Charlty r•gistrntion number 292325 THE OXFORD AND CAMBRIDGE ROWING FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trnslees Mr C Le Neve Fogler Mr R Jackson Mrs K Nowak Mr J Searfe Ms E Wysocki-Jones Mts H C Roberts Mr J Brown Mrs J Burch Mrs S Shipton Mr B Dixon {Appoinl8d 17 July 20231 {Appolnled 17 July 2023} {Appoinled 15 July 2D241 (Appointed 17 Awil 20231 Charlty number 292325 Prlnclpal addross 12 Norroy Road London SW15 1PF Audltor Arnold Hill & Co LLP Sixth Floor CapS181 Tower 91 Waterloo Road London SE18RT Bankers Bardays Bank plc 100 Fenchurch Street London England EC3M 5JT
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION CONTENTS Page Trustees. report Statement of trustees, responsibilities Independent auditorfs report Statèmènt of finanaal actiwties Balance sheet 10 Notes to the financial statements 11-15
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2023 The trustees present thelr report and accounts for the year ended 30 June 2023. The accounts have been prepared in acwrdance with the accounting policies sel out in note 1 to the accounts and comply wlh th8 Charities Act 2011 and "Accounting and Repong by Charities.. Ststem•nl of Recommended Practice applicable to charities preparing théir accounts in accordance with the Financia1 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151" Objectives and actlvltlos The advancement for the benefit of the public of the education of young persons who are bona fida students al the University of Oxford and the University of Cambridge by ensuring that due attention is given to the physical education to a high standard of such students as well as lo the development and 0upatiOn of their minds and th a view to furthfjring that obj8Ct to organise and to providg lor to assist in the organisation or provision of) facilities which wll enable and encourage such stud&nts to row so that (without limiling the generaity of foregoing) the best oarsmen and oarswomen from among such students as aforesaid may row in annual r*es against each other, and to advance the education and development of youth rowers as the trusleos may deem apprDpriat¢ ihrough the provision Df rowing facilities, The trustees have paid due regard lo guidan issued by the Charity Commission in derAding what activities the Oxford and Cambridge Rowing Foundation should undertake. Applications for ernployment by disabled persons are always fully considered. bearing in mind the aptitudes ol the applicant cOnmed. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Oxford and Cambridge Rowing Foundation continues and that the appropriate training is arranged. It is the policy of the Oxford and Cambridge Rowing Foundation that the training, career development and promotion of disabled persons should, as far as possible, be identical lo that of other employees. Grants are made in pursuance of the objectives of the Foundation. Indiwdual grants are proposed ty the Chailman and approved at trustees, meetings. A¢hlevements and performance The Foundation's long-term objective is to fulfil Its charitsble purposes in a manner which 11 enable rt to be a reliable source of assistance from year lo year to those whorn il chooses lo help. Conbnuity of provision is an integral part of the type of educatson of young people which the Foundation 5UPPOrts. It is the trustees, desire to maintain a dear separation between the commercial aclivitles of the Foundation's trading subsidiary, The Boat Race Company Limited IBRCLI, the profits from which accrue to the Foundation, and the charitsble activities of the Foundation, Current prOdIng funds to help students and other young people lo row. The Foundation has traditionalty supported grassroots rowng in the form of grants to London Youth Rowng, Hinksey Sculling. the Henley Boat R8ces, Rob Roy and Gre8t Madow Scho(A. Due to the challenges faced by th8 Foundation. th& Tmstees have reluclanlly suspended support for other rowlng organisalions for the time being in order lo focus on the Foundation's core goals of supportlng the Oxford and Cambridge UnSversity men's and women's boat clubs. Financial review During the year ended 30 June 2023 lotsl Income was £109,316 {2022- £8501 and totsl grants of £nil12022: £nil) Were approved by th8 trust8es. The nel 85sets of the Foundation increased from £942,670 to £1,036,530 during the year. It is th& policy of the Oxford and Cambridge Rowing Foundation that unrestricted fijnds which have not been designated for a specific use should be maintsine(J al 8 level equivalent lo beeen three and six mcnth's expenditure. The Iruslees considèr that r8s8rves al this lev81 will ensur8 that, in th8 event of a significant drop in nding, they will be able to continue the Oxford and Cambridge Rowing Foundation's current aclivilies while CDnsideralion is given to ways in whith additional funds may be raised. This level of reserves has been maintained throughout the year.