Charity number: 219849 THE ROTHLEY TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Armstrongwatson, Accountants, Business & Flnanclal Aclvlsers
THE ROTHLEY TRUST CONTENTS Page Reference and admlnlstratlve detalls of the Charlty, Its Trustees and advlsers Trustees. report Independent auditor's report on the financial ststements 7-10 Statement of financial activities Balance sheet 12 Notes to the financial statements 13-22
THE ROTHLEY TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mrs A Galbraith, Chairman Mrs J Brown Mrs A Brunlon Mr J Garbutt lappoinled 15 May 20231 Mr D Holborn Iresioned 7 August 20231 Mr M Lilchfield lappoinled 15 May 20231 Mrs D Mccarthy Mr G Salvin Charity registered number 219849 Principal office PO Box 224 Bedlinglon NE63 3FJ Secretary Mrs G Allsopp Independent auditor Armstrong Watson Audit Limited Statutory Auditors One Strawberry Lane Newcastle upon Tyne NE14BX Bankers Barclays Bank PIC 49-51 Northumberfand Street Newcastle upon Tyne NE17AF Solicitors Sintons LLP The Cube Barrack Road Newcastle upon Tyne NE4 6DB Investment Manager RBC Brewin Dolphin Time Central 32 Gallowgale Newcastle upon Tyne NE14SR Website www.rothleytrust.org.uk Page 1
THE ROTHLEY TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the audited financial ststemenls of the charity for the year 1 April 2023 to 31 March 2024. Reference and adminislralive details set out on page 1 form part of this report. The financial statements have been prepared in accordance with the accounting policies set out on pages 13 to 15 and comply with the charity's trust deed, the Charib'es 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 Charities SORP IFRS 1021. Oblectlves and actlvltles a. ObJe¢tlves and actlvltles for the publlc beneflt Under the trust deed, the Trustees have power to utilise the property of the charity for any charitable purposes as they shall from lime lo lime determine. The Trustees currently have a policy of supporting charitable organisations and projects in the North East of England. This is reviewed from lime lo time. An information sheet has been produced to ouuine funding priorities and the information is also available on the website. The Trustees confirm they have been given the general guidance produced by the Charity Commission on public benefit, including the guidance 'public benefit,: running a charity IPB21 and are confident that this is achieved through the grants Made to charities. Where grants are awarded lo voluntsry groups which are not registered charities, the public benefit is scrutinised carefully. b. Grant maklng pollcy The Trustees normally meet quarterfy to consider what grants they will make and to review any feedback they have received. Grant applications are not normally solicited and Trustees do not submit appeals, although they do declare an interest in any appeal and usefully provide local knowledge for the benefit of other Iruslees. The Trust is well known locally and is featured in local trust directories, websites and information delivered through Council for Voluntsry Service Offices. The Rothley Trust has its own website which is maintained by the Trust Secretsry. The Trust Secretsry allends funding advice days to deliver information and regularly updates the grant information sheet sent out in response to general enquiries. The Rothley Trust concentrates its grant making activities almost exclusively on smaller charities in the North East of England. Grants to national charities can only be Made when there is clear evidence of grants being used for projects in the North East. The awards made at the trustees, quarterly meetings are to help with specific project costs, such as the purchase of equipment or repairs to premises. Charities in receipt of annual grants are asked to provide a written report every year with a more detsiled report at the end of 3 years, enabling the Trustees lo review the allocation of grants and make revisions as appropriate. If the Trustees require further informats'on, the Trust Secretary will arrange a visit to the charity. The Rothley Trust grant criteria now include properly conslituled voluntsry groups with charitable aims and Community Interest Companies. The Trustees still consider it appropriate lo make grants through registered charities and use gfftnl handlers for unregistered charities. Grants are made towsrds the costs of students in their gap years between A-levels and higher education on approved overseas projects organised by registered charities, provided that the project concerned has a significant element of education or community service in it. The Trustees also assist a small number of local students with grants towards medical electives. Medical students studying al Newcastle University can apply for a bursary towards the cost of carrying out an elective. The stipulation being that they should have been educated in the North East and their parents should still live in the region (The Borders down to Clevelandl.The Trustees made a decision in February 2024 10 include medical students studying at Sunderland University in this scheme. The Trustees are aware of the ageing population and will now consider appeals from older age groups so long as they come within the existing grant criteria and grant categories. Page 2
