.
|
CHINA OXFORD SCHOLARSHIP FUND (LIMITED BY GUARANTEE)
UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CHARITY NUMBER: 1107204
COMPANY NUMBER: 05232003
:
CHINA OXFORD SCHOLARSHIP FUND
Contents
| Page | ||
|---|---|---|
| Report of the trustees | 1-4 | |
| statementoftrustees’ responsibilities | ||
| Independent Examiner's report to the trustees | 6 | |
| Statement of financial activities | 7 | |
| Balance sheet | 8 | |
| Notestothefinancialstatements | 9-13 |
CHINA OXFORD SCHOLARSHIP FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees (who are the directors of the Charity for Companies Act purposes) present their report and the financial statements for the year ended 30 September 2024.
Reference and administrative details of the charity, its trustees and advisers
| Registered | address | Highdown House |
|---|---|---|
| 11 Highdown Road | ||
| Leamington Spa | ||
| Warwickshire | ||
| CV311XT |
| Principal address | Administrative Office |
|---|---|
| Meadowside | |
| Welcombe Park | |
| Warwick Road | |
| Stratford upon Avon | |
| Warwickshire | |
| CV37 ONR | |
| Bankers | Coutts &Co |
| 440 Strand | |
| London | |
| WC2R 0QS | |
| Registered Charity No. | 1107204 |
| Company No. | 05232003 |
| Independent Examiner | HB&O Ltd |
| Highdown House | |
| 11 Highdown Road | |
| Leamington Spa | |
| CV31 1XT | |
| Name ofthe charity | The name of the charity is China Oxford Scholarship Fund. |
| Trustees | The names of the trustees, all of whom served during the year, |
| are set out below: | |
| Mr Nicholas Charles Jonathan Dennys | |
| ProfessorZhanfeng Cui | |
| Miss Anne Lindsay | |
| Mrs Xiaodi Bell | |
| Lord Edward Henry Garnier | |
| MsDyanSterling |
1
CHINA OXFORD SCHOLARSHIP FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Reference and administrative details of the charity, its trustees and advisers (continued)
Trustees (continued)
The company secretary is Mr lain Jackson Goddard.
The power of appointment of trustees is vested in the members. Details of trustees and advisers and registered office are shown above.
Structure, governance and management
;
Governing instrument The charity isa company limited by guarantee and incorporated on 15 September 2004. The company is established under a Memorandum of Association, which established the objects and powers of the company and is governed under its Articles of Association.
Annual reports and accounts are submitted to the Charity Commissioners and Companies House following formal approval by the trustees. ;
Organisation and structure
- The overall day to day management of the charity is carried out by the trustees who are also responsible for significant decisions of a long term operational nature.
Trustee induction and training
Potential trustees are identified by the existing board of trustees and approached if a majority believes that their appointment would be of benefit to the charity. New trustees are able to consult the existing trustees and are encouraged to attend alll meetings and events and may do so prior to formal appointment. New trustees are made aware of their responsibilities under the constitution and charity law prior to their formal appointment.
Governance andinternal conirol
The board of the trustees (who are the directors) meets regularly.
The trustees have implemented a formal risk management process to assess business risk and implement risk management strategies. This involves identifying the types of risk the charity faces, prioritising them in terms of potential impact and the likelinood of occurrence, and identifying means of mitigating the risks. As part of this process the trustees have reviewed the adequacy of the charity's current internal controls. The trustees are pleased to report that the charity's internal controls, in particular, conform with guidelines issued by the Charity Commission.
2
CHINA OXFORD SCHOLARSHIP FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 structure, govemance and management (conllnued) Risk review The trustees have conducted their own revi1 of the major risks to which the charity Is exposed ond systems have been implemented to mitigate those risks. It is not thought that there are significant extemal risks to funding due lo the nature of the charity's activities. Intemal risks ore minimtsed by the implementation of intemal control procedures for the authorisation of transactions and projects. These procedures ore reviewed periodically to ensure they still meet the needs of the charity. Objectlves and acllvmes Maln objectlves The object of the charity ts the advancement of the education of persons ordinarily resident in Greater China who are or will be attending courses at the University of Oxford. The charity continued ils development work during Ihe year, laylng the foundations for the provision of future schdarships. Vdunteers The charity benefits from significanl voluntarily donated time. Review of activities and future developments This was the Iwentieth year of operation for the charity, and in that time it continued to accumulate sufficlenl reserves to form a firm foundation for future planned activity. Activity levels ore consistent with prior years and the trustees believe that 2025 wlll continve to see the charity work lowards achieving its objectives. Third party indemnity insurance Quafifying third party indemnity provision is in place for the benefit ol all trustees of the charitable company. Achlevements and performance Moin achievements and performonce summary The intention of the chority is the provision of scholarships to persons orrfinarily resident in Greater China. who are or will be attending courses at the University of Oxford. This process is expected lo continue to develop in the forthcoming year with the granting of further scholarships ond assislance and is dependent upon a rolling programme of fundraising activities. Publlc Benefft We have referred to the Charity Commission's generol guidance on public benefit when reviev*ing our aims and objectives which, while restricted to those ordinarily resident in Greater China. are designed with the ultimate aim of improving the education and conlribvtion of those individuals to the benefit of oll. Flnanclal revlew Toxotion The charity is a registered charity and is exempt from taxation on its charilable activities.
