Charity registration number 1116094 (England and Wales) Company registration number 05672258
ROOKWOOD FOUNDATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
ROOKWOOD FOUNDATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees B Blum M Brinner S Aksler Charity number (England and Wales) 1116094 Company number 05672258 Registered office 1 Rookwood Road London N16 6SD Auditor Glazers 843 Finchley Road London NW11 8NA
ROOKWOOD FOUNDATION LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Statement of trustees responsibilities | 3 |
| Independent auditor's report | 4 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 - 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 21 |
ROOKWOOD FOUNDATION LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 29 FEBRUARY 2024
The trustees present their annual report and financial statements for the year ended 29 February 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The principal objectives of the company are:
-The advancement of religion in accordance with the Orthodox Jewish Faith
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-The relief of poverty, and
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-Any other activities recognised by English Law as charitable.
There have been no changes in the objectives since the last annual report.
The charity was set up to support the activities of religious Jewish organisations especially in the field of education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations.
The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basic necessities.
The income of the charity is derived from investments. The trustees continued their support of those organisations deemed to promote the objects of this charity.
Grantmaking
The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
Charitable activities
During the year under review the charity continued its activities and maintained its support for the advancement of the Orthodox Jewish faith and relief of poverty. The charity's total incoming resources during the year were £2,558,072 (2023: £3,226,702) and grants made totaled £77,951 (2023: £72,035). In addition the charity expended £425 (2023: £627,126) on staging and organising events for the advancement of the Orthodox Jewish faith.
Investment performance
The rental income raised from investment property was £1,006,891 (2023: £974,802) and the net surplus was £993,580 (2023 £1,267,181).
Financial review
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ROOKWOOD FOUNDATION LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity.
Plans for future periods
The charity continue to derive income from investment property and from donations.
Structure, governance and management
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
B Blum
M Brinner
S Aksler
Recruitment and appointment of trustees
It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Auditor
In accordance with the company's articles, a resolution proposing that Glazers be reappointed as auditor of the company will be put at a General Meeting.
The trustees report was approved by the Board of Trustees.
..............................
M Brinner
Trustee
Date: .............................................
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ROOKWOOD FOUNDATION LIMITED
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 29 FEBRUARY 2024
The trustees, who are also the directors of Rookwood Foundation Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.
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ROOKWOOD FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF ROOKWOOD FOUNDATION LIMITED
Opinion
We have audited the financial statements of Rookwood Foundation Limited (the ‘charity’) for the year ended 29 February 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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:
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give a true and fair view of the state of the charitable company's affairs as at 29 February 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 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.
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 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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ROOKWOOD FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROOKWOOD FOUNDATION LIMITED
Responsibilities of trustees
As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 charitable company 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 the Act and relevant regulations made or having effect thereunder.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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ROOKWOOD FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROOKWOOD FOUNDATION LIMITED
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:
1) Enquiries of management concerning the charity's policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
2) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, the Companies Act 2006 and IFRS as issued by the IASB , and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or avoid a material penalty.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
In addition to the above, our procedures to respond to risks identified included the following:
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Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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Enquiring of management concerning actual and potential litigation and claims;
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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.
Use of our report
This report is made solely to the charity’s trustees, 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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ROOKWOOD FOUNDATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROOKWOOD FOUNDATION LIMITED
Philippe Herszaft ACA (Senior Statutory Auditor)
For and on behalf of Glazers, Statutory Auditor Chartered Accountants 843 Finchley Road London NW11 8NA Date: .........................
Glazers is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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ROOKWOOD FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 1,551,181 | 2,251,900 |
| Investments | 4 | 1,002,141 | 974,802 |
| Other income | 5 | 4,750 | - |
| Total income | 2,558,072 | 3,226,702 | |
| Expenditure on: | |||
| Raising funds | 6 | 1,338,779 | 1,163,018 |
| Charitable activities | 7 | 225,715 | 796,503 |
| Total expenditure | 1,564,494 | 1,959,521 | |
| Net incoming resources | 993,578 | 1,267,181 | |
| Other recognised gains and losses | |||
| Revaluation of tangible fixed assets | - | 3,342,429 | |
| Net movement in funds | 993,578 | 4,609,610 | |
| Fund balances at 1 March 2023 | 8,985,735 | 4,376,125 | |
| Fund balances at 29 February 2024 | 9,979,313 | 8,985,735 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ROOKWOOD FOUNDATION LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
| Notes Fixed assets Tangible assets 14 Investment property 15 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 19 Net assets Net assets The funds of the charity Unrestricted funds Revaluation reserve |
2024 £ £ 3,173,702 17,435,557 20,609,259 15,000 280,659 295,659 (1,950,605) (1,654,946) 18,954,313 (8,975,000) 9,979,313 9,979,313 5,513,155 4,466,158 9,979,313 |
2023 £ £ 3,173,380 15,838,744 19,012,124 405,988 470,111 876,099 (1,607,488) (731,389) 18,280,735 (9,295,000) 8,985,735 8,985,735 7,862,006 1,123,729 8,985,735 |
|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 February 2024.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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ROOKWOOD FOUNDATION LIMITED
BALANCE SHEET (CONTINUED) AS AT 29 FEBRUARY 2024
The financial statements were approved by the trustees on .........................
