THE ROSS FOUNDATION ANNUAL REPORT 2024 HE NEVILL HOLT FESTIVAL. SUPPO P4EW ARTISTS AND DEVELOPING A REpufATION AS AN IP4aiMTOR OF IMPORTANT NEW WORr Report of the Trustees and Audited Financial Statements For the Year Ended 31 March 2024 Reglstered Company Number: 063(K)768 Registered Charity Number: 1121871
TABLE OF CONTENTS SECTION I THE ROSS FOUNOATION IQ2312024 KEY PROJEcrs Report for the Year University of Lintoln Medlcal School Nevill Holt Festival National Portralt Gallery David Ross Education Trust Hanging Stones- Goldsworthy Project University of Nottingham British Paralympics Association SECTION 2 REPORT OF THE TRU5TE£S AhlD AUDITED FINAIKVI SfATEMEN15 FOR THE YEAR ENDED 31 MARCH 2D24 Report of the Trustees Report of the Independent Auditors Statement of Flnancial Attivities 8toll 12to14 15 Statement of Financial Position 16 Statement of Cash Flow5 17 Notes to the Statement of Cash Flows 18 Notes to the Financial Statements 19to29 *IR o.%s Foundalion
Report for the Year The Ross Foundatlon was founded In 2007.lts mission Is to help chlldren and youn8 people dlscover their strengths by offerin8 them a wide range of world-class educational opportunitles. We contlnue to support organisations that inspire young people to upsklll and uncover new passions. Since it was establtshed, the Foundation has supported arts and educatM)nal or8anisations wlth grants totaling over £32 milllon. Our regional areas of focus are across the East Midlands. Yorkshire, Llncolnshire and NorthamptonshiTe. Our work In London has a 5iEnificant national impact. The Foundation has received a huge number of applications throughout the year. These have been reviewed and discussed by Trustees who meet regularly throughout the year to consider the donations, the on£oing work of the Foundation and discuss potential new projects. Funding is granted to projects where there is most need and where the donation5 will be most effectively utilised to make a differen a5 well as those projects closest to our objectives. We partner with organisatM)ns whlch promote all strands of diversity and recelve reBular updates so that we are able to monitor the impart and posit5ve outcomes of our work. Updates on some of the major projects we have sUPPOrted thls year are Included In this report. Additional smaller donations have been made throu8hout the year to projects including- Ambitious atjout Autlsm, The British Councll, Game & Wlldlife ConSeatIon Trus( Hope and Homes for Chlldren, Iserlohn Forest, London's Air Ambulance. The Mustlque Charlty and Channel X who produced the Paullne Boty film. Unlverslty of Ilntt>kn Aaedleal School The Ross Foundation donated to the final construction stage of the new medlcal school buildin8 at Llncoln Universlty. Thls prestiglous bulld5ng is now training our future doctors. The first students who enrolled are now undertaklng placements at Llncolnshire hospitals as part of the cllnical phase of their degree pro8ramme. Leaders of the United Lincolnshire Hospltal Trust and the Integrated Care Board have praised the impact the Lincoln Medlcal School is having on the healthcare ecosystem in the County. HI The Ross Library on the I floor houses the library collections for Medicine. Phamiacy, Life 5¢iences, Health Sciences and Chemistry. The Foundation is also pleased to support the specialist research teams of the Lincoln International Institute for Rural Health whose purpose is to improve the health and wellbeing of rural, remote and coastal populations. Ross Foundation Page I
Nevlll Holt Festival (NHF) The Foundation was delighted to support Nevill Holt Opera in 2023 forthe acclaimed performance of La Cenerentola. The Foundation's support has continued for 2024 with the newly expanded Nevill Holt Festlval as It branched out from deliverin8 Opera perforrnances to a wider range of culturdl events. In 2024, this diverse programme included classical recitals and concerts. literary and artist talks, podcasts, comedy and jazz music as NHF sought to broaden it5 audiences in the Midlands. The Festlval welcomed 12,000 visitors this year up from 2,000 in 2023 - reaching a new more diverse audience. It championed 150 artlsts, some of whom were making their professional debut on stage. There We 60 events in total and 6 premlered commissions. The Visual Arts programme at the 2024 Festival included centenary exhibitions of Modern Brrtish master Antony Caro and Pop Art pioneer Eduardo Paobzzi, celebrating IlJ)year5 since the artists. birth. A celebration of British PopArtist Pauline Bot5 work also included the world premlere screenlng of a newfilm by Vinny Rawdin8 called Boty, the making of which was supported by The Ross Foundatlon. The Foundation was pleased to support the charitable work of Nevill Holt FestNal again this year which NHF deliVed through the Community and Education Programmes as well as the NHO Youn8 Foundation Artists Scheme. Students from the David Ross Education Trust performed in the Magic Flute impresslng audiences and over2.OWyoung people in total engaged in the NHF music programme on Site. 150 pupi15 from Year 5 primary schools were able to enjoy the experience of performing on 5taEe to parents, family and friend5 for the first time - singing from the Hansel and Gretel songbook. They performed with soprano Fiona Finsbury and alongside an instrumental ensemble conducted by Sirnon Toyne and directed by Jonathan Ainscough. Other performances were from the Malcolm Arnold Academy Big Band and the Beckwith Scholars Recital. For many children it was theirfirst experience of opera. The performance of Madame Chanclelierfs Opera House Partv engaged young people withjokes, comedy.partygames as well as impressive and inspiring singing. The blend of music, draTna and storytelling enriches a child's life in countless ways and the Ross Foundation was delighted to 5UPPOrt attendance with tickets for many school pupil5. www.nevillholtfestival.com ss Foundation Page 2
Natlonal PortraEt Gallery (NPG) The National Portrait Gallery has recentty celebrated its one year anniversary of the reopenln8 following the redevelopment of Its bullding and openlng of The Inspiring People project. The project has completely transfomied the Gallery, improving facilitie5, Utilisin8 unused spaces and creatlng an exhibition space fft for the 2151 ntUry. Visitors are now able to expeTience a complete r+presentatlon of the worfd's greatest ¢ollertion of portralts, pre5entin8 a wide selectlon of people and stories. In recognition of the Foundation's gift the new entran on the North Fade was named Ross Pla and the entrance has now welcomed almost 2 milllon visitotS through its doors. 97% of vlsftors have rated their experience 'excellen or'good,. Artist Tracy Emin was commissioned to create the Gallerfs new door5 which incorporate 45 bronze panels lebrdting women to counterbalance the historlc all-male portrait roundels on the stone fade. Another s18nificant element of the project wa5 the creatlon of the Learning Centre. ThFs provldes learning and development opportunities for childreni youn8 people and community groups to enga8e with culture - levell*ng out the playing field of access for all. A digital resource platfonn for schools has been developed featurlng specially commissloned, curriculum-linked learning resources. The Gallery has welcomed 45,OIXI schoolchlldren and teachers to the Gallery this year, repsentIng a 200% increase in visits compared to Pr10$ure before the renovation project began. Projects have also been delivered natlonwide. ranging from Sheffield to Southampton. where the Gallery has worked wlth local groups and young people to re-interPt portraits and explore under-represented narratives. he trnnsfvrmation of the National Portrait Gallery into on engaglng. spirited, mu5t-see museum is London'5 triumph of 2023... 0 beGcon, celebmting, in berjutifulfy open, democratic displays. the connections between us." The Finan¢ial Tlmes The Ross Foundatlon continues its support of the Gallery into the next financial year and was delighted to narne a gallery on the floor, featuring Portraits from the Radicals, Resistance and Reform era. HE Ross Foundation Page 3
