Trustees’ Annual Report for the period
From 1 August 2024 Period start date To Period end date
Charity name: Balliol College Educational Trust
Charity registration number: 1201907
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | The objects are: (i) the relief or prevention of poverty or the relief of need because of financial hardship or other disadvantage, with specific regard to educational needs, by the provision of financial and non-financial assistance including making grants for providing or paying towards education and training to or for the benefit of the children of those educated at Balliol College, Oxford, including those children to whom such persons stand in loco parentis; and (ii) to the extent that funds are available following expenditure on the objects above, to provide assistance with such charitable educational activities in support of undergraduate and graduate students of Balliol College, Oxford as the trustees shall deem fit. |
| Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
The making of financial grants to individual applicants. |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | Our purposes are for the public benefit. When exercising any powers or duties to which the guidance is relevant, the trustees are aware of and have regard to the guidance issued by the Charity Commission on public benefit. |
Achievements and Performance
Confidential
| SORP reference | ||
|---|---|---|
| Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
Para 1.20 | In line with its objects and with regard to the public benefit, the charity has made grants to four individuals during the period of this report. The aggregate amount granted across the four individuals was just under £20,000. Two grants were made to current students of Balliol College, Oxford, and two to undergraduate students at other universities who are the children of someone who studied at Balliol College, Oxford. The grants were made to support educational needs, which has enabled the students to continue their education and will mean they are able to contribute to society more fully on graduating. |
Confidential
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | The charity remains in a robust financial position at year end. The total assets were £1.26m in either cash or liquid securities or fund holdings. This allows the charity to remain in operation for the foreseeable future. BCET had only one liability at year end, being professional fees of £9,000. |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | The significant majority of the reserves are held at the charity’s investment account with Charles Stanley. Smaller amounts are held in the charity’s bank account prior to grant payments and for operational flexibility. |
| Amount of reserves held | Para 1.22 | The reserves at year end were £1.25m. |
| Reasons for holding zero reserves |
Para 1.22 | The charity does not hold zero reserves. |
| Details of fund materially in deficit |
Para 1.24 | The charity is not in financial deficit. |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | There is no uncertainty as to whether the charity can continue as a going concern. |
Confidential
Structure, Governance and Management
| Description of charity’s trusts: |
The charity is a charitable incorporated organisation. |
|
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | CIO constitution. |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | CIO. |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Trustee selection and appointment is governed by the CIO’s Constitution. The minimum number of trustees is seven. One of those trustees is nominated by the Master and Fellows of Balliol College, and must be a Tutorial Fellow of the College. Other Trustees are appointed by a resolution passed at a properly convened meeting of the Trustees. The Constitution requires that in selecting individuals for appointment, the Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO |
Reference and Administrative details
| Charity name | Balliol College Educational Trust |
|---|---|
| Other name the charity uses | BCET |
| Registered charity number | 1201907 |
| Charity’s principal address | Balliol College, Oxford, OX1 3BJ |
Confidential
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (if any) |
|---|---|---|---|---|
| Victoria Wells | Chair | Wholeyear | N/A | |
| Helen Loughran | Wholeyear | N/A | ||
| Mark Jones | Treasurer | Wholeyear | N/A | |
| Christopher Hooley | Wholeyear | N/A | ||
| James Lee | Wholeyear | N/A | ||
| Coralia Cartis | Whole year | The Master and Fellows of Balliol College |
||
| Matthew Robinson | Wholeyear | N/A | ||
| Richard Parry | Wholeyear | N/A | ||
| Gordon Johns | Up to 21 September 2024 |
N/A | ||
| Andrew Trotman | Up to 21 September 2024 |
N/A | ||
– Corporate trustees names of the directors at the date the report was approved
Director name None
Name of trustees holding title to property belonging to the charity
| Trustee name | Dates acted if not for whole year | |
|---|---|---|
| None | ||
Confidential
Funds held as custodian trustees on behalf of others
Description of the assets The charity does not hold any assets in this capacity. held in this capacity Name and objects of the Not applicable. charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for Not applicable. safe custody and segregation of such assets from the charity’s own assets
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Not applicable
Other optional information
Confidential
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s) Full name(s) Victoria Wells Position (eg Secretary, Chair Chair, etc) Date 26.05.2026
