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← The Rotherwick Foundation

2025-03-31-accounts

Charity Registration Number: 1058900

The Incorporated Trustees of The Rotherwick Foundation

Report and Accounts

Year ended 31 March 2025

The Incorporated Trustees of The Rotherwick Foundation

Trustees’ Report

The trustees of the Rotherwick Foundation (the Foundation) present their report together with accounts for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Foundation’s trust deed, the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution.

OBJECTIVES AND ACTIVITIES

Objects and grant policy

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, Rotherwick; Ashdown Park Hotel, Wych Cross or The Grand Hotel, Eastbourne. The Foundation’s grant giving policy (which is set out in general guidelines for applicants) is as follows:

(i) the provision of scholarships, bursaries and maintenance allowances and educational grants tenable at any school, university or other educational establishment to people under 25 who or whose parents or guardians are resident in the specified localities or who attend or have for not less than five years attended a school or other educational establishment within those localities;

(ii) the provision of financial assistance, equipment, books and clothing to such people on leaving school, university or other educational establishment for entry into a trade or profession;

(iii) the provision of amenities and facilities including public recreation and sports grounds for public benefit;

(iv) the advancement of religion and other charitable works and of the maintenance of churches;

(v) the provision, maintenance, improvement and equipment of hospitals, nursing homes, hospices and clinics;

(vi) such other charitable purposes as the charity trustees in their absolute discretion think fit to support or establish.

Public Benefit

The trustees have reviewed the Foundation’s objectives and consider that they continue to satisfy the public benefit criteria. As part of this review, the trustees have consulted the guidance issued by the Charity Commissioners with regard to public benefit.

ACHIEVEMENTS AND PERFORMANCE

The Charity’s achievements during the past 12 months are assessed in line with its core aims and objectives to provide financial support to causes focusing on Health and Education plus overarching strategy set by its Trustees.

Beneficiaries of Financial Support within the past 12 months - Health, Wellbeing and Education

Financial Year 2024/2025

The Foundation supported the following causes :

Hearing Dogs for the Deaf – Second year pledge to support the organisation, providing a partnership programme within the vicinity of each of the three Hotels.

Lord Wandsworth Foundation, Hook – Ongoing Financial assistance for two students through the school’s Bursary Programme.

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The Incorporated Trustees of The Rotherwick Foundation

Trustees’ Report

Royal Academy of Culinary Arts: “Adopt a School” Programme – Year 2 Financial support covering a 3-year period towards their programme at Plumpton College in conjunction with Table Talk Foundation.

Teenage Cancer Trust – Contribution towards the Specialist Nursing Service for young people over a 3-year period commencing 2024.

St Catherine’s Hospice, Crawley – Second year donation towards the building of a new Hospice to serve the area and which duly opened in March 2024.

Phylis Tuckwell Hospice, Farnham – Over a 2-year period provided a financial donation towards a new replacement Hospice which is due to open in 2026.

Chailey Heritage Foundation , Chailey – Provided a donation over 2 years to fund the provision of their Specialist Services programme.

One-off donations were also provided to the following organisations during 2024/2025:

Eastbourne College – Financial assistance towards the uniforms for one Bursary Student.

Ditchling Museum of Art & Craft, Ditchling – To support access for five groups of disabled children to access the “Bloomin’ Brilliant” exhibition.

Treloar Trust, Alton – Towards the Trust’s ‘Replacement of Hoists’ project.

St Wilfrid’s Hospice, Eastbourne – Towards the purchase of a ‘cuddle’ bed.

St. John’s Church, Meads, Eastbourne – A grant was made towards much needed restoration and refurbishment of the Community Hub with works scheduled to be completed in Autumn 2024.

Support in Kind – In addition, through the hotel companies, the group is providing support inkind to various organisations for fund raising events, complimentary meeting rooms etc.

Hearing Dogs for Deaf People were also supported through Elite Hotels’ ‘Charity of the Year’ initiative 2024.

Pledges of Support for the Financial Year 2025/2026 onwards

In addition to the above the Trustees have also agreed to support the following causes:

Helen Arkell Dyslexia Charity, Surrey

St Catherine’s Hospice, Crawley, West Sussex

Chestnut Tree House Hospice, East Sussex

St Michael’s Hospice, Basingstoke, Hampshire Strongbones Children’s Charitable Trust, Hampshire SASBAH (Sussex Association for Spina Bifida & Hydrocephalus), East Sussex St Wilfrid’s Hospice, Eastbourne

Bramber Bakehouse Charity, East Sussex Hindleap Warren, East Sussex Challengers, Surrey

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The Incorporated Trustees of The Rotherwick Foundation

Trustees’ Report

Elite Hotels have nominated as their ‘Charity of the Year 2025’ the Air Ambulance Associations serving:

Financial review

The Foundation’s sole sources of income are grants from Elite Hotels (Rotherwick) Limited or its subsidiary companies (Elite Hotels Group). Elite Hotels (Rotherwick) Limited (which is controlled by West Indies Investments Limited) is itself the holding company for:

Together these entities are referred to as the Elite Hotels Group.

The total consolidated income for the Foundation and its subsidiary group was £24,177,480 (2024 - £51,821,595 including £37,471,444 relating to permanent endowment).

Total grants paid in the year to 31 March 2025 were £75,000 (2024 – £44,000).

