REGISTERED CHARITY NUMBER: 1116849 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 Janua 2024 for The Rowse Famil TrLJSt Frlends.Tax LLP Pippin5 Cherry Drive Forty Green Beaconsfield Buckingham5hire HP9 IXP
The Rowse Famil Trust Contents of the Financial Statements for the Year Ended 31 Janua 2024 Page Report of the Trustees Independent Exarniner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10 22 Detailed Statement of Financial Activities 23 24
The Rowse Familv Trust ReDOrt of the Trustees for the Year Ended 31 Januarv 2024 The Trustees of The Rowse Family Trust (the "Trust") present their report together wlth the Financial Statements for the year ended 31st January 2024. The Financial Statement shave 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 (FRS102) (effective January 2022). TRUTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The law applicable to charities in England and Wales requires the Trustees to prepare Financial Statements for each financlal 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 givlng a true and fair view, the Trustees should follow best practice and:_ select suitable accounting policies and the apply them consistently; make judgements and estimates that are reasonable and prudent; 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 prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operations. The Trustees and 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 the to ensure that the Financial Statements comply with the Charities Act 2011, the Charities (Financial Statements and Reports) Regulations and the provisions of the Trust Deed. The Trustees are responsible for the safeguarding of the Trusys assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 1
OBJECTIVES AND ACTIVITIES Objectives and airns The Trust is a grant making charity and the capltal and income of the Trust shall be applied for such charitable purposes as the Trustees in their absolute dlscretion shall decide, The Trustees confirm that they have referred to the Charity Commission's guidance on Public Benefit when reviewing the Trust's alms and objectives and in planning future actlvlties and setting grant making policy. 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. Grantmaking Policy The Trustees meet regularly to di5CUSS the making of donations and grants but do not Invlte unsolicited grant applications. ACHIEVEMENT AND PERFORMANCE During the year the Trust has made donations and grants of £209,999 (2023: £274,750) to various registered charitsble organizations. A list of the grants made is shown in note 5. This takes the total of donations and grants made since the Trust was formed to over£4m. Page 1
The Rowse Famil Trust Re ort of the Trustees for the Year Ended 31 Janua 2024 FINANCIAL REVIEW Financial p051tion The Trust received donations during the year of £36,206 (2023:£52,038). The ongoing principal source of income will be the portfolio of investments which had a market value of £4.117,441 as at 31st January 2024 (2023:£4,298,986). Given the nature of the Trust's assets it is anticipated that grants will continue at a similar level in the future. Reserves policy The Trustees are aware If the requirements of the Chanty Commissioner to review their policy of reserves are regular intervals and it is current policy to distribute an arnount at least equal to all incoming resources less investment management and governance costs. The charity only holds unrestricted funds. At the year end there were £3,856,926 {2023:£3,960,855) unrestricted reserves. FUTURE PLANS The Trustees plan to continue with the current Investment and grant making policles. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is an unincorporated trust, constituted under a Trust Deed dated 30th October 2006 and is a registered charity, number 1116849. The Trust does not actively fund raise 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 3. Page 2
The Rowse Familv Trust ReDort of the Trustees for the Year Ended 31 Janua 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charity number 1116849 Principal address 4St Mary's Court Wallingford Oxfordshire OXIO OEB Trustee5 R Rowse M McAllister B Butcher Independent Examiner Lee Gardner Vale & West Accountancy Servlces Ltd Victoria House 26 Queen Victoria Street Reading RGI ITG Approved by order of the board of trustees on 26 Novernber 2024 and signed on its behalf by: 26-11-Lt M McAllister - Trustee Page 3
Inde endent Examiner's Re The Rowse Fami Trust ort to the Trustees of Independent examlner's report to the trustees of The Rowse Famlly Trust I report to the charity trustees on my examination of the accounts of The Rowse Family Trust (the Trust) for the year ended 31 January 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Settion 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 connettion with the examination giving me cause to believe that in any materlal respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair vlew which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. Page 4
Inde endent Examiner's Re The Rowse Familv Trust ort to the Trustees of 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 l 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. Lee Gardner FCA Vale & West Accountancy Services Ltd Vittoria House 26 Queen Victoria Street Reading RGI ITG Date:. Page 5
The Rowse Famil Trust Statement of Financial Activities for the Year Ended 31 Januarv 2024 31.1.24 31.1.23 Unrestricted Total fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 36.206 52.038 Investment income 91.307 70,155 Total 127,513 122.193 EXPENDITURE ON Raising funds 34,795 40,567 Charitable activltles Grants to organlsations 209,999 274,750 Other 3,615 7,446 Total 248,409 322,763 Net gains/{losses) on investments 16.966 (75,686) NET INCOME/(EXPENDITURE) (103,930) (276,256) RECONCILIATION OF FUNDS Total funds brought forward 3,960,856 4,237,111 The notes form part of these financial statements Page 6
The Rowse Familv Trust Statement of Financial Act_ivities for the Year Ended 31 Janua 2024 31.1.24 31.1.23 Unrestricted Total fund funds Notes TOTAL FUNDS CARRIED FORWARD 3.856,926 3,960,856 The notes form part of these financial statements Page 7
The Rowse Famil Trust Balance Sheet 31 Janua 2024 31.1.24 31.1.23 Unrestricted Total fund funds Notes FIXED ASSErs Investments 4,117,441 4,298,986 CURRENT ASSETS Debtors Cash at bank 6,034 148,210 169,185 154.244 169,185 CREDITORS Amounts falllng due within one year 9 {414,759) (507,316) NET CURRENT ASSETS (260,515) (338,131) TOTAL ASSETS LESS CURRENT LIABILITIES 3,856,926 3,960,855 NET £SE[s 3.856,926 3,960,855 The notes form part of these financial statements Page 8 continued...
