Registered Charity: 1155662
OXFORD UNIVERSITY BOAT CLUB TRUST
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023
The Trustees present their report together with the accounts for the year ended 31 December 2023.
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 2023
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.
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 2023 closed with an increase in the general fund to £9,208 (2021: £7,020).
The Trustees continue to discuss the most effective way to use these funds ensuring that it is in line with the Trust objects.
A grant of £3,858 (2022: £187,692) was 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 UNIVERSITY BOAT CLUB TIWST REPORT OF THETrVSTEES l¢0ntiry) FOR THE YEAR eNDW 31 DECEMBER ZOZ3 Trust#4%' R•won51bllSti4S Law applKable to chatities In ETrgnd and Wale5 requi the TNstees lo prepJre financial stateMnts for eath fin4noal PeihA whrch a ttue and fair iryew of the chaiitys fiTranoal Mtie5 duDrs the Period of it5 fintial Pti&tion * the of the Perh)d. In preparing financièl stslements9iving a ttueJDd fairway. thÈTru5ts 5houkl best Pract and.. Sdertsurtae 4ccountir 15 and then apptythem Consend make judgements estimatesthat ar8 renble3nd wdent 5rate whether typlicae aCCOUnting wndards ènd skements tsf r6CQtnmended pracbce have been folowed wbpct to anyd2Partures thsc1058d exPlned in th financwl Stat214 a pre th¢firn[l atements on the going conttrn unles5 it is inapprOPTP3te to prwmethatthe charitywill in opeTrtKJn The TTu5te85 are ie5ponsibl¢ fDr keeping accounting records vthich disdD5E with rea50nab ¢¢utacy financial PQSltion of the Cty whh enabie them both to 35certain the financial position of the ¢tsrity and to engJre that thE fin01 State*ts comply th apFliCable rtguratS and trust deedk Thry a150 f&POn5ible lor 5aleguarding thE assets olthe chattty bnd hefort3ki reason3 step&for the prevention ahd detection of fraud and 0iheriwJatye Ihi5 report wasapWd bytheTtyste8s .and %gned Onits belf by ON BEHALFOFTHETrUSTEE5 Torn
Page 5
OXFORD UNIVERSITY BOAT CLUB TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Unrestricted Funds £ Income and endowments from Donations and legacies 5,723 Investments 53 Total 5,776 Expenditure on Charitable activities 2 4,429 Total expenditure 4,429 Net (expenditure)/income before gains/(losses) on investments 1,347 Net gains/(losses) on investments 841 Net (expenditure)/income 2,188 Transfers between funds - Net movement in funds 2,188 Reconciliation of funds Total funds brought forward 7,020 Total funds carried forward 9,208 |
Total Funds 2023 £ 5,723 53 5,776 3,858 3,858 1,918 841 2,759 - 2,759 7,020 9,779 |
Total Funds 2022 £ 6,192 2 6,194 191,782 191,782 (185,588) 2,479 (183,109) - (183,109) 190,129 7,020 |
|---|---|---|
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.
Pgge 6 OXFORD VNIVÈRSITY BOAT CWB TRUST BALANCESHEEr AS AT31 DECEMBER 2023 2023 2022 fixed a55ets Investments Curr4ntaKets Cash al bank Amount5 due within one year Ndcuvr4ntAss•ts Totsl CurrontAssrfs The Funds olthe Ch•ryty Untricted income fvnds Thenotes on pages 7 t¢ 9form partof th¥e accounts. 2.7.J¥LL4u AppVed and authorised bytheTru5tees on.. . . ON BEHALF OFniETRusfFES ?a3 T¢ffl Bany
Page 7
OXFORD UNIVERSITY BOAT CLUB TRUST NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 – 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 2023
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 2023 Gains/(losses) on revaluation Valuation at 31 December 2023 |
2023 £ 3,858 168 403 4,429 2023 £ 8,027 841 8,868 |
2022 £ 187,692 168 3,922 191,782 2022 £ 5,548 2,479 8,027 |
|---|---|---|
Page 9
OXFORD UNIVERSITY BOAT CLUB TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Creditors – Amounts Falling Due Within One Year
| Trade creditors & accruals | 2023 £ 3,180 3,180 |
2022 £ 3,180 3,180 |
|---|---|---|
5. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | ||
| £ | £ | |
| Net current assets | 9,208 | 9,208 |
| 9,208 | 9,208 |
6. Related party transactions
During the 2023 financial year, there were donations of £110 from one trustee (2022: £110 from one Trustee).
None of the Trustees were paid any remuneration or expenses by the charity during the year.