In 2024 the hotels were professionally valued. The valuation, undertaken by Christie and Co Chartered Surveyors, gave a collective valuation of the three hotels that continue to be owned by the group of £55.8m. Within the financial statements of Elite Hotels (Rotherwick) Limited the freehold land and buildings are held at a deemed cost following adoption of FRS102 in 2016. The Foundation directly owns 9.09% of the shares in Elite Hotels (Rotherwick) Limited and indirectly through its gift of the entire share capital of West Indies Investments Limited a further 90.91%.

Elite Hotels (Rotherwick) Limited has consolidated equity of £29.4m (2024 - £30.9m), the Trustees are confident that the value of the individual hotels collectively is in excess of £55.8m (2024 - £55.8m). The trustees believe the ordinary shares in Elite Hotels (Rotherwick) limited held both directly and indirectly have a value in the order of £38.1m (2024 - £38.1m).

At the year end, the Foundation had total reserves of £37,521,053 (2024 - £38,963,290) General unrestricted reserves were £49,910 (2024- £1,492,147) and restricted reserves (being endowment funds) were £37,471,143 (2024 - £37,471,143).

Reserves Policy

The trustees aim to maintain free reserves at foundation level equivalent to the value of the average of 5 years donations.

The trustees consider that this will underpin its commitment to continue regular grants to a number of beneficiaries.

Investment Policy

The trustees adopt a conservative investment policy taking proper professional advice before implementing any change

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The Incorporated Trustees of The Rotherwick Foundation

Trustees’ Report

Structure, governance and management

The Foundation was constituted by a Trust Deed dated 11 July 1996 made between West Indies Investments Limited (a Guernsey company) as donor and A H W Dixon, D A Smith and T E Mugleston as original trustees. The Trust Deed was amended by a Supplemental Deed dated 23 October 1996 and Deeds of Amendment dated 28 May 2019 and 2 June 2023. The Foundation is a registered charity in England & Wales, registered with the Charity Commission for England & Wales on 29 October 1996 under charity number 1058900. The trustees are incorporated as a body corporate under the Charities Act 1993 and a Certificate of Incorporation was issued on 20 March 2000 by the Charity Commission for England & Wales in the name of “The Incorporated Trustees of The Rotherwick Foundation”.

New trustees, when required, are found in the first instance by the existing trustees. When recruiting new trustees, the trustees look for individuals with skills and experience which are of value to the Foundation and which are not necessarily represented by the existing trustees. The appointment of Trustees is confirmed during a Trustees meeting and are minuted accordingly. Whilst none of the trustees receive remuneration for their services as a trustee, in-line with the Foundation’s rules, Andrew Dixon - as their NED representative on the board of Elite Hotels - receives appropriate remuneration for these services.

The trustees, who meet a minimum of four times a year, consider recommendations and make 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 (Rotherwick) Limited and day to day processing of applications is undertaken by the Managing Director, of the Elite Hotels Group. Mindful of the need for succession planning the trustees are proactively looking to appoint additional trustees over the next 12 months.

Training

The Foundation does not employ staff. All trustees are experienced business people or professionals. They are all aware of trustee responsibilities. It is not considered necessary to organise or fund any training courses.

Risk Management

The trustees have assessed the major risks to which the Foundation is exposed, in particular those risks related to the operation and finances of the Foundation, and are satisfied that systems are in place to mitigate exposure to the major risks, although it is recognised that systems can only provide reasonable, not absolute, assurance. These systems are reviewed at least once every year. Further description of the principal 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 charitable activities, as described in Note 1.

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The Incorporated Trustees of The Rotherwick Foundation

Trustees’ Report

Reference and administrative details

Charity Name The Rotherwick Foundation
Registered Charity No: 1058900 (England and Wales)
Trustees A H Dixon
M Q Robinson
J M Webb
P R Rossiter
Address: Ashdown Park
Wych Cross
Forest Row
East Sussex
RH18 5JR
Administration Elite Hotels (Rotherwick) Limited
Ashdown Park
Wych Cross
Forest Row
East Sussex
RH18 5JR
Solicitors: Payne Hicks Beach Solicitors
10 New Square
Lincoln’s Inn
London
WC2A 3QG
Bankers: HSBC
23/24 Paddington House
Festival Place
Basingstoke Hants
RG21 &LJ
Auditors: PKF Francis Clark
Blackbrook Gate 1
Blackbrook Park
Taunton
Somerset
TA1 2PX
Website: www.rotherwickfoundation.org

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The Incorporated Trustees of The Rotherwick Foundation Trustees, Report TRUSTEES, RESPONSIBILMES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Annual Rewt and the financial statements accordance with applicable law and regulations. Applicable law requires the Trustees to prepare firkgncial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generdlly A￿pted Accounting practi￿ (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affair5 of the Foundab'on and of the profft or loss of the Foundation for that period. In preparing these financial statements. the Trustees are required to: select suitsble accounting policies and then apply them consistently. make judgments and estimates that are re&8onable and prudenc. state whether appltcable UK Accounting Standards have been followed. subject to 8ny material departures disclosed and explained in the financial statements; and prepare the financial statements on the going COr￿ern basis unless it is inappropriate to presume that the Foundation will continue in business. The trustees are responsible for keeping prow accounting records which disclose with reasonable accuracy at any tirne the financial position of the Foundation and to enable the trustees to ensure that the financial statements comply with the requiremeiits of the Charities Act 2011. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each Trustee listed on page 6 has dedar8d that as far as they are aware there is no relevant audit infomation of which the Foundation's auditors are unaware-, and they have taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit inforniation and to establish that the Foundalion's auditors are aware of that inforniation. nature and Declaration I declare. in my capacty of Foundation trustee, that the trustees have approved the rewt above and have authorised me to sign it on their behalf. A.H. Dixon

