THE ROSS FOUNDATION ANNUAL REPORT 2025 14 Ross Foundation Broadening Horizons Report of the Trustees and Audited Financial Statements For the Year Ended 31 March 2025 Registered Company Number: 06300768 Registered Charity Number: 1121871
TABLE OF CONTENTS SECTION I THE ROSS FOUNDATION 202412025 Report forthe Year KEY PROJECTS Nevill Holt Festival National Portrait Gallery David Ross Education Trust Hanging Stones- Goldsworthy Project University of Nottingham British Paralympics Association SECTION 2 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 The ouditedfinoncial stotements are oppended to the reor of this report. Commen¢ingfrom poge 7 of thi5 report. Report of the Trustees Report of the Independent Auditors Statement of Financial Activities 9t012 13to15 16 Statement of Financial Position 17 Statement of Cash Flows 18 Notes to the Statement of Cash Flows 19 Notes to the Financial Statements 20to31
Report for the Year On behaPfof theTrustees of the Ross Foundation, l am pleased to presentthis annual report outlinin8the Foundation's projetts and initiatives undertaken throughout this year. Established in 2007, the Ross Foundation is dedicated to helping children and young people discover and identify their strengths by offering them a wide range of world-class educational opportunities. Our charitable mission is rooted in the belief that every young person deserves the opportunity to discover their strengths, pursue their passions and thrive regardless of background or circumstance. Through strategic grant-making and long-term partnerships, we continue to support organisations that Insp1 young people to foster creativity, resilience and ambition. Since its inception, the Foundation has awarded almost £34 million in grants to charitable initiatives focused on education and arts, underscoring our commitrnent to creating lasting social value. Our regional focus spans the East Midlands, Yorkshire, Lincolnshire, and Northamptonshire, where we work closely with grassroots organisations to address local needs. At the same time our work in London continues to generate significant national impact. The Foundation has again received a significant number of applications throughout the year, reflecting both the scale of need and the trust placed in our work. Each proposal has been reviewed and discussed by Trustees who meet regularly throughout the year to consider the donations, the ongolng work of the Foundation and discuss potential new projects. Funding decisions are guided by a commitment to addressing areas of greatest need and ensuring that resources are deployed effectively to deliver meaningful outcomes. Priority is given to projects that closely reflect the Foundation's mission and values. We actively collaborate with groups that promote inclusion and champion diversity in all its forms. By working with organisations that share these values, we help create environments where young people feel seen, supported and empowered. Regular reporting from our partners enables us to monitor progress, assess impact, and ensure accountability across the programmes we support. This report includes updates on several major projects funded durlng the year, hlghlighting the breadth and depth of our engagement. These include work with Nevill Holt Festival, National Portrait Gallery, David Ross Education Trust, Andy Goldsworthy on the Hanging Stones Project, University of Nottingham and the Britlsh Paralymplcs Assoclatlon. In addition to our flagship major grants, the Foundation has provided a series of smaller donations throughout the year to support a wide range of charitable initiative5, including local hospices, art exhibitions, education projects and sponsored events. These contributlons reflett our ongoing commitment to responsive philanthropy and the Importance of supportlng organisations that make a tanglble difference in their communities. As we look ahead, the Ross Foundatlon remains steadfast in its mission to advance opportunities, enrich lives and build more equitable future for children and young people across the UK. Joanne Hoareau Manager of the Ross Foundation www.theros5fvundation.co.uk IDVCATIOM spoIT AA75 HÉAITAGE
Nevill Holt Festival (NHF) The Foundation was delighted to support the launch of the Nevill Holt Festival this year. NHF has evolved from the Nevill Holt Opera as the festival expanded the programme on offer, showing a wider range of cultural performances as it sought to broaden its audiences in the Midlands. Under the creative leadership of guest Festival Directorjames Dacre- an Olivier and UK Theatre Award winner- the 2024 festival delivered an ambitious line-up spanning opera, comedy, jazz, contemporary and classical music, poetry, visual art and conversation. The festival transformed the Leicestershire countryside over nearlyfourweeks, with ticket sales increasing slgniflcantly from approximately 1,700 opera tickets sold across five nights in 2023 to over 9,700 tickets sold across more than 60 events in 2024. The 2024 production of The Moglc Flute was directed by Melly Still, conducted by Finnegan Downie Dear and performed in partnership with the Britten Sinfonia. It received strong critical acclaim, including a four-star review from The Times and was warmly received by audiences. The Festival's venues- including the gardens, theatre and chapel, hosted a range of events with highlights including: The world premiere of a new opera- The Devil's Den- perforrned by Shadwell Opera A major exhibition marking 100 years since the birth of artist Anthony Caro A parallel exhibition of works by Eduardo Paolozzi, also commemorating his centenary The premiere of a newly commi55ioned film about artist Pauline Boty A celebration of Indian classical music curated by the Darbar Festival Sell-out performances from Jalen Ngonda and Ronnie Scott5 An opera party for children Support for the education programme also continued through Nevill Holt Communty Arts, which delivered opportunities for children to perform in the musical arts and related disciplines of theatre, production and design. On the final Thursday of the festival, the entire site was animated by performances from students of the David Ross Education Trust academies as they performed Hansel and Gretel, following curriculum focused work and rehearsals supported by academy music staff and professionals from the Royal Opera House, the Voices Foundation and the Royal Academy of Music. Additional performances from the Education Trust students included the Malcolm Arnold Academy Big Band In the gardens and a recital by Beckwith Music Scholars in the chapel. In addition, the festival was proud to offer many free and sub5idised tickets to under-18s and to members of the tailored under-35s membership programme, helping to ensure broader access to the arts for the next generation. The Malcolm Arnold Big Band, Austentatious, Elizabeth Day and Alexis Ffrench all appeared at Nevill Holt Festival Ross Foundation
National Portrait Gallery (NPG) The Ross Foundation made its final £lm donation to the National Portrait Gallery Inspiring People project this year, bringingthe total donated to £4m. The Gallery visitor numbers have continued to rise and more people than ever are able to explore British history and identity through portraiture. Last year saw a 36% rise in visitor numbers to 1.6 million, placing the NPG among the top cultural destinations in the UK. The newwelcomlng entrance on Ross Place has been significant in transformingthe visitor experlence as people enter the gallery. Alongside this is the architectural transformation followlng the refurbishment and the complete re-hang of the collettion. The donation enabled the creation of a brand new outdoor public space from a previously closed off area outside the gallery and this has been a catalyst for reimagining how the Gallery connects with the public, both physically and culturally. Another significant element of the Inspiring People project was the creation of the Learning Centre. This provides learning and development opportunities for children, young people and community groups to engage with culture- levelling out the playing field of access for all. A digital resource platform for schools has also been developed featuring specially commissioned, curriculum-linked learning resources. The Gallery's UK wide outreach has also made its collectlons and programs more accessible to communities across the country. Faces and Places Is a schools focused programmed with workshops led by artists and historians exploring identltyi diverslty and local connections through portraits. The Snapshots photography project was another initiative aimed at young people to help develop creative skills and confidence. In August 2024 Victorla Siddall was appointed as the new Director of the Gallery, becoming the flrst ever woman to take the role in its 168 year history. As a former trustee and member of the Gallerfs reopenlng committee, Victoria was already instrumental in shaping the Inspiring People transfomiation before stepping Into the Director role and her appointment signals a shift toward modernizing the Gallerfs audience engagement with a focus on inclusivity and relevance. "I'm truly honored to have the opportunity to lead the National Portrait Gallery," Siddall said. Yhe art within its walls tells stories of human achievement and what unites us as a society, inspiring and shaping our view of the world and our place in it. Ross Foundation