The Rowse Famil Trust Balan Sheet- continued 31 January 2024 FUNDS Unrestricted funds 11 3,856,926 3,960,855 TOTAL FUNDS 3.856,926 3,960,855 The financial statements were approved by the Board of Trustees and authorised for issue on 26th November 2024 and were signed on its behalf bv: 26_11.Zoltr . M McAllister - Trustee The notes form part of these financial statements Page 9
The Rowse Familv Trust Notes to the Financial Statements for the Year Ended 31 Janua 2024 ACCOUNTING POLICIES Basis of preparing the flnancial statements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical c05t convention, with the exception of investments which are included at market value. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliablv. Expenditure Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 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. Governance costs This includes the cost of professional fees, trustees meetings and travel costs. Page 10 continued...
The Rowse Famil Trust Notes to the Financial Statements ~ continued for the Year Ended 31 Janua 2024 ACCOUNTING POLICIES- continued Taxation The charity is exempt from tax on its charltable activities. Fund accounting Unrestricted funds can be used In accordance with the charitable objectives at the discretion of the trustees. Unrealized gains & losses Unrealized gains and losses are show net in the statement of Financial Actlvlties. CRITICAL ACCOUNTING JUDGEMENTSAND 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 If assets and liabllities 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. Artual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoSng basis. Revlslons to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. There were no judgement or material estimation uncertainties affecting the reported financial performance in the current or prior year. Page11 continued..
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Janua 2024 INVESTMENT INCOME 31,1.24 31.1.23 Investment incorne Interest received 63,973 27,334 68,793 1,362 91,307 70,155 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 January 2024 nor for the year ended 31 January 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 January 2024 nor forthe year ended 31 January 2023. Page 14 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Janua 2024 CHARITABLE EXPENDITURE Donations and grants to organizations 2 Wish 180 Berinsfield School Bone Cancer Research Trust Breast Cancer Cancer Research Chance to Shine Chew Valley School Cholsey Primary School Chosley Volunteer Fund Church Conservation Trust Cornubia Crowmarsh Youth Football Club Cure Parkinsons Trust Dorothy House Hospice Emmaus Floatability Guide Dogs for the Bllnd Homestart Isiqalo Kaleidoscope Kenya Child ren Kidmore End Cricket Long Lane Primary School Marie Curie Oxfordshire Scout Association Orchestra of St John's Quest for Learning Royal Marsdon Hospital Royal United Hospital Royal Variety Charity SOFEA St Blazey Youth Football Club 2024 1,000 13,000 20,000 2023 25,000 500 1,000 7,000 3,000 7,000 1,000 3,000 1,000 1,000 30,000 3,000 1,000 2,000 1,000 5,000 1,000 5,000 5,000 81,000 40,000 6,000 10,000 10,000 5,000 1,500 5,000 5,000 1,000 3,500 23,750 5,000 1,000 10,000 10,500 5,000 9,000 2,000 Page 14 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Janua 2024 Style Acre Teampact International Thames Valley Air Ambulance The Berin Centre The Friends of St Laurence Church U Watch Ukraine Local Appeal Wadebridge Super Charges Wallingford Access Boats Wallingford Art Club Watlington U18 Football Club Weston H ospice 1,000 39,999 £2,000 5.000 6,000 15,000 1.000 3,000 1,000 1,500 5,000 5,000 500 1,000 2,000 25.000 209,999 274,750 FIXED ASSET INVESTMENTS 31.1.24 31.1.23 Shares Other 4,073,293 4.164,494 44,148 134,493 4,117,441 4.298,986 Page 15 continued...
