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2025-09-20-accounts

The Rowland Educational Foundation

Trustees’ Report

and Financial Statements

for the year ended 20 September 2025

Registered Charity Number 1180826

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

THE ROWLAND EDUCATIONAL FOUNDATION

CHARITY INFORMATION

Trustees

Josie Rowland (settlor) Anda Rowland

Louisa K Shetty

Ludlow Trust Company Limited, corporate trustee. The directors of the corporate trustee, company no. 12492064, during the year under review and to the date of approval:

Gary St John Collins resigned 31 March 2026 Walter Duncan Coxon Ali Reza Sarikhani Ziba Christina Sakine Sarikhani Christopher Ian Thurlow Matthew John Wickers John Stephen Dennis resigned 25 October 2024 Alexander Edward Mulroe appointed 1 April 2026

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

Banker

Coutts & Co 440 Strand London WC2R 0QS

Investment manager

Coutts & Co 440 Strand London WC2R 0QS

Page 1

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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 2025. 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 (Objects) 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 £377,752 (2024: £321,193) comprising of income from investments of £238,706 (2024: £291,467) and transfers from expendable endowment funds of £139,046 (2024: £29,726).

Charitable expenditure in the period comprised grants to charitable organisations totalling £118,590 (2024: £240,000) while support and governance costs amounted to £27,935 (2024: £38,220) with investment management fees of £47,525 (2024: £44,312) giving total resources expended of £194,050 (2024: £322,532).

The charity has cash balances of £197,208 (2024: £341,530) and investments of £10,613,971 (2024: £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 2025 positive free reserves were £557,608 (2024 positive: £326,381).

Page 2

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

THE ROWLAND EDUCATIONAL FOUNDATION

TRUSTEES’ REPORT

Investment policy

Under the terms of the Declaration of Trust the trustees are given an unrestricted power of investing or varying the investments as if the trustee is absolutely and beneficially entitled to them. The trustees use 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 trustees 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 trustees. The applications are considered at regular intervals during meetings.

PLANS FOR FUTURE PERIODS

The trustees intend 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:

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 trustees and signed on its behalf.

Alexander Mulroe For and on behalf of the Ludlow Trust Company Limited

21 May 2026 Date

Page 3

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including 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:

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 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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 2025

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 the Act and relevant regulations made or having effect thereunder.

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:

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 2025

THE ROWLAND EDUCATIONAL FOUNDATION

INDEPENDENT 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 21 May 2026

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Blue Spire Limited is eligible for appointment as auditor of the charity by virtue its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006

Page 6

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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 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
£
238,706
238,706
-
146,525
146,525
-
-
92,181
139,046
231,227
326,381
557,608		 Expendable
Endowment
Funds
£
-
-
47,525
-
47,525
822,003
822,003
774,478
(139,046)
635,432
10,164,828
10,800,260		 2025
Total
Funds
£
238,706
238,706
47,525
146,525
194,050
822,003
822,003
866,659
-
866,659
10,491,209
11,357,868		 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

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 2025

BALANCE SHEET AS AT 20 SEPTEMBER 2025

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		 £
£
10,613,971
10,613,971
763,780
763,780
19,883
743,897
11,357,868
10,800,260
557,608
11,357,868
2025		 £
£
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		 £
£
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
10,491,209
10,164,828
326,381
10,491,209

The accompanying notes form part of these financial statements.

Approved by the trustees and signed on its behalf.

Alexander Mulroe For and on behalf of the Ludlow Trust Company Limited Trustee

Date 21 May 2026

Page 8

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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.

Statement of cash flow

The charity has applied Updated Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

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 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 2025

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 2025

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
£
210,021
28,685
238,706
Unrestricted
Funds
£
-
-		 Endowment
Funds
£
-
-
-
Endowment
Funds
£
47,525
47,525		 2025
Total
Funds
£
210,021
28,685
238,706
2025
Total
Funds
£
47,525
47,525		 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

3. Expenditure on charitable activities

Grants awarded (see note 5)
Administration fees
Legal fees
Governance costs (see note 4)		 Unrestricted
Funds
£
118,590
24,635
-
3,300
146,525		 Endowment
Funds
£
-
-
-
-
-		 2025
Total
Funds
£
118,590
24,635
-
3,300
146,525		 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

4. Governance costs

Auditor's remuneration Unrestricted
Funds
£
3,300
3,300		 Endowment
Funds
£
-
-		 2025
Total
Funds
£
3,300
3,300		 Unrestricted
Funds
£
2,100
2,100		 Endowment
Funds
£
-
-		 2024
Total
Funds
£
2,100
2,100

5. Grants awarded - to institutions for the relief of young people (one grant and E&W unless indicated)

Country
No.
University of Manchester		 2025
£
Country
No.
118,590
118,590		 2024
£
240,000
240,000

Page 11

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

6. Independent examiner and auditor's remuneration

Auditor's remuneration Unrestricted
Funds
£
3,300
3,300		 Endowment
Funds
£
-
-		 2025
Total
Funds
£
3,300
3,300		 Unrestricted
Funds
£
2,100
2,100		 Endowment
Funds
£
-
-		 2024
Total
Funds
£
2,100
2,100

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 £24,635 (2024: £35,610). At the balance sheet date £5,664 (2024: £8,173) is accrued and payable to the Ludlow Trust Company Limited. These fees are authorised under sections 6.2 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

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		 2025
£
9,833,557
3,445,251
(3,486,840)
822,003
10,613,971
822,003
822,003
10,613,971
10,613,971		 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

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
£
-
5,664
3,300
8,964		 Endowment
Funds
£
10,919
-
-
10,919		 2025
Total
Funds
£
10,919
5,664
3,300
19,883		 2024
Total
Funds
£
10,259
8,173
2,100
20,532

Page 12

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

NOTES TO THE FINANCIAL STATEMENTS

10. Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
Funds
£
-
566,572
(8,964)
557,608		 Endowment
Funds
£
10,613,971
197,208
(10,919)
10,800,260		 2025
Total
Funds
£
10,613,971
763,780
(19,883)
11,357,868		 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

11. Analysis of net movement in funds

Endowment funds
Unrestricted funds
Total Funds		 Year ended 20 September 2025 Year ended 20 September 2025 Year ended 20 September 2025
Total funds
brought
forward
£
10,164,828
326,381
10,491,209		 Total
incoming
resources
£
-
238,706
238,706		 Total
resources
expended
£
(47,525)
(146,525)
(194,050)		 Gain/
(losses) on
investments
£
822,003
-
822,003		 Transfers
between
funds
£
(139,046)
139,046
-		 Total funds
carried
forward
£
10,800,260
557,608
11,357,868

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 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

Page 13

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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
8
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
£
291,467
291,467
-
278,220
278,220
-
13,247
29,726
42,973
283,408
326,381		 Endowment
Funds
£
-
-
44,312
-
44,312
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
933,819
-
933,819
9,557,390
10,491,209

Page 14

THE ROWLAND EDUCATIONAL FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 SEPTEMBER 2025

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:
2025
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
10,613,971
10,613,971
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2025
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
238,706
Investment management fees
(47,525)
191,181
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
822,003
822,003		 2024
Total
Funds
£
9,833,557
9,833,557
2024
Total
Funds
£
291,467
(44,312)
247,155
964,884
964,884

Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.

Page 15