The Rossall Foundatlon la company limited by guarantee) Unaudlted Financial Statements for the Year Ended 31 October 2024 Charlty number 1112506 Company number 5585637
The Rossall Foundatlon For the Year Ended 31 October 2024 Contents Pa Legal and Admlnistrative Information Independent Examiner's report Directors, & Trustees, Report Statement of Financial Activities Balance Sheet Notes to the Financial Staterrents 10-12
The Rossall Foundation Le al and Admlnistrative Information Forthe Year Ended 31 October 2024 Status: The Company was incorporated on 6 October 2005 and is registered with the Charity Commission. Istered Charlt Number: 1112506 Re istered Com an Number: 5585637 Directors & Trustee5: The Directors and Trustees who served during the year under review were.. Mr. H. Shepherd Mr M. A. L. Tansey Mrs H. Trapnell Mr N. C. Holt (Resigned on 28 May 20241 Mrs M. H. Wood Mrs G. M. Austin-King Mr C. l. Baxter Mr P. G.Jenkins Mr K. J. Budge (Appointed 25 May 20241 CHAIRMAN Istered Offlce: Rossall School Broadway Fleetwood Lancashire FY7 8JW Inde endent Examlner.. Mr Simon C Thomas FCA 105 Garstang Road Preston PRI ILD Bankers: Lloyds TSB plc 30 Corporation Street Blackpool FYI IEN Page I
Inde endent Examlner's Re ort To the Directors of The Rossall Foundation For the Year Ended 31 October 2024 I report to the Charity's trustees on the accounts of the Charltable Company for the year ended 31 October 2024, which are set out on pages 7 to 12. Res ectlve res onsibllitles of the Dlrettors and examiner As the Charitys trustees of the Company Iwho are also the directors of the Company for the purposes of company lawl, you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061"the 2006 Act"1, Having satisfled myself that the accounts of the Company are not required to be audSted for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your Charity's accounts as carried out under Section 145 of the Charities Act 20111"the 2011 Act"). In carrying out my examination, I have followed the Directlons glven by the Charity Commission (under section 14515llbl of the 2011 Act). Inde endent examiner's statement I have completed my examination. I confirm that no materSal matters have come to my attention which gives me cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006; or the account5 do not accord wlth such records,. or the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requlrement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the Charities SORP IFRS1021. I have no concerns and have come across no other matters in connection with the examination to which attentlon should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 19 02 Simon C Thomas FCA 105 Garstang Road Preston Date PRI ILD Page 2
The Rossall Foundatlon Dlrectors, & Trustees, Re ort For the Year Ended 31 October 2024 The Dlrectors Iwho are also the Trustees of the Charity) present their Report and the Financial Statements for the year ended 31 October 2024. Actlvlties and Achlevements The Company is a registered charity whose main activity is to raise funds in order to provide resources to Rossall School, Broadway, Fleetwood, LancashSre for the advancement of educatSonal excellence and to sustaln the long term growth of the School. The Rossall Foundation I"The Foundation") has thls year continued to support the school as it looks to continue to improve its facilities and pupil experience to ensure It continues to thrive despite the uncertainty in the general sector following the proposed introduction of VAT on prlvate education. The Foundation has provided grants through the year with more details set out in the Financial Review below. Supporting the school is ensuring high levels of education are maintaSned which is of benefit to the wider public. Flnan¢lal Revlew and Results for the Year Durlng the year donations were received totalling £631,682 which Sncluded claims for Gift Aid, to be paid by HMRC, of £10,410. This showed a healthy increase on last year and included signSficant donations of over £200,000 each from two specific donors. Separate to these donations the Company received £36,844 of interest income across various savings accounts which was a significant increase driven by both higher levels of funds held and increases in achievable interest rates on such balances. There was also £8,008 receivable from the Rossallian Club as a contribution towards the administrative costs incurred by the the Company as they also make use of this functlon. This gave total incoming resources of £676,534 In the year. Grants totalling £318,367 were made to the school in the year with the largest of these payments being £155,520 towards the renovation of the chapel organ, This has been a long-term project that the Company has been very keen to support and is