Quintin Hogg Memorial Fund (Charity Number 288144)
Report & Financial Statements
Year Ended 31 July 2025
The Quintin Hogg Trustee Company is a Charitable Company Limited by Guarantee Registered Office: 66 Lincoln’s Inn Fields, London WC2A 3LH, Registered Company Number: 10281253 Sole Trustee to the Quintin Hogg Trust and Quintin Hogg Memorial Fund, Charities. Registered with the Charity Commission, Registration numbers: 1010404 and 288144
www.quintinhoggtrust.org
Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
CONTENTS
| CONTENTS | Page |
|---|---|
| Reference and administrative details | 3 |
| Report of the Trustee | 4 |
| Independent Auditor's report to the Trustee of the Quintin Hogg Memorial Fund | 8 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the accounts | 15 |
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
REFERENCE AND ADMINISTRATIVE DETAILS
TRUSTEE
Quintin Hogg Trustee Company (QHTC) - a company limited by guarantee
Patron
The Hon Dame Mary Hogg DBE
Directors and Members of QHTC
Victoria Batten Jifree Cader Dr Geoffrey Copland CBE (resigned on 24 June 2025) Paula Doyle Liz Duff Joanna Embling (resigned on 24 June 2025) Miles Muthu (appointed on 6 March 2025) Mark Pryce Dani Salvadori Andrew Saunders-Davies (Chair) Maria Semedalas Tim Sketchley (appointed on 24 June 2025)
Business and Governance Manager
Charmaine Pryce
INDEPENDENT AUDITORS
Saffery LLP 71 Queen Victoria Street London EC4V 4BE
BANKERS
National Westminster Bank PLC 135 Bishopsgate London EC2M 3UR
SOLICITORS
Farrer & Co LLP Clyde & Co LLP 66 Lincoln’s Inn Fields 138 Houndsditch London WC2A 3LH London EC3A 7AR
INVESTMENT MANAGERS & ADVISORS
Rathbones Wealth & Investment Management 30 Gresham Street, London EC2V 7QN
ACCOUNTANT
CMFC Accounting Limited
QHTC REGISTERED OFFICE AND QUINTIN HOGG MEMORIAL FUND PRINCIPAL OFFICE
66 Lincoln’s Inn Fields London WC2A 3LH
CHARITY NUMBER
288144
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
REPORT OF THE TRUSTEE
The Trustee presents its report and the audited financial statements for the year ended 31 July 2025 of Quintin Hogg Memorial Fund (the Fund), a registered charity no. 288144. The financial statements have been prepared in accordance with the Fund’s governing document and the requirements of 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).
The information on page 3 forms part of this report.
Structure, Governance and Management
Quintin Hogg was a Victorian philanthropist most remembered for starting in the late 19[th] century what became known as the Regent Street Polytechnic (now the University of Westminster (the University)). Trusts in Quintin Hogg’s name were first set up in the early 1900s, with the Fund being established in 1991.
The Fund is administered by Quintin Hogg Trustee Company (QHTC), as trustee. Its Board (the Board) currently has ten board members each of whom is appointed to serve for three years with options to renew for up to nine years. Board members are chosen for their expertise and experience in relevant fields and their support for the objectives of the Fund. Induction training is provided for new Board members and a formal recruitment policy is in place. There are regular development days for continued Board member training.
QHMF has one employee (2024: one ), its Business and Governance Manager. It has engaged an outsourced accountant to undertake the accounting functions.
The Fund is related to one other charitable trust, Quintin Hogg Trust (QHT). These two trusts share the same Trustee and therefore common control exists. QHT owns a subsidiary company, 1903 Limited. Details of transactions with related parties are disclosed in note 16 to the financial statements.
A number of directors are alumni and/or have other past connections with the University. The Patron of QHMF and QHT is a member of the Hogg family.
Objectives and activities
The object of the Fund is to promote the education of the students of the University by the provision of facilities for their recreation and for the advancement of every aspect of their education and, subject thereto, the education of other young persons as QHTC thinks fit.
The Fund owns two parcels of land in Chiswick. The Trustee regards the Fund’s landholdings at Chiswick, together with those of QHT (which owns riverside land next to the boathouse at the Quintin Hogg Memorial Sports Ground), as part of a unique legacy to be preserved and maintained for the benefit of students of the University and of other young people.
The Northern Site – Land to the North of Hartington Road
QHMF owns the freehold to some 35 acres of land that comprise the larger part of the Quintin Hogg Memorial Sports Ground.
