Charity Registration No. 1128521
THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Nigel Ross Lynne Ross Mark Ross Paul Ross Charity number 1128521 Registered office 8/10 Hallam Street London W1W 6NS Accountants HW Fisher LLP Acre House 11-15 William Road London NW1 3ER Independent Examiner Joel Courts c/o HW Fisher LLP Chartered accountants Acre House 11-15 William Road London NW1 3ER Bankers Lloyds Bank Private Banking 21-23 Hill Street London W1J 5JW
THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The trustees present their report and financial statements for the year ended 5 April 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Deed of Trust, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from 1 January 2019)”.
Objectives and activities
The charity's objective as set out in the Charitable Trust Deed, is for the trustees to apply capital and income to or towards or for the benefit or furtherance of such charitable purposes or charitable institutions at their absolute discretion.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
During the year the Trust generated income resources of £262,630 (2023: £244,708) which enabled the charity to make 20 (2023: 16) grants.
The trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to guidance published by the Charity Commission.
Financial review
The trust received income from rents which amounted to £252,542 (2023: £226,508) and donations of £10,000 (2023: £18,200).
The trustees own a number of commercial properties which receive rental income. During the year the trustees purchased one investment property.
As shown in the statement of financial activities, as at 5 April 2024 the net increase in funds for the year was £12,544 (2023: net decrease in funds was £413).
Reserves Policy
It is the policy of the Charity to maintain unrestricted funds (free reserves) at a level which is sufficient to cover management and administration costs and to respond to emergency applications for grants which arise from time to time. In situations where the income is insufficient to meet the annual expenditure, the reserves are required to make up any shortfall out of capital. The trustees are content that the level of reserves held is sufficient for this purpose.
The unrestricted funds of the Charity as at 5 April 2024 amounted to £2,487,907 (2023: £2,475,363).
Grant Making Policy
The trustees' grant making policy is generally to make donations to registered charitable organisations (not individuals) which support a wide range of causes.
The trustees reviewed and accepted grant applications during the year under review. During the year the Trust made 20 (2023: 16) grants totalling £150,707 (2023: £178,082).
Risk
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Structure, governance and management
The Lynne and Nigel Ross Charitable Trust is registered with the Charity Commissioners (No 1128521) and constituted by Deed of Trust dated 30 January 2009.
The trustees who served during the year and up to the date of signature of the financial statements were: Nigel Ross
Lynne Ross Mark Ross Paul Ross
The trustees have the power to appoint new trustees, and any one trustee can retire at any time they see fit. The minimum number of trustees is three. The trustees meet to assess grant applications and to review and accept individual grant applications during the year.
Plans for future periods
It is the trustees' intention to continue to review grant applications in the future and make donations where they see fit.
The trustees' report was approved by the Board of Trustees.
.............................. Nigel Ross Nigel Ross Trustee02 Jul 2024 Dated: .........................
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Lynne and Nigel Ross Charitable Trust (the charity) for the year ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Joel Courts
Joel Courts c/o HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER
02 Jul 2024 Dated: .........................
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 10,000 | 18,200 |
| Investments | 4 | 252,542 | 226,508 |
| Other income | 5 | 88 | - |
| Total income | 262,630 | 244,708 | |
| Expenditure on: | |||
| Raising funds | 6 | 24,226 | 86,771 |
| Charitable activities | 7 | 155,860 | 185,850 |
| Total resources expended | 180,086 | 272,621 | |
| Net gains/(losses) on investments | 12 | (70,000) | 27,500 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 12,544 | (413) | |
| Fund balances at 6 April 2023 | 2,475,363 | 2,475,776 | |
| Fund balances at 5 April 2024 | 2,487,907 | 2,475,363 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes Fixed assets Investment properties 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2024 £ 2,133 59,182 61,315 (18,409) |
£ 2,445,001 42,906 2,487,907 2,487,907 2,487,907 |
2023 £ - 63,282 63,282 (17,920) |
£ 2,430,001 45,362 |
|---|---|---|---|---|
| 2,475,363 | ||||
| 2,475,363 | ||||
| 2,475,363 |
02 Jul 2024
The financial statements were approved by the Trustees on .........................
Nigel Ross .............................. Nigel Ross Trustee
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
Charity information
The Lynne and Nigel Ross Charitable Trust is a charity registered in England and Wales. The registered office is 8/10 Hallam Street, London, W1W 6NS.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Deed of Trust, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
Investment income is accounted for on a receivable basis.
1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Expenditure on raising funds relates to the costs of managing the charity's investment properties.
