Charity registration number 1163990
RONNIE SCOTTS CHARITABLE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
RONNIE SCOTTS CHARITABLE FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
S Greene S Coyne F Nash A Mackenzie (Appointed 14 March 2024)
Trustees
Charity number 1163990 Independent examiner Gerald Edelman LLP 73 Cornhill London EC3V 3QQ
RONNIE SCOTTS CHARITABLE FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6 - 8 |
RONNIE SCOTTS CHARITABLE FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report and accounts for the year ended 31 March 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's governing document, 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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The Foundation's objects are to advance education through the promotion, support and encouragement of the art of music and in particular the promotion, encouragement and support of musical education programmes to ensure that music education is accessible to every child and young person especially those who are under privileged, and to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time in particular but not limited to raising and distributing funds (and providing loans) and gifting musical instruments to organisations that create or develop youth jazz programmes and make jazz music.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.
Grantmaking:
The Foundation invites applications for grants through advertising on Ronnie Scott's website and applications should be made to the email address foundation@ronniescotts.co.uk.
Each application is reviewed by the Trustees against the objectives of the Foundation. Through its grantmaking activities, the Foundation furthers its objects and provides public benefit.
Achievements and performance
The Trustees report that grants made and costs of charitable events incurred totalled £10,118 during the year (2023: £38,105).
Although grants made and costs of charitable events were lower than the prior year, significant activity has been undertaken so grants made in the next financial year are returning to pre COVID-19 levels.
Financial review
It is the policy of the Foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level in excess of between three and six month’s expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Investment policy and objectives
Under the Trust deed, the charity has the power to make any investment which the Trustees see fit.
The Trustees has assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Trustees will continue to seek out and assist beneficiaries including those to whom the charity has already made grants.
Structure, governance and management
The Charitable Trust was registered as a charity on 15 October 2015. The Foundation is administered by the Trustees in accordance with its Trust document. Nothing in this Trust deed restricts or excludes the exercise by the Trustees of the powers given by the Trustee Act 2000 as regards to the investment, the acquisition or disposal of land and the employment of agents, nominees and custodians.
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RONNIE scorrs CHARITABLE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustses who 88md during the yew up to the date of Signatu of Ihe firwi(aal ststemenls were: S Gwn8 S Coyne D Baptiste F Nash A Mackenz IRened 14 March 2024) (Appointed 14 March 2024) Every Trustee must be appointed for a tsm of fve years by a resolutN)n of tha Trustees passed at a spocial meeting. In selecting individuals for 8ppointmenl as Trustees. thg Tnjslees must havo rggard to lh6 sknN$. knowledge and oxperi&nc8 needed the 8ffeth.ve administrdtK)n of the Foundotk)n. Inductlon and tralnlng of n•w Tru•t•M: In vlew of the slze of the charity rt is not considered necessary for the Trustee8 to undergo fom81 tralnlng. Th6 finanryal Statements compty wlth crt statutory rwuinn8nts and the Slatem8nl of Racommonded Pr8ctlce - AccounJng and Reportyng by Chantios. The Trustees consult on an ad basis to revièw arKI 8$sess requests for donatr)rss from the Foundatyon and pmilontial QppurtM to in¢yoa8e fits avgikqble. Th8 Truslags hav8 eonducted thelr cmn rnvlow of Ma)r 8trateg. buslnoss and opgration81 ri8k$ to which tho Foundation Is axposed and c•)nfim)ed that 8ystsms have bèen eslablished lo enable ragular reports lo ba producad so that n8c•ss8ry Stops can b• lakan to mlllgal8 those risks. None of t TnJ818e8 h88 any beneffiaal Interest in the FoOI)n. St•tem•nt of Tru8t•••' r••ponJlblllti The Trustee$ are respSIble for preparfng Truste88' Rewt ar¥J the in ac¢ordance appllcable law and Unlted Klngdom Accounlro Slandards (Unrted Kingdom Gen8ralty Accepted Aceounllng Pr8ctic61. Th• law apIcable lo chadoes in En¥ond and Wales r•qulres Trttstees to yeparè accounts for each fln8nctal parlod which give a true and fair view of the slate of affaSTS ol the FrKlaU and of the Incomlng r080ure48 and applicabon of resources of the Found8tton for Ihal year. In prnparing these accounts, thè Trusle88 are roqulred to: - 8018d sultsble accountSng polic8 and thgn apply them c$151¢n, - ob80rve thè methods and w'nciples in the charit SOR - make