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 The Foundation aims to build rts reserves over time. Reserves are allocated either to the General RèseNe or the Endowment Reserve. The Endowment Reserve consists of unreslricled funds but it is nevertheless the ambition of the Trustees, where possible, lo accumulate a large capital sum, the income from which may in future year5 be used lo fiJrth8r thè objectives of the Foundation. Transfers are made from the General Reserve to the Endowment ReseNe or vice versa as the Trustees may decide and are dependent on the Foundation's financial forecasts coupled with the ¢ircumstances of th8 broader economy. Al the y8ar-8nd, the Endowment R85erve amounted to £247,08812022.' £247,088). The General ReseNe is availabla to mèet the charitab18 objectives of th8 Foundation as the Trustees may decide. The General Reserve's ineome is d8rived from donations, including the covenanted surplus of thè Foundation's trading subsidiary, The Boat Race Company Limited. At the year-end. the General Reserve amounted to £789,44212022'. £695,582). The trustees have assessed Ihe major risks to which the Oxford and Cambridg$ Rowing Foundation is exposgd. and are satisfied that systems are in place to mits'gate exposure to the major risks. The Board of Trustees has overall responsibillty for establishing and maintaining the Foundation's system of internal contrDI and reviewing its Off(iveness. The trustees recognise that no system of intemal control can provide absDlul8 assuranc8 against malerial misslalemenl or loss or eliminate all risk of failur8 tg athieve Ihe organisation's objectives. The system of internal control 15 designed lo manage key risks and to provide reasonable assLJranee that planned objtrctives and outcome5 are achieved. This will also give reasonable assurance abDUt the reliability of financial and operational information and the safeguarding of Oxford and Cambridge Rowing Foundation's ass81s and reputation. This approach includes the regular evaluation of the nature and extent of risks to whi¢h Oxfoid and Cambridge Rowing Foundation 15 exposed. The Foundation does not have a fornial process to train new trustees. However, upon appointment. a new trustee will be provided with the key documents including the Declaration of Eligibility lo be a trustee, Cod8 of Conduct,. Conflicts of Interest Policy & Declaration., The Essential Trustee - Guide CC3. Hallmarks of an Effective Charity Guid9 CC60,. NHEG Good Govemance Summary Guide,. Governing document - Trust Deed and Amendments,. last sets of board paperslminutes and dales of next meetings- knnu81 Reports and AoUnts for the previous three years,. Brief history of the Foundation-, rne Boat Ra - A Guide, and contact details for Iruslees and other olficers. In respect of ongoing training. new trustees receive mentoring from mor8 experienced Iruslees. The Foundation plans to seek fvrther opportunities lo support organisations such 8s LYR and Hinksey which aim to provide the chance to row to young persons otherwise unable to P8rti¢iP8te in the sport and assist in the organisation of the Boat Race for the foreseeable future. With Gemini now the headline sponsor of the Boat Races ènd the financi81 Position of the races rnore stable, the Trustees are considering making grants lo grassroots rowing organisalions In the near future. Structur¢? governance and manag•m•nt The Oxford and Cambridge Rowing Foundationllhe Foundation") was established by a Gharilable trust deed on 2 July 1985, and registered as a charity on 26 July 1985. The registration number is 29232S.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 The trustees who seNed during the year were as follows.. Oxford Twslees.. Mr T Barry (resigned 17 April 20231 Mr R Jackson Mrs K Nowak MT J Searle Ms E wysockj0nes Mr B Dixon (appointed 17 April 20231 cabridge Trustees.. Miss F J Morrlson Mr D Vvootton Mr D Finn M C Le Neve Foster Mrs H Roberts The lup lo} tsn tru5tee5 are appointed for temis of eight years and are eligible for Te-appointment once they have ceased to serve for more than two years. Appointment of Iruslees is made by the Oxford Trustee5 in the case of retirement of an Oxford Trustee and the Cambridge Trustees in the pase of retirement of a Cambridge Trustee. The trustees appoinl one of their number lo serve as Chairman for a four year lerrn. The Foundation has no dealings with related partiès othèr than with its trading subsidiary, The Boat Race Company Limited, and the transactions detailed in note 14 to the accounts. One of Ihe ten trustees is also a director of the subsidiary. The trustees are not remunerated by the Found8tion or any related party, neither do they receive reimbursement of expenses. The trustees, report was approved by the Board ol Trustees. Mr R Jackson Trust88 4th March 2025 Daled.. Mr J Searle Trustee Dated.. 4th March 2025
