Charlty rgglstralion numbor 1192888 IEngland and Wales) THE ROSELINE FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROSELINE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr P J Cronin Mrs AJ Cronin Mr Michael M¢yan G M Purvis Susanne Kennedy Mr Michad Cronin Mr RACronin Mr James Cronin Sophi¢ Cronin Charlty numbgr 1192886 Registered office Fernwood House Femwood Rold Jesmond Newcastle upon Tyne Unite¢J Kt"ngdom NE2 1TJ Auditor Milehells Gilevson Ltd 3 Kensington House Bishop Auckland Co Duham DL146HX Bankelsllnvestment manage¥s Barclay$ Bank plc 1 Churchill Place Canary Wharf London E14 5HP
THE ROSELINE FOUNDATION CONTENTS Pago Trustees, report IndepWenl auditorf8 report Statement of financial 8ctivitie8 Balancè shaal Statement of cash flows Notes lo the ftnancial statements 10-16
THE ROSELINE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thé trustees present their annual repclrt and financial ststements for the year ended 31 December 2024. The financial statements have been prepared in accordan¢o wrtm the accounting policies sel QLrt in note 1 to the financial stslemenls and mplY wllh the ¢harty's governing document, the Charities Act 2011 and "Accounling and Reporting by Charities.. Statement of Recommended Practice applicle to charities preparing their accounts in accordance with the Finan¢tal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102)" leffects.ve 1 January 2019). Obj•ctSvo$ and actfvitles The objects of the chaty are lo advance suth charitable purpose$ (according to the law of Er4Jland and Wales) for the public benefit in the North East of England and elsewhere, by providing grants, lo registered charities andlor olhor organisations. The trustees have paid due rggard lo guidancè Issued by the Charity Commission in deciding what aclNilie5 the arity should undertake. Introductlon to a¢tlviti8S This is the fourth period of operation of the charity following our establishment as a CIO in December 2020. The ambition of the charity is lo e$tsbJi$h E*self as a grant giving chanty which will support other charities in their work over the longer temi. The investment markets performed well during 2024 in tho areas our investments are held. a mixed of investments managed by professional investment managers, Bar¢lay$ Wealth and UBS. continued lo offer grant support to mainly local charitiès in the SunderlaTrJ Area arKI hav• spent the ye8r building a relationship wlh many charitable organisatK)ns. visiting the charities to See their work and what Support wè could offer them. We continued to support several charities wè have funded in previws years. thile also prowding grants to several organisations for the first b"me. Donations and grants included support for the Greggs Foundation Ilo fvnd breakfast clubs), Love Amelia, Ihe Sundedand Altogether Consortium, Pallion Action Group. Bxk on the Map. and many others. We also made a dOrtiOn to the Disasters Emergency Committe also paid an additional £200,000 lo The Foundation of LKJht, the f¢urth Instalment of our four-year fundlng agreement with them and extended this arrangement to offer them a fvrther h¥0 years of funding al £200,000 4 year. Grant maklng pollcy The Foundation a¢p1S awlicalions from organisation$ working in the areas of Welfare, Youth. Community. Arts. Faith, Enwronmenl, Education, Health and Museums & Heritage. È primarily focu$ our grts on ¢yganisations who are based or operate in sdefIand and th& Surrounding North East of England, although grant5 from elsewhere are occasionalty made. We support UK registered chare¥, rl$tred educational and religious charities that are exempl under the Charfty Commission Guidelines and museums and galleries. Use of volunteers The charity has no stsff and Is wholty operaw by 9 trustees who volunteer their lime to help assess and monitor grant giving.