David Ross Education Trust (DRET) The David R055 Education Trust is a network of 36 unique and diverse academies with a combined pupil capacity of Just over 17,000 once all cohorts at the Trust's schools are full. The Trust's academies are geographically focused across Yorkshire, Llncolnshire, Northamptonshire, Leicestershire and London and all aim to deliver an outstanding all- round education, becoming the 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 focu5 on broadening horizons of all pupils through the enrichment activities of music and sport, encouraging teamwork amongst all children. Enrichment activities have intrinsic value. If young people enjoy and are positively challenged through enrichment, this improves their lives 'in the moment, but enrichment can also significantly shape young people's broader outcomes and life chances. The benefits are clear. These opportunities support learning in the classroom and give students the experiences that enrich lives and encourage them to realise the importance of developing social and leadership skills. Given the positive benefits experienced by children at DRET, it is unsurprising that a growing body of evidence is showing the impact of enrichment on improved school attendance and engagement, which Is vital for closing the attainment gap. The Summer Cup held in Grantham in July was a fantastlc sporting occasion affirmlng its place as the flagship event of DRET. Bringing together over 1,500 students frorn all 36 academies there was fierce competition across six sports- Athletics, Swimming, Tennis, Table Ter)nis, Boccia and Hockey. The Olympic legend Colin Jackson hosted the day accompanied by a host of other VIP athletes including Alistair Brownlee, Dai Greene, Laura Zialor, Will Perry, Holly Hunt and Liam Pitchford. A particular highlight was the return of former DRET students Alice Bennett, Noah Hanson and Darcie Proud, now accomplished athletes in theirown right. Thelrstories are a powerful remlnderof the potential within the Trust and the opportunities that are attainable for all students. The DRET music plan Introduces children across the country to the joy of singlng and offers opportunlties to learn a musical instrument. Music in DRET schools is seen as a normal, everyday attivity, not an add on or a nice to have. This achievement Is core to Its mission. All students participate in making music through singing, performin& composing and listening to music with a much better theoretical understanding. Students take part in house music competitions, student concerts, school shows and attend professional concerts experlencing music as an important part of our culture. rfj The David Ross Education Trust Summer Cup at Grontham Stadium with guest athletesfrom the British Olympic Association and British Paralympic Associotion Ross Foundation
Hanging Stones Project Hanging Stones is an ongoing project by renowned sculptor and photographer Andy Goldsworthy in the North Yorkshire Moors. Commissioned bythe Ross Foundation, the projert includes 10 buildings invarying states of disrepair that have been rebuilt as artworks and connerted by a six-mile walk near Rosedale Abbey. The name Hanging Stones derives from Hanging Stone Lane and Hanging Stone Farm In Northdale, near Rosedale Abbey. It suggest5 precariousness appropriate for a project that looks to re-establish derelict and semi-derelict buildings In order to give them new purpose, saving them from the inevitable slide into disrepair. Northdale is wild but it is not wilderness. It bears the evidence of an industrial past-a complex, tough, resilient and powerful landscape with a strong human presence. It has been described by James Reginato, a leading artsjournalist, as'a landscape that's part primeval and part outdoor cathedral of art., Most of the houses look very plain from the outside but there is a world of surprise inside each one, each with a different story to tell. Each building has its own theme and name and to date nine of the houses have been completed. Work on Heygate Thorns, the final part of the project Is ongoing. The walk connecting the works is now open to the public and can be booked online. It has been very well received and as Andy Gold5WOrthy himself originally conceived, the walk is an artery by which people give life to the buildings. Visitors must pre-arrange access and collect a key, ensuring the experience remains intimate and respectful of the environment. This approach also helps manage footfall and protect the fragile landscape. Hanging Stones - visible to those who know it is there I This project is deeply rooted In charitable and communtty focused values thanks to its partnershlp wlth the Ross Foundation, promoting access to art in rural settings and preserving cultural heritage in an environmentally conscious manner. Goldsworthy's vision is as much about what's not said or shown as what is. It's a rare kind of art that asks you to slow down, look harder, and feel deeper. Ross Foundation
University of Nottingham The Foundation made its annual donationtothe University of Nottingham to continue Its support in enhancing Student experiences. This ongoing SUPPOrt plays a pivotal role in advancing the University's mission to deliver exceptional Student experiences, particularly through its world-class sporting infrastructure. A key beneficiary of this contribution is the renowned David Ross Sports Village, a flagship facility that has become central to campus life. The Sports Village not only SeeS the University's student body but also welcomes elite sports teams from across the globe, fostering a vibrant and inclusive sporting culture. Its impact is reflected in the University's consistent recognition as a leader in university Sport, including including three 'Sports University of the Yearf awards nd from The Times and Sunday Times Good University Guide and being consistently ranked 2 in the British Universities and Colleges Sport {BUCS) league tables. The Sports VlllaEe has become an iconic focus of daily Ilfe at the University and stands as a symbol of ambition and achievement. The venue includes the largest sports hall in the UK university sector with 20 badminton courts and has dedicated zones for archery, fencingi martial arts and table tennls. There is also a high performance zone for elite athlete training and a sports injury clinic with rehabilitation and physiotherapy services. These facilities not only support competitive excellence but also promote health, wellbeing, and community engagement among students. In alignment with its broadereducational mlsslon,the Foundation also SUPPOrts inltiatives that bridge the gap between school and higher education. Students from the David Ross Education Trust were invited to participate in both the Winter Sports Cup and Spring Sports Cup, hosted at the Sports Village. Students took part in football, rugby, hockey and netball coaching sessions then battled for top honours in round-robin competitions. These events provided a unique opportunity for school-aged students to immerse themselves in university life, engage with state-of-the-art facilities, and envision their own academic and athletic futures. By fostering aspiration and access, the Foundation continues to champion the transformative power of sport and education. WELCOME TO THE DAVIDROSSSPORTS VILLAGE F¥ Inside the Sports Village at Nottingham University *IR oss Foundation
