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2024-12-31-accounts

THE ROUS CHARITY

Trustee's Report and Financial Statements

31 December 2024

Registered Charity Number 1068581

THE ROUS CHARITY TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Contents Page
Officers and professional advisers 1
Trustee's report 2
Independent auditor's report 6
Statement of financial activities 9
Statement of financial position 10
Notes to the financial statements 11

THE ROUS CHARITY TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

REGISTERED CHARITY NUMBER: 1068581

TRUSTEE

Racing Homes (a company limited by guarantee)

DIRECTORS OF RACING HOMES

Simon Hope (Chair) Nicholas Bannister (appointed 26 June 2024) Sir William Barlow Craig Glasper Patrick Russell Simon Stockley

KEY MANAGEMENT

Dawn Goodfellow - Chief Executive Officer Gemma Waterhouse - Chief Operating Officer Wendy Botterill - Director of Housing

REGISTERED OFFICE

Robin McAlpine House 20B Park Lane Newmarket Suffolk CB8 8QD

BANKERS

Barclays Bank PLC High Street Newmarket Suffolk CB8 8NH

SOLICITORS

Mishcon de Reya 4 Station Square Cambridge CB1 2GE

INVESTMENT MANAGERS

Troy Asset Management Limited Brookfield House 44 Davies Street London W1K 5JA

Latitude Investment Management 6 Arlington Street London SW1A 1RE

AUDITORS

Price Bailey LLP Tennyson House Cambridge Business Park Cambridge CB4 0WZ

1

THE ROUS CHARITY TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Rous Charity was formed on 24 September 1997 by a Charity Commissioners' Scheme, which combined the operations of the Rous Memorial Fund and the Rous Memorial and Almshouse Charity.

The sole Trustee is Racing Homes (Charity Commission registration number 1122961). Its trustees act as trustees of the charity.

Governance

The Charity is registered under the Charities Act 2011 (Charity Commission registration number 1068581). Racing Homes is itself a subsidiary undertaking of Racing Welfare (Charity Commission registration number 1084042). Day-to-day management of the Rous Charity is delegated to Racing Homes Director of Housing, overseen by the Chief Executive.

The Jockey Club is the charity's ultimate controlling party by virtue of being Racing Welfare's sole member, and provides HR, IT and capital projects support to the Racing Welfare Group.

Recruitment and appointment of trustees

The sole trustee of the charity is Racing Homes, whose own trustees act as trustees of the charity. A full description of Racing Homes recruitment process can be found in its financial statements.

Principal Risks and Uncertainties

The principal risks are identified as those with the highest likelihood of occurrence together with the highest potential impact. Also included are those risks that score highly and are fundamentally key to what we do and how we operate.

Set out in the table below are the principal risks that are specific to The charity. The trustee acknowledges that there are further, more generic risks, which are included on the charity and group risk register and may score highly but these risks are not listed here due to their generic nature or because they, by nature, are not within our power to control or mitigate e.g. changes in the economy.

==> picture [448 x 227] intentionally omitted <==

----- Start of picture text -----
Risk description Risk mitigation
Failure to protect vulnerable and All staff are appropriately vetted in accordance with law
young people: and current regulations. The charity adopts Racing
Welfare's safeguarding policy which is regularly reviewed
by dedicated safeguarding staff and is the recipient of the
Failure may result in adverse publicity and
SafeCic Safe Award recognising excellence in
risk to the charity's repuation as well as
safeguarding standards. Safeguarding training is
possible litigation.
undertaken by all staff. DBS checks are carried out on all
trustees. All line managers undergo Safer Recruitment
training
Non-compliance with electrical, gas Fire risk assessments are conducted at all schemes
and fire safety requirements: along with weekly alarm tests, along with staff regularly
checking communal areas for good housekeeping.
Annual PAT testing conducted along with five year fixed-
Failure to comply with safety requirements
wire testing. Contracts in place for electrical and gas
could lead to serious harm to tenants and
safety. Central housing management software triggers
property
compliance reminders.
----- End of picture text -----

2

THE ROUS CHARITY TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Principal Risks and Uncertainties (continued)

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----- Start of picture text -----
Risk description Risk mitigation
Stock deterioration Racing Homes has committed to providing housing of a
high standard and is in the process of refurbishing older
Tenant and staff injury sustained from units, as well as recently completing a full refurbishment
deterioration of housing stock as well as of a block of young persons accommodation. A long-term
the reputation risk associated with sub- maintenance programme has been produced by the
standard housing. charity's dedicated in-house property manager.
----- End of picture text -----

The Trustee has introduced a formal risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. The risk register is regularly reviewed by Racing Welfare Senior Management and annually by Racing Welfare Trustees.