The Incorporated Trustees of The Rotherwick Foundation

Independent auditors’ report

to the members of The Incorporated Trustees of The Rotherwick Foundation

Opinion

We have audited the financial statements of The Rotherwick Foundation (the 'parent Charity') and its subsidiaries (“the Group”) for the year ended 31 March 2025, which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity balance sheets, Consolidated cash flow statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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The Incorporated Trustees of The Rotherwick Foundation

Independent auditors’ report

to the members of The Incorporated Trustees of The Rotherwick Foundation

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully on page 7, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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The Incorporated Trustees of The Rotherwick Foundation

Independent auditors’ report

to the members of The Incorporated Trustees of The Rotherwick Foundation

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the Group. We gained an understanding of the Group and the industry in which the Group operates as part of this assessment to identify the key laws and regulations affecting the Group. The key regulations we identified were Charity legislation, health and safety regulations, food standards and licensing laws, employment laws and regulations, health and safety legislation and The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and the Charities Statement of Recommended Practice (FRS102).

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Group’s ability to continue trading and the risk of material misstatement to the accounts.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and identified the greatest potential for fraud in respect of cut off and completion risk around revenue recognition..

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

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The Incorporated Trustees of The Rotherwick Foundation

Independent auditors’ report

to the members of The Incorporated Trustees of The Rotherwick Foundation

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

PKF Francis Clark

Chartered Accountants and Statutory Auditor Blackbrook Gate 1 Blackbrook Park Taunton Somerset TA1 2PX

17/11/2025 Date: ……………………………………

PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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The Incorporated Trustees of The Rotherwick Foundation

Consolidated statement of financial activities

for the year ended 31 March 2025

(including consolidated income and expenditure account and statement of total recognised gains and losses)

Unrestricted Endowment Total Total
funds Funds 2025 2024
Note £ £ £ £
Income from
Donations and legacies 2(a) - - - 37,471,144
Other trading activities 2(b) 24,106,079 - 24,106,079 14,247,383
Investment income 2(c) 71,401 - 71,401 79,936
Other income 2(d) - - - 23,132
---------------- ---------------- ---------------- ----------------
Total 24,177,480 - 24,177,480 51,821,595
---------------- ---------------- ---------------- ----------------
Expenditure on:
Charitable activities 3 87,139 - 87,139 59,521
Raising funds 3 25,532,578 - 25,532,578 16,584,214
---------------- ---------------- ---------------- ----------------
Total 25,619,717 - 25,619,717 16,643,735
---------------- ---------------- ---------------- ----------------
Net income / (1,442,237) - (1,442,237) 35,177,860
(expenditure) and
movement on funds
---------------- ---------------- ---------------- ----------------
Reconciliation of
funds
Total funds brought 1,492,147 37,471,143 38,963,290 3,785,430
forward
---------------- ---------------- ---------------- ----------------
Total funds carried 49,910 37,471,143 37,521,053 38,963,290
forward
---------------- ---------------- ---------------- ----------------

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The Incorporated Trustees of The Rothe￿iCk Foundation charity no.1058900 Consolidated and charity balance sheets at 31 March 2025 Consolldated 2025 Charlty Consolldated 2025 2024 Charity 2024 Not• Fixed assets Tangible fixed ass8ts Investments 55.008,393 56.342.339 38.063.rxio 38,063.000 55,008,393 38.063.000 56,342,339 38,063.000 Cumnt assets Stocks Debtors Cash at bank and in hand 205.712 365,608 1.154,901 249,394 473264 904.482 10 17{b) 195,119 71,758 1.726221 195.119 1.627,140 71.758 Croditors Amounts falling due within one year 11 (19.199.412) (12.349) (18,980,721) (1.849) Net currerrt liabilitles (assets) 117,473.191) 182,no (17.353,581) 69,909 Total assets less currenl liabilities 37.535.202 38,245.770 38,988,758 39.132,909 Creditors falliro due lft 12 more than one year (14.149) (25,468) Net assets 37,521.053 38.245,770 38.963.290 38.132.909 Funds Pem>anent end¢)wment Unrestricted lunds 37,471,143 37.471.143 49.910 774.627 37,471,143 37.471.143 1.492.147 661,766 Totsl charity funds 37.521.053 38,245.770 38,963,290 38.132.909 These financial statements were approved by the Trustees on ...............2025 and signed on their behalf by- A H Dixon Trustee 13

The Incorporated Trustees of The Rotherwick Foundation

Consolidated cash flow statement

for the year ended 31 March 2025

2025 2024
Note £ £
Net cash inflow from operating activities including 17(a) 2,239,311 2,430,277
grants receivable
Cash (outflow) / inflow from investing activities
Purchase of fixed assets (297,900) (954,684)
Receipts from disposals of fixed assets - 32,001
Interest received 71,401 79,936
--------------- ---------------
(226,499) (842,747)
--------------- ---------------
Cash (outflow) / inflow from financing activities
Interest paid (1,150,530) (793,825)
Capital element of finance lease payments (11,863) (20,402)
Bank loans paid (600,000) -
--------------- ---------------
(1,762,393) (814,227)
--------------- ---------------
Increase / (Decrease) in cash and cash equivalents 250,419 773,303
Cash and cash equivalents brought forward 904,482 131,179
17(b) --------------- ---------------
Cash and cash equivalents carried forward 1,154,901 904,482
--------------- ---------------

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The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

1. Accounting policies

Constitution

The Rotherwick Foundation is a Trust, registered with the Charity Commission in England & Wales with a registered number 1058900 on 29 October 1996. Its registered office is Ashdown Park, Wych Cross, Forest Row, East Sussex, RH18 5JR.

