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: - (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 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 ETrg￿nd and Wale5 requi￿ the TNstees lo prepJre financial stateM￿nts for eath fin4noal PeihA whrch a ttue and fair iryew of the chaiitys fiTranoal Mtie5 duDrs the Period of it5 fi￿ntial Pti&tion * the of the Perh)d. In preparing financièl stslements9iving a ttueJDd fairway. thÈTru5ts* 5houkl best Pract￿ and.. Sdertsurta￿e 4ccountir￿ ￿1￿￿5 and then apptythem Cons￿end￿ make judgements estimatesthat ar8 re￿n￿ble3nd wdent 5rate whether typlica￿e aCCOUnting wndards ènd sk*ements tsf r6CQtnmended pracbce have been folowed wbpct to anyd2Partures thsc1058d exPl￿ned in th financwl Stat2￿14 a p￿re th¢fir￿n[￿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 C￿￿ty wh￿h enabie them both to 35certain the financial position of the ¢tsrity and to engJre that thE fi￿n￿01 State￿*￿ts comply ￿th apFliCable rtgurat￿S and trust deedk Thry a150 f&POn5ible lor 5aleguarding thE assets olthe chattty bnd he￿￿fort3ki￿ reason3￿￿ step&for the prevention ahd detection of fraud and 0iheriwJ￿a￿tye Ihi5 report wasapW￿d bytheTtyste8s .and %gned Onits be￿lf 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 Un￿tricted income fvnds Thenotes on pages 7 t¢ 9form partof th¥e accounts. 2.7.J¥*LL4u App￿Ved 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: - 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 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.