## **Trustees’ Annual Report for the period** **From 1[st] August 2020 To 31[st] July 2022** ## **Charity name: The Keble Association** ## **Charity registration number: 309688** ## **Objectives and Activities** ||SORP reference|| |---|---|---| |Summary of the purposes of the
charity as set out in its
governing document|Para 1.17|To help, by means of grant or loans, past and
present members of Keble College, Oxford
University who are in financial need. To be of
general support and assistance to the College.| |Summary of the main activities
in relation to those purposes for
the public benefit, in particular,
the activities, projects or
services identified in the
accounts.|Para 1.17 and 1.19|The Keble Association is a charity whose
members include current members and alumni of
Keble College Oxford University. The charity’s
income comprises investment income, charitable
donations and legacies from alumni collected
either directly or via Keble College’s Talbot
Fund. During the period, the main activities have
related to providing grants to students either for
study related activities including travel,
humanitarian travel, support for student arts and
support for students who wish to undertake
internships.| |Statement confirming whether
the trustees have had regard to
the guidance issued by the
Charity Commission on public
benefit|Para 1.18|The trustees have had regard to the Charity
Commission’s public benefit guidance when
exercising any powers or duties to which the
guidance is relevant.| **Additional information (optional)** You may choose to include further statements where relevant about: SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by 1 volunteers Other ## **Achievements and Performance** SORP reference **Please refer to the Charitable Giving Report at the end of the return form.** Summary of the main Para 1.20 achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. ## **Additional information (optional)** You may choose to include further statements where relevant about: |Achievements against
objectives set|Para 1.41|| |---|---|---| |Performance of fundraising
activities against objectives set|Para 1.41|| |Investment performance against
objectives|Para 1.41|| |Other||| 2 ## **Financial Review** |**Financial Review**||| |---|---|---| |Review of the charity’s
financial position at the end of
the period|Para 1.21|**See accounts**| |Statement explaining the policy
for holding reserves stating why
they areheld|Para 1.22|**See accounts**| |Amount of reserves held|Para 1.22|**See accounts**| |Reasons for holding zero
reserves|Para 1.22|**N/A**| |Details of fund materially in
deficit|Para 1.24|**None**| |Explanation of any uncertainties
about the charity continuing as
a going concern|Para 1.23|**None**| ## **Additional information (optional)** |**Additional information (optional)**|**Additional information (optional)**|**Additional information (optional)**| |---|---|---| |You may choose to include further statements where relevant about:||| |The charity’s principal sources
of funds (including any
fundraising)|Para 1.47|| |Investment policy and
objectives including any social
investment policy adopted|Para 1.46|| |A description of the principal
risks facing the charity|Para 1.46|| |Other||| 3 ## **Structure, Governance and Management** |Descriptionofcharity’s trusts:||| |---|---|---| |Type of governing document
(trust deed, royal charter)|Para 1.25|The Keble Association is governed by its
Constitution which has been registered with the
Charity Commission.| |How is the charity constituted?
(e.g unincorporated association,
CIO)|Para 1.25|Unincorporated Association| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of any
person or body entitled to
appoint one or more trustees|Para 1.25|Trustees are selected from alumni and current
members of Keble College Oxford University.