OBJECTS AND ACTIVITIES

The Charity exists to provide almshouses for the benefit of needy or aged persons employed or formerly employed or otherwise engaged in or in connection with the horse racing and thoroughbred industry or their dependants. The Trustee confirms that it has had regard to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

CHARITY GOVERNANCE CODE

The Charity, in line with Racing Welfare, has fully adopted the Charity Governance code and is actively working on all seven pillars. Full details can be found in the consolidated financial statements of Racing Welfare.

ACHIEVEMENTS AND PERFORMANCE

The Charity continued to provide housing to its beneficiaries in 2024. The Charity owns eight bungalows at Rous Court, Newmarket, and five modern bungalows in Hamilton Road, Newmarket leased from The Jockey Club. These properties are managed by Racing Homes and provide housing and facilities at an affordable rent for pensioners from the horseracing industry.

3

THE ROUS CHARITY TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

In 2024, the Charity received income of £87,245 (2023: £85,667) and expended some £91,415 (2023: £84,357). The increase in income was due to our policy of letting to new tenants at local housing allowance rents, above our historic social rents. The increase in expenditure is due to planned maintenance costs. The Charity made fair value gains on investments of £16,065 (2023: £9,186) and has maintained a sound financial position with unrestricted funds at 31 December 2024 of £632,305 (2023: £599,763).

Reserves policy

The Trustee has reviewed the reserves of the Charity. This review encompassed the requirement to meet fixed commitments and the likelihood of receiving voluntary donations. The Charity aims to maintain general reserves equivalent to at least 6 months forward expenditure, estimated at £40,000. At 31 December 2024 general reserves were £489,311 (2023: £480,620). The trustee is of the opinion that these funds are sufficient to sustain the Charity’s ongoing activities. Excess reserves will be kept under review by the trustee whilst assessing opportunities as they arise.

Under the terms of the 1997 Charity Commissioner's scheme, the land and buildings formerly belonging to the Rous Memorial and Almshouses charity should be held in the Rous Charity on the same terms as it was in the Rous Memorial and Almshouses charity. The properties have been classified as permanent endowments with the fund value representing the net book value of the land and buildings (2024: £787,543; 2023: £808,190).

The trustee maintained a designated extraordinary repairs fund to provide for any unexpected repairs and improvements. At 31 December 2024, the value of extraordinary repair fund was £40,000 (2023: £40,000).

Free reserves at 31 December 2024 were £219,642 (2023: £203,165), calculated as total unrestricted funds excluding those invested in shares and securities.

Investment policy

The Charity's investment portfolio is represented by investments in common funds, the Trojan Income Fund ('S' Income) and Latitude Horizon Fund. During the the year funds previously invested in the Trojan Fund were sold and invested in Latitude's Horizon Fund. The aim of the investment policy is to provide a balance between income and capital growth, measured on a total returns basis.

PLANS FOR FUTURE PERIODS

The Charity intends to sustain its current level of activities.

No activities are undertaken by the Charity or by any person on behalf of the Charity for the purpose of fundraising, and in particular no professional fundraiser or commercial participator have carried on any such activities.

Neither the Charity nor any person acting on behalf of the Charity was subject to an undertaking to be bound by any voluntary scheme for regulating fundraising, or any voluntary standard of fundraising, in respect of activities on behalf of the Charity. In light of this, there was no failure to comply with a scheme or fundraising standard, and there was no requirement for any monitoring of activities carried on by any person on behalf of the Charity for the purpose of fundraising. No complaints have been received by the Charity or a person acting on its behalf about activities by the Charity or by a person on behalf of the Charity in connection with fundraising.

Whilst the trustees are aware and supportive of the need to protect vulnerable people and other members of the public from any fundraising activities that potentially puts people at risk, as the Charity does not undertake any fundraising, the trustees are confident that no one was put at risk from inappropriate fundraising activities of the Charity.

4

THE ROUS CHARITY TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The Trustee is responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing the financial statements the Trustee is required to:

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

The Auditors, Price Bailey LLP, have expressed their willingness to continue in office. A resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

The trustees report was approved on 5 June 2025 and signed on its behalf:

Simon Hope (Chair of Racing Homes)

5

THE ROUS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of The Rous Charity (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

6

THE ROUS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 the Trustee

As explained more fully in the trustee's responsibilities statement set out on page 5, 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 trustee determines 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 trustee is 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.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the charity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements. In relation to the charity this included data protection and financial reporting.

