Charity registration number 1171808 (England and Wales)
THE ROWLAND BROTHERS FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE ROWLAND BROTHERS FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr S N A Rowland Mr A B A Rowland MBE Mr M Spooner Mr J Walking Mr N Redman Mr C Roe Charity number 1171808 Principal address 299 - 305 Whitehorse Road West Croydon Surrey CR0 2HR Independent examiner Miriam Hickson FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW
THE ROWLAND BROTHERS FOUNDATION
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 - 12 |
THE ROWLAND BROTHERS FOUNDATION
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's constitution, 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 1 January 2019).
Objectives and activities
The Foundation's objects are to relieve the mental and physical sickness and the financial hardship of persons resident in the area who are suffering from bereavement by the provision of counselling, financial and other support. Alongside this, the foundation has recently partnered with a number of secondary schools in Croydon and is offering bereavement counselling support to students there. This was initially in response to several well-publicised events in the area affecting pupils of the schools but has become more proactive in helping children deal with bereavement before it occurs.
The Foundation also seeks to assist in the preservation of war memorials and other public monuments in the area commemorating figures of historical importance. This work continues to stay at a stable volume.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.
Achievements and performance
The charity’s income increased in the year as the cost base of the Foundation grew so the Trustees took the decision to request additional funding from partner Companies. These were received throughout the year.
The bereavement counselling service has continued to thrive with face-to-face meetings returning, but also with a continuation of online one-to-one and group sessions. A new “Never Alone” walking project also started in the year and the uptake of this has exceeded expectations and feedback has been good. Memorial renovations and repairs remained at a similar level to last year.
Rowland Brothers Ltd celebrated its 150[th] anniversary in the financial year and part of the celebrations were to host a charity Golf Day with the Rowland Brothers Foundation being the sole beneficiary. This was a huge success and the Foundation received just under £9,000 as a result of this. It has been decided that this will be an annual event due to the success.
Financial review
At 31 March 2024, the Foundation’s reserves were £6,439 (2023: £5,914 deficit) following donations of £79,974 (2023: £59,936) and charitable expenditure of £77,582 (2023: £81,894). There were no restricted funds received in the year or previous year.
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 equivalent to between one and three month’s expenditure. The trustees consider that reserves at this level, coupled with support of its partners, will ensure that they will be able to continue the Foundation’s current activities without interruption. This level of reserves has not been maintained throughout the year but the support of the partner companies continues and funds are sent to the Foundation as and when they become due. Since year end, the donations have increased to hold a healthier reserve in the Foundation’s bank account.
Structure, governance and management
The Foundation is a charitable incorporated organisation. The Foundation is governed by the rules and regulations set down in its Constitution dated 28 February 2017.
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THE ROWLAND BROTHERS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
The trustees who served during the year and up to the date of signature of the financial statements were: Mr S N A Rowland
Mr A B A Rowland MBE
Mr M Spooner Mr J Walking Mr N Redman Mr C Roe
Trustees are recruited based on their skills, knowledge and experience needed for the effective administration of the Foundation. Trustees are appointed for a term of three years by a resolution passed at a properly convened meeting.
The trustees have responsibility for setting and monitoring the overall strategic direction of the Foundation, approving decisions and appointing key members of staff.
The trustees' report was approved by the Board of Trustees.
.............................. Mr S N A Rowland
24/01/2025 Date: .............................................
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THE ROWLAND BROTHERS FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROWLAND BROTHERS FOUNDATION I report lo the trustees on my examination of the financial statemenis of The RO8nd Brolhtrrs Foundation (the Foundalionl lor the year ended 31 Marth 2024. ResponslbllSt185 and basls of rèport AS the irustees tsf the Foundation you are responsible for Ihe preparation ol the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination ol the Foundatitin's financral statements carried out under section 145 of the Chaflties Act 2011. In carrying out my examination I have follow911 the 01CtiOnS given by the Charity Commission under sectson 1451Sllbl ol the charib.es Acl 2011. Independent examlner's stst•m•nl I h8ve completed my ex8mination. l ¢onfirm that no matters have come lo my attention in connection with the examination giving me cause ¢0 believe Ihal in any matenal respecl.. accounting records were not kept in w$pe¢t of the Foundation as reouired by section 130 01 thè Charities Act 2011. the financial s¢atemen15 do rbot a¢¢ord with Ihose records. or Ihe financial 5talem¥nis do not comply with the applicable rgquir6m6nts conceming the form and conlenl ol rinanci81 51atemenls $¢1 out In the Charities (Accounls and Raportsl R69ulalions 2008 other than any requiremenl that the financial statements give a tnje and lair vi¥w, which Is not a matter considered as part 01 an independent examination. I have no concerns and have corne across no olh¢r matters in connection with Ihe examination lo which attention should bo drawn In Ihis report in order lo enable 8 propsr understanding of the fin8nci81 st8tements to bo reached. Mlrlam Hlckson FCA 5 Robin Hood L8ne Sutton Surrèy SM1 2SW Date.. 2,4.101.l..IplS.