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE2023 The trustees are responsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practicel- The law applicable lo charities in England and Wales requires the trustees lo prepare accounts for each fin8ncial year which give a true and fair view of the stste of affairs of the Oxford and Cambridge Rowing Foundation and of the incoming resources and application of reSoUrS of tha Oxford and Cambridge Rowing Foundation for that year. In preparing these accounts, the trustees are required lo.. select suitable a¢counting poliaes and then apply Ihem wnsistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accountlng Standards have been followed. subject to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting rècords th81 (lisdos8 with r88s0nable 8ccur8cy at any time the financial posib'on of the Oxford and Cambridge Rowing Foun(lation and enable them to ensure that the accounts comply with thè Charities Act 2011. the Charity (Accounts and R8port51 Regulations 2008 and the provisions of the trust deed. They are also responsible for safèguarding the assets of the charity and hence for taking reasonabl& steps for the prevenb'on and detection of fraud and other irregu18rlll8s. In so far as the trustees are aware-. there is no relevant audit inforrnalion of which the charitys auditors are unaware. and the trustees have tsken all steps that thgy ought to have taken to make themselves aware of any relevant audit infom)ation and lo establish that the auditors are awaw of that irrformation.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE OXFORD AND CAMBRIDGE ROWING FOUNDATION Oplnlon We have audited the finandal statements of The Oxford and Cambridge Rowing Foundation or the year ended 30 June 2023 which comprise the 51atemenl of financial aclivilies, the balance sheet and the notes lo the financial slalements. including a surnmary of significant accoLsnling policies. The financial reporting frarewO that has been applied in th8ir preparation 15 applicable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accountsng Practice). In our opinion, the financial slalements.. give a tnje and fair view of the slate of the charity's affair5 as at 30 June 2023 and of tts incoming resources and application of resources. for the year then ended., have been properly pPared in accordance with United Kingdom Generally AGGepted AGwunting Practi., and have been prapared in accordance with the requlremants of the Charfties Act 2011. Basls for oplnlon We conducted our audit in accordance with Intem8lion81 Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities und8r those standards are further described in the Auditorf5 responsibiltsies for the audit oi the finan8/statenntsseet10n of our report. Wè arè indépèndènt of th8 Oxford and Cambridgè ROng Foundation in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'5 Ethical Standard, and we have futfilled our oth&r ethical responsibilities in accordance with these requirements. We believe that th8 audit 8videnc8 we have obtained is suffici8nl and appropriate lo provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of ac(x)unling in the preparation of the financial ststements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or ¢>nditi¢)ns that, indiwdually or collectively, may cast significant doubt on Ihe Oxford and Cambridge Rowing Foundation's ability lo continue as a going concem for a period of at least ¥ve months from when the financial stslemenls are auth0ri5ed for issue. Our responsibilities and the responsibilities of th¢ trustees with resped to going concem are described in the relevant Sections of this report. other Informatlon The other information comprises the information induded in the annual report other than the financjal statements and our auditor's report th8rèon. The trustees are responsible for the other