Registered Charity: 1155662
OXFORD UNIVERSITY BOAT CLUB TRUST
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
OXFORD UNIVERSITY BOAT CLUB TRUST INDEX
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees’ Report | 2-3 |
| Statement of Trustees’ Responsibilities | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7-9 |
Page 1
OXFORD UNIVERSITY BOAT CLUB TRUST
LEGAL AND ADMINISTRATIVE DETAILS
| Charity Registration Number: | 1155662 |
|---|---|
| Trustees: | Tom Barry |
| Hugh Matheson | |
| Paul Azzopardi | |
| Richard Jackson | |
| Principal Office: | Fleming Boathouse |
| Chalmore Gardens | |
| Wallingford | |
| OX10 9EP | |
| Independent examiners: | Critchleys Audit LLP |
| Beaver House | |
| 23- 38 Hythe Bridge Street | |
| Oxford | |
| OX1 2EP | |
| Bankers: | Bank of Scotland |
| Edinburgh | |
| EH1 1YZ |
Page 2
OXFORD UNIVERSITY BOAT CLUB TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their report together with the accounts for the year ended 31 December 2020.
Structure & Governance
The Trust is governed by the Declaration of Trust dated 4 June 1947. The Trust transferred to a CIO on 6 February 2014.
The Oxford University Boat Club Trust shall be managed by a Committee consisting of not more than eight and not less than four persons and comprising the following:
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(I) The Trustees
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(II) Such additional Members as the Committee may elect but so that the Committee shall at no time consist of more than eight persons.
The number of Trustees shall never be less than three nor more than four.
The Committee shall meet as often as may be necessary and not less than once in every calendar year. At such annual meeting the Committee will consider the audited accounts for the year.
Public Benefit
The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
Trustee Induction and Training
All Trustees appointed are provided with a ‘New Trustee Starter Pack’ which provides them with a range of information about the objectives and procedures of the Trust. This includes, but is not limited to, a Code of Conduct, Hallmarks of an Effective Charity and the Trust’s Governing Documents.
This is reviewed annually and any specific training need to complete the Trust’s objectives can be provided to each Trustee.
Objects
The objects of the Trust are to promote community participation in healthy recreation through the sport of rowing at Oxford University, in particular by supporting and encouraging members of the University to row.
Page 3
OXFORD UNIVERSITY BOAT CLUB TRUST REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020
Activities, Achievements and Performance
The Trust continues to support rowing at Oxford University and has been able to support a range of University crews throughout their training, development and performance.
In 2020, the Trust responded to a small number of requests for funding and grants from Oxford University rowers and Clubs. Given the increasing financial constraints that Oxford University rowers and Clubs find themselves, the Trust continued to discuss how it will best achieve its objectives in future years.
Financial Review
The financial year ending 31 December 2020 closed with a decrease in the general fund to £181,986 (2019: £182,688).
The Trustees continue to discuss the most effective way to use these funds ensuring that it is in line with the Trust objects.
Grants of £3,000 (2019: £3,000) were awarded during the year to crews and individuals to support their rowing training, development and performance.
Reserves Policy
The Trust’s Reserve Policy is to maintain a sum in reserve sufficient to contribute to specific requirements of University crews throughout their training, development and performance.
Risk Policy
The Trustees confirm that the major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems established to mitigate the risk.
Page 4 OXFORD UNIVERStrY BOAT CWB TRU REPORT OF THE TRUSTEES IcontSnuedl FQR THE YEAR ENDED 31 DECEMBER 2020 Tru5te•5' Responsibiliti05 Law applicable to charitie5 in England and Wales requires the Trustees to prepare financial statèments for each financial Period which gwe a true and fair wew of the charitys financial actNities during the Period and of its financial position at the end of the Period. In preparin9 financial statements giving a true and fair view, the Trustees Should follow best practice and.. select suitable accounting policies and then apply them ¢on51StentW, makejudgements and estimate5 that are reasonable and prudent state whether applicable accounting standards and statements of recommended practice have been followed, subjed to any departures disclosed and explained in the financial stalernent¥ and prepaTe the financial statements on the going concem basis unless it is inappropriate to presume that the chartywill continue in operation. Thè Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them both to aSrtain the financial position of the charity and lo ensure that the financial statements comply with applicable law, regulations and trust deeds. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable step5 for the pwentiors and detection of fraud and other irregularitie5. This report was approved by the Trustees on ...... nd signed on its behalf by 7a* ON BEHALF OF THE TRusfEES Tom Barry. TNstse
Page 5
OXFORD UNIVERSITY BOAT CLUB TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Unrestricted Funds £ Income and endowments from Donations and legacies 8,097 Investments 8 Total 8,105 Expenditure on Charitable activities 2 5,510 Total expenditure 5,510 Net (expenditure)/income before gains/(losses) on investments 2,595 Net losses)/gains on investments (3,297) Net (expenditure)/income (702) Transfers between funds - Net movement in funds (702) Reconciliation of funds Total funds brought forward 182,688 Total funds carried forward 181,986 |
Total Funds 2020 £ 8,097 8 8,105 5,510 5,510 2,595 (3,297) (702) - (702) 182,688 181,986 |
Total Funds 2019 £ 8,289 6 8,295 113,801 113,801 (105,506) (904) (106,410) - (106,410) 289,098 182,688 |
|---|---|---|
The notes of pages 8 to 11 form part of these accounts.
