# We care 

**Rothesay Foundation** Trustees **’** Report and Financial Statements 2025 

Company number: 12263987 Charity number: 1189490 



Our purpose 




## **Trustees' report** 

**Financial statements** 



**2** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Chairman’s report 


The Rothesay Foundation has helped over 13,000 older people check whether they are eligible for unclaimed benefits, identifying approximately £62 million of annualised benefits for pensioners in need. 

**James Dickson** Chairman, Rothesay Foundation 




**3** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## **continued** Chairman’s report 

I am pleased to report that 2025 has been another year of strong progress for the Rothesay Foundation, as we continued to build on the momentum of recent years to deliver meaningful and practical support to older people living in deprivation across the UK. 

The Foundation continued its award-winning partnership with Age UK, funding a free and confidential benefits check service that helps older people identify and access the state benefits they are entitled to. During 2025, we expanded the programme, committing an additional £160,000 to extend its reach into Scotland and more of Wales. 

Dedicated advisers support individuals through the benefit application process, including assistance with completing forms and making follow-up calls to understand whether individuals are successfully accessing the benefits they are entitled to. This support is an important part of the service, as it helps individuals navigate a complex system. Since its launch in August 2024, the programme has supported over 8,400 older people with a benefits check and has identified approximately £38 million in annualised unclaimed benefits. Age UK has since followed up with over 2,200 individuals, 74% of whom confirmed that they went on to claim the benefits that had been identified. Age UK also offer additional support to those who have not gone on to apply yet. 

In 2025, we established a new partnership with Kinly, a technology-driven organisation which aims to make applying for benefits simpler and faster, meaning older people can access financial support more easily. Results from the pilot show that 75% of older people find the process of applying for benefits the main barrier to receiving them. By addressing this challenge directly, Kinly helps applicants prepare and complete application forms once benefits have been identified, removing a critical obstacle that prevents many older people from securing vital financial support. Through this pilot, the Rothesay Foundation has contacted over 20,000 older people, offering them help from Kinly to check which benefits they are eligible for as well as access to support with applying for them. Since launching in July 2025, the pilot has conducted over 580 benefits checks, identified approximately £1.2 million in annualised unclaimed benefits, and successfully supported 170 benefit applications. 

In addition, during 2025 we completed outreach to the remaining individuals who signed up for further support during our 2022 Summer Cheer campaign, during which £30 Iceland vouchers were provided to pensioners. As a result, over 50,000 individuals have now been contacted and offered support with identifying and applying for benefits through either Age UK or Kinly. 

In 2025, the Rothesay Foundation continued its partnership with Clarion Futures, the charitable foundation of the UK's largest housing association, Clarion Housing Group. At the end of 2024, we provided a £525,000 commitment to help fund their 2025 wellbeing spaces programme, offering support to people affected by the ongoing cost of living crisis. Our support has enabled 57 wellbeing spaces to open this year, generating more than 65,000 visits and distributing more than 4,000 wellbeing items. Following its success in 2025, we have committed a further £1 million in early 2026 to support the programme to the end of 2027. 

The Foundation continued to support the East End Community Foundation's Tackling Pensioner Poverty programme, which addresses the high levels of pensioner poverty in East London. We completed the second year of our three-year, £150,000 commitment which is helping to build the capacity of local community groups to deliver advice and increase benefits uptake. In addition, we have committed a further £50,000 a year over three years towards the East End Community Foundation's Winter Appeal, enabling the delivery of 1,000 essential care packages per year to isolated older people during the festive season. 

We also have the Turn2us Benefits Calculator on the Foundation webpage, making it easier for individuals to access support independently. In 2025, over 230 people completed a benefits check using the tool, identifying more than £260,000 in unclaimed benefits. 

To date, through our campaigns, the Rothesay Foundation has helped over 13,000 older people check whether they are eligible for unclaimed benefits, identifying approximately £62 million of annualised benefits for pensioners in need. 

We remain focussed on delivering impactful support at scale, particularly by further expanding access to benefits checks and strengthening the systems needed to reach those most in need. 

Over the next year, the Foundation's priorities include expanding access to benefits checks, increasing uptake among those most vulnerable, and strengthening the evidence base to inform future delivery and policy engagement. We will continue to seek opportunities to grow our partnerships and support technological solutions, bringing together the commercial and charitable sectors to have the greatest impact. 



**4** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## **continued** Chairman’s report 

In 2026, we have launched a new national campaign with Iceland Foods, backed by a commitment of £1.8 million from the Foundation. The partnership will provide a dedicated line for Iceland customers over the age of 66 to gain exclusive, free access to Kinly's service. 

The Foundation will use the insights gained from its campaigns to deepen our understanding of the benefits systems and engage with Government on how the system can be improved, so that more older people successfully receive the support they are entitled to. 

We remain optimistic about the role the Foundation can play in improving the lives of older people across the UK and will continue to invest in its growth, ensuring we have the resources needed to deliver on our ambitions and maximise impact. 

I would like to take this opportunity to thank my fellow Trustees, my colleagues who work at the Foundation, and Rothesay for its ongoing and generous financial support. We look forward to building on this work in the year ahead. 


**James Dickson** Chairman Rothesay Foundation 8 June 2026 



To achieve its mission, the Foundation focuses on tackling material deprivation in the pension-age population in the UK, defined across four key areas: 

- **Housing** – ensuring older people have a warm, comfortable home with working facilities. 

- **Social** – helping older people to be able to have social interactions, such as travelling to see friends or family. 