The playing fields and buildings on this land were leased directly and indirectly to the University on fully repairing and insuring terms. The Foundation has taken on responsibility for managing and maintaining the site, whilst continuing to allow the students of the University use of the facilities. The Foundation has plans to upgrade the sporting facilities and to invest in the site.
The Southern Site
The Fund owns a smaller parcel of land to the South of Hartington Road with frontage to the River Thames. This land and the boat house on it are let to the Chiswick Rowing Trust (CRT), a charity. The boat house is home to both the University Boat Club (UWBC) and to the Quintin Boat Club (QBC).
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
The complete refurbishment of the new boat house is still ongoing with an expected completion date is December 2025. Cash flow forecasts are still being prepared and monthly payments are being invoiced from the contractor Claremont
Public Benefit and Fundraising
QHTC confirms that it has complied with the duty in section 4 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit. The Fund's public benefit is realised through the provision of land and facilities to the Foundation, CRT, and the University, benefiting their students, as well as other young persons, through education and sporting activity.
The Trustee takes its responsibility under The Charities (Protection and Social Investment) Act 2016 seriously. The Fund does not engage in any fundraising with the general public and therefore does not have a formal fundraising policy in place. It can accept donations, but it does not actively seek them. No donations were received during the year ( 2024: £nil ) nor any complaints regarding fundraising.
Financial Review
QHTC reports net income for the Fund of £56k before gains on investments of £50k (2024: £86k) and a net surplus of £106k (2024: £311k ) after investment gains.
At the year end, the Fund had retained unrestricted funds amounting in total to £5.6m (2024: £5.5m) . The Fund has no other funds. During the year £1,929,301 (2024: £310,626) was spent on the redevelopment of the boathouse, which is due for completion in December 2025.
QHTC considers that there are no material uncertainties about the Fund’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Fund are the level of investment return and the performance of investment markets. Nevertheless, in the judgement of the Trustee, the Fund's level of unrestricted reserves and low level of non-discretionary expenditure provide adequate assurance that the Fund is able to continue as a going concern over at least 24 months.
Reserves Policy and Resources
The Fund maintains cash and short-term investments to enable it to continue in the event of an unexpected drop in income and to provide a buffer in the event of a fall in value of investment assets.
The Trustee aims to hold free reserves at least equal or a minimum to the Fund’s recurrent expenditure for two years which is currently estimated as £380k. At 31 July 2025, the Fund’s reserves, all of which are unrestricted, were £5.6m ( 2024: £5.5m ) and free reserves (total reserves less tangible fixed assets) were £1.8m ( 2024: £3.6m ).
The Fund’s available liquid resources at 31 July 2025 comprise listed investments £0.48m ( 2024: £1.3m ) and cash £1.55m ( 2024: £2.4m ), a total of £2.03m ( 2024: £3.5m ).
During 2024 work commenced on demolition and redevelopment of a new boathouse. The Design and Build Contract with the contractor has been approved by the Directors at £3.05m (ex VAT) with an estimated completion date of December 2025. The Fund is recovering the VAT incurred on the project. The Fund is expected to have sufficient resources to fund the full cost of the contract.
Investment Policy
The aim of the investment policy is to maintain investments from which the income can be used for the furtherance of the Fund’s aims.
The Fund holds an investment portfolio with Rathbones (formerly Investec Wealth and Investment Ltd Investec), with which it agrees a suitable risk profile for the funds invested. QHTC has resolved that it does not wish to invest in companies that engage in the arms trade, tobacco, animal exploitation, gambling, pornography or pay-day loans. It also considers long term sustainability important and has asked that this principle is taken into account when the Fund’s funds are being invested. The investment policy is kept under review in consultation with Investec.
During the year, the Fund’s investment portfolio provided income of £67k ( 2024: £107k ). This consisted of £43k interest on cash deposits ( 2024:£72k ), other investment income £7K (2024:nil) and dividends and
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
fixed interest of £17k ( 2024:£35K ). As reported by Rathbones, the QHMF portfolio produced a total return of 5.5% (2024: 9.6%), net of fees. The performance is measured against a bespoke benchmark comprising elements of various indices and interest rates appropriate to QHMF’s portfolio. Rathbones reported that, during the year, the benchmark for the QHMF portfolio produced a total return before fees of 10.5% (2024: 13.32%).
Management of conflicts of interest
QHTC maintains a formal conflicts of interest policy. All Board members complete a declaration of interests and a register of interests is maintained by the Business and Governance Manager and reviewed annually by the Board.
