REGISTERED CHARITY NUMBER: 1151220
REPORT OF THE TRUSTEES AND UNAUDITED
FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024 FOR
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Background, Objectives and Public Benefit
The Rowdown Inspire to Aspire Foundation (the "Foundation" or the "Charity") was established by Gary Coy, Chair of Trustees, to support the gifted and talented children at Rowdown Primary School in New Addington, an area of high deprivation in the London Borough of Croydon. Mr Coy was previously Chair of Governors at the school. Following the success of the first few years, the Foundation has expanded its remit, with the approval of the Charity Commission, to include pupils from any of the primary schools based in New Addington. The Foundation makes financial commitments to provide lessons or club memberships for individual pupils or small groups.
The Trustees regularly review how the Foundation is meeting its objectives and how this is for the public benefit. By providing children with opportunities to pursue areas of talent that they would not otherwise have been able to, the Foundation is investing in these children's future which will be of benefit to the community at large over the long term. This is especially true of the Foundation's Tuition Programme which seeks to enable children from a low-income background to reach the best selective grammar and independent schools to ensure they can meet their full potential academically. We, therefore, are of the opinion that we satisfy the Charity Commission's requirement of operating for the public benefit.
FINANCIAL REVIEW
Operations and Financial Review
As we finished the prior year with a reduced level of cash reserves, the emphasis early in the year was fundraising and we approached a large number of charitable trusts with moderate – but pleasing – success. Donations from Barratt Foundation (£5,000), Gosling Foundation (£7,500), Hargreaves Foundation (£10,000) and, right at the end of the year, Axis Foundation (£3,000) gave us a healthy reserve position in March 2024 despite a small increase in expenditure over 2022/23. We thank these trusts and all our donors for their (continued) support which has enabled us to support more and more talented children from low-income Croydon families.
Our Tuition Programme continued to have a high degree of success with another 12 children gaining places at selective schools taking the total number to over 70. These children now have access to life-enhancing secondary education and extra-curricular opportunities that generate value well beyond that shown in our accounts. The first two graduates of our Programme (back in 2015) have now started at universities, at Cambridge and Imperial College, London, both in the top 6 universities in the world. We also continued our support for a judoka currently in the England Development Squad and representing the country in international competition. We supported c.140 children during the year, directly or indirectly.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
The governing document of the Foundation is its trust deed dated 24th January 2013 as amended on 7th July 2018.
The board of Trustees is made up of nine individuals all of which have relevant experience of supporting children, finance or charity work. The board of Trustees has responsibility for setting the strategic direction of the Foundation and for approving and monitoring all financial aspects. They will also regularly review risk and governance issues. In running and governing the Foundation, the Trustees have regard to guidance issued by the Charity Commission and endeavour to follow best practice principles.
The Trustees are cognisant of balancing demand for the Foundation's support with its financial and human resources. It reviews governance and management at each Annual General Meeting to ensure proper procedures are in place whereby it can maximise the benefits to the community it is serving without overstretching its current resources or put in place plans to increase resources.
Page 1
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The day-to-day running of the Foundation is delegated to an Executive Committee made up of four Trustees. The Chair undertakes the majority of marketing, fundraising, liaison/co-ordination tasks with financial management shared with the Treasurer and administration shared with the Secretary and Treasurer. The Chair produces updates for the Trustees which are circulated by email on a regular basis. The Deputy Chair offers liaison with the local community in particular.
Risk management
The two key risks within the Foundation relate to safeguarding of children and financial matters. With regard to safeguarding, the Foundation has little direct contact with the children that receive our support and such contact is always in the presence of parents or school staff. If any Trustee or other person appointed by the Foundation were to have sole, unaccompanied contact with children, we require them to have the appropriate checks in place. The Chair holds a current enhanced DBS check.
Given the increasing income of the Foundation and the greater influence of external funding, it was decided during 2020/21 to establish a finance committee to oversee all financial aspects of our operations. The Chair and Treasurer are members of this committee along with three other Trustees. The committee sets financial policy, approve any spending over certain limits and recommend actions to the Board of Trustees as per its Terms of Reference. The Finance Committee also reviews movements across the bank account on a monthly basis and is provided with a reconciliation to the management accounts. The risk of the misappropriation of funds is minimal.
All commitments are short term in nature, requiring only one month's notice of cancellation with the exception of the several grants of £500-1,500 which are committed for the current academic year but budgeted on the basis of likely amounts claimed. For one such grant, there is a commitment of £1,500 per annum for five years. The Foundation's liquidity is checked at least weekly and the risk of maturing liabilities exceeding available cash is negligible.