- **Finance** – supporting older people to pay their bills or unexpected costs, such as replacing essentials. 

- **Basic** – providing essential services such as three healthy meals a day, access to a telephone or suitable clothing. 

The Foundation partners with charities and other organisations to make this possible. It takes an active funding approach to its partnerships, providing financial donations along with: 

- **Expertise** – our understanding of scaling organisations and programme delivery. 

- **Data & technology** – to help our partners have the most up-to-date technology so that they can effectively manage their data and reach more people in need, more efficiently and with a wider range of services. 

- **Awareness & research** – to help improve understanding, raise visibility and influence systems change around pension-age poverty in the UK. 

- **Measurement** – to ensure the Foundation’s funding is having the highest amount of positive impact possible. 



**6** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## The Challenge 

The cost of living crisis among UK pensioners. 

The ongoing cost of living crisis continues to place enormous pressure on older people across the UK. The cumulative impact of higher energy, food and housing costs means many pensioners are financially vulnerable and feeling increasingly anxious about their financial security. 

Government figures have shown that in the year up to March 2025, there were 1.5 million pensioners in material deprivation in the UK, which was 12% of all pensioners. This was an increase of 200,000 pensioners compared to the previous year[1] . Those on low incomes are particularly affected, often having to make difficult choices between necessities such as heating and food. Evidence also shows that financial pressures are leading many older people to cut back on social interaction, increasing the risk of isolation[2] . 

Pension Credit remains one of the key forms of support available for pensioners on low incomes. As well as providing a direct financial boost, it unlocks access to additional benefits including help with housing and council tax costs, a free TV licence and NHS dental care. However, figures released by the Government for the year ending 2024 state that around 910,000 eligible households are still not claiming Pension Credit, with an estimated £2.5 billion going unclaimed each year[3] . 

Financial hardship is closely linked to wider health and wellbeing challenges. Cutting back on everyday essentials can contribute to malnutrition and an increased risk of illness, placing additional pressure on health and social care services[4] . 

Loneliness and social isolation remain significant concerns, with many older people experiencing limited regular contact with friends and family, and those on lower incomes disproportionately affected[5] . 

Housing pressures are also intensifying. Rising costs, poor energy efficiency and unsuitable accommodation are placing additional strain on older households, particularly those living on low incomes. Many are living in homes that do not meet their needs, impacting both their financial resilience and quality of life[6] . 

The need for coordinated long-term solutions is growing rapidly. The UK's older population is increasing in size, with the number of people aged over 50 projected to rise significantly over the coming years. By 2039, one in four people in the UK will be aged 65 or over[7] , increasing demand for financial, housing and social support. 

The Foundation is therefore continuing to focus on improving access to benefits for those most in need. This includes funding and scaling innovative, technology-enabled solutions that support people to navigate the benefits system and complete applications more easily. By simplifying the process and speeding up access to support, these approaches help to remove practical barriers and ensure that more people apply for, and receive, the benefits they are entitled to. 

The Foundation will also use the data and evidence collected from the programmes it funds to better understand the barriers to access such as complexity, stigma and low awareness, and design solutions that make it easier for eligible older people to navigate the system and access their benefits. 

The Foundation will use these insights and learnings to inform conversations with key stakeholders, including government. By demonstrating what works at scale, and where access to support breaks down, it aims to drive changes that increase benefit take-up and make support simpler and easier to access. 

As the population ages, a growing number of older people are likely to find themselves in need of support – whether financial, practical or emotional. Ensuring that older people can access the help they are entitled to is key to helping them stay independent, connected and happy in later life. 

> 1 https://www.gov.uk/government/statistics/households-below-average-income-for-financial-years-ending-1995-to-2025/households-below-average-income-an-analysis-of-the-ukincome-distribution-fye-1995-to-fye-2025#pensioners-in-low-income-households 2 https://policyinpractice.co.uk/publication/missing-out-2025/ 3 https://www.gov.uk/government/statistics/income-related-benefits-estimates-of-take-up-financial-year-ending-2024/income-related-benefits-estimates-of-take-up-financial-year ending-2024#:~:text=families%20and%20expenditure-,Pension%20Credit,did%20not%20claim%20the%20benefit 4 https://policyinpractice.co.uk/publication/missing-out-2025/ 

> 5 https://www.ageuk.org.uk/siteassets/documents/reports-and-publications/reports-and-briefings/loneliness/you-are-not-alone-in-feeling-lonely---parliamentary-briefing-.pdf 6 https://ageing-better.org.uk/financial-security-state-ageing-2025 

7 https://www.ageuk.org.uk/discover/2024/september/state-of-health-and-care-of-older-people-in-england-2024/ 



**7** Rothesay Foundation Trustees' Report and Financial Statements 2025 


## Achievements and performance 

The service allows dedicated Age UK staff to help individuals check eligibility, complete applications and navigate the benefits system with confidence. Our funding also supports follow-up calls which allow Age UK to check in with people after their benefits check to ensure their claim has been successful and offer extra support if needed. To date, Age UK have followed up with over 2,200 individuals and 74% confirmed that they went on to claim the benefits that had been identified. 

**Age UK - benefits check service** case study 

The Foundation funds an ongoing programme with Age UK, which provides free and confidential benefits checks to help older people in need find out and receive the state benefits they could be entitled to. 