Risk management
QHTC is committed to undertaking a regular review of the significant strategic and operational risks affecting the Fund. The risk management policy and risk register are reviewed regularly by the Board. Major risks to which the Fund may be exposed include fluctuation in the performance of its investments. Actions taken to mitigate these risks include regular review of investment portfolios to ensure appropriate levels of risk for investments, in consultation with the fund managers.
Auditors
Saffery LLP has indicated its willingness to continue in office and, in accordance with the provisions of the Charities Act 2011, it is proposed that it be re-appointed as auditor to the Fund for the ensuing year.
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
Statement of Trustee’s responsibilities in respect of the Trustee’s annual report and the financial statements
The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Fund and of the incoming resources and application of resources of the Fund for that period. In preparing these financial statements, the Trustee is required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS102);
-
make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Fund and enable it to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the Fund’s governing document. The Trustee is also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee is responsible for the maintenance and integrity of the Fund and financial information included on the Fund’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by QHTC and signed on behalf of the Board
Andrew Saunders-Davies Chair, QHTC
Date:9 December 2025
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
QUINTIN HOGG MEMORIAL FUND
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE
Opinion
We have audited the financial statements of Quintin Hogg Memorial Fund for the year ended 31 July 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
Other information
The trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the Trustee’s Annual Report is inconsistent in any material respect with the financial statements; or
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the charity has not kept sufficient accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
- we have not received all the information and explanations we require for our audit.
Responsibilities of the Trustee
As explained more fully in the Trustee’s Responsibilities Statement set out on page 7 the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with the trustee and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
Use of our report
This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustee as a body, for our audit work, for this report, or for the opinions we have formed.
Saffery LLP
71 Queen Victoria Street London Statutory Auditors EC4V 4BE
Date: 11 December 2025
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 JULY 2025
| Note INCOME FROM: Charitable activities 5 Investment income 6 TOTAL INCOME EXPENDITURE ON: Raising Funds 7 Charitable activities 8 TOTAL EXPENDITURE NET INCOME BEFORE GAIN/LOSS ON INVESTMENTS Net gains on investments 11 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 14 |
2025 £ 176,039 66,643 242,682 6,980 180,140 187,120 55,562 50,373 105,935 5,529,301 5,635,236 |
2024 £ 194,841 107,455 |
|---|---|---|
| 302,296 | ||
| 5,697 71,938 |
||
| 77,635 | ||
| 224,661 86,050 |
||
| 310,711 5,218,590 |
||
| 5,529,301 |
All of the above results derive from the continuing activities of the Fund. There are no gains or losses other than as included above.
All funds are unrestricted funds.
The notes on pages 15-21 form part of these financial statements.
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
BALANCE SHEET
AS AT 31 JULY 2025
| Note FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Cash at bank LIABILITIES Creditors falling due within one year 13 NET CURRENT ASSETS NET ASSETS FUNDS Unrestricted funds 14 |
2025 £ £ 3,830,710 487,804 4,318,514 79,358 1,553,225 1,632,583 (315,861) 1,316,722 5,635,236 5,635,236 5,635,236 |
2024 £ £ 1,940,984 1,332,218 3,273,202 74,980 2,410,893 2,485,873 (229,774) 2,256,099 5,529,301 5,529,301 5,529,301 |
2024 £ £ 1,940,984 1,332,218 3,273,202 74,980 2,410,893 2,485,873 (229,774) 2,256,099 5,529,301 5,529,301 5,529,301 |
|---|---|---|---|
| 3,273,202 2,256,099 |
|||
| 1,632,583 (315,861) |
2,485,873 (229,774) |
||
| 5,529,301 | |||
| 5,529,301 | |||
| 5,529,301 |
The notes on pages 15 to 21 form part of these financial statements.
