Charlty Commlsslon Number.. 1116849 THE ROWSE FAMILY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 January 2023
THE ROWSE FAMILY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 January 2023 CONTENTS For the year ended 31 January 2023 Pages Report of the Trustees 113 Independent Examine¢s Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7111
THE ROWSE FAMILY TRUST REPORT OF THE TRUSTEES LEGAL AND ADMINISTRATIVE INFORMATION As at 31 January 2023 REGISTERED CHARITY NUMBER: 1116849 TRUSTEES". The Trustees who served during the year were."- Mr. Richard Rowse Mr. 8rian Butcher Mr. Michael McAllister PRINCIPAL ADDRESS 4 St. Mary's Court Wallingford Oxfordshire OX10 OEB ADVISORS: Bankers: Barclays Bank plc 2 Churchill Place Canary Wharf London E145RB Inve8tm8nt Advisors: Epoch Wealth Management Queen Square House Queen Square Place Bath BA12LL Accountant: BDO LLP 2 Blagrave Street Reading RG1 1AZ Independent Examlnor: Vale & West A¢countsn¢y SeNlces Ltd Victoria House 26 Queen Victoria Street Reading RG11TG
THE ROWSE FAMILY TRUST REPORT OF THE TRUSTEES For the year ended 31 January 2023 The Trustees of The Rowse Famity Trust (th¢ Twusfi prgsenl their report together with the Finaneial Statements for thè y8aT endad 31 January 2023. Thè Financial Statements have been pPared rn a0rdnGe with thg aruntIng polie5 sel oul in note 2 to the Financial Statements and compty VAlh thè Charitys Twst Deed. the Charities Act 2011 and the Accounting and Reporting by Charilie8.' Statement of Recommended Praclice applicable to charities ppartn9 Ihelr o¢counls In accordan¢e wlh the Financial Reporting Standard appllcabte in the UK and Republic of Ireland (FRS 102) (effective l January 2022). STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is an un1ncorp0tal trust, Gonsliluled under a Tru8t Deed dated 30 October 2008 8nd is 8 registergd eh8rity. numbèr 1116849. The Trust does not actively fundraise and seeks lo Guntie the philanthropic work desired by the settk$ through careful stewardship of its Èxisting réS0ces. In accordance wtth the Trust Deed. the TTus1 shall appoint no more than five Trusteés. •ach Truste8 IS appointed by r•solullc>n of the Trustees and each Trustee is apInted lo offi¢e for life ¥ubiect to their ability to continue to perform their dutie$. The Trustees meet 8t r8gular intÈrv8ls to dis¢u$s inveslmenl strategy. the making of grants and tho Eunning of the Ttust gen0[al. The Trustees who served during the period and sinc8 thè priod ènd Ère set out on page 1. RISK MANAGEMENT The Trustee8 have considered the major risks to whSch the Ghaty 1$ exposed and have reviÈwed those risks and established systems and procedures to man8gè those tisks. The Trustees considervariability of investmenl returns on Ihe Ttusl's portfolio of securities lo constitute the Trust's major risk 8nd mèèt th8ir investrnent rnanagers at rÈgular intervals to review investment performance and Gash flow nnageMent. OBJECTIVES AND ACTMTIES Th8 Trust Is a grant making charity and the capital and income of the Trust shall be applied for sh ch81itablÈ purpose8 as Ihe trustees in their absolute discretion shall rJecide. The Trustee3 confirm that they have referred to the Charity Commissions guSdance on Public Benefrt when reviewng Ihe Trusrs ains 2nd objectives 8nd in plaming fuiure tivi11e$ and setting grant making policy. GRANT MAKING POLICY The TnJstèe8 Meet regularfy to discuss the maknng of donations and grawts but do nol invite un5011ted granl applications. ACHIEVEMENTS AND PERFORMANCE During thè pèriod thè Truil made donations and grants of £274.750 (2022: £256,250) lo various iegislgred charitable organisations. A list of the grants made is shown tn note 4. This takes the lotal of donations and ants madB slnce the Twstwa$ formed Io ju81 over £4.1)m. FINANCIAL REVIEW The trust receNed donations during thè yè8r of £52,03812022= È65.538). The ongoing wnapal source of Income 11 be th8 F)Ortfolio of investments which had a market value of £4.298.986 as at 31 January 2023 12022: £4,600,105). Given th8 naturè ol the Tru81'9 8ssets tt is anticipated that grants will continue al a similar level in tho lulure. INVESTMENT POUCY AND PERFORMANCE Epoch Wèalth Man8geTnenl are appointed to oversee the inveslment strategy of Ihe Trust and to monitor and manage the three ffijnd managers (8r8wn Dolphin, Ruffèr and Bn)oks Macdonald). The Trustees, inveslment policy is to maintain an average risk profile seeking investment opportunities which gi thÈ bÈst lolxl ielurn. The Investment Manager is not reQUed to a(l)ere lo Y other inve81ment re8lriclions.