British Paralympics Association (BPA) The Ross Foundation has been delighted to contlnue its support of the BPA athletes as they prepared for the journey to Paris. Once again, Great Britain secured second place in the medal table, bringing home a total of 124 medals, 49 of which were gold. This matches the total from Tokyo 2021, but this time, athletes won more gold and silver medals. The extraordinary achievements of the Paralympians were expertly showcased in the shattering of records and the remarkable lift of the spirit of the entire nation. It was another attion packed year of activities with the BPA and engagement with the DRET schools. Building on the success of last year Paralympian athletes visited many schools and again spoke at the DRET Performance Conference. BPA athletes also attended the Summer Cupi Starting races, presentin8 medals and giving advice at the Sports day. The students hugely valued the unique opportunlty to interact so closely with the team and hear inspirational stories from the athletes, bringing the principles of the Paralympic movement and its values to life. Sport equips and inspires young people with resilience and confidence to survive everyday life. Building resilience provides the ability to recover from adverse situations and growing confidence encourages a positive outlook that sees challenges as opportunities. The partnership between The Ross Foundation and BPA has two main objectives: to challenge the perceptions of disabled people and encourage grassroots participation and excellence in sport through engaging with the younger generatlon, particularly through the 'Every Body Moves, campaign. The Paralympic Games are able to use the gold dust created in the sport field to deliver a better world for 16 million disabled people across the UK. Fantastic opportunities as DRETstudents experienced Wheelchair Basketball for the first time | Ross Foundation
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Ross Foundation
THE ROSS FOUNDATION IREGisfERED NUMBER: 063007681 REPORT OFTHE TRUSfEES FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also dlre¢tors of the charlty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provision5 of Accounting and Reporting by Charltles.. Statement of Recommended Practite applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republlc of Iland IFRS 1021 (effective l January 20191- Throughout thls report The Ross Foundation has been referred to as the'Foundation'. OBjEIVEs AND AcfiviTIE5 Objertives and aims The objectives of the Foundation are to further such charitable purposes and to benefit such charitable institution5 as the trustees think fit. In particular the trustees wish to 5UPPOrt'. Educatlonltralning and artslculture Young people and other charities Causes pdOMin8ntIY in the UK Slgnlflcant artlvltles In June 2014, subject to various conditions, the Foundation agreed to pay £300.CI)O per year to the Universlty of Nottin8ham, starting from November 2018 and continuing for the remainder of David Ross, life lor for a minlmum of 25 years). The Foundatlon has commltted to make a donation of £4m spread over the period from October 2021 to December 2024 in support of the National Portrait Gallery Inspiring People project subject to certain conditions. During the year the Foundatlon made the final donation of £1,000,000 for this project. Further details of si8nifi¢ant grants made in the period are shown in the section below. 6rantmakln8 The Foundation made grants for other charitable purposes as detailed in the notes to the Statement of Financial Actlvitles. The trustees will consider other smaller grant payments and donations based on merit and furtherance of it5 charitable objertives. The Foundatlon continued its work wlth the academies which it sponsors through the David Ross Education Trust. Publ1¢ benefft reportlng When reviewtng the Foundation's objectives and activitie5, and in planning future artivlties, the trustees have consldered the Charlty Commission's general guidance on public benefit. STRATEGIC REPORT A¢hrevements and performance Charitable artivltles During the year ended 31 March 2025 the tru5tee5 incurred various governance costs in admSnlsterln8 the Foundation and raSsing funds. The Foundation received donation5 in the year, no dividends were receSved this year on its holding of shares. The income helped fund the Foundations, donations and support costs resulting in net income of £344.013 before adjustment for unrealised gains I losses on current investment assets land a surplus of £459,450 including those adjustmentsl. Financial review Principal funding souTcÈ5 The principal funding source of the Foundation is the funds donated by the founder David Ross. The charity has not $0118ht to raise funds directly from thlrd parties In the current or prlor year. however voluntary donations are received from some vi51tors to the Hanging Stone5. Investment poliry and objectives Under the Memorandum and Artlcles of AssocSation, the Foundation has the powerto invest in any way the trustees see fit. As at 31 March 2025 the Foundation held cash. shares donated by David R05s and other investments a5 detailed in the note5 to the financial ststements. Pa8e 9
THE ROSS FOUNDATION {REGISTEREO NUMBER: 063007681 REPORT OF THE TRuEE5 FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Financial review Reserves policy The charity has total funds carried forward of £13.053.49912024- £12,594,049), of whlch £95,92512024- £71,676) are restricted, and £12,947,06112024- £12,522,373) are unrestrirted, whlch will be used to continue meeting the charity's objective5. The trustees review the reserves of the Foundation annually. As at 31 March 2025 the trustee5 felt that they had sufficient reserves to meet future expenditure as and when it becomes due. Funds In deflclt At the year end date no funds were In deficit. Future plans The Fountlation will continue to seek opportunities to raise funds to support its obligations to the University of Nottingham and other causes which it wishes to support. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, a$ defined by the Companies Act 2006. The Foundatlon is a company limlted by guarantee with no share capital (registration number 063007681 and a registered charity (registration number 11218711. The Foundation was incorporated on 3 July 2007 and commenced its activities on that date. The charitable Company's Memorandum and Article5 of Association are the primary governing documents of the Foundation. Recfultment and appolntment of new trustees The subscribers to the Memorandum are the first trustees of the Foundation. The trustees may appoint a person who is willing to serve a5 a trustee on such terms as they may agree frorn time to time. Organisational strurture The trustees meet regularly to make deci5ion5 relating to the Foundation. Details of the trustees are given on page 11. All trustees give of thelr time freely and no trustee remuneration wa5 paid. Details of trustee expenses and related party transactions are disclosed in the relevant notes of the financial Statements. Indurtlon and tralnln8 ol new trustees The training and induction provided for new trustees will depend on their existing experience. Where necessary, induction wlll be on an informal ba515. It will be tailored specially to the individual and will provide training on charity. legal and financial matters. Related parties Dufjn8 the year numerous grants and donations were paid to organisations of which the trustees of the Foundation held posltlons such a5 director, trustee or committee member, David Ross primarily being the individual involved. Further details are Ven in the notes to the financial statements. Rlsk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustee5 review the risk5 facing the Foundation on a regular ba515 and take Steps to minimise or eliminate these risks where necessary. The trustee5 are formulating their policy in the following areas.. Inve5tment5 Di5tribution5/grants Safeguarding children and vulnerable persons Serious incidents Recruitment, vetting and ongoing checking of officers Conflict of Interest In addition, the trustees have implemented a system of financial control whereby all payments from the Foundation are verifled by two signatorie5 and the financial records are inspected at regular trustee meetings. Pa8e 10