THE ROSELINE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and rfOrManCe Flnanclal review Income from our investments including bank deposits fell from £1,605,587 in 2023 to £1,260,199 as we shifted ¢)ur investment strategy out of cash and into our portfolios with Barclays Wealth and UBS to obtain better caprtal gro in the medium and long temi. Investment management fees amounted to £427k and we paid out grants (rf £5.58m. Other than the payment for our audrt fee and one or other small costs we had no othei op&rating costs, with trustees giving their time freoly lo manage the chatbty. Tho investments we made increased by £12.7m. Overall we made a suiplus of £7.95m for Ihe year. Reserves policy The charity received ong off donalions of £86.3m after its foTmalion. The trustees decicled to invest the donations reiVed lo produce an annual income to allow the charty to pay out grants mainly in the Sunderland and surrounding area. However there is no pokcy to relain the core capi181 arising from the donations, and larger donations wll be made on a case by case basis. The reserves policy is to relain enough funds to enable the chanty to make donations for at least the next 10 years. Our investrnent w)licy 1$ to invest our fvnds in a mixed portrollo of equities and interest bearing invostsnonls. ensuring that thè invéstments are made in an ethical way. Our investments are professionally managed by Bardays Wealth and UBS who regularty tAvi8è the trustees on their investmont strategy. Plan$ for future perlods Our plans for 2025 include increasing the number and aver898 value of donalioTIS that we pay cJt to chariti8s in the Sundedand area. We also aim to increase our support for sendary sthoojs in th8 city induding the planned launch of a fund for caprtal projects. Structurei governance and managornont The charity is a charitable incorporated organisation ICIO), formed by the adoption of its Constituti on 21 December 2020. The Iiuslees who servod during th8 year and up to the date of signature of thg financial statements were: Mr P J Cronin Mrs AJ Cronin Mr Michael Moran G M PUNIS Susann8 Kenne Mr Michael Cronin Mr RACronin Mr James Cronin Sophie Cronin The founding trustee8 wère all appointsd on IrrpOration of the charty as a CIO on 21 December 2020. AII th• founding trustees were apkxsinted for fixed inf(ial tsrms to slagger the dates of their r•lif¥Mt. New trustees are elected by resolution at a meets.ng of the trustees for a period of three years. In selecting individuals for appointment as charty trusloes. the charity trustees have regard to th& $kill$, knowledge and exrienCe neoded for the effeciive adminislralion of the Clo. The charity has a sSmple slnjclure with a Lairman el8cted ty the ljoard of trustees. There are no staff employed by thè charity. Decisions of the trustees are made al trustee meetings which are held once a quarter. Dedslons a made by majority vote.
THE ROSELINE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Since the charty w88 incorporated there have not been any new trustees appointed. However the poliw we havg have is that new trustees are provided with a brief history of the Foundation, a copy of the conslitutuion, copy minutes. report and aOunt$ for the previous three years together with a copy of the Charity Commission's The Essential Trustee.. What You Need to Know. None of the truste receive remuneration and we have no staff. stst?ment of trustees. responslbllliles The trustees are responsible for preparing the Trustees, Report and the ftnanaal statements in acrdanCe with applicable law and Unlted Kingdom Accounts"ng Standards (unit Kingdom Generally ACCO Accounliryj Practice). The law appfi¢able lo tharities in England and Wales requlres the trustees to prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the charity and of the incoming resourcès app1KalI of resourcès of the charity for that y¢ar. In pr8paring these financial statements, the trustees required to-. select suitable a¢counling policies and then apply them nsIstenI1y', - observe the methods and prinuples in the Charities SORP.. Make judgements and eslimales that ara reasonable and prudent., state whether applicable accounting standards have been followed. subject lo any material departures disc4osed and explair*l in the financial statements.. and prepare the financial stalemgnts on the going concem basis unless It is inappropriat8 to presume that the tharty will wntsnue in operation. The trustee8 are responsible for keeping suffiaent accounting records that dis¢lo$e with reasonabio accuracy al any time the financial position of the ¢harity and enable them to ensure that the financial stalem8nls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulab'ons 2008 and the provisions of the trust deed. They are also rèsponsible for safeguarding the assets of the charity and hence for tsking reasonat4e steps for the prevention and detection of fraud and other irregulafib'os. The trustees, rèport was approved by the Board ofTrustees. Mr Michael Moran Trustee 24 October 2025