THE ROWSE FAMILY TRUST REPORT OF THE TRUSTEES For the year ended 31 January 2023 RESERVES POLICY The Trustees are aware of the requirement of the Charity Commissioners to review their policy on reserv85 at regular intervals and it is current policy to distribute an arnount at le85t equal to all incoming resources less investment management and govemance costs. The charity only holds unrestricted funds. At the year end there were £3,960,855 (2022.. £4,237,111) unrestricte reserves. PLANS FOR THE FUTURE The Trustees plan lo contlnLte 1h the current investment and grant making policies. PUBLIC BENEFIT The Twstees confirni they have complied with their duty in SeCOn 17{5} of the Charmes 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 Fngland and Wales require5 the Trustees lo 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 twe and fair view, the Twstees should follow best practice and..- select suitable accounting policies and then appty them consistenuy; make judgements and eSMateS that are reasonable and prudent., stal8 wh81her applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the Financial Statements., and prepare the Financial Statements on the going ¢on¢em basis unless it is inappropriate to presume that the Twst will wntinue in operations. The Trustees are responsible for keeping accounting rerS 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 lo ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Financial Statsments and Repottsl Regulation8 and the provisions of the Trust Deed. Th8 Trustees are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevents'Dn and detsGtion of fraud and other irregularities. Approved by the Trustees on >1: 1 I....34... 2023 and signed on their behalf by'.- Rlchard R Tmsteo
Indgpendent Examlnerfs Report to the Trustees of THE ROWSE FAMILY TRUST I report on the accounts of the Rowse Famity Trust for the ye8r ended 31 jarKry 2023, which are set oui on pages 5 10 11. This repctrt Is made solely to the charity$ trustees. as a body, In accordance with Regulation 31 of the Chatitles (Accounts and Report81 Regulations 2008. My work has been undertaken so that I mlght slate lo the charity's trustees those matter8 1 am required to state to them in an independent examlnerfs report arKI for no other purpose. To the fullest extent pem)itted by law, I do nol accept or assume responsibiThty to anyone other than the charitys trustees as a body, for my work. for report, or forthe statement I have made. Rgspon$lbllltl08 and basis for report As the charity Iruslees you are responsible for the preparation of the acunt$ in accordance wlth the requlrements of the Charities 2011 Act llhe Actl. I report In respect of my examination ol the chaTtys accounts carrieil out under sedion 145 of the 2011 AGt and Sn carrylng out my examination I have followed all the applThblo Directions gNen by the Charity Commission under section 145lS>lbl of the ACL Independent examlner's statement I have completed my examination. I confimi that no material matters have me to my attenliDn in connEction with the examination giving me cause to believe: aeeounting rewrds were not kept in respect of the Trust as required by section 130 of the Act" or the ants do nol accord wlh those records" or the acGounts do n(* comply with the applicab18 requrements conceming the form and o)ntenl of the accounts OLrt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'lrue and fair view, which is not a matt8r considered as part of an independent examination. or the accounts have nol been prepared in accordance with the methods and principles of the Statement of Recommended PractÈce for accounting and rewrbng by charities applicable lo charities weparing their accounts in accLwdance with the Fi¢31 Reporting Standard appllcable in the UK and Republic of Ireland {FRS 102). I have no concerns and have come across no other matters In connection with the examinalion to whlch attentlon should be drawn in this report in order lo enable a proper understanding of the accounts 19 be reathed. Lq- Lee Gardner Independent Examlner Vale & Vvest ACUntan¢Y Services Ltd Ch8rtérd Accountants House 26 Queen Victoria Street Reading. RG1 1TG 21 December 2023
