## **THE HAWKS' AND OSPREYS' CHARITABLE TRUST**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
**REGISTERED CHARITY No 1198947**
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
|Trustees|Mr Matthew Bullock (Chairman)|
|---|---|
||Mr Timothy Ellis|
||Dr Anthony Hyde|
||Dr Patricia Marsh|
||Mr Andrew Muston|
||Mr James Skelton|
||Ms Deborah Lowther (resigned 25th October 2023)|
||Ms Catherine Millhouse|
||Mr Kenneth Hodgson|
||Mrs Elizabeth Condor (appointed 14th December 2023)|
||Professor Okeoghene Ododu (appointed 14th December 2023)|
||Professor Robert Harle (appointed 14th December 2023)|
||Mrs Deborah Nichols (appointed 21st March 2024)|
|Bankers|Lloyds Bank Plc|
||Sidney Street|
||Cambridge|
||CB2 3HQ|
|Independent Examiner|Rebecca Coles|
||Coles Accounting (Cambridge) Limited|
||Newton Hall|
||Town Street|
||Newton|
||Cambridge|
||CB22 7ZE|
|Principal Address|18 Portugal Place|
||Cambridge|
||CB5 8AF|
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
|**Contents**|**Pages**|
|---|---|
|Trustees' Report|1-2|
|Independent Examiner's Report|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|Notes to the financial statements|6-9|
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 30TH JUNE 2024**
The Trustees present their report along with the financial account of the charity for the year ended 30 June 2024. The financial statements comply with the charity’s trust deed and applicable law.
## **Structure Governance and Management**
The Hawks’ and Ospreys' Charitable Trust (HOCT) is constituted under a trust deed dated 11 May 2022 and is a registered charity No. 1198947. HOCT is a Charitable Incorporated Organisation, and was gifted assets from The Hawks Charitable Trust (HCT) on 1st July 2023.
New Trustees are appointed by current Trustees. Trustees must provide sporting, legal, investment and University expertise. It would be the responsibility of the senior Trustee to induct any new Trustee and explain their responsibilities and duties. There is significant Trustee continuity beteen HOCT and HCT. Trustees receive no remuneration, and do not claim any expenses.
## **Objects and activities**
The objects of the charity are:
(a) to advance the education of students of the University of Cambridge, including their physical education and development; and
(b) the award of bursaries and scholarships or provision of other financial assistance to young persons at or who have accepted a place at Cambridge University who or whose parents are in need of financial assistance.
These objectives are identical to HCT.
## **Financial summary**
At 30 June 2024 the Trust’s investment portfolio was valued at £1,319,587. The investment portfolio at 30 June 2024 was invested 45.6% in a Sarasin fund and 53.7% in a BNY Mellon fund, with 0.7% held in cash.
Total income for the year was £1,293,063 and total expenditure was £103,426, with investment gains of £115,827. Total funds carried forward were £1,306,464 **.**
## **Achievements in the year**
This year the Trustees agreed Sporting Bursary Grants, up to the total value of £51,614 (2022: £41,049 given out by HCT)), were made. 138 awards were made, at an average value of £374. Applications were assessed by Trustees on a scale from 1 to 5 and the marks added together.
The criteria adopted by the Trustees for awards were noted as follows:
Applications must be supported by an appropriate senior member of the University. Applicants should normally be resident members of the University.
Eligible sports should normally be those for which Cambridge Blues or Half-Blues are awarded. Financial need must be adequately established, but levels of cost should be taken into account. Excellence in academic or in other extra-curricular areas should weigh in favour of applications.
If need is equal, actual or potential sporting excellence demonstrated by achievement should be decisive. Neither gender nor a wish to spread between sports should influence awards.
In addition grants to The Hawks' Club of £38,905 (£2022: £41,049 given out by HCT) were approved to support Hawks' Club activities, including the operation of the clubhouse for members of the Hawks' Club and the Ospreys' Club.
## **Significant activities for achieving objectives**
The means of achieving the Trust's objectives is investment management and new donations.
1
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 30TH JUNE 2024**
## **Reserves policy**
The Trustees have established the Trust's reserves policy with reference to Charity Commission guidance and accounting standards (FRS 102 SORP 2015). The Trust holds adequate reserves as working capital, to match income receipts with operating expenditure. Cash flow is carefully monitored on a continuing basis to meet this objective. The Trustees do not intend to build up reserves for unspecified purposes, but rather to apply as much income as is prudent to direct charitable purposes.
