMMUNITIES: Ongoing partnerships with the Primary Science Teaching Trust (Thinking Doing Talking Science) and Edina Trust Idisadvanlaged school programme aCsS support) continue to be further developed again during the year with and others such as Great Science Share and Oxfordshire Youth were initiated. A growing programme is centered around our local Wood Farm community which lies adjacent to our Wood Centre tor Innovation site and nearby Barton and Rose Hill districts. This initiative aims to bring together the local primary school, community leaders and residents to enhance opportunities to develop STEM knowle(Jge and skills in younger people in these areas. The Trust supports through a cash grant and resources, the IF Festival (formally the Oxfordshire Science Festival, started by the Trust before being spun-out) allowing us to reaoh more underserved audiences in areas of the city where we have less exposure. This partnership will continue in 2025126. THE OXFORD TRUST'S STRATEGY With both innovation centres practallY full we had limited large-scale growth potential. so we evaluated options lo continue our development in future years. in ways that enhance our sustainability and ability lo finance the STEM education and engagement activities. CLtrrenUy key elements of the strategy include.. 1. Continued capltal Investment in key areas that drlve sustalnable Income and enhance our mission: Developing additional Grade A Aspen Building innovation space 81 our carbon positive Headington sile (labslofficesl via its Wood Centre for Innovation and planned expansion of caféldining facilities. Being open lo adding additional, or alternative. flexible innovation spacellaboratory capacity where affordable, appropriate. and required. Providing enhancements lo our Education & Engagement offer lexhibils, facilities etc.) and improving client and visitor experiences la woodland access way into the sile for pedestrians is under consideration) as an example These programmes have been helped by an innovative donation package tolaling £1 million which the Trust will use as a 'draw down. to speed up strategic investments. 2. Supporting the region's high-tech economy vla the Trust's facilitles and partnerships by: Continuing the Trust's support. where possible, of other not-for-profit organisations involved in growing. supporting, and promoting the regional knowledge-inlensive business sectors primarily through Advanced Oxford, The Hill Oxford and the new Headlngton Science Cluster initiative. Ub'lising the new Oxford Centre for Innovation site in central Oxford lo develop more ecosystem value alongside our partners Barclays Eagle Labs. 3. Enhancing our Sclence Oxford-branded education and engagement capabllltles by.. Continuing the development of the educational value of the Science Oxford Centre to schools and public audiences in a way that focuses on quality and not quantity of experience. Addressing the constraints of our outreach team to improve efficiency and enhance in-school delivery including a new'hub, in the Aspen Building to develop, prepare. store and distribute programme collateral.. Continuing to develop our primary school teacher CPD offering through the embedded Thinking. tloing, Talking Science ITDTS¢ience) programme and supporting the Primary Science Teaching Trust to maximise its national impact. Exploring collaborations with the natK)nal Great &ience SharelBig Science Event combination to encouiage greater participation. Expanding relationships with STEM-based research businesses in Oxford5hire and Buckinghamshire as we refresh our Secondary Sehool programme - creating more career-based opportunitves for young people aged Page16
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 1310 17. Continuing expanding the reach and depth of workshop-based clubs lo young people, particularfy in underserved communities via partnerships and training to bltild competencies and capacities. Accelerating the narrow but deeper, initiatives lo build out options to develop programmes that result in greater multitouch activities with people and communities cSose to oui Headinglon base. Facts Achievemgnts and Performance Divesting one innovation centre, setting up another, designing and achieving plannin9 approval for yel another would lesl most organisalions. This is a remarkable achievement from a very small team, plus supporting organis8tion$ whilst maintaining IOOOA occupancy of available spaces in our innov8tion centers. Managing the financial ch8nge$ created by these inilialives should also not be underestimat, Our education team continues to welcome dozens of schools, thousands of pupils, hundreds of families, and many community groups lo the Science Oxford Centre or by traveling lo them. Most activities and days are booked well in advance. hopefully underlining the quality of what we deliver and the efforts to reach those who make the decision to Financial Review Principal Sources of Operational Funding The Trust Is funded by a combinab'on of income from its assets linnovation cenlresl. sponsorshiplgrants from third parties, individual donab'ons, and revenue from our delivery activities. Tol81 income (excluding capital grants and contribulionsl increased by 2550h to £11.8 million12023124'. £3.34 million) driven by the gain on the sale of Macclesfield