**Charity Commission Number:** **1116849** ## **THE ROWSE FAMILY TRUST** # **ANNUAL REPORT AND FINANCIAL STATEMENTS** _**For the year ended 31 January 2022**_ ## **THE ROWSE FAMILY TRUST** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** _**For the year ended 31 January 2022**_ **C O N T E N T S For the year ended 31 January 2022** ||**Pages**| |---|---| |Report of the Trustees|1/3| |Independent Examiner's Report|4| |Statement of Financial Activities|5| |Balance Sheet|6| |Notes to the Financial Statements|7/11| _**As at 31 January 2022**_ ## **THE ROWSE FAMILY TRUST REPORT OF THE TRUSTEES LEGAL AND ADMINISTRATIVE INFORMATION** **REGISTERED CHARITY NUMBER:** 1116849 **TRUSTEES:** The Trustees who served during the year were:Mr. Richard Rowse Mr. Brian Butcher Mr. Michael McAllister **PRINCIPAL ADDRESS** 4 St. Mary's Court Wallingford Oxfordshire OX10 0EB **ADVISORS: Bankers:** Barclays Bank plc 2 Churchill Place Canary Wharf London E14 5RB **Investment Advisors:** Epoch Wealth Management Queen Square House Queen Square Place Bath BA1 2LL **Accountant:** BDO LLP R+ 2 Blagrave Street Reading RG1 1AZ - 1 - ## **THE ROWSE FAMILY TRUST** ## **REPORT OF THE TRUSTEES** _**For the year ended 31 January 2022**_ The Trustees of The Rowse Family Trust (the 'Trust') present their report together with the Financial Statements for the year ended 31 January 2022. The Financial Statements have been prepared in accordance with the accounting policies set out in note 2 to the Financial Statements and comply with the Charity's Trust Deed, the Charities Act 2011 and 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) (effective 1 January 2019). ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The Trust is an unincorporated trust, constituted under a Trust Deed dated 30 October 2006 and is a registered charity, number 1116849. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the settlors through careful stewardship of its existing resources. In accordance with the Trust Deed, the Trust shall appoint no more than five Trustees, each Trustee is appointed by resolution of the Trustees and each Trustee is appointed to office for life subject to their ability to continue to perform their duties. The Trustees meet at regular intervals to discuss investment strategy, the making of grants and the running of the Trust generally. The Trustees who served during the period and since the period end are set out on page 1. ## **RISK MANAGEMENT** The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Trustees consider variability of investment returns on the Trust's portfolio of securities to constitute the Trust's major risk and meet their investment managers at regular intervals to review investment performance and cash flow management. ## **OBJECTIVES AND ACTIVITIES** The Trust is a grant making charity and the capital and income of the Trust shall be applied for such charitable purposes as the trustees in their absolute discretion shall decide. The Trustees confirm that they have referred to the Charity Commission's guidance on Public Benefit when reviewing the Trust's aims and objectives and in planning future activities and setting grant making policy. ## **GRANT MAKING POLICY** The Trustees meet regularly to discuss the making of donations and grants but do not invite unsolicited grant applications. ## **ACHIEVEMENTS AND PERFORMANCE** During the period the Trust made donations and grants of £256,250 (2021: £178,500) to various registered charitable organisations. A list of the grants made is shown in note 4. This takes the total of donations and grants made since the Trust was formed to £3.7m. ## **FINANCIAL REVIEW** The trust received donations during the year of £65,538 (2021: £85,728). The ongoing principal source of income will be the portfolio of investments which had a market value of £4,600,105 as at 31 January 2022 (2021: £4,515,310). Given the nature of the Trust's assets it is anticipated that grants will continue at a similar level in the future. ## **INVESTMENT POLICY AND PERFORMANCE** Epoch Wealth Management are appointed to oversee the investment strategy of the Trust and to monitor and manage the three fund managers (Brewin Dolphin, Ruffer and Brook Macdonald). The Trustees' investment policy is to maintain an average risk profile seeking investment opportunities which give the best total return. The investment manager is not required to adhere to any other investment restrictions. - 2 - ## **THE ROWSE FAMILY TRUST** **REPORT OF THE TRUSTEES** _**For the year ended 31 January 2022**_ ## **RESERVES POLICY** The Trustees are aware of the requirement of the Charity Commissioners to review their policy on reserves at regular intervals and it is current policy to distribute an amount at least equal to all incoming resources less investment management and governance costs. ## **PLANS FOR THE FUTURE** The Trustees plan to continue with the