The Trustees delegate day-to-day running of the
Charity to an Executive Committee. Please see
page 5 for details. All Trustees meet twice a year
and the Executive Committee meet an additional
three tofourtimes peryear.| ## **Additional information (optional)** You may choose to include further statements where relevant about: |Policies and procedures adopted
for the induction and training of
trustees|Para 1.51|| |---|---|---| |The charity’s organisational
structure and any wider network
with which the charity works|Para 1.51|| |Relationship with any related
parties|Para 1.51|| |Other||| ## **Reference and Administrative details** |Charity name|THE KEBLE ASSOCIATION| |---|---| |Other name the charity uses|| |Registered charitynumber|309688| |Charity’s principal address|C/O DEVELOPMENT OFFICE
KEBLE COLLEGE
PARKS ROAD
OXFORD
OX13PG| ||| 4 **Names of the charity trustees who manage the charity** |1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17|**Trustee name**|**Office (if any)**|**Dates acted if not**
**for whole year**|**Name of person (or**
**body) entitled to appoint**
**trustee (ifany)**| |---|---|---|---|---| ||Brigadier JeremyMooney|President||| ||Victor Smart|Secretary||| ||Simon Paul Emary|||| ||Vivek Srivastava|Grants Committee Chair||| ||Scott Barnes|||| ||Nicola Wintle|Vice President||| ||John Edward Dant|Executive Committee||| ||JennyTudge|Executive Committee||| ||Sir Jonathan Philips|Warden Keble College||| ||Vivek Sharma|Treasurer||| ||Daniel James Wilson|Executive Committee||| ||Sam Edwards|||| ||Gautam Mittal|||| ||Jessica Marlborough|||| ||Alessandra Martorana|||| ||Keith Oborn|||| ||Steve Loncar|||| Corporate trustees – names of the directors at the date the report was approved ## **Director name** Name of trustees holding title to property belonging to the charity **Trustee name Dates acted if not for whole year** 5 ## **Funds held as custodian trustees on behalf of others** Description of the assets held in N/A this capacity Name and objects of the charity N/A on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe N/A custody and segregation of such assets from the charity’s own assets ## **Additional information (optional)** ## **Names and addresses of advisers (Optional information)** **Type of Name Address adviser** **Name of chief executive or names of senior staff members (Optional information)** ## **Exemptions from disclosure** Reason for non-disclosure of key personnel details ## **Other optional information** 6 ## **Declarations** **The trustees declare that they have approved the trustees’ report above.** **Signed on behalf of the charity’s trustees** |**Signature(s)**
**Full name(s)**
**Position (eg Secretary,**
**Chair, etc)**
**Date**||| |---|---|---| ||Victor Smart|| ||
Secretary|| ||26th May 2023|| ||26th May 2023|| 7 ## **Keble Association Annual Report 2021/22** ## **INTRODUCTION** The Association can be proud of the support it gave to the wider Keble community through the height of the pandemic and the disruption caused to the academic and social life of the College over nearly two years. In 2021/22 we continued to contribute to a relief fund to support individual students coping with hard times, while paying for a temporary accommodation facility in Newman Quad to provide safe space for teaching and events. The Association offered a discount rate for younger members to attend the Annual Dinner on 17 June 2022. ## **GRANT AWARDING BY GRANTS SUB-COMMITTEE** This grant activity in 2021/22 showed an encouraging recovery from the global COVID-19 pandemic, even though a work-from-home order was in effect in the UK during Michaelmas Term and full or partial lockdowns sporadically affected various parts of the world. The KA Executive Committee maintained the budget at last year’s level of £48,500. We have again undershot this, but not by nearly as much as in the previous two, pandemic-hit, years. In the previous two academic years, ExCo agreed to make extraordinary donations to the College for pandemic relief purposes. It did so again this year, for Ukraine-related purposes. None of these extraordinary grants are included in the table below, which shows the usual grant programme, comprising Study, Humanitarian Travel, Arts, and Internship grants. 2018/19 should be considered the baseline year with which to compare current activity. Pre-pandemic, much of grant giving was for projects involving travel, which was severely restricted during the pandemic. 