THE ROCKSPRING CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROCKSPRING CHARITABLE TRUST REPORT AND ACCOUNTS for thg year ended 31 Decembgr 2024 Pag• Admlnlstratlvo detslls Roport of tho trust IndOnd•nt Audbtorfs roport Statsmont of flnanclal actlvltles 2024 statement of flnan¢lal a¢tlvttles 2023 Balan¢0 8h•et 10 statement of c¥¥Jh flow8 11 Notes to th• flnanclal 8ts1omont8 12
THE ROCKSPRING CHARITABLE TRUST ADMINISTRATIVE DETAILS for the year ended 31 De¢ember 2024 CHARITY REGISTERED Mo. 1175442 TRUSTEES.. R.M. Plummer (Chairman) F.J. Plumm8r G.H. Carter S.E. Floyd INDEPENDENT AUDITOR.. Dafferns Audit Limited One Eastwood Harry Wgston Road Binley 8usiness Park Coventry CV3 2U8 BANKERS.. Handelsbank8n Leamington Spa Branch Mylon Hous9 40 Holly Walk Leaminglon Spa CV32 4HY INVESTMENT MANAQERS.. al Closè Brothers Asset Management 81h fioor 10, Exchang8 Square Primrose Street, London EC2A 2BY bl Baillie Gifford and Co Lid Carllon Square 1, Greenside Row, Edinburgh EH1 3AN cl Canaccord Genuity Woalth Management 88 Wood Street, London EG2V 7QR dl Fidelity Beech Gate, Milllield Lang, Lowgr Kingswood, TaoWorth, Surrey, KT20 6RP el Evelyn Partners 45 Gresham Sireet, London, EC2V 78G INVESTMENT ADVISOR: Henry Oenne, Canaccord Genuity weth bAanagemenl 88 Wood Slre8t, London EC2V 7QR SOLICITORS.. RWK Goodman LLP Godslow CoLJrt Minns Busines$ Park 5 West Way Oxford OX2 DJB CORRESPONDENCE ADDRESS: RWK Goodman LLP Godslow Court Minns Business Park 5 Wtrsl Way Oxford OX2 OJB
THE ROCKSPRING CHARITABLE TRUST REPORT OF THE TRUSTEES for the y9ar onded 31 December 2024 The trustees present their report together with the unaudiled financial statements of the charity f the year ended 31 December 2024. The Trustees have adopted the provisions of Statement of Recommended Practice {SORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in accord8nc* with the accounllng policies sel out in notes to the accounts and comply with the charity's goveming document, the Charities A¢t 2011 and Accounting and Reporting by Charities.. Statement of Rernrnended Practice applicable lo chanlies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republ1¢ of Ireland published in Octobèr 2019. Legal and administrative informatton set out on page 1 forms part of Ihls report. STRUCTURE AND GOVERNANCE Governing docum#nt The trust is governed by a dged 8xecu18d by the flrgt trustees, Mr R.M. Plummer, Mrs F.J. Plummer, Mr G.H. Cart8r and Ms S.E. Floyd on 5 October 2017 and is registered as a charity number 1175442. During the first period the trustees agreed to Gh8nge the charitys registered name from The Richafd and Fiona Plummer Charitable Trust lo The Rockspring Charitable Trust. Trustges Th8 Iruslees are nominated and appolnted by other trustees. Sultable Iralnlng is glven to new trustees. Organlsatlonal 8tructurn The trustees consider grant 8pplicalions on a regular basis. Preference Is given to charities whose causes a local in nature or those Ihal a less well supported than higher profile projects. The day lo day adminislralion of the charity is outsourced. Rlsk management The trustees have assessed the major rlsks lo whlch the charity is exposed. in particular those related to the activities and finances of the chanty. and are satisfied that systems 8re in place to mitigate those risks. A risk assessment register is maintained. and reviewed annually. 08JECTS OF THE CHARITY The objects of the ch8rlty as set out in the trust deed are the advancement of any Chantable purpose as th& trustees, in Ihelr absolute discrellon, think fit. GRANT MAKING POLICY, AIMS. OBJECTNES AND PUBLIC BENEFIT Grants are made irs accordance with the trL15te8s' wishes. The Irusloes have agreed principally to concentrate on one or two geographical areas where there is loGa1 knowledge on tha part of the Iruslees. This wlll enable the trustees to consider carefully and b8 aware of those Charities which they wish to support, both immediately and over the longer temi. Additionally, the trustees intend to cr8ale guidelines for which ofthe charitable sectors they would Ilke to supwrt and whether or not there was a particular social dernographic e.g. young people. The policy of the trustees is that they are committed to promoting equal opportunities in the consideration of applications for Grants or Funding. All applicants will receive equgl treatment regardless of age, dbsability, gender reassignment, mari181 or civil partner status, pregnancy or maternity, race, colr)ur, nationality, ethnlc or national origin. religion or belief, sex or sexual orientation. The charity only makes grant5 to other charities as it considers that, as they are established for public benefit, they are best placed to be partners in support of its charitable objectives. The Trustees confirm thal they have referred to the guidan contained in the Charity Commissions general guidan on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policies.