Davld Ross Education Trust The David Ross Education Trust has expanded to a network of 36 unlque and diverse academies. Most recently we welcomed two new schools in Lincolnshire and Leicestershire. The academies have a combined pp11 capacity of just over 17,000 once all cohorts at the Trust's schools are full. The Trust's academies are geographlcally focused across Yorkshire. Lincolnshire. Northamptonshire, Leicestershire and London and all aim to deliver an outstanding all-round education, becomlngthe school of choice in our communities. The Foundation is the sponsor of DRET and set up an Endowment Fund for the Academy Trust. We continue to focus on broadening horizons of all pupils through the enrichment activities of music and sport. encouraging teamwork amongst all children. The benefrt5 are cleai. These opportunities support learning in the classroom and give students the experiences that enrich live5 and encourage them to realise the importance of developing social and leadership skills. This year the Trnst on the enhancement of residential trips and actNitie5 to build resilience. DRET has also been involved throughout the year in a Sports Outreach programme, partnering with many other local schools and leading on organising events, competitions and tournaments, in football, hockey, netball, rowin& athletics, rugby and cr055 country. We are delighted to share that Nathanlel Hanson has been selected to represent Team GB Basketball U18. A forn)er Bobby Moore student, Nate joined the Chamwood College Riders programme in April 2022 when he was identlfied at Bobby Moore Academy for his talent. The DRET music plan introdu5 children acn)s5 the country to the joy of singing and offers opportunities to learn musical instrument. Music in DR schools is seen as a normal. everyday activity. not an add on or a nice to have. Thls achievement Is core to its mission. All students participate in making music through singin& perfL)rming, composing and listening to music with a much better theoretlcal understanding. Students take part in house music competitions. student concerts, school 5how5 and attend professional concerts experiencing rnusic as an important part of our culture. www.dret.co.uk Ir4oss fniinrlaltfJll Page 4
Hanging Stones Project Hanging Stones is an ongolng project by renowned sculptor and photographer Andy Goldsworthy in the North York Moors. Commissioned by the R055 Foundatlon. the project includes 10 buildings in varying States of disrepair that have been rebullt as artworks and connected by a six-rnile walk near Rosedale Abbey. The narne Hanglng Stone5 SU88ests precarfousne55 - appropriate for a project that looks to reestabllsh derelict and semiwderelict buildings in order to glve them new purpose, savlng them from the inevitable slide into disrepalr. Nine of the buildings are now cornpleted. The final artwork In the project- Heygate Thorns, ts due to be completed in the fltst half of next year. The walk connecting the works Is now open to the public and can be tx)oked onllne. It ha5 been very well received and as Andy Goldsworthy hlmself originally concelved, the walk is an artery by which people give Ilfe to the buildings. "People are the lrfeblood of the work" he says. The number of visitors on the walk at any one tlme takes into account the tlme and spa needed to experience the buildings properly. Art by its very nature 15 Outside of the normal and reflects the unique and personal view of an indlvidual. Untverslty of Nottlng The Foundation rnade Its annual donatlon to the Univer5ty of Nottlngham to continue its support. This contrlbutes to the on80ing success of The Davld Ross Sports Village which pr(y4ldes wortd clas5 Sportlng facilities to all students at the University and many visiting sports teams across the world. The sporting provision at the University has received many accolades including three 'Sports University of the Yearf awards from The Times and Sunday Tirnes Good University Guide and being Consistentty ranked 2 in the British Universities and Colleges Sport IBUCS} league tables. Students from the David Ross Education Trust who had the highest attendan at club5 and fixtures throughout the year were invited to the Universvty of Nottingham to experfence a day of activltles. participatln8 in wheelthair basketball, dodgeball, Thai boxin& indoor climbln8 and tag rn8by. DAVID RPS5 SI%Th• Ross Foundation Page 5
Britlsh Prif21ympics Asfociation IBPAI The Ross Foundation has been delighted to continue its support of BPA athletes as they continued preparations for the Paris 2024 Games and excelled in winning 124 medals across various different sports. It was another action packed year of activities with the BPA and engagement with the DRET schoo15. Building on the success of last year Paralyrnpian athletes visited many schools, spoke at the DRET Performance Conference and attended the 10th Anniversary Summer Cup, starting races, presenting medals and giving advi at the Sports day. This year we were pleased to welcome Grace CIou8h MBE, Darren Harris, George Peasegood and Kim Daybell who spoke with many of the School children taklng part and gave them tips and inspiration on how to be the best verslons of themselves at sports day. The students hugely valued the unique opportunity to interact so closely with the team and hear inspirational stories frorn the athletes. Some DRET children from Charnwood Academy were lucky enough to be invited to the BPA Kitting Out day held at Lou8hbDrough University earlier in July this year and help wsth ihe kit allocatlon to each of the competing athletes. The partnership between The Ross Foundation and BPA has two main objectives: to challenge the perptionS of disabled people and encourage grassroots participation and excellence in sport through engaging with the younger generation, particularly through the 'Every Body Moves, campaign. The Paralympic Games are able to use the gold dust treated in the 5POrt field to deliver a better world for 16 million disabled people across the UK. Joanne Hoareau Mun¢yger of the Ross Foundation iRass FoiJndaii{>ri Page 6
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 *IR oss Foundation Pa8e 7
ThE ROSS FOUNDATION IREGISTERED NUMBER: 0631]0768) REPORTOFThE TRUSTEES FOR THE YEAR ENDED JI MARCH 2024 The trusteès who 4ie also dlrectors of the char5ty for the purposes of the Companies Act 2W6, present thelr report with the financial statement5 of the charity for the year end 31 Maith 2024. The trusteès have adopted the provlslons of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charfties preparing thelr accounts In accordance with the Financlal Reporting Standard applicable in the LJK and RÈpublic of Ireland IFRS 1021 {thecte l January 20191. ThroLWiout this report The R05s Foundation ha5 been releTred to as the'Foundation'. OBJEcfivES ANO AcnviTIES Objetti5 and alms ThÈ objective5 of thp Foundation are to further such charitsble purposes and to beneflt such charltable Institutlon5 as the trustees think fit. In particular the trustees wish IL) 5UPPOrt= Education/trair4n8 and art5lculture Youn8 people and other charities Causes predominantly in the UK lfi¢ant aahliles In June 2014. subject to various ¢ondr(lons, the Foundatlon agreed to pay £3C¢J,LW per year to the Uni¥er5ity of Nottlngham. stèrtin8from November 2018 and contlnulng for the remalnder of David R055, Ilte lorfor a mlnimum of 25 years}. In December 2021 the Foundatlon agreed to make a gift to the Llncoln Medical School at Uncoln Universlty of £l,(N)O,OCQ to be spread over the perlod from December 2021 to April 2023, subjert to ¢ertain condttlons. Durin8 the year the Foundation £250,000. The Foundatlon has commltted to make a donatlon Df £4m spread over the perlod from OrtobeT 2021 to December 2024 in support of the National Portralt Gallery Insplflng Peoplè proJett subieet to ¢ertain eonditions. Durlng the year the Foundation made donations of £1,0.000 for thls prolect. Further details of significant 8rHnts made in the pÈriod are shown In the seetion below. Grantmaklng The Foundatlon made Brants for other charitable purp05e5 as detailed in the notes to thè Statèrnent of Financlal Activities. The trustees vjlll con51derother Smaller grant payments ar donations based on merit and fL¢rtherance of its charitable objectives. The Foundation continued Its work wSth the academles which it sponsors through the David Aos5 Education Tnjst. Public benefit rewtln8 When rewewin8 thè Foundation's obleclfives and activities, and In plannlng future actMtle& the trustees have Conside the Charrty Comrni55ion's general guidance on public benefit. STRATEGIC REPORT Athie¥ement and perf(thiance (harit3ble artv¥itie5 During ihe year ended 31 March 2024 the tru5tee5 Incurred various governance costs in administering the Foundatlon and raisin funds. The Foundation received donations in the year, no dividends were Yeceived this year on its holding o15hare5. The income helped fund the Foundations, donations and support Costs resulting in net income of £121,813 before adjustment lor unrealised Ealns I losses on current investment assets land a surplu5 of £137.725 including those adjustments). Knandal review Pilnupal fvndin8 sources The principal fundin8 source of the Foundatlon Is the funds donated by the founder David Ross. The charity ha5 not sought to raise funds d1CtlY from third parties in the Current or prior year. howevei voluntary donatlons are received from some v4Sitors io the Hanglng Stones. Investrnt polity and objectlves Under the Memorandum and Articles of Association. the Foundation has the power to invest in any way the trustees see fit. As at 31 March 2024 the Foundation held cash, shares donated by David Ross and other investments as detailed in the notes to the fin4nrial statements. Page 8