..............................
M Brinner Trustee
Company registration number 05672258 (England and Wales)
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ROOKWOOD FOUNDATION LIMITED
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Cash flows from operating activities | |||||
| Cash generated from operations | 22 | 1,242,299 | 1,521,339 | ||
| Investing activities | |||||
| Purchase of tangible fixed assets | (517,080) | (929,676) | |||
| Purchase of investment property | (1,596,814) | (2,913,851) | |||
| Investment income received | 1,002,141 | 974,802 | |||
| Net cash used in investing activities | (1,111,753) | (2,868,725) | |||
| Financing activities | |||||
| Bank loans | (320,000) | 1,680,000 | |||
| Net cash (used in)/generated from | |||||
| financing activities | (320,000) | 1,680,000 | |||
| Net (decrease)/increase in cash and cash | |||||
| equivalents | (189,454) | 332,614 | |||
| Cash and cash equivalents at beginning of year | 470,111 | 137,497 | |||
| Cash and cash equivalents at end of year | 280,659 | 470,111 |
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
1 Accounting policies
Charity information
Rookwood Foundation Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Rookwood Road, London, N16 6SD.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property 15% reducing balance Fixtures and fittings 15% reducing balance Computers 33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its 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).
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
| 3 4 5 6 |
Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 £ £ Donations and gifts 1,551,181 2,251,900 Investments Unrestricted Unrestricted funds funds 2024 2023 £ £ Rental income 1,002,141 974,802 Other income Unrestricted Unrestricted funds funds 2024 2023 £ £ Catering Kitchen Income 4,750 - Raising funds Unrestricted Unrestricted funds funds 2024 2023 £ £ Investment property Repairs 45,280 111,144 Insurance 29,375 25,329 Light, heat, rates and water 89,760 58,724 Depreciation and impairment 516,757 560,011 Investment property 681,172 755,208 Interest payable 657,607 407,810 1,338,779 1,163,018 |
Donations and legacies Unrestricted Unrestricted funds funds 2024 2023 £ £ Donations and gifts 1,551,181 2,251,900 Investments Unrestricted Unrestricted funds funds 2024 2023 £ £ Rental income 1,002,141 974,802 Other income Unrestricted Unrestricted funds funds 2024 2023 £ £ Catering Kitchen Income 4,750 - Raising funds Unrestricted Unrestricted funds funds 2024 2023 £ £ Investment property Repairs 45,280 111,144 Insurance 29,375 25,329 Light, heat, rates and water 89,760 58,724 Depreciation and impairment 516,757 560,011 Investment property 681,172 755,208 Interest payable 657,607 407,810 1,338,779 1,163,018 |
|---|---|---|
| 755,208 | ||
| 407,810 | ||
| 1,163,018 |
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
6 Raising funds
(Continued)
7 Charitable activities
| Advancement of | Advancement | |
|---|---|---|
| religion | of religion | |
| 2024 | 2023 | |
| £ | £ | |
| Event costs | 426 | 627,126 |
| Computer Costs | 467 | - |
| 893 | 627,126 | |
| Grant funding of activities (see note 8) | 77,951 | 72,035 |
| Share of support costs (see note 9) | 40,215 | 1,949 |
| Share of governance costs (see note 9) | 106,656 | 95,393 |
| 225,715 | 796,503 |
8 Grants payable
| Advancement of | Advancement of |
|
|---|---|---|
| religion | religion | |
| 2024 | 2023 | |
| £ | £ | |
| Grants to institutions: | ||
| Other | 77,951 | 72,035 |
-
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
9 Support costs
| Staff costs Telephone Postage and stationery Sundry expenses Bank charges Audit fees Legal and professional Accountancy Analysed between Charitable activities |
Support costs Governance costs £ £ - 23,717 155 - - - 39,375 - 685 - - 3,000 - 72,139 - 7,800 40,215 106,656 40,215 106,656 |
2024 £ 23,717 155 - 39,375 685 3,000 72,139 7,800 146,871 146,871 |
Support costs Governance costs £ £ - 23,495 127 - 300 - 865 - 657 - - 3,000 - 60,774 - 8,124 1,949 95,393 1,949 95,393 |
2023 £ 23,495 127 300 865 657 3,000 60,774 8,124 |
|---|---|---|---|---|
| 97,342 | ||||
| 97,342 |
Governance costs includes payments to the auditors of £3,000 (2023- £3,000) for audit fees.