Matt Talbot from Age UK Wigan Borough, a local Age UK charity funded through the partnership, has highlighted how the Foundation's support is making a real difference. By enabling staff to reach out to older people who may otherwise miss out on vital benefits, he explained: 


The 12-week follow up is a great way of checking in with those who opted to self-claim and establish if they did go ahead with the claim. For those who didn't, it has provided a second chance for us to offer support. 

In 2024, following a successful pilot that identified approximately £23 million of annual benefits for older people living in need, the Rothesay Foundation provided additional funding to Age UK to significantly expand its benefits check service over two years. It initially committed £2.47 million to grow the service, and in 2025, a further £160,000 to extend the programme into Scotland and more of Wales. 

## **Matt Talbot,** 

Programme & Information Administer at Age UK Wigan Borough 

Since the programme expanded in 2024, the aim is to uncover approximately £63 million in annualised unclaimed benefits by the end of 2026, and to support over 12,000 older people with a benefits check through Age UK's national Advice Line and local Age UKs. The expanded programme is performing well and between August 2024 and December 2025 has supported over 8,400 older people with a benefits check, identifying approximately £38 million in annualised unclaimed benefits, meaning we are on track to meet our target by the end of 2026. 

8,400 

older people supported with a benefits check 

£38m 

in annualised benefits identified 

2,200 follow-up calls made 



**8** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Achievements and performance 

## **continued** 


**Anne** case study 

Anne, 69, benefitted from form-filling support through Age UK’s Advice Line, funded by the Foundation. 

The Age UK adviser was like a guardian angel. Because I have ADHD and I have problems with forms, I just cannot even look at a form. So it was lovely and so helpful when someone says they will phone you back and do the form with you. The Age UK adviser took her time with me. She didn't rush me; she didn't get flustered. She calmed me down and put questions a different way if I didn't quite get them. 

After her Winter Fuel Payment was stopped and her income dropped, she turned to Age UK for help. Thanks to the Foundation's funding, she was able to receive support from an adviser who helped her complete her Attendance Allowance form. With help from the Advice Line, Anne was awarded the higher rate of Attendance Allowance. Anne said: 

**Joe** case study 

Retired steelworker, Joe, received a letter from the Foundation sharing news of its partnership with Age UK and the benefits entitlement checks that Age UK offers. 

Joe and his wife, Mary, both have physical health conditions impacting their care needs. While they were both trying to manage independently on the income and savings they had, Joe was concerned about the cost of every day necessities, like keeping his car running which enables him to do their food shopping. 

An adviser from Age UK Sheffield, a local Age UK charity funded through the partnership, arranged to visit Joe and Mary at their home where they completed an assessment of their needs and identified that they were eligible to claim a range of benefits, including Attendance Allowance, Carer's Allowance and Pension Credit. The adviser helped them to complete the application forms, which Joe said was a big help as he didn't know what was available or how to claim. Both Joe and Mary had worked all their lives and had not asked for support from services before. The benefits increased Joe and Mary's income by over £19,000 per year. Joe said: 

The extra money from benefits has helped to keep my car running which is essential because of my mobility, and we've been able to pay and no longer worry about day-to-day costs including food shopping, electric and gas. It has given us breathing space instead of struggling week by week, and we no longer have to look at each penny we spend. 

*Anne and Joe's stories are true. However, names and some details have been changed to protect the privacy of the people we help. 



**9** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Achievements and performance **continued** 

Since launching in July 2025, the pilot has conducted over 580 benefits checks, identified approximately £1.2 million in annualised unclaimed benefits, and successfully supported 170 benefit applications. 

## **Kinly pilot** case study 

This year, the Foundation has run a pilot programme with Kinly, a technologydriven company offering full end-to-end support from benefits checks and form filling through to ensuring that payments have been received. 

David*, aged 72, lives alone in London and relied on his State Pension. With rising living costs and health challenges including arthritis and depression, he struggled to cover essentials like heating, food and care needs. 

After receiving a letter from the Foundation, David contacted Kinly and the team identified that David was eligible for Attendance Allowance and Pension Credit, increasing his income by £9,889 per year. 

This financial boost has transformed his quality of life, allowing him to manage his bills confidently and maintain his wellbeing. David said: 


The dedicated support teams at Kinly use AI technology to speed up the process of applying for benefits, making it simpler and faster for older people to successfully receive the financial support that they are eligible for. 

I wouldn't have got either of these benefits without you. I am speechless, I just can't thank you enough for what you have done for me. 

Results from the pilot show that 75% of older people find the process of applying for benefits the main barrier to receiving them. By addressing this challenge directly, the partnership is removing a critical obstacle that prevents many older people from securing vital financial support. 

Through this pilot, the Foundation has contacted over 20,000 older people, offering them support from Kinly to check the benefits they are eligible for and access to support with applying. 

*  David's story is true. However, some names and details have been changed to protect the privacy of the people Kinly help. 

## **Arthur Wakeley, CEO & Co-Founder, Kinly:** 

At Kinly, our mission is to help older people to live independently for as long as possible. Our partnership with the Rothesay Foundation is all about harnessing innovation and collaboration to simplify and expand access to the support individuals need most. By working together, we are helping older people experience greater financial security, confidence and independence in their everyday lives. 



Rothesay Foundation Trustees' Report and Financial Statements 2025 

**10** 

## Achievements and performance 

## **continued** 

**Clarion Futures – Wellbeing Spaces** case study 

In 2025, the Foundation continued its partnership with Clarion Futures. At the end of 2024 we provided a £525,000 commitment to help fund Clarion Futures 2025 wellbeing spaces programme, offering support to people affected by the ongoing cost of living crisis. 