CHINA OXFORD SCHOLARSHIP FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Flnanclal revlew (contlnved) Results Details of the financial position of the charity are set out in the followÉng accounts. which have been prepared in occordance with Statement of Recommended Practice (2CX)5). The net outgoing resources for the yeor amounted to £18.184 and the net assets amounted to £l.305.048 at the year end. Reserves The designation belween resfricled funds and vnrestsicted funds is explained in the accounting polices on page 10. 11 is the policy of the trustees to maintain unrestricted funds at a level vh)ere the charity con meet its doy to day expendilure withoul any difficulty. As the charity is in its earfy stages. working capital requiremenls are difficull to forecast as fvlure activity levels are not knoNvn. However, the current resepie levels are considered to be odequate for immedlate use and to act as a plafform for expansion. Investment policy The charity's investments are held In accordance with the trustees, powers. The trustees have given the managers discretlon to manage the investments and consider the returns made lo be satisfactory bearing in mind the economic factors of the post year. This report has been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities ond in occordance with the special provisions of Part 15 of the Companies Act 2(K)6 relating to small companies and the nancial Repling Standard for Smaller Entities leffectlve April On behalf of the board of Trustees Mr Nlcholas Charles Jonathan Denny$ Trustee Date 9 Aprll 2025
CHINA OXFORD SCHOLARSHIP FUND STATEMENT OF THE TRUSTEES, RESPONSIBILITIES The Injstees {who are also directors of China Oxford Scholarship Fund) for the purposes of company law are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company l¢Jw requires the trustees to prepare financial statements for each financial year. which give a Irue and fair view of the state of affairs of the charitable company and of Ihe incomlng resources and applicotion of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial stolements the trustees are required to: select suitable accounting policies and then apply them conslstently., observe the methods and prfnclples In the Charfties SORP.. make Judgements and estimates Ihat are reasonable and prudent: State wh8lher 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 golng concem basis unless il Is Inappropriate to presume Ihat Ihe charity wlll conllnue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financiol statements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenllon and detectlon of fraud and olher Irregularities.
CHINA OXFORD SCHOLARSHIP FUND Independenl Examlnetrs Report lo the Tntstees of Chlna Oxford Scholarshlp Fund I report to the charity trustees on my examinotion of the accounts of the company for the year ended 30 September 2024 which are sel out on pages 7 to 13. Responslbllltles and basls ol report As the charity trustees of Ihe compony {ond atso its directors tor the purposes of company lawl you are responsible for the preporation of the accounts in accordance with the requirements of the Companies Act 20061'the 2CK)6 Act,). Having salisfied myself that the accounts of the company are not required to be oudited under Part 16 of the 2006 Act and are eligible for independent examinalion, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 201 l {'the 201 l Acl,). In carrying out my examination I have followed the Dwections given by the Charity Commission under section 145(5) (b) of the 201 1 Act. Independent examlnerfs stalem•nt I have completed my examinalion. I confirm that no matters have come to my ottenlion in connection wilh the examination giving me cause to believe that in any material respect: accounting records were nol kept in respect of the company as required by section 386 of the 2CI)6 Act: or 2. the accounts do not accord with those records: or 3. the accovnts do not comply wlth the accounting requlrements of section 396 of the 2006 Act other thon any requirement that the accounts give a 'lrue and fair view, whlch is not a matter considered as parl of an independent examination: or 4. the accounts have not been prepared in accordance wtth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to chorilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ond Republic of Ireland IFRS 102). I hove no concems and have come across no olher matters in connection with the examination to which attention should be drawn in this rep(xl in order to enoble a proper understanding of the accounts to be reoched. Mark Ashfield FCA for and on behalf of HB&O Ltd Chartered Accountants Hlghdown House I l Highdown Road Leamlngton Spa Warwlckshlre CV31 IXT Dale: 9 Aprll 2025
