ANNUAL REPORT AND STATEMENT OF ACCOUNTS FOR THE YEAR ENDED 31ST JULY 2025
THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
CHARITY REGISTRATION No: 1151482
Independent Examiners Ltd The Grain Store Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG
THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
CONTENTS
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Page
Legal and Administrative Information 3
Trustees' Report 4 to 5
Independent Examiner's Report on the Accounts 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 to 14
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
CHARITY NUMBER 1151482 START OF FINANCIAL YEAR 1st August 2024 END OF FINANCIAL YEAR 31st July 2025 TRUSTEES SERVING DURING AND AFTER YEAR Richard Jackson ENDED 31ST JULY 2025 David Hope MA FCA MBA Jenny Taylor BA Dphil Charles Salih BA Gemma Prata (Appointed 01.08.2025)
GOVERNING DOCUMENT
TRUST DEED DATED 30 JUN 2008 AS AMENDED ON 31/05/2014
OBJECTS 1) To advance the physical education for the benefit of the public of students of all abilities at St Edmund Hall, Oxford (the "College") by participation in the sport of rowing through the provision of facilities, equipment, and financial support. 2) To apply the funds and other property of the charity (including those held by the company established and wholly owned by the charity) in pursuance of the above objects.
REGISTERED ADDRESS
Somer Cottage Midford Bath Somerset BA2 7DE
INDEPENDENT EXAMINER Lomax Pavey Independent Examiners Ltd The Grain Store, Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST JULY 2025
Objects and Activities
The object of the charity is to enable and encourage students at St. Edmund Hall, Oxford (“the Hall”) to participate in the sport of rowing through the provision of facilities, equipment and financial support including the sponsorship of individuals or crews training for and participating in competitive events and thereby to assist in ensuring that due attention is given to the physical education and development of such students as well as to the development and occupation of their minds.
We work closely with the Captains of Boats of St Edmund Hall Boat Club in the provision and maintenance of equipment, principally racing boats, financial support of coaching and training camps and advice and support where and whenever appropriate.
The trustees have reviewed Charity Commission guidance on the public benefit of the charity’s activities. Admission to the Hall is open to any individual who meets University imposed criteria and the sport of rowing at the Hall is open to any student to pursue.
All the activities of the trustees and members of the Management Committee are conducted on a voluntary basis
Structure, Governance and Management
The charity was established by a Trust Deed dated 30th June 2008 as a society of St Edmund Hall in the University of Oxford and was registered as a charity on 2nd April 2013. The Trust Deed was amended on 31st May 2014.
The power to appoint new trustees is vested in the existing trustees who can appoint new trustees at a special meeting.
The day-to-day operations of the charity are delegated by the trustees to a Management Committee whose members consist of a Chair, the Senior Member of St Edmund Hall Boat Club, the Hon. Treasurer, and not less than two and not more than six other persons, all of whom are appointed by the trustees for a period not exceeding five academic years; they are eligible for reappointment. The Management Committee also comprises the Captains of Boats of St Edmund Hall Boat Club.
New trustees are informed of their duties and responsibilities as trustees and a full explanation of the charity’s activities and management of its assets is given. New trustees are recruited from among former members of the Hall who will probably have rowed for the college at some time.
Achievements and Performance
In the year ended 31 July 2025 the charity continued to successfully support the rowing squads. In the year we spent just over £15,000 on coaching and training camps. This is an increase of £6,000 over the two prior years and reflects the general increase cost of hiring professional rowing coaches in Oxford.
We did not buy any new boats or blades in the year. Also, money continued to be spent on maintenance thus ensuring we have a good range of boats and on-land training equipment available for the students to train and race.
Financial Review
We have over 250 individuals who make a regular Standing order contribution to The Friends. Many alumni have also made one-off gifts from time to time. For all these contributions we are very grateful.
Total Funds (restricted and unrestricted) increased by £26,000 over the prior year and now total £462,000. This is made up of £34,000 of fixed assets (boats and equipment valued at net book value), £411,000 of investments, £21,000 in cash, less £3,000 owned to creditors at year end.
Our long-term expenditure plan is designed to synchronize expenditure (for new equipment and our current costs) to our income from investments, members regular contributions and specific fund-raising.
Reserves and Investment Policy
Our reserves on 31 July 2025 are expected to be adequate to meet our commitment to support the Boat Club over the course of the next financial year.
