Charity registration number 1002059 (England and Wales) Company registration number 2582374 ROTARY FOUNDATION OF THE UNITED KINGDOM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2024
ROTARY FOUNDATION OF THE UNITED KINGDOM LEGAL AND ADMINISTRATIVE INFORMATION Trustees A Gray N Vaughan (Appointed 6January 20241 IAppointed l July 20241 Secretary Amanda Watkin Charity nurnber {England and Wales) 1002059 Company number 2582374 Registered office Old Council Offices Kinwarton Road Alcester Warwickshire B49 6PB Auditor Burgis & Bullock 23-25 Waterloo Place Learnington Spa Warwickshire CV32 SLA Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling ME19 4TA Lloyds Bank Alcester Branch I Stratford Road Warwickshire B49 SAX Bank of Ireland Main Street Wicklow A67 H297
ROTARY FOUNDATION OF THE UNITED KINGDOM CONTENTS Page Trustees. report Statement of trustees, responsibilities Independent auditor's report 9-12 Statement of financial activities 13-14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-26
ROTARY FOUNDATION OF THE UNITED KINGDOM TRusfEES' REPORT (INCWDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 30JUIVE 2024 The Directors present their combined Annual Report for the year to 30 June 2024, prepared under the Companies Art 21)06 and the Charities Att 2011, together with the audited financial statements for the year, prepared in accordance with the accounting policies set out in note I to the accounts, and compliant with the charity's governing document, "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 United Kingdom and Republic of Ireland IFR51021" and the fin3ncial reporting standards applicable in the UK and Republic of Ireland {FRS1021. Objectives and activities Choritoble objertive The charitable company's objectives as set out in its Articles of Association are to advance any charitable purpose or the charitable work of any institution anywhere in the world and in particular.. il the advancement of education. and ill the preservation and protection of the health of the general public. In addition. the charitable company is committed to supporting the activities of The Rotary Foundation of Rotary International which has a mission to advance world understanding, goodwill and peace by improvement of health, providing quality education. improving the environment and alleviating poverty. In order to meet and further the charity objectives the following policies have been adopted: Maintaining its income stream of voluntary donations, primarily sourced throLJgh the generosity of Rotarians and friends of the Foundation. Providing support through grants of projects and activities of The Rotary Foundation of Rotary International that fall within the criteria defined by the company's objectives. Increasing awareness of alternative fundraising opportunities. SUC$$ Criteria The generosity of individual Rotarians, their families and the Rotary Clubs to the aims of The Foundation worldwide plays a significant part in the success in achieving the ststed objectives of the charitable company. Public benefit The Directors have referred to the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The Directors regularly review their grant making policy to ensure that it advances public benefit by reflecting the company's objectives. The nature of these objectives mean that the benefits are available for worldwide consumption by all.
ROTARY FOUNDATION OF THE UNITED KINGDOM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Achievements and performance The success of the charity in meeting its aims and objectives is measured as follows: The charitable company raised in excess of £2.8 million during the year to 30 June 2024, through donations from individual Rotarians and friends. Rotary clubs and legacies. Of this total £912,766 relates to the PolioPlus campaign for the eradication of polio worldwide and £26,953 was raised in support of the Disaster Appeal, dedicated to support Ukrainian. Pakistan Floods and Turkeylsyria crisis projects. Maintenance of these levels of giving by Rotary clubs and members. particularly in view of the difficult economic climate and the pandemic, is testament to the enthusiasm and determination of Rotarians to support the attivities of their own charity. The company has been able to provide funding totalling £2,839,91012023- £3,055,777) for projects of The Rotary Foundation of Rotary International which aim to deliver this company's charitable objectives. What we plan to do in the year to 30 June 2025 Rotary Foundation of the United Kingdom will continue to encourage Rotarians to meet the long-standing challenge for the eradication of polio worldwide. In addition, fundraising efforts will continue to raise awareness of other projerts under the Annual Fund which provides funding for the general charitable attivities of the Foundation. Financial review The charity has made a surplus for the year. Detailed financial statements are attached to this report which provide the following highlights: Prlnclpalfundlng sources Rotary Foundation of The United Kingdom is dependent on funding by voluntary donations and fundraising activitie5 of Rotarians in Great Britain and Ireland, and no governrnent funding or grants are received, except for the benefits available to registered charities. Rotarians are noted for their generosity which is very much appreciated. In addition to donations of money, many Rotarians freely give their time to initiate and oversee projects abroad set up in conjunction with locally based Rotary Clubs. The Foundation encourages members and the general public to donate directly via an online plarform. It does not use a third party professional fundraiser and has not received any fundraising complaints during the year. Donotions ond legocies Donations in the year included legacies totalling £516.34812023: £743.8501. The Directors continually strive to reduce the reliance on current Rotary members for individual donations which 15 the principal Source of our funds each year.