House and solid organic growth. The innovation cerklre income remained the main economic driver of the Trus( rising by 4°A from £2.82 to £2.94 million as occupancy ulilisalion reached capacity, pricing was adjusted lo offset increased energy costs, and further laboratory conversions were completed. Investment Pollcy The Tiusl no longer has an investment portfolio although a small number of piivately owned shares in some funds and companies are still held. Most of the Trust's liquid financial assets are held as cash to allow for deploymonl to support our strategic aims or invest in reSoUrS with tangible returns and benefits. Reserves Policy As explained above, the Trust Carries Out a range of aclivib'es in delivering its mission, requiring significant ongoing financial commitment and investment. The Trustees have examined the requirements for free reserves.. i.e. those unrestricted funds not designated for specific purposes or olhetwise committed. The Trustees. policy is to ensure the long-term financial stability of the Trust through a portfolio of ils own high value property and cash in such a way as to maintain unreslricled and restricted reserves, sufficient lo enable further commitments to be made in line with plans. The Trustees are of the opinion that unrestricted fund remain sufficient to enae the organisalion to continue this ongoing objective. A fixed cash resetve of £0.23 million is maintained in order to meet the Trust's short term cash requirement$. The Trustees review this policy annually. In addition, the Trust maintains a separate bank account lo protect client deposits from both leases and licenses. Our managing agents (Oxford Innovation Space} also hold some additional capital for use in relation lo client exits and dilapidation charges. Page17
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 Future Plans The Trust remains focused on delivering value in the long term for the groups and communities that the charity serves. The current and continuing investment in laboratoiies, offices and technic81 workspaces provides a bedrock of cash flows that slrenglhen5 our ability to fund and develop our Science Oxford branded STEM education and engagement work. These activities remain in high demand and offer different access opportunities lo both widen and deepen programmes specificalty focused on underserved ¢ommunilies. Maximising the benefits and capabilities of our Headington location remains at the core of the strategies although major development opportunities will be more limited once the new Aspen Building is opened. Nevertheless, there will still be opb'ons to enhance the site in the coming years both financially and ft)r the mission priorits. In addition, the Trust will explore other options. most likely with partners, that strengthen its posilion in the core STEM innovation and education sector5. Governing Document The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under ils Articles of Associalion. 11 does not have share capital. Organisational Structure The work of the Trust is governed by the Trustee Board, which meets quarterly to sel and review strotegy. The Chief Executive attends board meetings but has no voting rights. There are currently sub-committees - Finance 8 Investment and Remuneration. These sub-committees make recommendations to the Board and. when appropriate, authorities are delegated by the Board lo make decisions on specific issues. The Trust depends, for all ils aclivilies, on a sm811 group of dedicated. enthusiastic, and highly skilled staff. At the end of 2024125, the Trust has 27 FTES plus both paid casual staff and volunteers as required. The CEO is supported by a small senior leadership team responsible for specific areas of the Trusvs activities. Equal Opportunitles & Fair Pay The TrLJSt is an equal opportunity employer. The senior leadership team {SLT) is currently split 4..2 womenlmen. There is minimal pay differential beeen genders across all grades (excluding CEO). We operate in a competitive market for talent which is particularfy acute in Oxford. The Trust eurrenlly pays all employees at, or above, the Oxford Living Wage for all part-lime and temporary positions, including internships and placements. Recruitment and Appointment of Trustees The Trustees of the charity are also the company's directors for the purposes of the Companies Act. Trustees are selected lo give a wide range of expertise in science, finance, education. and industry. A skills matrix of existing trustees is regularly updated and compared with the Trusys current needs. All Trustee appointments are elected by formal resolution and trustees are subject to retirement by rotation policy set out ill the Trusfs Articles of Association. Trustees who served during the year were.. Dr J Boyle (Chairl G D Carr (Joined Jan 31, 20251 Dr D LIeweln (Joined Jan 31, 20251 T Grudskay8 (Joined Jan 31. 20251 J Bennett D Burnell-Reid (resigned April 20241 P Dean (Resigned June 9. 20251 DrSDry Prof A Fitt N Mcconville Imam Monawar Hussain M Morys-carter (Vice Chairl Prof A Noble L Pebworth J Flint Page18