Confidential
Charity Registration No. 1201907 CIO No. CE031376 BALLIOL COLLEGE EDUCATIONAL TRUST TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Wenn Townsend Chartered Accountants Oxford
BALLIOL COLLEGE EDUCATIONAL TRUST Contents Page Charity information Trustees, report 3to5 Independent examinerfs report statement of financial aclivities Balance sheet Statement of cash flows Notes to the financial statements 10t014
BALLIOL COLLEGE EDUCATIONAL TRUST Charity information Board of Trustees The membership of the board of trustees up to the date of signing the financial statements was as follows: V Wells H Loughran M Jones C Hooley JLee C Cartis M Robinson R Parry Independent Examiner Andrew Rodzynski FCA Wenn Townsend 30 St Giles Oxford OX13LE Bankers Lloyds Bank plc 1 Legg St Chelmsford Essex CM1 1JS Investment advlsors Charles Stanley Ropemaker Place 25 Ropemaker Street London EC2Y 9LY Registered charity number 1201907 CIO number CE031376 Address Balliol College Broad Street Oxford OX1 3BJ
BALLIOL COLLEGE EDUCATIONAL TRUST Trustees, Annual Report For the ear ended 31 Jul 2025 The trustees present their report and the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of the Statement of Recommended Practi ISORPI "Accounting and Reporting by Charities IFRS102)" in preparing the annual report and financial statements of the charity. Structure, governance and management Governin document Balliol College Educational Trust is a charitable incorporated organisation ("CIO"I governed by its constitution dated 8 February 2023. It is registered as a charity with the Charity Commission. ointment of Irustees Trustee selection and appointment is govemed by the CIO'S conslitution. The minimum number of trustees is seven. One of those trustees is nominaled by Ihe Master and Fellows of Balliol College, and must be a Tutorial Fellow of Ihe College. Olher trustees are appointed by a resolution passed at a properly convened meeting of the trustees. The constitution requires that in selecting individuals for appointment, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Trustee induction and trainin New trustees are given documentation containing information on their legal obligations under charity law, a copy of the constitution and a copy of the latest trustees, report and financial stalements. mana ement ersonnel The board of trustees are considered to be the key management personnel of the charity- Objectives and activities Ob'ects The charily's objects are.. lil the relief or prevention of poverty or the relief of need because of financial hardship or other disadvantage, with specific regard to educational needs, by the provision of financial and non- financial assistance including making grants for providing or paying towards education and training to or for the benefit of the children of those educated at Balliol College, Oxford, including those children to whom such persons stand in loco parentis,. and lill to the extent that funds are available following expenditure on the objects above, to provide assistance with such charitable educational activities in support of undergraduate and graduate 5tudent5 of Balliol College, Oxford as the trustees shall deem fil. Activities The main activity undertaken is the making of financial grants to individual applicants.
BALLIOL COLLEGE EDUCATIONAL TRUST Trustees. Annual Report (continued) For the ear ended 31 Jul 2025 Statement on ublic benefit When exercising any powers or duties to which the guidance is relevant, the trustees are aware of and have regard to the guidance issued by the Charity Commission on public benefit. Fundraisin standards infomiation The charity does not carry out significant public fundraising activities. A¢hlevement$ and perfomian¢e In line with ils objects and with regard to the public benefit, the charity has made grants lo four individuals during the period of this report. The aggregate amount granted across the four individuals was £19,030. Two grants were made lo current sludenls of Balliol College, Oxford, and two to undergraduate students at other universities who are the children of someone who studied al Balliol College, Oxford. Financial review Review of the chari 's financial osilion The charity remains in a robust financial posltion at the year end. The lolal assets were £1.26m (2024.. £1.18ml in either cash, liquid securities or fund holdings. This allows Ihe charity lo remain in operation for the foreseeable future. The charity had one liability at the year end being professional fees of £9,00012024'. £nill. Reserves olic The significanl majority of the resetves are held in the charity's investment account wlh Charles Stanley. Smaller amounts are held in the charrty's bank account prior lo grant payments and for operational flexibility. The total unrestricted reserves at the period end were £1.25m12024.' £1.18ml. The trustees have reviewed Ihe level of reserves held at the year end and consider this to be sufficient. Investment olic The investments are managed in accordance with the powers available to the trustees under the constitution. The charity aims to balance income generation with retention of capital in order lo preserve the future of Ihe charity. Risk management The major risk lo which Ihe charity is exposed is Ihe impacl of fluclualions in the investmenl markets on its managed investment portfolio. The trustees mitigate this risk by using appointed professional investment managers. Plans for future periods The trustees do not expect any significant changes in the activities of the charity in the coming year and intend to continue to make grants from available income and capital.
