THE ROOTS AND WINGS CHARITABLE FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 5 APRIL 2024 Charity number: 1179863
THE ROOTS AND NGs CHARITABLE FOUNDATION INDEX Year ended 5 Aprll 2024 Page General infomation TNslees' annual report Independent Examiner's p¢)rt Statement of financial actm'ties Balan sheet Notes to the financial statements
THE ROOTS AND WINGS CHARrrABLE FOUNDATION GENERAL INFORMATION Year ended 5 April 2024 Date of Sottlement 30 May 2018 Charity number 1179863 Twst¢e8 Philip BuTks Amja Burks James Bar¢ks Jonathan Sutton t)omIn Rtst Settlor Philip Charity addvpss Cripps PeMbert GnL8h Floor. 80 vthria Street London SWIE 5JL Objects The tnjstees hold the fund and income therefrom on trust for charitable purposes and to make donations lo such charitable instrtuth)ns as they in their absolule discretion thwik fit Accumulatlon During the riod of 21 years from the dale of the Trust Deed, the tTUStees have power to accumulate the whole or any part of the income of the TTUSt Fund. Banke BaTclays Bank 1 stanh( G* London W1K1AF Solicitorn Cripp5 PeMbertC Green 2% Fkxy. 80 VLtori8 Street London sWlEL
THE ROOTS AND WINGS CHARITABLE FOUNDATK>N TRUSTEES, ANNUAL REPOR T Year ended S Aprfl 2024 The trustees submit their rewrt and accounts for the year ended 5 April 2024. The accounts comply wth current statutory requirements, with the charity's Trust Deed. the Charities Act 2011 and Accounting and Reporting by Charrties.. Statement of Recommended Practti IFRS1021. The report should be read in conjunction with the general infomiation provided on page 2. Constitution The charity is constituted by a Trust Deed ded 30 May 2018. Structure, govemance and management The Trust is an unincorporated charrty. govemed under a Trust Deed dated 30 May 2018 and is registered charity, number 1179863. Responsibilities for the appointment of a new or a&litional trustee or the discharge of an outgoing trustee vests with the trustees. Future trustees must sign a declatation of willingness to act as a trustee of the charity before he or she may act as a trustee. The trustees meet at least tsvice a year to cortsider awards and donations they wll make and to monitor asset management, investrnents. reseryes and risk management policies. The charity has no voluntary. secorKled or paid staff. Ollectives and activitles for the public benofft The obj'ect of the charity, as set out in the trust deed. is to pay or appty the income and EF the trustees think ff( the L3pilal of the trusi fiind for the benefrt of such charitabk purposes or charrtable institutions as the trustees select. Donations were made during the year as follows" one donation of £2.500 to the Connected Planet Foundation, a charity that r£nnects young peop from marginalised comiunities with their surrounding wildlrfe in South Africa. The Iruslees. having regard to the public benefrt gUanCe published by the Charity Commission in accordance with section 17 of the Charibes Act 2011, eonsider that the purpose and activities of these charities satisfy the requirements of the public Inefit tesl set out in section 4 of the same act. Financial review and Investment policy The trusteès consider the current financial [Misitll to be s8tisfxlory. There 15 sufficient cash and income from donations and investments to provide support for Iheir chosen tharItab useS. The trustees have shares in Big Yellow GTOUP PLC and OptiBiotix Heath PLC and intend lo retain tt)ese holdings. The trustees believe that, despite the Lack of dwersrfution of assets, the tisk of investment is low on the b8SIS of the trustees, knowledge of these particular companies and considering that the cl)mpanS are asset backed with low gearing. The Trust had net assets of £874,938 as of 5 April 2024 {2023 £925,813). There were nel incoming resour for the penod fore net bss on investment5 of £20,037 {2023 - nel incoming resources of £363,597). The charity receNed donabons of £nil in the year (2023 - £266,950). Dividends of £28.115 were receNe(l in the year (2023 - £20,974) and there was an unrealised loss of £70.912 on the shares in this Peri1 (2023- £152.761). Resor4e6 policy The tharty caffies out direGI charitable activibes. makes no financial commitments from year lo year and the donations that are made vary according to the income geneTaled. As such minim81 resee8 are required to ensure the Trust's continued operations. Risk managemant The principal risks fthl by the charity lie in the Ve1 of investment return and the performance of the investment markets and risks from ineffectNe grant making. The trustees keep under review Ihe investment held. They reStrt donats.ons to gIStered charities.
