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 Repo￿ng 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 0￿upatiOn 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 cOn￿med. 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￿ prO￿dIng 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 be￿een 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
A￿oUnts 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 wysock￿j0nes
Mr B Dixon (appointed 17 April 20231
ca￿bridge 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 reSoUr￿S 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 frar￿ewO￿ 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 p￿Pared 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 finan￿8/staten￿ntsseet10n of our report. Wè arè indépèndènt of th8 Oxford and Cambridgè RO￿ng 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 r￿thing 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 S￿ements 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 re￿IVed 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 ah￿ayS 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
in￿ntiVe or pressure to commit fraud or provide an opportunity lo do so. Our approach included..
using analytical procedures lo bden￿fy unusual relationships.,
reading minutés of Iruslee meetings-
discussing ¢harSty polScies and prO￿dureS 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 nOr￿COMpli8nce with laws and regu18tions
Is from the events and transactions reflected in the financial statements, the less likely the inherently limited
procedures reqUI￿d 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 audIt0￿5 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 p￿pared 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 COn￿M status for a period of twelve mgnths from the
signing of the accounts. The Foundation is considered a going concern as il has sufficient resoU￿eS 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 ￿praS￿ntS 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 re￿1v&ble within one year are not amortised.
Da￿C 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 aM0￿8ed.
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 re￿IV8b1e
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 treaSu￿r 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
A￿Tual$ 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 Un￿StriCted 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 W￿h 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.