BALLIOL COLLEGE EDUCATIONAL TRUST Trustees. Annual Report (continued) For the ear ended 31 Jul 2025 Key management personnel remuneration The board of trustees are the key personnel of the charity in charge of directing, controlling and operating the charity. All trustees give their time freely and no trustee remuneration was paid during the ¢urrent or previous period. Trustees. responsibilities in relation to the financial statements The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements the trustees are required to.. select suitable accounting policies and apply them consistently., observe the melhods and principles in the Charities SORP 2019 {FRS102}', make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed., and prepare the accounts on the going concern basis unless il is inappropriate lo assume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime Ihe financial position of the charity, and to enable them lo ensure that the accounls comply Mlh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding Ihe charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by order of the board of trustees V Wells Trustee M Jones Trustee 2210512026
BALLIOL COLLEGE EDUCATIONAL TRUST Inde endent examiner's re ort to the trustees of Balliol Colle e Educational Trust I report to the charity trustees on my examination of the charity accounts for Ihe year ended 31 July 2025 which are set out on pages 7 to 14. 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 Ihe Charilies Act 2011 I'the Act'l. I report in respect of my examination of Ihe 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 14515)Ibl of the Act. Independent examinerfs 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 Ihe 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 requiremenl that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no ¢on¢erns and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Rodzynski Imay 26 2026 1 033GMT411 Andrgw Rodzynski FCA Wenn Townsend 30 St Giles Oxford OX13LE Date: 2610512026
BALLIOL COLLEGE EDUCATIONAL TRUST Statement of Financial Activities Including income and expenditure account For the ear ended 31 Jul 2025 Period from 10 February 2023 to 31 July 2024 Unrestricted Funds Year to 31 July 2025 Unrestricted Funds Note Incoming Re50urce5 Income from.. Donations and legacies Investment income Total Income 1,076,413 32,652 1,109,065 35,326 35,326 Resources expended Expenditure on.. Raising fund5 Charitable actiwlies Total expendlture 1,912 28,030 29,942 1,868 22,591 24,459 Net income before investment sains 5,384 1,084,606 Net gains on investments 58,376 97,646 Net movement in funds 63,760 1,182,252 Reconciliation of funds= Total funds brought forward 1,182,252 Total funds carried forward 1,246,012 1,182,252
BALLIOL COLLEGE EDUCATIONAL TRUST Balance Shget As at 31 Jul 2025 2025 2024 Note Flxed assets Fixed asset investments 1.149,571 1.125.061 1,149,571 1,125,061 Current a¥$ets Cash at bank and in hand 57,191 10S,441 57,191 Current Llabllltles Creditors 8mounls falling due wrfchin one year Net current assets 57,191 Total assets less current liabilities 1,246,012 1,182,252 Net assets 1 246012 1.182.252 Represented by: Funds of th& charity Unrestricted general funds 1,246,012 1,182,252 1,246,012 1,182,252 22-05- These financi81 statements weie approved by the board of trustees on behalf ty.. 2026 and signed on ts V Wells M Jones Trust•• Trustèe The notes on pages 10 to 14 fomi part of these financial statements.
