Charlty rog18•Th numb¢r1192886 THE ROSELINE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE ROSELINE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Mr P J Cronin Mrs AJ Cronin Mr Michael Moran G M Purvis Susanng K8nngJy Mr Mi¢hag1 Cronin Mr Robert Cronin Mr James CronSn Sophie Cionin harfty numb•r 1192886 Regl•teretl ¥)ffiG• F8mworKI Hou88 F8mwood Road Jesmond Newcasle upon Tyne United ngdoM 1TJ Audlt•r Mitthells Grfevson Ltd 3 Kensington House Bishop AuckL4nd Co Duham DL14 6HX BankersAnv••lment manao•r* Bardèys Bank pk 1 Churthill Place Canary Wharf E14 5HP
THE ROSELINE FOUNDATION CONTENTS Pag• TnJstees' report stptsmgnl of trustge$' responsbilitKgS Ind•perKtgnl auditorfs rep¢xt ststement offinanryal aCtits5 Balance sheét Strtert ofcash lknys 10 Notes to th8 financial ststements 11- 19
THE ROSELINE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustoas pr8sanl their annual reportand Iln8nclal ststements lor1he ar ondad 31 D¢¢mbor 2023. Th? firArrial slaternents hav• boarh pr8par£d in accc¥dancg bmth thg a¢untIng p10& S&t out In nots 1 to th finanaal statèm•nt$ and wrnply wilh the charity's govetning document, tha Charfb'8sA¢t 2011 and"Accounb"ng and Reporting by Charitres.. Statement ol Recommended PraCh applICatt to tharitie5 preparing their accounts in accordan wiu) lh• Financial R8POrting Standwd applicable in the UK and ROpU1¢ ol Iral8nd IFRS 1021" 18lfactiVo 1 January 20191. Obj8Ctiv8s and actlvltl The objects of the chaty are to advance such charitaN¢ pu0$e$ lac£ording to thè law of England and Walesl fc the publr bon•fft ni the North East of EngLHnd and els8wh8r8, by providing grants, to r8gl$tered charftles andlc Othgr Organal.0n$. trustee$ have paid thJ# regard to guid?th i5suBd by the Charity Commi$5ion in dedding what a¢tivlti8s th8 charity shoukj undertake. Introduclk>n to a¢tlvlti•¥ Tris 15 th9 third Feriod ol oporation ol the tharity following our establlshmgnl as a CIO in December 2020. T amb"on ol thè Charity 1$ to establish rts•W as a grant ging charity will support othor charili86 in thgir work overthe longertemi. The investrnent markets SaIld d¢Mn somevthat during 2023 and the trustee$ made the daasion to move £77m out of elsh and into 8 mi%ed of investmants managed by prof6ssional investrThent rnanagers, Bardays Waallh and UBS. continued to olfer grant support to mainly local charities in the Sundedand Area and have spant the year buikling a relationship with many charitai48 Cryanisa"ons. visits.ng th8 chariti8S to 890 tholr work and what Support ¢ould offsr Ihem. We continugd our suppc¥t to Several charil.es Ihat w8 have supported prevlously as wal a$ $upporting $ome chartiès for the first time. Donalksns and grants paid out included various grants to the Greggs Foundation to support breakfast clubs for thildn in depriv8d ar8a$ surrounding Sundertand. and other 9r2nts to Lovè Arnelk8. Bryht Fure$ NE, the Sundedand Wtogelher Consorts'um. Sundemand HeadlwJht, Community and Neighbouriv CaTe for Everyone, SundertaThl Mind. Washington Mind to name but a few. a150 made a donation to th8 Disastsrs Em9rggn¢y Commrtted fofthèirTurkey Earthquak¢ App1.. also paid an •jdnal £200,000 to Th• Found8tion of Light, the third Inst8lm8nt of our four year ndIng reetn8ntwith thgm. Gr•nt maklno p4ll¢y Thg Foundation accepts apIrOn$ from organisations workin9 in the aaS of WeFfare. Youth, Community. Arts, Faith. EnvironmenL Education, Health and Museurn5 & Herilag9. marily fr£us our grants on organisations who are basgd or op8rat8 in Sunderfand and Ihe surrounding Norfh East of England, although grants fvDm ej50Wre ar8 occasionally mado. support UK registered Chariti'ès, régistered edsjcats.onal and rnlvJipu$ ch8rities that are ex8mPt under the Chanty Commissbn Guiddines museums and gallertes. U•0 of voknitstY8 The Charity has no staff and is wholly operated by 9 trust88s voluntser their timo to h8lp 8¥sg$B and monthr grant giving.