THE ROCKSPRING CHARITABLE TRUST REPORT OF THE TRUSTEES for the year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE 8 gr8nls were awarded12023'. 61 to organisalions totslling £130,08912023.' £57,000}. Those grants were made to loeal charitles establlshed in the UK. FINANCIAL REVIEW Accounts The detailed accounts of the charity are set out on pages 8 to 15. In the year to 31 December 2024 Mr & Mrs Plummer donated £448,121 {2023.' £NS11 lo the charllable trust and investrnents generated income of £121,59712023- £90,767). Investments are managed by Canaccord Genuity Wealth M8n8gemenl. IT) 2019 the trustees invested £2 million which are now h8ld under discretionary management in iwo separ81e portfolios wllh Canaccord Genuity Wealth Management Fund and Fidelity Investment5. Investment comprislng the Palrizia shares setded on the charity are lodged with Evèlyn Partners. Mr Plummer donated a further 66,000 shares during the year. Th8 charity's holding at 31st December 2024 was 196,651 shares. The balance of cash is CUTTenlly d8posiled with Handelsbank8n, Leaminglon Spa. By a Deed of Appointment dated 2 August 2023, The Trustees of Mr8 M D Plumm&r's 2003 Dlscretionary Trust donated the Trust Fund comprising 1 share in Mlsrimuna Investments LimSled and cash in the bank account lo the charity. Investmènt pollcy. The trusl88s' powers of investment are wide and governed by the TNSt Dead. The Iruslees have engaged Canaccord Genuity Wealth Management to advise on an investment strategy to produc6 medium term capltal growth. Canaccord Genully carried out a risk assessment and the trustees agreed on Balanced Growth approach which means.. ObJ•¢tJv6.' Thls strategy alms to preserve the Trust'8 Invested assols above the ral8 of inflation. Given this tsrgel. it also attempts to generate balanced growth returns through dlverslfied investments wlth a maximum eqully weighting of 70Yo. Rèturn Expe¢tstlons.' The strategy aims lo generat8 a balanced growth-orienled rotum in-line with or slightly in excess of inflation ICPII + 3.50/0 per annum over the mgdium lo long term. Rlsk Tolerance.. Investors In the balanced growth category are prepared to accept some nsk of capital loss In the short and medium tem). in order lo achieve a sustained real {above inflalionl incTeas6 In capital growth over the long temi. The current investments in the Vanguard Life Strategy 80V. Equity account held by Fidelity Investments 8nd Canaccord Genuily Wealth Management Dlscrelionary portfolio are consistent with this approach, The Trustees 8180 have a holding in Palrizia AG shares which are shares gifted by Richard Plummer. As single shareholdings they are not consistent with the Trustees slated attitude to risk so the Trustees plan to sell down the holding as and when possible. RESERVES The whole of the charity's endowment is expendable. The Tnjsteos aim to maintain approximately £20.000 in the gener81 fund lo ensure there are sufficient funds available lo cover the support and governance costs. The Trustees have the flexibility to use the expendable endowment fund to make grants and donations as required. At the 31 December 2024 the charity had totsl funds of £5,361,39212023.. £4,984.8771 and unrestricted funds We £47.909 (2023.. £22.1431.