THE ROSELINE FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROSELINE FOUNDATION Oplnlon We have audited thè flnandal statements of The Roselino Foundation Ithe 'charty? for tho yoar endod 31 Decgmber 2024 which Comprise the ststemfynt of financial ath'wtie8, the balance sheol, the ststeménl of ¢ash flows and note5 to the financial staternents. including significant accounting policies. The financial reporting framewort( that h88 been applied in their preparab'on is applicable law and United Kingdom Accounting Standards, includlng Financial Reporting Standard 102 The Financial R8portm standa applicable in the UK and Republic of Irel&nd (Unitod Kingdorn Generally Accepted Accounting Practice). In our OFinion, the financlal slalements.. give a true and fair view of the slate of the charils affairs as 8131 December 2024 and of ils incoming resources and application of resources. for the year then ended., have been properly pr&pared in accordance with United Kingd¢yn Generally Apted Accounting Practice.. and have been prepared in a¢cordan¢e with the CharitiosAct 2011. Bash for opinion We conducted our a111 in accordance with Intemalional Standards on Auditing IUKI IISAS {UKI} and appIlble law. Our spOnsibl1111eS under those standards a fvrther desciibed in the Audilorfs Trsponsibililies for the audit of the financial statements section of our report. are independent of the charty in accordance wlh the ethical requirements that are ielevanl lo our audit of the financial stements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that Ihe audit ewdence we have obtained is sufficient and appropriate to provide a basi$ for our opinion. Concluslons relatlng to goln9 con¢em In auditing the financial statements. we have conctuded that the trustees. use of the going COnM basis of counting in the prgparation of the financial statements is appr¢)priate. Based on the work we have perfornied, we have not idenbfied any material uncertainlies relating to events or conditions that. individually or collectively, may cast significant ¢*subl on the charity's ability lo continue as a going concem for a period of at least tselve months from vthen the ffinancAal ststemenls are authorised for issue. Our responsibilities and the responsibilities of the trustee5 wfth respect to going cone£m a described in the relevant sects'ons of this report. Other informatlon The other infomiation comprises the irrformation inctuded in the annual port other than the finanaal ststements and our audilorfs report thereon. The trustees are responsible for the other infomialion contained wlhin the annual report. Our opinion on the financial statement5 does not covef the oth?r information and we do not express any fom of assurance conclusion Ihereon. Our responsibility is to read the other infoimab.on and. in doing so. consider whthr the other infom)alion is materially inconsistent with the financial statements or our knovledge oljtsined in the course of the audit, or otherwise appears to be materially misstsled. If we id&nlify su¢h material incon5islencies or apparent material misslaternenls, we are required to determine whelhef this giv9$ rise to a maleiial misstat•m8nt in the financial statements themselves. If. based on the work we have performed, we condude that there is material misstatement ol this other infomiation. we are required to report that fact. We have nothing to report in this regard. Matters on which we arn required to report by exception We have nothing to report in respect of the folowing matters in relation to which th8 Chanties IAeeounts and Reports) Regulats"ons 2W8 requires us to report to you if, in our opinion.. the information given in the financial Statements is in¢on&stent in any material respect wth tho trustees. report.. or suffi¢i&nl accounting records have not been kept", or the financial statements are nol in agreement with Ihe accounting records., or w& have Mt r1Ved 811 thè infom)alion and explanations we raquire for our audit.