ROTARY FOUNDATION OF THE UNITED KINGDOM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Investment income Investment income, principally bank interest increased during the year reflecting the variances in bank and other interest rates. Costs of generating voluntory income Cost of generating voluntary income includes administrative costs directly related to raising funds. Staff and governonte costs Rotary Foundation of the United Kingdom has no staff costs. All personnel and administrative duties are currently carried out by staff members of Rotary International in Great Britain and Ireland to ensure that administrative costs are kept to a minimum and to maximise the distribution to the intended recipients of funds raised. Governance costs include fees and other administrative costs. Plans for future periods The charity plans on continuing the activities outlined above in future years. We plan to continue working on improvements to administrative areas and reducing the costs associated with those. We are looking to enhance the donors experience through better donation system and simplify ways to donate. Financial rnanagement and reserves Budgets are prepared annually for review and approval by the Board of Directors. The Committee reviews management information on a quarterly basis, monitoring performance against forecast. Rotary Foundation of the United Kingdom has adopted a policy to retain in unrestricted reserves only sufficient funds to cover expected fundraising and administrative costs for 18 months and to mitigate the risk of an unforeseen substantial loss of income plus a contingent amount to cover potential administration costs should Rotary International in Great Britain and Ireland be unable to continue to provide the aforementioned staff support. The aim is to distribute all money allocated to the restrirted funds. by supporting projerts of The Rotary Foundation of Rotary International each year. As at 30 June 2024 the charity had unrestritted funds of £81.33212023: £38,027) and restricted funds of £Nil 12023- £Nil) and Capital funds of £25012023.. £2501. The Director5 formally review the reserves policy each year.
ROTARY FOUNDATION OF THE UNITED KINGDOM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Structure, governan and management Company and charity status Rotary Foundation of the United Kingdom is a Company Limited by Guarantee and not having a share capital, which is registered in England, company number 2582374. It is also a charity. registered in England, number 1002059. The company was incorporated on 29 June 1990 and registered as a charity on 27 February 1991. The charitable company operates from the administrative headquarters of Rotary International in Great Britain and Ireland at Kinwarton Road, Alcester. Warwickshire B49 6BP. which is also the registered office. For information on the charitable company, please visit www.rotarygbi.org. Rotary Foundation of the United Kingdom is a registered charitable company whose charitable purpose defined within the Charities Act 2011 is for the advancement of health or the saving of lives and the advancement of education. It is funded principally by voluntary donations from Rotarian members and clubs of Rotary International in Great Britain and Ireland. As an associate foundation. Rotary Foundation of the United Kingdom supports With funding projects and activities of The Rotary Foundation of Rotary International, a not-for-profit corporation which was incorporated in the State of Illinois, United States of America. on 31 May 1983. Governing document The charitable company is governed by its Articles of Association which were revised and adopted by the members on l June 2023. Trustees/Dirertors. oppointment and trnining The appointment of the Direttors of the Rotary Foundation of the United Kingdom is under the control of the members, who are the Trustees of The Rotary Foundation of Rotary International who have agreed to act as a member of the charity. Any Rotarian who has previously served as a member of the Board of Trustees of The Rotary Foundation of Rotary International who resides in the Territory and who is willing to act. may be appointed as a Director by the Members. If none are available or willing to act, then any Rotarian who has previously served as a member of the Board of Trustees of the Rotary Foundation of the United Kingdom who resides in the Territory and who is willing to act, may be appointed as a Director by the Members. In addition, the Members may by ordinary resolution appoint additional Rotarians who are willing to act and who reside in the Territory to be Directors I"Additional Directors I so long as there are no more than three Directors at any given time. Upon induction the Directors are provided with information to enable them to carry out their responsibilities and duties through published guidance for charities and external advisors. in order to gain expertise.