THE ROCKSPRING CHARrrABLE TRUST REPORT OF THE TRUSTEES for the year ended 31 Décember 2024 FUTURE PLANS The original amount donated to the ch8rity was just over £4.000.000 and further gSft8 have been donated in subsequent y8ars valued at approximately £3,126,500. The onginal settlors may gift further shares in subs8quenl tax years. The Trustees have the discretion to make grants to charities even if this r8sults in a decrease in the value of the original amounts donated lo the charity. FUNDRAISING REGULATOR STATEMENT OF COMPLIANCE The charity has not appointed a fundraiser 8F)d does not undertake lo raise funds from th8 general public. Hence, we have rec8ived no fundraising complaints during the year. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responslble for preparing th8 Truslges. Annual R8POrt and the financial statements In accordance with applicable law and Unlted Kingdom Accounting Slandards (United Klngdom Generally Accapled Accounting Practice}. The law applicable to charities in England & Wales requires the trustees to prepare financial slatèmenls for each rinancial year which give a true and fair view of the slate of affairs of the tharity and of the incoming resources and application of resources of the chanly for that pertod. In preparlng these financial statements. the trusteés affj requlred lo.. select surtable accountlng policles and then apply them conslstently.. observe the methods and principles in the Chari118s SORP 2019 IFRS 1021: make judgements and estimates that are reasonable and pnjdent.. stsle whether appllcable accounting standards have been followed. prepare the financial statements on the going concern b8sis unless it is inappropriate to presume that the charlty will continue in operation. The trustees a respon81ble for keeping proper accounting rbcords that disclose with reasonable accuracy al any lime the financial position of the charlty and enable them to ensure that the financi81 statements comply with the Cttarllles Act and the provlsions of the trust deed. They are also responsible for safeguarding th8 assets of the chadty and hence for tsklng reasonable steps for the prevention and d&te¢tion of fraud and olher irregularities. Approved by Ihe Trustees on . R.gw.¥1.7Q.25... and signed by:" R.M. PLUMMER F.J. PLUMMER G.H. CARTER S.E. FLOYD
THE ROCKSPRING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROCKSPRING CHARITABLE TRUST Opinion We h8ve audited the financlal statements of The Rockspring Ch8ri18ble Tnjst (the 'charity'} for the year ended 31 December 2024 which comprise the Statement offinancial aetlvilies, Balance sheet. St8lemenl ofcash flows. and notes to the financial slalements, induding significant accounting policies. Tho financial reportir framework that has been applied in their preparation is applicable law and United Kingdom AGGounting standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of I12nd (Unrted Kingdom Generally Accepted Accounting Practice). In our opinion the financlal statements.. give a true and fair view of the sL8te of the charity's affalrs as at 31 December 2024, and of its incoming resources 8nd application of resources, including ils income and expenditure. for the year then ended.. have been properly prepared In accordance with Unllèd Kingdom Generally AcLepled Accnunting Practice: and have been prepared Sn acrdanCe Wlth the reqU1MentS of the Chartlies Act 2011. Basls for oplnlon We conducted our audk In accordance with Inlematlonal Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financSal statements seGtion of our report. W8 are indepandent of the charity in accordance with the ethical quiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard. 8nd we have fulfSlleé our other ethical responsibililth in accordance with these requirements. We b8lleve that the audit evidenGe we have obt8ined is sufficiont and appropriate lo provide a basis for our opinion. Othor matter The comparative figures presented in these financial sl8t8ments have not been 8udrted. Concluslons r8latlng to golng concern In auditing the financial stalemenls, we have concluded that the trust8e5' use of the golng conc8rn basis of accounting in the preparation of the financial slat8m8nls is appropriate. Based on the work we hav8 performed, we have not Idents'fied any maten'81 uncertainties relating lo event5 or conditions that. individually or collectively, may cast significant doubl on the charity's ability to continue as a going concem for a period of al least tsvelve months from when the financial statements are aulhonsed for issue. Our responsibilities and the responsibilities of the trustees with resp8GI lo going concern 8re described in the relevant s8Gtions of thi$ report. Oth8r Inforniatlon The other information comprises the infomiation included in the trustees, annual report, other than the financial statements and our 8udilor's feport thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and we do not express any fomi of assuran conclusion thereon. Our responsibility is to road the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appear5 to be materially misslaled. If we identify such materi21 inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materi81 misstslemenl in the financial Statements themselves. If. based on the work we h8ve performed, we nClUde that there is a material rnisstatement of thi5 other information, we are requlred lo report that fact. We have nothing to report in this regard.