The risks were discussed with the audit team and we remained alert to any indications of noncompliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

7

THE ROUS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, inlcuding any significant deficiencies in internal control that we identify during our audit.

Use of report

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

Price Bailey LLP Chartered Accountant and Statutory Auditor Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date 19 June 2025

Price Bailey LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

8

THE ROUS CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

==> picture [502 x 395] intentionally omitted <==

----- Start of picture text -----
Note Unrestricted Endowment Total Total
funds funds 2024 2023
£ £ £ £
(note 14)
INCOME FROM:
Investments 2 8,198 - 8,198 11,403
Charitable activities 79,047 - 79,047 74,264
TOTAL INCOME 87,245 - 87,245 85,667
EXPENDITURE ON:
Charitable activities 70,768 20,647 91,415 84,357
TOTAL EXPENDITURE 3 70,768 20,647 91,415 84,357
NET INCOME / (EXPENDITURE) BEFORE GAINS
AND LOSSES ON INVESTMENTS 16,477 (20,647) (4,170) 1,310
Net gains on investments 7 16,065 - 16,065 9,186
NET INCOME / (EXPENDITURE) FOR THE YEAR
AND NET MOVEMENT IN FUNDS 32,542 (20,647) 11,895 10,496
Reconciliation of funds:
Balances brought forward 1 January 10 599,763 808,190 1,407,953 1,397,457
Balances carried forward 31 December 10 632,305 787,543 1,419,848 1,407,953
----- End of picture text -----

The notes on pages 11 to 18 form part of these financial statements.

9

THE ROUS CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024

Note
FIXED ASSETS
Tangible assets
6
Investments
7		 2024
2023
£
£
795,329
808,190
412,663
396,598
1,207,992
1,204,788
CURRENT ASSETS
Debtors
8
Cash at bank and in hand		 146,889
5,428
70,985
212,777
LIABILITIES
Creditors: amounts falling due within one year
9		 217,874
218,205
(6,018)
(15,040)
NET CURRENT ASSETS 211,856
203,165
NET ASSETS 1,419,848
1,407,953
THE FUNDS OF THE CHARITY:
Unrestricted funds:
10
General fund
Revaluation Reserve
Designated funds		 489,311
480,620
95,208
79,143
40,000
40,000
Endowment funds 624,519
599,763
795,329
808,190
TOTAL CHARITY FUNDS
11		 1,419,848
1,407,953

The financial statements of The Rous Charity were approved by the Trustee and authorised for issue on 5 June 2025 and signed on its behalf by:

Simon Hope Chair of Racing Homes

The notes on pages 11 to 18 form part of these financial statements.

10

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. The financial statements have been prepared in accordance with the 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling, which is the charity's funcational currency and rounded to the nearest £1.

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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued 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 financial statements of the Charity are consolidated in the financial statements of Racing Welfare. The consolidated financial statements of Racing Welfare are available from its registered office, whose address is the same as the Charity’s.

Going concern

The directors have identified no material uncertainties and have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, a period of at least 12 months from the date of approval of the financial statements, and the charity is well placed to manage its business risks successfully. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Income recognition

Income from charitable activities represents rents and service charges receivable. All rental and service charge income is from social housing lettings. Investment income is included in the accounts when due. Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

The endowment funds were established when the Rous Memorial and Almshouses charity and the Rous Memorial Fund were combined to for the Rous Charity and represents the net book value of the properties.

11

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

Freehold and long leasehold almshouses

Depreciation is provided in equal annual instalments over the term of the lease or estimated lives of the assets at the rate of 2% per annum. Freehold land is not depreciated.

Freehold and leasehold improvements

Depreciation is provided on freehold and leasehold improvements at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows:

Boilers, bathrooms and kitchens 10 years Windows 20 years Roof 50 years

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the reporting date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value (purchase date if later). Realised and unrealised gains and losses are combined in the Statement of Financial Activities.

Judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for income and expenditure during the period. However, the nature of the estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on the amounts recognised in the financial statements:

Tangible fixed assets:

Tangible fixed assets are depreciated over their useful lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal value.