information contained wthin the annual report. Our opinion on the financlal statements does not cover the other information and we do not express any form of assurancè condusion Ihereon. Our responslbil(ty is to read the olher infomiation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the wurse of the audit, or otherwise appears to be materially misstsled. If we identify such material in¢onsislencies or gpparenl material mbsslalernenls, we ar8 r8quirÈd to dèt@rmin8 whether this gives rise lo a matèrBI misstatement in the financial statements themselves. If, based on the work we have perforrned, we conclude that there is a material misstatement of this other information. we are required to r8port that fact. We have rthing to report in this regard.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE OXFORD AND CAMBRIDGE ROWING FOUNDATION Mattars on whleh we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 requlre us to report lo you rf, in our opinion.. the infDrrnatiDn given in the financial Sements is incon51sl8nt in any material respgd with the trustees, report.. or suffiaenl accounting records have not been kept,. or the financial statements are not In agreement with the accounting records., or we have not reIVed all thè infomiation and explanations we require for our audit. Responslbllltle3 of trustees As èxplainèd more fully in the Statement of Trustees. RespM)nsibilities, the trustees are responsible for th8 preparation of the accounts and for being satisfied that they give a true and fair view, and for such inlemal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement. whether due lo fraud or error. In preparing the accounts. Ihe trustees are r8sponsibl8 for a&s955ing the Oxford and Cambridge Rowing Foundation's ability lo continue as a going eoncem, diselDsing, as applicable, matters related to going concern and using the going concern basis of ac(xJunting unless the trustees either intend to cease opgrations. or have no realistic altemalive bul lo do so. Auditor's responslbllltles for the aud•t of the financial stat•m•nts We have been appointed as auditor under section 145 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whethèr the flnancial slalernents as a wholè are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of 8ssur8nce but Is not a guarantee that an audit Conducted in accordan with ISAS IUKI will ahayS detect a material rni5slalement when it exists. Mis5tatemenls can arise from fraud or error and are considered materi81 if, individually or in the aggregate, they could reasonabty be expected lo influence the economic decisions of users tsken on the basis of these financ481 statèments. The extent to which our procedures are capablo of detecting irregularities. including fraud. is detailed below. Dtection of fraud and breaches of regulation5 To idenb'fy risks ol material misstslement due to fraud, we consldered events or conditions that could Indicate an inntiVe or pressure to commit fraud or provide an opportunity lo do so. Our approach included.. using analytical procedures lo bdenfy unusual relationships., reading minutés of Iruslee meetings- discussing ¢harSty polScies and prOdureS on fraud detection and prevention with InJsle8s, and enquiring about any knowledge of actual. alleged or suspected fraud. We communicated identffied fraud risks throughout our team and remained alert to any indications d fraud throughout the audit. To identify risks of material misstatement dug to non-compliance wth laws and regulations. our approach was as follows:
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE OXFORD AND CAMBRIDGE ROWING FOUNDATION We identified areas of laws and regulations that could reasonably be expected lo hav8 a material effect on the financial staternents from our g&neral charity experience, and through discussion with the Irusl*s and other management las required by aLJditing standardsl, and discussed wrth the trustees and other management the policies and procedures regarding compliance with laws and regulations., We Considered the legal end regulatory fTameworks directly applicable lo the f nancial statements reporting framework IFRS 102 and the Charities Act 20111 and the relevant lax cornpliance regulations., We considered the nature of the industy, the control environment and tharitys performance. We communicated identified laws and regulations Ihroughoul our team and remained alert to any indications of non- Complian throughout the audit. Based on this understandlng we designed our audit procedures to identify non-compliance