THE ROSS FOUNDATION (REGISTERED NUMBER: 063007681 REPORT OF THE TRUSTEES FOR THEYEAR ENDED31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 06300768 (England and Wales) ReBlstered Charlty number 1121871 Registered office 10 St James's Place London SWIA INP Trustees MrDPJRoss MrsAJ Bott Mrs M Mercier- retired 7 May 2024 Lady C M Ryder Ms O C Windsor Mr H Carling MrCCTRoss The director5 of the Foundation are its trustees for the purpose5 of charity law and throughout thi5 report are collectively referred to as the trustees. The company secretary is not a trustee of the Foundation. Company Settetary Mr N P Teagle Audltor5 Duncan & Toplis Audit Limited, Statutory Auditor 5 Resolution Close Endeavour Pa Boston Lincolnshire PE217rr Bankers Barclays One Stanhope Gate London SWIA INP Solicitors Wither5 LLP 16 Old Balley London EC4M 7EG Page 11
THE ROSS FOUNDATION IREGisfERED NUMBER: 06300768} REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILrriE5 The trustees (who are also the directors of The Ross Foundation forthe Purposes of company lawl are responsible for preparing the Report of the Trustees and the financial Statements in actordance with applicable law and United Klngdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statement5 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the trustee5 must not approve the financlal statements unless they are satisfied that they give a true and falr view of the state of affairs of the charitable company and of the incoming re50urees and application of resources, including the income and expenditltre, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. obseNe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subjert to any materlal departures disclosed and explained n the financial ststements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The tnjstees are responsible for keeping proper accounting records which distlose with reasonable accuracy at any tlme the financial position of the charitable company and to enable them to ensure that the financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are awa.. there is no relevant audit information of which the charitable company's audltors are unaware. and the trustees have taken all Steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Re ort of the trustees Incorporating a strategic report, approved by order of the board of trustees, as the company directors, on .<rt*&r..ksand signed onthe board's behalf by: MrD Ross- Trustee P38e 12
REPORT OFTHE INDEPENDENT AUDITORSTOTHE MEMBERS OF THE ROSS FOUNDATION {REGISTERED NUMBER: 063007681 Opinlon We have audited the financial statements of The Ross Foundation Ithe 'charitable company'l for the year ended 31 March 2025 which tomprise the Ststement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial 5tatement5, including a Summary of significant accounting policie5. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of re50urce5, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Art 2006. Basis for opinion We conducted our audrt in accordance with International Standards on ALtditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Slrfficient and appropriate to provide a basis for our opinion. Q)nduslon5 relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the 8olng concern bas15 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not Identlfied any materfal uncertalntles relatlng to events or condltions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financlal ststements are authorised for issue. Our re5pon5ibilities and the responsibllities of the trustees wlth respect to 8olng concern are descrSbed Sn the relevant sectlons of thls report. Other Informatlon The trustee5 are responsible for the other Information. The other Snformation comprlses the Informatlon Included In the Annual Report other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other Informatlon and. except to the extent otherwlse expllcitly stated in our report, we do not express any form of assurance concluslon thereon. In connettion with our audit of the financial statements, our responsibility Is to read the other Informatlon and. In doin8 $0. consider whether the other Information is materially inconsistent with the financial statements or our knowledge obtained in the audlt or otherwise appears to be materially misstated. If we identify such materral inconsistencles or apparent material misstatements, we are required to determine whether this gives rise to a materlal misstatement In the financial statements themselves. If. based on the work we have performe¢J, we conclude that there Is a material mlsstatement of thls other information, we are required to report that fact. We have nothin8 to report in this regard. Oplnions on other matters prescribed by the Companles Act 26 In our oplnion, based on the work undertaken in the course of the audlt- the ¥nformation glven in the Report of the Trustee5 for the financial year for which the finantial ststements are prepared is consistent with the financial statements,. and the Report of the Trustees ha5 been prepared in accordance with applicable legal requlrement5. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mi55tatement5 in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companie5 Art 2006 require5 US to report to you if, In our opinion.. adequate accountin8 records have not been kept or return5 adequate for our audit have not been received from branches not V151ted by u5; or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specifled by law a not made. or we have not received all the information and explanations we require for our audit. Page 13
REPORTOFTHE INDEPENDENT AUDtTORSTO THE MEMBERS OF THE ROSS FOUNDATION (REGISTERED NUMBER: 06300768) Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for bein8 satisfied that they give a true and fair view, and for 5vch internal control as the trustees determine is necessary to enable the preparation of financlal Statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees a responsible for assessing the charitable company's abiltty to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Our responslbllitles for the audit of the financial statements Our objective5 are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material mi5Statement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a 8uarantee that an audit conducted in accordance with ISAS IUKI wlll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could aSOnablY be expected to influence the economic decisions of u5er5 taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statement5 from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have a150 discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We tommunicated laws and regulation5 throughout the team and remained alert to any indication5 of non-compliance throughout the audlt. The potenti31 impact of different laws and regulation5 varies considerably. Firstly, the company is subject to laws and regulatlons that directly impart the financial statements Ifor example financial reporting legislation) and we have a5sesseil the extent of compliance with such laws as p8rt of our financial statements audit. We evalv3ted management's incentives and opportUn5t5es for fraudulent manipulation of the financial statements lincluding risk of override of controlsl and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such a5 provi5ion5 for impatrment on fixed asset investments. as well as the risk of inappropriate journals relating to fund classification. Audit protedures performed by the engagernent team included the identification and testing of materi31 and unusual journal entries and ch8llen8ing management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive testing on judgemental area5, including reviewing the method used by management in making judgernents and reviewing how those judgements compared to prior year actual outcomes. Secondly, the company 15 subject to other laws and regulations where the consequence for non- compliance could have a material effect on the amounts or dlsclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Regulatory requirement5 Of the Charity Commission. Auditing standards limit the required audit procedure5 to identlfy non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of legal fee5 for any evidence of non-compliance and discu55ions around whether any fegulatory issues occurred in the year. Th¥ough these procedure5, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financlal statement items. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected 50me material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non- compliance with laws and regulations is from the event5 and transactions reflectetl in the financial statements, the le55 Ibkely the Inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance wrth all laws and regulations. A further description of our responsibilities for the audit of the financlal statements is located on the Financial Reporting Council's website at www.frc.org.uklauilitorsresponsibilities. Thi5 description forms part of our Report of the Independent Auditors. Page 14
