## **ULBC TRUST LIMITED**
A company limited by guarantee Company no: 06799407 Charity no: 1174721
**Annual report and financial statements for the year ended 30 September 2020**
## **ULBC Trust Limited**
**Annual report and financial statements for the year ended 30 September 2020**
## **Contents**
Trustees’ report ................................................................................................... 2 Independent examiner’s report ................................................................... 5 Balance sheet ........................................................................................................ 7 Statement of financial activity ...................................................................... 8 Notes to the accounts ........................................................................................ 9
1
## **ULBC Trust Limited**
A company limited by guarantee
## **Trustees report to the Patrons AGM 29 April 2021**
## **1. Objects of the Trust**
The objects of the Trust are to support the University of London Boat Club (ULBC) and the rowing clubs of colleges affiliated to the University of London.
## **2. Trustees**
The Trustees at 30 September 2020 were:
|Mr John Kinnear
Mr Nathaniel Reilly-O'Donnell
Dr Gordon Elliott
Mr Humphry Hatton
Mrs Zoë Parish|Elected|
|---|---|
||2016
2017
2018
2019
2020|
## **3. Company Secretary**
The company secretary was Mr Giles Monnickendam.
## **4. Patrons**
Patrons are the guarantors of the company (equivalent to shareholders in a normal company). They have the right to attend the AGM and elect the Trustees. People who have shown a significant commitment to UL rowing are invited by the Trustees to become Patrons. There were 99 Patrons on 30 September 2020.
## **5. Corporate Structure and Governance**
Now that there is no University of London Union, and the colleges are independently governed, ULBC alumni have taken on a greater involvement in sustaining the future of ULBC and the University of London Boathouse. This is carried out through three independent companies: ULBC Trust Limited, UL Rowing Limited and UL Boathouse Limited.
The ULBC Trust is a registered charity supporting ULBC and rowing in the University. It maintains relations with ULBC alumni, raises funds from alumni and others, liaises with the University and owns all the assets (boats and equipment) used by ULBC. It owns a 35-year lease on the boathouse granted by the University in 2009. It is managed by a committee comprising five elected Trustees and a number of volunteer alumni.
2
UL Rowing administers the day-to-day support services for ULBC and employs the professional coaches. Its Chairman, alumni directors and committee members are appointed by the student officers of ULBC.
UL Boathouse is licensed by the Trust to run the boathouse. It has four directors appointed by the Trust and three appointed by the colleges that use the boathouse. Any surpluses it generates are donated to the Trust and the Trust makes grants to the Boathouse for major refurbishment projects.
In addition to these companies, an independent non-profit corporation has been established in the U.S.A. by Dr Gordon Elliott to coordinate fund raising and support from the large contingent of alumni resident in North America.
## **6. 2019/20 review**
The annual income of the Trust for the year ending 30 September 2020 was £136,771 (2019 - £126,893). Expenditure was £116,964 (2019 - £131,620) resulting in a surplus of £14,313 (2019 – deficit of £3,862) after including movements in the value of investments. Regular subscriptions declined slightly during the year to £39,588 (2019 - £40,500). One-off gifts and donations were substantially higher than in prior years.
The Trust made grants to UL Rowing and individual athletes of £73,250 (2019 - £80,700). This was largely to support coaching costs. The Trust also funded boat and equipment purchases, net of sales, of £6,360 in cash terms (2019: £3,737).
The overall support by the Trust for UL Rowing in 2019-20 in cash terms was £79,610 (2019: £85,387).
The value of the Trust fund at the year-end was £493,190 (2019: £478,877). This includes the net book value of boats and equipment. Excluding these, the Fund value is £236,262 of which the Trustees hold a reserve fund of £100,000 for boathouse maintenance, leaving net assets available to support the rowing programme of £136,262 (2019: £92,288).
## **7. COVID-19 pandemic impact**
The COVID-19 pandemic had limited impact on the Trust in 2019-20. Regular subscriptions continued and other sources of funding were committed and mostly received early in the financial year, before disruption from the pandemic had begun. The Trust incurred a loss on listed investments of £5,494 in 2019-20, attributable to market movements following the pandemic.
## **8. Outlook**
The cost of the ULBC rowing programme in 2019-20 was £133,076. The sources of funding were as follows:
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|Trust grants|£72,000|54%|
|---|---|---|
|Athlete subs|£12,200|9%|
|British Rowing|£24,500|18%|
|University (Student Central)|£14,370|11%|
|Events & miscellaneous|£10,006|8%|
The grants from the Trust cover a substantial part of the cost of the rowing programme. In addition to this funding, the Trust provides most of the boats and equipment used by UL Rowing.
