The Rowland Educational Foundation
Trustees’ Report
and Financial Statements
for the year ended 20 September 2024
Registered Charity Number 1180826
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Independent auditor’s report | 4 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Accounting policies | 9 |
| Notes to the financial statements | 11 |
THE ROWLAND EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
CHARITY INFORMATION
Trustees
Ludlow Trust Company Limited Josie Rowland Anda Rowland Louisa K Shetty
Principal office
Ludlow Trust Company Limited 1[st] Floor Tower Wharf Cheese Lane Bristol BS2 0JJ
Registered charity number
1180826
Independent Auditor
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Investment managers
Coutts & Co 440 Strand London WC2R 0QS
Page 1
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
THE ROWLAND EDUCATIONAL FOUNDATION
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 20 September 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Rowland Educational Foundation (‘the trust’) is a registered charity constituted under a trust deed dated 20 September 2018 and registered as a charity 23 November 2018.
The trust is controlled by the trustees (list provided on page 1). Trustees are appointed by the settlor during their lifetime and subject to that the trustees.
On agreeing to become a trustee of the charity, the trustees are thoroughly briefed by the existing co-trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.
The charity is managed by the trustees, with all decisions taken by the trustees.
The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.
OBJECTIVES AND ACTIVITIES
The charity’s objects are:
“The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such Charities or such exclusively charitable purposes according to the laws of England and Wales in any part of the world as the Trustees may in their discretion think fit.”
In furtherance of the charity’s objects for the public benefit the trustees shall provide grants. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit.
ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW
Incoming resources for the year amounted to £321,193 (2023: £273,339) comprising of income from investments of £291,467 (2023: £236,488) and transfers from expendable endowment funds of £29,726 (2023: £36,851).
Charitable expenditure in the period comprised grants to charitable organisations totalling £240,000 (2023: £115,000) while support and governance costs amounted to £40,860 (2023: £41,132) with investment management fees of £44,312 (2023: £41,927) giving total resources expended of £325,172 (2023: £198,059).
The charity has cash balances of £341,531 (2023: £368,889) and investments of £9,833,557 within the expendable endowment fund which can be released to support the activities of the charity.
Reserves policy
Given the availability of the expendable endowment fund the trustee does not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time. As at 20 September 2024 positive free reserves were £323,741 (2023 positive: £283,708).
Page 2
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
THE ROWLAND EDUCATIONAL FOUNDATION
TRUSTEES’ REPORT
Investment policy
Under the terms of the Declaration of Trust the trustee is given an unrestricted power of investing or varying the investments as if the trustee is absolutely and beneficially entitled to them. The trustee uses this power to manage the investments with an investment policy aimed at producing a balanced portfolio which will generate a reasonable level of income to enable the trustee to make donations in furtherance of the charity’s objects.
Grant-making policy
Applications for help from the charity are made by applying in writing to the trustee. The applications are considered at regular intervals during meetings.
PLANS FOR FUTURE PERIODS
The trustee intends to continue the charity’s grant-making activity.
STATEMENT OF TRUSTEE’S RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
APPOINTMENT OF AUDITOR
The charity exceeded the audit threshold for the year under review and appointed Blue Spire Limited as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity for the coming year.
Approved by the trustee and signed on its behalf.
