Registered number: CE019580 Charity number: 1186330
THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
THE ELLA ROWCROFT ENDOWMENT TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 7 |
| Independent auditors' report on the financial statements | 8 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Notes to the financial statements | 13 - 15 |
THE ELLA ROWCROFT ENDOWMENT TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2021
| Trustees | H Boyd (appointed 20 August 2021) |
|---|---|
| A Dee (appointed 13 November 2019, resigned 31 March 2021) | |
| C Edwards (appointed 13 November 2019) | |
| S Scott-Bryant (appointed 13 November 2019) | |
| J Walker (appointed 1 December 2020) | |
| S Walker (appointed 1 December 2020) | |
| Company registered number CE019580 Charity registered number 1186330 Registered office Rainbow House Avenue Road Torquay Devon TQ2 5LS Bankers National Westminster Bank PLC PO Box 69 Riviera House Nicholson Road Torquay TQ2 7YL |
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THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2021
The Trustees present their annual report together with the audited financial statements of The Ella Rowcroft Endowment Trust (‘the charity’) for the period 13 November 2019 – 31 March 2021. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP FRS 102) "Accounting and Reporting by Charities" effective 1st January 2019.
Objectives and activities
a. Policies and objectives
The charity was established in November 2019 with the sole objective of supporting the ongoing activities of Rowcroft Hospice by establishing, building and investing an endowment fund. The charity will benefit the community of Torbay & South Devon through direct financial support to the hospice with proceeds from this fund, enabling the hospice to continue to deliver and expand its specialist care and support to those who need it, free of charge.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activity, achievements and plans
The charity was established in late 2019 and has, like many organisations, had its activity impacted significantly by the global Covid-19 pandemic since early 2020. This resulted in cancellation of a launch event and other key fundraising / networking activity and hampered the effectiveness of trustee recruitment which took longer than anticipated.
Despite these delays the Trustees remain focused on establishing the charity and have defined key policies and ways of operating. Much work has been undertaken with Rowcroft Hospice in researching opportunities and developing the marketing material to market the proposition and attract donations.
Following the investment by Rowcroft Hospice of £500,000 towards the endowment in 2020 and 2021, as well as other donations received in the year, the Trustee Board are now in the process of defining their investment strategy to begin delivering the returns to deliver on its strategic objective.
The Trustee Board recognise that cultivating philanthropic income and building the endowment to deliver significant returns will take time. The board are focused on engaging High Net Worth donors, trusts and corporates and it is acknowledged this will take many years to build interest, engagement and ultimately advocacy and a donation to the endowment. To further support this the charity is currently exploring opportunities to engage additional resource to work with the Trustee Board to enhance its fundraising efforts in partnership with Rowcroft Hospice.
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THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
(CONTINUED)
a. Fundraising activities and income generation
The Trustees monitor fundraising practices on an ongoing basis through regular meetings between the Chairperson and Chief Executive of Rowcroft Hospice and at Trustee Board meetings.
We believe in the highest possible standards for our fundraising, considering supporters preferences in all of our activity. Ensuring that all of our activity is compliant with regulatory standards and in line with the intent of those standards.
The charity adopts the Fundraising Regulator standards and is committed to the Code of Fundraising practice. During the year the charity received no formal complaints arising from our fundraising activity.
To make a donation or find out more about more about the charity and the impact your donation will have, please visit https://ellarowcroft.org.uk/
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
Total funds £502,648
Incoming resources can be summarised as follows:
| • | Fundraising income | £502,648 | 100% |
|---|---|---|---|
| • | Investment income | £0 | 0% |
| • | Other | £0 | 0% |
| • | Total income | £502,648 | 100% |
The Trustees wish to record their appreciation for the support provided in the year, in particular to Rowcroft Hospice for their ongoing support in establishing the charity as well as the generosity of donors.
Thank you.
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THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
c. Investments policy
The Trustees of The Ella Rowcroft Endowment Trust intend that the real value of their assets and funds be maintained and enhanced over the medium to long term (5 years) by investment in a portfolio comprising equities, fixed income stocks, land, property, cash and alternates. The aim is to achieve the best financial return within an acceptable level of risk.
The charity adopts a total return approach to investment, generating the investment return from income and capital gains or losses.
Attitude to risk
The charity requires the investment return to meet the charitable objective: to support the ongoing activities of Rowcroft Hospice by establishing, building and investing an endowment fund.
The Trustee Board are able to tolerate volatility of the capital value, as long as the charity is able to meet its longterm objective of capital growth and investment to provide an annual donation to Rowcroft Hospice.