Basis of accounting and basis statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charites Act 2011. The financial statements comply with the Charities SORP (FRS102).

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group and Foundation’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions or estimates are significant to the financial statements are summarised within this note.

Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

The trustees have given consideration to the appropriateness of the going concern assertion in the preparation of the financial statements of the foundation. In doing this a number of factors have been considered, including going concern risks impacting the Elite Hotels Group, which include inflation and the broader economic conditions impacting hospitality.

Based on this review the Trustees have concluded there are no material uncertainties in relation to going concern.

Accounting convention

The financial statements are prepared in accordance with the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of The Rotherwick Foundation is considered to be pounds sterling because that is the currency of the primary economic environment in which the charity operates.

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The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

1. Accounting policies (continued)

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Foundation and its subsidiaries undertakings drawn for the year to 31 March 2025.

The comparative results reflect the performance and position of the group from the point of acquisition (August 2023 until 31 March 2024 and thus the results may not be directly comparable).

Tangible fixed assets and depreciation

Tangible assets are initially measured at cost (or deemed cost) and subsequently measured as cost or valuation, net of depreciation or any impairment losses.

The cost of tangible assets included directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful life, as follows:

Furniture, fittings and equipment - straight line between 3 and 8 years Plant and machinery - 5% straight line Motor vehicles - 30% reducing balance

Depreciation is provided on freehold land and buildings at 0% per annum on the basis that the hotel are historical buildings, hence the useful economic life cannot be reasonably estimated. Additionally the trustees' opinion (having sought the advice of the Directors of Elite Hotels) is that the residual value of the property is so high that any depreciation charge would be negligible and immaterial. This is in accordance with accounting standard FRS 102. The trustees have considered the value of the property, in light of the recent valuation, and do not believe any impairment to the value included in the financial statements is necessary.

Revaluation of fixed assets

Properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

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The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

1. Accounting policies (continued)

Impairment of non financial assets

At each balance sheet date the trustees’ review the carrying amount of the charity's tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the asset does not generate cash flows that are independent from other assets the Charity estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the period end.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Donations and Gifts

Income is recognised once the Charity is entitled to the donation. Donations are recognised on a receivable basis.

Grant and Donations Issued

Grants issued are accounted for on payment. All grants and donations issued are for the benefit of Charities.

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The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

1. Accounting policies (continued)

Income

All incoming resources are included in the Consolidated Statement of Financial Activities where the charity is entitled to the income and the amount can be qualified with reasonable accuracy, and is stated net of VAT. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised 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 income comprise the costs associated with attracting voluntary income, and those incurred in trading activities that raise funds. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Taxation

Income tax expense represents the sum of the current tax currently payable and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.

Defined contribution pension obligation

For defined contribution scheme the amounts recognised in profit and loss is the contributions payable for the year. Contributions that are unpaid at the balance sheet date are recognised in creditors less than one year.

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The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

1. Accounting policies (continued)

Operating Leases

Rentals payable under operating leases are charged in the profit and loss account on a straightline basis over the lease term.

Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification

The group holds the following financial instruments:

All financial instruments are classified as basic.

Recognition and measurement

The charity has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the charity becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustment. Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

19

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

1. Accounting policies (continued)

Restricted Funds

Permanent Endowment

By a deed of appointment made on 22 April 2008, the Foundation accepted a gift of 2 Ordinary Shares of $1.00 each in West Indies Investments Ltd, a Guernsey registered company. This represents the entire issued shares in this company. The gift of the shares was made on condition that they and/or any property representing them will be treated as non-expendable capital of the Foundation.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has significant impact on the financial statements is in respect of going concern, as described above.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Investments in subsidiary undertakings (note 8)

Investments in subsidiary undertakings are included at market value at the balance sheet date. The calculation of this market value requires estimation by the trustees, which includes estimation of the value of the assets held by Elite Hotels (Rotherwick) Limited.

The investment carrying amount is £38,063,000 (2024 - £38,063,000)

20

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

2. Income

(a) Donations

2.
Income
(a) Donations
Unrestricted Restricted
funds funds Total
Total
2025 2025 2025 2024
£
£		 £ £
Donations - - - 37,471,144
Donated services - - - -
══════ ══════ ══════ ══════
- - - 37,471,144
══════ ══════ ══════ ══════
Income from donations was unrestricted.
(b) Other trading activities - group
Unrestricted Restricted
funds funds Total
Total
2025 2025 2025 2024
£
£		 £ £
Rendering of services 23,677,388 - 23,677,388 13,886,982
Grants and subsidies receivable 343,571 - 343,571 305,745
Rental income 85,120 - 85,120 54,656
══════ ══════ ══════ ══════
24,106,079 - 24,106,079 14,247,383
══════ ══════ ══════ ══════

Income from trading activities was unrestricted.

The Foundation did not have any income arising from trading activities.