THE ROOTS AND WINGS CHARITABLE FOUNDATION TRUSTEES, ANNUAL REPOR T Year ended 5 April 2024 The main form of financial risk faced by the Charity is that of volatilty in equity rnarkets and investsnent markets due to wider economic condibons, the attitude of investors to investrneni risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The charity relies in part on dividend yiekj to finance ts work and therefore volatility in yields is a risk lo the charity. Liquidity Tisk is nSIdered to be a5 all assets are traded in mad(ets with good liquidrty. Plans for future poriods The trustees intend to contsnue their present poliues for investsnent Manag]ent and to continue making charitable donatv)ns. Trustg85' responsibllities in rglalion to the financial statements The trustees are responsible for preparing Ihe trustee5' report and the financial ststements in accordance with applic8ble18w and Unrted Kingdom Accounting Standards. The applicable to charities In England and Wales requires the trustees to prepare financial statements for each financial year, which gwe a true and fair view of the state of affairs of the charty and of the irmming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting Folicies and Ihen apply them consistenly". observe the methods and principles of the Charities SORP,. make judgements and accounting estimates that are reasonable and prudent" state whether applicable accounting standards have been follcNed, subj'ect to any departures disclosed and explained in the financial statements: and prepare the financial stslements on the wing concem basi5 unS rt is inappropriate lo presume that the charrty will continue in business. The trustees are responsible for keeping &counting records, which disck)se with reasonable accuracy the financial position of the charity and enable them lo ensure that the ffinanal statements comply with the Charities Act 2011. the arplicable Charities (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of frasjd and other irregularities. The report of the trustees was approv1 by the trustees on thalf by: "(]Y 2025 and signed on their PHILIP BURKS Trustee JABU Trustee KS
THE ROOTS AND Y4lNGS CHARABLE FOUNDATION ST A TEMENT OF FINANCIAL ACTIVITIES Year end S April 2024 Indepgndont gxaminerf8 rgport to the t of The Roots and Wlngs Foundation I report tr) the Trustees on my examination of the accounts of the trust for the year ended 5 April 2024. Responsibllities and basis of report As the charity twstees of the Trust yov are responsible for the Preparatn of the accounts in accordance with the requirements of the Charitse5 Act 2011 {'the ACYI. You are satled that an audit is not required for this year Lbnder charity law and tt)ai an Irependent examination is needed. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have folkmed all the applble DiTections given by the Charity Commission under section 145{5){bl of the Act. Dixon Wilson, a fimi of Chartered Accountants of which I am a director has provided b(kkeepIng Servi to the Trust and I have appld the FRC'S Revised Ethical Standard in carrying out ry examination. An independent examination does not involve gathering all the evidence that would be required In an 8udit 8nd consequentty does not cover all the matters that an audrtor consKlers in giving their opinion on the accounts. The planning and conduct of an audit goes twond the limited assuran that an independent eXaMinatn can Provide. Consequenty. l express no opInn as to whether the accounts present a 'true and fairf view and my report is limited to those specific matters set out in the independerst examinerfs statement. Independent èxaminefs statement l am qualffied lo undertake the examatr.0n by being a qualified member of the Insts"t¥Jte of Chartered Accountants in England and Wa. I