Our support enabled over 50 wellbeing spaces to open across England, generating almost 65,000 visits – a 50% increase on the previous year, demonstrating the continued need for this type of support. 


Coordinated by Clarion Futures, the programme sees community centres and partner-run hubs across Clarion neighbourhoods offer free, welcoming places for people of all ages, particularly older generations, to spend time and take part in activities. These spaces also provide practical help with issues such as benefits entitlement, energy use and digital skills. 

With households continuing to feel the impact of rising costs and many experiencing loneliness or isolation, the wellbeing spaces provide accessible support that is community-led and reflective of local needs. 

The funding also enables items such as electric blankets, draught excluders, slow cookers and air fryers to be distributed to those visiting the wellbeing spaces, helping people keep their energy bills lower at home. 

Following its success in 2025, the Foundation has committed a further £1 million during early 2026 to support the programme to the end of 2027. 





**11** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Achievements and performance **continued** 

**East End Community Foundation – Tackling Pensioner Poverty Programme** case study 


Following a successful pilot in its first year, the Rothesay Foundation agreed to co-fund the programme from 2023 onwards, pledging £50,000 per year over three years. 

The East End Community Foundation’s Tackling Pensioner Poverty programme was launched in 2022. 

The results from the programme in 2025 were encouraging. A total of 270 older people were supported with benefits checks, and 241 of them were helped to successfully claim eligible benefits. In total, £1.4 million was secured in additional benefits, including £1.3 million in recurring annual payments. Over the year, six community groups received funding through the programme. In addition to helping with benefits, older people were supported with access to other resources, including freedom passes, IT equipment, internet access and food vouchers. 

The programme provides training, support and funding to frontline community groups to deliver advice projects that promote the uptake of unclaimed benefits, such as Pension Credit. 

In addition, in 2025 we committed a further £50,000 a year over three years towards the East End Community Foundation's Winter Appeal, enabling the delivery of 1,000 essential care packages per year to isolated older people during the festive season. 

The need for this programme is significant, as the East End of London has some of the highest levels of pensioner poverty in the country. It is estimated that 20,000 pensioners, around 25% of older people in the area, are eligible for Pension Credit and not claiming it. 

## **A beneficiary supported by Aishah Help, a community group who received funding as part of the Tackling Pensioner Poverty Programme:** 


I was really nervous about applying for anything. I thought it would be too complicated, but the adviser was so kind and explained everything clearly. I couldn't have done it without their help. It's given me peace of mind knowing I'm getting what I'm entitled to. 





**Age UK believes every older person should be valued and included. They work locally, nationally and internationally to make that happen, through campaigning, local support, advice and friendship.** 

Age UK is a charitable company limited by guarantee and registered in England (registered charity number 1128267 and registered company number 6825798). Charitable services are provided through Age UK and commercial products are offered by the Charity’s Community Interest Company (CiC) (registered company number 1102972) which donates its net profits to Age UK (the Charity). 


**Kinly is a social purpose organisation with a clear mission to help older people live independently for longer.** 

They operate a national phone-based support service that helps people to navigate and unlock the Government benefits and service available to them. The core focus is developing technology and data-driven support that maximise social impact and "access for all" at scale, for a demographic that often finds support difficult to access. 

Kinly is a company registered in England and Wales under the name of Healthspan Technologies Ltd (Company No. 15728029). 



## **continued** Charity partners 


**Clarion Futures is the charitable foundation of Clarion Housing Group. They provide support and opportunities for people living in Clarion homes and communities.** 

At its heart, their work is about providing people with the tools and support they need to overcome their challenges – transforming lives and improving communities. 

Clarion Futures is a company registered in England and Wales (Company No. 7156509) and a registered charity (Registration No. 1135056) VAT No. 675 6463 94. Clarion Futures is part of Clarion Housing Group. 

**The East End Community Foundation (EECF) has been advising and co‐ordinating charitable giving since 1990.** 

Their purpose is to promote the relief of poverty, and they do this by staying abreast of social needs locally and advising, matching and administering charitable donations on behalf of individuals, companies and statutory bodies committed to supporting those most in need in Tower Hamlets, Hackney, Newham and the City of London. 

East End Community Foundation is a registered charity. Registered charity number 1147789 and limited company number 8104415. 


**Turn2us is a national charity offering trusted information and practical support to people struggling with money.** 

Its free online tools including the Benefits Calculator, Grants Search and PIP Helper, help people understand what they're entitled to and navigate a complex system with confidence. Alongside this, Turn2us offers cash grants for immediate relief and runs long-term place-based programmes across the UK, working with local communities to tackle financial insecurity at its roots and challenge the systems that keep people in hardship. 

Turn2us is the operating name of Elizabeth Finn Care, a registered charity (207812 / SC040987) and a company limited by guarantee (515297) registered in England and Wales. 



**14** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Summary 

## Financial review 

The Foundation is funded from donations from the Rothesay Limited Group. Total income for the year consisted of donated services of £1,824,000 (2024: £1,698,000). Expenditure on charitable activities in the year was £1,472,000 (2024: £1,586,000) which comprised of funding for the Age UK benefits checks of £1,296,544, £100,000 for the East End Community Fund and Kinly £75,000. 

## Reserves policy 

At 31 December 2025 the Foundation had unrestricted net assets of £667,000 (2024: £876,000). These are held as cash and amounts payable to group entities. 