2020/21 began with subdued demand for grants in Michaelmas Term, but recovered during Hilary and Trinity Terms to near-normal levels. ## **KA grants for year to 31 July 2022 (excluding covid and Ukraine related grants)** Table does not include extraordinary donations voted by the Executive Committee made towards the College for pandemic relief purposes in 2019/20 (£15,000) and 2020/21 (£25,600) and for Ukraine-related purposes in 2021/22 (£9,000). ## **Summary** - Total grants were £35,850 – a 265% increase from last year’s level, but still a 22% decrease from the 2018/19 pre-pandemic “baseline”. - 79 grants were approved to individuals and one to support Arts’ Week. - Individual awards were initially approved for: 8 - 41 undergraduates and 38 graduates - 36 male and 43 female students - 45 arts and 34 science students. ## **Study** Demand for Study Grants increased to just under three-quarters of the total. Pre-pandemic, this was by far the largest category of grant giving and tended to be for students travelling to conduct fieldwork or attend conferences to present their research, as well as the compulsory first-year Geography and Biology field trips. This year, in-person fieldwork and conferences steadily resumed as the year went on, although we still did not get any applications for the first-year field trips. These are some highlights of the projects that went ahead: - 65 grants were approved. - 24 were for students attending or presenting research at academic conferences (1 virtually). - 18 were for students conducting research or fieldwork abroad and in other parts of the UK. - 15 were for students attending summer schools or holiday courses. - 2 were for students staying in Oxford during vacations to work on projects. I wish to particularly highlight a Study Grant given to graduate Archaeologist. Having grown up in a single parent family in a deprived area of North London, he along with his supervisors have devised an innovative new method of dating wood fibres. With our grant, he was able to settle a centuries old debate among academics on the exact date of construction of the spire of Salisbury Cathedral. Two earlier attempts at carbon dating in the 1990s and early-2000s proved inconclusive. But thanks to his new method, he was able to prove, contrary to the majority opinion, it does not date from the same time as the Cathedral’s construction between 1220 and 1320, but was rebuilt after a storm some 80 years later. ## **Travel** A strong humanitarian focus is required for these grants. We awarded six grants to students volunteering in Morocco, Peru, Nigeria, and India this summer. ## **Arts** We made five grants. We were pleased to continue our support for Arts Week, as every year, with a £2,000 grant. ## **Internships** We awarded four grants, two of which were for students who had secured places on biomedical research projects, one in the field of degenerative diseases at Harvard University, and another in the field of cancer research at University College London. ## **Griffiths, Gordon Smith, Jack Lane Awards and Dick Fawcett Awards** Griffiths awards were given to - A graduate medic doing a neurology research project at the University of Pennsylvania - A graduate historian recreating King George III’s “Grand Tour” of 1789, taking in towns, archives, and historic houses in the West Country Gordon Smith (Geography) awards were given to - A graduate on the MSc Nature, Society, & Environment course travelling to the Great Barrier Reef region of Australia to undertake dissertation fieldwork - A graduate Anthropologist researching the commodity chain of brown shrimp, attempting to “follow” the shrimp from being caught off the coast of Morocco to a supermarket shelf in Europe, highlighting any unsustainable practices along the way - Two Geographers selected for a pioneering climate science fieldwork project in Northwest Zambia, led by the current Geography Fellow Richard Washington A Dick Fawcett (Musical Life in College) award was given to 9 - A second-year Economics & Management undergraduate to produce recordings of his jazz quintet (of which two of the five are Keble students) performing concerts at various venues around Oxford. We did not award any Jack Lane (performing arts) awards this academic year. ## **Rejected applications** The sub-committee has sought to be rigorous in applying its grant criteria and, as a result, 15 applications were rejected this year (nine were for study grants, four were for Travel, two were for Internships). Applications were rejected if they did not sufficiently relate to the charitable purposes of the KA, or the grants’ criteria. The overall standard of applications remains extremely high. ## **Audit Arrangements** The final figure for grant recipients in the previous academic year (2020/21) to have reported back to us on the use of their grants is not yet available. ## **Conclusions** When compared to the pre-pandemic “baseline” year of 2018/19, grant giving under the usual programme (i.e. excluding the extraordinary donations made by ExCo) dropped to just over a fifth of it in 2020/21. But happily, it has recovered to some four-fifths of it in 2021/22, with projects involving travel for