Charlty Registration Number: 1058900 The Incorporated Trustees of The RothenNick Foundation Report and Accounts Year ended 31 March 2024
The Incorporated Trustees of The Rotherwick Foundation Trustees, Report Tlie tswstees of the Rotherwick Foundation (the Foundation) pregent their report together With account8 for the yur ¢nded 31 March 2024. The fiuancAal statements have been prepared in a¢¢ordan¢e with the accounting policies set out ill Note I to the accounts and comply with th¢ Fovndation's trust de¢d, the Charities Act 201 L, the chltieS (Accounts and Reports) Regulations 2008, aad th¢ provisions of the Constition. OBJECTIVES AND ACTIVITIES Objects and grant pollcy The object of the Foundation is the advancement of education, wellness and the relief of the sick especially within a 20 mile radius of either Tylney Hall Hotel, Rothenvick, Ashdown Park Hotel, Wyeh Cross or The Gmd Hotel, Eastboume. The Foundation's grattt giving policy (which is set oiit in g¢n¢ral guidelines for pliCants) is as follows: (i) the provision of scholarships, bursaries and maint¢11¢¢ allowances and educational grants tenable at any s¢hooL university ot other educational ¢stablishn)¢nt to people under 25 who or whos¢ parents or guardians are resident in tlie specified localitieg or who att¢nd or have for not less than five years attended school or other educational &8tablishmellt within thos¢ looalitl¢8' (li) the provision of financial assistance> equipment, books and clothing to such people on leaving school, university or other educational establishment for enty into a trnde or profession. (iii) the Provision of amenities and facilities includitig public r¢¢r¢ation and sports grounds for public benefit. (iv) the adVanc¢ent of religion and othei charitable works and of the maintenance of churches. (v) the provision, maintenance, improvement and equipment ot bospitals, nursing hom¢s, hospices (vi) such oth¢r c]witabl¢ puryos¢s as th¢ ¢lwity trustees in tlieir absolute di5cTetion think fit to support or establish. Publ1¢ Beneflt The tt'ustees hav¢ r¢vi¢wed tlie Foundation's objectives and consider tliat they ci)ntinue to satisfy the public b¢nefit crit¢ria. As part of this review, the trustccs have consulted th¢ guidanc¢ issu¢d by the C]wity Commissioners with regard to publlc benefit. ACHIEVEMENTS AND PERFORMANCE The Charity's &cbievements durillg the past 12 montbs are a8S¢S8¢d in line with its core aims and objectives to provide flnancial support to Cvduses focusing on I-Iealth al Education plus oVer-ChIng strat¢gy sct by its Trustees. Benefielaries of Finaneial Support within the past 12 Rnonths - Health, Wellbeing and Edu¢atAon FinanclAI YeAr 202312024 The Foundation 8UPPOrt¢d the following causes during.. IIompshlre Mallcal Fund - Provision of non-core equiptllent to h08Pltals within the Basing8tok¢ and Andover regions. Ch4tlleAgers, Gulldford - Hampshire Play and Youth SerYic¢s provided for physically and mentally disabled children aged 2-18 yrs.
The Incorporated Trustees of The Rotherwick Foundation Trustees, Report Hampshire H05pi¢rtls hfHS Foundation Trusl- Providing a Compl¢mentary Therapy service for palliative patients at Winchester and Andover Hospitals. Hcarlng DO for the Deaf - A 3-year pledge to support the organisation, providing a partnership programme withlll the vicinity of each of the three Hotels. Lord Wandsworlh Foundolion, Hook- Financial assistance for two students through the school's Bursary Pi'ogramme for a 3-yeur term. Roylll Academy of Culinary Arls.. "Adopt t¥ School"ProgramMe- Funding over a 3-year period towards their programme at Plumpton Colleg¢ in conjunction with Table Talk Foundation from 2023. Te¢nqge Cancer Trust- Contribution towards the Specialist Nursing Service for young people over a 3- year period commencing 2024. St Catherine's Hospic¢, Cn¥wl¢v- Over a 2-ye&r period provide don&tiolls towards the building of a new Hospice to serv¢ the ar¢a and which duly opened in March 2024. One-off donations were 8150 provided to the following organisations during 202312024: Br4mber Bakehouse, Eqsibourne- Working with victinlls of human trafficking. Slrongbones Children's Charitable Trust, Haslings- Sussex based national charity providing equipment for thos¢ ¢hildr¢n who, because of their disability, would otheLwise be excluded fron] education. Trelo4r TrHSt, Alton- Providing a donation towards equipAnent for a new swimming pool facility to allow acc¢58 fw disabled childr¢n, The Trustees have also pledged to provide support towards the Trust's 'Replacem¢nl of Hoists, proj¢¢t, Sl Wilfpid's Hospice, EosiboKrne - Providing a one-off donation for IT Bquipment required for the new role of Community Nursing SerYic¢s, Furth¢r support has also been pledged for 2024 towards the purchase of a Cuddl¢ Bed. Supporl in Kind - In addition, through the hotel companies, the gTOUP is providing support in-kind to vaTiOUS org&u18ations for fid raising events, complimentary meeting rooms Qtc. Pled es of Su ort for the Financial Ycur 202412025 onwards In addition to tbe above the TThteeS have also agreed to SUPPOrt th¢ following ¢au5es', Phylts Tuckwell Hospice, Farnham - Over a 2-y¢ar period provide a fmancial dollation towards a new replacement Hospice which du¢ to op¢n in 2026. Eoslbourne College- Pixivide fCIal a3SiStan¢¢ towards the unifornis for one Bursary Sthd¢nt. Chail¢y Heritage Found4lion, Choiley - Provide & donation over 2 years to fund the provision of their Specialist S¢rYi¢¢s programme. . John's Chur¢h, Mends, ErtsthoMrKe - Provide & grant towards much needed restoration and Tefurbish]ncnt of the Community Hub with works scheduled to be completed in Authn]n 2024. Ditchling Museum of Art & Cruft, Dilchling - DonEition provided to gupport acc¢s8 for five groups of disabled children to &CGess the"Bloomin' Brilliant" exliibition.
The Incorporated Trustees of The Rotherwick Foundation Trustees, Report Flnanclal revlew On 17 August 2023 the foundation entered into a Deed of Appointmellt whicb released the Foundation from ettain of the conditions that were attached to the gift of shar¢s in West Indi¢s Investmettts Limited made under the 2008 Deed of AppointmenL By consequence the Foundation obtained contr4)l of Elite Hotels {Rotherwick) Limited and, in accordanee with th¢ requirem¢nt8 of FRS102, ha8 pr¢pared consolidated finallcial stat¢m¢nts r¢pTesenting the perfom]an¢¢ alld position of the group headed by the Foundation. The initial r¢¢ognition of obtaining contiDI Elas been tr¢ated as a pern]an¢nt endowment donation as disclos in not¢ 2. The Foundation's sol¢ sour of income are grattts from Elite Hot¢18 (Rotherwick) Limit¢d or its subsidiary companies (Elite Hot¢ls Group). Blite Hot¢l8 {Roth¢rwick) Lxmited (which is controlled by West Indi¢s Investments Limited) AS Its¢lf th¢ holding Company for: Tylll¢y Hall Hotel Limited, Ashdown Park (Sus8¢x) Lirnited, and The Grand Hotel (Eastboume) Limit¢d Together these entities are referred to as the Elite Hotels Group. Total income for th¢ Group in th¢ y¢ar was £51,821,595 {2023 - £130.000) of which £37,471,144 (2023: £nil) relatsd to the pern}ent ¢ndowm¢nt donation described above. Total grants paid in the year to 31 March 2024 were £44,000 (2023 - £50,500). In 2024 the hotels were professionally valued. The valuation, undertaken by Christie and Co Chartered SurY¢yors, gav¢ a coll¢¢tive valuÉLtion of th¢ tbree hot¢ls that continue to be owned by the group of £56,5m. Witbin th¢ finan¢ial st&t¢ments of Elit¢ Hot¢ls (Roth¢rwick) Limited th¢ freehold land and buildings ar¢ held at a d¢¢m¢d Cost following adoption of FRS102 in 2016. The Foundation directly owns 9.09Q/o of the shares in Blit¢ Hotels (Roth¢rwick) Limit¢d and indirY through its gift of the entire share c&pital of W¢st Indies tnvestm¢nts Limited a fjJrth¢r 90.910/0. Elit¢ Hotels (Roth¢rwick) Limit¢d has ¢ottsolidat¢d ¢quity of £30.9m (2023 - £32.5m), the Twstees are confident that th¢ valu¢ of th¢ individual hotels collectively is in ¢xc¢ss of £55.8m (2023 £56.5tn}. The iste¢s believe the ordinary shar¢s in Elit¢ Hot¢ls (Roth¢rwick) limited held both directly and indirtlY have a value in the order of £38.Im (2023 - £40.2m}. At the year end, tli¢ Oroup had total r¢serY¢s of £38,963,290 {2023 £3,785,430) General unrestricted reserves were £1,492,147 (2023 £3,785,429) and restricted permanent endowment reserv¢s were £37,471,143 (2023 - £1). Reserves Pollcy The trnstses aim to maintain fr¢¢ r¢serves at foundation level eqiiivalent to the value of the av¢rag¢ of 5 years donations. The trustees consider thal this will underpill its ConI1t¢llt to contillue regular 8rants to a nurnber of beneficiEwies. Investment Pollcy The trustee8 adopt a conservativ¢ investment policy taking proper professional advice before implementing any changes.