THE ROSS FOUNDATION IREGISTERED NUMBER: 063LJ)7681 REPORT OF THETRusfEES FOR THEYEAR ENOED 31 MARCH 2024 STrATEGIC REPORT Fin•n¢ial re¥lew Reserves pollcy The charity has total fund5 carried forward of £12.594.04912023- £12,456.3241, of whlch £71,67612023- £65.3431 are restricted. and £12,522,37312023- £12,390.9811 are unrestricted. which will be used to contlnue meeting the charlty's objertives. The trurtees revlewthe ieserves of the Foundatlon annualty. As at 31 March 2024 the trustees felt that they had sufflclent reseNes to meet future expendlture as and when Jt become5 due. Funds In defidt At the year end date no funds were In defitlt. FUre plan5 The Foundation will ¢ontinue to seek opportunltles to ralse funds to SUPP¢Yt its obligatlons to the Unlversbty of Nottingham, the N4tlonal Portralt Gallery and other causes whlch It wlshes to support. srRUCWR¢ GOVERNANCE AND MANA6EMEMr fjovernkn8 docum*)t The chdrfty Is controlled by Its governlnB document. • deed of trust, and constltutes a limlted company, limltsd by 8uarantee. as defined bythe Companie5 Act 2006. The FoundaUon 1$ a cornpany Ilmlted by 8uarante8 wlth nu Share capitsl Ireglstratlon numbèr (kS3007681 and a reBiStered tharlty {re8lstratlon number 11218711. The Foundallon was Incorporated on 3 July 2(KJ7 and comrnenced artivitles on that date. The charitsble compan¢s Memorandum ènd Articles of Assoclatlon are the prlmary 8overn5n8 documents of the Foundatlgn. RetTUitment and appolntment Df fiew trustees The svbscrlbers to the Memorandum are the first trustee5 of the Fourmlation. The trustees may appolnt a person who Is willin8 to serve as a trusteé on such terms a5 they may agree from tlme to Ilme. Or8anlsallonal strurtwi• The trustee$ meet regularly to make decislons rel•tln8 tothe Foundatlon. Oetsils of the tnJstees are 8iven on ge 10. All trustees 8ive of thelr tlmt freèly ènd no trustee femuneration was pald. Detalls ol trustee expenses and relatsd party transactions are dis¢losed In the relevant notes of the f]narKlal statements. InduLtlon and tr4lnln8 of new trustees The tralning and induction provided for new trustees wlll depend on thelr existin8 experlen¢e. Where necesS?ry. indurtlon will be on an Inforn)al bas15. Itwlll be tailored speclalty to the IndSvldval and wlll provlde training on charlty. le8al •nd flnaneial rnatters. ftelated prtl•s During the year numerou5 grants and donations were pald to or8anisations of vthlch the trustee5 of the Foundatlori held PDSition5 such as dirertor. trustee or commlttee membef, D•vid Ross prlnlarlly beln8 the Indlvldual Involved. Further detslls are glven in the notes to the financlal statements. Rlth mana8ement The trustees have a duty to Identlfy and reeW the rlsks to whlch the charlty is exposed and to ensure approprith controls are in place to provlde reasonable ossurance agalnst fraud and error. The tnjstees revlew the ris facin8 the Foundatlon on a regular basis and tske steps to minlmlse or ellmlnate these risks where necessary. The trustee5 are formulatlng thelr pollcy In the following area5'. Investments Dlstrlbutlon518rants Safeguardlng chlldren and vulnerable persons Serlou5 Incldent5 Recrultmenl vettlnB and on80in8 ¢he¢king of officer5 Confllct of Interest In addition. the trustees have Implemented a system of financial control WheV all payments from the Foundation are verified by ¥0 51gnatories and the flnanclal records are Inspected at relular trustee meetlng5. Page 9
THE ROSS FOUNDATION (REGISTERED t4UMBE8: 063(> REPORT OF THE TRU5TEE5 FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINisfRAnvE DETAILS Regi#¢red Company number 06300768 IEngland and Wales) Re8islered th•rity number 1121871 Reglslered office 10 St james's Place LorKlon SWIA INP Trnstee5 MrDPJR05S MrsAJBott Mr M W Boll3nd- retired 19 August 2023 Mrs M Mercier Lady C M Ryder Ms O C Windsor Mi H Carling MrCCTRoss The dlrector5 of the Foundation are Its trustees for the purposes of charity law and throy£hout th15 report are collectNely referred to a5 the trustses. The company se£Tetsry 15 not a tW5tee ofthe Foundation. Other changes in tfU5tees- Mrs M Mercler ce4$ed to be a trustee after 31 March 2024 but prior to the date of thls reporL Compw Secretsry Mr N P Teasle Audltor5 Duncan & Topli5 Audit Llmlted, Ststutory Audltor 5 Resolutlon C105e Endeavour Park Boston Lincolnshlre PE217rr Bankers Barclay5 One Stanhope Gatè London SWIA INP Soliators Wlthers LLP 16 Old Bailey London EC4M 7EG PaÉe 10
ThE R055 FOUNDATION IREGisfERED NUMBER: I63768> REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 srATEMENfoF TRU5TÉES' RE5PONSIBiunES Thetru5tees (who are a15D the dSrectOT5 of The Ross Foundation for the purpose5 of company lawl are responsible lor preparln8 the Report of the TrusteÈ5 and the flnanclal statements in accordance th applicable ljw and United Kln8doTn Accounting Standards IUnltÈd Klngdom Generally Ar¢epted Accountin8 Practice). Company law requlres the trustees tD prepare financlal Statements for each financlal year whlch give a twe aNI hlr vlew of the state of affairs of the charitable cornpany and of the Incomir res0r£eS and application of resources. intluding the income and expendtture, of the charltable ccmpany lor that period. In preparlng thu5efinan¢ial statements, the trustee5 are required to select sultable accountlng pollcies and then applythem coThslstently: observe the method5 and prlnclples In the Charfty 50RP; make judgements and estimate5 thot are reasonable and prudent,. state whether appllcable accountlng standards have been followed, sublert to any mater5al departures dlsclosed and explained in the financial statements: prepare the financlal ststement5 on the golng eoncern basls unles5 St is inapproprlate to presume that the eharitsble companv wlll continue in business. The trustees are responsible for keeping Proper accotsntlng records whkh disclose with re¥s¢nable 4ccurncy at any tlme the nanclal posltlon of the charitable company and to enable them to ensure that the financial 5taiements comply wlth the Companlos Act 2006. They are also responslble tor safe8uardln8 the assets of the tharltable comparbv and henre for tsklnB reasonable steps forthe preventron and dètectlon of fraud and other Irregularftie5. In $0 far as the trustees are aware- there is no relevant audlt Information of which the charitable company'5 audltors are unaware,. and the trustees have taken all step5 that they ought to have taken to make themselvas aware of any relevant audbt Inforniatlon and to estsblish that the dudTS are aware of that Information, Report of the trustse5, Incorporatlng a 5trate8i¢ reporL approved by Drder of the board of trustees, a5 the company dlrectors. on 12 December 2024 8nd s18ned on the board's behalf by. P J Ross. Trustee Page 11
REPORT OFTHE INOEPENDEKf AUDITORS TO THE MEMBERS OF THE ROSS FOUNIMTION IREGISTERED NUMBER: 06300768) Opinio We have audlted the financial statempnts of The RO Foundation (the 'charltable company'l for the Year etyled 31 March 2024 whS£h comprlse the Statement of Financial Attivitie5, the Statèment of Finèncial Posltlon. the Statement of Cash Flows and notes to the financial statements. including a summary of s4gnificant accountin8 pDlicies. The tinanclal reporting framework that has been applied in their preparation is appllcable law and United Kingdom ktounting Standards Iunlted Klngdom Generally Accepted Accountin¥ Practice). In ouropinion the financial statements= 8ive a true and fair view of the state of tho charltable company's affairs as at 31 March 2024 and of its intoming resources and application ol resources, Includine its income and expenditure. for the year then ended. have been properly prepared in accordance with United KlnÈdom Generally Accepted Accounting Pr3ctiEe' and have been prepared in accordan with the requirements of the Companle5 Act 2006. Basls lor opinion We conducted our audit in accordènce with Intemation31 StandarL15 On AuditinB IUKI IISAS IUKII and applicable law. Our responsibilitles under those standard5 are further de5ciibed in the Auditors. responsibilities fDr the audit of