CHINA OXFORD SCHOLARSHIP FUND stalemenl of financlal actlvlffes for the year ended 30 September 2024 Unrestslctad Ivnds 2024 Restrlcted Funds 2024 Total funds 2024 Total lunds 2023 Note Incomlng resources Incomlng resovrces from generated funds: Voluntary Income Gift Aid Donations Activitie5 lor generating fund5 Investment income 4.625 4.625 i 0,000 10,500 582 13.926 14.508 22.407 Total Incomlng resources 5.707 23,926 29,633 22,907 Resources expended Cost of generotlng funds Fundraising cosls Investment management costs Charltable acllvltles Support costs Total resources expended 7,684 7.684 9,689 16.500 13.944 47.817 7.687 13.701 28.800 13.989 64.177 9.689 16.500 13.944 21.628 26.189 Net outgolng resources for the year 115.9211 12.2631 {18.184) (41.2701 Transfer between lunds 24,000 124,0001 other rocognlsed galns and losses Realised gainslllossesl on disposal of investments Unrealised gainslllosses) on inveslments Nét movement In lunds Tolal funds biovght lorward 157.412 157.412 607 138.3221 138.322) 23.258 8,079 16.063 92,827 1,188,079 100,906 1.204.142 {17,4051 1,221,547 Tolal lund$ carrled forward 24,142 1 .280.906 1,305,048 1,204,142
CHINA OXFORD SCHOLARSHIP FUND Balance 5heel as at 30 Seplember 2024 2024 2023 Notes Flxed a$$ets Investmenls 1.262,117 1.145.634 Currenl assets Debtors Cash at bank and in hand 5,575 119.006 124,581 717 144.975 145,692 Creditors: omounls falling due withln one year 10 81,650 42,931 87,184 58.508 Nel current assels Net assels 1,305.048 1,204.142 Represented by: Income funds: Restrlcted funds: 1,280,906 1,188.079 Unreslrlcted Ivnds other charitable funds 12 24.142 16,063 Total funds 1,305,048 1,204,142 The charitable company is entitled to exemplion from audit under Section 477 of the Companles Act 2006 for Ihe year ended 30 September 2024. The members have not required Ihe company lo obtain an audit of Its financial statements for Ihe year ended 30 September 2024 in accordance with Section 476 of the Componies Act 2006. The Irustees acknowledge their responsibilities for (a) ensuring thal the charitable compony keeps accounting records that comply wlth Sectlons 386 and 387 of the Companles Act 2006 and {b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficlt for eoch financial year in accordance with the requiremenls of Section5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as appllcable to the charltable company. These financial statements have been prepared in accordance with the speclal provlsions of Part 15 of the Companies Act 2006 relating to charitable small companies. The financial statemenls were opproved by the Board of Trustees on 9 April 2025 and were signed on ils behalf by: Nlcholas Charles Jonathan Denn Tiuslee
CHINA OXFORD SCHOLARSHIP FUND Notes fomilng part of the flnanclal stalements lor Ihe year ended 30 September 2024 Prfnclpal accountlng pollcles The principal accounting policies adopted in the preparation of the financial statements are set out below. Basls of accountlng The financial statements of the charitable company. which is a public benefit entlty under FRS 102. hove been prepared in accordance with Ihe Charities SORP IFRS 102) 'Accounting and Reporting by Charilles: Statement of Recommended Practice applicable to charitles preparlng their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republlc of Ireland IFRS 102) {effective l January 20151., financial Reporting Standard 102 Yhe nancial Reporling Stondard applicable in Ihe UK and Republic of Irelond, and the Companles Act 2006. The financial statements have been prepared under the historlcol c05t conventlon. The charity has taken advantage of Ihe following disclosure exemption5 in preparing these flnancial statements, as penitted by FRS 102 The Financial Reportlng Standard appllcable In the UK and Republic of Ireland,: - the requirements of Section 7 Stalement of Cash Ro¥vs; - the requlrement of Section 3 Financial Slotement Presenlation paragraph 3.17{dl', the requirements of Section I l nancIal Instwments paragraphs I 1.41 {b), 11.41 Ic), 11.41 (e), 11.411f). 11.42. 11.44.11.45. 11.47. 11.481al (111). 11.48{a) (ivl. I1.48{b) and I1.48lc): - Ihe requirements of Section 12 Other finoncial Inslrvments paragraph5 12.26, 12.27, 12.291al. 12.291b) and 12.29A. stalus The chaiity is o charitable company limited by guarantee and forned on 15 September 2004. It is registered wilh the Charity Commissioners under No. 1107204 and with Componies Hovse under number 05232003. Each of the members agrees to contribute a minimum sum of £1 in the event of vinding up.