Approved by QHTC and signed on behalf of the Board
Andrew Saunders-Davies Chair, QHTC
Date:9 December 2025
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
STATEMENT OF CASH FLOWS
YEAR ENDED 31 JULY 2025
| Cash flows from operating activities Cash flows from investing activities Interest and investment income 66,643 Proceeds from sale of investments 918,173 Purchase of investments (106,360) Purchase of fixed assets (1,773,350) Cash used in investing activities Cash flows from financing activities (Decrease)increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year Notes to the cash flow statement Reconciliation of Net Income to Net Cash Flow from Operating Activities Net movement in funds for the year Interest and investment income receivable Depreciation and amortisation Losses/(gains) on investments (Increase) in debtors (Decrease)/increase in creditors Net cash inflow from operating activities Analysis of Cash and Cash Equivalents Cash at bank and in hand Money market funds Notice deposits Cash held by investment managers Total cash and cash equivalents at the end of the year |
66,643 918,173 (106,360) (1,773,350) |
2025 £ 16,868 (894,894) |
107,455 163,845 (222,612) (204,669) |
|---|---|---|---|
| (878,026) 2,452,346 |
|||
| 1,574,320 | |||
| 2025 £ 105,935 (66,643) 44,825 12,243 (4,377) (75,115) |
|||
| 16,868 | |||
| 57,609 1,495,616 - 21,095 |
|||
| 1,574,320 |
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
Notes to the cash flow statement continued
Analysis of change in net debt
| sis of change in net debt | ||
|---|---|---|
| Cash at bank and in hand Money market funds Notice deposits Cash held by investment managers Cash |
01 Aug 2024 Cash flows 619,904 (562,295) - 1,495,616 1,790,989 (1,790,989) 41,453 (20,358) 2,452,346 (878,026) |
31 Jul 2025 57,609 1,495,616 - 21,095 |
| 1,574,320 |
The Fund has no overdrafts, loans or finance lease obligations.
The notes on pages 15 to 21 form part of these financial statements.
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2025
1. TRUST STATUS
The Fund was registered as a charity on 30 September 1991. Details of its registered office are provided on page 3.
2. BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Fund constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) rather than the Accounting and Reporting by Charities: Statement of Recommend Practice effective from 1 April 2005, which has since been withdrawn.
Going concern basis
QHTC considers that there are no material uncertainties about the Fund’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Fund are the level of investment return and the performance of investment markets. Nevertheless, in the judgement of QHTC, the Fund's level of unrestricted reserves and low level of non-discretionary expenditure provide adequate assurance that the Fund is able to continue as a going concern over at least 24 months.
3. ACCOUNTING POLICIES
Income Tax
The Fund is a registered charity and is not liable to income tax to the extent that income and gains are applied exclusively to charitable activities.
Amounts of expenditure are shown including irrecoverable VAT, where appropriate.
Fund Accounting
The Fund maintains only unrestricted funds: these are funds available for use at the discretion of the Trustee in furtherance of the objectives of the Fund.
Income
All incoming resources are included in the Statement of Financial Activities when the Fund is entitled to the income and the amounts can be quantified with reasonable accuracy.
Rental income from property is recognised in the Statement of Financial Activities based on income receivable under the terms of the lease for the year in question, calculated on a straight-line basis.
Income from listed investments is recognised when it is receivable and the amount can be measured reliably by the Fund. This is normally upon notification by the investment advisor of the yield of the investment
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
portfolio. Interest on cash funds and fixed interest investments is recognised, where material, on an accruals basis, and calculated when the amount can be measured reliably by the Fund; this is normally upon notification of the interest income by the bank or investment advisor.
Expenditure
All expenditure is accounted for on an accruals basis. Expenditure on raising funds is those costs directly attributable to managing the investment portfolio and raising investment income.
Expenditure on charitable activities is costs of repairs, maintenance and proposed development, as well as general overhead and support costs.
Governance costs comprise all costs involved in the public accountability of the Fund and its compliance with regulation and good practice. These costs include costs relating to statutory audit.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. The fair value of equity investments is measured using the closing quoted market price.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised and unrealised investment gains/losses are combined on the Statement of Financial Activities. The Fund does not hold options, derivatives or other complex financial instruments.
Financial instruments
The Fund has financial assets and financial liabilities of a kind that qualify only as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Fund did not have any bank loans in the current financial period.
Tangible fixed assets and depreciation
Tangible fixed assets are held at cost, less accumulated depreciation, less any impairment where applicable. While no valuation of the Chiswick site has been carried out, the Trustee believes that its current value is significantly in excess of the amount at which it is shown in the balance sheet.
A review for impairment of fixed assets is carried out if events or changes in circumstances indicate that the carrying amount of the fixed assets may not be recoverable.
Depreciation is provided on all tangible assets on cost or revalued amounts in equal instalments over the estimated lives of the assets. The rates of depreciation are as follows:
Freehold land Not depreciated Freehold buildings Over 50-60 years Leases Over the lease term
Cash and cash equivalents
Cash and cash equivalents are short term highly liquid investments, plus current and deposit bank accounts and are included as cash and bank in hand.