the financial Stratements section of our report. We are independent of the charitable company in accoidance with the ethical requirements that are relevant to our audlt of the financial statements in the VK including the FRC'S Ethical 5tandar(l. and we have fulfilled our other ethÉcal resporTrsibilities in accordance with these requirernents. We believe that the audit evidence we have obtained is sufficient Bnd appropriate to provide a basis for ovr opinion. condus1$ tatin8 to going con¢¢rn In auditing the financial staternents, we hove cofitluded that the trustees, use of the going concern basi5 of accountlng In the preparation of the financial statements is appropriate. Based on the wod( we have performed, we have not identified any material uncertainties relatir¥ to events or conditions that indlvldualty or collectlwely, may $t Significant doubt on the charitable Company's ability to contlnue as a con¢em for a perlod of at least tWee monihs from when the financlal Statements are auihorised for issue. Our responsibllltles and the responsibilities ol the trustees wlth respect to 8oin8 concern are described in the rèlevant sections of this report. Other infomiallon Thè trustees are responsible for the other infomiation. The other information comprlse5 the information auded in the Annual ReporL Other than the financlal 5tatemÈnts ènd our Report of the Independent Auditors thereon. Our opinion on ihe finan¢lal statements does not cover the other information and. except to the extent otheIse explicitty statèd in our report we do t express any form of assura conclusion thereon. In connection wlth our audit of the financial statements. our responslblllty Is to read the other informatKJn an(1, In doin8 $0. consider whether the other inforrnation is rnattrialty intonsistent wlth the financial statements or our knowledge obtained in the audit or otherwise appear5 to be materially rnis5t3ted. If we identify such material inconsSstencies or appaient material misstatements. we are required ro determine whether this Blves rise to a material misstatement in the financial Siatewtjents thefflsel¥e5. If, basod on the work we have performed, we conclude that there is a material misstatement of this other irbforrnation, we are required to report That fact. We fvave nothing to report in this regard. Opinion5 on other matters presuibed by the Companie5 Act 21K16 In our opinion. based on the work undertaken in the course of the audit= the tnlormation given in the Report of the Tiustees for the financial year for which the financi315tatemenls are prepared is consistent with the financial 5tatements.' and the Report of the Trustees has been prepared in accordance with applicable le8al requirements. Matters on which we are requlrÈd to report by excepiioTh In the light of the knowledge and understanding of the tharstèble Compa and its environment obtained in the course of the audi( we have nDt identified material misstatements in the Report of the Trustees. We have nothrng to report In respert of the lollowing matters where the Companies Act 2006 requSres us io report TO you if. in oui opinion.. adequate accountin8 records have not been kept or returns adequate for our audit ha¥e not been received Iiorn branches rhDI visited by us; or the financial statement5 are not in agreement w¥ih the accounting records and returns- or certaln disclosure5 of trustee5' Temuneration 5pe(¥lbed by law are not made- or we have not recelwed 311 the information and explanations we requlre for our audlt. PaKe 12
REPORT OFTHE INDEPENDENfAUDITORSTO ThE MEMBERS OF THE ROSS FOUNDATION (REGISTERED NUMBER: 06300768) ResponbHI11es of trustees As explained more fully In the Statement of Tru5tees' Responsiblllties the trustee5 (who are also the dlrettors of the Charable company for the purposes of comp3ny lawl are responslble for the preparation of the firlanoal statements and for belng satisfied that they give a true and fair view. and for such intemal control as the trustees determlne Is necEssary to enable the preparatlon of financlal statements that are free from material rnisststemeni whether due to fraud orerror. In preparing the financial statements the trustee5 are responsible for assessing the charltable company's ability to £ontinuÈ as golng concern, disclosinB, as applicable, matters related to going conrn and usin8 the 8oinE contem basis ol accountin£ Unless the trustees either irtend to Ilquidate the charitrble company or to cease gpewation5, or have no reallstic alternative butto do so. Our résponslblllrfÈsforthe au(Trt of the financSal statefflents Our objective5 are to obtain reasonable [an£t about whether the tinancial 5tatement5 a5 è whole are freo from rnateria5 Isstatsment. whether due to fraud or error. and to issue o Report of the Independent Auditor5 that indude5 our opinlon. Reasonable assurance 15 a high level of assurance. but 15 not a guarantee that an audit conducted In accordance with ISA5 IUKI will always detert a [Tterial misststernÈnt when It exlst& Misstatements can arise from fraud or error and are considered materlal If, Individvally or in tho a88regate. they Could reasonably be expected to influerKe the Èconomlc dec15ions of users tsken on the basis of these financlal statements. The extsnt to whlch our PrOdre$ are capable of dotetting Irre8ularlties, Includlngfroydls detalled bplow= We have Idenfied areas of laws and re8ulatlons that could rasonab be expected to have a materlal effect on the financial Statements from our general commerdal experience, knowledge of the sector, a revlew of re8ulatory and leBal Correspondence and throu8h dSs¢ussions with Diroctors and other marta8Èment obtsined as part of the work required by audltin8 stsrnlard& We have also dlscussed with the Dire¢tors and other management the pollcles Jnd procedures relètin8 to compllanc with laws and re8ulatlons. We ¢ommunicated laws and regulations throu8houtthe team and remalned alert to any indlcatlons of notrcompllance throughout the audtt. The potentlal Impart ol dlfferent laws and regulatlons varfe5 conslderably. Firstly. the Company is subleci to laws and re8ulatlon5 that directly impact the financlal ststements Ifor example financial reportlng legislation) and we Kive assessed the extent of Complian wlth such laws as part of our financlal statements audlt. We evaluated management's Incentlves and opp)rtunlties for fraudulent manlpulatlon of the Ilnandal statements {includin8 rfsk of overrlde of controls) and detemilned that the prfncipal r15k5 were related to management bias In accounting estimates and Jud8ementaS areas of the financial statements such as provlslon5 for Impalmient on fixed asset Investments. as well 8$ the risk of inappropriate journals relating to fund classlfication. Audlt procedures perfomied by the engagement team Included the klentification and testing of materfal and unusual journal entries and challen8ln8 management on key ac¢ountlng estimates, assumptions and judgements made In the preparatlon of the financial statemet)ts. We cafrled out detailed 5ubstantlve testlng on judgemerrtal area5, including wiewing the method used by mèna8ement In making judgements and reviewin8 h0wth0sejudgemer cornpared to prior yearactual Olrtcomes. Se£ondly. the company 15 5wbject to other law5 and re8ulatiQn5 where the consequence for non- compllance could have a material effect on the amounts or disclosures In the financlal staternents. We idelrtified the following areas as those most Ilketyto have such an eftect: Regulatory requlrements of the Charlty Commission. Auditing stsndards Ilmit the required avdit procedures to Identify n0rtrcompl1an with these laws and regulatlons to enquiry of the Directors and other management and In5pertion. Thls Inspectlon Included a revlew of legal fees for any evidence of noFFcOmlan and disctsssiDns arourKI whether any regulatory Issues occurred in the year. Through these procedLsres, rf we becamE aware of any non-compliance, we considered thÈ impact on the procedures performed on the lated finan¢lal ststement item5. Owln8 to the Inherent limltstlons of an audlt, there is an unavoldablè risk that we may not have deterted some materlal misstatements in the financial statements, even though we have properl¥ planned and performed our audit in •¢cordance wfth uditing stsndards. The further removed non- compliance with law5 ar re8ulation5 is from the events and transactions refletted In the financial ststernents, the less Ilkely the Inherently limited procedures requlred by auditing 5tandaTds would identify it. As wlth any there Is a greater rrsk of non.detectlon of IrregularStles a5 these may involve colluslon, Intentional omlssions of the Dverrlde of internal controls. We are not responslble for preventin8 no1MplIn and cannot be expected to detect non-compliance with all laws and regulatlons. A further descriptlon of our respon5ibilitles for the audit of the financlal ststements is located on the Financlal Reportlng Counol's website at www.frc.org.uvauditorsresponsibllltle& This descrlpllon forms part of our Report o*the Indepèndent Audltor> Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ROSS FOUNDATION (REGISTERED NUMBER: 063007681 Use of OUT report This report b made solely to the ch8dtèble company's fflefftbe. as a bodyi in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken so that we mlght state to the charitable company's members those matters we are requlred to state to them IT) an aud5t0, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charltable company's member5 as body, for our audit work, for this repDrt, or for the opinions we have formed. Timothy Godson FCA (Senior Statutory Auditor) for and on behalf of Duncan & Toplls Audit Llmbted, Statutory Auditor 5 Resolution C105e Endeavour Park Boston Lincolnshire PE217 Pa8e 14