THE ROCKSPRING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROCKSPRING CHARITABLE TRUST (contlnuod...) Matters on which wg arè requlred to report by exceptlon We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion-. the information given in the trustees, report is inconsistent In any m8terial respect with the flnan¢ial statements,. or sufficient accounting records have not been kept., or the flnancial slalements are not in agrèement with the accounting records., or we have not received all the informallon and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the trustees, responslbililies slalemenl sel out on page 4, the trustees are responsible for the preparation of the fin8nci81 statements and for being satisfied th81 they give 8 tnje and fair view. arnd for suoh internal control as the trustees determine is necessary lo enable the prepar8tlon of financial slalements that are free from material mlsslatement. whether due to fraud or error. In preparing the financial statements. the trustees are r8spon$ible for assesslng the charty's ability to continu& as a going concem, disclosing, as applicable, matters Telated lo going concern and using the going concem basis of accounting unless the trustees either Intend lo liquidate the charity or lo cease operations, or have no realistic all8rnative but to do so. Audltor respon8lbllltl•s for th• audlt of the fln8n¢lal statements We have been appointed 8s audltor under section 144 of th8 Charities Act 2011 and report in accordanGe wlth the Act and relevant regulallons made or having effect thereunder. Our objectives are to obtaln reasonable assurance about wh8lher the financial statemants as a whole are free from material misslalernenl. whelher due lo fraud or error, and to issue an auditor's report that includ88 our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audrt condu¢led in accordance with ISAS IUKI will always d8tecl a material misstalemenl when it exists. Misslalemenls Can arise from Iraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud. are instances of non•compliance with laws and regulations. We design procedures in line with our r6sponsibilili8s. oullingd above, to detect material misslalements in respect of irregularities. including fraud. Tho exlenl to which our procedur&3 are capable of detectlng irregularities, Including traud is detailed below.. Enquiry of management. those Charged with governance and the entity's solicitors around actual and potenti81 Illlgation and claims., Reviewing minutes of meetings of those charged with governance,. Reviewing financial stal8menl disclosures and testing lo supporting documentation to assess compliance with applicable laws and regulations. Performlng audit wTr* overlhe risk of rnanagement override ofcontrols, including testing ofjoumal entries and other adjuslm8nts foT appropriateness, evaluating the business rationale of significant Ir8n88Ctions outside the nomial course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit. there is a risk that we will not delect all irregularities, including those leading to a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulatSon is removed from the events and transactions reflected in the financial stslements. as we will be less likely to become aware of instances of non-compliance.
THE ROCKSPRING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROCKSPRING CHARITABLE TRUST {contlnued...I The risk is also greater regarding irregularities occurring due lo fraud rather than error. as fraud involves intentional concealment, forgery, collusion. omission or misrepresenl8tion. A further description of our responsibilities htt s'.Jlwww.frc.o .ukJlibra Is nd rds-codes- olic lau Ihe-audiV.Thls description forms part of our auditor's report. is available on the FRC'S website at.. surance-and-ethlc51audiltsrs-res onsibililies-for- We communicate with those charged with governants regarding. among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies In inlem81 ¢onlrol that wè identify during our audit. Us• of our report This r8POrt is made solely lo the charity's trustees, as a body, In accordance with Part 4 of the Charities (Accounts and Reports) Régulations 2008. Our audit Work has been undertaken so that we mlght stale to the charity's trustees those matters w8 are required lo state lo them in an auditor's report and for no other purpos8. To the fullest extent permitted by law, w& do not accept or assume responsibility to anyone otherthan the charity and the charity's trustees as a body, lor our audit work. for this report, or for the opinions we have formed. G&offrey Cox B FCA For and on b8half of Daffoms Audit Limited Chartered Accountsnts ststulory Auditor One Eas11 Harry Weston Road Binley Business Park Coventy CV3 2UB Date ..2025