Our reserves policy is to build up and maintain a level of investments over time so that the income generated from those investments together with annual subscriptions paid by former rowers will be sufficient to fund our normal activities. We do not employ staff nor have any financial commitments beyond those already noted in these financial statements. We do not consider that we need to keep free reserves beyond a minimum level to fund immediate requirements.
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31ST JULY 2025
Reserves and Investment Policy (continued)
Our current investment policy is to invest in Accumulation units in the SUTL Cazenove Charity Equity Income Fund, managed by Schroder Unit Trusts Limited. The investment objective of the Fund is to provide a portfolio yield in excess of the FTSE All Share Index through investing predominantly in UK equities. Income provision is the primary objective. The Fund’s secondary target is to provide capital growth so that total return exceeds that of the FTSE All Share Index over a rolling five-year period.
Public benefit
The trustees have reviewed Charity Commission guidance on the public benefit of the charity’s activities. Admission to the Hall is open to any individual who meets University imposed criteria and the sport of rowing at the Hall is open to any student to pursue.
Statement of Trustees' Responsibilities
The Charities Act 2011 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the surplus of the trust for that period. In preparing the financial statements the trustees are required to:
- i) Select suitable accounting policies and apply them consistently
ii) Make judgements and estimates that are reasonable and prudent iii) Prepare financial statements on a going concern basis unless it is inappropriate to presume that the trust will continue in existence.
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the trust. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on the ......................................................................................................................................................................................................
Signed on their behalf by .................................................................................................................................................................................................................
Signature:
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the trustees/members of The Friends of St. Edmund Hall Boat Club on my examination of the accounts for the year ended 31st July 2025 set out on pages 7 to 14.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The charity's trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145 of the 2011 Act),
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 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 Commissioners. An examination includes a review of the accounting records kept by the organisation 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 the course of my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:
-
proper accounting records are kept (in accordance with section 130 of the Act); and
-
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
................................................................................................
Lomax Pavey Independent Examiners Ltd The Grain Store, Hills Barns Appledram Lane South Chichester West Sussex PO20 7EG
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST JULY 2025
| Notes INCOME Donations and Legacies 4a Investment Income 4b TOTAL INCOME EXPENDITURE Charitable activities 5a Governance costs 5b TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) Unrealised gain/loss on investment 3 NET INCOME/(EXPENDITURE) Funds brought forward Transfers Between Funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024/25 2023/24 £ £ £ £ 15,231 - 15,231 6,910 183 14,936 15,119 15,666 |
|---|---|
| 15,414 14,936 30,350 22,577 |
|
| - 25,190 25,190 22,441 1,079 - 1,079 1,139 |
|
| 1,079 25,190 26,269 23,581 |
|
| 14,335 (10,254) 4,081 (1,004) - 21,786 21,786 32,905 |
|
| 14,335 11,532 25,867 31,901 27,567 408,555 436,122 404,221 - - - - |
|
| 41,902 420,086 461,988 436,122 |
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 9 to 14 form part of these financial statements.
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
BALANCE SHEET AS AT 31ST JULY 2025
| Note Fixed assets Tangible Assets 2 Investments 3 Current Assets Debtors and Prepayments 8 Cash at bank and in Hand 7 Total current assets Creditors:amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETSless current liabilities Creditors: amounts falling due in more than one year 10 NET ASSETS Funds of the charity General funds Restricted funds TOTAL FUNDS Approved by the Trustees on the ............................................................................ Signed on their behalf by ........................................................................................... |
Unrestricted Restricted 31-Jul-25 31-Jul-24 Funds Funds Total Total £ £ £ £ - 34,443 34,443 43,891 24,975 385,643 410,618 373,896 |
|---|---|
| 24,975 420,086 445,061 417,788 |
|
| - - - - 20,601 - 20,601 22,068 |
|
| 20,601 - 20,601 22,068 |
|
| 3,674 - 3,674 3,734 16,927 - 16,927 18,334 41,902 420,086 461,988 436,122 - - - - |
|
| 41,902 420,086 461,988 436,122 |
|
| 41,902 - 41,902 27,567 - 420,086 420,086 408,555 |
|
| 41,902 420,086 461,988 436,122 |
|
| ......................................................................................................................... ....................................................................................................................... |
Signature:
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2025
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
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 2022.
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.
Incoming Resources
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 resource 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.
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.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
Investment Income
This is included in the accounts when received.
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.
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2025
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 advice 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 are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the quoted market value. The Statement of Financial Activities includes net gains and losses arising on revaluation and disposals
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage.