Independent Examination of Accounts
As income was above the £25,000 threshold for requiring independent examination, these accounts have been independently examined.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1151220
Principal address
Brasted Westcott Road Dorking Surrey RH4 3EA
Trustees
G Coy M Bibby M Burchell K Gee P Greenwood M Hartley S Nias J O'Neill J Parsons
Page 2
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Approved by order of the board of trustees on 19/11/2024 and signed on its behalf by:
.......................................................................... G L Coy - Trustee
Page 3
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Events and competitions Total EXPENDITURE ON Raising funds Charitable activities Grants to individuals Other Total NET INCOME/(EXPENDITURE) |
31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ 20,500 25,196 0 1,920 __ __ 20,500 27,116 0 470 18,090 16,086 0 808 __ __ 18,090 17,364 __ __ 2,410 9,752 __ __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 2,730 23,528 0 2,869 _ _ 2,730 26,397 0 0 1,623 32,537 0 346 _ _ 1,623 32,883 _ _ 1,107 (6,486) _ _ |
|---|---|---|
The notes form part of these financial statements Page 4
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2024
| Notes 31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ CURRENT ASSETS Cash at bank 4,384 14,529 __ __ NET CURRENT ASSETS 4,384 14,529 __ __ TOTAL ASSETS LESS CURRENT LIABILITIES 4,384 14,529 ACCRUALS AND DEFERRED INCOME (524) __ __ NET ASSETS 4,384 14,005 __ __ FUNDS Unrestricted funds 0 14,005 Restricted funds 4,384 0 __ __ TOTAL FUNDS 4,384 14,005 __ __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 1,974 4,609 _ _ 1,974 4,609 _ _ 1,974 4,609 (356) _ _ 1,974 4,253 _ _ 0 4,253 1,974 0 _ _ 1,974 4,253 _ _ |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19/11/2024 and were signed on its behalf by:
............................................. G L Coy - Trustee
............................................. J Parsons - Trustee
The notes form part of these financial statements
Page 5
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. GRANTS PAYABLE
| 31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ Grants to individuals 18,090 16,086 The total grants paid to individuals during the year was as follows: Tuition programme 0 (508) Secondary school grants 14,882 10,182 Group tuition expenses 0 765 Individual children 3,208 5,647 __ ____ Total 18,090 16,086 __ __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 1,623 32,537 0 654 0 24,844 480 721 1,143 6,318 _ _ 1,623 32,537 __ __ |
|---|---|
The notes form part of these financial statements Page 6
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees’ expenses for the year ended 31 March 2024 nor for the year ended 31 March 2023.
4. ACCRUALS AND DEFERRED INCOME
| 31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ Accruals and deferred income 0 524 __ __ OVEMENT IN FUNDS At 01/04/23 £ Unrestricted funds General fund 4,253 Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants 1,974 711 1,263 0 0 __ TOTAL FUNDS 6,227 __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 0 356 _ _ Net movement in funds £ At 31/03/24 £ 9,752 14,005 2,410 (711) 1,737 0 1,384 4,384 0 3,000 0 1,384 ____ ____ 12,162 18,389 ____ ____ |
|---|---|
5. MOVEMENT IN FUNDS
Net movement in funds included in the above are as follows:
The notes form part of these financial statements Page 7
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS Comparatives for movements in funds Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
Incoming resources £ Resources expended £ Movement in funds £ 27,116 (17,364) 9,752 20,500 0 3,000 0 17,500 (18,090) (711) (1,263) (0) (16,116) 2,410 (711) 1,737 0 1,384 __ __ __ 47,616 (35,454) 12,162 __ __ _ At 01/04/22 £ Net movement in funds £ At 31/03/23 £ 10,739 (6,486) 4,253 867 867 0 0 0 1,107 (156) 1,263 0 0 1,974 711 1,263 0 0 _ _ _ 11,606 (5,379) 6,227 __ __ __ |
|---|---|
Comparative net movement in funds included in the above are as follows:
The notes form part of these financial statements Page 8
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
Incoming resources £ 26,397 2,730 750 1,500 480 0 _ 29,127 _ |
Resources expended £ Movement in funds £ (32,883) (6,486) (1,623) (906) (237) (480) (0) 1,107 (156) 1,263 0 0 _ _ (34,506) (5,379) _ _ |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
At 01/04/22 £ Net movement in funds £ 10,739 3,266 867 867 0 0 0 3,517 (867) 3,000 0 1,384 _ _ 11,606 6,783 _ _ |
At 31/03/24 £ 14,005 4,384 0 3,000 0 1,384 _ 18,389 _____ |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds included in the above are as follows:
The notes form part of these financial statements Page 9
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
Incoming resources £ Resources expended £ Movement in funds £ 53,513 (50,247) 3,266 23,230 750 4,500 480 17,500 (19,713) (1,617) (1,500) (480) (16,116) 3,517 (867) 3,000 0 1,384 _ _ _ 76,743 (69,960) 6,783 _ _ _ |
|---|---|
6. OTHER FINANCIAL COMMITMENTS
The Foundation has committed to provide a grant of up to £1,500 to the parents of each of 44 pupils who were successful in gaining places at fee-paying or grammar schools. The commitment is for the academic year 2023/24 only (except for three families where a commitment has been made to support them for five years at £1,500 per annum) and is conditional on the parent providing invoices proving payment of such items as school fees, uniform, equipment or educational school trips. The Foundation will then re-imburse parents for 50% of the invoiced expenditure. Amounts remaining are available until the end of the academic year in July 2024. We estimate likely claims of these grants in our next financial year will total less than £9,000.