OXFORD TRUST The Oxford Trust Trustees Report for the year ended 31 March 2025 Trustee Induction and Training Generally, prospective trustees are already familiar with the practical work of the charity having participated in Trust events and projects and are often known personally lo trustees or Trust staff. Prospective trustees are invited to meet the Chief Executive and at least one of the Trustees to familiarise themselves with governance issues and the responsibilities of a Trustee. They are taken through the obligations of the Board members, resourcing and current financial position and details of activities and future plans. They are given copies of the Trust's Memorandum and Articles and most recentiy published accounts and the Charity Commission's publications on The Responsibilities of a Charity Trustee. TTUStees are kept up lo date with changes in charity law through Charity Commission publications and by professional advisors. Where appropriate trustees or the Chief Executive attend updating seminars on relevant issues. Trustees, Responsibilities Statement The trustees (who are also direelors of The Oxford Trust for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees to prepare fi'nancial statements for each financial year. which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and applicab'on of resources, including the income and expenditure, of the charitable company for that period. In preparing these fi'nancial $tslemenls. the Iruslees are required lo.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 IFRS 1021; make judgements and estimates that are reasonable and prudent. stale whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless It is inappfopriate lo presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any "me the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for laknng reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the charitable company's auditor is unaware., and The trustees have taken all steps that they ought to have tsken to make themselves aware of any relevant audit information and to establish that the aud'rtor is aware of that informatson. Related Parties The Trust has no holdings in related parties. Rlsk Management The Trust operates within a set of systems and slructUTes that ensure that material risks, as identified by the Trustees, are continually monitored, and addressed. Risks are assessed under several key headings with clear lines of responsibility and review procedures. Such risks include items like major capital expenditure programs, occupancy rates of the innovation centres and key personnel resilience. The Trust will schedule a disaster recovery test in 2026 after new IT software installations have bedded in. Ongoing ¢ashflow management and operational financial goals are overseen by the Finance and Investment Sub- Committee IFISCI monthly. Other factors such a$ govemmenl funding of education related programmes and the changing innovation landseape are ¢ons&dered when planning for activity delivery andlor investments. The trustees remain focused on ensuring enhanced staffing levels are appropriate for the programme$ being developed and delivered to avoid risks associated with stsff churn and workload5. Page19
OXFORD TRUST The Oxford Trust Trustees Report for the year endèd 31 March 2025 n Boylo Chalr of Trustees September 19, 2025 Page | 10
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 Oplnlon We have audited the financial statements of The Oxford Trust Ilhe'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8nci81 Reporting standa applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the charitable company's affairs on 31 March 2025, and of its incoming resources and applioation of resources. including its income and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for Opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions Relating to Going Concem In auditing the financial statements, we have concluded Ihatthe trustees, use olthe going ¢on¢em basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any malerkgl uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going ¢oncern are described in the relevant sections of this report. Other Information The Iruslees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our audilorfs report thereon. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsislenl with the financial statements, or our knowledge obtained in the audit OT Otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstalemenl in the financial statements or a material misstalemenl of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required lo report that fact. We have nothing to report in this regard. Opinions on Other Matters Prescribgd by the Companies Act 2006 In our opinion, based on the work undertaken during the audit.. the infomiation gnien in the trustees, report lincorporatlng the directors. report) for the financial year forwhich the financial statement5 are prepared is consistent with the financial statements.. and the dire¢tors' report has been prepad in accordance with applicable legal requirements. Pagel 11