Fund Accounting
Funds held by the charity are either:
1. Unrestricted funds
These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.
2. Restricted funds
These are funds that can only be used for particular restricted purposes within the objects of the charity.
3. Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed Assets
Fixed Assets 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
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Boats, blades and training equipment
10%
Realised gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2025
2. TANGIBLE FIXED ASSETS
| Cost 01-Aug-24 Additions Cost at 31-Jul-25 Depreciation 01-Aug-24 Charge Depreciation at 31-Jul-25 Net Book Value 31-Jul-25 Net Book Value 31-Jul-24 |
Total £ £ £ - 150,887 150,887 - - - Restricted Equipment Unrestricted Equipment |
|---|---|
| - 150,887 150,887 |
|
| - 106,996 106,996 - 9,449 9,449 |
|
| - 116,444 116,444 |
|
| - 34,443 34,443 |
|
| - 53,650 53,650 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st July 2025: None 31st July 2024: None
3. INVESTMENTS
| 01-Aug-24 Investment Income Reinvested Investment Assets - Revaluation Gain/(Loss) Reclassification between funds 31-Jul-25 Market value as at Market value as at |
Unrestricted Restricted Total Total Funds Funds 31-Jul-25 31-Jul-24 £ £ £ £ 9,233 364,663 373,896 325,601 - 14,936 14,936 15,390 - 21,786 21,786 32,905 15,742 (15,742) - - |
|---|---|
| 24,975 385,643 410,618 373,896 |
There were no investment assets outside the UK.
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2025
| 4. INCOME Note a) Donations and Legacies Donations and Legacies Annual Dinner b) Investment & Other Income Bank Interest Investment Income 3,6 5. EXPENDITURE Note a) Charitable Activities Coaching & Training Camps (Restricted) 6 Fixed Assets Depreciation (Restricted) 2,6 Equipment Office costs Annual Dinner b) Governance Costs Independent Examiner's Fee Legal & Insurance |
Unrestricted Restricted Total Total Funds Funds 2024/25 2023/24 £ £ £ £ 15,231 - 15,231 6,710 - - - 200 |
|---|---|
| 15,231 - 15,231 6,910 |
|
| 183 - 183 276 - 14,936 14,936 15,390 |
|
| 183 14,936 15,119 15,666 |
|
| Unrestricted Restricted Total Total Funds Funds 2024/25 2023/24 £ £ £ £ - 15,742 15,742 9,233 - 9,449 9,449 9,759 - - - 3,025 - - - 28 - - - 396 |
|
| - 25,190 25,190 22,441 |
|
| 900 - 900 960 179 - 179 179 |
|
| 1,079 - 1,079 1,139 |
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2025
6. RESTRICTED FUNDS
| Friends of The Boat Club Fund Friends of The Boat Club Fund |
01-Aug-24 31-Jul-25 Balance Income Expenditure Gains/(Losses) Transfers Balance 408,555 14,936 25,190 21,786 - 420,086 This year |
|---|---|
| 408,555 14,936 25,190 21,786 - 420,086 |
|
| 01-Aug-23 31-Jul-24 Balance Income Expenditure Gains/(Losses) Transfers Balance 379,251 15,390 18,992 32,905 - 408,555 Last year |
|
| 379,251 15,390 18,992 32,905 - 408,555 |
7. CASH AT BANK AND IN HAND
| Treasurers Account Deposit Account |
Unrestricted Restricted Total Total Fund Fund 31-Jul-25 31-Jul-24 £ £ £ 2,918 - 2,918 4,568 17,683 - 17,683 17,500 |
|---|---|
| 20,601 - 20,601 22,068 |
8. DEBTORS AND PREPAYMENTS
The Charity held no debtors or prepayments during this or the previous period.
9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiner's Fee Sundry Creditors |
Unrestricted Restricted Total Total Fund Fund 2024/25 2023/24 £ £ £ £ 900 - 900 960 2,774 - 2,774 2,774 |
|---|---|
| 3,674 - 3,674 3,734 |
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THE FRIENDS OF ST. EDMUND HALL BOAT CLUB
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST JULY 2025
10. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
There were no Creditors or Accruals falling due in more than one year at the end of this financial year (2023/24: £Nil).
11. STAFF COSTS AND NUMBERS
No staff were employed 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, other than reimbursement for items bought on behalf of the Trust. No material transaction took place between the organisation and a trustee or any person connected with them.
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