conferences, research, and humanitarian volunteering steadily resuming as the year progressed. Students now face new challenges, with a profound cost-of-living crisis in the UK and many countries around the world. This will tend to inflate the key cost components for many of the types of projects they undertake, particularly flights and accommodation. Our charitable purpose is to make the many incredible opportunities available at Oxford accessible for all Keble students, particularly those from less privileged backgrounds who may lack the financial resources to afford these costs. Grants Sub-Committee Members 2021/22: - Vivek Srivastava: Chair - Ali Rogers: Senior Tutor - Daniel Wilson: Student Liaison & Social Media Officer - Nicola Wintle - Scott Barnes - Alessandra Martorana ## **AWARDS RELATED TO UKRAINE INVASION** The war in Ukraine has produced new opportunities for the Association to help Keble alumni. The Executive Committee agreed to two initiatives in response to the outbreak of conflict in Ukraine. The Association provided financial and practical support to a Keble alumnus whose family was forced to flee Ukraine in the aftermath of the Russian invasion. We also agreed to support the College in participating in a scheme proposed by Lionel Tarassenko (Keble alumnus and President of Reuben College) to fund 20 graduate scholarships for students resident in Ukraine (but not necessarily Ukrainian nationals) who had been accepted to start at Oxford in Autumn 2022. Twenty-seven colleges have agreed to join this scheme, which would allow the college-related costs and personal costs in addition to the University fees for these students to be waived. 10 # **UNAUDITED ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022** **1** |**THE KEBLE ASSOCIATION**||||| |---|---|---|---|---| |**STATEMENT OF FINANCIAL ACTIVITIES**||||| |For the Year Ended 31 July2022||||| |||||| |||**£**||**£**| |||**31July 2021**||**31July 2022**| |||||| |**INCOMING RESOURCES**||||| |Donations and Legacies||45,000||21,369| |Subscriptions through CAF||707||678| |Subscriptions received directlybyKeble Association||12,991||8,931| |Subscriptions received via Keble College Talbot Fund||11,711||18,292| |Gift Aid Tax Recovery||3,386||5,992| |Donations for Ukraine Appeal||0||500| |Income from UK investments||10,293||11,605| |Gilt interest||0||0| |Bank interest||8||36| |**Total Incoming Resources**||**84,097**||**67,403**| |||||| |**RESOURCES EXPENDED**||||| |**Charitable Activities**||||| |Study||(5,205)||(25,925)| |Music and Drama||(2,200)||(3,535)| |Humanitarian Travel||(500)||(3,450)| |Internship||(1,915)||(2,940)| |Covid(2020-2021)/ Ukraine(2022)relatedgrants||(25,600)||(9,000)| |Grants repaid or unused||||0| |||**(35,420)**||**(44,850)**| |**Other**||||| |Independent Examiner fees||(400)||(500)| |Insurance||||(143)| |Trustee Travel Expenses||||| |Other costs includingbad debts,IT, postingandprinting||0||(500)| |||**(400)**||**(1,143)**| |||||| |**Total Resources Expended**||**(35,820)**||**(45,993)**| |||||| |**Net Incoming/(Outgoing) Resources**||**48,277**||**21,411**| |||||| |Unrealisedgains/(losses)on investments||84,039||1,218| |Realisedgain /(loss)on investments||(1,974)||| |||||| |**NET MOVEMENT IN FUNDS**||**130,341**||**22,628**| |||||| |**Total Funds Brought Forward**||**386,300**||**516,641**| |||||| |**Total Funds Carried Forward**||**516,641**||**539,269**| **2** |**THE KEBLE ASSOCIATION**||||| |---|---|---|---|---| |**BALANCE SHEET**||||| |||||| |||**£**||**£**| |||**31July 2021**||**31July 2022**| |||||| |**FIXED ASSET INVESTMENTS**||||| |M&G Charifund Income units||211,883||208,077| |M&G Charifund Accumulation units||159,864||164,938| |Invesco Perpetual UK EquityIncome||31,149||31,099| |**Total Fixed Asset Investments**||**402,897**||**404,115**| |||||| |**CURRENT ASSETS**||||| |NatWest Current Account||1,000||1,000| |NatWest Reserve Account||98,426||77,790| |Scottish Widows Bank||40,000||40,000| |Keble College Debtor||9,765||7,889| |Gift Aid Debtor||10,130||11,830| |Other Debtors incprepayments||500||285| |**Total Current Assets**||**159,821**||**138,795**| |||||| |**CREDITORS falling due within oneyear**||||| |Provision forgrantsyet to bepaid||||(3,140)| |Unpresented cheques||||| |Independent Examiner Creditor
Trustee Creditor||(1,200)