| 2023-24 | 2023-24 | |
|---|---|---|
| No. of pupils | Awarded | Claimed |
| 30 | £31,750 | £15,300 |
| 2022-23 | ||
| No. of pupils | Awarded | Claimed |
| 44 | £39,500 | £19,785 |
7. RELATED PARTY TRANSACTIONS
There were no related party transactions for the year ended 31 March 2024.
The notes form part of these financial statements Page 10
REGISTERED CHARITY NUMBER: 1151220
REPORT OF THE TRUSTEES AND UNAUDITED
FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024 FOR
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 10 |
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Background, Objectives and Public Benefit
The Rowdown Inspire to Aspire Foundation (the "Foundation" or the "Charity") was established by Gary Coy, Chair of Trustees, to support the gifted and talented children at Rowdown Primary School in New Addington, an area of high deprivation in the London Borough of Croydon. Mr Coy was previously Chair of Governors at the school. Following the success of the first few years, the Foundation has expanded its remit, with the approval of the Charity Commission, to include pupils from any of the primary schools based in New Addington. The Foundation makes financial commitments to provide lessons or club memberships for individual pupils or small groups.
The Trustees regularly review how the Foundation is meeting its objectives and how this is for the public benefit. By providing children with opportunities to pursue areas of talent that they would not otherwise have been able to, the Foundation is investing in these children's future which will be of benefit to the community at large over the long term. This is especially true of the Foundation's Tuition Programme which seeks to enable children from a low-income background to reach the best selective grammar and independent schools to ensure they can meet their full potential academically. We, therefore, are of the opinion that we satisfy the Charity Commission's requirement of operating for the public benefit.
FINANCIAL REVIEW
Operations and Financial Review
As we finished the prior year with a reduced level of cash reserves, the emphasis early in the year was fundraising and we approached a large number of charitable trusts with moderate – but pleasing – success. Donations from Barratt Foundation (£5,000), Gosling Foundation (£7,500), Hargreaves Foundation (£10,000) and, right at the end of the year, Axis Foundation (£3,000) gave us a healthy reserve position in March 2024 despite a small increase in expenditure over 2022/23. We thank these trusts and all our donors for their (continued) support which has enabled us to support more and more talented children from low-income Croydon families.
Our Tuition Programme continued to have a high degree of success with another 12 children gaining places at selective schools taking the total number to over 70. These children now have access to life-enhancing secondary education and extra-curricular opportunities that generate value well beyond that shown in our accounts. The first two graduates of our Programme (back in 2015) have now started at universities, at Cambridge and Imperial College, London, both in the top 6 universities in the world. We also continued our support for a judoka currently in the England Development Squad and representing the country in international competition. We supported c.140 children during the year, directly or indirectly.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
The governing document of the Foundation is its trust deed dated 24th January 2013 as amended on 7th July 2018.
The board of Trustees is made up of nine individuals all of which have relevant experience of supporting children, finance or charity work. The board of Trustees has responsibility for setting the strategic direction of the Foundation and for approving and monitoring all financial aspects. They will also regularly review risk and governance issues. In running and governing the Foundation, the Trustees have regard to guidance issued by the Charity Commission and endeavour to follow best practice principles.
The Trustees are cognisant of balancing demand for the Foundation's support with its financial and human resources. It reviews governance and management at each Annual General Meeting to ensure proper procedures are in place whereby it can maximise the benefits to the community it is serving without overstretching its current resources or put in place plans to increase resources.