The Incorporated Trustees of The Rotherwick Foundation Trustees, Report Structure, governance and management The Foundation was constituted by a Trust D¢ed dated I l July 1996 rnade between West Indies Investments Limited (& Guernsey company) as donor and A H W Dixon, D A Smith and T E Mugleston as original trustees. The Trust D¢¢d was amended by & Supplemental Deed dated 23 October 1996 and Deeds of Amendment dated 28 May 2019 and 2 June 2023. The Foundatioll is a registered charity in England & Wales, registered with the Charity ComrnissAon for England & Wales on 29 October 1996 und¢T charity number 1 058900. The tste¢S are incoryorated as a IK>dy ootyorate under the Charities Act 1993 and Certificate of Incorporation was is8ll on 20 March 2000 by tlie Ch&rity Comrnission for England & Wal¢s in the n&me of "The Incorporat¢d Trustees of The RotheThvick Foundation" New trustees, wlien required, are found in the first instance by the existing trugtees. Wlien recruiting llew trustees, the tSte¢S look for individuals witli skills experience which are of value to the Foimdation and which are not necessarily represented by tbe existing trustees. The tslee8, who meet four times a year, cot]sider recommendation5 and niake final decisions on the award of grants. The administration of the Foundation is undertaken at no cost to the Foundation by the head office staff of Elite Hotels (Rothetivick) Limited and day to day processing of applications is undertaken by the Managing Director, of the Elite Hotsls Group. Mindful of d]e need for succession plllnning die trustees are proactively looliing to appoint additional trustees over the next 12 months, Training The Found&tion does not en]ploy staff, All tmstees e experienced business people or professionals. They e all aware of trustee responsibilities, It is not consideTed necessary to organise or fimd any training courses. Risli Mllnag¢m¢nt The trustees hav¢ assessed the major risks to which the Foundation 18 exposed, in particular those risks Telatedto the operation and fmances of the Foundation, and are satisfied that systems are in place to mitigate exposure to the major risks, although it is recogllised that sYStell can only provide reasoiiable, not absolute, assurance. These systems kwe reviewed at least once every year. Further description of the pi'incipal risks and uncertainty facing trading subsidiaries is given in the strategic report of the Consolidated Financial Statements of Elite Hotels (Rotherwick) Limited. Tax status The trustees are of the opinion that the Foundation is not liable for taxation on its charitabl¢ activities. as d¢rIbed in Not¢ l.
The Incorporated Trustees of The RotheNick Foundation Trustees, Report Reference and administrative detalls Charity Name Th¢ Rotherwick Foundation Registered Charity No.. 1058900 (England and Wales) Trustees A H Dixon M Q Roblnson JMW¢bb P R Rossiter Address: Ashdo] PEk Wych Cross Forest Row East Sussex RH18 5JR Administration Elite Hotels (Rotherwiclc) Limited Ashdown Park Wych Cross Forest Row East Sussex RH18 5JR SolicitOTS; Payne Hicks Bch Solicitors 10 New Squ¢ Lincoln's Inu ndon WC2A 3QG BankeTS.' HSBC 23124 Paddington House Festival Place Basingstoke Hants RG21 &LJ Auditors: PKF Francis Clark Blackbi'ook Gate I Blackbi'ook Park Taunton Somers¢t TAI 2PX Website.. WWW.Totherwi¢kfoundation.org
The InCOorated Trustees of The Rotherwick Foundation Trustees, Report TRUSTEE8' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Thistees are responsible for preparing the Annual Rep)rt and th¢ financial ststem¢nts in accordance witli appli¢abK¢ taw and re8ulati& Company law Tequires th¢ TrusÉees to pare finmcial stdtements for ¢aoh financial y¢ar. Under that law the ThTStees have elected to prepar¢ the financial statements ill aCcOrdJG with Uniled Kingdom GenallY Accepted Accounttng PractAL* (United Kingdom Accounting Standards attd applicable law). Th¢ fianCIal stat¢fftthts are requtred by law to give a true and fair view of the state of affairs of the company and of the profrt or loss of the ¢(rfnpany for that period. In preparing these financial statemt4 the Trustees ar¢ required to: seleot suitable accounting 11¢1¢5 and then apply them nsiStentlY. nthke JUdS and estimates that are T¢a50nable and pw(knt; slate wther applicable UK Accounting Standards h&v¢ been followe¢ subject to any material dq)artUM8 dis¢losed and explained in the financial stat¢mthts' and prepare th¢ finanoral statemts on the going Concern basis unlass 1¢ is illappropiiate to presume that the wmRyany will continue in hjsinw. The truth are responsible fth. keeping proper aecounting records whith disclose with reasonable a¢¢uracy any time the fjnanoial position of the Foundation andto enabl¢ the trnsteos to ¢nsure that the financial slalesnents comply withthe requirenw (>f the CharÉties Act 2011. They are also responsible for Safeguarding the assets of the Foundatlon and henre for taking reasonable steps ftir the pr¢vention and detection of fraud and other xrr¢gulariti¢s. Each Trustee Iisted on page 6 has dec]aredthat as faras theyare aware there is no r¢l¢vantaudit information of which the Foundation's auditors are unaware" and they have taken all the sleps that they ought to have taken as a Trustee to mak¢ themselves awa of any relevant audit inforniation and to CStablish that the FOdatIon'S avdktors are aware of that information. d Declargtlo I declare. xn my capacity of Foundation trustffj that the trnstees hav¢ approved the report above and have aulhorised me to SI it on their b¢half. A.H. Dixon
The Incorporated Trustees of The Rotherwick Foundation Independent auditors, report to the mombors of The Incorporated Trustegs of The Rotherwick Foundation Opinion We have audited the financial statements of The Rotherwick Found&tion (the 'parent Charity,) and its subsidiaries ("the Group'y for the year ended 31 March 2024, which comprAse the Consolidated St&tem¢nt of Ch[ge8 in Financial Activities, Consolidated Charity ba1ce sheets. Consolidated cash flow statement and the related notes, including a summary of SAgnificant accountillg policies. The financial i'eporting frameworlc that has been &ppli¢d in their preparation is applicable law and United Icingdom Accounting Standards, including FinAncia] Reporting Standard 102. The Financial Reporting Standard pplicable in the UK and Republic of Ireland (United Icingdom Generally Accepted Accounting Practice). Itt our opitiion the financial statements: give a trne fair view of the st&te of the group's alld par¢nt CharAty8 affairs as at 31 March 2024 and of the group iiet income for the year th¢n eted. have been properly prepared in accordance with Unit¢d Kingdom Gen¢rally Accepted Accounting Practice; and have been prepared in accordance with the r¢quir¢m¢nts of the Chariti¢8 A¢t 2011. Basis for opinion W¢ conducted our audit in accordfjnce with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsAbilities und¢r those standards are further described in the Auditor'g responsibiliti¢s for tb¢ audit of the fmancial statements se¢tiot] of our report We are independent of the cotnpany in accordance with the ethical r¢quir¢m¢nts that areielevant to our audit of the financi statetnents in th¢ UK, includitig the FRC'S Ethical Standard, and we have fulfilled other ethi¢al responsibilities in accord¢¢ with the8¢ tequirements. W¢ b¢li¢ve that tlie audit evidence we have obtained is sufficient and appropriat¢ to pr()vide a b&sis for our opinion. Concluslons relAtlng to golng concern Tn auditing the financial statements, we have concluded that the Tru8tees' use of the going concern basis of accoimting in the preparntion of the fmancial statements 18 appropriate. Based on the work we have perfornled, we have not identified any material unc¢rtainti¢8 relating to events or conditions that, individually or collectively? 1nay st significant doubt on th¢ wmpany's ability to ontinue as a going concern for a period of at least twelv¢ months from wh¢n th¢ original financial stat¢rn¢nts were authori8¢d tor issue. Our responsil)ilities and the responsibilities of the dii'ectors with respect lo going concern are described in the relevant sections of this rwort. Other Informatlon The Trnstees are responsible for the other information. The other infOrntIOn comprises the information included in the annual report, other tban the financial statem¢nts and our auditor's rq)ort thereon. Our opiiiion on the financial ststsmellts do¢s not cover the otli¢r infomiation and, ¢x¢ept to th¢ extent otb¢rwise explicitly stated in our reporL we do not expr¢ss any form of assut7nc¢ conclusion thereon. In connection with our audit of the financial statements, oiir responsibility is to Tead the other information and, in doing so, consider whether thc other information is mataially inconsistent with th¢ fwatLcial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify guch ttMterÈal inconsistencies or apparent material misstatements, we are required to determin¢ wliether there is a matcrial misstatemcnt in the fiiiuncial statements or a material misstatement of the othcr inforniation. If, based on tlie work we have perfonned, we ¢on¢lud¢ that th¢r¢ is a material misstate¢llt of tliis other infOrntiOll, we are required to r¢port that fact. We have llothillg to report in this regar(L