| 10 | Net movement in funds | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the audit of the charity's financial statements | 3,000 | 3,000 | |
| Depreciation of owned tangible fixed assets | 516,758 | 560,011 |
11 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 |
|---|---|
| Number | Number |
| 2 | 2 |
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
| 12 Employees Employment costs Wages and salaries Other pension costs |
(Continued) 2024 2023 £ £ 23,191 23,056 526 439 23,717 23,495 |
(Continued) 2024 2023 £ £ 23,191 23,056 526 439 23,717 23,495 |
|---|---|---|
| 23,495 |
There were no employees whose annual remuneration was more than £60,000.
13 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
14 Tangible fixed assets
| 14 Tangible fixed assets |
|||
|---|---|---|---|
| Improvements to property £ Cost At 1 March 2023 4,714,998 Additions 402,252 At 29 February 2024 5,117,250 Depreciation and impairment At 1 March 2023 1,573,742 Depreciation charged in the year 497,157 At 29 February 2024 2,070,899 Carrying amount At 29 February 2024 3,046,351 At 28 February 2023 3,141,256 15 Investment property Fair value At 1 March 2023 Additions through external acquisition At 29 February 2024 |
Fixtures and fittings £ 152,558 114,827 267,385 120,441 19,598 140,039 127,346 32,116 |
Computers £ 612 - 612 604 3 607 5 8 |
Total £ 4,868,168 517,079 |
| 5,385,247 | |||
| 1,694,787 516,758 |
|||
| 2,211,545 | |||
| 3,173,702 | |||
| 3,173,380 | |||
| 2024 £ 15,838,744 1,596,813 |
|||
| 17,435,557 |
The fair value of investment properties has been arrived at on the basis of valuations carried out subsequent to the year end by Savill's and is stated at on an open market basis by reference to market evidence of transaction prices for similar properties.
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ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
| 16 Debtors 2024 Amounts falling due within one year: £ Other debtors 15,000 17 Loans and overdrafts 2024 £ Bank loans 9,295,000 Payable within one year 320,000 Payable after one year 8,975,000 The long-term loans are secured by fixed charges over the charity's investment properties. 18 Creditors: amounts falling due within one year 2024 Notes £ Bank loans 17 320,000 Other taxation and social security 1,368 Trade creditors 1,053,605 Other creditors 519,262 Accruals and deferred income 56,370 1,950,605 19 Creditors: amounts falling due after more than one year 2024 Notes £ Bank loans 17 8,975,000 |
2023 £ 405,988 |
|---|---|
| 2023 £ 9,615,000 |
|
| 320,000 9,295,000 |
|
| 2023 £ 320,000 1,364 439,713 772,923 73,488 |
|
| 1,607,488 | |
| 2023 £ 9,295,000 |
- 19 -
ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
20 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 March | Incoming | Resources | At 29 | ||
|---|---|---|---|---|---|
| 2023 | resources | expended | February 2024 | ||
| £ | £ | £ | £ | ||
| General funds | 4,519,577 | 2,558,072 | (1,564,494) | 5,513,155 | |
| Revaluation reserve | 4,466,158 | - | - | 4,466,158 | |
| Previous year: | At 1 March | Incoming | Resources | At 28 | |
| 2022 | resources | expended | February 2023 | ||
| £ | £ | £ | £ | ||
| General funds | 3,252,396 | 3,226,702 | (1,959,521) | 4,519,577 | |
| Revaluation reserve | 1,123,729 | - | - | 4,466,158 |
21 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
22 Cash generated from operations
| Cash generated from operations 2024 £ Surplus for the year 993,578 Adjustments for: Investment income recognised in statement of financial activities (1,002,141) Depreciation and impairment of tangible fixed assets 516,757 Movements in working capital: Decrease in debtors 390,988 Increase in creditors 343,117 Cash generated from operations 1,242,299 |
2023 £ 1,267,181 (974,802) 560,011 280,732 388,217 1,521,339 |
|---|---|
- 20 -
ROOKWOOD FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024
| 23 Analysis of changes in net (debt)/funds At 1 March 2023 £ Cash at bank and in hand 470,111 Loans falling due within one year (320,000) Loans falling due after more than one year (9,295,000) (9,144,889) |
Cash flows At 29 February 2024 £ £ (189,452) 280,659 - (320,000) 320,000 (8,975,000) 130,548 (9,014,341) |
|---|---|
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