(c) Investment income - group
Unrestricted income
Interest receivable
(d) Other income - group
Unrestricted income
Profit on disposal of tangible fixed assets		 2025
2024
£
£
71,401
79,936
––––––––––––––– ––––––––––
2025
2024
£
£
-
23,132
––––––––––––––– ––––––––––

21

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

3. Expenditure

Charitable activities

Charitable activities
Unrestricted Restricted
funds funds Total
Total
2025 2025 2025 2024
£ £ £ £
Costs of operating
-grants to institutions 75,000 - 75,000 44,000
- support and governance cost*** 12,139 - 12,139 15,521
══════ ══════ ══════ ══════
87,139 - 87,139 59,521
══════ ══════ ══════ ══════
Raising funds
Unrestricted Unrestricted Restricted
funds funds Total
Total
2025 2025 2025 2024
£ £’ £ £
Costs of operating and establishment
-cost of sales 3,865,889 - 3,865,889 2,502,938
- direct payroll costs 8,308,588 - 8,308,588 5,222,840
- other direct costs 847,257 - 847,257 478,917
Other operating costs
-indirect payroll and staff costs 3,616,686 - 3,616,686 2,575,884
-premises costs 3,361,230 - 3,361,230 2,330,382
-other 2,670,232 - 2,670,232 1,512,937
Depreciation
- owned assets 1,631,846 - 1,631,846 1,110,888
Support costs – governance related *** 80,320 - 80,320 55,603
Interest payable: -
Loans held at amortised cost
- bank loans and overdrafts 1,150,530 - 1,150,530 793,825
══════ ══════ ══════ ══════
25,532,578 - 25,532,578 16,584,214
══════ ══════ ══════ ══════

.

22

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

3. Expenditure (continued)

2025 2024
£ £
(***) Support costs - governance related include
Auditors’ remuneration - audit fees 56,430 29,340
––––––––––– –––––––––––
In addition to the audit fees above, fees for non-audit service provided by the auditors (included
in other operating costs) were as follows
Taxation fees - corporation tax 15,040 15,000
Other services (including accountancy, cyber and other taxation) 8,850 13,113
––––––––––– –––––––––––

23

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

4. Net expenditure from trading activities of subsidiaries

The Rotherwick Foundation had five subsidiary companies during the year ended 31 March 2025 details of which are given in note 8. There are four indirect trading subsidiaries Elite Hotels (Rotherwick) Limited, Ashdown Park (Sussex) Limited, The Grand Hotel (Eastbourne) Limited and Tylney Hall Hotel Limited and one investment holding subsidiary, West Indies Investments Limited.

Elite Hotels (Rotherwick) Limited’s principal activity is that of a holding company, involving the provision of management services to its subsidiary undertakings.

A summary of the trading results for the entity are shown below, with the comparative reflecting the period from August 2023 to March 2024, due to the acquisition occurring in the comparative period. Audited accounts are filed with the Registrar of Companies.

Profit and loss account
Turnover
Gross Profit
Administrative expenses
Other operating income
Operating (loss)
Interest from shares in group undertaking
Other interest receivable
Interest payable and similar charges
Loss before taxation
Taxation
Loss for the financial year
Balance sheet
Fixed assets
Investments
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net assets
Capital and reserves		 2025
£
475,200
–––––––––––––––
475,200
(1,472,653)
-
–––––––––––––––
(997,453)
1,320,828
24,845
(1,150,530)
–––––––––––––––
(802,310)
-
–––––––––––––––
(802,310)
–––––––––––––––
2024

£

457,200
–––––––––––

457.200

(867,200)

8,923

––––––––––

(401,730)

1,519,861


(793,825)
–––––––––––

324,306

-
–––––––––––

324.306
–––––––––––

32,268

14,000,300

18,252,290
(15,466,457)

(310,560)
–––––––––––

16,507,841
–––––––––––
–––––––––––

16,507,841
–––––––––––
21,858
14,000,300
17,291,032
(15,368,344)
(239,315)
–––––––––––––––
15,705,531
–––––––––––––––
–––––––––––––––
15,705,531
–––––––––––––––

24

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

4. Net expenditure from trading activities of subsidiaries (continued)

Ashdown Park (Sussex) Limited’s principal activity is the operation of Ashdown Park Hotel & Country Club in Sussex. The hotel continues to operate in the luxury hotel market always aiming to deliver distinctly memorable experiences.

A summary of the trading results for the entity are shown below, with the comparative reflecting the period from August 2023 to March 2024, due to the acquisition occurring in the comparative period. Audited accounts are filed with the Registrar of Companies.


Profit and loss account
Turnover
Cost of sales excluding depreciation and amortisation
Depreciation and amortisation
Gross Profit
Administrative expenses
Other operating income
Operating (loss)
Interest receivable
Interest payable and similar charges
(Loss) before taxation
Taxation
Net loss
Balance sheet
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net assets
Capital and reserves		 2025
£
6,808,888
(3,983,933)
–––––––––––––––
2,824,955
(3,165,885)
147,662
–––––––––––––––
(193,268)
14,640
(630,481)
–––––––––––––––
(809,109)
-
–––––––––––––––
(809,109)
–––––––––––––––
2024
£

4,016,848

(2,521,015)
(308,289)
–––––––––––

1,187,544

(1,935,543)

108,386
–––––––––––

(639,613)

15,287

(654,034)
–––––––––––

(1,278,360)

-
–––––––––––

(1,242,360)
–––––––––––

14,367,402

454,354

(1,161,608)

(7,781,738)
–––––––––––

5,878,408
–––––––––––
–––––––––––

5,878,408
–––––––––––
14,017,887
451,602
(1,351,721)
(8,048,469)
–––––––––––––––
5,069,299
–––––––––––––––
–––––––––––––––
5,069,299
–––––––––––––––

25

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

4. Net expenditure from trading activities of subsidiaries (continued)

The Grand Hotel (Eastbourne) Limited’s principal activity is the operation of the Grand Hotel in Eastbourne, East Sussex. The hotel continues to operate in the luxury hotel market always aiming to deliver distinctly memorable experiences.

