Romanoff Foundation
Romanoff Foundation Charity No. 1037622 Company No. 02924789
REPORT AND ACCOUNTS FOR THE YEAR ENDED
31 MAY 2024
Romanoff Foundation
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
CONTENTS
| Page | |
|---|---|
| Legal and administrative details | 2 |
| Report of the Trustees | 3 |
| General Corporate Information | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 |
| Report of the Independent Examiner | 8 |
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Romanoff Foundation
REGISTERED CHARITY NO:
1037622
COMMITTEE OF MANAGEMENT
Mr. JEAN-EVRARD DOMINICE
TRUSTEES
REGISTERED OFFICE
INVESTMENT ADVISORS
Mr. GREGORY WOLCOUGH Mr. PETER BOBRINSKY Mr. FRANCIS MATHEW Mr. ANDREI RODZIANKO Mr. JAMES GALITZINE Mr. JEAN-EVRARD DOMINICE 25 FIDDLEBRIDGE LANE HATFIELD HERTFORDSHIRE AL10 0SP INVESTEC WEALTH & INVESTMENT LIMITED 30 GRESHAM STREET LONDON EC2V 7QN
BANKERS
COUTTS & CO 440 STRAND LONDON WC2R OQS
INDEPENDENT EXAMINER
PAUL SKIPPER FCA HBB AUDIT LIMITED HATFIELD HERTFORDSHIRE AL10 0SP
Charity Registered in England with The Charity Commission.
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Romanoff Foundation
Registered Number 1037622
REPORT OF THE COMMITTEE OF MANAGEMENT
During the 2024 fiscal year, the Romanoff Foundation (RF) continued pursuing its charitable mission despite the difficult global backdrop and an internal reorganisation. We continued to support the “Azbuka School” Scholarship Program – supporting two deserving students at the only Russian and English bi-lingual school in London. On the events side, in conjunction with Grange Park Opera, the RF held a fascinating talk in London in May 2024 featuring Oxford Professor Philip Bullock on Rachmaninoff and his opera Aleko. The event attracted a significant audience and we continued to add content on our youtube and podcast channels. These channels continue to attract strong interest with circa 10,000 views achieved across all of our videos. We view our work with charities as an ongoing partnership and plan to continue to support the above charities and projects when possible and needed.
We are grateful to our regular donors and for all donations related to our events and other activities. We look forward to continuing to build and engage with our donor community in the year ahead.
Many trustees were appointed for a new 5-year term during the fiscal year and we also added a new trustee to further strengthen the team. The new board will allow for more activity and a longer term view for the trajectory of the organisation. Notably, in subsequent months the RF has helped to found a choir in London that focuses on Slavic music, holding its first concert in November 2024. We hope to continue to support charities we have established relationships with and engage with them on their projects when possible and needed
Trustee name:
For and on behalf of The Committee of Management of the Romanoff Foundation
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Romanoff Foundation
GENERAL CORPORATE INFORMATION
The Romanoff Foundation is a corporation limited by guaranty and was incorporated in England and Wales on 3 May 1994, company registration number 2924789. The subscribing members are Princess Dorrit Romanoff, Gregory Wolcough, Mr. Peter Bobrinsky, Mr. Alex Kotchoubey, Mr. Andrei Rodzianko and Mr. Jean-Evrard Dominice all of whom now comprise the Committee of Management. The limit of the guarantee of each of the subscribing members is £1. The company was entered into the Central Register of Charities in England on 17 May 1994, registered number 1037622.
The financial year-end of the fund is 31[st] May. The report and accounts are for the year ended 31 May 2024.
The investments in U.K. Treasury bonds are valued at the lower of cost or current market value. Further, it does not take into account any accrued interest that might have been earned from date of purchase to statement date. Any interest earned is taken into the accounts as and when it is paid into the bank account of the fund.
There have been changes in the Committee of Management since the incorporation of the fund.
Prince Rostislav Romanoff died on 8[th] January 1999 and Mr. Gregory Wolcough took over his responsibilities. Prince Dimitri Romanov died at the end of December 2016 and four new trustees were added in February 2018. Mr. Gregory Wolcough handed over his responsibilities to Mr. Jean-Evrard Dominice after the 2022 annual report.