The Trust’s financial objectives are:
- to be able to increase grants to enable a reduction in the level of athlete contributions;
- to increase regular, recurring income to at least the level of annual grants;
- to continue to make regular improvements to the fleet of boats and other equipment.
For the 2020-21 financial year, funding from the University will be reduced, due to budgetary pressures arising from the pandemic and changes in the University’s central role. The Trust holds sufficient financial reserves to cover any shortfall during 2020-21. Longer-term, the Trust will continue with its strategy to build its revenue base and increase the proportion of funding coming from the alumni via regular subscriptions and one-off donations.
## **9. Audit**
The Trust is not obliged by law to have its accounts formally audited but the Charities Commission require that they be independently examined. The Trustees would like to thank Giles Monnickendam for the work he has done in helping prepare and format the accounts and for agreeing to be our qualified independent examiner.
## **10. Accounts**
The balance sheet and income and expense account are reported here in summary format. The detailed accounts are available to Patrons on request.
4
## **Independent examiner’s report to the trustees of ULBC Trust Ltd**
I report on the accounts of the company for the year ended 30 September 2020, which are set out in the Trustees report to the Patrons, circulated for the Annual General Meeting in April 2021.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
The charity’s gross income did not exceed £250,000. I have the requisite ability and practical experience to carry out a competent examination of the company’s accounts. I am qualified as an associate chartered management account (ACMA) with the Chartered Institute of Management Accountants (CIMA). I have practical experience of financial control and the preparation of financial accounts. I can be considered an independent person for the purpose of the review. I have no financial or commercial relationship with the charity or trustees and I have no close personal connections with the trustees or any related parties. I am a Patron of ULBC Trust Ltd and entitled to attend the AGM. However, I am not involved in the day-to-day administration of the company.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, 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
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 you as 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 next statement.
5
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Giles Monnickendam 24 Ancastle Green Henley-on-Thames Oxfordshire RG9 1TR
8 May 2021
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## **ULBC Trust Limited** Company no: 06799407 Charity no. 1174721 Accounts for the period 1 October 2019 to 30 September 2020
|**Balance sheet, £**
**Fixed assets**
Tangible assets (boats & equipment)
Investments
**Total fixed assets**
**Current assets**
Debtors
Investments
Cash at bank and in hand
**Total current assets**
**Liabilities**
Creditors: amounts falling due within one year
**_Net current assets/(liabilities)_**
**_Total assets less current liabilities_**
Creditors: amounts falling due after one year
Provisions for liabilities
**Total net assets/(liabilities)**
**Funds**
Restricted income funds
Unrestricted funds
**Total funds**|**2020**
256,928
37,179
**294,107**
32,973
97,256
71,492
**201,721**
2,639
**199,083**
**493,190**
-
-
**493,190**
-
493,190
**493,190**|**2019**
286,589
42,673|
|---|---|---|
|||**329,262**|
|||20,921
96,864
57,195|
|||**174,980**|
|||25,366
**149,615**
**478,877**
-
-|
|||**478,877**|
|||-
478,877|
|||**478,877**|
_The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies._
_The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006._
_The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP._
7
## **ULBC Trust Limited** Company no: 06799407 Charity no. 1174721 Accounts for the period 1 October 2019 to 30 September 2020
## **Statement of financial activities, £**
(including summary income and expenditure account)
|**Income from:**
Subscriptions & donations
Charitable activities
Other trading activities
Investments
Other
**_Total_**
**Expenditure on:**
Raising funds
Charitable activities
Other
**_Total_**
**Net income/(expenditure) before investment gains/(losses)**
Net gains/(losses) on investments
**Net income/(expenditure)**
Gains and losses on revaluation
Other gains/(losses)
**Net movement in funds**
**_Reconciliation of funds:_**
_Total funds brought forward_
**_Total funds carried forward_**|**2020**
81,485
18,615
45,008
1,375
-9,713
**136,771**
14,860
102,103
-
**116,964**
**19,807**
-5,494
**14,313**
-
-
**14,313**
_478,877_
**_493,190_**|**2019**
52,488
14,577
46,358
1,786
11,684|
|---|---|---|
|||**126,893**|
|||16,749
114,872
-|
|||**131,620**|
|||**-4,728**
865|
|||**-3,862**
-
-|
|||**-3,862 **|
|||_482,739_|
|||**_478,877_**|
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## **Notes to the accounts**
## **1. Accounting policies**
## **(a) Basis of preparation**
The accounts 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 (FRS 102) issued on 16 July 2014 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Companies Act 2006.