THE ROCKSPRING CHARITABLE TRUST STATEMENT OF FINANCLAL ACTIVITIES for the year ended 310ecember 2024 Expendable eNlowment fund General lund 2024 Total 2023 Total Notes INCOME AND ENDOWMENTS: Settlements 448,121 448,121 Investmant income 121,597 121,597 90,767 Oiher ino)me TOTAL INCOME AND ENDOWMENTS 121.597 448,121 569.718 90,767 EXPENDITURE ON: Raising funds Inv88tmenl manag8menl fees 18,745 18.745 13,436 Ch8ri1able Acllvllies Grant expenditure Grant related support Msts 130,089 6.997 130,089 6,997 57,000 18,673 TOTAL EXPENDITURE 155.831 155,831 89,109 NET IEXPENDITUREYINCOME BEFORE OTHER RECOGNISED GAINS & LOSSES 134,234) 448.121 413.887 1,658 NET {LOSSESyGAINS ON INVESTMENTS 5 {37,3721 137.3721 {114,2311 TRANSFERS BETWEEN FUNDS 60.000 {60,000) NET kfjOVEMENT IN FUNDS 25,766 350,749 376,515 {112,5731 RECONCILIATION OF FUNDS Fund balanc8s brc4Jghl forward 22,143 4.962,734 4,984,877 5.097,450 Fund balanG88 carried forward 47.909 5,313,483 5,361,392 4.984.877 All cperations of the charity wntinued throughout the period and no operdtDny were acquired or dlsconJnued. All recognised gains and losses during the year are included within the Slalemenl of Finandal Actlvities. The accompanying note5 fomi an integral part of this Ststement of Financk81 Activrties.
THE ROCKSPRING CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ènded 31 December 2023 Expendable endowment General fund 2023 INCOME AND ENDOWMENTS: Sethements by Mr & Mrs Plummer Investment income Other income 90.767 90,767 TOTAL INCOME AND ENDOWMENTS 90,767 90,767 EXPENDITURE ON: Ra¢sing funds Investment management fees 13,436 13.436 Charitabl8 Activi118S Grant expgndilure Grant related $UPF*)rt costs 57,OC 18,673 57.000 18.673 TOTAL EXPENDrruRE 89,109 89.109 NET {EXPENDITUREIIINCOME BEFORE OTHER RECOGNISEO GAINS & LOSSES 1,658 1,658 NET ILO8SESyGAINS ON INVESTMENTS 1114,231) (114,231 } TRANSFERS 8ETWEEN FUNDS NET MOVEMENT IN FUNDS 1,658 1114,231) {112,573} RECONCILIATION OF FUNOS Fund balances brought foNard 20,485 5,076,965 5,097,450 Fund balanc8s carried forward 22,143 4,962,734 4,984,877 All operallor)s of the charity contlnued throughout tho period and no operations were acquired or dlsconb'nued. All rocogni5ed galns and losses during the year are included wrthin the Statement of Financial Activities. Th8 accompanying notes form an integral part of this Statement of Financial Activities.
THE ROCKSPRING CHARITABLE TRUST BALANCE SHEEr as at 31 December 2024 2024 Notes INVESTIAENT ASSETS Investrnent Cash awailing inveslm8nls 4.649.007 163,936 4.520,244 96,827 4,812.943 4,617,071 CURREKf ASSETS Debtor8 and prepayments Cash at bank 8,443 367,926 562,481 562,481 376,369 LIABILMES: Amounts Idllng dua wilhln on8 year.. 114.0321 18,5631 NEf CURRENT ASSErs 548,449 367,8C6 NEf ASSErs 5,361,392 4,984,877 FUNDS OF TrIE CHARITY.. Expendable ondowmenl fund G•noral fund 5,313,483 47,909 4,962,734 22,143 rAL CHARrrY FUNDS 5,361,392 4,984,8TI The finarKid slatemgnts on pa$ 8 to 15 were approved by tha Iru8le88 on . LJ/k fy4¢d- J CLu._ R.M. PLUMMER F.J. PLUMMER G.H. CARTER S.E. FLOYD Tha fntes on pagos 12 to 15 form part of these linanclal statements. 10
THE ROCKSPRING CHARITABLE TRUST STATEMENT OF CASH FLOWS for thg year and•d 31 Decernbor 2024 31 Dernber 2024 31 December 2023 Notes Cash Flow from Opgrntlng Actlvities 306,202 1125.5281 Cash Flow from Investing Activitl•s Payments lo acquire investments Interest received Dividends received Receipts from disFosal of investm8nts 12,736,499) 14.751 106,846 2,570,364 {279,416) 4.257 86.510 184,739 Not Cash Flow from Investlng Actlvttles 261.664 (3.910) Not Cash Flow from Flnanclng Actlvttlos N•t Incroa In cash and ¢a•h oqulval•nts 261,664 1129,4381 Cash and $h oqulvalonts at 1 January 2024 464,753 594,191 Cash and •h •qulval•nts at 31 Dec8mb8r 2024 726,417 464,753 Caih and cash •qulval•nts con818ts of: Cash at bank Cash awaitsn9 Investment 562,481 163,936 367,926 96.827 726.417 464,753