REPORT OFTHE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE ROSS FOUNDATION (REGISTERED NUMBER: 06300768) Use of our report Thls report Is made solely to the charitable company's members, a5 a body* in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might State to the charltable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member5 as a body, for our audit work, for this report, or for the opinion5 we have formed. f. L.JeUG Tara Bellamy FCA (Senior St ory Auditor) for and on behalf of Duncan & Topli5 Audit Lirnited, Statutory Auditor 5 Resc)lution Close Endeavour Park Boston Lincolnshire PE217rr Date: Page 15
THE ROSS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 20Z5 2025 Total funds 2024 Tota5 fund5 Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donation5 and legacies 2,065,031 200 2.065.231 2,356,305 Charitable activities Hanging Stones 42,020 42,020 7.090 Investment income 132 132 Total 2.065,163 42,220 2.107.383 2,363,395 EXPENDITURE ON Ralslng funds 1,188 7,235 8,423 13,547 Charltable artivities Donations made 1,599,888 1,599,888 2,077,005 Other 154,836 223 155,059 151,030 Total 1,755,912 7,458 1,763,370 2,241,582 Net gains on invèstments 115,437 115,437 15,912 NET INCOME 424,688 34.762 459,450 137,725 RECONCILIATION OF FUNDS Total funds brought forward 12,522,373 71.676 12,594,049 12,456,324 TOTAL FUNDS CARRIED FORWARD 12,947,061 106,438 13,053,499 12,594,049 The note5 form part of these financial statements Page 16
THE ROSS FOUNDATION (REGISTERED NUMBER: 063007681 STATEMENT OF FINANCIAL POSITION 31 MARCH 2025 2025 Total fund5 2024 Total funds Unrestricted funds Re5tritted funds Notes FIXED ASSETS Tangible assets Heritage assets Investments 12 13 14 62,855 2,542,659 2,562,087 62,855 2,542,659 2,562.087 62,855 2,523,036 2,561,087 5,167,601 5.167,601 5,146,978 CURREKf ASSETS Debtors Investments Cash at bank and in hand 15 16 7,870,159 53,940 164,5821 7,870,159 53,940 31,684 6,831,063 535,262 209,025 96,266 7,859,517 96,266 7,955,783 7.575.350 CREDITORS Amounts falling due within one year 17 169,5441 13411 169,8851 1128.2791 NET CURRENT ASSETS 7.789,973 95,925 7,885,898 7,447,071 TOTAL ASSEfs LESS CURRETrif LIABILITIES 12,957,574 95,925 13,053.499 12,594,049 NET ASSETS 12,957,574 95,925 13,053,499 12.594.049 FUNDS Unrestricted funds.. General fund Restricted fund5'. Beckwith Music St. Mary's Church, Nevill Holt North Yorkshire Hanging Stones 18 12.957,574 12,522,373 43.402 3.737 6.500 42,286 53,915 3,737 6,500 7.524 95,925 71,676 TOTAL FUNDS 13,053.499 12,594,049 The financial statements were approved by the Board of Trustees and authorised for i55ue on . signed on Its behalf bv.. /&..c1¢..QQ2sand were Mr D P J R05s- Trustee The notes form part of these financial statements Page 17
THE ROSS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activities Cash generated from operations 1752,8211 137.8911 Net cash used in operating activities 1752,8211 137,8911 Cash flows from in¥estin8 artlvities Purchase of heritage assets Purchase of investments Sale of current asset investments Investment management fees Interest received 119.6231 1.0001 596,759 17881 132 1133,5481 147,2751 11,2221 Net cash provlded byllused In) investing activities 575,480 1182,0451 Change In cash and cash equivalents in the reportin8 perlod Cash and cash equivalents at the beglnnlng ol the reportin8 perlod 1177,3411 1219,9361 209,025 428.961 Cash and cash equivalents a¢ the end of the reporting period 31,684 209,025 The notes form part of these financlal statements Page 18
THE ROSS FOUNDATION NOTES TO THE STATEMEKf OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES 2025 2024 Net incorne for the reportlng period {a5 per the Statement of Flnanclal Artlvltlesl Adjustments for: Gain on investments Interest received Investment management fees Increase in debtors Decrease in creditors 459.450 137,725 1115,4371 11321 788 11.039.096) 158,3941 115.9121 1,222 176,8291 184,0971 Net cash used In oper*ions 1752.8211 137,8911 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand 209,025 1177.3411 31,684 209,025 1177,3411 31,684 Liquid resources Deposits included in cash Current asset investments 535.262 1481,3221 53,940 535,262 1481,3221 53,940 Totsl 744,287 658,6631 85,624 The notes form part of these financlal statement5 Page 19
THE ROSS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNfiNG POLICIES Basis of preparing the flnancial statements The financial statements of the charitable company, which is a publit benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companie5 Act 2006. The financial statements have been prepared under the hi5torital cost convention. with the exception of investments which a inclutled at market value. The Ross Foundation is a private Charitable Company Limited by Guarantee registered in England and Wale5. The Charity's registered number is 1121871 and the Company registration number is 06300768. The registered office and principal address of the charity are disclosed within the reference and administrative details on page 11 of the trustees, report. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting polities applied in the preparation of these financial statements are set out below. These policles have been consistently applied to all years presented unle55 Otherwise stated. The financial statement5 cover the individual entity. The entity const¢tutes a public benefit entity as defined by FRS 102. There are no material concern5 relating to going concern. 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 reliably. Expenditure Liabilities are recognised 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 tla55ified under headings that aggregate all cost related to the category. whe costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants payable. including donations made to third parties in the furtherance of the charitable objectives of the Foundation, are recognised where a constructive obligation exists that results in the payment being unavoidable not withstanding that they may be paid in future accounting periods. Grants offered subject to conditions which have not been met at the year end date are noted a5 a commitment but not accrued as expenditure. Tangible fixed assets Depreciation 15 provided at the following annual rates in order to write off each asset over its estimated useful lrfe. Freehold property not provided Tangible fixed assets are ststed at cost lor deemed costl or valuation less accumulated depreciation and accumulated impaim)ent losses. Cost includes costs directly attributable to making the asset capable of operatrng as intended. At each reporting date the Charity assesses whether there ¢5 any indication of impairment. If such indication exists, the recoverable amount of the asset 15 determined to be the higher of it5 fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amoltnt exceeds the recoverable amount. Impairment losses are recognised in the statement of financial activities. Heritage assets Heritage assets are recognised on the balance sheet and initially measured at cost when purchased. A55ets are subsequently stated at cost less accumulated impairment losses. Page 20 contlntsed...