have completed my examinalk)n. I confirm that no mater1 matters have come to my attention in Connecti with the examinalion gmng me cause to beli8ve Ihat in any material respecl.. accounting records were not kept in respect of the Trust as required by section 130 of the Actr, or 2. the accounts do not accord wth those records". or 3. the accounts do not Comply wrth the applicable rulfameftts rnIng the fom and content of accounts set out in the Chairties (Acwunts and Rewrtsl Regulations 2008 other than any requirement Ih8t the accounts gNe 8 'true and tsir view. which is not a matter considered as part of an independent examinatK)n'. or 4. the accounts have not been prepared in accordance wilh the methods and prinuples of the Stslement of Recommended Pract5 for ac¢ounkn"ng and reporting by charities applicable lo charities preparing their accounts in ordance with the Financial ReFK)rting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no eoncerns and have ce across no matters in COnntIon with the examination to which attention should be drdwn in this report in order to enable a proper understanding of the accounts to be reached. S J Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A 1 LS 24 January 2025
THE ROOTS AND IMNGS CHARITABLE FOUNDATION ST A TEMENT OF FINANCIAL ACTIVITIES Year ended S April 2024 Unrestri¢ted Unrestricted 2024 2023 Income and endowments from: Donations and legacies." Donations 366,950 Investments.. 28,115 28.115 20,974 Dividends 387,924 Expenditure on: Charitable 8Ctivrties.' Grants made 2,500 3.000 1,500 1,078 20,OtJO 2,160 2.368 799 Accountsncy Legal fees Bank tharges 24.327 Total expendlturfr 8,078 Net unrealised loss on investrnents Net moyemont in funds 170,9121 150.8751 (152.761) 210.836 Rgconciliatlon of funds: Total lunds brought forward at 6 April 2023 Total funds carTiOd lorward at 5 April 2024 925,813 874,938 714,977 925,813
THE ROOTS AND NGs CHARABLE FOUNDATION BALANCE SHEET At S Aprll 2024 2024 2023 Flxod assots: Investments at market value Current assets: Cash at bank and in hand Debtors 702,571 631,659 248,(7 2,712 250,729 17.5001 243,279 202,610 25,000 227,610 (4,368) 223,242 Creditors: amounts falling due within one year Net current assets Total assets le6s currnnt liabilities 874,938 925.813 RePrentsd by: Unrestricted funds Totsl 874,938 874,938 925,813 925,813 The financial statements on pages 6 to 11 were appmed by the Trustees on 24t signed on theii behalf by-. 025 and PHILIP BURKS Trustee ANJA BU Trustee KS
THE ROOTS AND VIINGS CHARABLE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Accounting poli¢les (al Basi5 of preparntion and assessment of going concem The financial statements have bn prepared under the historical cost convention wf(h itwns rec¥Jgnised al cost or tranSactn value Un5$ otherwise stated in the relevant notes to these acGounts. The financial statements have been prepared in accordance wrth the Stalemeni of Recommended Practice.. Accounting and Reporting by chariti.es preparing their accounts in accordance with the Financi81 Reporting Standard applrabie in the UK and Republ of Ireland (FRS 102) effedive 1 January 2019 and the Charitses Act 2011. The trust constitutes a public benefit entty as defined by FRS 102. The trustees consider that there are no material uncertainties about the trusys abilty to continue as a going cOnrn. There 8re no signrfic8nt areas of judgement and key assumptions that affect items in the accounts. Wth respect to the next rep)Tb'ng peThxI. the most significant areas of uncertainty that affect the carrying value of assets held ty tt)e t¥ust are the level of investtnent retum and the perfomance of invesbment markets (see the Tisk managemenl section of the trustees. annual rep)rt for more infomiationl. (b) Fund structure The unrestricted