THE ROSELINE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlovem•nt8 and pgrfomian¢g Flnanclal revlew Inwme from our iNestsnents induding bank depo#tb increased from £1,097,2 to £1,605,897 as we benefthd from hbyher iTht8r85t rates and th8 inveslment incomo frcrfn our portfotios with Balay$ aNh an(1 UBS. Investment managemefit lees amounted tts £253k and we paNJ out grBnt5 of £737k. Other than the payment for our audit fee and on8 Other small cost we ha(1 no txhgr opgraling costs, with trusto0s gmng the¢r ts.mg fr¢ety to mana9• the charity. Thè Invastrnants wo made incTr8sgd by £7.8m 88 th? market recovered. Overall we rDade a surrAus ol £8.4rn for the yw. Ro#•rvas poIIcy The Cfonty one off donation$ of £88.3m sfter ts fr¢rmation. The trustees de¢ided to invest the donab.ons tgc8ived to produce an annual Income to allow the tharjty to pay out grants mainty in 1he Sunr18rtaThJ and surrounding area. However there no poliw to ietain the ¢ore capital arising from thè donab"ons, larger donatlons 11 b8 m on a casa by ea$9 bg9i¥. The reserye$ polscy is to rtain enough fvnds to enabl8 tr charity to mak¢ donations for at least the ne 10 years. Our invesbnent polcy is to inv8St our fvnd$ in a mvKed portfol of equrties and intsrest inv6stsn8nts, onsurir5g thatthg invostmonts are made in an elhical way. Our inv88knsnts are profes&onlY mantyed by Bardays Vveatth and UBS who reguiarfy adw$e the twslees on their invèstment strategy. PlM for fulurn pgrlods Our plans for 2024 include increasing the nuTTth>or of donations that w pay out to charit9 in the Sunderfand araa. W& haw been eyploring with gth¢r charibes and Sunderland University ways ol increasing a¢hvement in local schc¢)J8 and in 2024 we have fun¢Jad a pmje(X to ewore supporting edutAtion fijrther. Wo have so lar been ablg to ramp up our grants and commthènts in 2024 to in exrhss of £4 millioTh. Historically Sunderl8nd and Surrounding araas ha had a lower number of active char"&$ Ihan parts of th8 country, and so som8 gf our grant furrfliNJ will be usad to oxpand th¢ work ol cb8rft48s in Sundertand and surrounding areas. Structuret govern¢¥ and man•gement Thè charty 1$ a tharitable Inc0DIated o(ganisation {CIOI, forned by the adopts.on of rts tonstthb)n on 21 December 2020. The trustsé$ who $¢ryed duri the y8ar and up to Ihg date ofsignabjre ofthe financrdl statements were.. Mr P J Cronin Mrs AJ Cronin Mr Mithaol Moran G M Purvis Susanne Kenn8dy Mr Mithael Cronin Mr Robèrt Cronin Mr Jamès Cronin Sophie Cron The lowding tru51ee5 all appointed on iwxirporalion of the charity a5 8 CIO on 21 tlecember 2020. All thè founding trustess were pypointed for fixed initial t8rms to Staggeithe dat•S Df thèir rètirement. New trustees arn 0cted by rewlution at a meeln9 01 Ihe tsust888 for a perioj ofthree years. In 8gbrAiTrJ iThJividuals for &PPDintrn&nt 88 charity trustees. the d)awity tDJ5tees have regard to t $kills. KTh)hvled90 a)d eyF•ri8nce n88d8d for th• effectivo adrnlni$tration of the CIO.