THE Ro FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- contlnued Heritage asset5 Onee acquired assets wlll be preserved by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmental qualities to such a high level as to contribute to knowledge and culture. Heritsge assets are to be held for the foreseeable future. Taxatlon The Foundation is a reglstered charity and no provlslon 15 considered ne¢e5sary for taxatlon. Where donations are made to the Foundation under 81ft aid, the tsx repayment to which the Foundation is entitled 15 included as a debtor in the statement of financial position. Fund accounting unStrICted funds Can be used in accordance with the charitsble objectives at the discretion of the trustees. Restrlcted funds can only be used for particular re5trirted purposes within the object5 of the char¢ty. Restrictions ar¢se when specified by the donor or when funds are raised for particular restricted purpose5. The Foundation accounts for income and expenditure provided or incurred for a specific purpose by treating these as restricted fund5. The only restricted funds relate to the Beckwith Music programme, a fund in support of St Mary's Church Nevill Holt, a fund in support of the North Yorkshire tommunity and a fund in support of the 'hanginB stones project, in North Yorkshire. All other funds are unrestricted Further explanation of the nature and purpose of each fund is included In the notes to the flnancial statements. nan¢ial Instruments The Foundation only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like current asset investments, other debtors and creditors and loans to related parties. Financial assets that are measured at cost and amort15ed c05t are a55e55ed at the end of each reporting period for objective evidence of impairment. If objective evidence of Smpairment is found, an impairment loss is recognised in the income statement. For financlal assets measured at amortised cost, the impairment 1055 is measured a5 the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's origlnal effective interest rate.lf a financial asset has a variable interest rate, the discount rate for measuring any impaimient 105S IS the current effective interest rate determined under the contract. For financial a55et5 measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be 501d at the financial reportinB date. Financial assets and liabilities are offset and the net amount reported in the ststement of financlal posltlon when there is as enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the a55et and settle the liability simultaneously. Current asset investments Current asset investments comprising of listed Investments are stated at market value at the statement of financial position date. The statement of financial artivities includes the net gains and losse5 arising on revaluation and disposals throughout the period. Gains and losses are tsken to the statement of financlal actlvities as they arlse. Realised gains and losses on Inve5tment5 are calculated as the difference beeen sales proceeds and opening market value Ivalue on acqui51tion date if later). Unrealised gains and losses are calculated as the difference between the market value at the period end date and opening market value lor value on acquisltion date if later). Flxed asset investments Fixed asset Investments are stated at cost less provision for any permanent diminution in value. Debtors and creditors recelvable I payable Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recogni5ed in expenditure. Page 21 continued...
THE R055 FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES 2025 2024 Donations Gift aid 1,683,881 381,350 1,885,524 470,781 2,065,231 2,356,305 INVESTMENT INCOME 2025 2024 Interest on Glft aid repayment 132 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Activitv Hanging Stones Admissions 42,020 7,090 RAISING FUNDS Raising donatlons and legacies 2025 2024 Fundraising costs Bank charges 6,658 977 12,067 258 7,635 12,325 Investment management C95ts 2025 2024 Investment management fee5 788 1.222 Aggregate arnounts 8,423 13,547 CHARITABLE AcfiviTIES COST5 Grant funding of activities (see note 71 Donations made 1,599,888 Page 22 continued...
THE ROSS FOUNDATION NOTES TO THE FINANCIAL STATEMETrifs- continued FOR THE YEAR ENDED 31 MARCH 2025 GRANTS PAYA8LE 2025 2024 Donatlons made 1,599,888 2,077,005 Donations are made In accordance with the objectives and alm5 of the charitable company, whlch are as detalled on page 9. Donations made comprise grants payable to partner organisations. together with one off donations. A detslled analysis is given below.. The total grants paid to institutions during the year was as follows- 2025 2024 Partner Organ15atlons: British Olympic Association British Paralympic Association Lincoln Medical School (Lincoln Unlversltyl Natlonal Portrait Gallery The University of Nottingham 28,080 51,000 39.105 50,000 250,000 L221,094 300,000 1,098,212 300,000 1,477,292 1,860,199 Davld Ross Educatlon Trust: Davtd Ross Education Trust 361 1,825 361 1,82S General one off donatlons: Accessible Learnin8 Foundatlon Arnbitious about Autlsm Barton Familv Britlsh Councll Channel X Crowd Justice Game and Wildlife Conservatlon Trust Game ConseNancy Hastings Contemporary Hope and Homes for Ch¥ldren Hospice in the Weold 15erlohn Forest King of the Alberg London Air Ambulance Ireclassifiedl Medbourne Parish Councll Mu5tique Charitable Trust Retina UK Sands UppSn8ham School Reclassification of prior year 252 loo 6,300 5,000 22,200 1.455 530 444 486 5,000 580 419 7.400 4,643 1.342 502 102 359 11,0001 18.783 39,331 Nevill Holt Festival Limited 103.452 175,650 1,599,888 2,077,005 Page 23 continued...
THE ROSS FOUNDATION NOTES TO THE FINANCIAL STATEMENfs- ¢ontlnued FOR THE YEAR ENDED31 MARCH 2025 SUPPORT COSTS Governance costs Management Totals Other resource5 expended 29,905 125,154 155.059 NEf INCOMEIIEXPENDITUREI Net incomellexpenditurel 15 stated after Chargin{CredItingl'. 2025 2024 Auditors, remuneration 16,080 15.570 io. TRusfEES' REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees. expense5 During the year two trustees were paid a total of £3.981 for out of pocket expense5 and costs incurred wlth third parties. During the previous year two trustees were paid a total of £8,553 for out of pocket travel expenses. ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnviTIES Unrestricted fund5 Restricted funds Total fund5 INCOME AND ENDOWMENTS FROM Donations and legacies 2,349.999 6,306 2,356,305 Charitable artivlties Hanging Stones 7.090 7,090 Total 2,349,999 13,396 2,363,395 EXPENDITURE ON Raising funds 7,234 6,313 13,547 Charitable activlties Donations made 2.077.005 2,077,005 Other 150,280 750 151,030 Total 2,234,519 7.063 2.241,582 Net gains on investments 15,912 15,912 NEf INCOME 131,392 6,333 137.725 RECONCILIATION OF FUND5 Total funds brought forward 12,390,981 65,343 12,456,324 TOTAL FUNDS CARRIED FORWARD 12,522,373 71.676 12,594,049 Page 24 continued...