with such laws and Tegulations. Where the risk was considered to be higher, we perfomied audit procedures to address each identified fraud risk. We also performed prgcedures to address the risk of managemenl override ol controls and the risk of fraudulent revenue recognition. in particular the risks that revenue is recorded in the wrong period and that management may be in a position to make inappropriate accounting entries. Our procedures included.. testing manual journals., rewewing the financial statement disclosures and testing to supporbng documentation.. perfDrming analytical procedures., and enquiries of management, and were designed to provide reasonable assuran that the financial statements were free from fraud or error. Owng to the inherent limitations of an audit, there is an unavoidable risk that we may not have delecled some alerial misstatements in the ffinancial staternenls, even though we have properfy planned 8nd rfornied our audit in accordance with auditing standards. For example, the further removed nOrCOMpli8nce with laws and regu18tions Is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures reqUId by auditing standards would identify it. The risk is also greater regarding notFdetection of fraud rather than error, as fraud may involve intentional concealment, forgery. collusion, omission or misrepresentation. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non- ¢ompli8n¢e and c8nnot be expected to detect non-compliance with all laws and regulations. A further description of our responslbllllies is avallablè on the Finandal Reportlng Councll's website at.. ht$.11 www.frc.org.uklauditorsresponsibililie8. This desGriplion forms part of our audIt05 report. oth•r matters Your attention is drawn to the fact that the ch8rity has prepared finanual ststemenls in accordance with 'Accounting and Reporting by Charities-. Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordan wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" las amended} in preference to the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the finan¢ial slalemenls to provide a twe and fair view in accordance with current GenerallyAccepled Accounting Practi. Use of our report This report is made solely lo the company's m8mbers, as a body, in accordanc8 with section 391 of th8 Companies Act 2014. Our audit work has been undertaken so that w8 might stat8 to th8 company's mèmbèrs those matters w8 are required lo state lo them in an auditorfs port and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than thè company and the comp8ny's m8mb8rs as a body. fLY our audit work. for this report, or for the opinlons we have formed.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE OXFORD AND CAMBRIDGE ROWING FOUNDATION Mr Justin Moore (Senior Statutory Audltor fov and on behalf of Arnold Hlll & Co LLP Chart•rod Accountants statutory Audltor Sixth Floor Capital Tower 91 Waterloo Road London SE18RT Amold Hill & Co LLP is eligible for appointment as auditor of the Oxford and Cambridge Rowng Foundation by virtue of its eligibility for appointment as auditor of 8 company under section 1212 of the Companies Act 2006.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EJVDED 30 JUNE2023 Unr•strlct Endowmon Total Total R•s•rvg$ Reserves 2023 2022 Notes Income from.. Donations and legacAes Investm8nts so 109,266 50 109,266 50 800 Total income 109,316 109,316 850 endlture on: Charitable activities 15.456 15.456 2,081 Net incomellexpenditur•) for th• yearl Net movement in roserves 93,860 93,860 11.2311 Reserves al 1 July 2022 695.582 247.088 942.670 943.901 Reserves at 30 June 2023 789,442 247,088 1.036.530 942,670 The statement of financial activities includes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive fr¢)m ntinUIng activities.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION BALANCE SHEET AS AT30 JUNE2023 2023 2022 Not•s Flxed ass•ts Investrments 500,000 500,000 Current assets Debtor5 Cash al bank and In hand 548,051 5.369 438,805 5.365 553.420 È144,170 Cradltors: amounts falllng due wlthln one year 10 {16,8901 11,5001 Nel current assets 536,530 442,670 Total assets les5 current Ilabllltles 1,036.530 942.670 End(Mrnent reserves Unrestricted reserves 247.088 789.442 247,088 695,582 1,036,530 942,670 4th March 2025 The accounts wgrg approved by the Trustees on ......................... Mr R Jackson Trustee MrJ Searfe Trustee
