ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
CHARITY REGISTRATION NUMBER 1151482
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Independent Examiner's Report on the Accounts | 4 |
| Trustees' Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 to 14 |
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1151482
START OF FINANCIAL YEAR 01 August 2020 END OF FINANCIAL YEAR 31 July 2021 TRUSTEES AT 31 JULY 2021 David Hope Charles Ali Samir Salih Jenny Taylor Richard Jackson
The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.
GOVERNING INSTRUMENT
Trust Deed Dated 30th June 2008 and as amended 31st May 2014
REGISTRATION DATE 2nd April 2013
OBJECTS
1) To advance physical education for the benefit of students of all abilities at St Edmund Hall, Oxford (The College) by participation in the sport of rowing through the provision of facilitates, equipment and financial support.
2) To apply the funds and other property of the Charity (including those held by the Company wholly owned by the Charity) in pursuance of the above objects.
CORRESPONDENCE ADDRESS
St Edmund Hall Queen’s Lane Oxford OX1 4AR
PRIMARY BANKERS Lloyds Bank plc 1-5 High Street Oxford OX1 4AA
INDEPENDENT EXAMINER
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021
Report to the trustees/ members of The Friends of St Edmund Hall Boat Club on the accounts for the year ended 31st July 2021.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
-
to state whether particular matters have come to my attention
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in, any material respect, the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
Date: 25th May 2022
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
TRiisfEES' REPORT
FOR THE YEAR ÉNDED 31 JULY 2021
T Rtstrt&J Funos an knerease cl £25,859 kn the year (the In 2019120 WJS £71.4911. In both
yeor5 the Change kn vakje c¢ ujr In%5tm•)ts xcwnted lor mc6t of the Mot.
Chjr knq-tenn ewdure pkn heb)s synchrffite the tnlng cl (wr capf(al expendkure on bcrts and
o]ulpment.
(r re5er¥e5 Ot 31 Juty 2021 are expected to be r•Jequ8te to meet wr crnmf(ment to support the Hal'g Bc¢t Oub
¢Mr the eoJr$e dthe nert ltr)anc year.
Our re5tr¥e5 pc4ky * to bulkl up )nd mntaln a knl d In¢Ments CNer tlme 50 that the Income generated frc
thc6e knve5tments tojether wh annual 5ubs¢r4ptions pak1 by fcfmer reTS wll be sufflcnt to fund eAJr nomal
tfvr(s. We do nct ernp staff have any flnancbl ccrnrpf(ments beycnd thtxe already nrted In these finanekql
statements. We do nct con5klex IFLI we n¢èJ to keep free reservts • mlr¢knurn vel to bjnd hnmedkite
ro]ulrernents.
Qur current Investment peAky b to untts h the SUTL Cazenthe Chartty Equky Inccme fund.
Manj by S¢hr
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021
| Notes INCOMING RESOURCES Donations & Legacies 3a Investment Income 3b Charitable Activities 3c Other Income 3d TOTAL INCOMING RESOURCES PAYMENTS Costs of Charitable Activities 4a Costs of Generating Funds 4b NET INCOMING/(OUTGOING) RESOURCES 5 6 Total Funds Brought Forward Prior Year adjustment TOTAL FUNDS CARRIED FORWARD RECONCILIATION OF FUNDS: RESOURCES EXPENDED Transfer between Funds Realised Gains/(Losses) on Investments NET MOVEMENT IN FUNDS |
Unrestricted Restricted Total Total Funds Funds 2020/21 2019/20 £ £ £ £ 32,560 10,493 43,053 10,569 3 10,984 10,987 16,245 - - - 1,124 0 (0) - - |
|---|---|
| 32,563 21,476 54,040 27,938 |
|
| 3,673 21,788 25,462 30,598 3,825 - 3,825 1,254 |
|
| 7,498 21,788 29,287 31,852 |
|
| 25,065 (312) 24,753 (3,914) 28,344 (28,344) - - - 54,515 54,515 (64,961) |
|
| 53,409 25,859 79,268 (68,875) |
|
| 1,612 322,215 323,827 327,742 - |
|
| 55,021 348,074 403,095 323,827 |
Movements on all reserves and all recognised gains and losses are shown above. All the organisation's operations are classed as continuing.
The notes on pages 8 to 14 form part of these financial statements.
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB BALANCE SHEET ASAT 31 JULY2021 Adjusted Unrestrtted Fund Restrktè Fund Totsl 31-Jknl-21 31-Jul-20 N( Tanglbk Assets Investment Assets 60,308 287 766 344074 60,308 287 766 348.074 69,948 222 268 291215 CurYÈrt A59ets Debtors & Prepayma)ts Cash at bank and kn hand 57.871 57,871 34,432 Tot•1 Curnnt Awts S7,Vl 57WI 34,432 ¢rodlt•r& arn¢t5 faIng due ¢e year NEf CURRENT ASSErs 2,850 2,850 2,820 55.021 55,021 31.612 TOTAL ASSETS bÉ$5 ciirrent W)Slts 344074 03.1)95 3ZV27 CdIE. amount5 falno due kn mcre th cne $5,021 344074 403.095 323,827 FUNOS OF ThE CHARITY General Funds Restrt& fttnds 55,021 55,021 348.074 1.612 322.21S 348.074 TOTAL FlhYDS 095 827 Approved by the Trustees cfi......... Sbnal m th* behaff byTruste... ptht&J Natr)e'.
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
Basis of preparation:
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Incoming Resources with Related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA at the same time as the tax reclaim is received.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as income receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts and is described in the Trustees' Report.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021
1. ACCOUNTING POLICIES (continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise to trustees on governance or constitutional matters.