THE ROSELINE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROSEUNE FOUNDATION Responslbllltles of tntstoes As explained more fully in the statement of Iruste8s' responsibilities, the tswstees are responslble for thè preparation of the finanoal statements and for being satisffied that they give a true and fair view, and for such intemal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fTaud or error. In preparing the financial statements. the trustees are respsIble for assessing the charitys ability lo continue as a going concern. disdosiry, as applicable. matters related to going oncern and using the going concem basis of accounting unless the ttuslees either intend lo Cease operations, OT have no realistic altemative but lo do so. Audltorfs responslbllltles for the audit of tho financial statemènts We have been appointed as auditor under section 144 of Ihg Charities Acl 2011 and report in accc*dan¢e wlth the Ad and relevant regulations made or having effect Ihereunder. Our objectiv88 are to obtan reasonable assurance about wheth6r the financial statements as a whole are free fmm material mi$ststement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS IUKI will always detect a material misstslement when il exists. Misslalemenls can aiise trom fraud or error and are considered material if, individually or in the aggregale, they could reasonably be eypected lo infiuence the economK decisions of users taken on the basis of these financial ststemonl$. The gxtenl lo which our procedures are capable of detecting irregularrti88, Induding fraud, is detailed bdow. The risk of mat8Tial misstatement due to error or fraud is deemed to be low within the enb'ty as the charity operate strong inlemal controls to mitigate any such risk. Theso controls are VIeWed a$ part of the audk by performing systems walkthrough5 to ensure they are operating effectivèly. Other substantive testing is also perforn)8d on all material balances and therefore any instsnces of non-compliance should be identified or wnsider8<1 as insignificanL Manual journ81 entries are rtInis8d as part of the audrt. We also Obtsined an understanding of the nature of the 8ector, indudin9 the legal and regulatory frameY4orks that the charitablg company operate in and how the thamtable company arg complying Mih tha Iggal and rogulatory treworkS Inqulred of management, and those charged with govemance, atout their own identiflcation and assessment of the risks of irregulorthes, including ony known actual. suspected or alleged in$l?nces of fra4 Discussed matters aboul non-compliance with laws and regulations ond how fraud mlght occur induding assessment of how and where the )InanrAal statements may be 8uscepts.ble to fraud A fvrther descript of our responsibilities is available on the Financial Raporttng Council's website at= https.'Il www.fr¢.org.uklaudilorsresponsibilth"es. This description forms part of our auditor's report.
THE ROSELINE FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROSELINE FOUNDATION U$0 of our report This report is made solety to the charity's trustees. as a bc¥ty, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Iruslees Ih¢)se matters we are required to slate to them in an auditor's repx)rt and for no other purpose. To the fullgst extent perniitted by law. we do not accept or assume r&sponsibilily lo anyone other than th& ¢harity and th8 charity's trustees as a body. for our audit work. for this rep)rt, or for Ihe opwiions we have fom)ed. n,knJL C_ 24 October 2025 Mitchells Grievson Ltd. Chartered Accountants Statutory Audltor Kensington House BishopAuckland DL14 6HX eligibl6 for appointrnent as auditor of the charity by virtue of it$ 8llgibility for appointment as auditor of a company under sedion 1212 of the Companies Act 2006.
THE ROSELINE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UnrgStrict•d Unre$trl¢ted funds funds 2024 2023 Notos In¢om• from: Invèstments 1.260,199 1,605.587 Total Incomo 1.280,199 1,605,587 Expendlture on: Raising funds Charitable activ.9$ 427,148 5,588,885 252.892 741.084 Total expenditure 6.016,033 993,976 Nel gainsl{lossesl on Invesknents 12,706,171 7,794,254 Net income and movement In funds 7,950,337 8,405.865 R•conciliatioth of funds: Fund balances at 1 January 2024 93.665,649 85.259.784 Fund balanc•s at 31 December 2024 101.615,986 93.685.649 The statement of financi4 activiti8s includ8s all gains and losses recognised in the year. AJI income and expenditure derlve from continuing activities.