THE ROSS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EAPENDITURE ACCOUNTJ FOR THE YEAR ENDED 31 MARCH 2024 2024 Totsl funds 2023 Totsl lund5 Unrestrfcted funds RestTiCted funds Note5 INCOME AND ENDOWMENTS FROM DonatnS and legacies 2.349.999 6,306 2.356.305 2.129.766 Charltable octivlties Han8inB Stones 7,090 7,090 Investment Income Totsl 2,349.999 13.396 2,363,395 2,160,570 EXPENDITUAÉ ON Ra15in8funds 7,234 6,313 13.$47 6,594 Ch¥ritsbl• •rtlv]tle5 Donatlons made 617 2,077,005 2.077.005 1,947,291 Other 150,280 750 151,030 138,695 Total 2,234.519 7.063 2,241.582 2,092.580 Netgalnslllossesl on Investments 15,912 15,912 1284,2061 NETINCOMVIEXPENDITUREI 131,392 6,333 137,725 1216.2161 RÉCONauATIQN OF FUNDS Total funds brought forward 12.390.981 65,343 12,456,324 12,672.540 TOTAL FUNDS CARRIEO FORWARD 12,522,373 71,676 12,594.049 12,456.324 The notes form part of these finaftcial 5totemeftts Page 15
THE ROSS FOUNDATION (RÉGISTERED NUMBER: 06YOD768) sfATEMEKf OF FINANCIAL POSITION 31 MARCH 2024 2024 Total funds 2023 Total fund5 Unrestrlcted funds Restricted funds Note5 FIXED ASSET5 Tangible assets Heritage assets InvÈstments 12 13 14 62.855 2,523.036 2.561.087 62,855 2,523.036 2,561.087 61,855 2.389.48S 2.513.812 5,146.978 5.146.578 4.966,155 cuRRETr A55ETS Debtors Investment5 Cash at bank and in hand 15 16 6.83L063 535.262 137,349 6.831,063 535,262 209,025 6,754.234 519.350 428.961 71,676 7.503,674 71,676 7,575.350 7,702,545 CREDITORS Amounts fallin8 due within one year 17 1128,2791 1128.2791 1212.3761 NET CURRENT ASSETS 7,375.395 71,676 7,447.071 7.490,169 TOTALASSYfs LESS CURRE LIABILMES 12,522,373 71,676 12,594.Iy19 12.456,324 NET A$5Ef5 11522.373 71.676 12.594.049 12,456.324 FUNDS Unrestrirted tunds.. fjeneral fund Restricted funds.. beckwth Music St. Mary'5 Church, Nevill Holt North York5hiTe Hanging Stones 12.522,373 12.390,981 53,915 3.737 6,SOO 7,524 53.91S 3.737 6,$00 1,191 71,676 65.343 TOTAL FUNOS 12,594.049 12,456,32 The financial statements were approved by the Board of Trustees and authorised for issue on 12 December 2024 and were signed on its behalf bv.. ft_ ,"J Mr O P J Ross. Trustee The note5 frjrm part of these financial statements Page 16
THE R05S FOUNDATION ATEMENT OF CASH FLOWS FORTHE YEAR ENDED 31 MARCH 2(R4 2024 2023 Note5 Cash Il¢)ws from owatln8 actlvltles Cash generated from operatity)s 137.8911 424.660 Net cash (used Inllprovlded by operallng actlvtties 137,8911 424.660 Cjsh fr¢vn Investi a<thltles Purchase ot heritaBe 8$5et5 Purchase of investment5 Investrnent management fees lrtterest reeelved (133.5481 147.2751 11,2221 1520.3541 149.9511 11.7681 30.804 Net cash used In Investlng activitie5 1182.0451 541.2691 Change In c45h 4nd cath e4ulvalerts In tho reprydn8 perlod Cash and cash equlvalents the be8lnnln8 of the repmlng perlod {219.9361 1116.6091 545.570 C•sh and cash equlvalents the end ofthè reportin8 pertod 209.025 42B,961 Tha notes hmi part of these flnancial Matements Page 17
THE ROSS FOUNDATION NOTESTOTHE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NEf INCOMEIILXPENDMIREI TO NEr rASH FLOW FROM OPERATING AcfiviTrE5 2024 2023 Nel incomelleJy>enditurel for the rep(Tt•nB period {a5 per the Statement ol Finandal Activities) Adjustments for.. Gainlnosse5 on investments Interest recelved Investment management fees Ilncreaselldpcrease in debtor5 Decrease In creditors 137,725 {216.2161 115,9121 284,206 130,8041 1,768 526,349 1140.6431 1,222 176,8291 184,0971 Net (h (used invprovided by operailons 137,8911 424,660 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 N•1 sh Cash at bank and In hand 428,961 1219,9361 209,025 428,961 1219.9361 209,025 Ilquod resour5 Dpposits included In cash Crnt asset investments 519.350 15.912 535,262 519,350 15,912 535,262 Totsl 948,311 1204,024) 744.287 The notes form part of these firtanclal statements Page 18
THE ROSS FOUNDATION NOTESTO THE FINANCIAL sfATEMENrs FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNnNG POLICIES Basls of preparing the Ilnandal statements The flnanclal statements of the charltable company, whlch is a publi¢ benefit entlty under FRS 102. have been prepared in accordance with the Charities SORP IFRS 102}'Accounting and Reportlng by Charltles., Stotement of Recommended Practlce applicable to charities preparlng their accounts in accordan¢e with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial ReportSng Standard 102 'The Financlal Reporting Stsndard applicable in the UK and Republic of Ireland, arKI the Companies Act 2006, The financial ststsments have been prepared under the hlstorlcal cost convention. wlth the exception of investments whlch are included al market value. The flnanclal statements are presented in sterling which Is the functional currency of the charity and rounded to the nearest £. The significant accountln8 policies applied in the pParatIon of these fflnanclal ststements are set below. These policies have been consistently applled to all years presented unless otherwise stated. The financial statements cover the individual entlty- The entity constitutes a publlc benefit entlty as defined by FRS 102. There are no materlal concern5 relating to golng concern. Income All Income is recognlsed in the Statement of Flnanclal Activities once the charlty has entitlement to the funds, It Is probable that the income wlll be reteived and the amount can be measured rellably. Expendlture Liabilitie5 are recognlsed as expendlture as soon as there is a legal or constructive obligation comrnitting the charity to that expenditure, it Is probable that a transfer of economic beneffts wlll be required in settlement and the amount of the obllgatlon can be measured rellably. Expenditure is aCCOLtnted for on an accruals b1515 and has been classified under headings that aggregate all cost related to the category. Where $ts cannot be directly attrlbuted to particular headln8S they have been allocated to artivlties on a basis eonsistent with the use of resources. Grants payable, Including donatlons made to third partles In the furtherance of the charltable oblectlves of the Foundation, are reco8nlsed where a constructlve obligation exlsts that results in the payment belng unavoidable not withstandlng that they may be paid in future accounting periods. Grants offered subject to conditlons which have not been met at the year end date are noted as a commitment but not accrued as expenditure. TaTh8lble fixed assets Depreciation is provlded ot the following annual ratss In orderto wrlte off each asset over its estlmated u5eful1Sfe. Freehold land not provlded Tangible fixed assets are stated at cost lor deemed costl or valuatlon less accumulated depreciation and accumulated Impairment losses. CDSt includes costs dirertly attributsble to maklng the asset capable of operating as Intended. Héritay assets Heritage assets are recognlsed on the balance sheet and initially measured at cost when purchased. Assets are subsequently stated at cost less accumulated impairment losses. Once acqulred assets wlll be preserved by the charlty in order to keep thelr hlstorical, artlstlc, scientific. technological. BeophysScal or environmental qualitles to such a hlgh level as to contribute to knowledge and CUre. Heritsge assets are to be held for the foreseeable future. Taxatlon The Foundation is a reglstered charity and no provlslon is considered necessary for taxation. Where donations are made to the Foundation under gift aid, the tsx repayment to which the Foundation is entltled 15 included as a debtor in the ststement of financial posltlon. Page 19 continued...