ROTARY FOUNDATION OF THE UNITED KINGDOM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 The Directors are covered by trustee liability insurance provided by Rotary GB&I. The trustee liability insurance policy covers tax issues relating to an investigation by a government body li.e. HMRCI and will provide legal advice and representation at any interviews. The policy does not cover unpaid taxes or taxes that are found to be due but it is expected that this is highly unlikely due to the stringent policies and procedures in place. In addition. the insurance provides Excess Casualty coverage as well as Management & Professional Risk coverage. The Directors are volunteers who give their time to assist the organisation's vision and purpose of their own free choice and without receipt of payment beyond the reimbursement of dirert expenditure. Organisotional strurture The company is run by its Board of Directors consisting of up to three Directors, who are also the trustees of the charity. The Board of Directors has full responsibility for the activities and operation of the charitable company. The members of Rotary Foundation of the United Kingdom are those trustees of The Rotary Foundation of Rotary International who have agreed to act as a member of the charitable company. The members have responsibility for appointment of the dirertors of the charitable company and have no beneficial interest in the charitable company. Their liability in the case of a winding up of the charitable company is limited to £1. The Board of Directors aims to meet four times each year and oversee5 the management of the charitable company's affairs and financial activities and provides overall policy dirertion within the strategic plan of The Rotary Foundation of Rotary International which the charitable company is committed to support. The day to day running of the charitable company is supervised by the General Secretary. Amanda Watkin, who works closely with the Board of Directors. Administrative details The Directors who held office during the period from l July 2023 to the date of this report, unless otherwise stated, are set out below: M Webb M Parry l Legge A Gray N Vaughan Resigned 25th November 2024 Time served and retired 30th June 2024 Time served and retired 15th July 2023 Appointed 6th January 2024 Appointed Istjuly 2024 On behalf of the Board of Trustees, we would like to thank Mike Webb and Mike Parry for their service as Trustees and for their hard work and commitment to RFUK over the years.
ROTARY FOUNDATION OF THE UNITED KINGDOM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Corporate governance There are procedures in place to ensure that internal controls over governance and financial matters are continually assessed and refined. Performance is monitored and appropriate management information is reviewed by the Board of Dirertors. The systems of internal control are designed to provide reasonable assurance against material misstatement or1055. These include.. Delegation of day to day management authority and segregation of duties Identification and management of risks. Principle risks and uncertainties The principle risks and uncertainties for the Rotary Foundation of the United Kingdom appear to come from the following areas: Main source of donation income remains with Rotsry members- significant reduction in membership could therefore result in reduction of donations,. Pressure on administration costs through increased banking charges, costs for the use of credit card facilities, continued low interest rates as well as the possibility that Rotary International in Great Britain and Ireland could withdraw their staff support; Incorrect. inefficient or old fashioned processes and procedures- Non compliance with statutory and charity regulations. The Direttors have always maintained that the factor most likely to affect future financial performance or position is the general economic climate, as this will impact on individuals, desire and ability to make charitable donations. They look to continue to monitor any impact relating to the ongoing energy crisis but have found that emotional responses to global crisis. such as a war in Europe. had more impact on giving in this year. Risk management The Board of Directors is continuously considering the risks and uncertainties that affect the charity and have put systems in place to mitigate the same. particularly with regard to those risk which could jeopardise the ability of the charity to continue with its charitable artivities. This involves taking external advice where necessary as well as ensuring that internal systems remain robust to change and challenges. Connected charities Rotary Foundation of the United Kingdom is an associate foundation of The Rotary Foundation of Rotary International, a not-for-profit corporation registered in USA. It also has a very strong relationship with Rotary International in Great Britain and Ireland. whose members are prominent in its fundraising activities. This report has been prepared in accordance with the accounting policies set out on page 17 and in accordance with the provisions applicable to the companies subject to the small companies regime.