fund comprises those ftjnds whrh the trustees are free to use for any purpose in furtherance of the charitsble objects. unresln.cted lund5 include designated funds where the trustees, al their discretion, have created a fund ts a SFecik purpose. (¢) Income rocognition All income is reCogniS once the charity has entrilement to the income, il is probable that the inccyne will be received, and the amount of income receNable can be rneasured reliabty. Donations are reJn1Sed when the trust has been notsfied in writing of both the amount 8nd settlement dale. In the event that a donation is subject to condstions that uIre a level of perfom)ance tEfore the Charity is entitled to the funds. the income is deferTed and not recctrjnised until either those conditions are fulty met. or the fuffilment of those conditW5 is wholty wthin the control of the charity and it is probable that those conditions will be fuffilled in the reporting perLxl. Gfft is accru&J on recognition of the corresponding cash receipt. Interest on funds heid on deposit is included when receivable and the amount can be measured reliabty by the Gharity", this is nomialty upon nOIrfation of Ihe interest paid or payable by the bank. Dividends are recognised onca the dNKlend has teen dedared and the not[ficatn has been recewed of the dividerid due. (d) Expenditure recognftion Liabilities are recognised as expenditure as soon as there 15 a legal or constructNe obligation committing the charity to that expenditure, ri is probable that settlement will be wuired, and the amount of the obligation can be measured reliably. l expenditure 15 0nted for on an acuuals basis. Al expenses including suwort costs and governan costs are 8ll¢xated or 4)VKJrtioned to the appIle expenditure headings. Grants payable are payments made to third parties in Ihe furtherance of the charrt8ble objects of the Trust. In the case of an uncondiknonal grant offer. this is accrued On the recipient has been notffied of the grant award. The notffication gives the recipient 8 reasonable expectat that they will receive the grant. (e) Irrncoyernblo VAT Irrecoverable VAT is charged against the eyndrture heading for whh rt was incurred.
THE ROOTS AND WINGS CHARABLE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Accounting policlgs (Continued) Support and governan costs The charity does not incur support costs. G0Veman costs cThnprise all costs invofving the public accountability of the chaTty and its cornplian wtth regulation ar good practice. Govemance costs relate to charitable ath'vrties. {gl Choritable activities Costs of charitable actNities inclLbde grants made governae costs. (h) Flxed ass investments Investrnents are a form of bas financial instrument arKJ are initialty recogni5ed at their transaction value and subsequenlly measured at thr fair value as at the balan(t sheet date using the closing quoted market price. The statemeni of financial activrties includes the net gains and losses arising on rev8luati)n and disposals throughout the year. The trust does not wuire put opt1$, derivatives. or other ¢J)mplex financial instruments. Realised gains and losse8 All gains and losses are taken to the Statement of Firbancial ActNities a5 they arise. Realised gains and k)sses on investments are calculated as the drfFerence between sales prod$ and their opening carrying value or their purchase value rf acquired subsequent to the first day of the fi'nancial yeaf. Unrealised gains and losses a calculated as the dfftererKe betsveen tt)e fair value at the year end and their carrying value. Realssed and unrealised investment gains and losses are sh¢)wn separatety in the Statement of Financial Acttvrties. li) Cash at bank and in hand Cash at bank and in hand indudes cash equivalents in the fom) of unpresenled cheques.