## **Public benefit**
The Trustees confirm they have given due consideration to the Charity Commission guidance on public benefit. The Trust provides a public benefit by giving financial assistance to sportsmen and women, who are members of the University of Cambridge, and whoare in financial need in pursuit of sporting excellence and to the activities of their Club.
## **Trustees' responsibilities**
The Trustees are responsible for preparing financial statements for each financial year which give a true and fair view of the state of affairs of the Trust as at the end of the financial year and of the surplus or deficit of the Trust for that period. In preparing those financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- Comply with applicable Accounting Standards, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in business.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act and the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf by:
Mr M P D Bullock Chairman
Dated:
2
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES**
I report on the accounts of The Hawks and Ospreys Charitable Trust for the year ended 30 June 2024, which are pages 4 to 9.
## RESPONSIBILITIES AND BASIS OF REPORT
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Rebecca Coles FCCA, (Independent Examiner)
Coles Accounting (Cambridge) Limited Chartered Certified Accountants Newton Hall Town Street Newton Cambridge CB22 7ZE
Date:
3
## **THE HAWKS' AND OSPREYS' CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024**
|**Note**
**Income from:**
Donations
Donations for the Trust and legacies
2
Donations for the Club
2
Gift Aid
Investment income
Investment income
6
**Expenditure on:**
Raising funds
3
Charitable activity
4
**Total Expenditure**
Gain / (Loss) on investment assets
6
**Net Income/(Expenditure) and net movement in**
**funds for the year**
**Total funds brought forward**
7
**Total funds carried forward**
7|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**£**
1,225,816
-
1,225,816
-
30,905
30,905
-
8,000
8,000
28,342
-
28,342
1,254,158
38,905
1,293,063
-
-
-
64,521
38,905
103,426
64,521
38,905
103,426
116,827
-
116,827
1,306,464
-
1,306,464
-
-
-
1,306,464
-
1,306,464|**Total**
**Funds**
**2023**
**£**
-
-
-
-
-
-
-
-|
|---|---|---|
|||-|
|||-
-
-|
The Charity's income and net movement in funds relate to continuing activities.
4
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST BALANCE SHEET AS AT 30 JUNE 2024**
|**Note**
**INVESTMENTS**
6
**CURRENT ASSETS**
Debtors
Bank account
Gift Aid accrual
**CURRENT LIABILITIES**
Creditors due within one year
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**FUNDS OF THE CHARITY:**
Unrestricted fund balance
7
**TOTAL FUNDS**|**£**
**£**
**£**
**£**
1,319,587
-
830
-
13,579
-
8,000
-
22,409
-
35,532
-
35,532
-
(13,123)
-
1,306,464
-
1,306,464
-
1,306,464
-
**2024**
**2023**|**£**
**£**
**£**
**£**
1,319,587
-
830
-
13,579
-
8,000
-
22,409
-
35,532
-
35,532
-
(13,123)
-
1,306,464
-
1,306,464
-
1,306,464
-
**2024**
**2023**|
|---|---|---|
||22,409
35,532||
||35,532||
|||-|
|||-|
|||-|
I approve these accounts and confirm that I have made available all relevant records and information for the preparation.
Mr M P D Bullock Chairman
Dated:
5
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
## **1 ACCOUNTING POLICIES**
## **1.1 Basis of preparation**
**The financial statements have been prepared under the historical cost convention except for investments, which are included at market value, and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2015).**
## **1.2 Going concern basis**
The Trustees consider that the going concern basis is appropriate as they consider the reserves levels and expected investment income to be at sufficient levels to ensure that the Trustees can meet their financial obligations for the next 12 to 18 months and on that basis the Charity is a going concern.
## **1.3 Financial Reporting Standard 102 - Reduced Disclosure Exemptions**
The Trustees have taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102:
- the requirement of Section 7 Statement of Cash Flows.
## **1.4 Investments**
**Fixed asset investments are stated at market value**
**.**
## **1.5 Spending rule**
The Trust has adopted a total return "spending rule" of 3.25% of the rolling three-year average of the capital value of its investments.