The charity constitutes a public benefit entity as defined by FRS 102. These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
In the absence of any restrictions on the use of the Trust’s assets, no distinction is made between restricted and unrestricted funds within the accounts.
## **(b) Preparation of accounts on a going concern basis**
The accounts have been prepared on a going concern basis. The trustees intend to keep the charity in operation indefinitely and it remains fully solvent.
## **(c) Income**
Grants and donations are only included when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP). Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so. Goods donated for on-going use by the charity are recognised as tangible fixed assets and included as incoming resources when receivable.
## **(d) Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
## **(d) Tangible fixed assets and depreciation**
Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year and cost at least £1,000. Tangible fixed assets are valued at historical cost less depreciation. Depreciation is applied using the reducing balance method, at a rate of 20% per annum for vehicles and 10% per annum for all other assets.
9
## **2. Tangible assets**
|**Cost, £**
**At the beginning of the year**
Additions
Disposals
**At end of the year**
**Depreciation, £**
**At the beginning of the year**
Disposals
Depreciation
At end of the year
**Net book value, £**
Net book value at the beginning of the year
Net book value at the end of the year|**2020**
**Plant,**
**machinery**
**& vehicles**
**Fixtures,**
**fittings &**
**equipment**
**Total**
**21,700**
**459,984**
**481,684**
0
62,505
62,505
11,200
95,656
106,856
**10,500**
**426,833**
**437,333**
**11,780**
**183,315**
**195,095**
4,032
39,511
43,543
551
28,303
28,853
**8,299**
**172,107**
**180,405**
9,920
276,669
**286,589**
2,201
254,726
**256,928**|**2019**|
|---|---|---|
|||**Plant,**
**machinery**
**& vehicles**
**Fixtures,**
**fittings &**
**equipment**
**Total**
**30,650**
**453,460**
**484,110**
0
29,330
29,330
8,950
22,806
31,756|
|||**21,700**
**459,984**
**481,684**|
|||**16,748**
**161,273**
**178,021**
7,448
8,699
16,147
2,480
30,741
33,221|
|||**11,780**
**183,315**
**195,095**|
|||13,902
292,187
**306,089**
9,920
276,669
**286,589**|
10
## **3. Investments**
|**Fixed assets investments, £**
Carrying (fair) value at beginning of period
**Add:**additions to investments during period
**Less:**disposals at carrying value
**Less: impairments**
**Add: Reversal of impairments**
**Add/(deduct):**transfer in/(out) in the period
**Add/(deduct):**net gain/(loss) on revaluation
Carrying (fair) value at end of year
**Current asset investments, £**
Cash or cash equivalents
Listed investments
Investment properties
Social investments
Other investments
**Total**|**2020**
**Listed**
**investments**
**Total**
42,673
**42,673**
-
-
-
-
-
-
-
-
-
-
-5,494
**-5,494**
37,179
**37,179**
**2020**
97,256
-
-
-
-
97,256|**2019**|**2019**|
|---|---|---|---|
||**Listed**
**investments**
42,673
-
-
-
-
-
-5,494|**Listed**
**investments**
41,808
-
-
-
-
-
865|**Total**
**41,808**
-
-
-
-
-
**865**|
||37,179|42,673|**42,673**|
||||**2019**
96,864
-
-
-
-|
||||96,864|
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## **4. Cash at bank and in hand**
|**Analysis of cash at bank and in hand, £**
**Short term cash investments**
**Short term deposits**
- ULBC Trust main account
**Cash at bank and in hand**
**Other**
**Total**|**2020**
-
-
71,492
**71,492**
-
**71,492 **|**2019**
-
-
57,195|
|---|---|---|
|||**57,195**|
|||-|
|||**57,195**|
## **5. Debtors**
|**Analysis of debtors, £**
**Prepayments and accrued income**
**Other debtors**
**Total Debtors**|**2020**
**20,000**
**12,973**
**32,973**|**2019**|
|---|---|---|
|||**10,000**|
||||
|||**10,921**|
||||
|||**20,921**|
## **6. Creditors**
|**Analysis of creditors, £**
**Amounts falling due within one year**
Trade creditors
**Total creditors**
**Amounts falling due after more than one year**
**Total creditors**|**2020**
2,639
**2,639**
**-**|**2019**
25,366|
|---|---|---|
|||**25,366**|
||||
|||**-**|
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