THE ROSS FOUNDATION NOTES TO THE FINANaAL sfATEMENTS- conllnued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued Fund accountlng Unrestricted funds can be used in accordance with the charftsble objectbves at the discretlon of the trustees. Restricted fund5 can only be used for particular restricted purposes within the object5 of the charity. Restriclions arise when Specified by the donor or when funds are raised for particular restrirted purposes. The Foundatron accounts for income and expenditure provided or Incurred for a specific purpose by treating these as restricted funds. The only restricted funds relate to the Beckwith Music programmè, a fund in 5UPPOrt of St Mary's Church Nevill Holt, a fund In support of the North Yorkshire community. a fund in 5UPPOrt of enrichment activbtie5 for DRET academie5 and a fund in support of the hanging stones project in North Yorkshire. All other fund5 are unrestricted Further explanation of the nature and purpose of each fund is included in the notes to the financi81 statements. nanclal instruments The Foundation only enters into baslc financial instrument transattions that result In the recognitlon of financial assets and liabilities like current asset Investments, other debtors and creditors and loans to related parties. Financlal assets that are measured at cost and amortlsed cost are assessed at the end of each reporting perlod for objective evldence of impalrment. If objective evldence of impairment is found, on impairment1055 is recognlsed in the income statement. For financlal assets measured èt èmort15ed cost, the Smpairmerrt loss is measured as the dlfference between an a55et's Carrylng amount and the present value of estlmated cash flows discounted at the asset's origlnal effective interest rate.lf a flnancial a55et has a varlable interest rate, the dlscount rate for measuring any impairrnent Ios5 is the current effectlve Interest rate determined under the contract. For financial assets measured at cost less Impalrment, the Impalrment Ios5 is measured as the difference between an asset's carrying amount and best estlmate, which is an approximatlon of the amount that the company would receSve for the asset if it were to be sold at the financlal portIng date. Fifianeial assets and liabilities are offset and the net amount reported in the statement of finantial position when there is as enforceable right to Set off the reco8nised amounts and there is an intention to settle on a net basis or to feallse the asset and settle the liability 5imultaneouslv. Current asset inve5trnents Current asset investments comprising of listed investments are stated at market value at the statement of financial P05Wtion date. The statement of financial activities includes the net gain5 and losses arising on revaluation and disposa15 throughout the period. Gains and losses are taken to the statement of financial activities a5 they arise. Realised gains and losse5 on investments are calculated a5 the difference between sales prOed3 and opening market value (value on acqursition date if latÈrl. Unrealised gain5 and losses are calculated a5 the difference between the market value at the perlod end date and opening market value lor value on ocqui51tion date If later). Fixed asset investments Fixed asset investment5 are stated at COSt less provision for any pemianent diminutlon In value. Debtors and ¢Teditors recelvable I payable Debtors and credltors with no stated Interest rate and recelvable or payable are recorded at transactlon price. Any105ses arising from Impairment are recognised in expenditu. Page 20 ontinued...
ThE ROSS FOUNDATION NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGAaES 2024 2023 Donatlons Gift aid 1,885,524 470,781 1.703,897 425.869 2,356,305 2.129,766 INVESTMENf INCOME 2024 2023 Intest on cash deposits Diwdend income- UK equitles 2,958 27,846 30,804 INCOME FROM CHARABlE ACTIVITIES 2024 2023 Actlvlty Hanglng Stones HanginE stones admi$5ion5 7,090 RAISING FLINDS Ralslng don*lons and14acies 2024 2023 Fundraislng costs Bank chaiges 12,067 258 4,695 131 12,325 4.826 Inve51ment management Costs 2024 2023 Investment management fees 1,222 1,768 8regate amounts 13,547 6,594 CHARITABLE A1VITIEs COSTS Grant funding of activities (see note 71 Donations rnade 2,077,005 Page 21 continued...
THE R055 FOUNDATION NOTES TO THE FINANaAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 GRANTS PAYABLE 2024 2023 Donations made 2,077.005 1,947,291 Donations are made in accordance with the objertlves and aims of the charitable company, which are as detailed on page 8. Donatlons made comprlse grants payable to partner organisations, together wlth one off donations. A detailed analysis is gfven below. The total grants pald to institutions durlng the year was #s follows: 2024 2023 Partner Organisations: Brtlish Olympic Association Brtlish Paralympic Association Llncoln Medical School (Lincoln University) National Portrait Gallery The Universlty of Nottingham 39,105 50.000 250.000 1,221.094 300.000 L083 50,000 500,000 1,001,032 300,000 1,860,199 1,852,115 David Ross Educatlon Trust: David Ros5 Educatlon Trust 1,825 1.250 1.825 1.250 General ¢)ne off donations: Addenbrook's Charitsble Trust Alzhelmers Society AmbStlous about Autlsm Arthur Rank Hospice Charlty British Council Channel X Etemity Movement Game and Wildlife Conservation Trust Game Conservallcy Hope and Home5 for Children Iserlohn Forest Lady Garden Fund London Air Ambulan Medair Gèneral Mu5tique Charitable Trust Serpefttine Gallery Teach First Uppingham School Whitechapel Gallery 250 2 100 Icl) 5,000 22,200 i.0 loo 7.400 loo L342 10,926 250 359 39,331 13,926 Nevill Holt Opera 175.650 80,000 2,077.005 1,947.291 Pa8e 22 continued...