Liquidity Requirements
To allow for volatility of capital values, the Trustee Board wish to maintain at least £100k in cash or lower risk liquid investments to support cash flow needs. This amount will be reviewed from time to time and any adjustments approved by the Trustee Board.
Time Horizon
The charity is expected to exist in perpetuity and investments should be managed to meet the charitable objective and ensure this sustainability. The Trustee Board can therefore adopt a long-term investment time horizon.
Investment Brief
In order to meet these objectives, the Trustee Board will appoint an investment manager as their agent to manage a diversified portfolio of suitable investments on a discretionary basis. It is intended that the investment manager appointed will be specific to the charity and not necessarily that which is retained by Rowcroft House Foundation Limited or any of its wholly owned subsidiaries. The specific restriction relates to the non-investment with any organisation undertaking the manufacture of tobacco. In addition it is expected that investments made on behalf of the charity shall, where possible, be Socially Responsible Investments (S.R.I.) and undergo Environmental, Social and Governance (E.S.G) screening.
The proportion of the portfolio invested in equities, fixed income stocks, land & property and cash shall be reviewed with the investment manager from time to time to agree a suitable mix for the coming period. It is anticipated that such a review will take place at least annually. Also investment in alternate asset classes will be considered for inclusion in the portfolio from time to time having taken suitable specialist professional advice.
Review/Reporting
The Trustee Board will regularly consider whether there is a need to revise this Policy Statement and keep under review the arrangements under which the investment manager acts as our agent.
The Trustee Board require valuations on a quarterly basis and a year-end report containing detailed information relating to income and gains for use by the charity’s auditors.
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THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
d. Principal risks and uncertainties
The Trustees consider the principal risks and uncertainties to the charity:
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Health and Economic environment of the UK and in the South Devon region during the COVID 19 pandemic and in the period following the pandemic.
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Increased competition for donations and voluntary support amongst charities. The Trust Board monitor all expenditure on a regular basis to ensure that costs do not fall out of line with income levels.
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The length of time to engage High Net Worth donors, trusts and corporates.
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Reputational risk from events and fundraising. The Trust adopts the Fundraising Regulator standards and is committed to the Code of Fundraising practice.
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Trustee retention and attraction. The Trust Board will monitor, review and manage Board membership on an ongoing basis.
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Financial risk. The Trust will invest reserves on the stock exchange to increase return on investments. Investments to be managed by expert advisors and reviewed in line with policy. The investment policy seeks returns not at the expense of capital or liquidity.
Structure, governance and management
a. Constitution
The charity (Number 1186330) is registered as a charitable incorporated organisation (CIO) with the Charity Commission for England and Wales, incorporated on 13 November 2019, and is governed by its CIO Constitution document dated 13 November 2019. It is led by a Board of Trustees, details of which are given on page 1.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the CIO Constitution.
The Board consists of Trustees who are nominated from the Rowcroft House Foundation Ltd (Rowcroft Hospice) Trustee Board (‘Nominated Trustee’) and those appointed by the Board of Trustees via an open recruitment process inviting applications with appropriate skills, experience and/or qualifications (‘Appointed Trustee’).
With the exception of the founding Trustees who have staggered first terms, Trustees are appointed for a threeyear term which is renewable up to a further two terms of three years. Each term is determined by election at a General Meeting.
An Appointed Trustee ceases to be a Trustee should they resign or retire from the Board of Rowcroft Hospice. However they may choose to stand for re-election as an Appointed Trustee to continue their existing term should there be a vacancy on the Board.
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THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
Structure, governance and management (CONTINUED)
c. Organisational structure and decision-making policies
The Board of Trustees are responsible for all aspects of the charity operations and ensuring compliance with internal governance and external regulations and legislation.
Whilst the charity currently has no executive function or employees of its own, the Trustees are supported by relevant personnel of Rowcroft Hospice. Namely the Chief Executive, Finance team, Philanthropy team and Executive Assistant. The Trustees are also exploring opportunities to secure their own resource to further support fundraising activity on either a pro-bono or secondment basis.
Rowcroft Hospice provide the charity with key operational support services on matters of governance, finance, IT, marketing and fundraising. The Trustees wish to express their gratitude to the Rowcroft Hospice Board of Trustees for agreeing to provide this support without charge to the charity until 31 December 2021 to enable it to establish itself.
The charity and Rowcroft Hospice collaborate on fundraising activity to ensure careful curation of activity so not to undermine each charity’s efforts and enable a flexible approach to donor wishes to maximise potential opportunities for both charities. Collaborative activity and support services are governed by a Memorandum of Understanding between the two charities.