Grants with Performance Conditions
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Change of Accounting Policies and Rules and Methods of Valuation.
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
Fixed Assets
Tangible fixed assets for use by the charity, these are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings, Equipment
10%
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021
2. TANGIBLE FIXED ASSETS
| Additions Net Book Value At 31st Jul 2021 At 1 Aug 2020 At 31st Jul 2021 Accumulated Depreciation At 1 Aug 2020 Charge for the Year At 31st Jul 2021 Cost At 1 Aug 2020 |
Unrestricted Equipment Restricted Equipment 2020/21 £ £ £ - 129,863 129,863 - 2,880 2,880 |
|---|---|
| - 132,743 132,743 |
|
| - 59,916 59,916 - 12,520 12,520 |
|
| - 72,435 72,435 |
|
| - 60,308 60,308 |
|
| - 69,948 69,948 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st July 2021 : None 31st July 2020 : None
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
3. INCOMING RESOURCES
| Note c) Incoming from Charitable Activities d) Other Income 4. RESOURCES EXPENDED Note b) Cost of Generating Funds Cost Annual Dinner Fundraising Commission Depreciation expense Independent Examiner Fee a) Charitable Activities Charitable Grants Coaching & Training Camps Equipment Costs Office Costs Other Other income b) Investment Income Bank Interest Received Other investment income Annual Dinner Events a) Donations & Legacies Gifts, Offerings & Donations Sponsorships |
Unrestricted Restricted Total Total Funds Funds 2020/21 2019/20 £ £ £ £ 7,560 10,493 18,053 10,569 25,000 - 25,000 - |
|---|---|
| 32,560 10,493 43,053 10,569 |
|
| 3 - 3 1 - 10,984 10,984 16,244 |
|
| 3 10,984 10,987 16,245 |
|
| - - - 1,124 |
|
| - - - 1,124 |
|
| 0 (0) - - |
|
| 0 0 - - - |
|
| Unrestricted Restricted Total Total Funds Funds 2020/21 2019/20 £ £ £ £ - - - 188 - 9,269 9,269 13,370 1,462 - 1,462 1,857 1,026 - 1,026 1,540 286 - 286 - - 12,520 12,520 12,774 900 - 900 870 |
|
| 3,673 21,788 25,462 30,598 |
|
| - - - 1,254 3,825 - 3,825 - |
|
| 3,825 - 3,825 1,254 |
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 JULY 2021
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Balance | Gains & | Balance | ||||
|---|---|---|---|---|---|---|
| 01-Aug-20 | Income | Expenditure | (Losses) | Transfer | 31-Jul-21 | |
| £ | £ | £ | £ | £ | ||
| Friends of the Boat Club | 322,215 | 21,476 | 21,788 | 54,515 | (28,344) | 348,074 |
| 322,215 | 21,476 | 21,788 | 54,515 | (28,344) | 348,074 | |
| PREVIOUS FINANCIAL | YEAR | |||||
| Balance | Gains & | Balance | ||||
| 01-Aug-19 | Income | Expenditure | (Losses) | Transfer | 31-Jul-20 | |
| £ | £ | £ | £ | £ | ||
| Friends of the Boat Club | 393,706 | 18,740 | 26,144 | (64,961) | 873 | 322,215 |
| 393,706 | 18,740 | 26,144 | (64,961) | 873 | 322,215 |
Friends of the Boat Club Fund – Restricted funds comprise funds received for the Friends of the Boat Club Fund, a specific fund which has been established to produce income for coaching and training as well as the purchase of equipment.
The restricted funds are represented by the Charity's cash reserves, tangible fixed assets and fixed asset investments. The restricted funds are to be expended as specified above.
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 JULY 2021
6. INVESTMENTS
| 01-Aug-20 31-Jul-21 Investment Assets - Revaluation Gain/(Loss) Market value as at Market value as at Additions Income Received Disposals Gain / (Loss) |
Unrestricted Restricted Total Total Funds Funds 31-Jul-21 31-Jul-20 £ £ £ £ - 222,268 222,268 310,984 - - - - - 10,984 10,984 16,244 - - - (40,000) - 54,515 54,515 (64,961) |
|---|---|
| - 287,766 287,766 222,268 |
The Charity holds fixed asset investments in the Cazenove Charity Equity Income Fund A Acccumulation Fund. The Charity currently holds 222,556.99 Unit Shares at a price of £1.293 as at 31st July 2021 giving a total market value of the investment of £287,766.19.
7. CASH AT BANK AND IN HAND
| Petty Cash Current Account Deposit Account |
Unrestricted Restricted Total Total Funds Funds 31-Jul-21 31-Jul-20 £ £ £ £ 16,794 - 16,794 3,858 41,077 - 41,077 574 - - - 30,000 |
|---|---|
| 57,871 - 57,871 34,432 |
8. DEBTORS AND PREPAYMENTS
The Charity held no Debtors during this or the previous financial period.
9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR
| Sundry Creditors Independent Examiner's Fee |
Unrestricted Restricted Total Total Funds Funds 31-Jul-21 31-Jul-20 £ £ £ £ 1,950 - 1,950 1,950 900 - 900 870 |
|---|---|
| 2,850 - 2,850 2,820 |
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 JULY 2021
10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial period.
11. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
12. TRUSTEES AND OTHER RELATED PARTIES
No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them. (2019/20- None)
13. RISK ASSESSMENT
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
14. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
15. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
This page does not form part of the statutory financial statements
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