BALLIOL COLLEGE EDUCATIONAL TRUST Statement of Cash Flows For the ear ended 31 Jul 2025 Reconciliation of operating result to net cash oufflow from operating activities Period from 10 February 2023 to 31 July 2024 Yearto 31 July 2025 Surplus for the period Investmenl income recognised in the statement of financial activities Fair value gains on inveslmenls Inveslmenl portfolio transferred under deed of assignmenl Investment management fees Increase in creditors 63.760 (35.3261 {58.3761 1,182,252 {32,652) (97,646) {934,072) 1,868 1,912 9,000 Net cash inflow from operating activities 119,0301 119,750 Net inflow from operaling aclivities {19.0301 119,750 Returns on investments and servicing of finance Investment income Investment management fees Purchase of investments Proceeds from sale of investments 35.326 11.9121 {113.3761 147.242 32,652 11,868) {160,919) 67,576 Increase in cash 48,250 57,191 Reconciliation of net cash flow to movement in net debt Net cash as at the beginning of the period 57,191 Increase in cash 48,250 57,191 Net cash as at the end of the period 105.441 57,191
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts For the ear ended 31 Jul 2025 1. Accounting policies a} Basis of preparation Balliol College Educational Trust is a chaTltable incorporated organisalion, incorporated in England and Wales. The Charity constitutes a public benefit enlily as defined by FRS 102. The financial statements have been prepared in accordance wth the Statement of Recommended Practice.. Accounting and Reporting by Charities in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements are prepared under the histOriC81 cost convention, m(Idified to include certain items at fair value. The significant accounting policies applied in the preparation of these financial slalements are set out below. b) Going Concem The charity's accounts have been prepared on the going concern assumption. The charity provides grants and would be in a position to reduce the value of the grants awarded if necessary. c) Income recognition Income is recognised in the Statement of Financial Activities ISOFAI when the charity becomes entitled lo the resources, it is more likely than not that the charity will receive the resources and the monetary value can be measured with sufficient reliability. d) Resources expended Where there are no condrtions attaching lo the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation musl be recognised. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. e) Investment gains and losses Investment gains and losses include any realised or uniealised gains or losses on the sale of investments and any unrealised gains or losses resutting from revaluing investments to market value as al the balance sheet date. n Irrecoverable VAT Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. -10-
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts (continued) For the ear ended 31 Jul 2025 g} Taxatlon Balliol College Educational Trust is a registered charity and is not liable to income tax or corporation tax on its gains as they fall within the various exemptions available to registered charities. h} Investments Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value {their market value) al the period end. il Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity. jl Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. kl Charity funds The charity's unrestricted funds may be spent for the furtherance of the charity's objects at the discretion of the trustees.
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts Icontinuedl For the year ended 31 July 2025 2. Donations Period from 10 February 2023 10 31 July 2024 Year to 31 July 2025 Donations Transfer from Balliol Society Educational Trust 1,076,411 1,076,413 All donations were attributable lo unrestricted funds. 3. Investment income Period from 10 February 2023 10 31 July 2024 Ygar to 31 July 2025 Interest Dividends 1,445 33,881 32.652 32,852 All investment income was attributable to unreslricled funds. 4. Costs of raising funds Period from 10 February 2023 10 31 July 2024 Year to 31 July 2025 Investment management fees 1,912 1,868 All costs of raising funds were attributable lo unreslricled funds. 5. Cost of charitable activities Period from 10 February 2023 to 31 July 2024 Year to 31 July 2025 Direct costs Grant making- grants made to individuals eligible under the charity's objectives Support costs Admin SUPPDrt Fees payable for.. Audit services in respect of prior period Independent examination 1,000 7,200 1,800 1,000 -12-
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts (continued) For the ear ended 31 Jul 2025 5. Cost of charitable activities (continued) Period from 10 February 2023 to 31 July 2024 Year to 31 July 2025 Tolal 22,591 All costs of charitable activites were attributable to unrestricted funds. 6. Staff costs The average monthly number of employees during the year was nil12024'. nil). 7. Trustees remuneration and expenses The charily considers its key management personnel to comprise Ihe board of trustees. Trustees neither received nor waived any remuneralion during the year or the prior period. The trustees did not have any expenses reimbursed during the year or the prior period. 8. Investments 2025 CaTrying value at 1 August 2024 Additions lo investments Disposal of investments at carrying value Nel gain on revaluation Carrying value at 31 July 2025 1,125.061 113.376 (147.2421 58.376 1,149.571 Analysis of investments.. Listed investmenls and bonds 1,149.571 9. Net Assets by Fund Unreslricted funds 2025 Unrestricted funds 2024 Fixed asset investments Cash at bank and in hand Current liabilities 1.149,571 105.441 9.000 1246 012 1,125,061 57,191 1,182,252 -13-