The Chairperson meets with the Rowcroft Hospice Chief Executive regularly to maintain strong communication and engagement between the two charities.
d. Policies adopted for the induction and training of Trustees
All newly appointed Trustees undergo induction which includes a discussion with the Chairperson, other Trustees and the key members of the Rowcroft Hospice Executive Team (to understand more about the hospice as sole beneficiary of the charity). Relevant documentation is made available to the newly appointed Trustees including the CIO Constitution, previous Trustee Board meeting minutes and all relevant policy documents. As trustees play an active role in fundraising for the charity, they are provided with relevant resources from the Fundraising Regulator.
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THE ELLA ROWCROFT ENDOWMENT TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES' 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 2008 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Bishop Fleming LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
S Scott-Bryant (Chair of Trustees) Date:
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THE ELLA ROWCROFT ENDOWMENT TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ELLA ROWCROFT ENDOWMENT TRUST
Opinion
We have audited the financial statements of The Ella Rowcroft Endowment Trust (the 'Charity') for the period ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, 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 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and 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.
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THE ELLA ROWCROFT ENDOWMENT TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ELLA ROWCROFT ENDOWMENT TRUST (CONTINUED)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 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 Auditors' 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.
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 Auditors' 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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
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THE ELLA ROWCROFT ENDOWMENT TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ELLA ROWCROFT ENDOWMENT TRUST (CONTINUED)
Bishop Fleming LLP
Chartered Accountants Statutory Auditors Century House Nicholson Road Torquay TQ2 7TD
Date:
Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE ELLA ROWCROFT ENDOWMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Total income Expenditure on: Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 502,648 502,648 - 502,648 502,648 502,648 |
Total funds 2021 £ 502,648 |
|---|---|---|
| 502,648 | ||
| - | ||
| 502,648 | ||
| 502,648 | ||
| 502,648 |
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 13 to 15 form part of these financial statements.
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THE ELLA ROWCROFT ENDOWMENT TRUST REGISTERED NUMBER:CE019580
BALANCE SHEET AS AT 31 MARCH 2021
----- Start of picture text -----
2021
Note £
Current assets
Debtors 7 250,000
Cash at bank and in hand 252,648
502,648
Net current assets 502,648
Total net assets 502,648
Charity funds
Restricted funds 8 -
Unrestricted funds 8 502,648
Total funds 502,648
----- End of picture text -----
An audit is required in accordance with section 145 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by:
S Scott-Bryant Chair of Trustees
The notes on pages 13 to 15 form part of these financial statements.
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THE ELLA ROWCROFT ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
1. General information
The Ella Rowcroft Endowment Trust is a charitable incorporated organisation, registered in England and Wales. The trustees of the Charity are named on page 1. The registered number of the charity is 1186330. The registered office is Rowcroft Hospice, Avenue Road, Torquay, Devon, TQ2 5LS.
2. Accounting policies
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Ella Rowcroft Endowment Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.4 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.5 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.6 FUND ACCOUNTING
General funds are unrestricted funds which 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.
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THE ELLA ROWCROFT ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
| 3. Income from donations and legacies Unrestricted funds 2021 £ Donations 502,648 4. Auditors' remuneration Fees for the audit for the year were borne by Rowcroft House Foundation. 5. Employees During the period the Charity employed no employees. 6. Trustees' remuneration and expenses During the period, no Trustees received any remuneration or other benefits. During the period ended 31 March 2021, no Trustee expenses have been incurred. 7. Debtors DUE WITHIN ONE YEAR Prepayments and accrued income |
Total funds 2021 £ 502,648 |
|---|---|
| 2021 £ 250,000 |
|
| 250,000 |
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THE ELLA ROWCROFT ENDOWMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
8. Statement of funds
| Statement of funds | ||
|---|---|---|
| Statement of funds - current period | ||
| Balance at | ||
| 31 March | ||
| Income | 2021 | |
| £ | £ | |
| UNRESTRICTED FUNDS | ||
| General Funds | 502,648 | 502,648 |
| 9. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2021 £ Current assets 502,648 TOTAL 502,648 |
Total funds 2021 £ 502,648 |
|---|---|
| 502,648 |
10. Related party transactions
During the period The Ella Rowcroft Endowment Trust received donations for £500,000 from Rowcroft House Foundation Limited, the charity which controls The Ella Rowcroft Endowment Trust.
At the year end £250,000 was owed in respect of this transaction.
11. Controlling party
The ultimate controlling party is Rowcroft House Foundation Limited, a company registered at Rowcroft House, Avenue Road, Torquay, Devon, TQ2 5LS. Rowcroft House Foundation is the only charity which the results of The Ella Rowcroft Endowment Trust are consolidated.
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