THE ROSELINE FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 The chanty ha$ a $lrnplg $tsu¢bJr8 wilh a chaKrnan dectgd by th• board of truste88. Thom am no staff employed by the chanty. Do¢i$ions ol tho trustsos arg mad9 at trusts8 m88tirrtJ5 which ar¥ h•j onf* a quart8r. Deusion5 are made by maiority vote. Sfjnc8 the ¢harty was lnctYpora thèro have not been any new trustgas appointed. Howgver the pohcy w• have have is that new twstees are prowded with a brief history of the Foundab"on, a ct¥)y of thg nStitUtul0n, copy minutas. r8POrt an¢J accounts for the previous triree years tO9&th?r with a copy of th8 Charity Ccmmk%slon's Th Es$6niial Tru$t8&'. Vvhatyou Need to Know. None ollhe trustees receive reffluneration and we have no stsff. Th8 Iruste8s' r8POrtYrfa5 approved by th8 Board ofTru5t885. Mr Mithael MoTan 29 Odober2024
THE ROSELINE FOUNDATION STATEMENT OF TRUSTEES, RESPoNSIBILlEs FOR THE YEAR ENDED 31 DECEMBER 2023 The truslges are responsibb for preparing th8 Trust•as' Report and the financial Statements in ace0rdan wih pli¢8ble law United Kingdom Awwnling Standards (Unitsd Kingdom Gènèrally Acwt4d A¢counting Pr8Cticel. Th• law 4)plICab to charitss in England IhWe$ rgquiro$ thè Irustses to preparg finanrial stst8ments for oath finantAal year whth a tru8 fair w8w of the state ol affairs of the charlty of tha inc4)mlng resources and plcation of resourc85 of the charity forthat year. In pwaring these financial statsments. thg tlustoos are required to.. - S8bct suitabl8 accounting pol$ and thèn 8ppty thom consisiontty.. . observe the melhods and principles in the Charibès SORP", - makeiudgem8nts and 8sb"mates that are 8$onaa an(1 prud8nl', - stot• ether zpplicable accouThtir$ Standards have been followed, subject to any materid dgparbJr85 di5dos8d and oyplaingd tn tho {anal statomonts., and . prepare the financkql statements on the going concem basis unless ft Ss inappropriate to presume that the charity wlll tonb.nuè in ¢)perats"on. The trustees arè respcnsibl& for ke6n9 sufficient accounting records that diselose with reasonab accuracy at any lkne thè financaal posrtion of thè Ghanty and enab them to ertsure that the finanoal statements comply wilh the Charits Acl 2011. Ihe Charlty IA(£ounts aTrJ Reportsl Regul8tion8 20Q8 and th8 Provislons of the trust deed. Th8y are also reSpolb18 for safeguarding the as56ts of the charity and hence for taking rtasonable Steps lor the Fw•vontion aNI dètèction of frJd and othèr Irr•gularit*s.
THE ROSELINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROSELINE FOUNDATION Opinion have audited the fin8nei81 statements of The RDseline Foundation (the 'charity'l fDr the yèar èrKlÈd 31 December 2023 thich coffjprise th8 Sta18m8nt of finanrial altI9$. the blance $h¢ot, thg $tatomgnt ol cash llows and notss to the financial ststoments. induding significant accounting policies. The financial reporting fr8mework that has bèen applied in their preparation is applbI& law and Untted Kingd¢m AccDunbry Standards, indudirsg Finanual RepDrting Stsndard 102 The Fin8nci81 RoportirNJ StaJJd•rd applicablg in the UK and Ropubllc of Iraland (Untted kn'ngdom GenerallyAttep Atrounting Practic81. In our opinn, the financial stst8m8nts'. give a trug and fair wew of the $tste of the chanty's aaIrS as at 31 D•c•rnbor 2023 aTrJ of it5 incomiTr3 resour¢%s and applitation of resources, for th8 year thgn endgd,. have been properfy prepamd in accordanc8 With United Kingdom GerlY Ac¢8pt8<1 Ac¢ounlng Prbe•", and have b8gn Prepar in accordant4 Ihe requirernent5 of th? Charitie$ Act 2011. 8a•l• for oplnlon Wa conducted our audit in accord8nc8 with Int81fi8tK)nal Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitres und8r those standards are further described in the Auditorfs r&sponsitsl#J"&s f¢Ylhe audit of Ihe fvnanual staf•m8nt5 S8Ction of our rgporL We are independent of the charity in aOrdanc0 wrth ihe ethical requir¢ments that are rekvant to our audit of th8 finan¢ial statements in the UK. inehjding the FRC'S EthKal standard, and wo have fvlfilkd our otherelhtsl responsibilities in accordance 1th these requirem•nts. Wa bolieve Ihat tha audrtèVKl8nce we hav8 obtrln•d 1$ suffid8nt approp81• to pr¢vide a basis for our opinion. Conclusion¥ rating to golno ¢on¢ern In auditing the financial statements, we have conc4ud¢d that thg trustee6' use of Ihe going COnM basis of actounts.fig in the preparation of the financial statèmants apprcpriate. Based thg 0rf( we have pertormed. we hav8 not identified any material uneertaintie5 relaling lo events or Cond"0n$ that, indmdually or cxJllects"vely, may cast slgnificant doubt on the charlty'$ abilty kn continu8 a5 a goir#J cOnM for a period of at18a5t ttvelve months from whet) the financi815tatem8nts are authorised for issue. Our re£pons>ikties and the responsibl1rts of tho tru5te88 bith respect to 90ing conc8m ar8 described in