(44,877)||(500)| |**Total Current Liabilities**||**(46,077)**||**(3,640)**| |||||| |**Net Current Assets**||**113,744**||**135,155**| |||||| |**TOTAL NET ASSETS**||**516,641**||**539,269**| |||||| |Unrestricted Funds||516,641||534,469| |Other Funds - Restricted||||4,800| |**TOTAL FUNDS**||**516,641**||**539,269**| **3** ## **Notes to the Accounts** ## **Accounting Policies** ## **1. Basis of Preparation** The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The accounts (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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The trustees considers that there are no material uncertainties about the Keble Association’s ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. In future years, the key risks to the Keble Association are a fall in income from donations or investment income but the trustee has arrangements in place to mitigate those risks. ## **2. Fund Structure** The Keble Association has an unrestricted fund and a restricted fund. The restricted fund arose from a bequest in February 2022 of £10,000 from the estate of the late Joan Smith, widow of the late Gordon Smith, ex Geography Fellow of Keble College. This fund is restricted to study and travel grants for students studying at the School of Geography. 11 grants were approved on or after February 2022 to qualifying students totalling £5,200. The balance of £4,800 shall be carried forward to the next accounting period. Funds are managed by the trustees on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The trustees decide how much of that return is released to income for spending and how much is retained for investment. The allocation is made on an equitable basis to balance the need to fund current grant giving as well as to invest returns for the future. ## **3. Incoming Resources** All incoming resources are recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. ## **4. Incoming Resources from Legacies** Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable. **4** ## **5. Resources Expended and VAT** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met: - there is a present legal or constructive obligation resulting from a past event - it is more likely than not that a transfer of benefits (usually a cash payment) will be required in settlement - the amount of the obligation can be measured or estimated reliably. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **6. Fixed Asset Investments** Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value. ## **7. Related Party Transactions and Trustee Remuneration** Trustees receive no remuneration. Expenses in the year totalled Nil (2021: Nil). **5** **INDEPENDENT EXAMINER’S REPORT to the trustees of The Keble Association Trust** Registered Charity number 3 0 9 6 8 8 I report on the accounts of the Trust for the year ended 31 July 2022, which are set out on page 3. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. ## **It is my responsibility to:** - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the general Directions (see page 2) given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention ## **Basis of independent examiner’s statement** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **Independent examiner’s Statement** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; ## **or** - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed Date 29 May 2023 Name P P G Aspinall Relevant Professional Qualification Associate of the Chartered Institute of Management Accountants Address 4 Millway Mill Hill London NW7 3RE 1 ## **The Charity Commission's Directions** The Charity Commission's Directions provide the procedural basis or framework to define how the reporting duties of the examiner must be met. The Directions are made by the Charity Commission under powers given in the 2011 Act and set out the areas of work that must be covered in any examination. There are 10 specific Directions that the examiner must address in carrying out an examination of accrual accounts and 7 Directions applying to the examination of receipts and payments accounts. In addition, all examiners should consider if matters of material significance have come to their attention which give rise to a legal duty to report to the Commission. ||Applicable| |---|---| |Direction|to accruals| ||accounts| |1. Examination and accountingthresholds|| |2. Documentation|| |3. Understandingthe charity|| |4. Accountingrecords|| |5. Comparison with accountingrecords|| |6. Analyticalprocedures|| |7. Form and contents of accounts|| |8. Accounting policies,estimates andjudgments|| |9. Trustees' Annual Report|| |10. Examiner 's report|| |Statutory duty to report certain matters of material
