# **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**
**----- Start of picture text -----**
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
**----- End of picture text -----**
2
## **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
3
## **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.
4
## **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:
5
## **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
1. 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
2. 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
6
## **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.
7
## **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 ASSETS**less 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:
8
## **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.
9
## **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.
10
## **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.
11
## **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**|
12
## **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**|
13
## **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.
14