The Trustees do not have a formal reserves policy. The Foundation operates from donations from the Rothesay Limited Group and the Trustees will not commit their resources beyond the level of donations received. The Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern due to the commitments made and support provided by the Rothesay Limited Group. 

## Key risks and uncertainties 

Given the net assets of the Foundation and the support provided by the Rothesay Limited Group, there are no material risks and uncertainties in relation to the ongoing operation of the Foundation. The main risks therefore relate to the effectiveness of the charities to which grants are being made. This risk is managed by the Trustees through comprehensive analysis of the potential charity partners and active engagement once the Foundation has committed to providing grants. 

## Looking forward 

We know that thousands of older people in the UK are still not accessing the benefits they are entitled to. Enabling eligible pensioners to claim this vital support has the potential to significantly improve the lives of some of the UK’s most vulnerable, especially as the ongoing cost of living crisis continues to drive anxiety and insecurity among older households. 

The Foundation will remain focused on delivering impactful support at scale by expanding access to benefits checks and strengthening the systems needed to help those most in need. In 2026, we are launching a new national campaign with Iceland Foods. This partnership will provide a dedicated route for pension-age customers to access free support through Kinly, helping more people check their eligibility, navigate the application process and successfully claim the benefits they are entitled to. 

Building on this approach, the Foundation will continue to seek out partnerships with organisations, both locally and nationally, who are doing excellent work to support older people. We will continue to build partnerships across the charitable and commercial sectors, using data and evidence from our programmes to better understand barriers to access. These insights will inform conversations with key stakeholders, including government, with the aim of driving changes that make the system easier to access. 

The Trustees remain optimistic about the role the Foundation can play in improving the lives of older people across the UK, and they look forward to building on this work in the year ahead. 



||**15**<br>Rothesay Foundation||
|---|---|---|
||Trustees' Report and Financial Statements 2025||
||Structure and governance||
||The Rothesay Foundation is a registered charity (number 1189490) and was incorporated (company number||
||12263987) on 15 October 2019. It is governed by its Memorandum and Articles of Association dated 15 October||
||2019 as amended by special resolutions dated 29 April 2020 and 20 May 2021. The Foundation operates with||
||support from the Rothesay Limited Group.||
||The Trustees of the Foundation since 1 January 2025 and as at the date of this report are as follows:||
||**James Dickson**||
||**Tom Pearce**||
||**Terry Miller CBE**||
||**Hilary Berg**||
||**Professor Dame Carol Black**||
||**Addy Loudiadis**||
||Further details on the current Board of Trustees can be found on the following page.||





**16** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Board of Trustees 


**James Dickson** 

James Dickson was, until January 2023, Rothesay's General Counsel. He joined Rothesay in 2009 and until stepping down as General Counsel was responsible for the legal function and execution team. Prior to joining Rothesay, James was at Linklaters for 15 years (11 years as a partner) specialising in structured finance. 


**Thomas (Tom) Pearce** 

Tom Pearce is Co-Founder and Chief Executive Officer of Rothesay. Tom founded Rothesay with Addy Loudiadis in 2007 and was previously its Managing Director. Tom has overall responsibility for Rothesay’s strategy and operational delivery, including Business Development, Financing, Investment Origination and Operations. Tom has been a Board Director of Rothesay since 2016 and he also sits on the board of the Association of British Insurers. Prior to founding Rothesay, Tom was part of the fixed income and investment banking team at Goldman Sachs with responsibility for pension fund and insurance company clients. 


**Therese (Terry) Miller CBE** 

Terry Miller is a Senior Independent Director of Rothesay, Chair of Rothesay’s Customer Conduct Committee and a member of the Audit Committee, Board Risk Committee, Nomination Committee and Remuneration Committee. Terry is a non-executive director of Goldman Sachs International Bank and Goldman Sachs International, and chair of the nominations and remuneration committee of both companies. Terry was previously with Goldman Sachs for 17 years, most recently as a partner and international general counsel. She went on to be general counsel of The London Organising Committee of the Olympic and Paralympic Games (LOCOG), director and trustee of the Invictus Games Foundation, non-executive director of the British Olympic Association, non-executive director of the British Equestrian Federation, and nonexecutive director and the senior independent director of Galliford Try Plc and of Stelrad Group plc. 



**17** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Board of Trustees **continued** 


**Hilary (Hil) Berg** 

Hil Berg has spent more than 25 years supporting corporate, public and third sector organisations to integrate purpose into strategy and to campaign for change, with a focus on climate and social justice, and collaborative social innovation. Hil’s work has involved initiatives across the world and has won multiple industry awards. She has twice been named Outstanding UK Independent Consultant by the Chartered Institute of Public Relations (CIPR) and was one of the country’s founding Chartered PR Practitioners. She has a Masters in PR and Communications for Social Change, with a research specialism in brand activism. Hil works as an independent consultant and previously led strategy at M&C Saatchi Life – a global strategic and creative consultancy specialising in transformative sustainability. Prior to that she was head of sustainability at Iceland Foods and director of communications and marketing at Alder Hey Children’s Hospital. She is a member of the Chartered Institute of Public Relations Global ESG Committee; and a trustee of the Alder Hey Children’s Charity and Feeding Britain. 


**Professor Dame Carol Black** 

Dame Carol is currently the Government’s independent adviser on drug misuse. She is also chair of the British Library, the Centre for Ageing Better and the Centre for homelessness Impact. In 2019 she completed a seven-year term as principal of Newnham College in Cambridge University where she was a deputy vice-chancellor. She is a past president of the Royal College of Physicians of the Academy of Medical Royal Colleges, past chair of the Nuffield Trust for Health Policy, and she has been a trustee of the National Portrait Gallery. 