The Incorporated Trustees of The Rotherwick Foundation Independent auditors, report to the members of The Incorporated Trustee5 of The RotherNiGk Foundation OpRnion on other matter prescribed by the Charlties Act 2011 In our opinion, b¢d on the work ulldertaken in the course of the audit; the infornmtion given in the Trustees, Report for the fAnCiaL year for which tkn¢ fillclaI 8tat¢ments &te prepared is consistent with the financial statejnents. and th¢ Trnste¢s' Report has beell prepared in accordance v/ith appli¢abl¢ legal r¢quir¢ments. Matters on whicb Ive are required to report by exccption In the light of our knowl¢dge and understanding of the Cornpany and its environment obtained in the course of the audiL we liuve not identified material tllisstaten)enls in the Trnstees Report Uncorporating the Strategic Report). We havenothing to report in r¢spect ofthe following matters where the Churities Act 2011 requires us to report to you if, in our opinion: adequate accounting r¢cord8 hav¢ not been kept, or rethrns adequate for our audit have not been received from branches not visited by us. or the parent coxnpany financial statements are not in agreement with the accounting ro¢ords and returns. certain disclosures of Truste¢s' r¢mun¢ration specified by law are not made. or we have not receiv¢d all th¢ infornlation and explanations we require for our audit. R¢sponslbl]itles of Tru$tee$ As explained more fully on page 8, the Trustees are responsible for the preparation of the financial statement8 and for being satisfied that they give a true d fair view, and for such internal conts'ol a8 the Tiwtees determine is necessary to enable the prepEllRlion of fiiiancial 8tatements that are free from material misstatement, whedieT due to tr&ud or error. In preparing the fu}l¢La1 statements, the Tru%tees are responsibl¢ for a8s¢ssing th¢ company's ability to continu¢ as a going coiicern, disclosillg, as applicable, matt¢TS rclat¢d to going concern and using the going conc¢rnbasi8 of accounting unless theTrnste&s eith¢r intetlll to liquidat¢ the company or to ¢ease operations, or hav¢ no realisti¢ alt¢rnativ¢ but to do so. Audltor's responslbllltfies for Ilie Audit of the finAnclAI statemonts Our objectives ar¢ to obtain reasonable assurance abou¢ wh¢th¢rth¢ financial statements as a whole &re free from material mi8Stat¢m¢nt, whether du¢ to fraud or ¢rror, and to issue at] auditor's report I'hat includes our opinioL Reasonable assurance is a high l¢v¢l of assurance, but is not a guarantee that an aiidit c0llduct in a¢cordan¢¢ with ISAS (UK) will always detect a mat¢rial misstat¢m¢nt wh¢n it exists. Misstatements can arise from fraud or error and are considered mat¢rial if, individually or in the aggregate, they ¢ould reasonably be expected to influ¢tt¢¢ th¢ econornic d¢cisiollS of users taken on the b&sis of these financial statements. Irlegularilies, including frnud, are instances of non-compliance with laws and regulations. We design procedures in Eine with our responsibilities, outliThed above, to detect material misstatements in respect of irregul.1tles, including fraud. The cxtent to which our procedures capabl¢ of detecting irregulatiti, including fraud is detailed below:
The Incorporated Trustees of The Rotherwick Foundation Independent auditor5, report to the members of The Incorporated Trustees of The Rotherwick Foundation As part of our audit plannin& we obtained understanding of the l¢gal and regulatory fram¢work that is applicable to the Group. We gain an understanding of the Group and the industry in which die Group operates as prt of this assessment to identify the key laws and regulations &ffecting the Group. The key regulations we identified were Charity i¢giglation, health and safety regulations, food standards and licensitig laws, employment laws and r¢gulation8, health and safety legislation &nd The General Data Protection Regulation ("GDPR'), We also con8id¢r¢d those laws and regulations that hav¢ a direct impact on the preparation of th¢ finanoial stat¢m¢nts such as the ai&rities Act 2011. As paTt of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on tlie Group's ability to continue trnding and the risk of material misstatement to th¢ accounts. We also evaluated nyanELgemellt's incentives and opportuuiti¢s for fraudulent manipulthtion of the fmancial statements and identifi¢d the greatest potential for fraud in respect of cut off und completion risk around revenue recognition.. Based on this Understding we designed our audit procedures to identify non-compliance with sucb laws and regulations. Our procedures involved the following: Enquiries of man&gement regarding their knowledge of any non-compliance with laws and regulations that Gould affect the financial statements. As part of these enquiries, we also dis¢ussed with management whether there have been any known instances of fraud. Corroborating management representations through Teview of board Jninutes and supporting documentation including any nerS reportable under health and safety legislation. Review of the most recent Food Hygiene Ratings awarded and findings discussion with management. R¢vi¢wing th¢ ICO w¢bsite for any ¢vid¢nce of breheS being reported, coupled with discussions with management in r¢gard8 to GDPR compliance, Audited th¢ Tisk of manag¢m¢nt Ovride of controls, including th[olh testing jou111 entries oth¢r adjustments for appropriateness, and ¢valuating the business rationalc of significant transactions outside thc llornl course of business. R¢viewed estimates and judg¢m¢nts n]ade in th¢ accounts for &ny indication of bia8 and challenged assumptions us¢d by manag¢m¢nt in making the estimates, Audit¢d the risk of fraud in rev¢nu¢ r¢¢ognition witli a focus on completeness and cut off of income and tr¢atm¢nt of incom¢ arow]d th¢ ycar end. Reviewcd Charitles ComJnAssion website to identify any Issue81tIonS being taken, Reviewed trust¢os meeting minutes and made enquiries of trustee8. Because of the inherent limitations of an audit, there i& a risk that we will not d¢t¢ct all irregularities, including those leading to a material misstatement in the financial statem¢nts. The risk of llot det¢cting a nterIal misstatement due to fraud is higher IhAll tlie rigk of not detecting one resulting from ¢rror, as fr&ud ay involve delibernte omissiolls, collusion, forgery) misr¢pres¢tttations, or the override of internal controls. We Vlre also less likely to become aware of instances of non-conlpliance with laws and r¢gul&tions that not closely related to ¢vents and transactiot]s iefl¢ct¢d in the financlal statements, A further description of our i'esponsibilitieg for the audit of the financial stutements is located on th¢ Financial Reporting Council's website at www.frc.or .uk/auditorsres onsibilities, This de8¢ription forms part of our auditoes r¢port. 10
The Incorporated Trustees of The Rotherwick Foundation Independent auditors, report to the members of The Incorporated TNstees of The Rotherwlck Foundatlon Use of our report This Teport is mad¢ solely to the company's member5, as & body, in accordance with Chapter 3 of Part 16 of the Cliarities Act 2011, Our audit work has been undertaken so that we might state to the company's members those nwtt¢rs w¢ are required to state to th¢m in an auditor's report and for no other pwp08e. To the fullest extent permitt¢d by l&w, we do not a¢c¢pt or a68ume responsibility to anyone other than the comp&ny and the comp&ny's m¢mbers as a body> for our audit worK for this report, oi for th¢ opinions we have forme PKfi firancls Clark Charteied Accoulltants and Statutory Auditor Bla¢lcbrook (3at¢ I Blaclcbrook Park Taurtton Somerset TAI 2PX PKFFPanC Clapk eltgible lo oct as an audilor in leYnLY ofsection 1212 ofihe Companies Acl 2006 11