THE ROSS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 12. TANGIBLE FIXED ASSErs Freehold property COST At l April 2024 and 31 March 2025 62,855 NET BOOK VALUE At 31 March 2025 62,855 At 31 March 2024 62,855 Included in cost Of valuation of land and building5 is freehold land of £62,85512024- £62.8551 whlch is not depreciated. The fixed assets comprlse land which is held for charitable purposes. 13. HERITAGE ASSETS Total MARKET VALUE At l April 2024 Addltlons 2,523,036 19,623 At 31 March 2025 2,542,659 NET BOOK VALUE At 31 March 2025 2,542,659 At 31 March 2024 2.523,036 Heritage assets comprise of the Andy Goldsworthy projects undertaken In the North York Moors. They represent artwork within sites of herttage interest and will be maintained via donation5 from the pvblic for viewing the art via a public walk between the 51tes. The funds raised are maintained in a restrirted fund referred to as'Han8in8 Stones,. A summary analysis of heritage a55et tran5actions.' Reclassificatron on l April 2021 Additions in year ended 31 March 2022 Additions in year ended 31 March 2023 Addition5 in year ended 31 March 2024 Addition5 in year ended 31 March 2025 1,296,168 572,966 520,354 133,548 19,623 Total of all addition5, at cost 2,542,659 Costs incurred prior to l April 2021 were reclassified In the 2022 flnancial ststements as the project did not previously meet the definition and all criteria of a heritage asset. No amount5 have been acquired by donation, and there have been no disp05a15 or impairments. Page 25 continued...
THE ROSS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 14. FIXED Assrf INVESTMENTS 2025 2024 Investments 2,562,087 2,561,087 There were no investment assets outside the UK. Investments Ineither listed nor unlisted) We as follows.. 2025 2024 Artwork cost brought forward Artwork additions in year Piano 2,536,087 1,000 25.OlX) 2,513,812 22,275 25,000 2,562,087 2,561,087 Flxed asset investments are stated at cost of acquisition. 15. DEBTORS 2025 2024 Amounts falling due within one year.. Other debtors Prepayments and atcrued income 8,780 7,026 1,073 15.806 1,073 Amounts falling due after more than one year.. Other debtors- Nevill Holt Festival Limited 7.854,353 6,829,990 Aggregate amounts 7,870,159 6.831.063 At 31 March 2025 the balance of the loan to Nevill Holt Festival Llmlted wa5 £7.854.35312024 - £6,829,990) which has a elve month repayment notice period. 16. CURRENT ASSET INVESTMENTS 2025 2024 Listed investments 53,940 535,262 Movement in current asset investments compri5es.' 2025 2024 Market value as at l April 2024 Additions lat market value on acquisition) Disp05als lat market value on disp05all Gain/llossl on disposal of investments Gain/l10551 on revaluation of investments 535,262 519.350 1596,7591 99,038 16,399 15,912 Market value as at 31 March 2025 53,940 535.262 All current èS5et investments We in UK quoted investment5. At the year end date Investments consisted of shares in Currys plc. Page 26 continued...
THE ROSS FOUNDATION NOTES TO THE FINANaAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other creditors Actrued expenses 53,437 16,448 112,910 15,369 69,885 128,279 MOVEMENTIN FUNDS Net movement in fund5 At 31.3.25 At 1.4.24 Unrestrlcted funds General fund 12,522,373 435,201 12,957,574 Restritted funds Beckwith Muslc St. Mary's Church, Nevlll Holt North Yorkshire Hanging Stones 53,915 3,737 6,500 7,524 110,5131 43,402 3,737 6,500 42,286 34,762 71.676 24,249 95,925 TOTAL FUN05 12,594,049 459,450 13,053,499 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Galns and losses Movement Sn funds Unrestrlrted funds General fund 2,065,163 11,745,399) 115,437 435,201 Restrlrted funds Beckwith Music Hangin8 Stones 110,5131 17,4581 110,5131 34.762 42,220 42,220 117,9711 24,249 TOTAL FUNDS 2,107.383 11,763,370> 115,437 459,450 Page 27 contlnued...
THE ROSS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fltnd 12,390.981 131,392 12,522.373 Restricted funds 8eckwith Music St. Mary's Church, Nevill Holt North Yorkshire Hanging Stones 53,915 3,737 6,500 1,191 53,915 3,737 6,500 7,524 6,333 65,343 6,333 71,676 TOTAL FUNDS 12,456,324 137,725 12,594,049 Comparatlve net movement In funds. included in the above are as follows.. Incomlng resources Resources expended Gains and losses Movement In funds Unrestricted funds General fund 2,349,999 12,234,519) 15,912 131.392 Restricted lunds Hanging Stones 13.396 17,0631 6.333 TOTAL FUNDS 2,363,395 12,241,582) 15.912 137,725 Restritted funds The restricted fund5 durin8 the year are as follows.. Beckwith Music- this represents funds for a music scholarship programme. St Mary's Church, Nevill Holt- this PreSents funds to support activlties related to St Mary's Church at Nevill Holt. North York5hire- thi5 represents funds to support community projerts in the North Yorkshire area. Hanging Stone5- thi5 represents funds donated to support the ongoing maintenance of the Hanging Stones project. Page 28 urktinued...