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts (continued) For the ear ended 31 Jul 2025 10. Related party transactlons There have been no transactions with related parties during the year or the prior period. None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. -14-
Charity Registration No. 1201907 CIO No. CE031376 BALLIOL COLLEGE EDUCATIONAL TRUST TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Wenn Townsend Chartered Accountants Oxford
BALLIOL COLLEGE EDUCATIONAL TRUST Contents Page Charity information Trustees, report 3to5 Independent examinerfs report statement of financial aclivities Balance sheet Statement of cash flows Notes to the financial statements 10t014
BALLIOL COLLEGE EDUCATIONAL TRUST Charity information Board of Trustees The membership of the board of trustees up to the date of signing the financial statements was as follows: V Wells H Loughran M Jones C Hooley JLee C Cartis M Robinson R Parry Independent Examiner Andrew Rodzynski FCA Wenn Townsend 30 St Giles Oxford OX13LE Bankers Lloyds Bank plc 1 Legg St Chelmsford Essex CM1 1JS Investment advlsors Charles Stanley Ropemaker Place 25 Ropemaker Street London EC2Y 9LY Registered charity number 1201907 CIO number CE031376 Address Balliol College Broad Street Oxford OX1 3BJ
BALLIOL COLLEGE EDUCATIONAL TRUST Trustees, Annual Report For the ear ended 31 Jul 2025 The trustees present their report and the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of the Statement of Recommended Practi ISORPI "Accounting and Reporting by Charities IFRS102)" in preparing the annual report and financial statements of the charity. Structure, governance and management Governin document Balliol College Educational Trust is a charitable incorporated organisation ("CIO"I governed by its constitution dated 8 February 2023. It is registered as a charity with the Charity Commission. ointment of Irustees Trustee selection and appointment is govemed by the CIO'S conslitution. The minimum number of trustees is seven. One of those trustees is nominaled by Ihe Master and Fellows of Balliol College, and must be a Tutorial Fellow of Ihe College. Olher trustees are appointed by a resolution passed at a properly convened meeting of the trustees. The constitution requires that in selecting individuals for appointment, the trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Trustee induction and trainin New trustees are given documentation containing information on their legal obligations under charity law, a copy of the constitution and a copy of the latest trustees, report and financial stalements. mana ement ersonnel The board of trustees are considered to be the key management personnel of the charity- Objectives and activities Ob'ects The charily's objects are.. lil the relief or prevention of poverty or the relief of need because of financial hardship or other disadvantage, with specific regard to educational needs, by the provision of financial and non- financial assistance including making grants for providing or paying towards education and training to or for the benefit of the children of those educated at Balliol College, Oxford, including those children to whom such persons stand in loco parentis,. and lill to the extent that funds are available following expenditure on the objects above, to provide assistance with such charitable educational activities in support of undergraduate and graduate 5tudent5 of Balliol College, Oxford as the trustees shall deem fil. Activities The main activity undertaken is the making of financial grants to individual applicants.
BALLIOL COLLEGE EDUCATIONAL TRUST Trustees. Annual Report (continued) For the ear ended 31 Jul 2025 Statement on ublic benefit When exercising any powers or duties to which the guidance is relevant, the trustees are aware of and have regard to the guidance issued by the Charity Commission on public benefit. Fundraisin standards infomiation The charity does not carry out significant public fundraising activities. A¢hlevement$ and perfomian¢e In line with ils objects and with regard to the public benefit, the charity has made grants lo four individuals during the period of this report. The aggregate amount granted across the four individuals was £19,030. Two grants were made lo current sludenls of Balliol College, Oxford, and two to undergraduate students at other universities who are the children of someone who studied al Balliol College, Oxford. Financial review Review of the chari 's financial osilion The charity remains in a robust financial posltion at the year end. The lolal assets were £1.26m (2024.. £1.18ml in either cash, liquid securities or fund holdings. This allows Ihe charity lo remain in operation for the foreseeable future. The charity had one liability at the year end being professional fees of £9,00012024'. £nill. Reserves olic The significanl majority of the resetves are held in the charity's investment account wlh Charles Stanley. Smaller amounts are held in the charrty's bank account prior lo grant payments and for operational flexibility. The total unrestricted reserves at the period end were £1.25m12024.' £1.18ml. The trustees have reviewed Ihe level of reserves held at the year end and consider this to be sufficient. Investment olic The investments are managed in accordance with the powers available to the trustees under the constitution. The charity aims to balance income generation with retention of capital in order lo preserve the future of Ihe charity. Risk management The major risk lo which Ihe charity is exposed is Ihe impacl of fluclualions in the investmenl markets on its managed investment portfolio. The trustees mitigate this risk by using appointed professional investment managers. Plans for future periods The trustees do not expect any significant changes in the activities of the charity in the coming year and intend to continue to make grants from available income and capital.
