## **ROTHES CHARITABLE TRUST**
## **REPORT AND ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2023**
**Charity number: 1150364**
## **ROTHES CHARITABLE TRUST**
I N D E X
## **Year ended 31 December 2023**
||**Page**|
|---|---|
|General information|2|
|Report of the Trustees|3|
|Independent examiner’s report|5|
|Statement of financial activities|7|
|Balance sheet|7|
|Notes to the financial statements|8|
1
## **ROTHES CHARITABLE TRUST**
## G E N E R A L I N F O R M A T I O N
## **Year ended 31 December 2023**
|**Established by deed**|12 December 2012|
|---|---|
|**Charity number**|1150364|
|**Trustees**|R W J Parry|
||J P MacHale|
||M A MacHale|
|**Address**|22 Chancery Lane|
||London|
||WC2A 1LS|
|**Bankers**|NatWest|
||16 Library Place|
||St Helier|
||Jersey|
||JE4 8NH|
|**Independent Examiner**|Steven Wakefield ACA|
||Dixon Wilson|
||22 Chancery Lane|
||London|
||WC2A 1LS|
|**Objects**|Such charities or for such exclusively charitable|
||purposes as the Trustees may determine.|
|**Accumulation**|The Trustees have power to accumulate the whole or|
||part of the income of the Trust Fund for the period of|
||21 years, from the date of settlement.|
2
## **ROTHES CHARITABLE TRUST**
## R E P O R T O F T H E T R U S T E E S
## **Year ended 31 December 2023**
The Trustees submit the annual report together with the accounts of the Trust for the year to 31 December 2023. The accounts comply with current statutory requirements and are in the format prescribed by Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). The report should be read in conjunction with the general information provided on page 2.
## **Administrative information**
The Trust is an unincorporated trust, constructed under a trust deed dated 12 December 2012. The charity is registered with the Charity Commission in England and Wales and its registration number is 1150364. The address of the charity is shown on page 2.
## **Objectives and achievements**
The objective of the Trust is to provide donations and grants for charitable purposes to other charities and voluntary bodies, or for the benefit of the general public.
During the year, the Trust made donations totalling £85,600 (2022 - £147,000).
## **Grant making policy**
The Trust actively seeks projects to fund and does not accept unsolicited applications for grants.
## **Structure, governance and management**
The current Trustees have the power to appoint new Trustees. The induction of any new Trustee includes awareness of the history and approach of the charity. A Trustee’s responsibilities lie with the individual Trustee. A new Trustee would receive copies of the previous years’ accounts.
The Trustees who have served during the year are those shown on page 2.
## **Organisation**
The Trust’s affairs are carried on by its Trustees, who meet as necessary for this purpose.
## **Financial review and risk management**
There was a net incoming movement in funds for the year of £38,620 (2022 – outgoing £24,340). The total unrestricted funds at the balance sheet date were £417,243 (2022 - £418,977). Under the powers of the trust deed the trustees transferred £85,600 (2022 - £229,177) from the expendable endowment to cover the donations made in the current year.
The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.
## **Reserves policy**
It is the Trustees policy not to retain reserves as overheads are low and the grants that are made vary according to the income received. As such no reserves are required to ensure the charity’s continued operations. At the balance sheet date the balance on the unrestricted reserves was £417,243 (2022 - £418,977) and on the expendable endowment was £61,117 (2022 - £20,823).
## **Public benefit**
The Trustees, having regard to the Public benefit guidance published by the Charity Commission in accordance with the Charities Act 2011, consider that the purpose and activities of the charity satisfy the requirements of the public benefit test set out in the section 3 of the same act.
3
## **ROTHES CHARITABLE TRUST**
R E P O R T O F T H E T R U S T E E S
## **Year ended 31 December 2023**
## **Trustees’ responsibilities in relation to the financial statements**
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
J P MACHALE For the Trustees
30 October 2024
4
## **ROTHES CHARITABLE TRUST**
E X A M I N E R ’ S U N Q U A L I F I E D R E P O R T
## **Year ended 31 December 2023**
## **Independent Examiner’s Report to The Trustees of the Rothes Charitable Trust**
I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 December 2023.