OXFORD TRUST The Oxford Trust Trustees Report forthe year ended 31 March 2025 Matters on Whlch We Are Required to Report by Exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit. we have not identified material misstatements in the d1clor$, report. We have nothing to report in respect of the following matters In relation lo which the Companies Act 26 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or Teturns adequate for our audit have not been receNed from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directo, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance w¢lh the small companies, regime and take advantsge of the small companses. exemptions in preparing the directors. report and from the requirement to Pfepare a sliategic report. Responsibilities ot Trustees As explained more fully in the trustees, responsibilities statement set out on page g, the trustees (who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and foi being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mallers relalecj to going conrn and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic allernalive but to do so. Auditor's Responslbllities for the Audit of the Financial Statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material mi5slatement, whether due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalement when it exists. Misstalemenls can arise from fraud or error and Sre considered material if, individually or in aggregate, they could reasonably be expected to Influen the economic decisions of users taken based on these financial statements. Irregularities, including fraud, are instances of non-complian¢e with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these Can detect irregularities. including fraud is detailed below.. Enquiry of management. those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims,. Reviewing minutes of meetings of those charged with govemance., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable18ws and regulations., Performing audit work over the risk of management override of controls, including lesling of joumal entries and other adjustments for appropriateness. evaluating the business ralKJnale of significant transaction5 outside the normal course of business and reviewing accounting estimates for bias., Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. induding those leading to a material mis51atemenl in the financial statements or non-compliance with regulation. Thi5 risk in¢re85e5 the more that complian with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instanS of non-compliance. The risk is also greater regarding Irregularities occurring due to fraud rather than eor, as fraud involves intenlion81 ¢oncealment, forgery, Page | 12
OXFORD TRUST The Oxford Trust Trustees Report for the year ended 31 March 2025 collusion. omisslon or misrepresentation. A further des¢riplion of our responsibilities for the audit of the financial statements is located on the Financial Reporting CouneAI'$ webs4te at.. www.frc.org.ukjaudilorsresponsibilities. This description fomis part of our auditor's report. Use of Our Report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the ¢harilable company and the charitable company's members as a body. lor our audit work, for this report, or for the opinions we have formed. Lee Baker BA FCA (Senior Statutory Auditor} For and on behalf of Wenn Townsend Chartered Accountants, Statutory Auditor 30 St Glles Oxford OX13LE . 2025 Page113
The Oxford Trust Statement of Financlal Activiti0$ {including Income and Expenditure Account) for the year ended 31 March 2025 Note Unrestrlcted Designated Restricted 2025 2024 Fund Fund Fund Total Funds Total Funds (Note 1b1171 {Note 1 b1171 {Note 1b117) Income from: Donations and legacies Charitable activities Investments 19,545 3,299,075 446,062 122,000 141,545 3,299,075 446,062 26.868 3,301,473 10,556 Total income 3.764,682 122,000 3.886.682 3,338.897 Expendtture on: Raising funds Charitable activities 40,304 2,987.923 40,304 3.477,291 58,581 3,300,293 360,918 128,450 Totsl expenditure 3,028.227 360,918 128,450 3.517,595 3,358,874 Net gains I Ilossesl on Investments Gainl{lossl on disposal of fixed assets 12 68,375 12,675) 65,700 125.827 7,964,570 7,964.570 Net Income I lexpenditurel 8,769,400 1360,9181 19.1251 8.399.357 105.850 Transfers 17 2,213.445 12.213.445) Net income l {expenditure) after transfers 10,982.845 12.574,363) 19,125) 8,399,357 105,850 Reconciliation of funds: Total funds brought forward 473.371 14,465,498 50,047 14,988.916 14.883,066 Total funds carried forward 11,456,216 11.891,135 40.922 23,388,273 14.988.916 All income and experKJiture have arisen from continuing activities. The statement of financial activities inclLtdes all gain$ and losses recognised during the year. The notes on pages 17 to 29 form part ofthese financlal statements Page | 14
The Oxford Trust Balance Shoet As at 31 March 2025 Note Unrestricted Designated Restrlcled 2025 2024 Fund Fund Fvnd Total Funds Total Funds (Note 1b117) (Note 1b1171 (Note 1b117 Flxed Assets Intangble assets Tangible assets Investments 11 12 12 15.025 13.998.122 48,360 15,025 4,435 13.998.122 17.046,894 89.282 91,957 40,922 14,061,507 40,922 14, 102,429 17,143,286 Current Assets Debtors Cash in hand 13 661,407 11,566,938 661,407 11.566.938 349,133 895,281 12,228,345 12.228,345 1,244.414 Crndtto Amoursls falling due within one year 14 1772.1291 1188.612} {960,7411 11,216,050) Net Current assets 11,456,216 (188,612) 11.267,604 28,364 Total assets less current Ilabilltles 11,456,216 13,872,895 40,922 26,370,033 17,171,650 Credltors: amounts falling due after one year 15 {1,981,7601 {1,981,7601 {2.182.734} Net a88el8 11.456.216 11.891.135 40,922 23.388,273 14,988.816 Fund8 Unre51ricled funds Designated fijnds Restricted funds 17 17 17 11,456,216 11,456,216 11.891,135 40,922 473,371 14.465,498 50.047 11,891,135 40.922 Total funds 17 11.456.216 11,891,135 40,922 23,388,273 14.988.916 These financial statements have teen prepar in accordance with the special provisons of Part 15 of the Companies Act 2006 relating to sm 11 charitable companies. The financial statements w its behalf b app by the Board of Trustee5 on September 19th 2025. and were signed on DrJ Boyle Reglstered Company Number: 01898691 The notes on pages 16 to 28 lorni part of these financlal statements Page115