A summary of the trading results for the entity are shown below, with the comparative reflecting the period from August 2023 to March 2024, due to the acquisition occurring in the comparative period. Audited accounts are filed with the Registrar of Companies.


Profit and loss account
Turnover
Cost of sales excluding depreciation and amortisation
Depreciation and amortisation
Gross Profit
Administrative expenses
Other operating income
Share of (loss) / profit from associates
Operating profit
Interest receivable
Interest payable and similar charges
(Loss) before taxation
Taxation
Net loss
Balance sheet
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net assets
Capital and reserves		 2025
£
10,073,031
(5,319,584)
–––––––––––––––
4,753,447
(4,353,358)
232,654
-
–––––––––––––––
632,743
17,820
(641,898)
–––––––––––––––
8,665
-
–––––––––––––––
8,665
–––––––––––––––
2024
£

6,027,005

(3,396,687)
(499,154)
–––––––––––

2,131,164

(2,232,673)

146,793

-
–––––––––––

45,284

20,081

(746,768)
–––––––––––

(681,403)

-
–––––––––––

(681,403)
–––––––––––

16,549,432

597,573

(1,307,271)

(9,054,846)
–––––––––––

6,874,888
–––––––––––
–––––––––––

6,874,888
– ––––––––––
15,929,746
527,760
(1,379,812)
(8,284,141)
–––––––––––––––
6,793,553
–––––––––––––––
––––––––––––––
6,793,553
––––––––––––––

26

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

4. Net expenditure from trading activities of subsidiaries (continued)

Tylney Hall Hotel Limited’s principal activity is the operation of the Tylney Hall Hotel & Gardens in Hampshire. The hotel continues to operate in the luxury hotel market always aiming to deliver distinctly memorable experiences.

A summary of the trading results for the entity are shown below, with the comparative reflecting the period from August 2023 to March 2024, due to the acquisition occurring in the comparative period. Audited accounts are filed with the Registrar of Companies.


Profit and loss account
Turnover
Cost of sales excluding depreciation and amortisation
Depreciation and amortisation
Gross Profit
Administrative expenses
Other operating income
Share of (loss) / profit from associates
Operating (loss)
Interest receivable
Interest payable and similar charges
(Loss) before taxation
Taxation
Net loss
Balance sheet
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net assets
Capital and reserves		 2025
£
6,795,469
(3,718,217)
–––––––––––––––
3,077,252
(3,025,713)
102,375
-
–––––––––––––––
153,914
14,096
(48,449)
–––––––––––––––
119,561
-
–––––––––––––––
119,561
–––––––––––––––
2024

£

3,843,129

(2,286,993)
(296,570)
–––––––––––

1,259,566

(1,950,599)

173,431

-
–––––––––––

(517,602)

18,577

(93,068)
–––––––––––

(592,093)

-
–––––––––––

(592,093)

––––––––

17,657,765

407,839

(1,041,376)

(1,345,558)
–––––––––––

15,678,670
–––––––––––
–––––––––––

15,678,670
–––––––––––
17,303,430
352,861
(1,084,368)
(773,692)
–––––––––––––––
15,798,231
–––––––––––––––
–––––––––––––––
15,789,231
–––––––––––––––

27

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

4. Net expenditure from trading activities of subsidiaries (continued)

West Indies Investments Limited’s principal activity is that of an investment holding company.

A summary of the trading results for the entity are shown below, with the comparative reflecting the period from August 2023 to March 2024, due to the acquisition occurring in the comparative period.


Profit and loss account
Turnover
Cost of sales excluding depreciation and amortisation
Depreciation and amortisation
Gross Profit
Administrative expenses
Other operating income
Exceptional cost
Operating (loss)
Interest receivable
Interest payable and similar charges
(Loss) before taxation
Taxation
Net loss
Balance sheet
Fixed assets
Current assets
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
Net assets
Capital and reserves		 2025
£
-
-
-
–––––––––––––––
(71,905)
-
-
–––––––––––––––
(71,905)
-
-
–––––––––––––––
(71,905)
-
–––––––––––––––
(71,905)
–––––––––––––––
2024
£

-

-

-
–––––––––––
-

(6,213)

-

(1,962,000)
–––––––––––

(1,968,213)

-

-
–––––––––––

(1,968,213)

-
–––––––––––

(1,968,213)
–––––––––––

34,603,000

310,560

(2,160)

-
–––––––––––

34,911,400
–––––––––––
–––––––––––

34,911,400
–––––––––––
34,603,000
239,315
(2,820)
-
–––––––––––––––
34,839,495
–––––––––––––––
–––––––––––––––
34,839,495
–––––––––––––––

28

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

5. Staff numbers and costs

The Foundation does not employ any staff.

The average number of staff employed by the subsidiary undertakings (including directors) during the year, analysed by category was as follows:

2025 2024
No No
Operational 443 483
Administration and support 110 114
---------------- ----------------
553 597
---------------- ----------------

The aggregate payroll cost of the subsidiary undertakings was as follows:

2025 2024
£ £
Wages and salaries 10,819,107 7,080,488
Social security costs 867,029 558,703
Pension costs 239,138 159,533
---------------- ----------------
11,925,274 7,798,724
---------------- ----------------

The Key Management Personnel of the group comprise the Trustees of the Rotherwick Foundation, the Directors of the Elite Hotels (Rotherwick) Group and the Directors of West Indies Investments Limited. There were no emoluments paid to the Trustees in their capacity as trustees.