THE ROS5 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnwed FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT Costs Govemah costs Management Totsls Other resources expended 24,524 126,506 151.030 NFf INCOMEI{EXPENorruREI Net incomellexpenditure} is Stated afttr char8lngJ(credfting): 2024 2023 Auditor5, remuner3tion 15.570 16.530 io. TRUSTEES. REMUNERATION AND BeNEprrs There were no tru5tee5' remurheration or other beneflts for the year ended 31 March 2024 nor for thE year ended 31 March 20Z3. During the year two trustee5 were paid a totsl of £8,553 for out of pocket expenses. Durlng the prevlous year three trustees were paid a total of £8,477 for out of pockettra¥el expenses and costs Incurred with third partles. ii. COMPARATIVES FOR THE STATEMENTOF FINANaAcrWrnES Unrestricted funds Restricted fund5 Totsl fvnds INCOME AND ENDOWMENTS FROM Donatlons and legacle5 2,125,000 4,766 1129.766 Investrnent IrKome 30.804 30,804 Total 2.155.804 4,766 2,160,570 EXPENDITURE ON Raislng fvnds L851 4,743 Charltable aCtItieS Donatlons made 1.947,291 1.947,291 Other 138,255 440 138,695 Totsl 2.087,397 5,183 2.092,580 Net galnslllossesl on inve5trnents 284.206) 1284.2061 NINCOmv1fXPEND1TUREj 1215,7991 1417) 1216.2161 RECONauATION OF FUNDS Total funds brought fotward 12,606.780 65.760 12,672,540 TOTAL FUNDS CARRIED FORWARD 12,390,981 65,343 12.456,324 Pa8e 23 continued...
THE ROSS FOUNDATION NOIE5 TOTrtE FINAIICIAL ATEmE15- Continued FOR THE Y&4R ENDED 31 MARCH 2024 Iz. TANGIBLE FIXED ASSETS Freehold property COST At l April 2023 and 31 March 2024 62.855 NET BOOK VAIUE At 31 March 2024 62,855 At 31 Marrh 2023 62.855 Included In c05t or valuation of land and buildings is freehold land of £62.85512023. £62.8551 which Is not depreclated. The fixed assets comprise land which 15 held for charitable purposes. 13. HERifAGE ASSETS Totsl MARKEfvAWE At l April 2023 Additign5 2.389,488 133,548 At 31 March 2024 2.523.036 NET BOOKVALVE At 31 March 2024 2,523.036 At 31 March 2023 2,389.488 Heritage assets comprlse of the Andy Goldsworthy projects unllertaken in the North York Moors. They represent artwork wtthln site5 of heritage Interest and will be maintained via dortations aThl admission fees frotn the publlc for vlewlnE thÈ art vla a publlc walk between the 5rle5. The fund5 raised are maintsined In a restricted lund referred to a$'Han8ing Stones.. 14. FIXED ASSET INVESTMENT5 2024 2023 Investments 2,561,087 2.513.812 There were no investment a55ets OLttside the UK. Investments Ineither listed nor unlisted) were as follows- 2024 2023 Artwork cost brought lorword Arfvrk additions Piano addition 2.513.812 22,275 25,000 2.463,861 49.951 2.561,087 2,513,812 Fixed asset ir5vestments are staled at cost of ac4ulsStion. Page 24 continued...
THE R05S FOUNDATION NI)TE5 TO THE FINANaALsfATEMEpifs- fontlnued FOR THE YEAR ENDED 31 MARCH 2024 DEBTORS 2024 2023 Amounts fallin8 duè wlthin one year.. Prepayments and accrued income 1,073 251 Amounts falling due after more than one Yr. Other debtors- Nevlll Holt Festlval Llmlted 6,829,990 6.753,983 Ao8re8atr amounts 6,831,063 6.754,234 At 31 March 2024 the balance of the loan to Nevill Holt Festival Limited was £6,829,99012023 - £6.753,983) which has a repayment notlce perfod of rnoie than twelve month5. 16. CURRENT ASSEf IlWE5fMEpirs 2024 2023 Listed invesiments 535.262 519,350 Movement in current assèt IrNe$tments comprfses: 2024 2023 Marketvalue 95 at l Aprll 2023 Additions lat market value on a¢quisltlon Dlsposèls lat market value on disposal) Galnl{lossl on dlsposal of Irsvestments Galnl{lossl on revaluation of Investments 519.350 803,5 15,912 12B4.2061 Marketvalue as at 31 Marth 2024 535,262 519.350 I current asset Investments were in UK quoted lFwestMen At the year end date Investments ¢onslrted of sha$ In Currys plc. 17. aiEDITORS: AMOUPllS FAWNG DUE wmiiN ONE YEAR 2024 2023 Other credltors Accrued eNpense5 112.910 15,369 198.136 14.240 128.279 212.376 Page 25 continued...
THE ROSS FOUNDATION NOIESTO THE FINANCIAL sfATEMEMfs- continued FOR ThE YEAR ENDED 91 PJIARCH 2024 MOVEMEKf IN FUNDS Net movemerbt in funds At 31.3.24 At 1.4.23 Unrestrirted funds General fund 12.390.981 131.392 12,522,373 Restritted fund5 BeckwFth Music 5t. Mary's Church. Nevill Ho North Yorkshlre HanEin8 Sto$ 53.915 3,737 6.5(K) L191 53.915 3.737 6,500 7.524 6.333 65.343 6.333 71.676 TOTAL FUNDS 12,4156,324 137,725 12,594.049 Net movernent in funds. included In the above are as follow5.. Incomlng resource5 Resources expended Galns and losses Movement in funds UnrÈstrkted lund5 General fund 2.349.999 12.234,5191 15.912 131,392 Restrirted funds Hanging Stones 13.396 17,0631 6,333 TOTAL FUNDS 2,363.395 (2,241,582) 15.912 137.725 Comparative5 for movement in funds Net movement In funds At 31.3.23 Al 1.4.22 Unreslylrted funds General fund 12,606,780 1215.799) 12.390,981 RÈstrltled 8eckvdlth Music St. Mary's Chur¢h, Nevill Holt North Yorkshire Hanging Stones 53,915 3,737 6,500 1.608 53,915 3,737 6,500 1.191 14171 65,760 14171 6S.343 TOTAL FUNDS 12,672.540 216,2J61 12.456,324 Page 26 continued...
THE ROSS FOUNtV4TION NOTE5 TO THE FINANCIALSTATEMENTS- conttTrued FOR THE YEAR ENDED JI MARCH 2024 MOVEMENf IN FUNDS- contlnued Comparative net movement In fund5, IrKluded in the above are as follows: Incomln8 resource5 Resources expended Galns and losses Movement iTrfund5 Unrestrirted I{d$ General fund 155,804 12,087,3971 1284,2061 1215.7991 Resirfrted fvnds H8nglng Stones 4.766 (5,1831 14171 TOTAL FUNOS 1160.570 12 092,5801 1284.2061 216.2161 Reslrfrted lund5 The restrkted funds durlng the Yrare ès follow5.' Beckwhh Muslc- thi5 represents funr15for a music scholarship pro8ramme. St Marfs chr£h. N111 Holt- this represents funds to wpport acthltle5 related to St Mary's Church at Nevill Hoft. North Yorkshlre- thls represents funds to support communlty pro]erts In the North yorksh1 area. Harr6ln8 Stone5- this represents funds raised to SUPP)rt the onBolnB maintenance of ihe Hangin8 Stones project. Des68natedfunds The tru5tses have indicated that they ale minded tg 5UPPOrt the John Ross Communlty Fund with up to £10,0 per nnum. 19. CApAL COMMtrMENT5 2024 2023 Contracted blrt not provided for In the flnanclal ststements I26,C) The capitsl commltment Is a contractual obligatlon In respect of the heritage assets. RELATED PARTY DISCLOSURES Throu8houtthe year Oavid Ross w85 a trustee and d1Clor of The Ross Foundailon. Payments qrnnts tnirtee und dIrert0bIP50ddonutkn$ Davld Ross donated £1,880,000 to the Foundation in Year. NottlnEh•m Unlv¢rslty The Unlver51ty of Nottin8ham provided the use of ft5 focilFties to the Davld R05s Educatlon Trust for 5POrts events. It has prevlously been agreed, Subject to various condltlons, that the trustses w511 pay £300,000 per year to Nottingham Unfverslty. Startln8 from November 2018 and contlnulng for the remaindèr of Davld Ros5, lffe lor for a mlnimum of 25 yearsl. D*¥ld Ross Educ4tl•n Trust IDRETI David Ross Is a director and trustee of the Davld R0$5 Education Trust IORETI. The Foundatlon madè a donatlon of £1,825 durlng the yeir12023- £1,250>. Page 27 continued...