The Incorporated Trustees of The Rolherwick Foundation Consolidated statement of financial activities for the year ended 31 March 2024 Unrestricled Pgrmanenl funds endowmenl 2e)24 2024 Total 2024 Total 2023 Notes Income fmm.. Donations and legacies Other trading activities Investtllent illcome Other income 2(a) 2(b) 14247,383 2{c) 79,936 2(d) 23,132 37,471,144 37,471,144 14247,383 79,936 23,132 130,000 Total 14,350,451 37,471,144 51,821,595 130,000 Expenditure on.. Charitable artivities Raising funds 59,521 3 16,584214 59,521 16,584214 114,050 Total 16,643,735 16,643,735 114,050 N8t Income/(expenditure) before transfers (2,293,284) 37,471,144 35,177,860 15,950 Transfers betwe¢n fvnds Impairment of investment (336,000) Net income/(expenditure) and movement In funds (2,293,284) 37,471,144 35,177,860 (320,050) Recon¢lllatlon of funds Total funds brought forward 3,785,429 3,785,430 4,105,480 Total fund8 carried forward 1,492,147 37,471,143 38,963290 3,785,430 12
The Incorporated Trustees of The Rotherwick Foundation charity nD.105890D Consolidated and charity balance sheets at 31 Pjlarch 2024 CoRsolldaled 2024 Charfiy Conso11ded 2024 2023 Chorlly 2ep23 Flxed assets Tangible fed assets lllv¢slments 8 56,342,339 38.063,000 3,656,000 3.656,000 56J41339 38,063,000 3,656,000 3.656,000 Current assets Stocks Debtors- amounts due aft¢r one year Debtors- amounts due within one year Cash at bank and in hand io li 249,394 473,264 H,482 154,016 131,179 154,016 131,179 71.758 1,627,140 71.758 285.195 285.195 Creditor8: amounts falling due within one year 12 (18,980,721) (1,849) {155,766) (155,766) Net ¢urrent (liabilities)/as8gts (17,353,581) 69.909 131,179 129,429 Total assets les5 current liabilities 38,988,758 38.132.W9 3,785,429 3,785,429 Creditors: Hmounts falling due after more than one yeur 13 (25,468) Net assets 38,963,290 38.132,909 3,785,429 3,735,429 Funds Pernll1 endowment Untrstricted thnds 16 37,471,143 37,471,143 1,492,147 661,766 3.785,429 3,785,429 Total ¢harity funds 38,963,290 38,132,909 3,785,430 3,785,430 Th¢so finwi¢AAI by,. 16'L tateinents were approved by the Th'ustees on ...............
b¥s and signed on their behalf A H Dixon Trust'ee 13
The Incorporated Trustees of The Rotherwick Foundation Consolidated cash flow statement for the year ended 31 March 2024 2024 2023 Notcs Net cash inflow from operating activlties Includlng grnnts recelvable 20(a} 2,430,277 16,050 Cash (outflow) /inflow from investing actlvltles Purchase of assets {954,684) Receipts from disposals of fixed assels 32,001 Interest received 79,936 (842,747) Cash (oufflow) / inflow from financlng actlvitlos Inter¢st paid (793,825) Int¢r¢8t ¢km¢nt of fInan¢e lease r¢ntal payments (20,402) (814.227) Decrease In cash and cash equiwalents 773,303 16,050 Cash and casb equivalents brought forward 131,179 115,129 Cash and casb equAvalents carried forward 20(b) 904,482 131.179 14
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Accounting policies Constltuts'on The Roth¢rwick Foundation is a Trust, registered with th¢ Charity Commission in England & Wales with a r¢gist¢red number 1058900 on 29 October 1996. Its registered office is Ashdown ParLc, Wych Cros8. For¢st Row, East Sussex, RHI 8 5JR, Basis of acoounting and basis statement of complianoe The fanCIal stat¢ments hav¢ been prepar¢d in accordance with Accounting and Reporting by Charities,. Statement of R¢oomm¢nd¢d Pr&oti¢e applicable to cl]arities preparing their accounts in accordanc¢ with the Financial R¢porting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (effective l January 2019)- (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) and the Charit¢s Act 2011. Tbe financi&l staterllents comply with the ChitieS SOR {FRS102). The financi statements have been prepared to give a 'true and fair, view and have departed from th¢ Charities (Accounts and Reports) Regulations 2008 only to tlie extent required to provide a 'true and fair, view. This departhre has involved following the Charities SORP {FRS 102) publislied in October 2019 rather than the Accountiiig and Reporting by Cbarities: Sthtement of Recommended Practice ¢ffective from l April 2005 which has since been withdrawn. The preparation of fmancial statements requires the use of cffl'tain Critic accounting estimates. It also requires management to exercise its judgment in the process of applying the Group Foundation's ccountiiig policies. The areas involving & higher degree of judgment or complexity, or arcas wher¢ assunLPtions or estilnates are significant to the fllW]cial st&tements are summarised within this note. The financial stat¢meiits are prepared in pounds sterling which is the functional currency of th¢ Group and Foundation. Monetary amounts in these fmancial statemellts are rounded to the neurest pound. Golng concern The trLiStees h&ve given conskderation to the appropiiateness of the going conceiTh assertion in the prcparation of tlie f1claI gtatements of the foundation. In doing this a number of factors liave been considered, including going concorn risks impacting the Elite Hotels Group> which include intlation atld energy price pressure5, Bas¢d on this review the Trnstees have concluded ther¢ ate no mat¢rial un¢¢ttaintie8 in r¢lation to going on¢¢rn. Accountlng Conventlon The fillancial stat¢ments ar¢ prepared in a¢¢ordan¢e with the histoi'i¢al cost conventioll except tbat as disclosed in the accounting polioi¢s certain it¢ms are shown at fair value. The functional currency of The Rothenvick Foundation ig considered lo be pounds sterling b¢cause that ts the currency of the prin1'Y economic environtnent in which the chltY operates. 15
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 MarGh 2024 Accounting pollcles (conllnued) Basis of consolldatlon Tbe consolidated financial stat¢mentg consolidat¢ th¢ financial statements of tlie Foundation alld its subsidiaries undertakings drawn for the period of ¢ight months up to 31 Marcli 2024. As described in note 23 the subsidiaries Iiave been consolidated a result of the Foundation being released from certain conditions attached to the gifting of shares in West Indie8 Investments Limited, This transaction has b¢¢n initially recognised using the piirchas¢ tn¢thod of awounting, wl]i¢h is applied in circumstances where th¢ busin¢$8 combination is in substanc¢ a gift und¢r pman¢nt ettdowment. Tangibb fixed assets and depreclatlon Tangible assets are initially tn¢asiired at cost (or d¢¢tn¢d cost) and sub8¢qu¢ntly m¢asur¢d as cost or valuation, net of depreciation or any impairn]ent Ios8¢S. The cost of tangl1¢ assets in¢lud¢d directly attributable in¢rementsl costs in¢urr¢d in th¢ir acquisition and installation. Depreciation is charged so as to write off the cost of assets, other than land and propertieg under construction over their estimated usefijl life, as follows: - straight line between 3 and 8 years 50/0 straight line - 300/0 r¢du¢ing balance Fumiturc, fIttings ld equipment Plant and machAn¢ry Motor vehlcles Depreciation is provid¢d on freehold land and buildings at O /0 per annum on the basis that the hotel are historic&1 buildings, hence the useful ¢¢onomic life cannot b¢ r¢a8onably ¢stimat¢d, Additionally the trustees, opinion (having sollght the advice of the Directors of Elite Hotels) is tliat the residllal value of the property is so high that any d¢pr¢ciation clwg¢ would be n¢gligibl¢ and immaterial. This is in accordance with accoiu]ting stundard FRS 102. Th¢ trustees have considered the value of the property, in liglit of the recent valuation, and do not b¢lieve any impairm¢nt to th¢ valu¢ included in the financial statements is ne¢e8sary, Revaluatlon of fixed asset8 Propertios ar¢ rI¢d at fair value at the date of the revaluatioll le any subsequent auMMI4¢ed depcIatiOn and Subsequent impairment losses. Revaluations aTe performed with sufficient iegularity to ¢nsw¢ that the ¢anying amount does not differ rtMteTially from tltht which would be determined using fair value at the balan¢¢ sh¢et dat¢, Fall vulues are detsrLnin¢d from rnarket bascd evid¢n¢¢ nomully undataken by professionally qualified valu¢rs, R¢valuation gains atld losses are recognised in the stateent of con)pr¢hensiv¢ in¢om¢ unl¢ss losses exce¢d the previously r¢oognis¢d gains or reflect a clear consumption of economic beneflts, in which ¢a8e tlie excess losses ate recognised in profit or loss. 16