THE ROWSE FAMILY TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 January 2023 Unrestricted Funds 2023 Unrestrfcted Funds 2022 Notes INCOME FROM t)onations 52.038 65,538 Investment Income Interest Received Investrnent Income 1,362 68,793 65,094 Totsl Income 122,193 130,632 EXPENDITURE ON Charitabl¢ A¢tiviti¢s: Grants to Organisations Governance costs Independent examination fee 274,750 5,978 1,470 282,196 256,250 6,250 1,494 263,994 Ralsing Funds: Inve5trnent fees and bank Charges 40,567 45,473 Total Expenditurn 322,763 309,467 Realise*S and Unrealised Investment {LossesllGains (75,6861 320,198 Net {Expendlture}Ilncome Balance Brought Foard at 1 F8bruary 2022 {276,2561 4,237,111 141,363 4,095,748 Balance Carrfed Forward at 31 January 2023 3,960,855 4,237,111
THE ROWSE FAMILY TRUST BALANCE SHEET AT 31 JANUARY 2023 2023 2022 FIXED ASSETS Investments 4,298.986 4.600.105 CURRENT ASss otheT debtors Cash at Bank 169.185 202.276 169.185 202,276 CREDITORS: Amounts falllng due within on8 year Loans Other creditors A¢cruals 499,596 551.226 6.600 7.444 7,720 507,316 565,270 NET CURRENT LIABILITES (338.131) (362,994) NET ASSETS 3,960.855 4.237.111 FUNDS UnrestrKted Funds 3,960,855 4,237,111 3.960.855 4,237.111 Approved by the Trustees on . 2023 and signed on their behaif by: Rl¢hard Rowse Twstee
THE ROWSE FAMILY TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 January 2023 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 steding {£) and the figures are rounded to the nearest £. AccouiifiNG POLICIES Basls of Accounting The financial 5tratements are prepared under Ihe historical cost convention as modified by the inclusion of investments at market value. The financial statements are prepared in accordanGe wth the Statement of Recommended Pra¢tice'. Accounting and Reporting by Charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the United Kingdom an Republic of Ireland IFRS 1021 and the Fin8nci81 Reporting Standard applicable in the United Klngdom and Republic of Ireland (FRS 1021 and the Charities Act 2011. The Twst constitutes a publie benefit endty as d8fined by FRS 102. The Trustees believe that the going concem basis is entirely appropriate as the the Trust has adequate resources to maintain the desired level of donations for the forseeable future end are salisfied that the Trust can continue lo pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. bl Income Donations and investment income are recognised on a receivable basis. Grants Payable Expenditure on grants is recorded once the TrLJSt has made an unconditional commitment to pay the grant and it is Gommunicaled to the beneficiary or the grant has been paid. whichever is the earlier. d} other Re80urces Expanded Other resources expended are included in the accounts on an accruals basis. Irrecoverable VAT is charged to the Statement of Financial Activibes as incurred. Investments Quoted investments havè been valued at market value al the balance Sheet dale.
THE ROWSE FAMILY TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 January 2023 ACCOUNTING POLICIES (CONTINUED) n Unroallsed galn8no8ses Unrvdlised gain5 and hjsses are shown net in the Statement of Finala1 Activities. gl Govemance Costs Thi5 inGludes th8 Cost of professional fees, trustee meetings and travel costs. h) Funds Unrestricted funds comprise those funds which the truslees are free to use for any purpose in the furtherance of the charitable objects. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the appllcalion of the Trusvs accounting policies, the Trustee5 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 asso¢ialed assumptions are based on hist0cal experience and other factors that are considered to be relevant. A¢tual results may differ from these estr'mates. The estimates arml underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in whKh the estimate is revised if the revision affects onty that period, or in ihe period of the revision and ftjture periods if the revision affects both current and future periods. There werè no judgment or material estimation uncertaintles affecllng the reF(Srted financial FErformance in the current or prior year.