Trustee expenses totalling £56 (2024 - £235) were incurred during the year.

The total emoluments (including pension contributions) paid to the Directors of the subsidiary undertakings amounted to £551,763 (2024 - £366,520).

29

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

5. Staff numbers and costs (continued)

The following numbers of staff in the subsidiary undertakings had employee benefits of £60,000 or more during the year:

or more during the year:
2025 2024
No. No.
£130,000 + 1 -
£120,000-£129,999 - 1
£110,000-£119,999 1 -
£100,000-£109,999 1 -
£90,000-£99,999 - -
£80,000-£89,999 1 1
£70,000-£79,999 - 1
£60,000-£69,999 - -

6. Taxation

The charity is exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The group has tax losses carried forward of £37,476,725 (2024 - £36,189,056). Deferred tax has not been recognised on all of the carried forward tax losses due to uncertainty surrounding the timing of their utilisation.

30

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

7. Tangible fixed assets

Consolidated

Land and Furniture Motor Plant and Total
buildings fittings and vehicles machinery
equipment
Cost:
At 1 April 2024 50,790,641 5,251,876 45,992 1,364,718 57,453,227
Additions 4,647 208,877 - 84,376 297,900
Disposals - - - - -
––––—— ––––—— ––––—— ––––—— ––––——
At 31 March 2025 50,795,288 5,460,753 45,992 1,449,094 57,751,127
––––—— ––––—— ––––—— ––––—— ––––——
Depreciation:
At 1 April 2024 - 1,031,514 8,174 71,200 1,110,888
Charge for the - 1,474,953 11,346 145,547 1,631,846
year
Disposals - - - - -
––––—— ––––—— ––––—— ––––—— ––––——
At 31 March 2025 - 2,506,467 19,520 216,747 2,742,734
––––—— ––––—— ––––—— ––––—— ––––——
Net book value:
At 31 March 2025 50,795,288 2,954,286 26,472 1,232,347 55,008,393
At 31 March 2024 50,790,641 4,220,362 37,818 1,293,518 56,342,339
══════ ══════ ══════ ══════ ══════

Included within the net book value of land and buildings above is £50,795,288 (2024 - £50,790,641) in 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 2025

7. Tangible fixed assets (continued)

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2025
2024
£
£
Fixtures, fittings and equipment -
15,847
––––––––––– ––––––––––

8. Fixed asset investments

Foundation

As at 31 March 2025 the following fixed asset investments were held by the Foundation.

Name of Company Co Shares Proportion Nature of business
number
Held		 of voting
rights and
shares held
Subsidiary Undertakings
West Indies Investments FC037297 Ordinary 100% Investment holding company
Limited
Elite Hotels (Rotherwick) 01899376 Ordinary 100% Operation of a hotel and
Limited* provision of associated services.
Ashdown Park (Sussex) 02708290 Ordinary 100% Operation of a hotel and
Limited** provision of associated services.
The Grand Hotel (Eastbourne) 03514189 Ordinary 100% Operation of a hotel and
Limited** provision of associated services.
Tyley Hall Hotel Limited ** 01853685 Ordinary 100% Operation of a hotel and
provision of associated services.

The Foundation directly owns 100% of West Indies Investments Limited and 9.09% of Elite Hotels (Rotherwick Limited.

** Owned directly via interests in Elite Hotels (Rotherwick) Limited.

32

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

8. Fixed asset investments (continued)

Investments are classified as follows:

Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Investment in subsidiaries - 38,063,000 - 38,063,000
══════ ══════ ══════ ══════
9. Stocks
Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Consumables 205,712 - 249,394 -
══════ ══════ ══════ ══════
10. Debtors
Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Trade debtors 189,919 - 256,019 -
Other debtors 9,115 - - -
Prepayments and accrued 166,574 - 217,245 -
income
---------------- ---------------- ---------------- ----------------
365,608 - 473,264 -
══════ ══════ ══════ ══════

33

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

11. Creditors: amounts falling due within one year

Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Bank loans 14,400,000 - 15,000,000 -
Finance leases 9,887 - 10,431 -
Trade creditors 929,688 1,132,144 -
Other tax and social 1,115,479 - 557,884 -
security
Pension creditor 58,879 - 54,106 -
Other creditors - - 464 -
Accruals 524,433 12,349 548,277 1,849
Payments on account 2,161,046 - 1,677,415 -
---------------- ---------------- ---------------- ----------------
19,199,412 12,349 18,980,721 1,849
══════ ══════ ══════ ══════

12. Creditors: amounts falling due after more than one year

Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Finance lease 14,149 - 25,468 -
══════ ══════ ══════ ══════

34

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

13. Financial instruments - Loans

The carrying value of the Group and Charity’s financial assets and liabilities (excluding trade debtors and trade creditors measured at the undiscounted amount receivable or payable) is summarised below: -

Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Bank loans 14,400,000 - 15,000,000 -
Included in creditors less (14,400,000) - (15,000,000) -
than one year
---------------- ---------------- ---------------- ----------------
- - - -
══════ ══════ ══════ ══════

The amounts shown as bank loans of Elite Hotels (Rotherwick) Limited above are secured by means of:

The facility, entered into in February 2019 expired in February 2024 and was renewed by Elite Hotels (Rotherwick) Limited in May 2024 for a further two years to February 2026 with quarterly capital repayments falling due of £150k.