## **1.6 Grant expenditure**
Sporting Bursary Grant expenditure is recognised when awarded to individuals. Grants to the club relate to the activities of the students' Club.
## **1.7 Taxation**
The Trust is a registered charity in the United Kingdom and no taxation is payable on its income.
6
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
## **2 DONATIONS**
|Donations for Trust (transferred from Hawks' Charitable Trust)
Donations for Trust (from members)
Donations for The Club (from members)
Legacy Donations|**Total**
**Funds**
**2024**
**£**
1,200,299
20,517
30,905
5,000
1,256,721|**Total**
**Funds**
**2023**
**£**
-
-
-
-|
|---|---|---|
|||-|
HOCT benefitted from the donation of assets from The Hawks' Charitable Trust.
Donations are separated between those that result in sporting bursary grants for individual students by adding to the Trust's endowment and those that result in grants for the Hawks' Club and its activities, in line with donors' express wishes, and overseen by the Trustees.
## **3 RAISING FUNDS EXPENDITURE**
|Trust investment administration fees
Mailings
Events to raise donations
Marketing
Professional Fees|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total**
**Funds**
**2023**
**£**
-
-
-
-
-|
|---|---|---|
|||-|
## **4 CHARITABLE ACTIVITY EXPENDITURE**
|Sporting bursary grants awarded
Grants to Hawks' Club
Printing, postage and stationery
Miscellaneous including bank fees
Legal Fees
Independent examination|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2024**
**£**
51,614
-
51,614
38,905
-
38,905
1,334
-
1,334
3,463
-
3,463
7,690
-
7,690
420
420
103,426
-
103,426|**Total**
**Funds**
**2023**
**£**
-
-
-
-
-
-|
|---|---|---|
|||-|
## **5 TRUSTEES' REMUNERATION**
The trustees received no remuneration or expenses during the year.
There were no employment benefits for key management personnel.
7
## **THE HAWKS' AND OSPREYS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
## **6 INVESTMENTS**
|**INVESTMENTS**||
|---|---|
|**Market Value**
As at 1 July 2023
Withdrawals
Asset gifted from HCT (see below)
Reinvested income
Investment management fees
Revaluation
As at 30 June 2024
As at 30 June 2023|**£**
-
-
1,174,779
28,342
(361)
116,827|
||1,319,587|
|||
||-|
On 1st July 2023 The Hawks' Charitable Trust transferred its assets (managed by Sarasin and Newton) to the newly formed Hawks' and Ospreys' Charitable Trust.
The investment objective is to invest on a long-term basis with a view to preserving the real value of the capital and income over the years.
As at 30 June 2024, £602,253 (45.6%) was held in the Sarasin Endowments Fund; £708,595 (53.7%) was held in the Newton Growth & Income Fund for Charities; and £8,739 (0.7%) was held in cash. The asset allocation over the two funds was Fixed Income 15.1%, Equities 76.7%, Property 1.6%, Alternative Investments 3%, and Liquid Assets / Cash 3.6%.
The currency allocation was Sterling 39%, Euro 9%, US 44%, Yen 2%, Other 7%.
## **7 ANALYSIS OF CHARITABLE FUNDS**
|**Unrestricted**|**Fund**
**b/fwd**
**£**
-
-|**Income**
**£**
1,293,063
1,293,063|**Expenditure**
**£**
103,426
103,426|**Gains and**
**losses**
**£**
116,827
116,827|**Fund**
**c/fwd**
**£**
1,306,464|
|---|---|---|---|---|---|
||||||1,306,464|
8
**THE HAWKS' AND OSPREYS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024**
## **8 RELATED PARTY TRANSACTIONS**
As at 30th June 2024 the Hawks' Company Ltd owed the Trust £830 (2023: nil) As at 30 June 2024 The Trust owed ££34,929 (2023: nil) to the The Hawks' Club
## **9 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Investments
Net current assets|**Unrestricted**
**Funds**
1,319,587
(13,123)
1,306,464|**Restricted**
**Funds**
-
-
-|**Total**
**Funds**
**2023**
**£**
1,319,587
(13,123)
1,306,464|**Total**
**Funds**
**2021**
**£**
1,150,134
3,667|
|---|---|---|---|---|
|||||1,153,801|
9