than accruals accounting). This greatly simplifies the process of producing accounts and reduces the responsibilities of the Independent Examiner. It is entirely in keeping with the requirements of charities law and of the Fund’s trust deed. Of the year-end funds (which excludes loans advanced to beneficiaries) investments at market value accounted for £82,102 and cash and deposits for £35,911. Donations and legacies Notwithstanding the recent improvement in the Fund’s financial position, donations are very welcome. Donations can be made under Gift Aid, which enables the Fund to reclaim basic rate tax on sums received from UK taxpayers, and provides a tax benefit to higher rate taxpayers. Furthermore, by virtue of the Fund’s charitable status, legacies are free of Inheritance Tax. Gifts and legacies would be very gratefully received by the Hon Treasurer, Nick Rundle, at 9 Draycott Place, London SW3 2SE. Applications Enquiries from OAs about possible assistance should be addressed to the Hon Secretary, Marcus Graham, at 59 Falcon Point, London SE1 9JB. Enquiries from pupils at the College should be addressed direct to him or through Messrs Will Keat or Trevor Llewelyn. Marcus Graham (90-98) Hon Secretary marcus_graham @ hotmail.com
Accounts The main features of the accounts for the last three years are shown below: Years ending 31 December (£) 2010 2011 2012 Investment income 2,708 5,036 4,785 Loans repaid 9,100 6,125 4,040 Bequests and donations 1,141 26,000 9,500 Total income 12,949 16,848 10,867 Loans made 7,300 10,150 5,700 Grants made 3,510 6,420 5,000 Administration costs 177 278 167 Total outgoings 10,987 16,848 10,867 Net income 1,962 20,313 7,458
Change in value of investments Funds at start of year
3,815 (5,754)
6,226
83,993 89,770 104,329
Funds at end of year
89,770 104,329 118,013
Outstanding loans (see text)
19,100 23,125 24,885
Outstanding loans are not included as an asset in a formal balance sheet, but are referred to in a note to the accounts. The Fund has not suffered any bad debts for many years. In order to simplify the Fund’s accounting, in 2012 the trustees decided that the Fund should adopt receipts and payments accounting (rather
Alleynian Sailing Society
Attention all OA Sailors! Do you own a yacht? Might you be interested in joining a charter in Croatia or Majorca? Are you willing to charter your yacht to other OAs? The Alleynian Sailing Society would like to hear from you. Please contact the Hon Secretary, Anthony Frankford (62-69), via anthonytfrankford @ gmail.com
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