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY AREAS OF UNCERTAINTY
Judgements and estimations are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In making these estimates, QHTC makes assumptions concerning the future.
The judgements and estimations that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Fixed Asset investments
The main form of financial risk faced by the Fund is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in the market’s disposition towards equities within particular sectors or sub-sectors. Fixed asset investments are held at valuation and both realised and unrealised gains are taken to the statement of financial activities.
5. INCOME FROM CHARITABLE ACTIVITIES
| Rent receivable | 2025 £ 176,039 176,039 |
2024 £ 194,841 |
|---|---|---|
| 194,841 |
6. INVESTMENT INCOME
| Dividends – equities Other investment income Interest - fixed interest securities Interest on cash deposits |
2025 £ 14,657 7,165 2,341 42,480 66,643 |
2024 £ 23,956 - 11,731 71,768 |
|---|---|---|
| 107,455 |
During the year the Charity received income of £7,165 (2024: £nil) arising from a corporate restructuring event involving a company in which the charity held an investment. This income represents a one-off distribution resulting from the restructure and is not expected to recur. It has been classified as other investment income and is disclosed separately above due to its non-routine nature.
7. FUNDRAISING COSTS
| Rathbones Wealth & Investment Management |
2025 £ 6,980 6,980 |
2024 £ 5,697 |
|---|---|---|
| 5,697 |
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
8. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Legal and professional fees Salaries IT Software Insurance Boathouse running costs Grants awarded Boathouse redevelopment Depreciation Bank charges GOVERNANCE COSTS Trustee and Governance Costs Audit Fees |
2025 £ 26,308 30,297 2,421 25,683 21,252 1,408 2,106 44,825 70 17,309 8,460 180,139 |
2024 £ 39,519 21,445 5,350 25,769 682 1,320 (75,498) 43,163 69 1,959 8,160 |
|---|---|---|
| 71,938 |
The Fund had one employee during the year to 31 July 2025 (two employees to 31 July 2024). No employee received employee benefits of more than £60,000 . Expenditure on salaries was £30,297 ( 2024: £20,185 ) . There were social security costs of £3,383 ( 2024: £237 ). Pension costs were £1,276 ( 2024: £1,023 ). During the year end 31 July 2024 a backdated VAT reclaim from HMRC was received and included against boathouse redevelopment costs.Legal and professional fees includes auditors’ remuneration for VAT advisory services of £nil (2024 £1,850). Included in trustee and governance costs are £17,112 paid to recruitment consultants for Trustee appointment (2024: £1,800)
9. EMOLUMENTS OF DIRECTORS
The key management personnel are the Directors of Quintin Hogg Trustee Company (QHTC). During the year, the directors did not receive any emoluments ( 2024: nil ). Expenses for travel and miscellaneous costs of £nil ( 2024: £nil ) were paid to no ( 2024: none ) directors of QHTC in respect of activities associated with the Fund.
10. TANGIBLE FIXED ASSETS AND WORK IN PROGRESS
| Cost As at 1 August 2024 Additions As at 31 July 2025 Depreciation As at 1 August 2024 Charge for the period As at 31 July 2025 Net book value As at 31 July 2025 As at 31 July 2024 |
Freehold land and buildings Assets under construction- Boathouse Total £ £ £ 2,585,621 310,626 2,896,247 5,250 1,929,301 1,934,551 |
|---|---|
| 2,590,871 2,239,927 4,830,798 |
|
| 955,263 - 955,263 44,825 - 44,825 |
|
| 1,000,088 - 1,000,088 |
|
| 1,590,783 2,239,927 3,830,710 |
|
| 1,630,358 310,626 1,940,984 |
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
All tangible fixed assets are used for charitable activities. During 2024 work commenced on demolition and redevelopment of a new boathouse. The Design and Build Contract with the contractor has been approved by the Trustee at £3,050,000 with an estimated completion date of December 2025. As at 31 July 2025 there are capital commitments of £1.25m. No depreciation has currently been provided for until completion.