judggmonts and estim8t88 that are reasonable arKI Fffudent,. - state whether applicable a¢countirvJ standards have been follvwed. subject to any Materi departures dlsclosed and explalned in the accounts., and - prepare th8 accounts on thg wing concem basis unless it Is inappropriate to wesum8 that the Foundation wlll contlnue In op8ratM)n. Thè Trustees are reSFOnslb for keeplng suffldenl accounuw rets)rds that disclose wrth roa80nable accuracy at any time the finanoal px)sition of the FouThJation and 6nablg lo ensure that the ac£ounts compty w(th the Charities Act 2011, the Charity (Accounts and Rep$) Regulations 2008 and the prowsions of the trust deed. They arè also responsible for safeguarding tha 888ets of the Foundation and hence for taking reasonable steps for the prevanuon and detectlon of fraud and other reglitIes. Truslegs, rt Was appThed by the Boawd (rf Trustee& F Nash Tru51e8
RONNIE SCOTTS CHARITABLE FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF RONNIE SCOTTS CHARITABLE FOUNDATION
I report to the Trustees on my examination of the financial statements of Ronnie Scotts Charitable Foundation (the Foundation) for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Foundation 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 Foundation’s accounts 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
Your attention is drawn to the fact that the Foundation has prepared accounts in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 Foundation 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.
Howard Woolf FCA
Gerald Edelman LLP Chartered Accountants 73 Cornhill London EC3V 3QQ Dated: .........................
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| Notes Income from: Donations and legacies 2 Expenditure on: Raising funds 3 Charitable activities 4 Other Total resources expended Net income for the period/ Net movement in funds Fund balances at 1 April 2023 Fund balances at 31 March 2024 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. |
2024 £ 52,996 216 10,118 269 10,603 42,393 128,335 170,728 |
|---|---|
RONNIE SCOTTS CHARITABLE FOUNDATION BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Currnnt assots Cash at bank and in hand 170,728 128,335 Net ¢urrent assets 170.728 128,335 The funds of the Foundation Unrestricied funds 170,728 128,335 170,728 128,335 The financial statements were approved by the Tnle8S on .......... .......... ... F Nash Trustee
RONNIE SCOTTS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
Ronnie Scotts Charitable Foundation is a registered charity dedicated to the support of jazz education in the United Kingdom and beyond.
1.1 Accounting convention
The accounts have been prepared in accordance with the Foundation's declaration 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)” (as amended for accounting periods commencing from 1 January 2016). The Foundation is a Public Benefit Entity as defined by FRS 102.
The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. As the unincorporated Foundation has gross income of less than £250,000 during the financial period, the accounts only present a summary of all money received and paid out by the Charity in the period. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the accounts, the Trustees have a reasonable expectation that the Foundation 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 accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts, where applicable.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.
1.4 Incoming resources
Income is recognised by the Foundation on a receipts basis.
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RONNIE SCOTTS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Resources expended
Resources expended are included in the Statement of Financial Activities and are recognised in the period in which they are incurred.
Governance costs include those incurred in the governance of the Foundation and its assets and are primarily associated with constitutional and statutory requirements.
The support costs associated with grant making activities was £nil (2023: £4,270)
1.6 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.
Basic financial assets
Basic financial assets, which includes cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
2 Income from donations and legacies
| Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|
| funds | funds | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Donations and gifts | 52,996 | 104,465 | |||
| 3 | Raising funds | ||||
| Unrestricted | Total | ||||
| funds | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fundraising and publicity | |||||
| Fundraising agents | 216 | 216 | |||
| Cost of charitable events | - | 4,270 | |||
| 216 | 4,486 | ||||
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RONNIE SCOTTS CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4 Charitable activities
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Grants and participation events | 10,118 | 33,835 |
5 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
6 Employees
There were no employees during the period.
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