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Romanoff Foundation
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024
| INCOME Donations Books Gift Aid Dividends Received Interest Received Realised Gain or Loss TOTAL INCOME EXPENDITURE BUSINESS EXPENSES Annual Return Bank Charges Penalties Website Accountancy Investment Management Fees Postage TOTAL BUSINESS EXPENSES CHARITY EXPENSES Project Expenses Donations Promotions Entertainment Event Costs TOTAL CHARITY EXPENSES TOTAL EXPENSES GAIN/LOSS ON REVALUATION OF INVESTMENTS PROFIT/LOSS |
2024 2023 £ £ 5,572 4,658 - - - - 5,645 6,411 871 641 13,097 - |
|---|---|
| 25,185 11,710 |
|
| 107 - 489 510 200 - - 580 996 780 3,558 3,754 - - |
|
| 5,350 5,624 - - 2,500 5,760 - - 182 216 4,686 2,028 |
|
| 7,368 8,004 |
|
| 12,718 13,628 |
|
| 1,482 (29,178) |
|
| 13,949 (31,096) |
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Romanoff Foundation
| BALANCE SHEET | |||
|---|---|---|---|
| FOR THE YEAR ENDED 31 MAY 2024 | |||
| 2024 | 2023 | ||
| £ | £ | ||
| ASSETS | |||
| Cash and Bank Accounts | |||
| Current Account | 9,313 | 13,725 | |
| Investment Account | 22,827 | 3,882 | |
| Dividends Account | 1,397 | 1,041 | |
| Total Cash and Bank Accounts | 33,537 | 18,648 | |
| Investments | 290,205 | 291,969 | |
| TOTAL ASSETS | 323,742 | 310,617 | |
| LIABILITIES & EQUITY | |||
| Liabilities | 1,984 | 2,808 | |
| Equity | 321,758 | 307,809 | |
| TOTAL LIABILITIES & EQUITY | 323,742 | 310,617 |
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Romanoff Foundation
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31[ST] MAY 2024
ACCOUNTING POLICIES
Accounting Convention and Basis of Preparation of Accounts
The accounts have been prepared under the Historical Cost Convention.
Donations and Grants
Donations and grants are accounted for when received.
Administration Expenses
Administration expenses are accounted for on an accrual basis.
Fixed Assets and Depreciation
Fixed assets are stated at historic cost less accumulated depreciation. Depreciation is provided for at rates calculated to write off the cost, less estimated residual value, over the expected useful life.
Foreign Currencies
Assets and liabilities denominated in foreign currencies are translated at the middle market rate of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. Any differences are taken to the profit and loss account.
Trustees
No Trustees received remuneration from the Fund. Expenses incurred by the Trustees were paid to them.
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Romanoff Foundation INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROMANOFF FOUNDATION I rcport to ihc truslccs on niy examination of thc accounls of Wcllficld Trust (thc Trust) for Ihc year ended 31 May 2024, which are sel out on thc aitschcd 7 pagcs. Respoiisibilities aiid basis of report As the charity trustees of the Trust you are responsible for the preparation of Ihc accounts in aLcordanc¢ wilh Ihc requirements of the Charities Act ?01 l('the Act,). (10) I report in respeci of my examinalion ofthe Trustee's accounts carried out under section 145 of the 2011 Act and in carying out my exaininalion I have followed all the applicable Direclions givcn by ihc Charity Commission under seciion 145(5}(b) of the 2011 Aci. Indepeiideiit &raiiiiner's slaleiiienl I have completed my exan]inaiion. I confirn] thai no material mailers have conie to my attention in conneclion witli Ihc cxaminaiion giving mc causc to bclicvc that in any matcrial rcsp¢¢l: ( l ) accounting records werc not kept in rcspcci of th¢ Trust as rcquircd by scclion 130 of Ihc Acl; or (2) the accounts do not accord ivith thosc rccord5. I have no concerns and have come across no other matters in connection with the examination to M,hich allenlion should be draivn in tliis reporl in order to cnable a propcr understanding ol Ihc accounls io bc rcachcd. P A R Skippei Bsc FCA HBB Audit Limil¢d Bridge House 25 Fiddlebridoc Lane Hatfield Hertfordshire ALIOOSP Lzg