delighted to see come to fruition. Separate to this there have been grants totalling £146,640 in the year to help fund the full repair of the Big School roof. This building is a central and h15torSc part of life at the school but it had been In desperate in need of repair. This work has allowed the building to remain in use and ensured it remains central to activities at the school. Outside of these maln two projects the Company has also provided grants to fund the renovation of the Rosshop, at £11,314 and 3 smaller grants totalling £4,893, mainly contributing towards music in the Prep School. Outside of the grants the Company also expended resources on raising funds of £804 along within incurring £41,928 on general costs allowing the Company to operate throughout the year and achieve Its objectives. The grants along with these other costs meant there were total resources expended of £361,099. Consequently the Company had net incoming resources in the year of £315,435. The funds brought forward at l November 2023 stood at £844,062. As a result of the surplus in the year this meant that the total funds at 31 October 2024 Stood at £1,159,497. Of these funds £787,728 were restricted with a total of £371,769 belng unrestricted in their use. Both restrlcted and unrestricted funds have increased within the year. Of the restricted funds by far and away the largest wa5 the Heritage fund which the Company has been actively working to bulld and Stood at £481,013 at the end of the year. This fund is to renovate and maintain the iconic and timeless buildings of the school. These are central to the history and legacy of the school but glven their nature and the exposure to the weather, maintaining these properties can often prove to be expensive and so the Company wants to support the school in this area. There also remains Page 3
The Rossall Foundatlon Dlrectors, Re ort Contlnued Forthe Year Ended 31 October 2024 significant sum In the bursary fund. The Company is working with the school in order to put these funds to use and be able to provide an opportunity for a new pupil to attend the school who may not otherwise have been able to. There were then 5 other funds making up the total restricted funds of £787,728. The unrestricted funds have been significantly increased in the year due a generous legacy of E235,756 which was received In the year. Despite these being unrestricted the Company is in dialogue with both the school and the family of the deceased donor to determine the project or projects that they feel these funds would be best Used for. In terms of the fund5 held at the year end the director5 remained aware of the protections offered by the Flnanclal Services Compensation Scheme IFSCSI In respect of the protectlon of £85,000 per flnanclal institution. For this reason the directors look to split the funds held between different institutions in order to protect the Company's funds. At the reporting date the Company had accounts with 4 dlfferent financial institutions giving guaranteed protection to £340,000 of the funds. The Company also had £590,163 held with Cazenove CapStal. This money was held withln low-risk, high-liquidity funds. This was to look to ensure that a return was being seen on the funds, particularly in view of the high levels of inflatlon seen in the last couple of years. However. the dlrectors want to ensure that no undue risks are taken with donors, funds and so have sought to maintain low-risk funds in order to protect against any unforeseen downturns but also to ensure that the funds can be drawn quickly should the directors see a way in which they wish to assist the school with the funds. Governln Document The Company's charitable status Is governed by a Charitable Trust Deed dated 13 December 2005, As a Charitable Company the organisation is governed by the Memorandum and Articles of Association adopted on Incorporation on 6 October 2005, and amended on 15 June 2011. The Company has also adopted the principles and guidance of the Charity Governance Code for smaller charities. Future Strate The Company will continue to raise funds in order to provide resources to the School for advancing its educational excellence and guaranteelng its future. Investment Poll¢ When surplus funds are available. the Directors intend to invest the Charity's funds in order to achieve preservation and growth of capital and income. Dlrectors Trustees and Members The Directors of the Company are the Trustees of the Charlty. Members of the Company guarantee to contribute an amount not exceeding £1 to the Company's assets in the event of the Company being wound up whilst a member or within one year of ceasing to be a member, An Indivldual aged 18 and over who is an Old Rossallian or otherwise supports the objects of the Company may seek membership of the Company. New members are appolnted by the Trustees at theSr absolute dlscretlon and no reason for the non-acceptance of an application need be given. It is the policy of the Trustees that any donor Is automatltally entltled to become 3 member once that have donated in excess of £500 to the Charity. The Directors of the Charity who have served during the period and those who were in office on 31 Page 4