**Antigone (Addy) Loudiadis** 

Addy Loudiadis is Rothesay's co-founder and former Chief Executive Officer from 2007 to 2022. Addy was previously a partner of Goldman Sachs and served as the co-head of the Investment Banking Division in Europe. Before moving to investment banking, she was head of European Fixed Income Sales at Goldman Sachs. Addy is also a former board member of the Association of British Insurers. 



**18** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Company information 

The Trustees present their Trustees' report and financial statements for the Rothesay Foundation (the Foundation), company registered number 12263987 within the UK, and charity registered number 1189490, for the year ended 31 December 2025. Comparative information has been presented for the year ended 31 December 2024. 

The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The Company has taken the exemption available and has not produced a strategic report. 

## **Registered office** 

The registered office and principal place of business is The Post Building, 100 Museum Street, London WC1A 1PB. 

## **Independent Auditors** 

Resolutions to appoint PricewaterhouseCoopers LLP (1 Embankment Place, London, WC2N 6RH) in office as auditors of the Company pursuant to Section 487(2) of the Companies Act 2006 were passed on 9 April 2020. 

## **Bankers** 

Barclays Bank UK Plc, 1 Churchill Place, London, E14 5HP. 



**19** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Statement of Trustees’ responsibilities 

## **in respect of the Trustees' report and the financial statements** 

The Trustees (who are also Directors of Rothesay Foundation for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and regulation. 

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable Company for that year. 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 Statement of Recommended Practice: Accounting and Reporting by Charities (2019); 

- make judgements and estimates that are reasonable and prudent; 

- consider the Charity Commission's guidance on public benefit; 

- ensure that appropriate recruitment, induction and training processes are adopted for new trustees; 

- state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable Company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the charitable Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

In accordance with Section 418, Directors’ reports shall include a statement, in the case of each Director in office at the date the Directors’ report is approved, that: 

- a) so far as the Trustee is aware, there is no relevant audit information of which the Company’s auditors are unaware; and 

- b) he/she has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. 

The Trustees' report on pages 1 to 18 was approved by the Board of Trustees on 8 June 2026 and signed on their behalf. 


**James Dickson** Chairman of Trustees 8 June 2026 



**20** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Independent auditors’ report 

## **to the members of Rothesay Foundation** 

## **Report on the audit of the financial statements** 

## **Opinion** 

In our opinion, Rothesay Foundation’s financial statements (the “financial statements”): 

- give a true and fair view of the state of the charitable Company’s affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

We have audited the financial statements, included within the Trustees’ Report and Financial Statements (the “Annual Report”), which comprise: the Charity balance sheet as at 31 December 2025; the Charity statement of financial activities (incorporating an income and expenditure account), and the Cash flow statement for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Independence** 

We remained independent of the charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

## **Conclusions relating to going concern** 

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 charitable Company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue. 

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. 

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable Company’s ability to continue as a going concern. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 



**21** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## **continued** Independent auditors’ report **to the members of Rothesay Foundation** 

## **Reporting on other information** 

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities. 

With respect to the Trustees' Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included. 

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. 

## **Trustees’ Report** 

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report for the period ended 31 December 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. 

In light of the knowledge and understanding of the charitable Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees' Report. 



**22** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## **continued** Independent auditors’ report 

**to the members of Rothesay Foundation** 

## **Responsibilities for the financial statements and the audit Responsibilities of the Trustees for the financial statements** 

As explained more fully in the Statement of Trustees’ Responsibilities in respect of the Trustees' Report and the financial statements, the Trustees (who are also the Directors of the charitable Company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Trustees are also responsible for such internal control as they 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 charitable Company’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 charitable Company or to cease operations, or have no realistic alternative but to do so. 

## **Auditors’ responsibilities for the audit of the financial statements** 

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. 

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 charitable Company and its environment, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to misappropriation of assets through unapproved or inappropriate payments. Audit procedures performed by the engagement team included: 

- Discussions with management and the board of trustees, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; 

- Review of minutes of meetings of the board of trustees; 

- Reviewing financial statement disclosures and testing to supporting documentation, where appropriate, to assess compliance with applicable laws and regulations; 

- Obtaining confirmations of cash balances as at 31 December 2025; 

- Review of journal entries during the year to identify potentially unusual transactions for further testing; and 

- Testing of expenditure on charitable activities to supporting documentation to ensure grants have been appropriately approved. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report. 



**23** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## **continued** Independent auditors’ report 

## **to the members of Rothesay Foundation** 

## **Use of this report** 

This report, including the opinions, has been prepared for and only for the charitable Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 

## **Other required reporting** 

## **Companies Act 2006 exception reporting** 

Under the Companies Act 2006 we are required to report to you if, in our opinion: 

- we have not obtained all the information and explanations we require for our audit; or 

- adequate accounting records have not been kept by the charitable Company, or returns adequate for our audit have not been received from branches not visited by us; or 

- certain disclosures of Trustees’ remuneration specified by law are not made; or 

- the charitable Company financial statements are not in agreement with the accounting records and returns. 

We have no exceptions to report arising from this responsibility. 

## **Entitlement to exemptions** 

Under the Companies Act 2006 we are required to report to you if, in our opinion, the Trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility. 