The Oxford Trust Cash Flow Statement forthe year ended 31 March 2025 Note 2025 2024 Cash flow from operatlng actlvities 19 1,992 426,165 Net cash flow from operating activities 1,992 426.165 Cash flows from investing activities: Purchase of tangible fixed assets Purchase of Inlangible fixed assets Proceeds from sale of tangible fixed assets net of legal costs Sale of fixed asset investments Capital repayment from unlisted investment Dividends and interest received (1.374,840) (12,180} 12,028,854 1298,696) 14.435} 132,000 499 10,556 68,375 446,062 Net cash flow from Investlng actlvttles 11,156.271 1160,0761 Cash flov from flnanclng actlvltles: Repayment of long-lerm loans (486.6061 {218,9901 Net cash flow from financing a¢tivitigs (486,6061 (218.9901 Change in cash and cash equivalents in the reporting pgriod 10,671,657 47,099 Cash and cash equivalents at the beginning of the reporting period 895,281 848,182 Cash and cash equivalents at the end of the reporting period 11.566,938 895.281 Page | 16
The Oxford Trust Notes to the Financial Statements forthe year ended 31 March 2025 Accountlng Policies al Basis of Preparing the Financial Statemgnts The Oxford Trust is a charitable company in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal a¢livits'es are included in the Trustees, Report. The charity conslilules a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charilie8_' Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011. and UK Generally Accepted Accounting Practice. The sunifi'cant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unles5 Otherwise stated. bl Funds Unreslricled funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are funds that have been earmarked by the trustees for a particular purpose, including the purchase of fixed assets and investments lo provide a long-term return lor the charity. Where fixed assets or Investments are acquired or disposed of, any cost or proceeds revert to unrestricted funds. Restricted funds are funds which are to be used in accordance with specific restrictnS imposed by donors or which have been raised by the chartty for particular purposes. The cost of raising and administering such funds are charged against the specifi'c fund. The aim and use of each resliicted fund is sel out in the notes to the financial stslemenls. cl Income Recognltion All incoming resources are included in the Statement of Financial Activities ISoFA} when the charity is legally enlilled to the in¢ome after any perf0rrnan conditions have been meL the amount can be measured reliably. and il is probable that the income will be received, For donations lo be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions atta¢hed lo the donation and this requires a level of performance before entiuement can be obtained, then income is deferred until those conditions are fully mel or the fulfilment of those conditions is within the control of the Charity, and il is probable that they will be fulfilled. Donated facilities and donated professional $ervices are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably. and the charity has control over the item. Fair value is determined based on the value of the gift to the charity. For example, the amount the charity would be willing to pay In the open market for such facilities and services. A eorresponding amount is recognised in expenditure. No amount is included in the financlal statements for volunteer time in line with the SORP {FRS 102). Investment income is eamed through holding assets for investment purposes such as shares. It includes dividends and interest. Where il is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported nel of these costs. 11 is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to re1ve payment15 established. Page | 17
The Oxford Trust Notes to the Flnanclal Statements for the year ended 31 March 2025 Accounting Policies (Continued) dl Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constructive obligation lo make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds., Expenditure on charitable aclivilies,. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. el Support Costs Allocatlon Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance Costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out al Headquarters. Where support Costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis con51Stent with use of the Tesources. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of charitable activities. fl Tangible Fixed Assets Tangible fixed assets are stated at cost lor deemed costl or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly atlribulable lo making the asset capable of operating as intended. Depreciation is provided on all tangible red assets, at rates caleulaled to write off the cost. less estimated residual value, of each as5el on a syslemab'c basis over its expected useful life as follows.. Freehold propety FixtUTes and fittings Exhibition equipment Leasehold improvements - 2Qh on cost 20Yo straight line basis 20Yo Straight line basis 20% straigttt line basis gl Investments Investments are recognised initially at fair value which is normally the transaction priee excluding transaction costs. Subsequently, they are measured at fair value with change5 recognised in 'net gainslllossesl on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured al cost less impairment. Investments in subsidiarie5fioinl ventureslassociates are measured at cost les5 impairment. h) Debtors and Creditors Receivablelpayable Within One Year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. l} Employee Benefits Vhen employees have rendered service to the charity. shorl-term employee benefits to which the employees are entiued are recognised at Ihe undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefrt of ils employee5. Contributions are expensed as they become payable. Page | 18
The Oxford Trust Notes to the Financial Statements forthe year ended 31 March 2025 Accountlng Policies (Continued) jl Concessionary Loans Conce5sionary loan5 are initially recognised al the amount received. The carrying amount is adjusted in subsequent years to reflect iepaymenls and any accrued interest and are adjusted. if necessary. for an impairment. kl Leases Rentals payable and receivable under operating leases are charged to the SOFA and a slraight-line basis over the period of the lease. 11 Tax The chatity is an exempt Gharity within the meaning of schedule 3 of the Charities Act 2011 and is considered lo pass the test5 sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. ml Going Concem The financial statements have been prepared on 3 going concern basis as the Trustees believe that no material uncertainties exisl. The Trustees have considered the level of funds held, the asset base of the organisation and the expected level of income and expenditure for 12 months from aulhori5ing these financial stalemenls. They have concluded that the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able lo continue as a going concern. In¢ome from Donations and Legacies 2025 2024 Donations 141,545 26.868 141,545 26.868 Included within donations income is restricted funding totaling £107,00012024.' £nill relating lo the Aspen Building fund. The funder has pledged a total of £1 m for this project but the full value has not been iecognised in income because the Charity does not have unconditional entitlement lo the fvnds. Incomp from Charitable Activities Education & Innovation Engagement Total 2025 Total 2024 Central Grant for project work undertaken Innovation Centre income 2,946,277 Activities income 82,056 Events income Café income 646 148,265 2,826,388 232,244 25,834 68.742 2,946.977 252,231 25,391 74,530 170,175 25,391 74,530 3,102,863 196,212 3,299,075 3.301,473 Page | 19
The Oxford Trust Notes to the Financial Statements for the year ended 31 March 2025 Income from Investments 2025 2024 Dividends and Inte$t received 446,062 10,556 Sa} Expendituro on Charitable Actlvltles Staff costs Othgr osts Allocation of support Total 2025 Total 2024 Education and Engagement Innovation costs Governance costs Support costs (see note 5bl 308,248 517.568 160,903 109,017 1,610,217 12.850 758.488 554,772 511,964 1,181,357 2,283,084 12.850 1,493,760 1,796,333 10,200 11.066,7361 986,719 2,490,572 3,477,291 3,300,293 Sbl Support Costs The significant components of support costs are as follows= Total 2025 Total 2024 Computer costs Depreciation Establishment costs Financial costs Staff costs Olhef SUPPOrt costs 58,109 360,918 81,765 92.756 308.249 164,939 55,708 441,366 54,977 104,114 331,884 158,366 1.066.736 1,146,415 Net Income Net income is slated after ¢hargingl{creditingl'. 2025 2024 DepTecialion- owned assets Interest received Trustees, and officers, indemnity Auditor's remuneration audit Auditor's remuneralion - other service5 360,918 1446,0621 1,248 12,850 441,366 {10,5561 1,248 10,200 Page | 20
The Oxford Trust Notes to the Financial Statements forthe year ended 31 March 2025 Trustees, and Key Management Personnel Remuneralion and Expenses The trustees neither Teceived nor waived any remuneration during the year12024." £Nill. The total amount of employee benefrts received by key management personnel is £424,451 {2024'. £386,111). The Trust considers its key management personnel comprise the senior management team. No {2024". none) trustees are ac¢ruing pension arrangements. Trustees, expenses of £Nil12024.. £Nill were reimbursed to the trustees during the year. Staff Costs and Employee Beneflts Staff costs are made up as folbws.. 2025 2024 Wages and salaries Social security costs Other pension costs 727,502 69,214 190,003 794,877 69,862 173,615 986,719 1,038,354 The aveTage monthly number of employees during the yeaf was a5 follows.. 2025 FTE 2025 Number 2024 FTE 2024 Number Education & Engagement Central Innovation 14 14 14 14 27 27 27 27 The number of employees whose employee beneffts lexcluding employer pension eoslsl exceeded £60,000 was.. 2025 2024 £60,000 - £70,000 £70,001 - £80,000 £80,001- £90,000 Page | 21