current investment and grant making policies. ## **PUBLIC BENEFIT** The Trustees confirm they have complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Charity Commission. ## **TRUSTEES' REPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS** The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the Trust's financial activities during the year and of its financial position at the end of the year. In preparing Financial Statements giving a true and fair view, the Trustees should follow best practice and:- - h select suitable accounting policies and then apply them consistently; - h make judgements and estimates that are reasonable and prudent; - h state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the Financial Statements; and - h prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operations. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Trust and which enable them to ascertain the financial position of the Trust and which enable them to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Financial Statements and Reports) Regulations and the provisions of the Trust Deed. The Trustees are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on ................................... 2022 and signed on their behalf by:- **Richard Rowse** _Trustee_ - 3 - ## **Independent Examiner's Report to the Trustees of** ## **THE ROWSE FAMILY TRUST** I report on the accounts of the Rowse Family Trust for the year ended 31 January 2022, which are set out on pages 5 to 11. This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made. ## **Responsibilities and basis for report** As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities 2011 Act (“the Act”). I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: - 1 accounting records were not kept in respect of the Trust as required by section 130 of the Act; or - 2 the accounts do not accord with those records; or - 3 the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view" which is not a matter considered as part of an independent examination; or - 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. - 4 - ## **THE ROWSE FAMILY TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** _**For the year ended 31 January 2022**_ **----- Start of picture text -----**
Unrestricted Unrestricted
Notes Funds Funds
2022 2021
£ £
INCOME FROM
Donations 65,538 85,728
Investment Income
Interest Received - -
Investment Income 65,094 79,198
Total Income 130,632 164,926
EXPENDITURE ON
Charitable Activities:
Grants to Organisations 4 256,250 178,500
Governance costs 6,250 5,640
Independent examination fee 1,494 1,140
263,994 185,280
Raising Funds:
Investment fees and bank charges 45,473 44,045
Total Expenditure 309,467 229,325
Realised and Unrealised Investment Gains/(Losses) 320,198 (13,390)
Net Income/(Expenditure) 141,363 (77,789)
Balance Brought Forward at 1 February 2021 4,095,748 4,173,537
Balance Carried Forward at 31 January 2022 4,237,111 4,095,748
**----- End of picture text -----**
- 5 - ## **THE ROWSE FAMILY TRUST** ## **BALANCE SHEET AT 31 JANUARY 2022** **----- Start of picture text -----**
2022 2021
Notes £ £ £ £
FIXED ASSETS
Investments 5 4,600,105 4,515,310
CURRENT ASSETS
Other debtors - -
Cash at Bank 202,276 191,473
202,276 191,473
CREDITORS:
Amounts falling due within one year
Loans 8 551,226 603,655
Other creditors 6,600 -
Accruals 7,444 7,380
565,270 611,035
NET CURRENT LIABILITES (362,994) (419,562)
NET ASSETS 4,237,111 4,095,748
FUNDS
Unrestricted Funds 4,237,111 4,095,748
6 4,237,111 4,095,748
**----- End of picture text -----**
Approved by the Trustees on ......................................... 2022 and signed on their behalf by: ## **Richard Rowse** _Trustee_ - 6 - ## **THE ROWSE FAMILY TRUST** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** _**For the year ended 31 January 2022**_ ## **1 GENERAL INFORMATION** The Rowse Family Trust is an unincorporated trust, constituted under a Trust Deed dated 30 October 2006 and is a registered charity, number 1116849. The financial statements are prepared in pounds sterling (£) and the figures are rounded to the nearest £. ## **2 ACCOUNTING POLICIES** ## a) **Basis of Accounting** The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value. The financial statements are prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102. The Trustees believe that the going concern basis is entirely appropriate as the the Trust has adequate resources to maintain the desired level of donations for the forseeable future and are satisfied that the Trust can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. ## b) **Income** Donations and investment income are recognised on a receivable basis. ## c) **Grants Payable** Expenditure on grants is recorded once the Trust has made an unconditional commitment to pay the grant and it is communicated to the beneficiary or the grant has been paid, whichever is the earlier. ## d) **Other Resources Expended** Other resources expended are included in the accounts on an accruals basis. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. ## e) **Investments** Quoted investments have been valued at market value at the balance sheet date. - 7 - ## **THE ROWSE FAMILY TRUST** **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** _**For the year ended 31 January 2022**_ ## **2 ACCOUNTING POLICIES (CONTINUED)** ## f) **Unrealised gains/losses** Unrealised gains and losses are shown net in the Statement of Financial Activities. ## g) **Governance Costs** This includes the cost of professional fees, trustee meetings and travel costs. ## h) **Funds** Unrestricted funds comprise those funds which the trustees are free to use for any purpose in the furtherance of the charitable objects. ## **3 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY** In the application of the Trust's accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There were no judgment or material estimation uncertainties affecting the reported financial performance in the current or prior year. - 8 - ## **THE ROWSE FAMILY TRUST** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** _**For the year ended 31 January 2022**_ **----- Start of picture text -----**
4 CHARITABLE EXPENDITURE
2022 2021
Donations and grants to organisations £ £
Alzheimer's Society 35,000 35,000
Bone Cancer Research Trust 40,000 -
Boxford Trust - 1,000
-
Bristol Hospice 7,000
Chance to Shine 7,000 -
-
Chosley Primary Acq 2,000
Cholsey Development Trust 9,000 -
Crowmarsh Youth Football Club 3,000 2,000
Crownwall Cricket - 3,000
-
Daybreak Oxford 5,000
Earth Trust 2,500 -
Emmaus 5,000 3,000
FOSAL - 1,000
Growing Minds 5,000 5,000
Isiqalo 50,000 40,000
-
Kenya Children 10,000
-
Klanya Kiss 5,000
-
Long Lane Primary School 1,000
-
Macmillan Cancer Support 5,000
MCC Foundation 5,000 -
-
Medical Alert Dogs 2,000
MS Society 3,000 -
N Blastona - 1,000
New School - 2,500
Orchestra of St John's 23,750 30,000
-
Primary Care Int 2,000
Quest for Learning 5,000 5,000
Redruth Charity Trust 10,000 -
-
Romtons Hospice 1,000
-
Royal Variety Charity 8,000
-
Sean Kelly 10,000
SOFEA - 5,000
Style Acre 6,000 5,000
Thames Valley Air ambulance 5,000 1,000
The Berin Centre 10,000 10,000
The Friends of St Laurence Church 1,000 1,000
WOSCC - 1,000
256,250 178,500
**----- End of picture text -----**
- 9 - ## **THE ROWSE FAMILY TRUST** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** ## _**For the year ended 31 January 2022**_ |**5**
**FIXED ASSET INVESTMENTS**
**Quoted Investments**
Market Value at 01/02/21
Additions
Disposal proceeds
Net realised and unrealised investment gain/(loss)|**2022**
**2021**
**£**
**£**
4,415,708
4,407,447
669,620
1,967,702
(960,252)
(1,946,051)
320,198
(13,390)| |---|---| |**Market Value at 31/01/22**
Cash held by investment managers|4,445,275
4,415,708
154,830
99,602| |**Total Investments**|4,600,105
4,515,310| |**Historical cost at 31/01/22 of quoted investments**|3,764,633
3,850,169| |**Investments that form more than 5% of total value**
CF Ruffer Absolute Return C Acc|£
£
859,090
831,582| |Investments shown above are held as follows:
Investments held in the UK
1,001,845
732,176
Investments held overseas
3,598,260
3,783,134
The above is a collective investment and there is no holding in a single stock that forms more than 5% of the
portfolio.|| ||4,600,105
4,515,310| The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review and investment policy and performance sections of the Report of the Trustees. - 10 - ## **THE ROWSE FAMILY TRUST** ## **NOTES FORMING PART OF THE FINANCIAL STATEMENTS** ## _**For the year ended 31 January 2022**_ ## **5 FIXED ASSET INVESTMENTS (CONTINUED)** The main risk to the Trust from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for an average risk profile seeking investment opportunities that are quoted which give the best total return. ## **6 UNRESTRICTED FUNDS** |**General Fund**
**General Fund**|**Balance at**
**01/02/2021**
**£**
4,095,748
**Balance at**
**01/02/2020**
**£**
4,173,537|**Incoming**
**Resources**
**£**
130,632
**Incoming**
**Resources**
**£**
164,926|**Outgoing**
**Resources**
**£**
(309,467)
**Outgoing**
**Resources**
**£**
(229,325)|**Gain**
**Arising on**
**Investments**
**£**
320,198
**Gain**
**Arising on**
**Investments**
**£**
(13,390)|**Balance at**
**31/01/2022**
**£**
4,237,111
**Balance at**
**31/01/2021**
**£**
4,095,748| |---|---|---|---|---|---| ## **7 TRUSTEE EXPENSES** No Trustee received any remuneration or reimbursement of expenses during the year. ## **8 LOANS** These represent loans received from various family members. ## **9 RELATED PARTY TRANSACTIONS** M J McAllister is a partner of BDO LLP who provide accounting and taxation services to the Trust at normal commercial rates. The total charged for the year ended 31 January 2022 was £6,250 (2021: £5,640) (including irrecoverable VAT). - 11 -