THE ROWSE FAMILY TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 January 2023 CHARITABLE EXPENDITURE 2023 2022 Donatlons and grants to organisations Alzheimevs Society Bone Cancer Research Trust Breast cancer Cancer Research Chance to Shine Chosley Volunteer fund Cholsey Development Tnjst Church Conservation Trust Crowmarsh Youth Football Club Cure Parkinsons Trust Dorothy House Hospice Earth Trust Emrnaus Floatability Growing Minds Guide Dogs for the Blind Homestart Isiqalo Kenya Children fjdmore End Cricket Long Lane Primary School Marie Curie MCC Foundation Medical Aert DS MS Society Orchestra of Sl John's Quest for Learning Redruth Charity Trust Romtons Hospice Royal Marsdon Hospital Royal United Hospitsl Royal Variety Charity Sean Kelty SOFEA Style Acre Thames Valley r ambulanc8 The Berin Centre The Friends of St Laurence Church U watch Ukraine - local appeal Wallingford Access Boats Wallingford Art Club Weston Hospice 35.000 40.000 25,000 500 1,000 7,000 1,000 7,CK)O 9,C0 1,000 1,000 2,000 1.000 3,CQO 2,500 5,000 5,000 1.000 5,000 5,000 5,000 81.000 10,000 5,000 1.500 5.000 50,000 10,000 1,000 5,000 2,000 3,000 23,750 5,000 10,000 23.750 5.000 1,000 10.000 10.500 8,oao 10,000 5.000 5,000 6.000 15,000 1,000 3,000 1,000 5,000 500 25.000 274 750 6,000 5,000 10,000 1,C0 256 250
THE ROWSE FAMILY TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the yearended31 January 2023 2023 2022 FIXED ASSET INVESTMENTS Quoted Investments Marketvalue al 01102122 Additions Disposal proceeds Net realised and unrealised investment (10ss)Igain 4.445.275 464.332 1669,427) {75,686) 4,415.708 669,620 (960.252) 320,198 Market Value at 31101123 4,164.494 4,445,275 Cash held by investment managers 134.493 154.830 Total Investments 4,298.986 4.6,105 Historical cost at 31101123 of quoted investrnent¥ 3,694,709 3,764,633 Invostm8nts that form more than 5% of total value CF Ruffer Absolute Relum C A¢c 812,522 859.090 The above is a collectwe investment and there is no hokling in a single stQGk that forms more than 5% of the portfolio. Investments shown above are held as follows.. Investments held in the UK Investments held overseas 1.051.143 3,247,843 1,001,845 3,598.260 4.298,988 4,600,105 The significance of financial instruments to the ongoing financial sustainablllty of the Trust is considered in the financial review and investment policy and performance sectiorbs of the Report of the Truslees. 10-
THE ROWSE FAMILY TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 31 January 2023 FIXED ASSET INVESTMENTS {CONTINUED) The main risk to the Trust from financial instruments lies in the combinaton 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 opwrtunilies that are quoted which give the best total relum. UNRESTRICTED FUNDS Galn Arising on Investment8 Balance at 0110212022 Incomlng Resou¢$ Outgoing Resour¢e8 Balance at 3110112023 General Fund 4,237,111 122,193 {322,763} (75,6861 3,960,855 Gain Arising on Investments Balance at 0110212021 Incoming Outgoing Resources Resources Balanca at 3110112022 General Fund 4,095,748 130,632 {309,4671 320,198 4,237,111 TRUSTEE EXPENSES No Trustee received any remuneration or reimbursement of expenses during the year. LOANS These represent loans ceiVed from various family members. RELATED PARTY TRANSACTIONS M J McAlli8ler is a partner of BDO LLP who provide accounting and taxation seNices to the Trust at normal comrnercial rates. The total charged for the year ended 31 January 2023 was £5,97612022'. £6.25ttl {in¢luding irrecoverable VATI. 11