THE ROSS FOUNDAMON NOTES TO THE FINANCIAL STATEMENfs- continued FOR THE YEAR ENDED 31 MARCH 2025 19. CAPITAL COMMITMENTS 2025 2024 Contracted but not provlded for In the financial statements 126,000 126,000 The capitsl commitment is a contractual obligation in respect of the herttage assets. 20. RELATED PARTY DISCLOSURES Throughout the year David Ross wa5 a trustee and director of The Ross Foundation. Payments. grants. trustee and direct¢rshlp5 and donation5 David R055 donated £1,533,780 to the Foundation in the year12024- £1,880,000), of whlch £8.780 is Included wlthln other debtors12024- £nill. Nottingharn University The University of Nottingham provlded the use of its facilitles to the Davld Ross Educatlon Trust for sports events. It has previously been agreed, 5ublect to various condltions, that the trustees wlll pay £300,000 per year to Nottingham University, starting from November 2018 and continulng for the remainder of Davld Ross. life lor for a minimum of 25 yearsl. David R055 Education Trust IDRETI David Ross is a director and trustee of the Davld Ross Educatlon Trust IDRETI. The Foundatlon made a donatlon of £361 during the year12024- £1,825). Park Farm- Sthool Farm Projert David Ross owns the property at Park Farm, Nevill Holt. Lelcestershlre whlch has been developed Into a farm for use by the DRET academies. National Portrait Gallery During the year David Ross was Chairman Trustee of the Natlonal Portrolt Gallery. The Foundation has committed to make a donation of £4m (increased from £3.5ml In support of the NPG Insplrln8 People project subjert to certain condition5. During the year the Foundation rnade the final donation of £l,000,OCQ for this prolert12024- £1,000,000). The Foundation also recorded other donations of £98,212 during the year12024- £221,094). British Paralympic Association David Ross is a director and board member of the Brltlsh Paralymplc Association. Durlng the year the Foundatlon paid £51,000 a5 a donation12024- £50,000). New sch115 Network During the year, David Ross was a trustee and dIrtOr of New Schools Network. St Mary's Church. Nevill Holt St Mary's Church at Nevill Holt Is a decommlssioned church owned by David Ros5 and used by Nevill Holt Festival Limited and the local community for community and group events. In an earlier year, a third-party donor made a restricted donotion to the Foundatlon in sUPPOrt of St Mary's Church. This Is shown a5 a restricted fund in these financial statements. IOSJP Llmlted David Ross Is the ultlmate beneficlal owner and Nick Teagle and Henry Carling are Directors of IOSJP Limited. From I October 2022, the trustees agreed to relmburse IOSJP knmited for administrative 5UPPOrt provided to the Foundation. Nevlll Holt Festlval Umlted On 10 January 2024 the registered name of the company Nevill Holt Opera Limited was changed to Nevill Holt Festival Limited INHFLI. NHFL is rooted in the creative arts and designed to create, invest in and 5UPPOrt young British talent. In early 2013, Nevill Holt Opera wa5 established at Nevill HolL the Leicester5hlre home of David Ross. Untll March 2015, the Share capital of Nevill Holt Opera Limited wa5 owned by the Foundation at which point it donated the whole share capital to Nevill Holt Community Arts, a registered charity. Page 29 contlnued...
THE ROSS FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 20. RELATED PARTY DISCLOSURES. continued Nevill Holt Festival Limited Icontinuedl Until Summer 2016, the Opera was performed in a temporary structure housed within the stable block courtyard. Following the 2016 Season. Nevill Holt Opera began a project to build a permanent Theatre on site at Nevill Holt, with initial works funded by a short-term loan provided by the Foundation to Nevill Holt Opera. The Foundation has been in dialogue wrth the Charities Commlsslon regarding the formalisation of a s(vear Secured loan made by the Foundation to Nevill Holt Opera and a 50-year lease of the property under a sublease by the Foundation to Nevill Holt Opera. This will sit alongside a head lease granted by David Ross to the Foundation for a peppercorn rent. At the year end, a loan of £7,854,353 was owed by NHFL to the Foundation 12024 - £6,829,990). Since the year end, £221,742 was repaid. Additional loans amounting to £291,978 have been made which remain owed to the Foundation. The Foundation made a grant of £103,452 to NHFL during the year12024- £175,650). The Foundation also paid £530 and £400 for catering and fund-raistng dinners relating to NHFL. Davld Ross Education Trust- endowment fund5 The David Ross Education Trust, of whlch David Ross is a director and trustee, maintains the David Ros5 Education Trust Endowment Fund, which is an exempt charity. The Fund was originally created to hold the endowments to be paid by the Trust's sponsor. the David Ross Foundation Inow the Ross Foundationl, for the David Ross Education Trust Endowment Fund, and in consultation with the Department for Education and the Charities Commission the scope and objects of the fund were amended. Payments totalling £2 million were originally made in accordance with a payment schedule agreed with the Department for Education. The Foundation made an additional donation of £IOO,1100 into the Endowment Funds in September 2012. Further donations have been made by the Foundation subsequently. Thè Endowment Funds trustees are responsible for determinin8 the specific uses of Endowment Fund income, which will be used to counter the educational impact of disadvantage and deprivation, and for educational work. This income should not be used to meet the normal running costs of an academy. During 201112012 the Secretary of State for Education relaxed the conditions for the use of the capital element of the Endowment, which can now be used to fund projects in line with the object5 of the fund. The current policy of the Trust is thot if the capital is utilised in this manner. then it will be replenished over time back to the original amount. In December 2019, the trustees of the David Ross Education Trust and the Foundation 518ned a memorandum of agreement re-confirming their understanding of gifts made by the Foundation to the trustees of the endowment funds of DRET and confirming the DRET tru5tee5' responsSbllrties to rebulld endowment funds. Yamaha Grand Piano In June 2023 the Foundation purchased a Yamaha Grand Plano from NHFL This Is currently stored at Nevill Holt Hall to be used for charitable purposes. Art projects in R05edale, North Yorkshire During the year, the Foundation incurred expenses of £19,623 12024 - £133.5481 In connection with an art project undertaken with the artist, Andy Goldsworthy in Rosedale on land owned by David Ross. Nine artworks have been completed, and the final one should be completed by early 2026. The general public are able to walk a six-mile route. visiting the site of each piece of art. The Foundation received voluntary donations amounting to £100 at year-end12024- £5,5251. A further £20 was donated post year-end. It was agreed by the Trustees on 3 October 2023 that rather than free admission with a voluntary donatron, an admission fee of £10 per person wotsld be charged, with all funds raised to contribute toward5 maintenance aTrd running costs. At year-end admission fees totalled £42,020 2024-1£7,0901. A further £29,100 has been raised via admission fees p05t year-end. Land at Ashley. Leicestershlre In 2018, the Foundation bought 8.04 acre5 of land at Ashley to be leased to the local ParSsh Council. At the same time, David R055 bought other parcels of neighbouring land from the same seller. David Ross hold5 acce55 rights over the land owned by the Foundation. Page 30 continued...
THE ROSS FOUNDATION NOTES TO THE FINANCJAL STATEMENfs- continued FOR THE YEAR ENDED 31 MARCH 2025 21. ULTIMATE CONTROLUNG PARTY The charity 15 controlled by the trustees. 22. LEGAL STATUS The Foundation 15 a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1. Page 31