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 Se￿eS 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 I￿land IFRS 1021 (effective l January 20191- Throughout thls report The Ross Foundation has been referred to as the'Foundation'. OBjE￿IVEs 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 p￿dOMin8ntIY 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 $0118ht to raise funds directly from thlrd parties In the current or prlor year. however voluntary donations are received from some vi51tors to the Hanging Stone5. Investment poliry and objectives Under the Memorandum and Artlcles of AssocSation, the Foundation has the powerto invest in any way the trustees see fit. As at 31 March 2025 the Foundation held cash. shares donated by David R05s and other investments a5 detailed in the note5 to the financial ststements. Pa8e 9 THE ROSS FOUNDATION {REGISTEREO NUMBER: 063007681 REPORT OF THE TRu￿EE5 FOR THE YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT Financial review Reserves policy The charity has total funds carried forward of £13.053.49912024- £12,594,049), of whlch £95,92512024- £71,676) are restricted, and £12,947,06112024- £12,522,373) are unrestrirted, whlch will be used to continue meeting the charity's objective5. The trustees review the reserves of the Foundation annually. As at 31 March 2025 the trustee5 felt that they had sufficient reserves to meet future expenditure as and when it becomes due. Funds In deflclt At the year end date no funds were In deficit. Future plans The Fountlation will continue to seek opportunities to raise funds to support its obligations to the University of Nottingham and other causes which it wishes to support. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, a$ 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 . 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 sch1￿15 Network During the year, David Ross was a trustee and dI￿rtOr 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