The Oxford Trust Notes to the Financial Statements forthe year ended 31 March 2025 Comparatlves for the Statement ol Flnanclal Actlvltles Note Unrestricted Designated Restricted 2024 Fund Fund Fund Total Funds (Note 1b117} (Note 1b1171 (Note 1 b117) Income from: Donations and legacies Charitable activities Investments 16.868 3.179.761 10.556 10.000 121.712 26,868 3,301,473 10,556 Total income 3.207,185 131,712 3.338,897 Expenditure on: Raising funds Charitable activities 58,581 2.568,026 58,581 3,300,293 441.366 290.901 Total expenditure 2.626,607 441.366 290.901 3,358,874 Nel gains I Ilossesl on Investments 12 127,327 {1,5001 125,827 Net income l (expenditure) 707,905 1441,366) 1160,6891 105,850 Transfers 17 1507.3491 507.349 Net income l (expenditure) after transfers 200,556 65.983 1160.6891 105,850 Reconciliation of funds: Total funds brought forward 272,815 14,399,515 210,736 14,883,066 Total funds carried forward 473,371 14,465.498 50,047 14,988,916 Page | 22
The Oxford Trust Notes to the Flnancial Statements forthe year ended 31 March 2025 10. Comparatlves for the Balance Sheet Note Unrestricted Oesignated Restricted 2024 Fund Fund Fund Total Funds (Note 1b117) (Note 1b1171 (Note Ib1171 Flxed Assets Intangible assets Tangible assets Investments 11 12 13 4.435 17,046,894 48,360 4,435 17,046,894 91.957 43,597 17,099,689 43,957 17,143,286 Current Assets Debtors Cash in hand 14 349, 133 888.831 349,133 895,281 6.450 1,237.964 6.450 1.244,414 Creditors Amounts fallirig due within one year 15 {751,879) {464,1711 {1,216,0501 Ngt current assets 486.085 1464.1711 6.450 28.364 Total assets less Current 486,085 16,635.518 50,047 17,171,650 Creditors: amounts falling due after one year 16 112,714) 12,170.0201 {2.182,7341 Net assets 473,371 14,465,498 50,047 14,988,816 Funds Unreslricled funds Designated funds Restricted funds 18 18 18 473,371 473,371 14,465,498 50,047 14,465,498 50,047 Total funds 18 473.371 14,465.498 50,047 14,988.916 Page | 23
Tho Oxford Trust Notes to the Financial Statements for the year ended 31 March 2025 11. Intangible Fixed Assets Website l Data Totals Cost Al 1 April 2024 Additions 4,435 12.180 4,435 12,180 At 31 March 2025 16,615 16,615 Depreciation At 1 April 2024 Charge for year 1.590 1,590 At 31 March 2025 1,590 1,590 Net Book Value At 31 March 2025 15,025 15.025 At 31 March 2024 4,435 4,435 Page | 24
The Oxford Trust Notes to the Financlal Statements lorthe yearended 31 March 2025 12. Tangible Flxed Assets Land and Assets under Buildings construction Exhibition Equipment Fixtures and Flttings Leasehold Improvements Cost At 1 April 2024 Additions Disposals 18.475,694 361,158 (4,417,543) 92.311 725,737 385,182 32,476 450,169 23,070 151,3221 232.399 At 31 March 2025 14,419,309 818,048 417,658 421.917 232,399 Depreclation Al 1 April 2024 Charge for year Disposals 1.706.432 283,606 1382.8481 347,625 17,348 302,405 47.942 {21,733) 10,432 At 31 March 2026 1,607,190 364.973 328.614 10,432 Net Book Value At 31 March 2025 12.812.119 818,048 52,685 93.303 221,7 At 31 March 2024 16.769,262 92,311 37.557 147,764 The nel book value of land and buildings comprised.. 2025 2024 Land and buildings.. Freehold Long leasehold 4.034.694 12,826,879 13,630.167 13.630,167 16.861,573 Page125
The Oxford Trust Notes to the Financial Statements for the year ended 31 March 2025 12. Flxed Asset Investments Other Listed Investments Unllsted Investments Total Cosuvaluation At 1 April 2024 Revaluations 4.250 12,6751 87,707 91.957 12,6751 Al 31 March 2025 1,575 87,707 89,282 The fair value of listed investments is determined by reference to the quoted price for identical assets in an 8Qtive market al the balance sheet date. Other investments are measured cost less impairment on the basis that they represent shares in entities that are not publicly traded. and the fair value cannot otherwise be measured reliabty. 13. Debtors: Amounts Falling Due Wlthln One Year 2025 2024 Trade debtors Prepayments and accrued income Other debtors 295,636 324,831 40,940 348,596 537 661.407 349,133 Contlngent asset As disclosed in note 2. the Charity has received a pledge tolaling £1m for the Aspen Building. As al the year-end, the Charity does not have unconditional enlitlemenl lo the funding. Therefore, the Charity has only recognised income for the element that has been approved and paid in cash1£107,0001. It Is probable that the Charity will receive economic benefits for the remainder of the pledge, £893,000, and therefore this meets the definition of a ¢ontingenl asset and is disclosed here as such. Page126
The Oxford Trust Notes to the Financial Statements for the year ended 31 March 2025 14. Creditors.. Amounts Falling Due Wlthln One Year 2025 2024 Trade creditors Taxation and social secur¢ty Accruals and deferred inwme Other creditors Bank loans Concessionary loans 473.711 13,536 11.309 273,573 188,612 335,367 16,996 71,502 317.941 193,410 280,834 960.741 1,216,050 There were concessionary loans repaid by the charty during the year. The balance of these loans was £nil at 31 March 202512024.. £280.8341. Both loans were interest free payable in one installment within 12 months of the balance sheet date. Deferred in¢ome comprises.. 2025 Al 1 April 2024 Additions during the year Amounts released to income 9.843 19,8431 At 31 March 2025 Income has been deferred for projects gTanl paid in advance but specified for use in future periods. 15. Creditors: Amounts Falling Due After One Year 2025 2024 Bank loans 1,981,760 2,182,734 1.981,760 2.182.734 Bank loans lotaling £2,170.37212024.' £2,353,357) are secured by a charge over the Oxford Centre for Innovation, New Road, Oxford. Page | 27