11. INVESTMENTS
Movement in fixed asset listed investments
| Market value at 1 August 2024 Acquisitions at cost Disposal proceeds Movement on cash Revaluation (losses)/gains Market value at 31 July 2025 |
2025 £ 1,332,218 106,360 (918,173) (20,358) (12,243) 487,804 |
2024 £ 1,216,047 222,612 (163,846) (28,645) 86,050 |
|---|---|---|
| 1,332,218 |
Investments at fair value comprised:
| Investments at fair value comprised: | |||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Fixed interest securities | 134,767 | 293,469 |
|
| Equities | 261,404 | 823,365 |
|
| Alternative assets - property | 70,538 | 173,931 |
|
| Cash | 21,095 | 41,453 |
|
| 487,804 | 1,332,218 |
||
| Net gains on investments: | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Revaluation (losses)/gains | (12,243) | 86,050 |
|
| Fair value gain-money market funds | 62,616 | - |
|
| 50,373 | 86,050 |
||
| 12. | DEBTORS | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Accounts receivable | 7,568 | 8,528 |
|
| VAT due from HMRC | 67,155 | 23,643 |
|
| Prepayments & accrued income | 4,635 | 42,809 |
|
| 79,358 | 74,980 |
||
| 13. | CREDITORS AND DEFERRED INCOME: | AMOUNTS | FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 | ||
| £ | £ | ||
| Accounts payable | 4,000 | 116,136 |
|
| Quintin Hogg Trust | 43,545 | 66,915 |
|
| Other accruals and deferred income | 268,316 | 46,723 |
|
| 315,861 | 229,774 |
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
14. ANALYSIS OF CHARITABLE FUNDS
| UNRESTRICTED FUNDS General Funds 2023-24 General Funds |
Balance at 01 Aug 2024 £ 5,529,301 5,529,301 Balance at 1 Aug 2023 £ 5,218,590 5,218,590 |
Income £ 242,682 242,682 Income £ 302,296 302,296 |
Expenditure £ (187,120) (187,120) Expenditure £ (77,635) (77,635) |
Gains and losses £ 50,373 50,373 Gains and losses £ 86,050 86,050 |
Balance at 31 Jul 2025 £ 5,635,236 |
|---|---|---|---|---|---|
| 5,635,236 | |||||
| Balance at 31 Jul 2024 £ 5,529,301 |
|||||
| 5,529,301 |
15. RENT RECEIPTS FROM NON-CANCELLABLE OPERATING LEASES
At 31st July 2025, lease agreements were in place for the boat house and the various elements of the main sports ground.
The minimum rent receipts under the terms of the operating leases are as follows:
| Receivable within: One year Two to five years Greater than five years |
2025 £ 184,542 740,918 4,528,966 5,454,426 |
2024 £ 158,074 725,796 4,502,906 |
|---|---|---|
| 5,386,776 |
16. RELATED PARTY TRANSACTIONS
QHMF is related to one other separate charitable trust, QHT. These two Trusts have the same Trustee and therefore common control exists. QHMF is also related to 1903 Limited, which is beneficially owned by QHT. The transactions between QHT, 1903 and QHMF during the year were as follows:
| Transactions with QHT during the year: Repayment to QHT Expenditure on QHMF's element of shared costs Total during the year Transactions with 1903 Limited during the year: Income from 1903 for share of Boat Race Company income Salary Recharge Amounts due to Quintin Hogg Trust: Creditor for costs incurred by QHT but relating to QHMF Amounts due from 1903: Accounts receivable |
2025 £ 65,000 (41,630) 23,370 2,958 (760) 2,198 43,545 2,958 |
2024 £ - (42,858) |
|---|---|---|
| (42,858) | ||
| 4,713 - |
||
| 4,713 | ||
| 66,915 4,713 |
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Quintin Hogg Memorial Fund - Report and Financial Statements – July 2025
The spouse of one of the trustees was employed by the Trust during the year as the Business and Governance Manager. The total remuneration paid (including employers’ national insurance and pension contributions amounts to £27,032 (2024 £5,722). Authorised expenses of £1,795 (2024 £nil) were also reimbursed, which are in line with the Trust’s expenses policy.
There is no entitlement to any other benefits during the employment.
The appointment was made in accordance with the Trusts recruitment policy, and the related trustee was not involved in the selection processes relating to this employment.
The trustees are satisfied that the employment was undertaken on normal terms and conditions and that it was in the best interests of the Trust.
There are no other related party transactions that require disclosure.
17. FINANCIAL INSTRUMENTS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value | ||
| Cash held at Investment Managers | 21,095 | 41,453 |
| Money Market Funds | 1,495,616 | - |
| Investments | 487,804 | 1,290,765 |
18. ULTIMATE CONTROLLING PARTY
The ultimate controlling party of the Trust is Quintin Hogg Trustee Company. QHTC, as the Trustee of this group, has taken advantage of the exemption under section 398 of the Companies Act 2006 regarding the preparation of consolidated financial statements.
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