Support costs relate to the administrative costs of running the charity.
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity.
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies (Continued)
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/ (expenditure) for the year.
The freehold properties are included at market value at 5 April 2024. The trustees have decided to revalue the properties every 5 years or earlier should the trustees consider there to be a material movement in value. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. Material estimates and judgements are set out below.
Valuation of investment properties
Investment properties are held at fair value. Further details about the basis of valuation can be found in accounting policy 1.6.
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 3 | Donations and legacies | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 10,000 | 18,200 | |
| 4 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Rental income | 252,542 | 226,508 | |
| 5 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Other income | 88 | - | |
| 6 | Raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Property management expenses: | |||
| Legal and professional | 11,899 | 29,340 | |
| Sundry | 11,327 | 16,526 | |
| Repairs and Maintenance | 1,000 | 40,905 | |
| 24,226 | 86,771 |
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
7 Charitable activities
| Grant funding of activities (see note 8) Share of support costs (see note 9) Share of governance costs (see note 9) |
2024 £ 150,707 - 5,153 155,860 |
2023 £ 178,082 3,668 4,100 |
|---|---|---|
| 185,850 |
8 Grants payable
| Anne Frank Trust British Friends of United Hatzalah Israel Chai-Lifeline Cancer Care Childhood First Cardiac Risk in the Young Community Security Trust Friends of Cancer Research Friends of Life Guitars over Guns Heart Cells Foundation Hygiene Bank Jewish Care JFS Development Charitable Trust Jewish Institute of National Security of America Los Angeles Museum of the Holocaust Myisrael Norwood Ravenswood Nightingale Hammerson Noble Connection Royal Trinity Hospice Sinai Jewish Primary School The Tavistok Trust for Aphasia WIZO.UK The Central British Fund for World Jewish Relief United Synagogue Other |
2024 £ 1,025 - 5,000 - - 5,000 3,931 1,980 39,786 500 1,000 12,500 2,500 3,965 - 1,000 - 5,000 1,000 - 1,800 2,000 10,000 50,000 750 1,970 150,707 |
2023 £ - 1,000 5,000 1,250 1,500 5,000 4,173 - 38,548 - - 12,500 - - 32,960 - 3,500 5,000 - 1,000 3,600 2,000 - 60,150 900 - |
|---|---|---|
| 178,082 |
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
9 Support costs
| Support costs Governance costs £ £ Bad debts - - Independent examination fees - 5,153 - 5,153 Analysed between Charitable activities - 5,153 |
2024 Support costs Governance costs £ £ £ - 3,668 - 5,153 - 4,100 5,153 3,668 4,100 5,153 3,668 4,100 |
2023 £ 3,668 4,100 |
|---|---|---|
| 7,768 | ||
| 7,768 |
10 Trustees
None of the trustees, nor any persons connected with them, received any remuneration from the charity during the current or prior year.
None of the trustees was reimbursed for any expenses during the current or prior year.
11 Employees
There were no employees during the current or prior year.
12 Net gains/(losses) on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2024 | 2023 | |
| £ | £ | |
| Revaluation of Investment properties | (70,000) | 12,500 |
| Gain/(loss) on sale of investment properties | - | 15,000 |
| (70,000) | 27,500 |
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THE LYNNE AND NIGEL ROSS CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
13 Investment property
| Investment property | |
|---|---|
| Fair value At 6 April 2023 Additions Net gains or losses through fair value adjustments At 5 April 2024 |
2024 £ 2,430,001 85,000 (70,000) |
| 2,445,001 |
The properties were last revalued by the trustees on 5 April 2024 on an open market value basis.
14 Debtors
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
| Amounts falling due within one year: | £ | £ |
| Rent receivable | 2,133 | - |
15 Creditors: amounts falling due within one year
| Other taxation and social security Other creditors Accruals |
2024 £ 1,972 12,104 4,333 18,409 |
2023 £ 1,716 12,104 4,100 |
|---|---|---|
| 17,920 |
16 Related party transactions
Mr Nigel Ross and Mrs Lynne Ross are Directors of Ambercroft Properties Limited, company number 01253145. During the year ended 5 April 2024 the trust received a donation of £10,000 (2023: £10,000) from Ambercroft Properties Limited.
Mrs Lynne Ross is also a Trustee of the Tavistock Trust for Aphasia, charity registration number 1131611. During the year ended 5 April 2024 the trust made a donation of £2,000 (2023: £2,000) to The Tavistock Trust for Aphasia.
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