THE ft0SS FOUNDATION NOTESTO THE FINANOAL 5TATEMENT5- (1)niinued FOR7HE YEAR ENDED 31 MARCH 2024 RELATED PARTY DISCLOSURES- Contlnued Park Farm- Sthool Farm ProjÈd Davld Ross owns the property at Park Fami, Nevill Holt. Leice5tershirewhich has been devdoped into a fam for use by the DRET academles. Natlonal Portralt Gallery David R055 is Chairman Trustee ol the Natlonal Portrait Gallery. Durln8 the year, the Foundation recorded donations of £221,09412023- £1,0321 for events hosted on behalf of the Gallery. The Foundation has cornmttted ID make a donation of £4m in support of the NPG Inspifing People project subject to certain conditions. During the year thE Foundatlon made onatlons of £l.000,000 for t$ projecil2023- £1,CW.OIX)l and a further £SI)O.OLK) to date since year-ernl. Post Year End. the Foundation recorded Dther dOtionS of £98,212. Brltlsh Paralympic A590ciation David Ross is a director and board member of the British Paratympic A550Cl3tion. During the year the Foundation pald £50,000 as a donation. and the prior year £50.000. Postyear end. the Foundation has donatèd £51.[. New 5th0015 Network Durlng the year. Davld Iloss was a trumee and direcror ol New Schools Netwo. St Mary's Churth, Nevlll Hdt St Mary's Chvrth at Nevill Holt Is a decomm1551oned church owned by Dayld Ross and used by Nevlll Holt Festival Umlted and the loul community for comrnunity and group events. In an eartier year, a third.party donor rnt a restrlcted donation to the Foundatron In support of St Mary's ChLtrch. Thls is shown as a restrltted fund in these fingnclal statsments. IOSJP Unilted David Ross is the ultlmate beneflclal oWr and Nick Teagle and Henry Carllng are Dlrectors of IOSJP Limited. From 01 October 2021 the tru5tee5 agreed to reirnbuise 10SJP Mited for adminlstratlve support provided te the Foundation. Nevill Holt Fe5ts¥al Limited On 10 January 2024 the reglstered name of the company Nevill Hoh Opera Limited was Changed to Nevill Hoh Festfval Limited INHFLI. NHFL is rooted in the creative arts and desi8ned to create. invèst in and support young 8rltlsh talent. In early 2013, Nevill Holt Opera wa5 establlshed at Nevill HolL the Leicestershire home of Davtd Ross. Untll March 2015, the share ¢apltal of Nevlll Holt Opera Llmlted was owned by the FOndatIOn at which point it donatèd the whole share capital to Ne11 Hglt Communlty Art5. a registered charity. Untll Summer 2016, the Opera w•s performèd in a temporary structure housed withSn the stable blo¢k courtyard. Followin8 the 2016 se850n, Nevill Holt Opera began a project to build a pernianent Theatre on sile at Nevlll Holt, with inr(ial works funded by i short-term loan provided by the Foundatlon to Nevlll Holt Opera. The Foundation hès been In dialogue with the Ch3ritie5 Commission regaiding the formalisation of a so.year secured loan made by the Foundatlon to Ne11 Holt Opera and a 5(kyear lease of the property under a subleasè by the Foundatlon to Nevill Holt Opera. This will sil alongside a head lease grBnted by Oavid Ross to the FouThd3tion for a peppercorn rent. At the year end, a loan of £6,829,990 was owed by NHFL to thÈ Foundation (prior year £6,753.9831. Since the yeaf end, additlonal loans amountinK to £969.097 have been made which remain owed to the Foun(Jation. The Foundation made a grant 01 £175.650 to NHFL durin8 ihe year (prior year £80,0001. The Foundation also paid £5,952 and £1,290 fortickets and fund-raising dinners lating to NHFL. Page 28 continued..-
THE ROSS FOUNDATION NOYESTO THE FINANaAL sfATEMENfs- rontinued FOR THE YEAR ENDED 31 MARCH 2024 RELATED PARTY DISCLOSURES- condnutd Davld Ross Education Tfu51- endowmentlunds The David Ross Educatlon Trust. of whid) Davld Ross Is a director and tntstee. malntalns the Davld R05s Education Trust Endowment Fund, which Is an exempt charity- The Fund was originally created to hold the endowments lo be paid by the Tnst'5 sponr, the David Ross Foundation Inow the Ross Foundatlonl, for the Davld Ross Educ60n Trust Endowmènt Fund, and in consultation with the Department for Education and the Charities Commlssion the scope and objects of the fuThJ were amended. Payments totalling £2 million were OriRinall¥ made in #¢¢ordance wlth a payment schedule aed wlth the Department for Education. The FoL¢ndatlon made an addttional donation of £IOO,WO Into the Endowment Fund5 in September 2012. Further donations have been mJde by the Foundation subsequently. The Endowment Funds trustees are responsible for determlnln8 the specific uses of Endowment Fund Income, which wlll be used to counter the educational Impart of dlsadvantsge and deprivation, and for educatlonal work. ThSs Income should not be used to meetthe nomial runnin8 costs of an ac?demy. Durlng 201112012 the Secretary of State for Educatlon relaxed the Condttions for the Ltse of the capitsl elemènt of the Endowment, which can be used to fund projects In line with oblerts of the fund. The current polic¥ of the Trust Is that If the capital is utlllsed In this manner, then It will be replenished over time back to the orlgin?l amount In December 2019. the trustees of thÈ D8vld Ross Educatlon Trust and the Foundation si8ned a memorandum ol agreement repconfimiinl their understandlng of wfts made by the FouTrdatlon to the trustees of the endowment funds of DRET and confirmln8 the DRETtrustees' responslbllitles to rebuSld endowrnentfvnds. Yamaha Grand Plano In June 2023 the Fovndation Purchased a Yamaha Grand Plano from NHFL. ThSs Is to be used for chaiitable purpose Art projeds In Rosedale. North Y(Ykshlre During the year, the Foundatlon incurred expenses of £133,548 Iprlor year £520,354) In connectlon wlth ah art project undertaken wlth the JrtlsL Ary Goldsworthy in R¢sedale on land owned by Davld Ross. Nine artworks have been ¢ornpleted. and the final one should be Completed by 2025. The general publk are able to walk a 51x-mile route. visStinE the site of each plece of art. The Foundation recelved voluntsry doftations amounting to £5,525 at year*nd. A further £100 was donated post year-end. It was alre by the Trustees on 3 October 2023 that, rather than free admission with a voluntary donatSon, an adm15sion fee of £10 per person would be charged, wth all lunds raised to ntrlbute towards maintenance and running costs. At year-end admission fees totalled £7,090. A further £20,9CQ has been raised via adrni5sion fees post yearend. Land at Ashley, L¢kersh1re In 2018, the Foundation bought 8.04 acrès of land at Ashley to be leased to the local Parlsh Councll. At the same tlme. Davld Ross bought other parcels of nelghbourlng land from the sarne seller. David Ross holds access rl8hts over the land owne(I by the Foundation. 21. ULYIMATE CONTftOLUNG PARTY The charity is controlled by the trustees. LEGAL STATUS The Foundallon15 a company Ilmlted by guarantee and has no share capltal. The1Sabllity of each member in the event of a wlndlng up is limlted to £1, Page 29