THE ROOTS AND WNGS CHARABLE FOUNDATION NOTES TO THE FINANCIAL ST A TEMENTS Year ended 5 April 2024 Governance Costs 2024 2023 Accountancy fees Independent examin*NJn fees Legal fees Bank charges Total Govemance Costs 2.250 750 1.500 1078 1,410 750 t,368 5.578 4.327 Grants madè 2024 2023 The Ruth Strauss Foundation Connected Planet FOundan Totsl grants made 20,C 2,500 2,500 20,CQO 10
THE ROOTS AND WINGS CHARrrABLE FOUNDATION NOTES TO THE FINANC5AL ST A TEMENTS Year onded 5 Aprll 2024 Flxod assgt investments 2024 2023 Market value brought fOard at 6 AKKII 2023 Additions Net unrealised gainllloss) on invesknents Market value carried forward at 5 April 2024 702.571 613,382 241,950 [152,761) 702,571 170,9121 631.659 H18torical cost 574,966 574,966 Investmonts at fair value consists of: UK real estate investment fund UK phamlaUla1 and biotechnokoy inveslment fund Market value carried forward at 5 Awil 2024 612.659 19,1X)O 692,831 9,740 631.659 702.571 Market value brought foward at 6 April 2023 702,571 613,382 All investments are carried al fair value. Investments are all traded in quoted public markets. The basis of fair value for quoted investrnents is equivalent to the market value. Asset saS and purchases are recognised al the date of trade at cost DebtOY8: amounts falling due withln one year 2024 2023 Tax rebate on PIDS GfftAid 2,712 25,000 2.712 25,000 crlton. amounts falllng due within one y?ar 2024 2023 Accountancy fees Legal fees 6,IX)D 1.500 3,000 1,368 4.368 Related party dls¢losurns J Sutton a trustee of the charty is a partner of Dixon Wlson. Dvxon Wilsori provided accountanry services to the charty during the year and charged 8 fee of £3.000 {202> £2.1601. At the year end. fees of £6.000 were outstsnding 12023- £3,000). D Ribe( a trustee of the charity is an employee of Cripps. Cripps provided legal services to the charty during the year and charged a fee of £1,50012023 - £1.3681. Al the year end, fees of £1.51XJ were outstanding12023- £1,368). The charity received no donatson5 Wrthout ¢ondrtions from a trustee12023- £241,950)
THE ROOTS AND WINGS CHAFITABLE FOUNDATION TRUSTEES, ANNUAL REPOR T Yearendod SAprfl 2024 The maln fomi Ilnanci* ll8k fxed by the ¢haW 18 that of vomllly In 8qu#y markots and investment markets due to wlder economic Cond'0n$. the attitudg of Investor8 lo Invesknenl rfsk, and change8 In Sentiment concomlng 8quhie8 and witFu"n particular wtors sub 8eciN8. The charity reli&s in part on dfvrdgnd yield to finance Its work and thefore vdatllity In Y1d$18 a risk to the charity. L4uidty risk Consbjered to be as all as3ets are traded in with gcKxI liquhjty. Plans lor fure pBrfods The trustee8 hleThJ lo continue th8ir pserI polioles Investrmnl manageThnt and to contlnue maklng haltab dothns. Truste8s' rnsponslbllltlg5 In lat10Th to the financlal statements The Iruslees are responsible ts prepadny the trustees, report arnl the financk25 statement8 In aocordance with applkable law and Untted Kingdom Accounting Stsndard8. The applicable to Char8$ In England and Wales requires the trustees to prepare financial statements for each finandal y8ar, whh gi a true and fair vlew of the slate of affairs of the charity and of the inwming f680urces and application of resourcas of the charty for that perhjd. In preparing these fin&)cial stalernents. thg truslees are requirgd set1 8Uitabl8 aceounting Fd[c aFKI then •pty thgm c$1$te., obseN8 the methcxls and prmicip5 of the Charrfles SORP., make judentS and estimate8 that are re8wne and prudgntr. 818te wheth6r applIcae anting slaJ)d8rds have been follod, suti&t lo d8p8rtures di8cltssed and explained In the financial slaterrnts,. and preparg the finan¢RI statements on the going concem basB unk9$8 I Is Nwopriate to pre8ume that the ch8Tity wll continue in bu1. The trustees are resrrf)nslble for keeping accounttng rOrds, whth di8ckoe reasonable ac¢uracy the financial position of the charity and enable them lo ensure that the financid stataments comply with the Chariltes Act 2011. Ihe 8pprK3b charit?$ {AecLwnls and Reports} RegUkIn8 and the provisions of the Trusl Deed. They are also reSFrt)n8tb for safeguarding the assets of the charity and hence for taking r8asonabl6 steps fortho prevention and detection of fraud and other ITregularttigs. Th6 report of the truthes 4)pro¥ed by the trustees on behalf by.. 24rr 2025 and 8igned on their PHIUP BURKS Trustee ANJA BU Trustee KS