thg vant Sections of this report. Oih¢r inforrnation Th8 0th8r infomation n)rISeS the information indUdl in the annual report othor than thÈ financial statements and our audito¢8 report thereon. The trustee5 are twionsibl8 for Ihg other infomiation caatained within the annual porL Our opinion on th8 finanal statements does not Ver the Olher inforrnation and we do not exp$5 any fot of assurarKe Conclusion thereon. Our responsitslity to read the othar infomiation aThJ. in doing so, tt)n$itl&r whether the other infomiab.on is materially inconsistont wrth the financial Statements cr our knOedge oblaird in the Cou9 of th8 audbt, or othawse appears to be mateNally misstated. If wg i¢Jgnkn"fy such material ineons15tena88 or apparènt mat&risl rnisst8tsm8nts, we are requSred to %Jetem)kne wh•ther this gives rise to a rn#terial rnisstatemant in the financial statwents th8mselves. If, based on the work we have p8rf0rn8d, we nrAUde that there Is a material misstaternent of this othei InformatiorK wg requrgd to reportthat fact We have nothing to report n this regard. Matt•ts on whlch wo ar• r8qulr8d to report by eXc•p0 W& ha nothing to report in resp8d ol the lellowing rnatters in relation to whl¢h thè Charitiès Ik¢ouTrts and Reportsl R8gulations 2008 requir8 IJS to report to you il. in our opinion-. the infom)ation givgn in tho finanoal statsments Is inc£51$t•nI in any material resrect wth the trLBtse$' reporL or suffident aUnj records have not been kept.. or the finanoal statements afa not in agreement with the accounting record5,' tsr we have nol rotsivèd all Ihe infornabon and explanab.ons Mquir¢ for our audit.
THE ROSELINE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROSELINE FOUNDATION Rè•pon$ll¥llllI of tru8tws As 8Xained more fully in th8 ststgment ol tru$tee$' responsibile$. thè InJst88s are r8sportsible lor Ihe prepa{a0Th of tho finGla1 statgtngnts and for being sat'sfied that they giv8 a tru8 arml fair view, and for such int8tnal control as the trustees delermine is necessary tts enablè the prep8ratK)n ol financial statements that are fe from material misststement, whether due to fra1 or 8rror_ In preparing the financlal staternents, the trustees are responsible for assessing Ihe charity's ability to continu8 as a goiry concem, disc1051ng, a5 4iplicabl8, rn8tters r8lateil to going concern u$in9 the going concem basis ol acLounting unss the tnjstees either inteNI to se operations. or hav8 no realistic aMemats've bui to do so. Auditorfs re¥polbllrtl¢ forlhe audlt of the Ilnan¢lAI statements We have been appDinted as audrtor under sedion 144 of the ChtS Ad 2011 and report in accordanee th the Aet and relevant regulation5 made or havin9 effect thereunder. Our D'eCtiveS are to obkn'n reasonable assuran about whether the financlal ststements a¥ # whole are free frorn material misstatement, whathar to fraud or error, an4Y lo issue an audito¢s report that indud&s our opinion. Reasonab assurance 1$ 3 high levol of assurance but 1$ not a guarantee that an audit ¢ondu¢ted in aordanc wtth ISAS IUKI will afv4ays detect a material misstatement bvhen it exists. Misstatements can arise from fraud or error and a considered material if, individualty or in the aggr8gat8. they could reas¢nably be •¥poctod to Milluèn¢• Ihe econornicirisions ol u$8rs taken on thè basis of th8$e finan¢i81 $tOtemgnts. The extsnt to whieh ¢)ur w¢eeilurts ar& capaNa ol detectin9 irre9ularib&s, including fraud, 1$ d•tail•d to1. The rfsk ol matsrial rni58tat8m8nt due to grror or traud is deemed to be l¢)w wlthin Ihe erttty as th? charity operats Strong intsrnal ¢ontrols to mgate any such nsk. These conlrds are reviewed as part of the audit by porforming systèms walkthroughs to ensure they are UPErabng effectivety. Other substantive testing 1$ als0 performed on all material balancts and therefore any tnstanc8s of non4ompliance should be SdentSfied or eonsidered as insignificanl Manual journal ¥ntrie8 are scrub"nised by data anbtyb'cs sofN¥are u*d as part of lh$ audit A frjrther de$¢rip¢lon of our r8sponslbilitios 1$ availab18 on th8 FinancAal Repting Council's webglte at htlps.'Il www.froorg.ukjauditorsrgsponsibilth.es. This descripts.on forms part of our auditorf8 reporL O¢h•r mattors Your attenbon is dra to the fact thal the charity has wepared finanual statetn8nts in 8rdanC with'Aw)unt'no and Reporting by Charitie5'. Statemant of RKommended Practt"ce applicable to charitie$ preparing their accounts in fdan wth the FinancAal Rsporting Standard applicable in the UK and Republic of Ireland IFRS 1021. la$ am8ndedl in prefen to Accounting and Reporting by Charitioj.. Slatsm¥nt of Re¢ommeThJed Pr8etie8 kwsued on 1 April 2005 whith 1$ refgrred to in the èxtant gulA.0ns but has now been bwthdr8wn. This has I? done kn order for financial stat¢monts to provKI8 a truo fair eW in aec4rdancs vlith currant Gen8raItyACceptsdAntlng Prath..