BALLIOL COLLEGE EDUCATIONAL TRUST Trustees. Annual Report (continued) For the ear ended 31 Jul 2025 Key management personnel remuneration The board of trustees are the key personnel of the charity in charge of directing, controlling and operating the charity. All trustees give their time freely and no trustee remuneration was paid during the ¢urrent or previous period. Trustees. responsibilities in relation to the financial statements The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements the trustees are required to.. select suitable accounting policies and apply them consistently., observe the melhods and principles in the Charities SORP 2019 {FRS102}', make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed., and prepare the accounts on the going concern basis unless il is inappropriate lo assume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime Ihe financial position of the charity, and to enable them lo ensure that the accounls comply Mlh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding Ihe charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by order of the board of trustees V Wells Trustee M Jones Trustee 2210512026
BALLIOL COLLEGE EDUCATIONAL TRUST Inde endent examiner's re ort to the trustees of Balliol Colle e Educational Trust I report to the charity trustees on my examination of the charity accounts for Ihe year ended 31 July 2025 which are set out on pages 7 to 14. 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 Ihe Charilies Act 2011 I'the Act'l. I report in respect of my examination of Ihe 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 14515)Ibl of the Act. Independent examinerfs 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 Ihe 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 requiremenl that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no ¢on¢erns and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Rodzynski Imay 26 2026 1 033GMT411 Andrgw Rodzynski FCA Wenn Townsend 30 St Giles Oxford OX13LE Date: 2610512026
BALLIOL COLLEGE EDUCATIONAL TRUST Statement of Financial Activities Including income and expenditure account For the ear ended 31 Jul 2025 Period from 10 February 2023 to 31 July 2024 Unrestricted Funds Year to 31 July 2025 Unrestricted Funds Note Incoming Re50urce5 Income from.. Donations and legacies Investment income Total Income 1,076,413 32,652 1,109,065 35,326 35,326 Resources expended Expenditure on.. Raising fund5 Charitable actiwlies Total expendlture 1,912 28,030 29,942 1,868 22,591 24,459 Net income before investment sains 5,384 1,084,606 Net gains on investments 58,376 97,646 Net movement in funds 63,760 1,182,252 Reconciliation of funds= Total funds brought forward 1,182,252 Total funds carried forward 1,246,012 1,182,252
BALLIOL COLLEGE EDUCATIONAL TRUST Balance Shget As at 31 Jul 2025 2025 2024 Note Flxed assets Fixed asset investments 1.149,571 1.125.061 1,149,571 1,125,061 Current a¥$ets Cash at bank and in hand 57,191 10S,441 57,191 Current Llabllltles Creditors 8mounls falling due wrfchin one year Net current assets 57,191 Total assets less current liabilities 1,246,012 1,182,252 Net assets 1 246012 1.182.252 Represented by: Funds of th& charity Unrestricted general funds 1,246,012 1,182,252 1,246,012 1,182,252 22-05- These financi81 statements weie approved by the board of trustees on behalf ty.. 2026 and signed on ts V Wells M Jones Trust•• Trustèe The notes on pages 10 to 14 fomi part of these financial statements.