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Accounting policies (continued) Impaimient of non financial assets At each b&lance sheet d&te the Directors of Elite Hotels, as &dvisors to the Trustees review the carrying amount of the company's tangibl¢ ass¢ts to deterniine whetber there is any indication that th08¢ assets h&ve suffered an itnpatrm¢nt loss. If any such indication exists, th# i'ecoverable &rnount of the asset is estimated in order to deterniine the extellt of tbe impairment Ioss, Af any. Where the asset does not generat¢ ¢ash flows that are independent from other assets the Charity estimates the recoverable amount of the cash generating unit to which the asset belongs. Re¢ovetable amount is the higher of fair value less costs to sell and valu¢ in us¢, In assessing value in u$¢, th¢ ¢stimated future cash flows are discounted to their pr¢s¢ntvalue using a pre discount Late th&t reflects current market assessments of the titlle value of moiiey and the risks specific to th¢ asset for which th¢ estimates of futur¢ cash flows have not been adjust¢d. If the recoverable amount of an ass¢t or Cash g¢n¢iating unit is estimated to be le&8 than its carrying amount, the carying amount of the asset or cash generating unit is redu¢ed to its recov¢rable amount. Atl impairnient loss is re¢ognis¢d as an ¢xp¢n8e in]mediately. Flxed asset Investments Fixed asset investments are includ¢d at n)&rket value at the balance sheet dats. Unrealised gains and losses represent the movement in market values during the Ye are credited or charged to the Statement of Financial Activities based on the nwket value at th¢ period end. stocks Stoclcs are stated at the lower of cost and estimated selling price less costs to complete and s¢ll. Cost is detem)ined using the first-in. fst-oUt (FIFO) method. Donatlons and Glfts In¢om¢ is r¢¢ognised on¢¢ th¢ Charity is entitl¢d to tb¢ donation. Donations are recognised on a receivable basis. Grant ind Donations Issued Grants issu¢d ar¢ a¢¢ount¢d for on payment. All grants and donations issu¢d are for the benefit of Charlties. Income All in¢oming r¢sources are in¢luded in the Con80lidat¢d Statsmellt of Financial Activiti¢s wher¢ the ¢haTity is ¢ntitl¢d to th¢ in¢om¢ and the amount can be qualified with reasonable accuracy, and is $tat¢d net of VAT. The following specific policies ar¢ appli¢d to particular categories of it]cotlle: Donations and gifts ar¢ recognised on¢¢ th¢ Charity is entitled to the donation. Dottations are recognised on receivabl¢ basis. Other trading activities - this telates to the principal activities of subsidiaries and r¢v¢nu¢s is rccognised when service and goods are provided. Investment income is included when receivable.
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Accounting policies {contlnued) Expendituré Expendire is r¢¢ognis¢d on an accruals basis as a liability is incurred and is reported as part of the expenditure to which it relates: Costs of generating voluntary inwme comprise the wsts associated with attracting voluntary income, and thos¢ incurred in tradiiig activities that raise funds. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiarieg. It includes both wsls that ¢an b¢ Ydllocat¢d d1CtlY to such activiti¢s and thos¢ Costs of an Andireot nature necessary to support them, Taxation Incofine tsx expense represents the sum of th¢ ciwrent tax currently payable and deferred tax. Tax is re¢ognis¢d in profit or lo&s, ¢x¢ept that a cl]ang¢ attributabl¢ to an it¢m of incom¢ or ¢xp¢nse recogni8¢d a8 other compr¢h¢nsive irt¢om¢ is also r¢¢ogni8ed dir¢¢tly in oth¢r ¢ompr¢lw]siv¢ in¢om¢. The current iThcon]e tax charge is calculated on tILe basis of tax rates and laws thvdt have been enacted or substantively enacted by the reporting d&te in the countries where the company operates and generates taxable income. Deferred tax is r¢¢ognis¢d in respect of all tin)ing differ¢n¢¢s that hav¢ origiDat¢d but not reversed at tbe bal&llc¢ 8h¢¢t dat¢ wher¢ transactions or ev¢nts hav¢ occurr¢d at that dat¢ that will result in an obligation to pay more, or a right to pay l¢ss or to receiv¢ mor¢, tax. Deflned contrlbutlon penslon obllgatlon For defined contribution scheme the amounts recognised in profit and loss is the Contr1utionS payable for the year. cOnts'IutionS that ar¢ unpaid at the balance sh¢¢t dat¢ ar¢ r¢cognis¢d in creditors l¢ss than one year. Operating Leases R¢ntals payable under operating leases are charged in the profit and loss account on a straight-line basis over th¢ l¢ase temi. Finance leases L¢ases are classified as fm&nce leases whenever the terms of the lease transfer substantially all the risks and r¢wards of ownership to the leee. Assets held under fin&nce lease8 are recogniyed &t the lower of their fair value at inception of the lease and the pi'¢s¢nt value of tli¢ minimum lease payments, Th¢s¢ ass¢ts are depreciated on a straight-line basis over th¢ shorter of the useful life of the asset and the lease tern]. The conesponding liability to the lessor is included ill the balanc¢ 8heet &8 u fintmce lease obligation. Lease payments arc apportioned b¢tw¢¢n financ¢ costs in the profit and loss account and reduction of the lease obligation so as to achieve a constsnt periodic rate of interest on th¢ remaining balance of the liabilily, 18
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Accounting policies (continued) Restrlcted Funds Pemianent Endowment By a deed of appointment made 01122 April 2008, the Fowidation accepted a gift of 2 Ordinary Shares of $1.00 each in West Indies Investments Ltd, a Guerngey registered company. This repSents the entire issued shares in this company. The gift of the ghares was made on condition tbat they andlor any property representing them will be treated as non-expendable capital of the Foundation. Flnancial instruments Classlfication The group holds the following financial instruments: . Short term trade and other debtors and CTeditors,' . Ballk loans (held by subsidiary); atul . Cash and bank balances. All financial instrum¢nts ar¢ clas8ifi¢d as basic. Recognltlon and meAsurement The charity h&8 chosen to apply the recognition And measurement principles in FRSI 02. Financial instrnmetLts are recognised when the charity b0M¢S party to th¢ ¢ontncthal provisions of the instrum¢nt and derecognised w]Th in the CV¢ge of assets, th¢ contractual rights to Cath flows from the assets expir¢ or 8ubgtanti&lly all the risk& and rewards of own¢rship ar¢ transf¢rr¢d to another party, or in th¢ cas¢ of liabilities, when the cornpany's obligation8 ar¢ discharged, expir¢ or ar¢ cancelled. Except tor bank loans, sucl) instrnments kwe initially measured at transY4Ction price, including transaction costs, and subsequently CTIed at the undiscounted amount of the cush or other consideration exCted to be paid or received, &fter taking account of impainnent adjustmellL Bank loans are initially me&8ured at transaction price, including transaction costs, and arc subsequently Caled at amorlis¢d cost using the ¢ff¢ctiv¢ int¢rest method. Crltlcal accountlng Judgoments and key sources of estlmatlon uncertalnly In th¢ application of the Chwity's accounting policies, the Trustccs arc required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities diat are not readily apparent from oth¢r 8OUIC¢8. Th¢ estimates and associated assumptions ar¢ bas¢d on historical ¢xp¢ri¢nce and other factors that ar¢ ¢onsider¢d to b¢ r¢l¢vant, A¢lual r¢8uIts may diffcr from these ¢8timat¢s. The estirnats and und¢Tlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are Tecognis¢d in the period in which tlie estimate is revised if die revision affects only thatperiod, or iii the period of the revision and thture peiiods if the revision affects both current and tUre periods. The key judgement that ha8 significant impact on the financial statements is in respect of going concern, as described above. 19