Alexander Mulroe For and on behalf of the Ludlow Trust Company Limited
02 July 2025 Date
Page 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
THE ROWLAND EDUCATIONAL FOUNDATION
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report to the Trustees of The Rowland Educational Foundation
Opinion
We have audited the financial statements of The Rowland Educational Foundation (the ‘charity’) for the year ended 20 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 20 September 2024, and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Other matter
The financial statements of the charity for the year ended 20 September 2023 were not audited. Accordingly we make no comment nor draw any conclusions in respect of the year to 20 September 2023 though we have satisfied ourselves the opening balances of the current year do not contain any material misstatements.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
THE ROWLAND EDUCATIONAL FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
INDEPENDENT AUDITOR’S REPORT
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud 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 statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the sector, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and settlor funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
The procedures to detect irregularities are set out below:
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 5
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
THE ROWLAND EDUCATIONAL FOUNDATION
INDEPENDENT AUDITOR’S REPORT
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited, Statutory Auditor Date 14 July 2025
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 6
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds 2 Charitable activities 3 Total resources expended Net gains / (losses) on investments 8 Net Incoming Resources Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 11 Total funds carried forward 11 |
Unrestricted Funds £ 291,467 291,467 - 278,220 278,220 - - 13,247 29,726 42,973 283,408 326,381 |
Expendable Endowment Funds £ - - 44,312 - 44,312 964,884 964,884 920,572 (29,726) 890,846 9,273,982 10,164,828 |
2024 Total Funds £ 291,467 291,467 44,312 278,220 322,532 964,884 964,884 933,819 - 933,819 9,557,390 10,491,209 |
2023 Total Funds £ 236,488 |
|---|---|---|---|---|
| 236,488 | ||||
| 41,927 156,132 |
||||
| 198,059 | ||||
| 115,318 | ||||
| 115,318 | ||||
| 153,747 - |
||||
| 153,747 9,403,643 |
||||
| 9,557,390 |
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 7
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
BALANCE SHEET AS AT 20 SEPTEMBER 2024
| Note FIXED ASSETS Listed Investments 8 Total fixed assets CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 9 Net current assets/(liabilities) Net assets THE FUNDS OF THE CHARITY Expendable endowment funds 11 Unrestricted funds 11 Total charity funds |
£ £ 9,833,557 9,833,557 678,184 678,184 20,532 657,652 10,491,209 10,164,828 326,381 10,491,209 2024 |
£ £ 8,914,397 8,914,397 660,853 660,853 17,860 642,993 9,557,390 9,273,982 283,408 9,557,390 2023 |
£ £ 8,914,397 8,914,397 660,853 660,853 17,860 642,993 9,557,390 9,273,982 283,408 9,557,390 2023 |
|---|---|---|---|
| 9,557,390 | |||
| 9,273,982 283,408 |
|||
| 9,557,390 |
The accompanying notes form part of these financial statements.
Approved by the trustee and signed on its behalf.
Alexander Mulroe For and on behalf of the Ludlow Trust Company Limited Trustee
02 July 2025 Date
Page 8
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Rowland Educational Foundation is an unincorporated charity constituted under a trust deed. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees'
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
● Raising funds; these include investment management fees charged by the charity's investment managers
● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Page 9
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Investments held in foreign currencies
Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In addition it includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity’s objectives
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 10
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
1. Income from investments
| Income from investments Interest on cash deposits 2. Expenditure on raising funds Investment management fees |
Unrestricted Funds £ 264,688 26,779 291,467 Unrestricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ 44,312 44,312 |
2024 Total Funds £ 264,688 26,779 291,467 2024 Total Funds £ 44,312 44,312 |
Unrestricted Funds £ 225,838 10,650 236,488 Unrestricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ 41,927 41,927 |
2023 Total Funds £ 225,838 10,650 |
|---|---|---|---|---|---|---|
| 236,488 | ||||||
| 2023 Total Funds £ 41,927 |
||||||
| 41,927 |
3. Expenditure on charitable activities
| Grants awarded (see note 5) Administration fees Bank charges Legal fees Governance costs (see note 4) |
Unrestricted Funds £ 240,000 35,610 - 510 2,100 278,220 |
Endowment Funds £ - - - - - - |
2024 Total Funds £ 240,000 35,610 - 510 2,100 278,220 |
Unrestricted Funds £ 115,000 40,273 79 780 156,132 |
Endowment Funds £ - - - - - |
2023 Total Funds £ 115,000 40,273 79 780 |
|---|---|---|---|---|---|---|
| 156,132 |
4. Governance costs
| Independent examiner's fees Auditor's remuneration 5. Grants awarded - to institutions for University of Manchester |
2024 Unrestricted Endowment Total Unrestricted Funds Funds Funds Funds £ £ £ £ - - - 780 2,100 - 2,100 - 2,100 - 2,100 780 the relief of young people (one unless indicated) 2024 £ 240,000 240,000 |
Endowment Funds £ - - - |
2023 Total Funds £ 780 - |
|---|---|---|---|
| 780 | |||
| 2023 £ 115,000 |
|||
| 115,000 |
Page 11
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
6. Independent examiner and auditor's remuneration
| Independent examiner's fees Auditor's remuneration |
Unrestricted Funds £ - 2,100 2,100 |
Endowment Funds £ - - - |
2024 Total Funds £ - 2,100 2,100 |
Unrestricted Funds £ 780 - 780 |
Endowment Funds £ - - - |
2023 Total Funds £ 780 - |
|---|---|---|---|---|---|---|
| 780 |
7. Related party transactions
During the year under review one of the trustees for the charity, Ludlow Trust Company Limited, charged fees for the provision of administrative services amounting to £35,610. At the balance sheet date £8,173 is accrued and payable to the Ludlow Trust Company Limited. These fees are authorised under sections 3.16 and 6.1 of the trust deed.