THE ROSELINE FOUNDATION BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Fixed a$sets Investments 11 103,501,561 90,098.035 Current assets Cash al bank and in hand 1.147,824 3.870.614 Creditors: amounts falllng due wlthin one year 12 13.033,199) 303.000) Ngt ¢urrgnt Illabllltlesllassets 11.885.575} 3.567,814 Total ass&ts less current Ilibllltle8 101,615,986 93,865.649 Tho funds of tho charity Unrestricted funds 13 101,615.986 93,665,649 101,615,986 93,665.649 The finanrjal statements were apprOd by the truslee$ on 24 October 2025 Mr Michael Moran Trustso
THE ROSELINE FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from op&rnling activill•s Cash absorbed by opgrations 16 {3,285,8341 (1,139.183) Inv•sting activities Purchase of investments Proceeds from disposal of Investments Investment ir&?me received {13,963,7781 13.266,423 1.260,199 (77,248,213) 4,989.501 1,605,587 Net cash generated fronlUs9d In} Invosting aetivltle* 562.844 170,653,125) Net cash g•n•rJtsd from Ilnanclng actlviti•$ Net decrease in cash and cash oqulvalènts 12,722.9901 {71.792,308) Cash and cagh equivalents at bg9inning of year 3.870,614 75.662.922 Cash and ¢a$h oqu1vants at •nd of y•ar 1.147.624 3.870,614
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charlty Information The Roselino Foundation is a Charitable Incorporated Organisation registored in %Mth the Charitiescommission for England and les. 1.1 Basls of preparatlon The financial ststement$ have been prepared in accordance wlth the chty,$ goveming document, Charitie3 Act 2011, FRS 102 Yhe Finanual Reporting Stsndard applicable in the UK RepublK of Ireland" fFRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Ststemenl of Recc¥nmend8d Practico applicable to charities preparing their accounts irb accordance wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102)" leff•ctive 1 January 2019). The chaiity is a Publ Benefit Entity as defingd by FRS 102. The financial stslements have departed from the Charthes (Accounts and Reportsl Regulalons 2008 onty to the extent requirad to provide a true and fair view. This departure has involved fgllowng the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Ststement of R8MMended Practice which is referred lo in the RegulatioTr$ but 1¢ has since been IwiraWn. Tho financial statements are prepared in sterfing, whlch is the fijnctional curiency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost Convention. modified to Ir119 the revaluation of fixed ass&1 investments (listed investments} and certain financial instruments at fair value. The principal accounting policies adopted are sel out below. 1.2 Qolng concorn Al the time of approving the financial ststemènts, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for tho foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the finantial statements. 1.3 Chaiitable funds Unrestricted funds ar8 available for use at th• disuotion of the trustees in furtheran of thek tharitatAe objecb'ves. Restricted funds are subjed to specific conditions by donors or grantors as to how they may bg used. The purposes and uses of the r9$tricled fund5 are set oul in thg notos lo the financial statements. Endowment fund5 afe subject to speafic conditions by donor5 that the capltsl must be maintained by the charty. 1A Income Income is recognised when the charity is legally entitled to rt after any perfomance conditions have been met. the amounts can be measured reliably, 8nd it is probable that income will be recelved. Cash donations are recognised on receipt. Other donations are recognised once th8 charity has been rK)tified of the donation, unl8ss performance conditions require deferral of th& amount. Income tax recoverablo in relation to donations received under GiftMd or deeds of covenant is recognised at the time of the d{*tIon. Legacies ale recognised on receipt or othenvise rf the charity has been nolffled of an Impending distributi. the amount is known, and receipt is expeded. If the amount 1$ not known, the legacy 1$ Irealed as a contingent asset. io-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting pollcl•$ Icontlnuedl 1.5 Expenditure