THE ROWLAND BROTHERS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 79,974 - Other trading activities 2 9,961 - Total income 89,935 - Expenditure on: Charitable activities 3 77,582 - Total expenditure 77,582 - Net income/(expenditure) and movement in funds 12,353 - Reconciliation of funds: Fund balances at 1 April 2023 (5,967) 53 Fund balances at 31 March 2024 6,386 53 |
Total Unrestricted Restricted Total funds funds 2024 2023 2023 2023 £ £ £ £ 79,974 59,936 - 59,936 9,961 - - - 89,935 59,936 - 59,936 77,582 73,372 8,522 81,894 77,582 73,372 8,522 81,894 12,353 (13,436) (8,522) (21,958) (5,914) 7,469 8,575 16,044 6,439 (5,967) 53 (5,914) |
|---|---|
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 ROWLAND BROTHERS FOUNDATION
BALANCE SHEET
AS AT 31 MARCH 2024
| 2024 Notes £ Fixed assets Tangible assets 7 Current assets Debtors 8 - Cash at bank and in hand 16,904 16,904 Creditors: amounts falling due within one year 9 (11,146) Net current assets/(liabilities) Total assets less current liabilities The funds of the Foundation Restricted income funds 11 Unrestricted funds 12 |
2023 £ £ 681 790 5,097 5,887 (13,033) 5,758 6,439 53 6,386 6,439 |
£ 1,232 (7,146) (5,914) 53 (5,967) (5,914) |
|---|---|---|
24/01/2025 The financial statements were approved by the trustees on ......................... .............................. Mr S N A Rowland
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Charity information
The Rowland Brothers Foundation is a charitable incorporated organisation limited by guarantee and incorporated in England and Wales. The address of its registered office is 299 - 305 Whitehorse Road, West Croydon, Surrey. The Foundation is a public benefit entity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Foundation's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). 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 not to prepare a Statement of Cash Flows.
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 financial statements have been prepared under the historical cost convention. 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 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 financial statements.
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 or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the Foundation 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. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Expenditure is recognised on an accruals basis when a liability is incurred. Expenditure is inclusive of any VAT which cannot be recovered.
Donations payable are accounted for when the charity is committed to paying them.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Foundation reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 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.
1.9 Financial instruments
The Foundation 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.
Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and 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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Income from other trading activities
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Fundraising events | 9,961 | - |
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
3 Charitable activities
| Staff costs Charitable donations Other costs Governance costs Independent examination fee Legal and professional fees |
2024 £ 49,477 1,280 23,675 74,432 1,400 1,750 77,582 |
2023 £ 62,410 1,740 12,120 |
|---|---|---|
| 76,270 1,324 4,300 |
||
| 81,894 |
4 Trustees
The trustee, Chris Roe, was paid a consultancy fee of £3,000 for his work for the Foundation during the year (2023: £3,000). This payment is permitted under the terms of the constitution of the CIO. No other trustees received any benefits or were reimbursed expenses from the Foundation.
There are no other related party transactions requiring disclosure.
5 Employees
Number of employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Foundation staff | 2 | 3 |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 45,798 | 57,176 |
| Social security costs | 3,217 | 4,455 |
| Other pension costs | 462 | 779 |
| 49,477 | 62,410 |
There were no employees whose annual remuneration was £60,000 or more.