## **Responsibilities and basis of report**
As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am an employee, has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
## **Independent examiner’s statement**
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
STEVEN WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS
31 October 2024
5
2024
## **ROTHES CHARITABLE TRUST**
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S
## **Year ended 31 December 2023**
|**Unrestricted Expendable**
**Income Endowment**
**Note**
**fund**
**fund**
**£**
**£**
**Income and endowments from:**
Donations
2
-
125,954
**Total incoming resources**
-
125,954
**Expenditure on:**
Charitable activities
3
87,334
-
**Total expenditure**
87,334
-
**Net (expenditure)/income**
(87,334)
125,954
Transfer between funds
85,600
(85,600)
**Net movement in funds**
(1,734)
40,354
**Reconciliation of funds:**
Fund balance brought forward at 1 January
418,977
20,823
Fund balance carried forward at 31 December
417,243
61,177|**2023**
**Total**
**£**
125,954
125,954
87,334
87,334
38,620
-
38,620
439,800
478,420
|**2022**
**Total**
**£**
_125,000_
_125,000_
_149,340_
_149,340_
_(24,340)_
-
_(24,340)_
_464,140_
_439,800_
|
|---|---|---|
The Statement of Financial Activities includes all gains and losses for the year. All income and expenditure derives from continuing activities.
6
## **ROTHES CHARITABLE TRUST**
## B A L A N C E S H E E T
## **At 31 December 2023**
|**Note**
**Fixed assets**
Programme related investments
7
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
6
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Expendable endowment funds
Unrestricted income funds|**2023**
**£**
425,876
425,876
71,484
71,484
(18,940)
52,544
478,420
61,177
417,243
478,420|**2022**
**£**
_425,876_
_425,876_
_32,084_
_32,084_
_(18,160)_
_13,924_
_439,800_
_20,823_
_418,977_
_439,800_|
|---|---|---|
The financial statements on pages 6 to 11 were approved by Trustees on 2024 30 October and were signed by:-
## R W J PARRY Trustee
J P MACHALE Trustee
7
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **ROTHES CHARITABLE TRUST**
## **Year ended 31 December 2023**
## **1. Accounting policies**
## **Basis of preparation**
The accounts are prepared on a historical cost basis, in accordance with the Statement of Recommended Practice applicable for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standards applicable to the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
The Rothes Charitable Trust meets the definition of a public benefit entity under FRS 102.
## **Legal form**
The Trust is an unincorporated trust, constructed under a trust deed dated 12 December 2012. The charity is registered with the Charity Commission in England and Wales and its registration number is 1150364. The registered address of the charity is 22 Chancery Lane, London, WC2A 1LS.
## **Funds structure**
The charity has an expendable endowment fund created by a gift. The income of this fund is unrestricted. The terms of the expendable endowment allow the capital of the fund to be spent if the trustees so determine.
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
## **Income and expenditure**
Donations receivable are recognised once the charity has entitlement to the donations, it is probable that the donations will be received and the monetary value of the donations can be measured with sufficient reliability.
Donations of programme related investments are recognised once the charity has entitlement to the donations, it is probable that the donations will be received and the fair value of the donation can be measured reliably. The fair value is based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
Donations and grants payable are included in the Statement of Financial Activities when approved by the Trustees and agreed with donee.
All other income and expenditure is recognised on an accruals basis.
## **Programme Related Investments**
Programme related investments relates to a property owned by the trustees and let to the Medaille Trust (charity registration number 117830) rent free. Programme related investments are carried at cost less impairment. Where investments are donated, cost equates to the fair value at the time of donation.
## **Going Concern**
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. As a result, the accounts have been prepared on a going concern basis.
8
## **ROTHES CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2023**
|**2.**
**Donations and legacies**
**2023**
**£**
Cash donations
100,954
Gift Aid receipts
25,000
125,954
|**2022**
**£**
_100,000_
_25,000_
_125,000_
|
|---|---|
Cash donations and the subsequent Gift Aid were attributable to the expendable endowment fund in both years.
|**3.**
**Charitable activities**
Donations to institutions (note 4)
Governance costs (note 5)
|**2023**
**£**
85,600
1,734
87,334
|**2022**
**£**
_147,000_
_2,340_
_149,340_
|
|---|---|---|
Expenditure on charitable activities in both years was attributable to the unrestricted income fund.
