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 Engineer￿ng 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
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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 ne￿OrkS 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 adIa￿nI 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.
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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 y￿rtS
20,000+,
30,000+
$¢kn￿oxI￿1d¢8
lorPAffjaryStho￿S
',g peop
p￿￿ry5th
STEm¢ar¢w$Prw￿Thl
92,
10,OOO+
33 r, I loans
acheis
lir￿d
on¢ary5Clltw I
1,089 .dent,,..,
"Eaged 403..
72.
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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 aC￿sS 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 pract￿allY 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 reSoUr￿S 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 ena￿e 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 priorit￿s.
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 be￿een 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 LIewel￿n (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 prepa￿d 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 d1￿clor$, report.
We have nothing to report in respect of the following matters In relation lo which the Companies Act 2￿6 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 con￿rn 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 instan￿S of non-compliance. The risk is also greater
regarding Irregularities occurring due to fraud rather than e￿or, 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 restrict￿nS 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 re￿1ve 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 r￿ed 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
V￿hen 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 re￿iVed
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