The Oxford Trust Notes to the Financial Statements for the year ended 31 fvlarch 202S 16. Lease Commitments 2025 2024 Total future minimum lease payments under non-cancellable operating leases are as follows= Not later than one year Later than one and not later than five years 4,115 4,115 6,102 508 8,230 6.610 17. Movement in Funds Opening balance 2024 Incoming Resources Investment Transfers resources expendgd and fixed asset galnsl Ilossesl Closlng balance 2025 Unrestrlcted funds General fund 473,371 3,764,682 13.028.227} 8,032,945 2,213,445 11.456,216 Designated funds Fixed assets fund Investments fund 14.417,138 48,360 1360.9181 12,213.4451 11,842.775 48,360 Rèstricted funds Technology Company Investment fund EEF contract Aspen Building fund Thinking, Talking. Doing Science 43.597 6,450 12,675) 40,922 {6.4501 1107,0001 (15,0001 107.000 15.000 Total funds 14,988,916 3,886,682 13,517.5951 8,030,270 23,388,273 Openlng balance 2023 Incoming Resources Investment Transfers resources expended gains I {losse$) Closing balance 2024 Unrestricted funds General fund 272.815 3,207,185 (2,626.6071 127,327 1507.3491 473,371 Designated funds Fixed assets fund Investments fund 14,345,983 53,532 1441,366) 512,521 14.417,138 15,172} 48,360 Restricted funds Technology Company Investment fund EEF contract Other projects 45,097 165.639 (1,5001 43,597 6,450 121,712 10,000 1280,901) 110,000) Totsl funds 14.883,066 3.338.897 13,358,874} 125,827 14,988,916 Page | 28
The Oxford Trust Notes to the Financial Statements for the year ended 31 March 2025 17. Movement In Fund$ {continuedl Unrestricted Funds The Trust holds most of its cash in flexible funds to be deployed for day-t(>day operations or on projects approved by the board of trustees. Deslgnated funds The fixed assets fund represents all fixed assets held by the charity. Vlthere assets are disposed or acquired. the proceeds or costs are transferred lo or from the general fund. All depreciation costs are charged lo this fund. The investments fund represents those investments that have been acquired from the charity's unrestricted reserves. All costs and gains associated with the investments are now accounted for through this fund. Where investments are disposed of or acquired, the proceeds or costs are transferred to or from the gener21 fund. Restrieted Funds The Technology Company Investment fund represents funds given to the charity lo be used to make investments in start-up and second-slage technology companies with capital and as a speculative investmentwith possible long-term benefits for the Trust. In the past this designation was used lo identify funding from major grants where specilic projects are lo be delivered such as from the previous Education Endowment Foundation. 18. Related Party Disclosures During the year. the charity had the following related party transactions.. One of the trustees, Dr J Boyle, provided the charity with an intere51-free loan during the year ended 31 March 2019 of £100,000. £30,834 was repaid 12024.. £30,833) during the year and this balanee is now £nil. 19. Reconclllatlon of Net Income to Net Cash Flow from Operatlng Actlvities 2025 2024 Net incomellexpendlturel for the reporting perlod las per the statement of financial activities) 8,399,357 105.850 Adjustments for: Depiecialion charges {Gainllloss on investments {Profitl1105s on disposal of non-current assets Dividend5 received Ilncreaselldecrease in debtors Increase in ¢redilors 360,918 165.7501 {7.964,5701 {446,062} 1312,274} 30,323 441,366 1125,8271 {10,5561 {195,530} 210,862 Net cash flow from operatlng actlvltles 1.992 426,165 Page | 29
The Oxford Trust Detailed Income and Expendlture Account forthe year ended 31 March 2024 2025 2024 Income Grants reiVed Activities income Events Income Café incorne Rental income Less running costs 27,010 252,877 25,391 74,530 25,957 380.509 25,834 68,742 2.946.277 {1,171.838) 2,826.388 11,150.118) 1,774,439 1,676,270 Dividend and interest Income Donations received 446,062 114,535 10,556 911 2,714,844 2,188,779 Expenditure Activities cost$ Event costs Café supplies Grant costs Motor travel and subsistence Staff costs direct Depreciation Establishment costs Financial costs Computer costs Marketing costs Sundry office costs Professional fees Staff Cost Staff recruitmenL welfare and training Stationery and postage Travel and subsistence Leaseback costs 11,533 1,898 47,585 72,770 7,804 17,578 360,918 81,765 92,756 58,109 55,572 31,439 71,517 975,756 16,004 5,308 6,149 431.296 38,223 2,S32 46,841 236,372 5,737 16.398 441.366 54.977 104.114 55.708 55,370 28,056 66,172 982,221 61,338 6,465 6,766 {2,345,7571 12,208,756) Surpluslldeficitl of income over expenditure before investment transactions 369,087 119,9771 Gainllloss) on investments Gainllloss} on disposal of fixed assets 65,700 7,964,570 125.827 DeficitllGain) of income over expenditure for the year 8,399,357 105,850 This does not form part of the slatulory financial statements Page | 30