Balliol Society
Financial statements for the year ended 31st July 2024
Charity number 314240
Report of the Trustees for the year ended 31st July 2024
Balliol Society
The Trustees present their annual report and financial statements of the charity for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies as set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Objectives and Activities
The Balliol Society is an unincorporated charity registered with the Charity Commission under registration number 314240. Balliol Society's governing document was adopted in January 1926 and amended in October 1952 and September 2021.
Its charitable objects are to encourage closer relationships between former members of Balliol, keeping them in touch with the College and publishing news of interest about present and past members of the College.
The Society achieves its purpose mainly by making grants to Balliol College. The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. The Trustees have considered this guidance when reviewing the Society's aims and objectives and in planning future activities and setting the grant making policy for the year.
Trustees
The trustees, all of whom held office through the whole of the year ended 31st July 2024 were as follows:
Lord Reed
Professor Seamus Perry Professor Martin Conway
Registered address Balliol College, Broad Street, Oxford, OX1 3BJ.
Secretary Professor Martin Conway
Trustee induction and training
New Trustees are appointed either to fill a casual vacancy or by way of addition to the Board. Particular emphasis is placed upon the appointment of Trustees with knowledge and experience relevant to the Trust’s charitable activities. When new Trustees are appointed they are given an introduction to the work of the Trust and provided with the information they need to fulfil their roles, which includes information about the role of the Trustees and their responsibilities under the Charities Act 2011.
Organisational structure
Day-to-day administration of the Trust is delegated to an administrator under the supervision of the Trustees. Decision-making powers are retained by the Trustees and exercised at regular Trustees’ meetings. They have appointed a fund manager to manage a diversified portfolio of suitable investments on a discretionary basis.
The trustees consider the Board of Trustees as comprising the key management personnel of the charity in charges of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give their time freely and no trustee remuneration was paid in the year.
Risk management
The major risks to which the Charity could be exposed have been investigated by the Trustees and systems have been established to mitigate these risks, a review of these risks will be carried out at least annually.
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Report of the Trustees for the year ended 31st July 2024
Balliol Society
Achievements, performance and financial review
The Society aims to award grants at the approximate level of the investment income received on its investment portfolio in the year.
The income for the year to 31st July 2024 was £31,492 (2023: £30,473), and the cost of fulfilling the Society’s primary purpose during the year was £30,368 (2023: £35,008). The Society has established its grant making policy to achieve its objects for the public benefit. Grants of £9,951 (2023: £10,308) were awarded to Balliol College, Balliol Musical Society and Balliol College Nursery ranging from £250 to £3,000.
Net realised and unrealised gains on investments were £39,218 (2023: Loss £10,797). At the year end the aggregate value of the funds was £448,362 an increase of £40,342 since 31 July 2023.
The Society's investment portfolio is managed by Charles Stanley. The Trustees intend that the real value of the investment portfolio is maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash. The Trustees will regularly consider whether there is a need to review its investment policy.
The Trustees consider that the Society has sufficient resources available to continue to meet its objectives of the Society, in partciular to provide grants to Balliol College.
The trustees declare that they have approved the Trustees' report above
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Statement of Financial Activities
| Statement of Financial Activities | ||
|---|---|---|
| Note Incoming Resources Income from: Donations and legacies 2 Charitable activities 3 Investment income 4 Total income Resources expended Expenditure on: Charitable activities Investment management costs Total expenditure 5, 6 Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
31st July 2024 Unrestricted Funds 160 17,507 13,825 31,492 29,077 1,291 30,368 1,124 39,218 40,342 408,020 448,362 |
31st July 2023 Unrestricted Funds 120 17,940 12,413 |
| 30,473 33,080 1,928 |
||
| 35,008 | ||
| (4,535) | ||
| (10,797) | ||
| (15,332) | ||
| 423,352 | ||
| 408,020 |
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Balliol Society
Balance sheet
| Balance sheet | ||
|---|---|---|
| Fixed asset investments Note Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors - amounts falling due within one year Creditor 9 Net current assets/(liabilities) Total assets less current liabilities Funds of the Charity Unrestricted funds Total funds |
31st July 2024 Unrestricted Funds 441,726 19,675 7,791 27,466 (20,830) 6,636 448,362 31st July 2024 448,362 448,362 |
31st July 2023 Unrestricted Funds 356,307 10,107 63,009 |
| 73,116 | ||
| (21,403) 51,713 |
||
| 408,020 | ||
| 31st July 2023 408,020 |
||
| 408,020 |
Signed on behalf of the Trustees
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Balliol Society
Notes to the financial statements
Note 1 - Accounting policies
Going concern
The Society's accounts have been prepared on the going concern assumption. The charity provides grants and would be in a position to reduce the value of the grants awarded if necessary.
Recognition of income
Income is recognised in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the resources, it is more likely than not that the charity will receive the resources and the monetary value can be measured with sufficient reliability.
Where income is received in advance of an event, this is deferred until the date of the event.
Grants
Where there are no conditions attaching to the grant that enables the donor charity to realistically avoid the commitment, a liability for the full funding obligation must be recognised.
Investment gains and losses
Investment gains and losses include any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value as at the balance sheet date.
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end.
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Balliol Society
Notes to the financial statements
| Notes to the financial statements | ||
|---|---|---|
| Note 2 - Donations and legacies Donations Note 3 - Charitable activities Balliol Society weekend event Note 4 - Income from investments Dividend income Note 5 - Analysis of expenditure Balliol Society weekend costs Other expenses Investment management costs Grants Note 6 - Grant making Balliol Society made grants to Balliol College during the year as detailed below: Amalgamated Sports Club Balliol Musical Society Travel grants for Balliol students Balliol College Nursery Balliol College Chapel Choir tour Library Student activities Student engagement with Europe Organ scholar Contingency fund to be used at the discretion of the Chair of Balliol Society Note 7 - Investment assets Carrying value at the beginning of the year Additions to investments in the year Disposal of investments at carrying value Net gain/ (loss) on revaluation Carrying value at the end of the year Analysis of investments: Listed investments and bonds Note 8 - Debtors Other debtors Note 9 - Creditors: Accruals and deferred income Grants authorised not yet paid Note 10 - Transactions with trustees and related parties There have been no transactions with related parties during the year. |
31st July 2024 160 17,507 13,825 17,004 2,123 1,291 9,950 30,368 1,500 3,000 3,000 700 500 - 500 - 250 500 9,950 356,307 86,393 (40,192) 39,218 441,726 441,726 441,726 19,675 20,830 - 20,830 |
31st July 2023 120 |
| 17,940 | ||
| 12,413 | ||
| 22,772 - 1,928 10,308 |
||
| 35,008 | ||
| 1,500 3,000 - 568 - 2,000 500 2,000 240 500 |
||
| 10,308 | ||
| 367,104 - - (10,797) |
||
| 356,307 | ||
| 356,307 | ||
| 356,307 | ||
| 10,107 | ||
| 11,095 10,308 |
||
| 21,403 | ||
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
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