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUJVE 2023 Accounting policies Chorlty Inftlrmatlon The Foundation is a charitable trust. 11 was established by a declaration Df Trust dated 2 July 1985. This was amend8d by a 088d of Variatton dated 1 December 1997 and 17 March 2D13. Copies of these documents are available on rgqu&sI. The Foundation was registered as a charity in England and Walgs on 26 July 19&5. The registration nuTnber is 292325. .1 Accountlng convèntion The accounts havg been prepared in accordance with the Charilies Act 2011, the Companies Act 2006 and "Accounting and Reporting by Charities.. Ststemant of Recommended Pracb'ce applicable to charities preparing Iheir accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periDds ¢ommen¢ing from 1 January 20161. The Oxford and Cambridge Rowing Foundation is a Public Benefit Entity as defined by FRS 102. The Oxford and Cambridge Rowing Foundabon has taken advantsge of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to Prepare a Statement of Cash Flows. The financAal statements have departed from the Charities IA¢¢ounls and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Ststement of Recommended Practice which is refeTred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling. which is the functional currency of the Oxford and Cambridge Rowing Foundation. Monetary amounts in these financial statements are rounded lo the nearest £. The accounts have been ppared under the historical Cost conventron. The principal accounting polic¢es adopted are set out below. 1.2 Golng ¢oncern The trustees have nSIdered the Foundation's going COnM status for a period of twelve mgnths from the signing of the accounts. The Foundation is considered a going concern as il has sufficient resoUeS to continue its grant-making activities for al least 12 months after the dale of signing of the accounts. 1.3 Charltable fvnds Endowment fvnds are subject to specific ¢onditions by donors that the capital must be maintained. The Oxford and Cambridge Rowing Foundation has no such funds - the Endowment Reserve of the Foundation is unrestricted and is not considered to be an Endowment Fund. 1.4 Incomlng reGoyices Gross income praSntS thè incomè derived from the cJrrwng on of thè Foundation's 8clivities, comprising., donations and gifts, investment income and other incorne. The policy is lo recognise Income in the period in which it is receivable. Arnounts received which relate to future periods are deferred. 1.5 Re50urce5 expended Resources expended comprise Gharrtable expenditure. This consists of the grants payable in furthetance of the charills objects and resources expended on managing and adfflinistering the charity. In attributing costs lo expendrture categories the following princip18s have been applied.. expenditure involmng more than one category has been apportioned on a reasonable, justifiable and consistent basis, no expenditure relating diredy to one category has been attributed to another, expenditure whith canrM)t be attributed lo other categories has been included as management and administration.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 30 JUNE 2023 Accountlng pollcies (Continued) 1.6 Fixed asset investments Investments are stated at market value as al the balance sheet date. Gains and losse5 on this basis are recorded in the Statemenl of Financial Activities. A subsidiary is an entity controlled by the Oxford and Cambridge Rowing Foundation. Control is the power lo govem th8 financial and operating policies of the entity so as to obtain benefits from its activities. The results of Boat Race Company Llmited. th8 subsidiary of Oxford and Cambridge Rowing Foundation, aT8 presented in note 11 and have not been consolida18d on the grounds that the group is small. 1.7 Cash and cash equlval•nts Cash and cash equivalents include rash In hand, depDsits held al call with banks, other short-term liquid investments with original maturib'gs of three Tnonlhs or less, and bank overdraft5. Bank overdrafts are shown wlthin borrowings in cuThent liabiliti8s. 1.8 Financlal Instruments The Oxford and Cambridge Rtswng Foundation has elected to apply th8 provisions of Section 11 'B85ic Financial Instruments. and Section 12 '01her Financial Inslruments Issues. of FRS 102 to all of its finan(#al instruments. Financial instrurnents arè recognised in the Oxford and Cambridge Rowing Foundation's balance she8t when the Oxtord and Cambridge Rowng Foundation becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net arnounts presented in the financial statements. when there is a legally enforceable right lo sel off the recognised amounts and there is an int8ntion lo settl8 on a nel basis or to