6 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7 Tangible fixed assets
| Cost At 1 April 2023 At 31 March 2024 Depreciation and impairment At 1 April 2023 Depreciation charged in the year At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 8 Debtors Amounts falling due within one year: Prepayments and accrued income 9 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Accruals and deferred income 10 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
Fixtures and fittings £ 2,204 2,204 972 551 1,523 681 1,232 2024 2023 £ £ - 790 2024 2023 £ £ 2,367 1,538 3,919 5,805 4,860 5,690 11,146 13,033 2024 2023 £ £ 462 779 |
Fixtures and fittings £ 2,204 2,204 972 551 1,523 681 1,232 2024 2023 £ £ - 790 2024 2023 £ £ 2,367 1,538 3,919 5,805 4,860 5,690 11,146 13,033 2024 2023 £ £ 462 779 |
|---|---|---|
| 2,204 | ||
| 972 551 |
||
| 1,523 | ||
| 681 | ||
| 1,232 | ||
| 2023 £ 790 |
||
| 2023 £ 1,538 5,805 5,690 |
||
| 13,033 | ||
| 2023 £ 779 |
The Foundation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Foundation in an independently administered fund.
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
11 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| At Schools project Previous year: At Schools project |
1 April 2023 Expenditure At 31 March 2024 £ £ £ 53 - 53 1 April 2022 Expenditure At 31 March 2023 £ £ £ 8,575 (8,522) 53 |
|---|---|
The schools project fund relates to a bereavement support project working with under-18s in schools across Croydon, both in one-to-one support settings and in group settings, in the form of weekly bereavement support 'drop-ins'.
12 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds |
1 April 2023 Income Expenditure At 31 March 2024 £ £ £ £ (5,967) 89,935 (77,582) 6,386 1 April 2022 Income Expenditure At 31 March 2023 £ £ £ £ 7,469 59,936 (73,372) (5,967) |
|---|---|
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THE ROWLAND BROTHERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
13 Analysis of net assets between funds
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | ||
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| At 31 March 2024: | |||
| Tangible assets | 681 | - | 681 |
| Current assets/(liabilities) | 5,705 | 53 | 5,758 |
| 6,386 | 53 | 6,439 | |
| Unrestricted | Restricted | Total | |
| funds | funds | ||
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| At 31 March 2023: | |||
| Tangible assets | 1,232 | - | 1,232 |
| Current assets/(liabilities) | (7,199) | 53 | (7,146) |
| (5,967) | 53 | (5,914) |
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THE ROWLAND BROTHERS FOUNDATION
DETAILED INCOME AND EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Restricted 2024 funds £ £ Income from: Individuals 2,907 - Related companies Rowland Brothers 33,157 - Rowland Brothers International 13,500 - A&J Morriss 9,246 - Golden Leaves 12,000 - J B Shakespeare 9,164 - 77,067 - Golf day and seminar 9,961 - Total income 89,935 - Expenditure on: Donations Warlingham Christmas Lights - - Manju Shahul-Hameed Foundation 500 - LBT Global - - New Addington Pathfinders Group - - Woodside Bereavement Counselling Service - - Old Coulsdon Residents Association 200 - Croydon Council Memorial Service 80 - Croydon Council Chinese New Year Event 500 - 1,280 - Staff costs 49,477 - Seminar costs 18,581 - Insurance 537 - Printing & stationery 237 - Advertising 985 - Subscriptions 818 - Website and Computer Costs 689 Bank charges 254 - Depreciation 551 - Sundry expenses 1,023 - Independent examination fee 1,400 - Legal and professional fees 1,750 - 76,302 - Total expenditure 77,582 - Net movement in funds 12,353 - |
Total Unrestricted Restricted Total 2024 funds funds 2023 £ £ £ £ 2,907 2,406 - 2,406 33,157 25,530 - 25,530 13,500 6,000 - 6,000 9,246 7,000 - 7,000 12,000 12,000 - 12,000 9,164 7,000 - 7,000 77,067 57,530 - 57,530 9,961 - - - 89,935 59,936 - 59,936 - 250 - 250 500 640 - 640 - 500 - 500 - 250 - 250 - 100 - 100 200 - - - 80 - - - 500 - - - 1,280 1,740 - 1,740 49,477 60,573 1,837 62,410 18,581 2,517 6,672 9,189 537 140 140 237 395 - 395 985 326 - 326 818 541 - 541 689 - - - 254 253 - 253 551 450 - 450 1,023 813 13 826 1,400 1,324 - 1,324 1,750 4,300 - 4,300 76,302 71,632 8,522 80,154 77,582 73,372 8,522 81,894 12,353 (13,436) (8,522) (21,958) |
|---|---|
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