|**4.**
**Donations to institutions**
During the year grants were made to the following institutions:
Andover Food Bank
Brain Research UK
Brain Tumour UK
Crisis
Disaster Emergency Committee (Ukraine)
Disaster Emergency Committee (Pakistan Flood Appeal)
Encephalitis Support Group
FareShare
Fire Fly Trust
Great Ormond Street Hospital Children’s Charity
Hampshire and Isle of Wight Air Ambulance
Lewa Wildlife Conservancy UK
PRCDT Church
PWSA UK
Rainbow Trust Children’s Charity
Salvation Army
Save the Rhino
Seenaryo
The Felix Project
The Grange Festivals
The Royal Marsden Cancer Charity
Wonston Holy Trinity Church
World Vision UK
|**2023**
**£**
-
5,000
-
25,000
-
-
-
1,000
2,000
-
-
-
17,500
1,000
5,000
1,000
3,000
2,100
-
20,000
-
3,000
-
85,600
|**2022**
**£**
_10,000_
_-_
_1,000_
_46,000_
_15,000_
_10,000_
_1,000_
_-_
_-_
_10,000_
_1,000_
_4,000_
_15,000_
_-_
_5,000_
_1,000_
_16,000_
_1,000_
_5,000_
_-_
_1,000_
_-_
_5,000_
_147,000_
|
|---|---|---|
9
## **ROTHES CHARITABLE TRUST**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2023**
|**5.**
**Governance costs**
Accountancy fee
Independent examiner’s fees|**2023**
**£**
954
780
1,734
||**2022**
**£**
_1,560_
_780_
|
|---|---|---|---|
||||_2,340_|
|||||
|**6.**
**Creditors: amounts falling due within one year**
Accruals|**2023**
**£**
18,940
18,940
||**2022**
**£**
_18,160_
|
||||_18,160_|
|||||
|**7.**
**Programme related investment**
At 1 January 2023
At 31 December 2023||**£**
425,876||
|||425,876
||
The basis of the valuation on initial recognition as the property was donated was the open market. The property has been reviewed for impairment and has a carrying amount at historical cost of £425,876.
## **8. Trustee remuneration and related party transactions**
During the year, the Trust had no employees and the Trustees received neither remuneration nor reimbursement of expenses.
The total cash donations received without conditions from the trustees, net of gift aid, totalled £100,954 (2022 - £100,000).
There were no other related party transactions during the reporting period that require disclosure in the financial statements.
10
## **ROTHES CHARITABLE TRUST**
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2023**
|**9.**
**Analysis of funds**||||||
|---|---|---|---|---|---|
||**At 1 January**|**Incoming**|**Resources**|**Transfers 31 December**||
||**2023**|**resources**|**expended**||**2023**|
||**£**|**£**|**£**|**£**|**£**|
|**Analysis of fund movements**||||||
|Unrestricted fund|418,977|-|(87,334)|85,600|417,243|
|Expendable Endowment fund|20,823
|125,954
|-
|(85,600)
|61,177
|
||439,800
|
125,954
|(87,334)
|-
|478,420
|
The above funds are explained further in the accounting policy on page 8.
## **Analysis of funds between net assets**
|||**Unrestricted**|**Unrestricted**||**Expendable**|**Total**|
|---|---|---|---|---|---|---|
||||**Income**||**Endowment**||
||||**funds**||**funds**|**2023**|
||||**£**||**£**|**£**|
|Fund balances as at 31 December|2023 are represented by:||||||
|Programme related investments
|||425,876||-|425,876|
|
Cash|||10,307||61,177|71,484|
|Creditors|||(18,940)||-|(18,940)|
||||_______||_______|_______|
|Net assets|||417,243
||61,177
|478,420
|
|**Prior year - Analysis of funds**|||||||
||**At 1 January**|**Incoming**|**Resources**||**Transfers 31 December**||
||**2022**|**resources**|**expended**|||**2022**|
||**£**|**£**||**£**|**£**|**£**|
|**Analysis of fund movements**|||||||
|Unrestricted fund|339,140|-|(149,340)||229,177|418,977|
|Expendable Endowment fund|125,000
|125,000
||-
|(229,177)
|20,823
|
||464,140
|
125,000
|(149,340)
||-
|439,800
|
The above funds are explained further in the accounting policy on page 8.
## **Analysis of funds between net assets**
|**Analysis of funds between net assets**||||
|---|---|---|---|
||**Unrestricted**|**Expendable**|**Total**|
||**Income**|**Endowment**||
||**funds**|**funds**|**2022**|
||**£**|**£**|**£**|
|Fund balances as at 31 December 2022 are represented by:||||
|Programme related investments
|425,876|-|425,876|
|
Cash|11,261|20,823|32,084|
|Creditors|(18,160)|-|(18,160)|
||_______|_______|_______|
|Net assets|418,977|20,823|439,800|
11