THE ROCKSPRING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for thg ygar ended 310ecomber 2024 ACCOUNTING POLICIES Basis of accountlng The Rocksprlng Charitable Trust is an unincorporated tharity registered in England. The address of the registered office is given in the charity infomialion on page 1 of these financial statements. The nature of the chanly's operations and principal aclivibes are recorded on page 2. The ehanty conslilutes a public benefit entity as defined by FRS 102. The financial statements have bean prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanc8 with th8 Financial Reporting Standard applic2ble in the UK and Republic of Ireland issued in October 2019. th8 Financial R8POrtiTrJ Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charities Act 2011, and UK Generally A¢pted AccounlirvJ Practice. The financial statements have been prepared lo glve a 'lrue aThfj fair, vlew arKJ have departed from the Charftlès (Accounts and Reports) Regulatsons 2008 only lo the exlenl requlred to provide a 'ifue and falr view,. This departure has involved following the Accounting and RepM)rting by Charitie8.' Sta18menl of Recommended Practice applicable to charrties preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1 D21 issued in October 2019 rather than the Accounting and Rep)tting by Charities.. Statement of Recommended Practice effective from I April 2005 which has since been thdraWn. The flnanclal statements are prepared on a going conLXgm b8sis under the htstorlcal cost conventlon, modified to indude certain rtems ai fair value. The flnancial statements are presenled in sterling which is the funclional currency of the charlty and rounded to the n88rest £1. The slgnificanl accountlng policies applied the preparation of Ih8S8 financial slalemenls are sel OLrt below. These policies have been consis18nlly applied lo all years presenlgd unless oth8Mise staled. Incomo All incoming regources are Included in th8 Statement of Flnanclal Activities ISOFA) when the charity is legally enlltled to the income after any p8rfomianco conditions have beén met, tha amount can be measured reliably and il is probable that the income will be recVed. Expgndlture All expenditure is accounted for on an accluals ba9is and ha5 been dassified under hoadings that aggregate all costs related to the category. Expenditure is recognised whem there is a legal orconstructive obligab.on lo make payments lo third parties, il is probable that the settlement will be required and the amount of the obligation can be measured reliably. It 15 categorised under the foll¢)wing headirvJs.' Costs of r81sing funds.. Exp8ndilure on Charitsble 8clivities', and Other exndIt represents those items not falling into the categories above. Irre¢over8ble VAT is charged as an expense agalnsl the activity fc* which expenditurg arose. Grants payable to third partles are within the Charitable objectives. Where uncondibonal grants are offered. this is accrued as soon as the recipient is rbolified of the grant, as this gives rise to a reasonable expectation that the recipient will receive Ihe grants. Where gran15 are conditional relating to performance then the grant is only 8ccru8d when any unfulfilled (Dnditiijns are outside of the control of the charity. Support $ts These comprise administration and attountsncy costs. The majority of these costs support the grant- making activity and are so allocated. A small proportion of support costs is allocated lo govemance costs. The allocation ol support costs is made on an estimate of time spent on the two 8Ctivilies. 12