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for tho year ended 31 March 2024 Accounting policies (continued) The l(ey #stim&tes that Elave a significant effect on the amounts recogtiised in the fmancial stEktements described below: Investments In subsidiary undert8kings (note 9) Investments in subsidiary imdertakings &re included at murket value at the b&lance sheet dale, The calculation of this market value requires estitnation by the Directors of Elite Hotels as advisors to the tru8tees, which illcludes estimation of the value of tbe assets held by Elite Hot¢l$ {Rotherwick) Limited, The investment carrying an]ount is £38,063,000 (2023 - £3,656,000) 20
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Income (a) Donations Unre$lricled Perm(m¢nt funds endowmen¢ 2024 2024 Total 2024 Total 2023 Donations (see nots 23) Donated services 37,471,144 37,471,144 100,000 30,000 37,471,144 37,471,144 130,000 Illcome from donations in the year ended 31 March 2023 was unrestricted. (b) Other tradlng actfvltles- gmup Unpestrlcted Permanent fvnfts end(nvmeHI 21124 2024 Total 2Q24 ToÈal 2023 Rendeting of services Grants and subsidie8 r¢¢eivabl¢ Rental iiicome 13,886,982 305,745 54,656 13,886,982 305,745 54,656 14247,383 14,247,383 Income from trllding activities was unrestsicted. The Foundation did not have any income urising from trading activities. (C) Investment Income - group Unrestricted income 21124 2Q23 tntffl'est receivable 79,936 (d) Other Income- group Unreslricted income 21124 2023 Profit on disposal of tangible f&xed assets 23,132 21
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 Mah 2024 Expenditure Charllabla a¢tlvltles UnreNlri¢ted Permanent funds endowment 2Q24 2024 Total 2024 Total 2023 Costs of operating -grant8 - support and governce cost*** 44,000 15,521 44,000 15,521 50,500 63,550 59,521 59,521 114,050 Raising funds Unreslricled UPstricted Perm(4nen¢ funds endowmenl 2024 21J24 Totnl 2024 Total 2023 Costs of operating and establishment -cost of 8ales - direct payroll ¢08ts other direct cost8 2,502,938 5,222,840 478,917 2,502,938 5,222,840 478,917 Other operating costs -indirect payroll and staff costs -premiscs costs -otber 2,575,884 2,330,382 1,512,937 2,575,884 2,330,382 1,512,937 Depreciation - owned ass#ts 1,110,888 1,110,888 Inv¢stJn¢nt writ¢ down 336,000 Support costs- governance related *** 55,603 55,603 Interest payuble: _ Loans held at amortised cost - bank loans and ov¢rdrafts 793,825 793,825 16,584,214 16,584,214 336,000 Included above is expenditure on unrestricted funds of £16,584,214 £nil on restricted nds. 22
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Expenditure (continued) 2024 2023
{ ) Support costs - gov¢rnalloe r¢lated include Auditors, remuneL7tion audit fees 29,340 In addition to tlie audit f¢es abov¢, fees for non-audit service provided by the auditors (in¢luded in other operating costs) were as follows Taxation fees - Corporation tsx advice Other s¢rvi¢e8 (including ac¢ounlan¢y> cyber and other taxation) Independent examination f¢es 15,000 13,113 1,750 23
The Incorporated Trustees of The RothenNick Foundation Notes to the financial statements for the year ended 31 March 2024 Net expenditure from trading activities of subsidiaries The Rotherwick Foundation had five subsidiary companies dwing the year ended 31 Match 2024 details of wlii¢h ar¢ giv¢n in note 9. There are four indirect trading subsidiaries Elite Hotels (Rothenvi¢k) Limited, Ashdown Park {Sus8ex) Limited, The Grand FIotel (Eastbourne) Limited and Tylney Hall Hotel Litllited arjd one investtn¢nt holding subsidiary, W&8t Indies Investm¢nts Limited. Elite Hotels (Roth¢rwick) Lin]ited's principal activity is that of aholdiDg company? involving the provision of mwement servic¢s to its Subsidry undertakings. A summary of its trading r¢8uIts for th¢ p¢riod of ¢ight months since August 2023 is shown below. Audited ccounts are filed with the Registrar of Compani¢s, 2024 Profit and loss account Turnover 457,200 Gross Profit 457,200 Administrative expenses {867,853) Other operating in¢om¢ 8,923 Operating (1088) (401,730) Interest rec¢ivable Interest payable kmd similar charges 1,519,861 {793,825) Profit before ttion 324,306 Taxation Net income 324,306 Balanee sheet Fixed assets Investments cLrent assets Creditors: amounts falling due within one ye Cr¢ditors: amounts falling due after more than on¢ year 32,268 14,000,300 18,252,290 (15,466,457} {310,560} N¢t a&sets 16,507,841 Capital &nd reserves 16,507,841 24
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Net expenditure from trading actlvltles of subsldiaries (continued) Ashdown Park (Sussex) Limited's principal a¢tivity is the operation of Ashdown Park Hofrl & Cowlty Club ill East Su88ex. The hotel ¢ontinu¢s lo operate in the luxury hotel mket alway8 &iming to deliver di8tinclly memorable ¢xp¢rien¢¢s. A sun]mary of its trading r¢sults for the p.10d of eight mondis since August 2023 is shown b¢low. Audited accounts are fil¢d with the R¢gistrar of Companies. 2624 Pi'ofit and loss aecount Turnover Cost of sales excluding d¢pr¢ciation and amortisation Depreciation and amortisation 4,016,848 (2,521,015) (308,289) Gross Profit 1,187,544 Administrative expenses (1,935,543) Other operating illcom¢ 108,386 Operating Ooss) (639,613) Interest rec¢ivable Intercst payable and similar chargcs 15,287 {654,034) (Loss) b¢fore taxation (1,278,360) Taxation Net loss (1,242,360) Balance sheet Fixed &gsets Current assets Creditors: arnounts falling due within one year Creditors: amounts fallillg due atter more than one year 14,659,185 454,354 {1,161,608} {7.781,738} Net assets 6,170,193 Capital and res¢rv¢s 6,170,193 25
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the y6ar ended 31 March 2024 Net expendlture from trading activities of subsidiaries (continued) The Grand Hotel (Eastbourne) Limited's prinGip&I activity IS th¢ op¢ration of the Grand Hotel in Eastbourn¢, East Sussex. l]ie hotel continues to operate in tli¢ luxury hotel rnarket always aiming to deliver di8tin¢lly memorabl¢ ¢xp¢rienc¢s. A summary of its trading results for the period of eight months sinc¢ August 2023 is shown below, Audited accoiints ar¢ fil¢d with the Registrar of Compani. 2024 Protit and loss Ac¢ount Turnover Cost of sal¢s excluding depreciation and amortis&tion Depreciation and arnortisation 6,027,005 (3,396,687) (499,154) Gross Profit 2,131,164 Administrative expenses (2.232,673) Oth¢r operating income Share of {loss) I profit from a880ciatcs 146,793 Operating profit 45.284 Interest receivable latei¢st payabl¢ and similar charges 20,081 (746,768) (Los8) b¢for¢ taxation (681,403} Taxation N¢t108S (681,403) alance shoct Fixed assets Curr¢nt assets Creditors: amounts falling due within one year Creditors: amounts falling due after mor¢ than one yoar 23,120,649 597,573 (1,307,271) (9,054,846) Net aets 13,356,105 Capital and reseryes 13,356,105 26
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Net expenditure from trading activities of subsidiaries {continued> Tyln¢y Hall Hotel Lirnited's principal activity is the operatioii of the Tylney Hall Hotel & Gardens in Hampshire. The hotel continues to operate in th¢ luxury hotel n]arlcet always aiming to deliver distincdy memorable experiences. A summary of its trading r¢sults for the period of eight months since August 2023 18 Shown below. Audited accounts filed with th¢ R¢gistrar of Companies. 2024 Profit and loss account Turnover Cost of sales excluding depreciation and amortis&tion Depr¢ciatioll and atnortisation 3,843,129 (2286,993) (296,570) Gross Profit 1,259,566 Adn]inistrative expenses (1,950,599) Other operating income Share of Ooss) / proflt tom associates 173,431 Operating (loss) {517,602) Interest receivable Inter¢st payable and similar cliarges 18,577 (93,068) (Loss) befoLE taxation {592,093) Taxation Net loss {592,093) Balance $h¢¢t Fixed assets Curr¢nt a8s¢ts Creditors., amounts falling due within one year Creditors., amounts falling due aftcr more thall one year 18,530,237 407,839 (1,041,376) (1,345,558) Net assets 16,551,142 Capital and r¢s¢rves 16,551,142 27