## **Thomas Dodd (Senior Statutory Auditor)** 

for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 8 June 2026 



Rothesay Foundation
Trustees, Report and Financial Statements 2025
Financial
statements


## **In this section** 

|**In this section**||
|---|---|
|Charity statement of financial activities|**26**|
|Charity balance sheet|**27**|
|Cash flow statement|**28**|
|Notes to the financial statements|**29**|





**26** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Charity statement of financial activities 

## **FOR THE YEAR ENDED 31 DECEMBER 2025** 

|||**Total funds**|**Total funds**|
|---|---|---|---|
|||**2025**|**2024**|
||**Note**|**£'000**|**£'000**|
|**Income from:**||||
|Donations received|B.1|<br>**1,824**|1,698|
|**Total income**||**1,824**|1,698|
|**Expenditure on:**||||
|Charitable activities|B.2|<br>**(1,472)**|<br>(1,586)|
|Donated services|B.3|<br>**(349)**|<br>(273)|
|Other expenditure||**(212)**|<br>(53)|
|**Total expenditure**||**(2,033)**|<br>(1,912)|
|**Net expenditure**||**(209)**|<br>(214)|
|Transfers between funds||**—**|—|
|**Net movement in funds**||**(209)**|<br>(214)|
|**Reconciliation of funds**||||
|Total funds brought forward||**876**|1,090|
|**Total funds carried forward**|D.1|<br>**667**|876|



The Rothesay Foundation did not allocate any restricted funds during the year. All of the funds analysed in the statement above are unrestricted. 

The Charity statement of financial activities incorporates an income and expenditure account. 

The statement of financial activities includes all gains and losses in the year. All income and expenditure are derived from continuing activities. 

Notes A – E form an integral part of these financial statements. 



**27** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Charity balance sheet 

## **AS AT 31 DECEMBER 2025** 

|||**2025**|**2024**|
|---|---|---|---|
||**Note**|**£'000**|**£'000**|
|**Current assets**||||
|Cash at bank and in hand|C.1|<br>**872**|952|
|**Total assets**||**872**|952|
|**Liabilities**||||
|Other creditors|C.2|<br>**(205)**|<br>(76)|
|**Total liabilities**||**(205)**|<br>(76)|
|Unrestricted funds|D.1|<br>**667**|876|
|**Total charity funds**||**667**|876|



The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. 

Notes A – E form an integral part of these financial statements. 

Approved by the Trustees and authorised for issue on 8 June 2026 and signed on its behalf by: 


**James Dickson** Chairman of Trustees 8 June 2026 

Company number 12263987 Charity number: 1189490 



**28** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Cash flow statement 

## **FOR THE YEAR ENDED 31 DECEMBER 2025** 

|||**2025**|**2024**|
|---|---|---|---|
||**Note**|**£'000**|**£'000**|
|**Cash flows from operating activities**||||
|Net expenditure||**(209)**|<br>(214)|
|Increase in other liabilities||**129**|75|
|**Change in cash at bank and in hand in the year**||**(80)**|<br>(139)|
|Cash at bank and in hand as at 1 January||**952**|1,091|
|**Cash at bank and in hand at 31 December**|C.1|<br>**872**|952|



Notes A – E form an integral part of these financial statements. 



**29** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Notes to the financial statements 

## **Note A – Accounting policies** 

The principal accounting policies and judgements used in the preparation of the financial statements are summarised below. 

## _**A.1 Basis of preparation**_ 

The financial statements of the Company have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime, in line with the Companies Act 2006. The Company has taken the exemption available and has not produced a strategic report. 

The Company constitutes a public benefit entity as defined by FRS 102. The financial statements of the Company are presented in sterling (£) rounded to the nearest thousand (£'000), except where stated. 

## _**A.2 Going concern**_ 

The Trustees have considered the Foundation's financial position, liquidity and future commitments and remain satisfied that the Foundation has adequate resources to continue in business and to meet its obligations for the foreseeable future, which are completely at the discretion of the Trustees. The financial statements have therefore been prepared on a going concern basis. 

## _**A.3 Fund accounting**_ 

Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. 

## _**A.4 Donation recognition**_ 

Donations received are recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. In the event that a donation or grant is subject to conditions, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Company and it is probable that those conditions will be fulfilled. 

## _**A.5 Donated services**_ 

Donated services are those provided to the Charity free of charge. All donated services are recognised at their value to the Charity as assessed by the Trustees. The value of the donated services is recognised as income from donations in the statement of financial activities and where applicable the corresponding expense is recognised as expenditure on donated services. 

## _**A.6 Grants payable**_ 

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity, following approval by the Trustees. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant is outside of the control of the Charity. 



**30** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Notes to the financial statements **continued** 

## **Note A – Accounting policies (continued)** 

## _**A.7 Critical assumptions and the use of estimates**_ 

During the preparation of the financial statements the Company selects accounting policies and makes estimates and assumptions that impact on the items reported and their presentation. The most significant areas of adjustment and key assumptions that affect items in the financial statements are to do with estimating the liability from multi-year grant commitments. The Trustees review the reasonableness of these judgements and assumptions as well as the appropriateness of the accounting policies applied. 

The Trustees do not consider there to be any matters of significant judgement made during the financial year. 

Estimates are based on evidence available at the accounting date and opinions provided by subject matter experts. Actual results may vary from the estimates provided. As new facts become available estimates will be updated. The Trustees do not consider there to be any material estimations made during the year. 