significance to the Charity Commission|| Although only examiners of accounts prepared on an accruals basis are required to review the Trustees ' Annual Report for consistency with the accounts, examiners of receipts and payments accounts may still find the Trustees' Annual Report helpful in undertaking their examination. 2 |**KEBLE ASSOCIATION**||||| |---|---|---|---|---| |**STATEMENT OF FINANCIAL ACTIVITIES**||||| |**For the Year ended 31 July 2022**||||| |||**31 July 2021**||**31 July 2022**| |||||| |**INCOME**||||| |Donations and Legacies||45,000||21,369| |Subscriptions through CAF||707||678| |Suscriptions received directly||12,991||8,931| |Talbot Fund Subscriptions||11,711||18,292| |Tax recovery||3,386||5,992| |Other income||||500| |Income from UK investments||10,293||11,605| |Bank and other interest||8||36| |||**84,097**||**67,403**| |||||| |**EXPENDITURE**||||| |**Grants**||||| |Study||(5,205)||(25,925)| |Music and Drama||(2,200)||(3,535)| |Travelgrants||(500)||(3,450)| |Internship||(1,915)||(2,940)| |Covid(2020-2021)/ Ukraine(2022)relatedgrants||(25,600)||(9,000)| |||**(35,420)**||**(44,850)**| |**Other**||||| |Independent Examiner||(400)||(500)| |Other costs||0||(643)| |||**(400)**||**(1,143)**| |||||| |**Net Incoming /(Outgoing) Resources**||**48,277**||**21,410**| |||||| |Unrealisedgains /(losses)on investments||84,039||1,218| |Realised losses on investments||(1,974)||| |||||| |**NET MOVEMENT IN FUNDS**||**130,341**||**22,628**| |||||| |**Total Funds Brought Forward**||386,300||516,641| |||||| |**Total Funds Carried Forward**||516,641||539,269| 3 |**KEBLE ASSOCIATION**|||| |---|---|---|---| |**BALANCE SHEET**|||| |**As at 31 July 2022**|||| ||**£**||**£**| ||**31July 2021**||**31July 2022**| ||||| |**FIXED ASSET INVESTMENTS**|||| |M&G Charifund Income units|211,883||208,077| |M&G Charifund Accumulation units|159,864||164,938| |Invesco Perpetual UK Strategic Income|31,149||31,099| ||**402,897**||**404,115**| ||||| |**CURRENT ASSETS**|||| |Current account|1,000||1,000| |Business reserve account|98,426||77,790| |Scottish Widows Bank|40,000||40,000| |Keble College Debtor|9,765||7,889| |Gift Aid Debtor|10,130||11,830| |Other Debtors incprepayments|500||285| ||**159,821**||**138,795**| ||||| |**CREDITORS**|||| |Provision for grants yet to be paid|||(3,140)| |Unpresented cheques|(1,200)||| |Independent Examiner Creditor|||(500)| |Trustee Creditor|(44,877)||| |**Total Current Liabilities**|(46,077)||(3,640)| ||||| |**Net Current Assets**|**113,744**||**135,155**| ||||| |**TOTAL NET ASSETS**|**516,641**||**539,269**| ||||| |Unrestricted Funds|516,641||529,269| |Other Funds|||10,000| |**TOTAL FUNDS**|**516,641**||**539,269**| 4 **Notes to the Accounts** ## **Accounting Policies** ## **1. Basis of Preparation** The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The accounts (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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The trustees considers that there are no material uncertainties about the Keble Association’s ability to continue as a going concern. There are no material uncertainties affecting the current year’s accounts. In future years, the key risks to the Keble Association are a fall in income from donations or investment income but the trustee has arrangements in place to mitigate those risks. ## **2. Fund Structure** The Keble Association has an unrestricted fund and a restricted fund. The restricted fund arose from a bequest in February 2022 of £10,000 from the estate of the late Joan Smith, widow of the late Gordon Smith, ex Geography Fellow of Keble College. This fund is restricted to study and travel grants for students studying at the School of Geography. 11 grants were approved on or after February 2022 to qualifying students totalling £5,200. The balance of £4,800 shall be carried forward to the next accounting period. Funds are managed by the trustees on a total return basis. This means that the funds are invested to maximise the return on investment without regard as to whether that return is in the form of income from dividends or interest or capital appreciation (where the market value of the investment increases). The trustees decide how much of that return is released to income for spending and how much is retained for investment. The allocation is made on an equitable basis to balance the need to fund current grant giving as well as to invest returns for the future. ## **3. Incoming Resources** All incoming resources are recognised once the charity has entitlement to the resources, it is probable (more likely than not) that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. ## **4. Incoming Resources from Legacies** Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is probable. ## **5. Resources Expended and VAT** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to each category of expense shown in the Statement of Financial Activities. Expenditure is recognised when the following criteria are met: - there is a present legal or constructive obligation resulting from a past event - it is more likely than not that a transfer of benefits (usually a cash payment) will be required in settlement - the amount of the obligation can be measured or estimated reliably. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **6. Fixed Asset Investments** Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value. 5 **7. Related Party Transactions and Trustee Remuneration** Trustees receive no remuneration. Expenses in the year totalled Nil (2021: Nil). 6