## 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:
- 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 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:
- give a true and fair view of the state of the charity’s affairs as at 20 September 2025, and of its incoming resources and application of resources, including its income and expenditure, 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.
## **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:
- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; 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 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:
- 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 2025
## **THE ROWLAND EDUCATIONAL FOUNDATION**
## **INDEPENDENT AUDITOR’S REPORT**
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor. 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_ 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**