ROTARY FOUNDATION OF THE UNITED KINGDOM TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 The trustees, report was approved by the Board of Trustees. A Gray Trustee N Vaughan Trustee 16 Jan 2025 Date: .............................................
ROTARY FOUNDATION OF THE UNITED KINGDOM STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30JUIVE 2024 The trustees, who are also the dirertors of Rotary Foundation of the United Kingdom for the purpose of company law, are responsible for preparing the Trustees, Report and the fir)ancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustee5 to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Art 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
ROTARY FOUNDATION OF THE UNITED KINGDOM INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROTARY FOUNDATION OF THE UNITED KINGDOM Opinion We have audited the financial statements of Rotary Foundation of the United Kingdom Ithe 'charity'l for the year ended 30 June 2024 which comprise the statement of financial attivities. the balance sheet. the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard opplicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI (ISA5 IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial stotements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial Statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collettively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sertions of this report.
ROTARY FOUNDATION OF THE UNITED KINGDOM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROTARY FOUNDATION OF THE UNITED KINGDOM Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fatt. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 requires us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report: or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to goin8 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Art and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'5 report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detett a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be experted to influence the economic decisions of users taken on the basis of these financial statements. 10-
ROTARY FOUNDATION OF THE UNITED KINGDOM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROTARY FOUNDATION OF THE UNITED KINGDOM Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement5 in respect of irreEularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed below. We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Based on our understanding of the Charity and industry we identified that the principal risk of non- cornpliance with laws and regulations related to breaches of Health & Safety. GDPR, Charities Act 2011, UK Tax Legislation, UK Employment Law. Companies Act and the terms of the charity's governing documents. We also evaluated management incentive and opportunities for fraudulent manipulations of the financial statements. Audit procedures performed included- Identifying and assessing the design effectiveness of controls in management have in place to prevent and detect fraud. Challenging assumptions and judgments made by management in their significant accounting estimates and assessing if these indicate evidence of management bias. Reviewing the accounting records for large and unusual bank payments and testing any identified and in particular the rationale for any transaction5 Outside the charity's normal course of business. Testing for the existence of related party transattions and confirming identity of relevant parties with Trustees. Testing a sample of debit entries in the profit and loss account to check they are bona-fide costs. Discussions with management, including consideration of known or suspected incidences of non- compliance with laws and regulation and fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at- https'.//www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 11
ROTARY FOUNDATION OF THE UNITED KINGDOM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROTARY FOUNDATION OF THE UNITED KINGDOM Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work. for this report. or for the opinions we have formed. Wende Hubbard FCCA (Senior Statutory Auditor) for and on behalf of Burgis & Bullock 16th January 2025 Chartered Accountants ststutory Auditor 23-25 Waterloo Place Leamington Spa Warwickshire CV32 SLA BurEiS & Bullock is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 12
ROTARY FOUNDATION OF THE UNITED KINGDOM STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30JUNE 2024 Current financial year Unrestricted Restrirted Endowment funds funds funds 2024 2024 Z024 Total Total 2024 2023 Notes Income from: Donations and legacies Investments 132,982 2,839,910 40.048 2,972,892 40,048 3,192,455 6,727 Total income 173.030 2,839,910 3,012,940 3,199,182 Ex enditure on: Raising fund5 122,192 122,192 132,678 Charitable activities 7.533 2,839,910 2,847,443 3,060,714 Total expenditure 129.725 2,839,910 2,969,635 3,193,392 Net incomellexpenditurel for the yearl Net movement in funds 43,305 43,305 5,790 Fund balances at l July 2023 38,027 250 38,277 32,487 Fund balances at 30June 2024 81,332 250 81,582 38,277 The statement of financial artivities includes all gains and losses recognised in the year. The statement of financial artivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 13-
