The Trustees present their annual report and financial statements for the year ended 28 February 2025.
The financial statements have been prepared in accordance with the accounting policies, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1 January 2019)".
The main activity of the charitable company, as set out in its Memorandum of Association, is the advancement of research and education in the field of theoretical neuroscience and artificial intelligence. |
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
The Trustees are considering options for how its activities can be developed in the future and how its objects can best be met.
The results for the year are set out in the Statement of Financial Activities on page 6.
The Trustees held the assets of the trust in accordance with their powers during the year. The Trustees have absolute discretion to invest the funds of the Foundation; no restrictions are placed on these powers. The Trustees' policy for the selection of investments for the charity will be to seek to produce a steady return on investment without exposing reserves to any undue level of risk.
The Foundation’s income is not guaranteed but depends on donations from the public, grant-making trusts and commercial companies.
The financial situation is carefully reviewed by the Trustees.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees are planning to wind up the company within 12 months of the signing of the financial statements. As such these financial statements have been prepared on a basis other than going concern. The Charity has £79,262 remaining assets and only £6,540 of liabilities at the year end. As such the use of a non-going concern basis of preparation has not had an impact on the Charity's balance sheet.
The Oxford Foundation for Theoretical Neuroscience and Artificial Intelligence is a company limited by guarantee and registered as a charity under the Charities Act. The charitable company is governed by its Memorandum and Articles of Association. The Foundation was incorporated as a company on 27th February 2007 (registered company number 5722895) and awarded charitable status by the UK Charity Commission on 11th September 2007 (registered charity number 1116075).
The financial statements comply with the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS102).
The Board of Trustees appoint new members of the Board either to fill a casual vacancy or by way of addition to the Board. Particular emphasis is placed upon the appointment of Trustees with knowledge and experience relevant to the charitable company’s activities. The Foundation’s current Board of Trustees includes academics and research scientists from the Department of Experimental Psychology, who have many years’ experience in developing computer models of the brain. There is no formal induction process for Trustees, but proposed new Trustees are encouraged to familiarise themselves with their responsibilities under the Companies and Charities Acts before appointment.
Decision-making powers are retained by Board of Trustees and exercised at meetings of the Board.
The Trustees have identified and considered the major risks to which the charity is exposed and have established systems and procedures to manage those risks.
Trustee Directors
The trustee directors set out below held office during the whole of the year except where otherwise stated. The company has no share capital and the directors have no interests therein.
The Trustees had, until 2 December 2025, delegated the day-to-day management of the charity to the Chief Executive, Dr S Stringer.
This report is prepared in accordance with the small companies regime under the Companies Act 2006.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of Oxford Foundation for Theoretical Neuroscience and Artificial Intelligence (the Charity) for the year ended 28 February 2025.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Oxford Foundation for Theoretical Neuroscience and Artificial Intelligence is a private company limited by guarantee incorporated in England and Wales. The registered office is c/o Gravita Oxford LLP, First Floor, Park Central, 40-41 Park End Street, Oxford, OX1 1JD.
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The Trustees are planning to wind up the company within 12 months of the signing of the financial statements. As such these financial statements have been prepared on a basis other than going concern. The Charity has £79,262 remaining assets and only £6,540 of liabilities at the year end. As such the use of a non-going concern basis of preparation has not had an impact on the Charity's balance sheet.
Unrestricted funds are those available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designed for other purposes.
Income is generally recognised on a receivable basis and reported gross of related expenditure, where the amounts are reasonably certain and when there is adequate certainty of receipt.
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment Income - Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Costs of charitable accounts comprises direct expenditure. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources.
Governance costs include those costs, such as independent examination fees and legal and professional fees, associated with constitutional and statutory requirements.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to 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 - This includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities - These are costs incurred on the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Other expenditure - This represents those items not falling into the categories above.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the Charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are considered to be no significant accounting estimates or judgements in these financial statements.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year (2024: None).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
There were no disclosable related party transactions during the year (2024 - none).