THE ROSELINE FOUNDATION INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE ROSEUNE FOUNDATION Us• of our roport report is rnade solely to the ¢harity$ trustee5, as a body, in accordan part 4 of tho Chatitiés (Accounts and ReFrf)rtsl Règulati¢)ns 2008. Our audit work has been uNJertaken so thatwe might stato to the charity's trustee¥ those matters are qUired lo slate to them in an audito¢8 report an4 for atr purpose. To the fvI5t extent p8rmitied by law, we do not accept or assum8 responsibility to anyon8 0th8r than th8 chaFity and the Charity's trustees as a btsly. for audit work, lorthis report, or forthe opinions we have fomied. (Y]',knknJJJ &tos- LkJ 29 October 2024 Mit¢he115 Grieyson Ltd. ¢hart•rod A¢¢ount•nts Statutory Audittir Kensington Hou89 Bishop Aud(larMI DL14 6HX is ibl& for appointment 8¥ 8(vJitor of the Ch by virtue of its e1vJiIrtY for appointsment as audrtorol a comwy under secb'on 1212 of Ihe Cornpanies Act 26.
THE ROSELINE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 UnrwJtricknd Ilnrestiicted fund# fund* 2023 2022 Incom• frorn: Donations and legaoes Investments 74,295,837 1,097,250 1.605,587 Totsl In¢¢mo 1.605.587 75.393,087 Exp•ndituro on: Raising fuThJ5 Charrtab 252,892 741,084 51,137 269,940 Totsl 9Xnltur0 993,976 321,OTT Net gain110&eI on investments 10 7,794,254 11,52S,8711 Net Iorne and rn¢wemont In fund8 8,405,885 73.546.139 R•conclllafjon of fvDd$: Fund balances ai 1 January 2023 8S,2Sg,784 11.713,645 Fund balances at 31 Dgc•mbgr 2023 93,665,649 85.259.784 The statemenl of financial aclivities indudes all gaSn5 and105585 recognis8d in the year. All irlcome aTrJ oxpenditur• derive trL¥n conl'nuing ?ctivibgs.
THE ROSELINE FOUNDATION BALANCE SHEET ASAT 31 DECEAIBER 2023 2023 2022 Not•B Flxed a•ts Invegtr))ents 12 90,098,035 10,045.069 Cuvr•nt ass•ts a¥h at b8nK and in hand 3,870.614 75.e62,922 Credltors.. amounts falllng duo withirt one year 13 1303,0001 1448,2071 N•t ¢urr•nt assets 3.587.614 75.214,715 Total a8sets108• ¢urr•nt Ilabllltlèè 93.665.649 85.259.784 Th• fundi oltho ¢TIty Unrestricted funds 14 93,665,649 85.259.7B4 93,665.fj49 85,259,784 Th8 finanaal ststeMts were appwved by lh• trust8•s on 29 Ociobgr2024 Mr Michael Moran
THE ROSELINE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Not•s Cash IIow8 from operalng acllvlUe$ C8sh (absorbed byllgenerated from operations 16 {1,139.1831 73,810,792 Inv•sng a¢VI$ Purchase of investrn)ts Proc88ds from disposal of inveskn•nts Invesknent income red 177.248,2131 4,989,501 1.605,587 11,935,6981 1,890,157 1.097.250 Not ¢a$h Iusvd invgonerated from inv•stlng a¢tlvlll¢s (70,653,125) 1,051,709 Net ¢•sh us•d in ffinancing activitle Net Idecrea8elllner0 In co8h and ca•h equh4lEnts 171,792,308) 74,862,501 Cash aj cash equiv*nts at beginning ol ye 75,662,922 800,421 Cash and cxh equivalents at •nd Df year 3,870,614 75.682.922 10-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2023 A¢counling pollcl8S Charity information The Roselin8 Foundation is a charit> Incorporat•l Organisation registered with thg ChantsCOmMISsiOn for Eng18nd and lthle5. 1.1 A¢¢ouniing Cortvontlon The finan81 statemgnts have bogn pr¢pargd in a¢£oaKe wth the ¢hariV$ 9ovemin9 dovJmgnt, thg Cha¢itios Act 2011. FRS 102"The Financial Reporbng Standard 8ppIic8ble in the UK and Republic of Ireland. I"FRS 102.1 and the Charik$ SORP 'Accounting and Reporting by Charit185" Stat8rneat of Rgcomm8nded P¥actice aPIcable to charits"8s preparing their ac¢ounts in accordance wth th¢ Financial Reports"n9 StsN1ard appli¢able in tho UK and Republic of Ireland IFRS 1021" leffedive 1 January 20191. The ¢h8rity is a Public B•nèfft Entity