Expenditure is recognisod once there is a legal or constructive obligation to transfer economic benefft lo third paty, it is wobable that a transfer of economic benefits will be required in $8ttlernent, and the amount of the 0aOn can be measured reliably. Expenditure 1$ classified by a¢livity- The costs of each activity are made up of the lolal of direct SIS and sharod costs, including support costs Involved in undertaking each activity. Direct costs attributable to a sbngle adivrty are allocated directly to that activty. Shared costs which contribute to more thèn one activity and support costs %thich are not attributable to a single activity are apportioned befvn those tivitieS on a basls consistent wth the use of resources. C&nlral staff costs are allocated on the basis of time spent. and depreaalion ¢harges are allocated on the portion of the asset's use. Commllments to pay grants Grants payable to benefficiaries of the charity are recognised vthen an offer has been made lo the third paty of financial support. Where a multi year grant is offered to a third party the whok grant is recogni$ed as a st up front and any unpaid element 01 the year end Is recognised as a liability within creditors. 1.6 Flxed asset Investments Fixed asset investments are initially measured al transaction price exelu(thng transaction costs, and aro subsequenlEy measured at lair value al each reporting date. The fair value used is the market valuo obtained on a recognised stock exchang8 or market. Any investments held in Cufrencies other than GBP are revalued at the closing market excnage rate. Changes in fair value are recognised in nel incomellexpendilure) for the year. Tran$a¢tion costs are expensed as incuired. 1.7 Cash and cash equivalents Cash and cash gquiv?1gnls indude cash in hand. deposits held at eall banks, other short-temi liquid investments wAlh original maturities of three months or less, and bank overdrafts. Bank overdrafts are sh¢)wn thin borrowings in ¢urrenl liabil.88. Ba¢ flnan¢lal assets Basic financial assets, which indude debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently Carried al amorh'sed cost using the effectNe interest method unlgss the arrangement constitutes a financing transact•)n, where the transaction 19 measured at the present value of the fijlure receipts discounted at a market raie of Inleresl. FinanGial assets assified as r$ceivable within one year arè not amortlsed, Ba$1¢ flnan¢lal liabiliti8S Basic financial liabilltbes, Indudlng credllors and deferred granl payments are recognised at tfansaction pri. Vve do not discount grant payments recognised as a liabilty but deferred to futufg Feriods. Derecognition olfinanclal Ilabllftles Financial liabilities are derfjcogni$ed when th& charitls contractual obligations expire or are dlstharged or ¢anc¢lled. 1.8 Employ0& benoflts The charity does not have any employees and eonsequenlly has no employTnent costs. 1.9 Forelgn èxchang• Transactions in cUrrene$ other than pounds sterfing are recorded al the rates ol exchange prevailing at the dates of the transactions. At each reporting end dale. monetsry assets and liabilities that are denominated in foreign currencies are relrarbslated at the iales prevailing on the reporbng end dat8. Gains and losses arising on tranatIon in the period are inctuded in profit or loss. 11
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2024 Incomg from Investments Unrestricted Unre$trl¢tod funds funds 2024 2023 Income from listed investments other income Interest receivable 899,103 162,688 198.408 425,199 87.491 1,092.897 1,260.199 1,605,587 Ralslng funds Unrostrlcted unrtricted funds funds 2024 2023 Investment manag8menl costs 427,148 252.892 427,148 252,892 Exp•ndlture on ¢harltable actlvllle8 Grant giving Grant glving 2024 2023 Direct eosts Sundry operating costs 2,548 281 Grant fijndlry of activlties {8ee note 5} 5,582,297 736,803 Sharn of Support and gov•rnanc• costs (see note 61 Governance 4,040 4.000 5.588,885 741,084 Analysis by fund unrestn.cted funds 5.588,885 741,084 12-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payab Grant giving Grant glving 2024 2023 