Charity registration number 1205454 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024 Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor R Adam Mr E Allies Mr M Wilson Jones Mr H Petter Charity number 1205454 Registered office Crooked Pightle House Crawley Winchester Hampshire S021 2PN Independent examiner David Gamblin Limited Chartered Accountants 71 The Hundred Romsey Hampshire S0518BZ Investment advisors Rathbones Investment Managers Limited Port of Liverpool Building Pier Head Liverpool L3 1NW Financial Statements at 30 April 2025 at 10:14:55 THÉ ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-12 Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE TRUSTEES. REPORT FOR THE PERIOD ENDED 31 OCTOBER 2024 The trustees present their annual report and financial statements for the period ended 31 October 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities To promote the education of British Commonwealth citizens by awarding to such persons a scholarship tenable at the British School at Rome or similarly located institution. For an architect or scholar to study the tradition and evolution of classical architecture in Rome and Italy together with or concerning associated urban form and provide a record of these studies with the purpose of informing current architectural practice. Selection procedures for scholars has been agreed with the British School at Rome. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Achievements and performance Significant activities and achievements against objectives The first scholar, Jakub Ryng, has been appointed, resided at the British School at Rome from January to March, and has returned. The scholar for next year, Renta Milic, has been appointed. Financial review Total incoming resources for the period is £185,791, total expenditure is £16,666. Net income for the period is £186,065. Post year end financial review To present date, funds of £170,882 have been received. Of these sums, £167,393 (market valuation as at 16 April 2025) has been invested with the stockbrokers, Rathbones. Further funds are expected. Reserves policy It is the policy of the charity to secure sufficient funds to permanently finance its core activity, the award of an annual three-month scholarship, from investment income. Structure, governance and management The charity is a Charitable Incorporated Organisation, registered on 27 October 2023 in England and Wales, registered number 1205454. The trustees who served during the period and up to the date of signature of the financial statements were: Professor R Adam Mr E Allies Mr M Wilson Jones Mr H Petter Recruitment and appointment of trustees Apart from the first charity trustees, every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. Organisational structure Decisions are made by agreement of the majority of all trustees. Robert Adam is the chair of the Trustees and acts as secretary. Robert Adam and Hugh Petter are co-signatories of all financial transactions. Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2024 The trustees, report was approved by the Board of Trustees. Professor R Adam Trustee 0810512025 Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE I report to the trustees on my examination of the financial statements of The Robert Adam Rome Scholarship in Architecture (the charity) for the period ended 31 October 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. David Gamblin Limited Chartered Accountants 71 The Hundred Romsey Hampshire S0518BZ Dated: ......................... Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 OCTOBER 2024 Unrestricted funds 2024 Notes Income from: Donations and legacies Investments 185,749 42 Total income 185,791 Expenditure on: Raising funds Charitable activities 150 16,516 Total expenditure 16,666 Net gains/(losses) on investments 16,940 Net income and movement in funds 186,065 Reconciliation of funds: Fund balances at 27 October 2023 Fund balances at 31 October 2024 186,065 The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities. Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE BALANCE SHEET ASAT31 OCTOBER 2024 2024 Notes Fixed assets Tangible assets Investments 11 12 103,389 83,896 187,285 Current assets Cash at bank and in hand 100 Creditors: amounts falling due within one year 13 (1,320) Net current liabilities (1,220) Total assets less current liabilities 186,065 The funds of the charity Unrestricted funds 14 186,065 186,065 Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE BALANCE SHEET (CONTINUED) ASAT31 OCTOBER 2024 The financial state ents were approved by the trustees on . 0810512025 Professor R Adam Trustee Draft Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 OCTOBER 2024 Accounting policies Charity information The Robert Adam Rome Scholarship in Architecture is a Charitable Incorporated Organisation, registered in England and Wales. The registered office is Crooked Pightle House, Crawley, Winchester, S0212PN. 1.1 Reporting period The Charitable Incorporated Organisation was registered on 27 October 2023. This is the first reporting period. 1.2 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.3 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.5 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Draft Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2024 Accounting policies (Continued) 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Not depreciated The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Donations and gifts 185,749 Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2024 Income from investments Unrestricted funds 2024 Income from listed investments Interest receivable 34 42 Expenditure on raising funds Unrestricted funds 2024 Investment management 150 Expenditure on charitable activities Charitable activities 2024 Direct costs Scholar Fees 14,596 Share of support and governance costs (see note 7) Governance 1,920 16,516 Analysis by fund Unrestricted funds 16,516 Support costs allocated to activities 2024 Governance costs 1,920 Analysed between: Charitable activities 1,920 10- Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2024 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period. Gains and losses on investments Unrestricted funds 2024 Gains/(losses) arising on: Revaluation of investments Sale of investments 18,795 (1,855) 16,940 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11 Tangible fixed assets Freehold land and buildings Cost Additions 103,389 At 31 October 2024 103,389 Carrying amount At 31 October 2024 103,389 12 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 27 October 2023 Additions Valuation changes Withdrawal Disposals 81,660 18,795 16,086 97,746 18,795 (14,745) (17,900) (14,745) (17,900) At 31 October 2024 82,555 1,341 83,896 Carrying amount At 31 October 2024 82,555 1,341 83,896 11 Financial Statements at 30 April 2025 at 10:14:55 THE ROBERT ADAM ROME SCHOLARSHIP IN ARCHITECTURE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 OCTOBER 2024 12 Fixed asset investments (Continued) Fixed asset investments revalued Listed investments are revalued at market value at the balance sheet date. Revaluation gains and losses are recognised in the Statement of Financial Activities. 13 Creditors: amounts falling due within one year 2024 Accruals and deferred income 1,320 14 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 27 October 2023 Incoming resources Resources expended Gains and At 31 October losses 2024 General funds 185,791 (16,666) 16,940 186,065 15 Related party transactions There were no disclosable related party transactions during the period. 12-