The Rowse Famil.v_Trust Notes to the Financial Statements - continued for the Year Ended 31 JanuaN 2024 FIXED ASSET INVESTMENTS - continued Additional information as follows: Listed investments MARKET VALUE At l February 2023 Additions Disposals Net realised & unrealised gain or {loss) 4,164,494 1.362,068 (1,517,723) 64,454 At 31January2024 4,073,293 NET BOOK VALUE At 31January2024 4.073.293 At 31January2023 4,164,494 Of the fixed asset investments held at the year end £2,305,786 {2023:£1,051,143) were U K assets and £1,767,507 (2023:£3,247.843) were overseas a55ets. There is one investment which is more than 5% of the total value: the CF Ruffer Absolute Return C Account which had a market value of £711,146 {2023: £812.522). It is a collective investment and there is no holding in a single stock that forms more than 5% of the portfolio. Page 16 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued forthe Year Ended 31 Janua 2024 FIXED ASSET INVESTMENTS- continued Cost or valuation at 31 January 2024 is represented by: Listed investments Valuation in 2024 4,073,293 If fixed asset investments had not been revalued they would have been included at the following historical cost: 31.1.24 31.1.23 Cost 3,707,591 3,694,709 Investments (neither listed nor unlisted) were as follows: 31.1.24 31.1.23 Cash held by investment managers 44,148 134,493 The signlflcance of financial instruments to the ongoing financial stablllty of the Trust is considered in the f inancial review and investment policy and performance sections of the report of the Trustee5. The main risk to the Trust from financial instruments lies in the comblnation of uncertain investment markets and volatility in yield. Page 17 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Janua 2024 FIXED ASSET INVESTMENTS - continued The Trust manages these investment risks by retaining expert advisors and operating an investment policy that provides for an average risk profile seeking investment opportunltles that are quoted which give the best total return. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.24 31.1.23 Other debtors 6,034 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.24 31.1.23 Other creditors 414,759 507,316 10. LOANS An analysls of the maturity of loans is given below: 31.1.24 31.1.23 Amounts falling due within one year on demand: Other loans 409,424 499,596 Page 18 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Januarv 2024 11. MOVEMENT IN FUNDS Net movement At At 1.2.23 in funds 31.1.24 Unrestricted funds General fund 3,960,856 (103,930} 3.856.926 TOTAL FUNDS 3,960,856 {103,930) 3.856,926 Net movement in funds, included in the above are as follows: Incoming Resources Gains and Movement resources expended losses in funds Unrestricted fund5 General fund 127,513 (248,409) 16,966 (103,930) TOTAL FUNDS 127,513 (248,409) 16,966 (103,930) Page 19 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Janua 2024 11. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement At At 1.2.22 in funds 31.1.23 Unrestricted funds General fund 4,237,111 (276.256) 3,960,855 TOTAL FUNDS 4,237,111 (276,256) 3,960.855 Comparative net movement in funds, Induded in the above are as follows: Incoming Resources Gains and Movement resources expended losses in funds Unrestricted funds General fund 122,193 {322,763) (75.686) (276,256) TOTAL FUNDS 122,193 {322,763) (75,686) (276,256) Page 20 continued...
The Rowse Famil Trust Notes to the Financial Statements - continued for the Year Ended 31 Januarv 2024 12. RELATED PARTY DISCLOSURES M J McAllister is a partner of BDO LLP who, in 2023, provided accounting and taxation services to the Trust at normal commercial rates. The total charge for the year ended 31 January 2024 was £nil (2023: £5,976) including irrecoverable VAT. Page 22
The Rowse Famil Trust Detailed Statement of Financial Activities for the Year Ended 31 Janua 2024 31.1.24 31.1.23 INCOME AND ENDOWMENTS Donations and legacies Donations 36,206 52,038 Investment income Investment income Interest reiVed 63,973 27,334 68,793 1,362 91,307 70,155 Total incomlng resources 127,513 122,193 EXPENDITURE Raising donations and legacies Investment and bank fees 34,795 40,567 Charitable actlvities Grants to organizations 209,999 274,750 Support costs Governance costs Independent examination fee Carried forward 1,470 1,470 1,470 1,470 This page does not form part of the statutory financial statements Page 23
The Rowse Famil Trust Detailed Statement of Financial Activities for the Year Ended 31 Janua 2024 31.1.24 31.1.23 Governance costs Brought forward Governance costs 1,470 2,145 1,470 5,976 3,615 7,446 Total resources expended 248,409 322,763 Net expenditure before gains and losses (120,896) {200.570) Reali5ed recognised gains and losse5 Realised galns/{losses) on fixed asset Investments 16,966 175,686) Net expenditure (103,930) (276,256) This page does not form part of the statutory financial statements Page 24