a$ defined by FRS 102. Th¢ fjnancHI statements havè dèparted frorn th8 Charthes IArLounts and Reports) Regulabons 2008 only to th• Èxtènt réqui to prowide a tnje and labr view. Thi$ dsp8rtum ha5 involved followng the Statement of Recullmended Praclice for chariti¢$ appJyin9 FRS 102 rath•r than the v?ision ol thè Staternent of R8camm•ndgd Pracc4 which Is Mfarr•d 10 in ttr R8gulation$ but which has $inc6 been tyT6). The financial statements ara prepared in sterfing, whi¢h is the functional curr•ry of tkw charity. N•)n8tary amounts in th9se financial statomants atg rounded to th8 rare51 £. The finan¢k81 st8tsment$ have been prepared under the historical Cost convent#)n, mlifi$d to indudé thè revaluation of fixed ass&t invests))ents Ilistsd inv•stmantsi and certain financial instrument$ at fair trae]. Thè principal aGCOWting poli¢ie$ adopte¢J are set out below. 1.2 Golny concom At the time of approving Ihe finanrAal stat•m•nts, th8 tru5te&s hav8 a reasonablg oxpectalbn that the chanty ha$ adequato r•sourcas t¢ ntinue in operational exlsteTh¢o lor the for958eablg future. Thus the trustees ontinye to adopt the going concern basi5 of a¢counb'ng in preparing the finaneAal statement$. 1.3 ChArtiabl¢ fun¢J• Unrestrided funds ar• avallablo for uso at thg disuetion ol the ttea$ In futher8nL¥ of their charitable Restricted fund5 are $ubJ"e¢t to speTrfic condthon5 by donors cf grantors as to how they may be used. Th purposes and use¥ of the r8StriGted funds are set out in the notes to thè finanal statern End¢)wmeni fvrs are to 5wfic condition$ by donors that the caprtal must bè mairtained by th8 tharty. 1A In¢omo In¢otne is iecogni58d wh8n tharity is kgally entilled to it after any performanc8 nd[.On$ have been met the amounts ¢an be measured reliably, and r( is probab18 that in¢ome will be received. Cash donations a recognised i)n re¢elpL Other donations ar8 regnIsed once the d)arity has been nolbfiad of the donafjon. unlass perforrnance ¢ondJts"ons requi defe81 of the amount. Income ts)r re¢oveTabk In rd8bon to dorotK)ns receNed undèr GifÉAid or deeds of rA>venJnt 1$ e0niSed atth8time of thg donation. Lagaci8s are recogni5¢ol on rac4ipt or Othe[se rf charity has begn notified of an mponding dlstiibubon, the amouTht ts known, and receipt is expeded. 11 th8 amount is rt known. the te9acy is Irfrated a5 8 Conngent asset 11
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounllng poll¢le• IContlnued} 1.6 Expendltur• Expenditure 16 recognised onco the is 8 legal c constnJ¢tive obligation to transf¢r oconomi¢ t4nafit to a thir¢J party, it 15 probats that a transfer of 8conomic b8n8fitS 1711 be reqUId in settnt, and the amount of tha oblvJath"on tan b• mèasurèd tdisbly. Expgnditurg is classified by a¢ity. The costs ol each activity aro made up of Ihg total of direct eosts and shared costs, including 5UPPOrt costs invow in undertaking each activity. Direct Costs attribLrtable to a singl• activity are b11cted ditecJy to that actpity. Shared costs which contributg to thav one actNity and support cost$ which are not attributsble to a single a(aiwty are apporb.oned beeen those actsvities on a basis consi5t8nt with th8 use of resources. Central staff costs are allocated on the basis of time spent, and ¢#8preaatK)n ch&rg0s ara K)Cated on th8 portion of lh8 as88fs u88. Commltments to pay urants Grants payaN8 to b8n8ficiari85 of Ihg charity arg rocyjgnised when an offer has l)eon made to tho third parw of financial $port. ere a Mu. year grant is offered to a third paty the whole grant is recogni8ed a cost up front and any unpaid ebmfjnt at th• y•ar en¢J is r8(J)gnisfd as a liabilrty Iwthin creditors. 