Registered Charity: 1155662 **OXFORD UNIVERSITY BOAT CLUB TRUST** **ANNUAL REPORT AND ACCOUNTS** **FOR THE YEAR ENDED 31 DECEMBER 2022** ## **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 2022** The Trustees present their report together with the accounts for the year ended 31 December 2022. ## **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: - (I) The Trustees - (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 2022** ## **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 2022, the Trust decided to make major donation to the Oxford University Development Office (OUDO) which, in turn, forwarded the donation to the Topolski Fund. The Topolski Fund is an OUDO managed fund to support the OU representative rowing Clubs. The Trust’s donation was made in 2022 in order to attract a matched funding agreement to the Topolski Fund. Given the continuing financial constraints in which 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 2022 closed with a decrease in the general fund to £7,788 (2021: £190,129). 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 £187,692 (2021: £Nil) were awarded during the year to the OUDO which provided grants to a range of 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 UNIVERsifY BOAT CWB TRUST REPORT OF THE TRUSTEES Icontinuedl FOR THE YEAR ENOED 31 DECEMBER 2022 Trt￿tee5. Rrfpon5ibllltl Law applicable to tharityes in England and Wales requires the Trustees to prepa￿ financial statements for each financial Period which gwe a tnje and fair view of the charitys financial attivities during the Period and of its financial position at the end of the Period. In preparing financial ststements givbng a true and fairview, the Trustees should follow best practice and- select suitable accounting policies and t￿n apply them consistently, make judgements and estimates that are reasonable and pruden¢ state whethei applicable accounting standards and statements of ￿CoMmended prartice have been followed, subject to any departures d￿ClOSed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping accounting records whith di5dose with reasonable accuracy the financial position of the charity and whith enable them both to 8￿rtain the financial position of the charity and to ensure that the finanaal ststements comply with applicable law, regulations and trust deed& They ale also responsible for safeguarding the assets of the charity and hen￿ fortsking reasonable step5 for the prevention and detection of fraud and other irregularities. /p'l ?hlf This report was approved by the Twstees on... . and signed on its behalf by ON BEHALF OF THE TRUSTEES Tom Barry- Truste• ## Page 5 ## **OXFORD UNIVERSITY BOAT CLUB TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022** |**Note**
**Unrestricted Funds**
£
**Income and endowments from**
Donations and legacies
6,192
Investments
2
**Total**
6,194
**Expenditure on**
Charitable activities
2
191,782
**Total expenditure**
191,782
Net (expenditure)/income before
gains/(losses) on investments
(185,588)
Net gains/(losses) on investments
2,479
**Net (expenditure)/income**
(183,109)
Transfers between funds
-
Net movement in funds
(183,109)
**Reconciliation of funds**
**Total funds brought forward**
190,129
**Total funds carried forward**
7,020|**Total**
**Funds**
**2022**
£
6,192
2
6,194
191,782
191,782
(185,588)
2,479
(183,109)
-
(183,109)
190,129
7,020|**Total**
**Funds**
**2021**
£
7,575
3
7,578
635
635
6,943
1,200
8,143
-
8,143
181,986
190,129| |---|---|---| The notes of pages 7 to 9 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 UNIVERSITY BOAT CLUB TRUST BALANCE SHEEr AS AT 31 DECEMBER 2022 2022 2021 Investments 027 Tangible assets CurrnntAJs•ts Debtors Cash at bank 22,692 Credltors Amounts due wthin one year N•t Cumint A550ts Totsl CurrentAssets The Fund5 of the Charlty Restricted income fvnds Unrestrided income funds The notes on pages 7 to 9 fom) part of these account& Apprtrved and authorised by the Trustees on.... ON BEHALF OF THE TRUSTEES Tom Bary Page 7 ## **OXFORD UNIVERSITY BOAT CLUB TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **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: - 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. - 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. - 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 2022** ## **(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: |OUBC, OULRC & OUWLRC Grants
Bank charges
Audit & Accountancy fees
**3. Investments**
Valuation at 1 January 2022
Gains/(losses) on revaluation
Valuation at 31 December 2022|**2022**
£
187,692
168
3,922
191,782

**2022**
£
5,548
2,479
8,027|**2021**
£
-
168
467
635
**2021**
£
4,348
1,200
5,548| |---|---|---| |||| |
**OXFORD UNIVERSITY BOAT CLUB TRUST**
**NOTES TO THE ACCOUNTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
**4. Debtors**
Amounts falling due within one year:
**2022**
£
Loans
-
-
Amounts falling due after one year:
**2022**
£
Loans
-

-

**5. Creditors – Amounts Falling Due Within One Year**
**2022**
£
Trade creditors & accruals
3,180
3,180
**6. Analysis of net assets between funds**
**Unrestricted**
**Funds**
**Total**
£
Net current assets
7,020
7,020|Page 9
**2021**
£
1,130
1,130
**2021**
£
21,562
21,562
**2021**
£
3,180
3,180
**Funds**
£
7,020
7,020| |---|---| ## **7. Related party transactions** During the 2022 financial year, there were donations of £110 from one trustee (2021: £360 from two Trustees). None of the Trustees were paid any remuneration or expenses by the charity during the year.