ROTARY FOUNDATION OF THE UNITED KINGDOM STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30JUNE 2024 Prior financial year Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 Total 2023 Note5 Income from: Donations and legacies Investments 136,678 3,055,777 6.727 3,192,455 6,727 Total income 143.405 3.055.777 3,199,182 Ex enditure on: Raising fund5 132,678 132,678 Charitable activities 4.937 3.055.777 3,060,714 Total expenditure 137.615 3.055.777 3,193,392 Net income for the year/ Net movement In funds 5,790 5,790 Fund balances at l July 2022 32.237 250 32,487 Fund balances at 30June 2023 38,027 250 38,277 14-
ROTARY FOUNDATION OF THE UNITED KINGDOM BALANCE SHEEr AS AT30 JUNE 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 12 103,356 1,541,853 683,383 1,131,124 1,645,209 1,814,507 Creditors: amounts falling due within one year 13 (1,563,627) 11,776,230) Net current assets 81,582 38,277 Net assets 81,582 38,277 The funds of the charity Endowment funds Unrestricted funds 14 250 250 81,332 38,027 81,582 38,277 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 30 June 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subjett to the small companies regime. 16 Jan 2025 The financial statements were approved bythe trustees on ......................... A Gray Trustee N Vaughan Trustee Company registration number 2582374 (England and Wale51 15-
ROTARY FOUNDATION OF THE UNITED KINGDOM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30JUIVE 2024 2024 2023 Notes Cash flows from operating artivities Cash generated fromllabsorbed by) operations 20 370,681 1157,6391 Investing activities Investment income received 40,048 6,727 Net cash generated from investing activities 40,048 6,727 Net cash generated from financing artivities Net increase/(decrease) in cash and cash equivalents 410,729 1150,9121 Cash and cash equivalents at beginning of year 1,131,124 1,282,036 Cash and cash equivalents at end of year 1,541,853 1,131,124 16-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUIVE 2024 Accounting policies Charity information Rotary Foundation of the United Kingdom is a private company limited by guarantee incorporated in England and Wales. The registered office is Old Council Offices, Kinwarton Road, Alcester, Warwickshire, B49 6PB, the administrative headquarters of Rotary International in Great Britain and Ireland. The company was incorporated on 29 June 1990 and registered as a charity on 27 February 1991. For information on the charity please vi51t www.rotarygbi.org. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP "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 IFRS 1021" {effective l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restritted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 17
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Accounting policie5 (Continued) Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Donated services are recognised on the basis of goods purchased on behalf of the charity and staff time spent on the charity's activities, as provided by Rotary International of Great Britain and Ireland. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 15 probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Raising funds costs consist of the costs of raising donations and legacies. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These include costs related to statutory audit and professional fees and the cost of meetings. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Financial instruments The charity has elected to apply the provisions of Settion 11 'Basic Financial Instruments, and Settion 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statement5, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 18-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Accounting policie5 (Continued) Basicfinoncial 055ets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction c05t5 and are Subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transartion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Bosicfinonciol liabilities 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 the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transattion price and subsequently measured at amortised cost using the effective interest method. Derecognition offinanciol liobilities Financial liabilities are derecognised when the chariws contractual obligations expire or are discharged or cancelled. 