35

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

14. Finance leases - Group

Obligations under Finance lease and hire purchase contracts, are due as follows:

2025 2024
£ £
Within one year 9,887 10,431
Between two to five years 14,149 25,468
---------------- ----------------
Total 24,036 35,899
Less amounts falling due within one year (9,887) (10,431)
---------------- ----------------
Amount falling after more than one year 14,149 25,468
══════ ══════
5.
Analysis of group net assets between		 funds
Unrestricted Permanent Total funds
funds endowment
2025 2025 2025
£ £ £
Fixed assets 17,537,250 37,471,143 55,008,393
Net current assets / (liabilities) (17,473,191) - (17,473,191)
Creditors more than one year (14,149) - (14,149)
---------------- ---------------- ----------------
Total net assets 49,910 37,471,143 37,521,053
══════ ══════ ══════
Unrestricted Permanent Total funds
funds endowment
2024 2024 2024
£ £ £
Fixed assets 18,871,196 37,471,143 56,342,339
Net current assets / (liabilities) (17,353,581) - (17,353,581)
Creditors more than one year (25,468) - (25,468)
---------------- ---------------- ----------------
1,491,147 37,471,143 38,963,290
══════ ══════ ══════

15. Analysis of group net assets between funds

36

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

16. Financial commitments

Operating leases – lessee

At 31 March 2025 the group had total financial commitments under non-cancellable operating leases as set out below:

2025 2024
£ £
Within one year 21,829 24,401
Between two to five years 32,810 61,499

-------------------------------

The amount of non cancellable operating lease payments recognised as an expense during the year was £24,401 (2024 - £20,402)

Operating leases – lessor

2025 2024
£ £
Within one year 38,683 48,063
Between two to five years 62,342 104,759
More than five years - 1,875
---------------- ----------------

17 Notes to the cash flow statement

(a) Reconciliation of net movement in funds to net cash flow from operating activities:

2025 2024
£ £
Net expenditure for the period before transfers (1,442,237) 35,177,860
Non cash donation received less cash - (34,521,264)
Decrease in stock 43,682 27,548
Decrease in debtors 107,656 320,219
Increase / (decrease) in creditors 819,235 (375,731)
Depreciation 1,631,846 1,110,888
Profit on disposal of assets - (23,122)
Interest receivable (71,401) (79,825)
Interest payable 1.150,530 793,825
---------------- ---------------
Net cash inflow / (outflow) from operating activities 2,239,311 2,430,277
---------------- ----------------

37

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

17. Notes to the cash flow statement (continued)

(b) Analysis of cash and cash equivalents

(b) Analysis of cash and cash equivalents
Group
2025 2024
£ £
Cash at bank and in hand 1,154,901 904,482
══════ ══════

(c) Analysis of changes in net funds / (debt)

At 31 March Cashflow At 31 March
2024 2025
£ £ £
Finance lease obligations (35,899) 11.863 (24,036)
Loans (15,000,000) 600,000 (14,400,000)
Cash at bank 904,482 250,419 1,154,901
---------------- ---------------- ----------------
(14,131,417) 862,282 (13,269,135)
══════ ══════ ══════

18. Movement in funds

The movement in funds, during the year, for the group and Charity were as follows:

Consolidated Charity Consolidated Charity
2025 2025 2024 2024
£ £ £ £
Net movement in funds (1,442,237) 112,861 35,177,860 34,347,479
Funds brought forward 38,963,290 38,132,909 3,785,430 3,785,430
---------------- ---------------- ---------------- ----------------
Funds carried forward 37,521,053 38,245,770 38,963,290 38,132,909
══════ ══════ ══════ ══════

38

The Incorporated Trustees of The Rotherwick Foundation

Notes to the financial statements

for the year ended 31 March 2025

19. Related parties

Foundation only

Mr A H W Dixon is a non-executive director of Elite Hotels (Rotherwick) Limited.

Elite Hotels (Rotherwick) Limited donated administration and management services. The value of these services has been estimated at £30,000 (2024 - £30,000) and has been included within donations and administration.

The Grand Hotel (Eastbourne) Limited, a subsidiary company of Elite Hotels (Rotherwick) Limited, made donations of £200,000 (2024 - £nil) to the Foundation during the year. There were no balances outstanding at the year end.

20. The Incorporated Trustees of The Rotherwick Foundation Statement of Financial Activities for the year ended 31 March 2025.

Unrestricted Permanent Total Total
funds endowment 2025 2024
2025 2025
£ £ £ £
Income from
Donations and legacies 230,000 - 230,000 30,000
Funds brought forward - - - 41,127,143
---------------- ---------------- ---------------- ----------------
Total 230,000 - 230,000 41,157,143
---------------- ---------------- ---------------- ----------------
Expenditure on
Governance costs 11,954 - 11,954 15,335
Grants made 75,000 - 75,000 44,000
Management and admin 30,000 - 30,000 30,000
costs
Bank charges 185 - 185 186
---------------- ---------------- ---------------- ----------------
Total 117,139 - 117,139 89,521
---------------- ---------------- ---------------- ----------------
Impairment of investment - - - (6,720,143)
---------------- ---------------- ---------------- ----------------
Net income (expenditure) 112,861 - 112,861 34,347,479
and movement in funds
---------------- ---------------- ---------------- ----------------
Reconciliation of funds
Total funds brought forward 661,766 37,471,143 38,132,909 3,785,430
Total funds carried forward 774,627 37,471,143 38,245,770 38,132,909
══════ ══════ ══════ ══════

39