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Net expenditure from trading activities of subsidiaries (continued) West Indies Investsnents Limited register¢d in Guernsey is an intermediate holding company. A sunllnary of its trading results for the period of eight months since August 2023 is shown below. Financial statements available with the Registrar of Companies, 2024 Profit and loss account Turnov¢r Cost of sales excluding depreciation and amortisation D¢prexiation and an]orttsation (Iross Profit Adrninistrative ¢xp¢nses (6,213) Other operating income Exceptional cost (1,962,000) Opetatlllg (loss) (1,968,213) Interest receivable Interest payable and similar charges (Loss) before taxation (1,968,213) Taxation Net10&8 (1,968,213) Balance 8h¢et Fixed asgets Current assets Cr¢ditors.' amounts falling due within one year CreditOTS: amounts falling due after more than one yeat 34,603,000 310.560 (2,160) Net assets 34.911,400 Capital and reserves 34,911,400 28
The Incorporated Trustees of The ROtheICk Foundation Notes to the financial statements for the year ended 31 March 2024 staff numbers and costs The Foundatioii does not gmploy any staff. The average numb¢r of staff ¢mploy¢d by the subsidiary undertakinES (including dir¢ctors) during the y¢ar, analysed by category was as follows.. 2024 Op¢ratiortal Adminitration and 8UPPOrt 483 114 597 The gregate payroll cost of the subsidiary uodertakings for the eight months was as follows.. 2024 Wages and salarie8 Social security costs Pension costs 7,080,488 558,703 159,533 7,798,724 The K¢y Management Personnel of the ollp comprise the Trnstees of the Rotherwick Foundation, the DItorS of the Elit¢ Hot¢ls (Rotherwick) Group and the Directors of W&st Indies InVe&tentS Limit¢d, There were no ¢moluments paid to the Trustees in their capacity as trustees, Twst¢¢ ¢xp¢nses totalling £235 w¢re incurred during the year. The total emoluments (including pension contributions) paid to the Directors of the subsidiary undertakings amounted to £366,520. The following numb¢rs of Dirwtors ill tho subsidiary undertakings had employee benefits of £60,000 or more during the ¢Aglit months period from August 2023.. 2024 £120,000-£129,999 £110,000-£119,999 £100,000-£109.999 £90,000-£99,999 £80,000-£89,999 £70,000-£79,999 £60,000-£69,999
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Transfers between funds The £1 restricted fimd in the previous Ye represented th¢ $har¢s in W¢8t Indies Investment Limited. These were subject to significant restrictions both in how the Foimdation could ¢ontt'ol West Indies InvtMentS Limited, and how the Foundation could use die pro¢¢¢d8 from its shareholding, As a result West Indies Investments Limited w8s not consolidated into these accounts, and th¢ £1 shares were shown in Restricted Fundg. During the year, the restrictions on these shares wer¢ am¢nded. As a result We8t Indies Investments LirAit¢d (and indirect subsidiaries) fjre now consolidated into these accounts. Taxation The charity is ¢x¢mpt from taxation in respect of income or c&pital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the TtLxation of Charg¢able Gains Act 1992, to the extent that such illcome or gains are &pplied exclusively to chaTitable purpos¢s. The group h&8 tax losses carried forward of £36.189,056. Deferred tax has notbeen recogllised on &ll of the carried forward tax losses due to uncertainty surrounding tbe timing of their utiiisation. 30
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Tangible fixed assets Consolidated Land and buildings Furnilure hfolor vehicle rittings and eguipmL)nt Plant and machinery Tolal Co$t: At l April 2023 Additions through business combination 50,758,802 4,472,736 20,226 1,255,648 56,507,412 Additions 31,839 779,140 34,635 109,070 954,684 Disposals (8,869) (8,869) At 31 MarL'h 2024 50,790.641 5,251.876 45,992 1,364,718 $7,453,227 DeprèeiatAon: At l April 2023 Charge for the year 1,031.514 8,174 71,200 1,110,888 Disposal8 At 31 March 2024 1,031,514 8,174 71,200 1,110,888 Net book vlllue: At 31 Mai'ch 2024 50,790,641 4,220,362 37.818 1,293.518 56,342,339 At 31 Mnrch 2023 Included witliin the n¢t book valu¢ of land and buildirlgs above is £50,790,641 iii respect of freehold land and buildings. 31
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Tangible fixed a55ets (continued) Assets held under finance leases and hire purcbase contrAets The net carrying atnount of tallgible assets includes the followittg amounts iti r¢sp¢¢t of assets held under ritwnce leases and hire purchase contracts.. 2024 2023 Fixtures, fittings and equiptnent 15,847 32
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 Fixed asset investments Foundation As at 31 March 2024 the following fixed asset investm¢nts We held by the Foundation, Name of Company Shareff Held Propordon of Nature of busines voting righi.f and share held Siibsldlary Undertaklngs West tndies Inveslments Limitsd Ordinary IOOO/o Investment holding company Elite Limited Hotels (Rodienvick) Ordinary IOOO/o Operation of a hotel and provision of associated services. Ashdown Park (Sussex) Limited Ordittary 100(/po Operation of a hotel and provision of associated services. The Grand Hotel (Eastboume) Ordinary Limited* loo% Opcration of a hotel and provision of associat&l services. Tyley Hall Hotel Limited ** Ordinary IOOO/o Operation of a hotel and provision of associated services. Th¢ Foundation directly owns IOOO/o of West Indies Invesln]ents Limited alld 9.090/0 of Elits Hotels (Roth¢rwick Limited. * The Foundation owns 9.09Q/o of thi8 entity directly with the rest hcld via its interest in West Indi¢s Dvestments Limited. ** Owned dire¢tly via int¢r¢sts itt Elit¢ Hot¢ls (Rotberwick) Limited. Investtnents ar¢ ¢lassifi¢d as follows: Consolldttted 2024 Chanty Consolidoled 2024 2023 Charity 2Q23 Investment in subsidiaries 38,063,000 3,656,000 3,656,000 33
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 10. Stocks Consolidaled 2Q24 Churtiy Consollduted 2024 2023 Charity 2023 Consurnables 249,394 249,394 11. Debtors Conjolldated 2024 Charity Consolidated 2024 2023 Charit 2023 Trade debtors Other debtors PTepaym¢nts and ac¢wed incom¢ Amounts owed by group undertakings 256,019 217,245 154,016 154,016 473,264 154,016 154,016 34
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 12. Creditors: amounts falling due within one year Consolidaled 2024 Charity Consolldaled 2024 2Q23 Chrtpity 2023 Bank loans (note 14) Finance leas¢8 (nots 15) Trade eredilors Amounts owed to group undertakings Other tax and social 8¢ourity Other creditors Accruals and paym¢nts on account 15,000,000 10,431 1,132,144 557,884 73,711 2,206,551 1,849 1,750 1,750 18,980,721 1.849 1,750 1,750 13. Creditors: arnounts falling due after more than one year Consolidaled 2024 Churlty Consolldated 21124 2023 Charity 2023 Fitiance leases (note 15) 25,468 25,468 35
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 14. Financial instruments . Loans The carrying vaEue of the Groiip and ch'ity'S fitw)ci&l assets and liabilities (excluding trade debtors 8nd trade cr¢ditors m¢asured at the undiscount¢d ount receivable or payable) 18 SLunmariscd below: . Consolidaled 2024 Charity Consolidated 21124 2023 Chavity 2023 Bank loans (gee note below) L6&8: Included in cr¢ditors falling du¢ within one year 15,000,000 (15,000,000) Consolidated 2024 Charily Consolidated 2024 2023 Charlty 2023 Amounts repayable: In less than l y In2-5y¢ars 15,000,000 15,000,000 The amounts shown a8 bank loans of Elite Hotels (Rotherwick) Limited abov¢ ar¢ swur¢d by e&Th$ of: . A first legal charg¢ over the properties known as the Ashdown Park Ho¢¢l, Th¢ Grand Hotel Eastbourne, and Tylney Hall Hotel. A fixed charge over tlie book debts of the subsidiary companies. • A floating charg¢ ovcr tbe remainder of the group's assets. On 30 September 2021 the Elite Hotels (Rothenvick) Limited ent¢r¢d into an amendment agreement witb regards to its bank loan, whereby the interest rate is now based on SONIA rath¢T than LIBOR. Tlie practical expedient permissible under FRS102 11,20C has b¢¢n appli¢d in respect of ihis change. The bank covenants in place were technlcally breached during the year, however they were subject lo fomial waiver [d release prior ¢0 tlie balance sheet date. The facility, entered into in February 2019 expired in February 2024 and was renewed by Elite Hotels (Rotherwick) Limited in May 2024 for u furth¢r two years to FebThry 2026 with quarterly capital repayments falling due of £150k.