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimate5 and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 15 revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 19-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Income from donations and legacies Unrestricted Restricted Total Unrestricted Restricted Totsl funds 2024 funds 2024 funds 2023 funds 2023 2024 2023 Donations and gifts Legacies Donated goods and services 2.323.562 2,323.562 516.348 516.348 2,311,927 2,311,927 743,850 743,850 132,982 132,982 136,678 136,678 132,982 2.839.910 2.972.892 136,678 3,055,777 3,192,455 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 40,048 6,727 Expenditure on raising funds Unrestricted Unrestricted funds 2024 funds 2023 Fundraising and publicity Other fundraising costs 122,192 132,678 -20-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Expenditure on charitable artivities Charitsble activities Charitsble activities 2024 2023 Dirert costs Grant funding of activities (see note 71 2,839,910 3,055,777 Share of support and governance costs (see note 8) Governance 7.533 4,937 2,847.443 3,060,714 Analysis by fund Unrestricted funds Restricted funds 7,533 2,839.910 4,937 3,055,777 2,847.443 3.060,714 Grants payable 2024 2023 Grants to institutions: The Rotary Foundation of Rotary International 2,839,910 3,055,777 21
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 Support costs allocated to activities 2024 2023 Governance costs 7,533 4,937 Analysed between: Charitable activities 7,533 4,937 2024 2023 Governance costs comprise: Audit fees Exchange rate revaluation Bank and donation processing charges 6,790 11131 856 4,000 342 595 7,533 4,937 Audit fees include £1,750 paid to the auditors for the statutory accounts preparation. Trustees None of the trustees (or any persons connerted with them) received any remuneration or benefits from the charity during the year. A total of £77 {2023= £2051 wa5 reimbursed to the trustees for travel expenses. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60.000. -22-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 11 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to it5 charitable objects. 12 Debtors 2024 2023 Amounts falling due within one year: Other debtors 103,356 683,383 13 Creditors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 1,557,127 6,500 1,772,230 4,000 1,563,627 1,776,230 14 Endowment funds Endowment funds represent assets which must be held permanently by the charity- Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. At l July 2023 At 30 June 2024 Permanent endowments 250 250 -23-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 14 Endowrnent funds (Continued) Previous year: At l July 2022 At 30 June 2023 Permanent endowments 250 250 15 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l July 2023 Incomlng resources Resources expended At 30 June 2024 General funds 38,027 173,030 1129,7251 81,332 Previous year: At l July 2022 Incoming resources Resources expended At 30 June 2023 General funds 32,237 143,405 1137,6151 38,027 16 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 30 June 2024: Current assets/lliabilities) 81,332 250 81,582 81,332 250 81,582 -24-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 16 Analysis of net assets between funds (Continued) Unrestricted Endowment funds funds 2023 2023 Totsl 2023 At 30 June 2023: Current assetsllliabilitiesl 38,027 250 38,277 38,027 250 38,277 17 Related party transartions The charity has taken advantage of exemptions available under FRS102 whereby it has not disclosed transactions with the parent and ultimate parent company of the group. 18 Contingent a55etS The charity has been notified that it is due to receive a share of income from three residual legacies. The experted legacy income has not yet been recognised in the financial statements due to the uncertainty regarding the amount of the receipts. 19 Controlling Party "The Rotary Foundation of Rotary International" a not-for-profit corporation and public charity incorporated in the state of Illinois, USA, h35 the power to appoint or remove a majority of the directorsltrustees of the Charity and as such is classified as its 'parent entity, for accounting purposes. The Rotary Foundation of Rotary International funds charitable projerts including to fight disease, provide clean water, relieve the need of mothers and children, and improve education, and provides scholarships and professional training opportunities. in all cases for the public benefit. The sole corporate member of The Rotary Foundation of Rotary International is"Rotary International" also a corporation organised under the Illinois not-for-profit Corporation Act. Rotary International is permitted under its local accounting protocols to include the Charity within its consolidated financial statements. Such financial statements are available at One Rotary Center, 150 Sherman Ave, Evanston, IL60201-3698, USA. -25-
ROTARY FOUNDATION OF THE UNITED KINGDOM NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 30JUIVE 2024 20 Cash generated from/(absorbed by) operations 2024 2023 Surplus for the year 43,305 5,790 Adjustments for: Investment income recognised in statement of financial activities 140,0481 16,7271 Movements in working capital: Decrease/lincreasel in debtors IDecreasellincrease in creditors 580,027 1212,6031 1674,8971 518,195 Cash generated from/(absorbed by) operations 370,681 1157,6391 21 Analysis of changes in net funds The charity had no material debt during the year. -26-