The charity has no employees, all administation being carried out by the trustees. Other than the fees noted above no remuneration was paid or expenses reimbursed to any trustee or other related party.
8. Fixed asset investments - managed funds
| Market value brought forward Additions at cost Disposals at proceeds Gains/(losses) on irevaluation Market value carried forward Gains/(losses) on revaluation Unrealised gains/(losses) Investments quoted on a recognised stock exchange or valued by reference to such investments |
2024 £ 8,914,397 8,599,234 (8,644,958) 964,884 9,833,557 964,884 964,884 9,833,557 9,833,557 |
2023 £ 8,535,875 3,509,027 (3,245,823) 115,318 |
|---|---|---|
| 8,914,397 | ||
| 115,318 | ||
| 115,318 | ||
| 8,914,397 | ||
| 8,914,397 |
9. Creditors: amounts falling due within one year
| 9. Creditors: amounts falling due within one year | ||||
|---|---|---|---|---|
| Accruals - Investment manager fees Accruals - Ludlow Trust Company Limited fees Accruals - Auditor's remuneration |
Unrestricted Funds £ - 8,173 2,100 10,273 |
Endowment Funds £ 10,259 - - 10,259 |
2024 Total Funds £ 10,259 8,173 2,100 20,532 |
2023 Total Funds £ 9,304 8,556 - |
| 17,860 |
Page 12
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
10. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities |
Unrestricted Funds £ - 336,654 (10,273) 326,381 |
Endowment Funds £ 9,833,557 341,530 (10,259) 10,164,828 |
2024 Total Funds £ 9,833,557 678,184 (20,532) 10,491,209 |
Unrestricted Funds £ - 291,964 (8,556) 283,408 |
Endowment Funds £ 8,914,397 368,889 (9,304) 9,273,982 |
2023 Total Funds £ 8,914,397 660,853 (17,860) |
|---|---|---|---|---|---|---|
| 9,557,390 |
11. Analysis of net movement in funds
| Endowment funds Unrestricted funds Total Funds |
Year ended 20 September 2024 | Year ended 20 September 2024 | Year ended 20 September 2024 | |||
|---|---|---|---|---|---|---|
| Total funds brought forward £ 9,273,982 283,408 9,557,390 |
Total incoming resources £ - 291,467 291,467 |
Total resources expended £ (44,312) (278,220) (322,532) |
Gain/ (losses) on investments £ 964,884 - 964,884 |
Transfers between funds £ (29,726) 29,726 - |
Total funds carried forward £ 10,164,828 326,381 10,491,209 |
The transfer from the expendable endowment to the unrestricted fund was to support expenditure from the unrestricted funds in furtherance of the charity's objects and to pay fees as authorised by section 6.1 of the trust deed.
| Endowment funds Unrestricted funds Total Funds |
Year ended 20 September 2023 | Year ended 20 September 2023 | Year ended 20 September 2023 | |||
|---|---|---|---|---|---|---|
| Total funds brought forward £ 9,237,442 166,201 9,403,643 |
Total incoming resources £ - 236,488 236,488 |
Total resources expended £ (41,927) (156,132) (198,059) |
Gain/ (losses) on investments £ 115,318 - 115,318 |
Transfers between funds £ (36,851) 36,851 - |
Total funds carried forward £ 9,273,982 283,408 9,557,390 |
Page 13
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
| 12. Comparative statement of financial activities Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds - Investment management fees 2 Charitable activities 3 Total Net gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 11 Total funds carried forward 11 |
Unrestricted Funds £ 236,488 236,488 - 156,132 156,132 - 80,356 36,851 117,207 166,201 283,408 |
Endowment Funds £ - - 41,927 - 41,927 115,318 73,391 (36,851) 36,540 9,237,442 9,273,982 |
2023 Total Funds £ 236,488 |
|---|---|---|---|
| 236,488 | |||
| 41,927 156,132 |
|||
| 198,059 | |||
| 115,318 | |||
| 153,747 - |
|||
| 153,747 9,403,643 |
|||
| 9,557,390 |
Page 14
THE ROWLAND EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2024
NOTES TO THE FINANCIAL STATEMENTS
13. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| 13. Financial instruments The carrying amounts of the charity's financial instruments are as follows: |
|
|---|---|
| 2024 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 9,833,557 9,833,557 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: 2024 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 291,467 Investment management fees (44,312) 247,155 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments 964,884 964,884 |
2023 Total Funds £ 8,914,397 |
| 8,914,397 | |
| 2023 Total Funds £ 236,488 (41,927) |
|
| 194,561 | |
| 115,318 | |
| 115,318 |
Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.
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