THE ROCKSPRING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 ACCOUNTING POLICIES {¢ontlnued) Governance costs Governance costs comprise all costs involvirvJ the public accountability of the Gharty and its complianee with regulation and good practice. Fund accountlng As the trustees have the power to distrlbute both in¢(Mme arKI capltsl the funds of the trust are all unrestricted and comprise.. Expendablè endowment fund The fund represents monie5 allocated by the trustees as capital. The normal policy of the Iru51ee8 is to retain capltal in an endowm8nt fund in order lo generate Income from whlch grants are made. The fvnd is presented by the capltal inveslmenls induded in fixed assets less any appropnale txedilor. Genoral fund The g6n6ral fund represents the balance of any settlement not allocated lo th8 andowment fund together with investment income less exp8ndilure arKI grants awarded. Flxed asset investm•nts Investments are recognised initlally at falr value whbch is normally the transactlon price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised In 'nel gains I Ilosse81 on investments, In the SOFA if the shares are publicly traded or Ih8ir fair value can otherwSse be measured reliably. Other investments are mèasured at C05t less impairment. D•btors and credltors recèlvablo I payable wlthln ono year Debtors and Credltors wlth no stated Interest rate and re1v0b18 or payable wblhin on8 year are recorded al transaction price. Any losses arlslng from impairment are recognised in exp8ndilure. Golng coThrn The financial slalements have been prepared on a going concern basls as the trusl88s belleve that no materlal uncertainties oxisl. The Injstees have considered the level of funds held and the expected level of income and expenditure for 12 months frorn authorising these financial slalements. The budgeted Income and expenditure Ss sufficient with the level of r&setves for the charity to be able to Gonkn'nue as a golng concern. INVESTMENT INCOME 2024 Quoted investment Unquoted investment Interest on cash deposits 76,846 30,000 14,751 86.510 4,257 121.597 90.767 13
THE ROCKSPRING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS fijr the year ended 31 Decernber 2024 GRANTS The following grants We awarded during the year. Kensington and Chelsea Foundation for= West London Action for Children Nucleo Project SMART Photography Summer School Mayor Maratho Held for future prolects 24.000 15.000 18,000 20,000 1.000 18,030 CidÈrmlll Academy Drama School Thealre Trust 6.000 28,059 130.089 ALLOCATION OF SUPPORT COSTS 2024 Grant Maklng Legal and professional feeg Accountancy and advisory Independent examination fee- govemance cost Bank charges Adverts'sing c051s Foreign exchange rate difference Debtors adjustment 7.167 13.710 2.050 611 10,246 1,950 604 {16.541} 917 912 6,997 18.673 No Trust88 or person wlh famlly or business nnectIonS with the Trustees received any ramuneratth or expenses during the year12023.' £Nil}. INVESTMENT Market value al 31 DeCemtr 2023 Acquisitions Disp05als Dividend reinvested Revaluation 3,475.244 2,736,499 12.570,3641 1,045,000 4,520.244 2.736,499 {2,570.3641 {37.3721 137,3721 Market value 81 31 Decemtser 2024 3,604.007 1,045,000 4,649.007 Unquoted investments represent one share in Misrlmuna Investments Limit8d. which was donated to the charity by Mrs M D Plummels 2003 Oiscrelionary Trust by a D8ed ofAppointment dated 2 August 2022. 14
THE ROCKSPRING CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2024 CREDITORS 2024 2023 Within one year. Accmals 14,032 8.563 14,032 8,563 ANALYSIS OF NET ASSETS BETWEEN THE FUNDS Expendable endowment fund General Tola Flxed asset investments Oth&r net assets 4,812.943 500,540 4.812,943 548.449 47,909 47.909 5.313,483 5.361.392 RECONCILIAnON OF NEf INCOME I IEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES OperatirrfJ Income l (expandlture} for perfod Divldends iecelved Interest receivable Losses on investments Ilncr8asel I decrease in d&btors Incwse I Idecreasel In creditors 376.515 1106,846) (14.751) 37.372 8.443 5.469 1112,5731 186.5101 14.2571 114,230 912 (37,3301 N81 eagh ilow from op8raJng activrti8S 306.202 1125,5281 RELATED PARTY TRANSACTION During the year Mr R. M. Plummer and Mrs F. J. Plummer settled £448.12112023: £NII) on the charity. The charity paid £7.16712023'. £4,044) In respect of professN)nal servlces lo RWK Goodman LLP, a fimi in whlch Susan Floyd is a solicitor. 10. CONTROLLING PARTY The tharity is controlled by hs Twsl88s. 15