2. INVESTMENT INCOME
Interest receivable
Dividends receivable from investments and unit trusts		 2024
£
1,285
6,913
8,198		 2023
£
1,726
9,677
11,403

12

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. CHARITABLE ACTIVITIES

CHARITABLE ACTIVITIES
Housing
Support Cost Allocation
Overheads and administration costs
Governance costs
Housing
Support Cost Allocation
Overheads and administration costs
Governance costs
Analysis of social housing costs
Management costs
Service charges
Maintenance of properties
Governance costs
Depreciation of properties
Depreciation of fixtures and fittings		 Activities
undertaken
directly
£
83,815
83,815
Activities
undertaken
directly
£
76,433
76,433		 Support
costs
£
7,600
7,600
Support
costs
£
7,924
7,924
2024
£
29,658
4,587
32,923
3,600
13,880
6,767
91,415		 Total
2024
£
91,415
91,415
£
4,000
3,600
7,600
Total
2023
£
84,357
84,357
£
4,000
3,924
7,924
2023
£
28,429
6,251
25,494
3,924
13,880
6,379
84,357

The Charity does not employ staff directly. Staff are employed by Racing Homes, the charity’s corporate trustee. Direct housing staff costs are apportioned to the Charity on the basis of properties managed. In 2024, the cost of housing staff time allocated to the Charity was £23,355 (2023: £23,089).

13

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. TRUSTEE'S REMUNERATION

No remuneration or out of pocket expenses were received by the trustee during the year (2023: £nil).

All staff are employed by Racing Homes and Racing Welfare, with costs allocated to the charity on the basis of the proportion of units owned. Therefore no employee or key management personnel remuneration was directly incurred.

5. GOVERNANCE

The auditors' remuneration constituted audit fees of £3,600 (2023: £2,750).

6. TANGIBLE FIXED ASSETS

Cost and deemed cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Long
Freehold
leasehold
Freehold
Leasehold
almshouses
almshouses
improvements Improvements
£
£
£
£
546,000
330,000
103,564
11,044
-
-
2,243
5,543
546,000
330,000
105,807
16,587
72,800
66,000
36,452
7,166
7,280
6,600
5,638
1,129
80,080
72,600
42,090
8,295
465,920
257,400
63,717
8,292
473,200
264,000
67,112
3,878		 Totals
a
£
990,608
7,786
998,394
182,418
20,647
203,065
795,329
808,190

Freehold almshouses includes freehold land of £182,000 (2023: £182,000) that is not depreciated.

7. FIXED ASSET INVESTMENT

IXED ASSET INVESTMENT
Listed investments:
Market Value at 1 January
Additions
Disposals
Net investment gains
Market value at 31 December
Historical cost at 31 December
Listed investments are represented by:
Investment trusts and unit trusts		 2024
£
396,598
178,854
(178,854)
16,065
412,663
317,455
412,663		 2023
£
387,412
-
-
9,186
396,598
317,455
396,598

14

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. DEBTORS

8. DEBTORS
Due from Racing Welfare
Accrued income
Prepayments and accrued income
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade Creditors
Owed to Racing Welfare
Owed to Racing Homes
Accruals and deferred income		 2024
£
144,772
2,117
146,889
2024
£
419
-
1,844
3,755
6,018		 2023
£
-
5,428
5,428
2023
£
-
3,357
7,803
3,880
15,040

10. STATEMENT OF FUNDS

Unrestricted funds
General reserve
Investment fund
Designated funds
Extraordinary Repair Fund
Total unrestricted funds
Endowment funds		 At 1
January
2024
£
480,620
79,143
40,000
599,763
808,190
1,407,953		 Income
£
87,245
-
-
87,245
-
87,245		 Expenditure
£
(70,768)
-
-
(70,768)
(20,647)
(91,415)		 Investments
Gains
£
-
16,065
-
16,065
-
16,065		 Transfers
£
(7,786)
-
-
(7,786)
7,786
-		 At 31
December
2024
£
489,311
95,208
40,000
624,519
795,329
1,419,848

The £7,786 transfer represents additions to properties in the endowment fund that were funded by the general reserve.

Unrestricted funds
General reserve
Investment fund
Designated funds
Extraordinary Repair Fund
Total unrestricted funds
Endowment funds
Total unrestricted funds		 At 1
January
2023
£
459,051
69,957
40,000
569,008
828,449
1,397,457		 Income
£
85,667
-
-
85,667
-
85,667		 Expenditure
£
(64,098)
-
-
(64,098)
(20,259)
(84,357)		 Investments
Gains
£
-
9,186
-
9,186
-
9,186		 Transfers
£
-
-
-
-
-
-		 At 31
December
2023
£
480,620
79,143
40,000
599,763
808,190
1,407,953

15

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. STATEMENT OF FUNDS (continued)

The general reserve represents the free funds of the Charity which are not designated for particular purposes, and are available to be spent for any of the purposes of the Charity.