Page 1
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The day-to-day running of the Foundation is delegated to an Executive Committee made up of four Trustees. The Chair undertakes the majority of marketing, fundraising, liaison/co-ordination tasks with financial management shared with the Treasurer and administration shared with the Secretary and Treasurer. The Chair produces updates for the Trustees which are circulated by email on a regular basis. The Deputy Chair offers liaison with the local community in particular.
Risk management
The two key risks within the Foundation relate to safeguarding of children and financial matters. With regard to safeguarding, the Foundation has little direct contact with the children that receive our support and such contact is always in the presence of parents or school staff. If any Trustee or other person appointed by the Foundation were to have sole, unaccompanied contact with children, we require them to have the appropriate checks in place. The Chair holds a current enhanced DBS check.
Given the increasing income of the Foundation and the greater influence of external funding, it was decided during 2020/21 to establish a finance committee to oversee all financial aspects of our operations. The Chair and Treasurer are members of this committee along with three other Trustees. The committee sets financial policy, approve any spending over certain limits and recommend actions to the Board of Trustees as per its Terms of Reference. The Finance Committee also reviews movements across the bank account on a monthly basis and is provided with a reconciliation to the management accounts. The risk of the misappropriation of funds is minimal.
All commitments are short term in nature, requiring only one month's notice of cancellation with the exception of the several grants of £500-1,500 which are committed for the current academic year but budgeted on the basis of likely amounts claimed. For one such grant, there is a commitment of £1,500 per annum for five years. The Foundation's liquidity is checked at least weekly and the risk of maturing liabilities exceeding available cash is negligible.
Independent Examination of Accounts
As income was above the £25,000 threshold for requiring independent examination, these accounts have been independently examined.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1151220
Principal address
Brasted Westcott Road Dorking Surrey RH4 3EA
Trustees
G Coy M Bibby M Burchell K Gee P Greenwood M Hartley S Nias J O'Neill J Parsons
Page 2
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Approved by order of the board of trustees on 19/11/2024 and signed on its behalf by:
.......................................................................... G L Coy - Trustee
Page 3
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Events and competitions Total EXPENDITURE ON Raising funds Charitable activities Grants to individuals Other Total NET INCOME/(EXPENDITURE) |
31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ 20,500 25,196 0 1,920 __ __ 20,500 27,116 0 470 18,090 16,086 0 808 __ __ 18,090 17,364 __ __ 2,410 9,752 __ __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 2,730 23,528 0 2,869 _ _ 2,730 26,397 0 0 1,623 32,537 0 346 _ _ 1,623 32,883 _ _ 1,107 (6,486) _ _ |
|---|---|---|
The notes form part of these financial statements Page 4
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2024
| Notes 31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ CURRENT ASSETS Cash at bank 4,384 14,529 __ __ NET CURRENT ASSETS 4,384 14,529 __ __ TOTAL ASSETS LESS CURRENT LIABILITIES 4,384 14,529 ACCRUALS AND DEFERRED INCOME (524) __ __ NET ASSETS 4,384 14,005 __ __ FUNDS Unrestricted funds 0 14,005 Restricted funds 4,384 0 __ __ TOTAL FUNDS 4,384 14,005 __ __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 1,974 4,609 _ _ 1,974 4,609 _ _ 1,974 4,609 (356) _ _ 1,974 4,253 _ _ 0 4,253 1,974 0 _ _ 1,974 4,253 _ _ |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19/11/2024 and were signed on its behalf by:
............................................. G L Coy - Trustee
............................................. J Parsons - Trustee
The notes form part of these financial statements
Page 5
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
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 classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. GRANTS PAYABLE
| 31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ Grants to individuals 18,090 16,086 The total grants paid to individuals during the year was as follows: Tuition programme 0 (508) Secondary school grants 14,882 10,182 Group tuition expenses 0 765 Individual children 3,208 5,647 __ ____ Total 18,090 16,086 __ __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 1,623 32,537 0 654 0 24,844 480 721 1,143 6,318 _ _ 1,623 32,537 __ __ |
|---|---|
The notes form part of these financial statements Page 6
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees’ expenses for the year ended 31 March 2024 nor for the year ended 31 March 2023.