**31** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Notes to the financial statements **continued** 

## **Note B – Charity statement of financial activities** _**B.1 Donations received**_ 

||**2025**|**2024**|
|---|---|---|
||**£'000**|**£'000**|
|Donations received|**1,824**|1,698|
|**Total donations received**|**1,824**|1,698|



During 2025, Rothesay Life Plc (another Rothesay Limited Group company) donated £224,000 of services to the Foundation. During 2024 Rothesay Life Plc donated £179,000 of services to The Foundation. Rothesay Life Plc has funds reserved to pay to the Foundation which it donates when the Foundation requires the funds. 

## _**B.2 Charitable Activities**_ 

||**2025**|**2024**|
|---|---|---|
||**£'000**|**£'000**|
|Recipients of institutional grants:|||
|Clarion|**—**|844|
|Age UK|**1,297**|642|
|East End Community Fund|**100**|100|
|Kinly|**75**|—|
|**Total**|**1,472**|1,586|





**32** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Notes to the financial statements **continued** 

## **Note B – Charity statement of financial activities (continued)** _**B.3 Donated services**_ 

||**2025**|**2024**|
|---|---|---|
||**£'000**|**£'000**|
|Auditors' remuneration|**41**|40|
|Salaries, bonus and other employee benefits|**279**|201|
|Other expenditure|**29**|32|
|**Total**|**349**|273|



Salaries, bonus and other employee benefits include recharged staff costs borne by another group undertaking. 

## _**B.4 Analysis of staff costs and remuneration of key management personnel**_ 

All Rothesay Limited Group persons involved in the Foundation’s operations are employed by a wider Group undertaking, Rothesay Pensions Management Limited (RPML). The charges made by RPML in relation to wages and salaries, social security costs, and other pension costs for all the services provided (personnel and other) to the Foundation have been borne by another Group undertaking. There are no charges related to key management personnel (2024: £nil). 

The Trustees are not remunerated for their services to the Foundation and any expenses are reimbursed by another Group undertaking. 

## _**B.5 Auditors' remuneration**_ 

Fees paid and payable to the Company's auditors (excluding VAT) are as follows: 

||**2025**|**2024**|
|---|---|---|
||**£'000**|**£'000**|
|Auditors' remuneration|**41**|40|
|**Total**|**41**|40|



Auditors’ remuneration has been borne by another Group company, Rothesay Life Plc. 

## _**B.6 Taxation**_ 

The Rothesay Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Charity is exempt from taxation in respect of income of capital gains received within categories covered by Part 10 of the Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 



**33** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Notes to the financial statements **continued** 

## **Note C – Assets and liabilities** _**C.1 Cash at bank and in hand**_ 

||**2025**|**2024**|
|---|---|---|
||**£'000**|**£'000**|
|Cash at bank and in hand|**872**|952|
|**Total**|**872**|952|



|**_C.2 Other creditors_**|||
|---|---|---|
||**2025**|**2024**|
||**£'000**|**£'000**|
|Amounts owed togroupundertaking|**205**|76|
|**Total**|**205**|76|



Payables to other Group undertakings during the year relate to payments made by another Group undertaking on Rothesay Foundation's behalf. 

## **Note D – Charity funds** _**D.1 Analysis of charitable funds**_ 

||**Balance as at 1**<br>**January 2025**<br>**Income**<br>**Expenditure**<br>**Funds carried**<br>**forward at 31**<br>**December 2025**<br>**£'000**<br>**£'000**<br>**£'000**<br>**£'000**|
|---|---|
|Analysis of fund movements|**876**<br>**1,824**<br>**(2,033)**<br>**667**|
|**Total**|**876**<br>**1,824**<br>**(2,033)**<br>**667**|
|||
||**Balance as at 1**<br>**January 2024**<br>**Income**<br>**Expenditure**<br>**Funds carried**<br>**forward at 31**<br>**December 2024**<br>**£'000**<br>**£'000**<br>**£'000**<br>**£'000**|
|Analysis of fund movements|1,090<br>1,698<br>(1,912)<br>876|
|**Total**|1,090<br>1,698<br>(1,912)<br>876|





**34** Rothesay Foundation Trustees' Report and Financial Statements 2025 

## Notes to the financial statements **continued** 

## **Note E – Other notes** 

## _**E.1 Financial commitments and contingencies**_ 

During 2025 the Charity has committed to pay a further £0.1m to Age UK in relation to the benefit checks programme in addition to the commitment held at end of 2024. The charity has also committed a further £0.1m to the East End Community Foundation. At the prior balance sheet date, the Charity had committed to pay £2m to Age UK in relation to the benefit checks programme. 

||**2025**|**2024**|
|---|---|---|
||**£'000**|**£'000**|
|Not later than one year|**895**|1,750|
|Later than one year and no later than five years|**50**|230|
|Later than fiveyears|**—**|—|
|**Total other commitments**|**945**|1,980|



## **Related party transactions** 

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. There were no expenses paid to the Trustees in the year. 

The Charity considers its key management personnel comprise the Trustees. All employment benefits are incurred by another Group company. During the year ended 31 December 2025 there were no transactions between Rothesay Pensions Management Limited and key management personnel in relation to services provided to the Charity. 

Since the Trustees do not receive any remuneration or employment benefits there are no related party transactions to disclose in relation to the Trustees. 

All amounts received or paid from the Rothesay Group during the year and the balance owed at year end are disclosed in notes B1, B3 to B5 and C2. 




**Rothesay Foundation** The Post Building 100 Museum Street London WC1A 1PB www.rothesay.com T: 020 7770 5300