Gran15 to institutions.. Foundatlon of Light Disasters Emergency Committe Sunderland Attogether Consortium Rank Foundation SHARP Shine Back on the Map FISCUS Sunderland Carors Centre Oasis Community Housing Sundedand YMCA LoveAmelia Pollion Action Group Easington Lane Community Action Others 400,000 200,000 840,000 300,000 80,000 2,096.875 80,000 80,000 80.000 60,000 80,000 80,000 80,000 80,000 1,085,422 200,000 111.385 20.000 22,000 15.000 2,613 20,000 21,050 23,500 20.000 281,255 5,582,297 736.803 Support costs allocated to acllvttles 2024 2023 Audit fees 4,040 4.000 Analy$¢d b•iwwn: Grant giving 4.040 4,000 Net movemènt in fvnds 2024 2023 The net movement in funds is 8tated after chargingllcrediting).. Fees payable for the audit of the charity's finanaal stslements 4.040 8.000 Trustees Tru$ts• remuneratlon and •xp•n$•s None of the trustees lor any persons connected with fvml received any remuneratton or benefrts from th& charity during the year. 13-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Galns and losses on Investments Unrostrlcted Unroytrl¢tod funds fund¥ 2024 2023 Gainsl{losses) arising on: Revaluati¢)n of investments 12,706,171 7,794,254 10 Taxation The charity is exempt from taxalion on 11$ activities because all ils ineome is applied for ¢haritable purpo$8s. 11 Flxed ass•t Inve$trnents Llsted investments Cash in portfollo Tolal Co¥1 or Yalualbn At 1 January 2024 Additions Valuation Changes Disposals 89.408,799 13,963,778 12.706,171 {14,209,5671 689,236 943.144 90,098.035 14,906.922 12,706.171 114,209.5671 At 31 December 2024 101.869.181 1,632,380 103,501,561 Carrylng amount At 31 Dacember 2024 101.869,181 1,632,380 103,501.561 At 31 Dmber2023 89,408,799 689.236 90,098,035 2024 2023 Investments al fair value comprise.. Cash and short maturity bonds Developed govemment btsnds Inve$trnent gr8de bonds Developed market equities Emerging market equ.8$ Commodities Real estate Alernative tradlng strategles High Yield and Emerging Market Bond$ 2.771.496 4,132.110 3,794.348 82.591,175 6,059.959 772,223 1.879,183 340,526 1.160,S41 2,533.629 3.151.667 4,120.686 70,339,689 4.850.837 1.447,088 1,885,312 302.123 1,467,004 103.501,561 90.098,035 14-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Flx•d assot Investments Icontinuedl Listed investments induded above.. 2024 2023 Listed investrnènis carrying amount 103,501,561 90,098.035 Flxed asst Investsnents revalued Fixed asset investments, which represent investments held in an mlxed investment portfolio are revalued at each period end in accordance with our accc4jnkn.ng policy. 12 Creditor5'. amounts falllng du• 1th1n one year 2024 2023 Accruals and defttrrtd income 3.033,199 303,000 Accruals and deferred income includes £2.910,0¢)0 12023:£200.000) of grants committed and payable to bEneficiarie5 in future accounlThig r)d$. 13 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended baances of don8lion$ and grants which are not subject lo specific cLJndith"ons by donors and grantors as lo how they may be used. These include de51gnated fiJnds which have been set aSe out of unrestn.cted funds by the trustees for Specific purpo$8S. At 1 January 2024 Incoming Resources rosources expendèd Gains and losses At31 Dec&mbor 2024 General funds 93,665,649 1,260.199 {6,016.033) 12,708.171 101,615.986 Prevlous y•ar: At1 January 2023 Incoming Resoue$ re50urce5 •xpend¢d Galns and losses At31 December 2023 General funds 85,259,784 1.605,587 1993.976) 7,794.254 93,665,649 14 Rolatd party tran$a¢tlon$ There were no disclosable related party Iransactsons during the year {2023 - none). 15-
THE ROSELINE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 15 cash absorbod by operatlons 2024 2023 Surplus for th8 year 7.950.337 8.405,865 Adjustments for: Investment income recognised in statement of finanaal activitie$ Fair value gains and losses on investh)ents 11,260.199) 11,605,587) 112,706.171} 17,794,254) Movemgnts In worklng capltsl: Increaselldecreasel in creditors 2,730.199 (145.207) Cash absorbed by op•rntions (3,285,834) {1.139.1831 16 Analys1$ of changes In netfunds The charity had no material debt during tre year. 16-