The Rossall Foundation Dlrectors, Re ort Contlnued For the Year Ended 31 October 2024 October 2024 are listed on page l. Trustee Recrultment The Chalr of the School Council and President of the Rossallian Club are ex-officio Trustees of the Company. A member of the School council, other than the chair, can also be appointed by the Trustee5. The total number of Trustees shall not be less than 5 but (unless otherwise determlned by Ordinary Resolution) shall not be subject to any maximum, Inductlon and Tralnin of Trustees New Trustees are given a copy of the governing document and briefed on the responsibility of the Trustees. Or anlsational and Risk Mana ement The policies and management of the Charity are carrled out collectlvely by the Trustees. Any major risk to which the Charity is exposed has been reviewed by the Trustees and systems and procedures have been established to manage those risks. Dlre¢tors' Res onsibllitles Company law requires Directors to prepare Financial Statements for each financial year, which give a true and fair view of the affairs of the charitable company and of its incoming resources and application of resources for that period. In preparSng those Financial Statements, the Oirectors should follow best practlce and. select suitable accounting policies and then apply them con515tently,' make judgements and estimates that are reasonable and prudent,. and prepare Flnancial Statements on a going concern basis unless it is not appropriate to assume that the Company will contlnue to be active. The Directors are responsible for keeping proper accountlng records, which disclose with reasonable accuracy at any time the financial posltion of the charitable company and to enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charltable company and hence for taking reasonable steps for the prevention and detection of fraud and any other irregularities. Small Com an Dlsclosures The DSrectors' Report is prepared in accordance with the Charities SORP IFRS 1021- 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 RÈpublic of Ireland (effective l January 20191 and in accordance wlth the speclal provisions of Part 15 of the Companies Act 2006 relating to small companies. Page 5
The Rossall Foundatlon Dlrectors, Re ort Contlnued Forthe Year Ended 31 October 2024 Approved by the board and signed on behalf of the board by H. Shepherd IDir ctorl Date Page 6
The Rossall Foundatlon Statement of Flnan¢lal Actlvltles For the Year Ended 31 October 2024 Restricted Funds Unrestricted Funds TOTAL FUNDS 2023 2024 Note Incomin Resources Donations and Legacies Investment Income Other Income 380,846 250,836 36,844 8,008 631,682 373,378 36,844 4,868 8,008 5,811 Total Incomin Resources 380,846 295,688 676,534 384,057 Resources Ex ended Raising Funds Grants to Rossall School Other 804 4,893 41,928 804 318,367 41,928 313,474 15,593 37,381 Total Resources Ex ended 313,474 47,625 361,099 52,974 Net Incomin Resources 67,372 248,063 315,435 331,083 Funds brought forward as at l November 2023 720,356 123,706 844,062 512,979 Total Funds at 31 October 2024 787,728 371,769 1,159,497 844,062 The notes on pages 10 to 12 form part of these Financial Statements. Pa8e 7
The Rossall Foundatlon Balance Sheet As At 31 October 2024 Note 2024 2023 Current Assets Debtors Investments Cash at Bank 18,868 590,163 551,066 8,970 845,238 1,160,097 854,208 LESS Creditors Amounts falling due withln one year Accrued expenses 600 10,146 Net Assets 1,159,497 844,062 Ital and Reserves Restricted Funds Unrestricted Funds 787,728 371,769 720,356 123,706 Total Funds 1,159,497 844,062 The note5 on pages 10 to 12 form part of these Financial Statements. Page 8
The Rossall Foundation Balance Sheet continued As At 31 October 2024 The Directors have taken advantage of the exemption conferred by section 477 not to have these Flnancial Statements audited and confirm that no notSce has been deposited under section 476 of the Companies Act 2006. The Directors acknowledge their responsibilitles for ensuring that:_ l The Company keeps accounting records which comply with section 386 of the Companies Act 2006, and 2 The Financial Statements give a true and fair view of the state of affairs of the Company a5 at 31 October 2024 and of its surplus for the year then ended in accordance with the requirements of the Companies Act 2006 relating to Financial Statements. so far as applicable to the Company. The Financial Statements have been prepared in accordance with the Charltles SORP IFRS 1021- Accounting and Reporting by Charities Statement of Reeommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective l January 20191 and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by the board and is signed on their behalf by H. Shepherd ID ectorl Date M.A.L. Tansey (Direc Date The notes on pages 10 to 12 form part of these Financial Statements. Page 9