The Incorporated Trustees of The Rotherwick Foundalion Notes to the financial statements for the year ended 31 March 2024 15. Finance leases Obligations under Finance lease and hire purchase contracts, are due as follows.. Group 2024 2023 Within one year Between two and five years 10,431 25,468 35,899 {10,431) Less.. amounts falling due within on¢ y¢ar Amount falling due Er more than one y¢ar 25,468 Obligations Ullder fitmice lease and hire purchase contracts ar¢ secur¢d over th¢ assets to which they relate. 16. Permanent endowment Balance Trnnrfcr lo l April 2023 permanent endopvnient 31 March 2024 Restrictcd shares ill West Indies Investments Ltd 1 37,471,142 37,471,143 1 37,471,142 37,471,143 37
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 17. Analysis of group net assets between funds Unrestrleted Permanent endowmenl Tothl fun&s Fund balances at 31 March 2024 are repi¢s¢nted by: Fixed assets Net current assetsiaiabilities) 'edItO over l year & d¢ferr¢d tax 18,871,196 (17,353,581) {25,468) 37,471,143 56,342,339 (17,353,581) (25,468) Total net assets 1,491,147 37,471,143 38,963,290 Unrestrlcted funds Pernionenl endowment Total funds Fund balances at 31 M'Ch 2023 are represented by: Investmetlts Net current asSet(lIabilItles) Restricted Funds 3,656,(M)O 129,429 3,656,000 129,429 Total net assets 3,785,429 3,785,430 18. Capital commitments Group 2024 2023 Contracted but not provided for in the financial statem¢nts 19. Financial commitments Operating leases -188s90 At 31 March 2Q24 the group had total financi&l commitments under non-cancellable operating l¢ases as s¢t out below.. Other 2024 2023 Payable one year Payable in two to five yearg Payabl¢ in more than five ye% 24,401 61,499 Th¢ amouttt of non-cancellable operdting lease payments recogniscd as an expense during the year was £20,402. 38
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 19. Financial commitments (continued) Operatlng laasos -198sor Olher 2024 2023 Payable one year Payable irt two to fNe years Payable in more than five years 48,063 104,759 1,875 20. Notes to the cash flow statement (aj Reconciliation of net movement in funds to not cash flow fmm operatlng activities.. 2024 2023 Net (expenditure) l income for the period before transfers Non cash donation received less c&sh Tmpairnient of investment Incr¢ase I de¢r¢as¢ in 8to¢ks Decreasc l (illcrease) in debtors OncTease) in creditOTS Depreciation Profit on disposal of assets Interest receivabl Interest payable 35,177,860 (34,521,264} (320,050) 336,000 27,548 320,219 {375,731) 1,110,888 (23,132) (79,936) 793,825 (154,016) 154,116 Net cash inflow/(oufflow} from op¢rating artivitAes 2,430,277 16,050
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 20. Notes to the cash flow statement (continued) fb) Analysls of cash and cash equlwalents Group 2024 2023 Cash at bank and in hand 904,482 131,179 (c) Analysis of changes in net funds/ (debt) At 31 March 2Q25 acqu¥sition 31 March 2024 Cashflow Finance lease obligations Louns (56,301) (15,000,000} 20,402 (35,899) (15,000,000) {15,056,301} 131,179 2,949,880 {2,176,577) (15,056,301) 904,482 Cash and overdraft Total 131,179 {12,106,421) (2,156.175) (14,131,417) 21. Movement in funds Th¢ movement in funds, during the year, for the group and Charity w¢re as follows,. Consolidated 2Q24 Charity Consolidoted 2024 21123 Charity 2023 Nel movement in fimds 35, 177,860 34,347,479 (320,050) (320,050) Futtd balances brought fonvard 3,785,430 3,785,430 4,105,480 4,105,480 Fund balanee% earrled forward 38,963,290 38,132,909 3,785,430 3,785,430 40
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 22. Related parties Foundation only Mr A H W Dixon is a non-executive dir¢otor of Elite Hot¢l8 (Roth¢rwiok) Limited. Elite Hotels Oioth¢nvi¢k) Limited donated administration and tlls)nagement service8. The value of thes¢ servlces has been estitnated at £30,000 (2023 £30,000) alld has been included within donations and adtllinistration. The Grand Hotel (FastbouTn¢} Limite a subsidiary company of Elite Hotels (Roth¢rwi¢k) Limited, made donations of £nil (2023 - £100,000) to the FoutLdation during the year. Ther¢ w¢r¢ llo balances outstanding at the yr end. DurAng the prior year Blits Hotels (Rotherwiek) Limited advanced a loan to tb¢ Foundation in order to provide short tern funding while tlie Foundation was awaiting the rep&yment of VAT from HMRC, the loan was thefore interest free and repayable Oll demand, At the balance gheet date the Foundation ow¢d Elite Hotels (Rotlierwick) Limited £nil (2023 - £154,016) with the loan being settled in full in August 2023 followAng the VAT refund being received. 23. Inclusion of subsidiary undertaking in consolidated accounts. On 17 August 2023 th¢ restrictions that were previously in plac# on Sh&eS held by the Foithdation in West Indies Investm¢nts Limited w¢r¢ amond¢d (see note 6). West Indies Invesknellts Limited has a controlling intsrcst in Elite Hotels Rotherwick Limite( and by virtue of these restrictii)ns being amended the Foundation has been r¢quii'¢d to pr¢pare consolidated financial statements reflecting the group under its control in a¢cordan¢¢ with FRSIO2. Obtaining control of West Indies Investuients Limited at a foundation level, and th¢ Elit¢ Hotels Group at a group level has been accounted for as a business Gombination which is in substance a gitl as no consideration was transferred. The total value of th¢ gift at the polnt of acquisition, being the fair value of th¢ n¢t assets acquired at the point cotltrol was gained w&s £41,127,143. This was reduc by £3,656,000 which was th¢ fair value of the interest in Elite I-lotels (Rotherwtck) Limited already held by th¢ c]wily at that timc, leading to £37,471,344 being tecognised in the income 8tatem¢nt (s¢e not¢ 2). Tbe following table sets out the fair valu¢s of th¢ id¢ntifiable asset8 and liabilities transferredand analysis of th¢ir T¢cognition, 41
The Incorporated Trustees of The Rotherwick Foundation Notes to the financial statements for the year ended 31 March 2024 23. Inclusion of subsidiary undertaklng In consolidated accounts (continued). Unreslrirted funds Tolal funds Freehold land and building8 Furniture fittings and equipment Motor vehicles Plant and machinery Debtors Stock Cash at bank and in Iland Creditors 50,758,802 4.472,735 20,226 1,255,648 639,466 276,942 2,949,880 (19,246,556) 50,758,802 4,472,735 20,226 1,255,648 639,466 276,942 2,949,880 (19,246,556) Total 41,127.143 41,127,143 24. The Incorporated Trustees of The Rotherwick Foundation Statement of Financlal Activities for the year ended 31 March 2024. Unresgricted PermoneNt funds endowment 2024 2024 Total 2024 Total 2023 Incom8 from." Donations and legacie,Y Donations 30,000 30,000 3.656,000 37,471,143 41,127,143 130,000 Total 3,686,000 37,471,143 41,157,143 130,000 Expendlture on." CharitablLJ activiti Governance costs Grants made Management aiid administtztion costs Bank charges 15,335 44,000 30,000 186 15,335 44,000 30,000 186 33,339 50,500 30,000 211 Total 89,521 89,521 114,050 Impairtllent of investment (6,720,143) (6,720.143) (336,000) Net In¢ome/(expendlture) and movgmont In funds (3,126,664) 37,471,143 34,347,479 (320,050) Reconciliation of funds Total funds brough( forward 3,785,430 3.785,430 4,105,480 Total funds c&rried forward 661,766 37,471,143 38,132,909 3.785,430 42