realise the asset 8nd settle the liability simultaneously. basA¢ Ilnanclalassets Basic financial assets, which Snclude debtors and cash and bank balances. are initially measured at lransacb.on price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present v8lue of the future receipts discounted at a market rate of interest. Finanual assets classified as re1v&ble within one year are not amortised. DaC financlallAabllltle$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at thè present value of the future payments discounted at a market rate ol interest. Finandal liabllilies classified as payable within one year are not aM08ed. Debt instruments are subsequently carried al amortised cost, using the 8ffectivè interèst ral8 mèthod. Trade creditors are obligations to Pay for goods or servlces that have been acquired in the ordinary course of operations from suppliers. Amounts payable a cTassifi8d a5 current liabilities if payment is due within one year OT less. If not, they are pr8senled as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the eff8ctiv8 inter8st method. Dere¢ognlt14M of flnancial Ilabllltles Financial liabilities are derecognised when the Oxford and Cambridge Rowng Foundation's contractual obligations expire or are discharged or cancelled. 1.9 Foreign exchange Incoffle from foreign sources is Iranslated Into sterling at the rate of exchange ruling at the dale the funds are rgceived by the Foundation.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2023 A¢co¥ntlng poll¢les (Contlnued) 1.10 Value added tax The Found81ion is unable lo recover input tsx and accordingly expenses are shown indusive of value added lax. Donatlon$ and 1•gacles 2023 2022 Donations 8nd gffts 50 50 Investments 2023 2Q22 Income from listed investments Income from unlisted investments Interest reIV8b1e 11,839 97,407 20 799 109,266 800 Charltabl• actlvltlas 2023 2022 Govemance costs 15,456 2,081 Govemance costs includes £4,2[2022.. £1,500) for audit fe85. Trustees Mèmbers of the Board of Trustees recèived no remuneration during the yèar £nil12022: £nill. Amounts paid to Trustees in reimbursement of expenses were tnil12022.. £nill. Employees The Foundation has no staff other than a treaSur and secretary, both of whom operato In an honorary capacity. Taxation No provislon Ss made for taxation by virtue of the Foundation's charStable status.
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE2023 Flxed asset Imr•stm•nts Other Investments Cost or valuation At 1 July 2022 & 30 June 2023 500,01)0 Carrying amount At 30 June 2023 500,000 At 30 June 2022 500,000 2023 2022 Other Investments comprise.. Note8 Investsments in subsidiaries 500,0(KI 500,000 D•btors 2023 2022 Amounts falllng due within on• year: Other debtors 548.051 438,805 10 Cr•dltors: amounts falling due wlthln one ygar 2023 2022 ATual$ and deferred IncL)me 16.890 1,500
THE OXFORD AND CAMBRIDGE ROWING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 30 JUNE 2023 11 Incomè from tradlng activities of subsldiary The Foundatson has a trading subsidiary, The Boat Ra Company Limited, which is incorwraled in England and Wales and whose register8d Dffic8 is Minster House 126a High Street, Whitton, Twckenh8m, England, TW2 7LL. The Boat Race Company Limlt8d receivès sponsorship monies in respect of the Oxford anc* Cambridge University Men's Boat Race and Oxford and Carnbridge University Women's Boat Rac8, and wher8 applicaLle covenants its surplus to the Foundation. A summary of the most recent results of The Boat Race Company Limited is shown below for the year ended 30 June 2023.. PROFIT AND LOSS ACCOUNT TURNOVER 1,625,498 Administrative expenses 11,631,963) OPERATING PROFIT Interest receivable 16.4651 3,465 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit on ordinary actiwties 13.0001 PROFIT FOR THE YEAR 13,0001 12 Unrestricted funds The UnStriCted fijnds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been 58t aside out of unrestricted funds by the trustees for specific purposes. At 1 July Incoming Resources At 30 June 2022 resources expended 2023 General fvnds 695,582 109,316 {15.4561 789.442 Prevlous year: At l July 2021 Incomlng Resources At 30 June resources oxpended 2022 General funds 696.813 850 12,0811 695.582 13 Related partl•s During the year, th8 Foundation had no tr8nS8CtiOn5 Wh related partiès, othèr than the covenanted surplus from its trading subsidiary and the donations to the Oxford University Boat Club, Oxford University Women's Boat Club, Cambridge Unlv8rsSty-Boat Club7nd.C"ambridge-Unlv8rslty Women's Boal-club.