The Rossall Foundatlon Notes to the Financial Statements For the Year Ended 31 October 2024 l. Accountln Pollcies lal Basls of accounting The Financial Statements have been prepared under the historical cost convention and In accordance with the Charltles SORP IFRS 1021- Accounting and Reportlng by Charltles Statement of Recommended Practice applicable to charitles preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland leffe¢tSve l January 20191 and in accordance wSth the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Ibl Incomlng Resources Donations are recognised in the Financial Statements when received from donors. The Gift Aid due on any such amounts Is recorded at the same point. Investment income is recognised at the point the Company becomes entitled to receive the funds. This is usually on receipt. Other income is recognised on an accruals basis with any amounts relatlng to the accountlng period being recognised in that perlod. Should they not have been received at the reporting date and amounts outstanding are recorded within other debtors. Icl Resources Expended These are recognised in the FinancSal Statements as they are incurred on an accruals basls. Any amounts due whlch are to be billed and paid after the reporting date are included withln in accrued expense and the cost recognised in the period to which it relates, Idl Funds Restricted funds are subjected to restrictlons on their expenditure imposed by the donor or through the terms of an appeal. Unrestricted funds are available for the use of the trustees Sn furtherance of the general objectlves of the Charity. lel Golng Concern There are no material concerns about the Company's abllity to continue to operate. 2. Other Income The amounts shown in other income relate to amounts owed to the Company by the Rossalllan Club in relation to wages and labour costs incurred by the Company for administrative purposes. The Rossallian Club utilises the administrative function of the Company and so it was agreed that half of the costs of this were to be covered by them. Amounts outstandSng In relation to this income are recorded within other debtors at the reporting date. 3. Ralsln Funds Small incldental gifts are occaslonally made to donors in recognition for the generous donations. These as always small and withln the permitted limits as set out In government guidance. This ensures that Page 10
The Rossall Foundation Notes to the Flnanclal Statements Contlnued For the Year Ended 31 October 2024 Gift Aid can still be clalmed on such donations. The Company also incurs incidental costs at meals and events whlch assist in establishing relatlonships with potential donors. 4. Other- Governance Costs Unrestricted Funds Total Funds 2024 2023 Accountancy Printing, Postage and Statlonery Labour Costs General Expense5 Software Expenses 600 129 38,592 178 2,429 600 129 38,592 178 2,429 600 34,123 558 2,100 41,928 41,928 37,381 5. Movement In Funds Asat Incoming Resources Asat 01.11.23 Resources Expended 31.10.24 Restricted Funds 8ursary GAMC Memorial Fund Building Rosshop Chapel Organ Science Labs Heritage 208,159 1,731 56,327 11,314 180,998 1,513 260,314 7,331 215,490 1,731 62,503 6,176 11,314 155,520 25,478 1,513 146,640 481,013 367,339 Total Restrlcted Funds 720,356 380,846 313,474 787,728 Unrestricted Funds General 123,706 295,688 47,625 371,769 Total Funds 844,062 676,534 361,099 1,159,497 6. Debtors 2024 2023 Gift Aid Debtor Other Debtor Prepayments 16,964 1,358 546 18,868 6,554 1,961 455 8,970 Page 11
The Rossall Foundatlon Notes to the Flnan¢lal Statements Contlnued For the Year Ended 31 Ortober 2024 7. Related Part Transactlons There were no related party transactions during the year. No Director had any materlal Snterest in anv contract undertaken by the Company. No Dlrector recelved any remuneration or expenses in relation to their services to the Company, 8. Statutor Position The Company was incorporated on the 6 October 2005 as a company limited by guarantee. There were 294 members as at 31 October 2024 and each is liable to contribute £1 to the assets of the Company in the event of it being wound up. The Company is a charity registered with the Charities Commission and each member of the Company who is a Director is a Trustee of the Charity. Page 12