1.6 Flxed aJ#et inve#trnents Fixed asset investrnents ar8 initially m888urgd at transaction price exduding traa¢t costs. and are subsequently measured at fair value at each tsporting dal8. The fair value used is the m8rket Val obt8ined a r8ccgni5ed sto¢k exchange or markeL Any inv6sbn8nts htsld in ccleS oih&r than GBP r8valued at tho dosing market excnag8 ra18. Chang8s in fwr value are r8¢ognised In net incom6llexpeThJrturel loi th8 year. Tr8nsadion o)$ts a expensed gs incurrad. 1.7 Cash and cash equlvalgnts Cash and cash equivabnts indude Cash in hand, dep)5its hekl 8t call banks, other $hort-t¢mi liquid V8slment8 wlth original maturjtss ol three months or less, and bank ov8rdrafts. Bank overdr?ft¥ arg shown wthin bortEwng5 in cufTBnt liabilth'es. Ba$lc flftanclal ass•ts Bas fmancial assets. whKh include debtors an¢J Cash and bank balances, are iNtialty measured at tran$aL'on pricè including transaction costs and are subsequenly carried at amorti88d cost using th8 effective Inte$t method unSS the arrangement constitutes a fancIng transaction, where the transaction is m8asur8d at the pro$&nt valu8 of thè futurè rèc8ipt5 discounted al a rnathet rats of interesL Financkal as8ets tlassified as rec¢ivablg thin one year a not amortL%ed. 8aslc Hnanclal IlablllN¢s Basi¢ finaft¢ral labilities. in¢lL¥Jing creditors and deferred grant P8yments are recogniBed at transactbn prlce. de not di$wunl grant paymeNS recognL%ed as a liability but d8f8rred lo futur8 P8r#Jd$. Der8¢agnftlon of flnan¢l•l liknlitl•s Finanaal liabilit are dereeognised when th8 charitys contraclual obligations expl or aro f"schargèd or csncelled. 1.8 Employ00 b¢nèfits The charity does not hav• 8ny am0yt&S and COrtsequy has no employment costs. 1.9 Foreign oxchangg Transaetions in currenaes other than pound5 5terliThJ arF recorded at tl ratgs ol oxchange prevn9 at tha dates of the tr8nsaction5. At 8ach reportw end date. monptsry a55ets 8nd liabiliti&s that are denominated in forgvjn cuir8ncies a retranslated at the rates pravailing or Ihe reporb.ng end dat•. Gains and losses arY6ing on transla*'on in the pÈriiKI a indud8d in profftor bs 12-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ineom• from donatlon* #nd bpacl•• Unmtrl¢trd Unr•8trkt•d lund8 lund• 2023 2022 Donats"on$ and gifts 74,295,837 In¢om• from Sbwe8tsnents UNmtri¢t•d lknr•strf¢t•d funds funds 2023 2022 Inrn• Ir¢m listéd Inv•slm8nts Olhef incL¥ll8 Interest re1V8b 425.199 87.491 1.W2.897 83,343 10,959 1.002.948 1,805.587 1,097,250 13-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rahlng Unrutri¢tsd Unre¥trithd funds funds 2023 2022 Inv¢6tment management costs 252,892 51.137 252.892 51.137 Expendlture on ehirltabl• aetivitioa Go¥omanco Gov8rMnce costs eost• 2023 2022 DIt ¢osts Sundry op?rating costs 281 Grant funding of acwtlos16ee noto 61 736,803 266,475 share of •upportnd gov•rnanc• costs Iseo note 71 Governanc• 4,000 3,465 741.084 269,940 Anoty8i¥s by lund Unr•$th"ded funds 741.084 269,940 14-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Grants payabl• Govemancè Govemance ¢o$ts Costs 2023 2022 Granis to institutions.. Disasters EMernCY Cc¥nmitt Gwgs FJn8tion S88farèrs Mi8sion Sunderfand Chow Sund¢rlandAltc¢J¢thor cons"uM Sundgrtand Soup Kitch6n Noras North Pole Love Arnelia Baby Bank OaslsAquil¥ Housing Association Sunderland Mind Washington Min(1 North East D8men'a Carè Bright Futures North East Sundertand YMCA Other 200,000 29,775 200,(QO 49,475 12.0001 111.365 5.000 22,000 20,000 21.200 20,000 20,000 20,000 21,050 248,393 3.000 736.803 266,475 Support ¢wts 8lk>catgd to a¢lfvltles 2023 2022 Audit fees 4,WO 3,465 Anatysèd