. 

| 

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|||5|
|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 revi￿￿1 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 Rep￿ling 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 pe￿nitted 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