The Statement of Financial Activities includes all gains and losses recognised in the Period. All incoming resources and resources expended derive from continuing activities.
Page 6 OXFORD UNIVERsTfY BOAT CIUB TRvsr BALANCE SHEET AS AT 31 DECEMBER 2020 Not• 2020 2019 Flxed assets Investments Tangible assets 7.645 Curr•nt ass•ts Debtors Cash at bank 21692 22,692 Creditors Amtyjnts due wrthin one year Net Current Ass•ts Total Current Ass•ts The Funds of the Charity Restricted income funds Unrestricted income funds The notes on pages 7 to 9 fomi part of these accounts. Approved and authorised by the Trustees on .. ON BEHALF OF THE TRUSTEES Tom 8arry
Page 7
OXFORD UNIVERSITY BOAT CLUB TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting Policies
The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity’s accounts.
(a) Basis of Accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
(b) Fund Accounting
Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity.
Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. During the year there were no restricted funds and therefore no note included in the accounts
(c) Incoming Resources
Voluntary income, including donations, is of a general nature and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basis.
(d) Resources Expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any Value Added Tax and is reported as part of the expenditure to which it relates:
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Charitable activities comprise those costs incurred by the charity in the delivery of its services. It includes both costs that can be allocated directly to such services and those costs of an indirect nature necessary to support them.
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Governance costs comprise expenditure associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.
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All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource.
d) Investments
Investments are stated in the accounts at their market value at the balance sheet date. Any change in market value is taken to the statement of financial activities.
Page 8
OXFORD UNIVERSITY BOAT CLUB TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
(e) Tangible fixed assets and depreciation
Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided using the straight line basis at rates which reflect the anticipated useful lives of the assets and their estimated residual values. All tangible fixed assets, consisting of Freehold land only, were sold in the previous financial year.
2. Costs of activities in furtherance of the charity’s objects
The amount spent on charitable activities, including support costs, is analysed by activity as follows:
| Topolski Grant OUBC, OULRC & OUWLRC Grants Administrative expenses Bank charges Legal expenses Audit & Accountancy fees Loan repayments Governance costs - Independent examiner’s fee 3. Investments Valuation at 1 January 2020 Additions Disposals Gains/(losses) on revaluation and disposal Valuation at 31 December 2020 |
2020 £ - 3,000 6 157 - 2,347 - - 5,510 2020 £ 7,645 - - (3,297) 4,348 |
2019 £ 100,000 3,000 3 181 6,631 1,006 1,130 1,850 113,801 2019 £ 8,549 - - (904) 7,645 |
2019 £ 100,000 3,000 3 181 6,631 1,006 1,130 1,850 113,801 2019 £ 8,549 - - (904) 7,645 |
|---|---|---|---|
7,645 |
Page 9
OXFORD UNIVERSITY BOAT CLUB TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
4. Debtors
Amounts falling due within one year:
| Loans | 2020 £ 1,130 |
2019 £ 1,130 |
|---|---|---|
| 1,130 | 1,130 | ||
|---|---|---|---|
| Amounts falling due after one year: | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Loans | 21,562 | 21,562 | |
| 21,562 | 21,562 | ||
| **5. ** | Creditors – Amounts Falling Due Within One Year | ||
| 2020 | 2019 | ||
| £ | £ | ||
| Trade creditors & Accruals | 3,700 | 1,850 | |
| 3,700 | 1,850 | ||
| **6. ** | Analysis of net assets between funds | ||
| Unrestricted | Total Funds | ||
| Funds | |||
| £ | £ | ||
| Net current assets | 177,638 | 177,638 | |
| 177,638 | 177,638 |
7. Related party transactions
During the 2020 financial year, there were donations of £360 from two trustees (2019: £360 from two Trustees).
None of the Trustees were paid any remuneration or expenses by the charity during the year.