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 ch￿ltieS (Accounts and Reports) Regulations 2008, aad th¢ provisions of the
Consti￿tion.
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¢1￿1¢¢ 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 fi￿d raising events, complimentary meeting rooms Qtc.
Pled
es of Su
ort for the Financial Ycur 202412025 onwards
In addition to tbe above the TTh￿teeS 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 f￿￿CIal 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 indir￿Y 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 indir￿tlY
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 Co￿nI1t￿¢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 t￿ste¢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 t￿Ste¢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 t￿slee8, 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￿] PE￿k
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 B￿ch 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 InCO￿orated 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
aCcOrd￿JG￿ with Uniled Kingdom Gen￿allY Accepted Accounttng PractAL* (United Kingdom Accounting
Standards attd applicable law). Th¢ fi￿anCIal 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 statem￿t4 the Trustees ar¢ required to: seleot suitable accounting ￿11¢1¢5 and then apply
them ￿nsiStentlY. nthke JUd￿S and estimates that are T¢a50nable and pw(knt; slate w￿￿ther 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 statem￿ts 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
FO￿datIon'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 ba1￿ce 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 et￿ed.
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 infOrn￿tIOn 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 infOrn￿tiOll, 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 f￿AnCiaL year for which tkn¢ fill￿claI
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 p￿rt 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 Underst￿ding 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 n￿￿erS 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 bre￿heS being reported, coupled with discussions
with management in r¢gard8 to GDPR compliance,
Audited th¢ Tisk of manag¢m¢nt Ov￿ride of controls, including th[ol￿h testing jou11￿1 entries
oth¢r adjustments for appropriateness, and ¢valuating the business rationalc of significant
transactions outside thc llorn￿l 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 Issue81￿tIonS 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
n￿terIal 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 Conso11d￿ed
2024
2023
Chorlly
2ep23
Flxed assets
Tangible f￿ed 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
Pern￿￿ll1 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 f￿anCIal 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 Ch￿itieS 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 f￿￿1claI 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 prin￿1'Y economic environtnent in which the ch￿ltY 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 p￿man¢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 tangl￿1¢ 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 a￿uMMI4¢ed
dep￿cIatiOn 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 state￿ent 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. f￿st-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
Expendi￿re 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 d1￿CtlY 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 Contr1￿utionS payable for
the year.
cOnts'I￿utionS 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 le￿ee.
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 rep￿Sents 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 b￿0M¢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 C￿￿TIed at the undiscounted amount of the cush or other consideration ex￿Cted
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 Ca￿led 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 Ma￿h 2024
Expenditure
Charllabla a¢tlvltles
UnreNlri¢ted Permanent
funds endowment
2Q24
2024
Total
2024
Total
2023
Costs of operating
-grant8
- support and govern￿ce cost***
44,000
15,521
44,000
15,521
50,500
63,550
59,521
59,521
114,050
Raising funds
Unreslricled
UP￿stricted 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 Subsid￿ry 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 t￿￿tion
324,306
Taxation
Net income
324,306
Balanee sheet
Fixed assets
Investments
cL￿rent 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 m￿ket 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 a￿ets
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 ROthe￿ICk 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
DI￿torS of the Elit¢ Hot¢ls (Rotherwick) Group and the Directors of W&st Indies InVe&t￿entS 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 Inv￿tMentS
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 FebTh￿ry 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 E￿￿r 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 y￿r 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 the￿fore 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