lJ•twèen.' Govemanr£ costs 4.000 3,465 Net mov•m•nt In fund8 2023 2022 Tho t movement in funds is stated after chargiThJll(xgdts'ngl.' Fees payable IDrlhe audit of Ihe charity's finAnu81 slatEm8nta 8,000 3,465 Tru•te Tru¥t80 r•muneratton •nd •xp•n None ol the Irustee5 (gr any [SOn$ connocte(I wlh th?ml re¢esved any remn6ra.0n or banèffts Imm th* charity duiing thè year. 15-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2023 10 Galns and lo$$e• on Investments Unre•trl¢ted Unre•trS¢ted funds fund# 2023 2022 Gal/{1058s> ari$ng On.. Revaluation of invesknents 7,794,254 11,525,871) 11 Taxatlon Tho ¢ha¢ity is exempt frcffi taxab.on on it8 acbw•s t¢auBg 811 its in¢om+1$ appld for ¢h&nlabJo purp¢se& 16-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Flx•d a•••t Inv•sknents Llstsd Envlm0nts Cash In porwollo Totsl ¢t or valuatoon At 1 January 2023 Additions Valuation changes Di$pos81s 9,798,884 77,248,213 7.794,254 15.432,5521 246,185 443,051 10.045.069 77,691,264 7,794.254 {5.432.5521 At 31 De(ber2023 89.408,799 689,236 9),098,035 Carrying amount At 31 December 2023 89,408,799 689,2 90,098,035 At 31 DgcornLr 2022 9,798.884 246.185 10.045.Cffj9 2023 2022 Inveshent$ at frair value cornpri5O'. Cash 8r%l short maturrty bond Doveloped gowmmènt btsnd$ Invastsmwt grada bonds Develod markel equiles Emeryirvj marketequitfvs Commot*t9 Real estate Atsrnative trading strategias HvJh Ysgkl and ErrgIng Mathet BorpJs 2,533,629 3.151,6fj7 4,120,686 70.339,689 4,850,837 1.447.088 1.685,312 302,123 1,467,004 459.708 328,386 329.238 6,392.928 1.344.131 309.784 391.051 228.844 261.019 90.098,035 10,045,069 2023 2022 Listed investrn8ni8 CArryino amount 90.098.025 10.045.069 Flxed •s$et Investm•nts r•v#lued Fe asset investments, which represant investment$ hekl in an mixed inveslment portfc4ic are rnvaluad at each period eThJ In accordanco wtth our accounting policy. 17
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Credliord: amounts falllng duo vAthln ono yr 2023 2022 Other creditors Arxwals deferred inryjrne 30,442 417.785 303,CDJ 303,C 448,207 A¢¢ruals and delerred inccfna indud¢s £200,000 ol grants ¢LYnmrtted and payable to beneficia¥ in futtjre accountiThJ periods. 14 Unreotrl¢ted fund• The unre$tri¢tod fvnd5 ofthe tharity cornpri58 the un8xpanded bolan¢e$ ol donal'on$ and grants which are not subjectto SPg¢ifi¢ conditions by donors grantors as to how they May be used. These indude desfvjnated frJr>ls which hav8 b88n set aside out of uNe$tri¢bY funds by the tnJstees for spocffic purposas. At 1 January 2023 In¢omlng Y•80y¢S Resource •xp•nd•d Gains and At31 lo•8 Dotsmbèr 2023 Gen8ral fvnd8 85259,784 1,605.587 1993.9761 7.794.254 93.865.649 Prevlous year. At 1 January 2022 Incomlng r•sourco8 Resour¢s oxpendod Galn$ and loss At31 Do¢•mbor 2022 General fund8 11,713,645 75.393,087 1321.0771 11,52S.8711 85,259,784 15 R•knt•d party transa¢flon• Thgre wgr8 no roktèd patty transaetsons in thè year. In 2022 thg charity re(ivgd a donaton of £74.3m from Tornbola Limited. At the tsme of Ihe donalion Tombola ffid was controlkd by 2 members of the board of tru$tses. 18-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2023 16 Cash ernIed Irom operatlon$ 2023 2022 Surplus for the year 8,405.865 73,546.139 Adjusb))ents for.. Investtnent incom8 recogrbi58d in statsm8nt of finawal Falr value g8in$ and losses on investments 11,605,587) 11,097,250) 17.794.254) 1.525.871 Movements in w01r9 capttal.. IDe(&a8el in creditcrfs 1145.2071 1183.9681 ¢4•h lah4rb•d byyg•norat•d from opgrntions 11,139.1831 73.810.792 17 Analy•l• of ¢hangè In not fund8 Tho charity had no matsrial dgbt during the year. 19-