BALLIOL COLLEGE EDUCATIONAL TRUST Statement of Cash Flows For the ear ended 31 Jul 2025 Reconciliation of operating result to net cash oufflow from operating activities Period from 10 February 2023 to 31 July 2024 Yearto 31 July 2025 Surplus for the period Investmenl income recognised in the statement of financial activities Fair value gains on inveslmenls Inveslmenl portfolio transferred under deed of assignmenl Investment management fees Increase in creditors 63.760 (35.3261 {58.3761 1,182,252 {32,652) (97,646) {934,072) 1,868 1,912 9,000 Net cash inflow from operating activities 119,0301 119,750 Net inflow from operaling aclivities {19.0301 119,750 Returns on investments and servicing of finance Investment income Investment management fees Purchase of investments Proceeds from sale of investments 35.326 11.9121 {113.3761 147.242 32,652 11,868) {160,919) 67,576 Increase in cash 48,250 57,191 Reconciliation of net cash flow to movement in net debt Net cash as at the beginning of the period 57,191 Increase in cash 48,250 57,191 Net cash as at the end of the period 105.441 57,191
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts For the ear ended 31 Jul 2025 1. Accounting policies a} Basis of preparation Balliol College Educational Trust is a chaTltable incorporated organisalion, incorporated in England and Wales. The Charity constitutes a public benefit enlily as defined by FRS 102. The financial statements have been prepared in accordance wth the Statement of Recommended Practice.. Accounting and Reporting by Charities in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements are prepared under the histOriC81 cost convention, m(Idified to include certain items at fair value. The significant accounting policies applied in the preparation of these financial slalements are set out below. b) Going Concem The charity's accounts have been prepared on the going concern assumption. The charity provides grants and would be in a position to reduce the value of the grants awarded if necessary. c) Income recognition Income is recognised in the Statement of Financial Activities ISOFAI when the charity becomes entitled lo the resources, it is more likely than not that the charity will receive the resources and the monetary value can be measured with sufficient reliability. d) Resources expended Where there are no condrtions attaching lo the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation musl be recognised. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. e) Investment gains and losses Investment gains and losses include any realised or uniealised gains or losses on the sale of investments and any unrealised gains or losses resutting from revaluing investments to market value as al the balance sheet date. n Irrecoverable VAT Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. -10-
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts (continued) For the ear ended 31 Jul 2025 g} Taxatlon Balliol College Educational Trust is a registered charity and is not liable to income tax or corporation tax on its gains as they fall within the various exemptions available to registered charities. h} Investments Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value {their market value) al the period end. il Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity. jl Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. kl Charity funds The charity's unrestricted funds may be spent for the furtherance of the charity's objects at the discretion of the trustees.
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts Icontinuedl For the year ended 31 July 2025 2. Donations Period from 10 February 2023 10 31 July 2024 Year to 31 July 2025 Donations Transfer from Balliol Society Educational Trust 1,076,411 1,076,413 All donations were attributable lo unrestricted funds. 3. Investment income Period from 10 February 2023 10 31 July 2024 Ygar to 31 July 2025 Interest Dividends 1,445 33,881 32.652 32,852 All investment income was attributable to unreslricled funds. 4. Costs of raising funds Period from 10 February 2023 10 31 July 2024 Year to 31 July 2025 Investment management fees 1,912 1,868 All costs of raising funds were attributable lo unreslricled funds. 5. Cost of charitable activities Period from 10 February 2023 to 31 July 2024 Year to 31 July 2025 Direct costs Grant making- grants made to individuals eligible under the charity's objectives Support costs Admin SUPPDrt Fees payable for.. Audit services in respect of prior period Independent examination 1,000 7,200 1,800 1,000 -12-
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts (continued) For the ear ended 31 Jul 2025 5. Cost of charitable activities (continued) Period from 10 February 2023 to 31 July 2024 Year to 31 July 2025 Tolal 22,591 All costs of charitable activites were attributable to unrestricted funds. 6. Staff costs The average monthly number of employees during the year was nil12024'. nil). 7. Trustees remuneration and expenses The charily considers its key management personnel to comprise Ihe board of trustees. Trustees neither received nor waived any remuneralion during the year or the prior period. The trustees did not have any expenses reimbursed during the year or the prior period. 8. Investments 2025 CaTrying value at 1 August 2024 Additions lo investments Disposal of investments at carrying value Nel gain on revaluation Carrying value at 31 July 2025 1,125.061 113.376 (147.2421 58.376 1,149.571 Analysis of investments.. Listed investmenls and bonds 1,149.571 9. Net Assets by Fund Unreslricted funds 2025 Unrestricted funds 2024 Fixed asset investments Cash at bank and in hand Current liabilities 1.149,571 105.441 9.000 1246 012 1,125,061 57,191 1,182,252 -13-
BALLIOL COLLEGE EDUCATIONAL TRUST Notes to the accounts (continued) For the ear ended 31 Jul 2025 10. Related party transactlons There have been no transactions with related parties during the year or the prior period. None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity. -14-