The Investment Fund represents the net accumulated fair value gains on investments which would only be available for use if the investments were sold.

The extraordinary repair funds sets aside funds for unexpected maintenance costs.

The endowment funds were established when the Rous Memorial and Almshouses and the Rous Memorial Fund were combined to form the Rous Charity and represents the net book value of the properties.

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

As at 31 December 2024
Tangible fixed assets
Investments
Current assets
Current liabilities
As at 31 December 2023
Tangible fixed assets
Investments
Current assets
Current liabilities		 £
40,000
1,419,848
584,519
(6,018)
412,663
412,663
177,874
217,874
£
-
-
795,329
£
40,000
559,763
1,407,953
40,000
178,205
218,205
-
(15,040)
(15,040)
-
808,190
-
396,598
396,598
-
Total
Designated
2023
£
£
Unrestricted
£
Total
Unrestricted
2024
Designated
Endowment
£
795,329
-
-
-
-
-
(6,018)
40,000
-
-
-
808,190
795,329
Endowment
£
808,190

16

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. CONNECTED CHARITIES (continued)

The Rous Charity has its trustee representatives and administration in common with the following charities:

The following amounts were due from/(to) connected charities as at 31 December 2024:

Racing Welfare
Racing Homes		 £
144,772
(1,844)
2024		 £
(3,357)
(7,803)
2023

Racing Homes manages the properties on behalf of The Rous Charity. During the year Racing Homes collected rents amounting to £79,045 (2023: £70,111) on behalf of the charity and paid shared costs attributable to the charity of £47,262 (2023: £51,421), including staff costs of £23,354 (2023: £23,089). During the year the charity received £1,530 in respect of an insurance claim settled through the group insurance policy (2023: £16,563).

During the year £4,000 (2023: £4,000) in respect of management and administration overheads were allocated to the Charity by Racing Homes.

Racing Welfare manages cash across the group. During the year £150,000 was transferred from the Rous Charity to Racing Welfare. During the year Racing Welfare incurred costs in relation to Rous Charity of £1,884.

Five bugalows in Newmarket are held on a 50 year lease from Jockey Club Estates. There is no annual charge.

Parent Company

Racing Homes, Charity Number 1122961, Company Registration 06489067 whose address is the same as the Rous Charity and whose charitable objects and activities are the provision of affordable housing to those in need. The parent company exercises control through its corporate trusteeship and its accounts can be obtained from Racing Welfare.

Ultimate Parent Company

Racing Welfare, Charity Number 1084042, Company registration Number 04116279, whose address is the same as the Rous Charity and whose charitable objectives are the relief of poverty, sickness, injury and the advancement of education to those employed or formally employed in the racing industry.

The Ultimate Parent exercises control through its corporate trusteeship; its accounts can be obtained from Racing Welfare, 20b Park Lane, Newmarket Suffolk, CB8 8QD.

Ultimate Controlling Party

The Ultimate Controlling Party is The Jockey Club, Company Registration Number RC000287, governed by Royal Charter, whose address is 75 High Holborn, London, WC1V 6LS by virtue of being the sole member of Racing Welfare.

17

THE ROUS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. FINANCIAL INSTRUMENTS

==> picture [432 x 44] intentionally omitted <==

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Equity instruments measured at fair value|412,663|396,598|

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14. STATEMENT OF FINANCIAL ACTIVITIES DETAIL FOR THE YEAR ENDED 31 DECEMBER 2023

==> picture [422 x 357] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted|Endowment|Total| |funds|funds|2023| |£|£|£| |INCOME FROM:| |Investments|11,403|-|11,403| |Charitable activities|74,264|-|74,264| |TOTAL INCOME|85,667|-|85,667| |EXPENDITURE ON:| |Charitable activities|64,098|20,259|84,357| |TOTAL EXPENDITURE|64,098|20,259|84,357| |NET INCOME/(EXPENDITURE) BEFORE GAINS| |AND LOSSES ON INVESTMENTS|21,569|(20,259)|1,310| |-| |Net (losses) / gains on investments|9,186|9,186| |NET (EXPENDITURE) / INCOME FOR THE YEAR| |AND NET MOVEMENT IN FUNDS|30,755|(20,259)|10,496| |Reconciliation of funds:| |Balances brought forward 1 January|569,008|828,449|1,397,457| |Balances carried forward 31 December|599,763|808,190|1,407,953|

----- End of picture text -----

18