CHINA OXFORD SCHOLARSHIP FUND Notes fomiing part ol the financlal 5tatemen15 for the year ended 30 September 2024 Fund accountlng Reslricted funds: Restiicled funds include those funds on which the donor has specified a restriction as to the usage of the funds. or which have been pledged for a specific purpose. Unrestricted funds: Unrestricted funds include those funds available for the charity to use for any purpose seen fit by ttie trustees. where donors have not imposed restiiction5 on those funds or pledged them for a specific purpose. Income Interest is accounled for on a recelvable bath. Donations and all Income Tax recoverable are recognised on a receivable basis. Expendllure Expenditure is charged to the revenue account on an accruals basis including VAT and has been classified under headings Ihat aggregate all costs in that category. Liabilities are recognised as they arise on an accruals basis. Fund-raising costs ore those Incuffed In seeking voluntory contrfbutions. Charitable activltles include expendilure associated with the txovision of scholarships. Govemance costs are those incuffed in connecffon with administration of the charity and compliance with constitutional and statutory requirements. Investmenls Investments are shown on the bolance sheet at martet value. The hlstorical cost of Investment assets is also given by way of a note. Realised and unrealised gains and losses arising on revaluation or dtsposal of investment assets are shown separately in the SOFA. Gains and losses on inveslment assets are only reafised if the investmenl is sold. io
CHINA OXFORD SCHOLARSHIP FUND Notes forrnlng part of the flnanclal statements for the year ended 30 September 2024 Trvstees, and employee's emolumenls None of the trustees received any emoluments during the period and no expenses were reimbursed to the trustees. There were no high pald members of staff earning more that £60.0 per annvm. 2024 2023 Employee's emoluments Wages 15.099 15,099 Average number of staff lexcluding trustees) Donations 2024 2023 Donations 10.500 500 Investment Income 2024 2023 Interest on tax refund Inferest Income from listed investments 4,273 10.235 14.508 525 21,879 22,407 Fundralslng costs Basls of Allocalion 2024 2023 Salary and pension costs Half of lotal Actuol 7,687 7.684 7,687 Charltable acflvltles 2024 2023 Scholatships 16.500 28.800
CHINA OXFORD SCHOLARSHIP FUND Notes formlng part of Ihe financial statements for the year ended 30 September 2024 Support costs Basls of Allocallon 2024 2023 Scholars, Dinner / Drlnks Bank charges Legal and professional costs Salary and pension costs stationery, postage. internet and telephone Insurance Audit and accountancy 587 539 1,729 423 13 7.687 774 1,742 ,621 13,989 Actual Actual Half of lotal Actual Actual Actual 7,683 1.067 2,315 .1.719 13,944 Flxed Asset Investments Llsted Invaslments Market value at l October 2023 Additions at cost Disposals during the year Revaluatlons 1.145.634 1.381.758 11,226.953) 138.322) 1.262.117 Market value at 30 September 2024 Cosl at 30 September 2024 1 ,207,029 UK listed investmenls are represented by:_ Flxed Interest securltles Equity shares Hedge funds 2024 2023 285.639 634,940 225.055 1,262,117 1.262,117 1,145.634 Debtors 2024 2023 Prepayments Gift Aid 950 4,625 717 5,575 717 12
CHINA OXFORD SCHOLARSHIP FUND Notes fonnlng parl ot Ihe Ilnancld stalements lor the year ended 30 September 2024 10. Credltors: amounts lalllng due wllhln one ye 2024 2023 Trade credilors ond occruals PAYE and NIC 81.484 166 81,650 87,184 87,184 Restrlcted funds (foi the provl$lon of SGholarshlps) At l Expendlture/galns October o$se$ and 2023 fransfers At 30 September 2024 Globalway Development fund Brion Keelan Aword Hoare Family Award Mr and Dr vfinkler Award Oxford Universlty Press Pay il forward 610.887 340.304 108,235 113,074 15.579 51.901 21,583 5.327 8,327 662,788 361,887 113,562 121,401 16,268 5,000 1 .280.906 1,188,079 92.827 12. Analysls of nel assets between lunds Restrlcted Unreslrfcted Total Fund balances at 30 Seplember 2024 are represented by. Fixed asset5 Current assets Current liabilities 1,262,117 98.289 {79,500) 1,262,117 124.581 181,650) 26.292 (2, 1501 Total nel assets I.2.906 24.142 1.305,048 13. Taxallon Due to its charitable status the charity hos no liability to taxation. 13