4. ACCRUALS AND DEFERRED INCOME
| 31/03/24 Restricted Funds £ 31/03/24 Unrestricted Funds £ Accruals and deferred income 0 524 __ __ OVEMENT IN FUNDS At 01/04/23 £ Unrestricted funds General fund 4,253 Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants 1,974 711 1,263 0 0 __ TOTAL FUNDS 6,227 __ |
31/03/23 Restricted Funds £ 31/03/23 Unrestricted Funds £ 0 356 _ _ Net movement in funds £ At 31/03/24 £ 9,752 14,005 2,410 (711) 1,737 0 1,384 4,384 0 3,000 0 1,384 ____ ____ 12,162 18,389 ____ ____ |
|---|---|
5. MOVEMENT IN FUNDS
Net movement in funds included in the above are as follows:
The notes form part of these financial statements Page 7
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS Comparatives for movements in funds Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
Incoming resources £ Resources expended £ Movement in funds £ 27,116 (17,364) 9,752 20,500 0 3,000 0 17,500 (18,090) (711) (1,263) (0) (16,116) 2,410 (711) 1,737 0 1,384 __ __ __ 47,616 (35,454) 12,162 __ __ _ At 01/04/22 £ Net movement in funds £ At 31/03/23 £ 10,739 (6,486) 4,253 867 867 0 0 0 1,107 (156) 1,263 0 0 1,974 711 1,263 0 0 _ _ _ 11,606 (5,379) 6,227 __ __ __ |
|---|---|
Comparative net movement in funds included in the above are as follows:
The notes form part of these financial statements Page 8
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
Incoming resources £ 26,397 2,730 750 1,500 480 0 _ 29,127 _ |
Resources expended £ Movement in funds £ (32,883) (6,486) (1,623) (906) (237) (480) (0) 1,107 (156) 1,263 0 0 _ _ (34,506) (5,379) _ _ |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
At 01/04/22 £ Net movement in funds £ 10,739 3,266 867 867 0 0 0 3,517 (867) 3,000 0 1,384 _ _ 11,606 6,783 _ _ |
At 31/03/24 £ 14,005 4,384 0 3,000 0 1,384 _ 18,389 _____ |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds included in the above are as follows:
The notes form part of these financial statements Page 9
THE ROWDOWN INSPIRE TO ASPIRE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds General fund Restricted funds Fund A – piano lessons Fund B – judo lessons Fund C – art lessons Fund D – secondary school grants TOTAL FUNDS |
Incoming resources £ Resources expended £ Movement in funds £ 53,513 (50,247) 3,266 23,230 750 4,500 480 17,500 (19,713) (1,617) (1,500) (480) (16,116) 3,517 (867) 3,000 0 1,384 _ _ _ 76,743 (69,960) 6,783 _ _ _ |
|---|---|
6. OTHER FINANCIAL COMMITMENTS
The Foundation has committed to provide a grant of up to £1,500 to the parents of each of 44 pupils who were successful in gaining places at fee-paying or grammar schools. The commitment is for the academic year 2023/24 only (except for three families where a commitment has been made to support them for five years at £1,500 per annum) and is conditional on the parent providing invoices proving payment of such items as school fees, uniform, equipment or educational school trips. The Foundation will then re-imburse parents for 50% of the invoiced expenditure. Amounts remaining are available until the end of the academic year in July 2024. We estimate likely claims of these grants in our next financial year will total less than £9,000.
| 2023-24 | 2023-24 | |
|---|---|---|
| No. of pupils | Awarded | Claimed |
| 30 | £31,750 | £15,300 |
| 2022-23 | ||
| No. of pupils | Awarded | Claimed |
| 44 | £39,500 | £19,785 |
7. RELATED PARTY TRANSACTIONS
There were no related party transactions for the year ended 31 March 2024.
The notes form part of these financial statements Page 10
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of The Rowdown inspire To Aspire Foundation On accounts for the year ended 3111 March 2024 Charity no (If any) 1151220 Set out on pages 1 to 12 I report lo the trustees on my examination of the accounls of the abov8 charity {h8 Trusf) for the year ended 31103 12024. Responsibilities and bas18 of report As the charty's trustees. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)Ib) of the Act. Indopondent I have completed my examination. I confirm that no material matters have examlner's Statement come to my attention in connection with the examination which gNes me cause lo believe that in, any material respect.. the accounting records were not kept in accordance with section 130 of the Charrties Act., or the accounts did not accord wtth the accounting records., or the accounts did not comply th the applicable requirements conceming the fom and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'tTue and fair. view which is not a matter considered as part of an independent examination. I have no ¢on¢ems and have come across no other matters in connection with Ihe examination to which attention should be drawn in this report in order to e ble a proper understanding of the accounls to be reached. Signed: Date: 26 Name: James Bray Relevant professlonal qualificatlonlsl or body Ilf any): FCCA Address: Constable Court 62 Dene Street, Dorking RH4 2DP IER Oct 2023
Section B Disclosure Only complete rf the examiner needs to highlight material matters of conrn (see CC32, Independent examination of charty accounts.. directions and gubdance for examiners). Glve here brief details of any items that the examiner wishes to dlsclose. IER Oct 2023