THE ROTHLEY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities {continugdl The Trustees have a poliw, which is communicated lo all beneficiaries, that they make one off grants with no guarantees of future funding. The Trustees always seek feedback on the actual use of the grants given, the achievements made and benefits obtsined. Photographs provide some useful evidence. The explanations and feedback received are sufficient for monitoring the quality of the grants made. The Trustees now request that charities infomi individual beneficiaries that The Rolhley Trust has given assistsnce. Achievements and performance a. Achievements and performanco of tho Trust During the year, the Trust awarded 153 grants lotalling £182,750 12023.. 192 grants lotalling £209,570). A summary is found in the notes lo the financial slatemenls. Beneficiaries of the energy saving grants continue lo report reduction in their energy costs. The administrative work by the Trust is carried out by home working. The Chair and Trust Secretary keep in touch on a regular basis between formal meetings throughout the year. Meetings of the Trust are now held at cost effective venues, suiting the Trustees and their professional advisers. In 2012 the Rolhley Trustees passed a resolution which allows the Trust lo carry out adminislralive work for other registered charities, Community Interest Companies and voluntsry organisalions with charitable objectives. No new work has yel been received bul this continues lo be an avenue the Trustees wish to pursue. The decision to appoint Joseph Miller lo carry out the majority of the accountsncy work has been reviewed by the Iruslees and they are happy to continue with this arrangement. In January 2023 Joseph Miller merged with Armstrong Walson and the Trustees were happy to accept this merger. Grants are now made by bank transfer. The facility to pay by cheque is still available If this is requested. Procedures have been put in place to ensure dual aulhorisation of payments Is carried out. Feedback forms are sent to all grantees with a deadline date for return. These are reviewed regularly by the Trust Secretary who reports back lo the Trustees, if appropriate, and they give a good indication of how the Trust's grant making policy is working. Financial reviow . Going concgm After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis In preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Roservos policy 11 Is the policy of the charity lo maintsin unreslricled income funds not invested in fixed assets (the free reserves). The target level of reserves has been sel al £100,000 lo cover governance costs and lo provide sufficient working capital. The Trustees review both the policy and the reserves position annually. Al the end of the financial year the reserves amounted to £186,05412023'. £141,465>. c. Financial rovlew The Income from investments for the year was £263,387 12023.. £252,666). The net increase in funds for the year for the unrestricted Income fund was £44,42612023'. £8,429). Page 3
THE ROTHLEY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 d. Investment policy and pgrfomiance The trust deed permits the charity's monies to be invested In any investments in any location as the Trustees shall in their absolute discretion think fit. The investment strategy, including the asset mix, the target income level and the acceptable level of risk is agreed wth the investment manager, who reports quarter to the trustees on the portfolio. From November 2004 onwards, the portfolio has been managed on a discretionary basis. In August 2014, and acting on the advice of our investment advisers, the Trustees agreed lo move UK equity investments lo collective funds. Around the beginning of the pandemic, a rebalancing to increase the overseas holding with a commensurate reduction in the proportion of UK Investments proved lo be a sound decision. The investment objectives of the Trustees are to maintsin, and over the longer term to seek lo increase, the real value of capital invested by inflation plus 3. and the income derived from it. The Trustees, policy is lo seek lo achieve these objectives through investing in a suitable mixture of real and monetary assets. The investment policy Is formally reviewed annually and investment changes are monitored and reported at every quarterly meeting. During the year, the total return of the portfolio was an increase of 12.3 /9 12023.. decrease of 4.6 /ol against a benchmark of 13.4 /0 12023.. _1.4 /91. The Trustees also monitor the performance of the investment managers and that of the portfolio al the quarterly meetings. The Trustees are mindful of the impact of the investment performance due lo Global geo-political events e.g. ongoing war in Ukraine, conflict in Middle East. They meet their investment manager each quarter lo monitor and review their investment porfolio. As the Trustees are given power under the trust deed lo distribute capital as well as income, investment performance Is measured by total return on a rolling Ihree-year basis. The Trustees also agree annually with the Investment managers an income requirement from the Trust's investment portfolio, upon which the Trustees will base their budget for that year. Representatives from our investment advisers are required to allend each quarterly meeting with a full opportunity for the Trustees lo question them, then subsequently for the Trustees lo discuss amongst themselves any Change of emphasis or direction which may be needed. Income generation from the investments has remained stsble throughout the last financial year and although the Investment managers are aiming lo deliver a balance beeen income and capital growth, returns from dividends and interest more than covered the Iruslee annual grant making. The Trustees feel that they meet all the requirements of the Charity Commission guidance. Structure. governance and management a. Constitution The Rolhley Trust is a registered charity, number 219849, and is constituted under a trust deed dated 26 November 1959 and a Scheme of 29 January 1974. The Trustees who have served during the year and since the year end are set out on page one. The Board of Trustees is responsible for the appointment of Trustees, their tenure of office and the election of the Chaimian. The charity is managed by the Trustees who normally meet formally four limes a year, In addition lo regular Informal contact on Trust mallers throughout the year. The investment portfolio is reviewed with the investment managers prior to the main board meeting. The trust deed does not make any requirement for Trustee numbers. Page 4
THE ROTHLEY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance and management Icontinuedl b. Methods of appointment or election of trustees New Trustee appointments are made by consensus of the Board and the Chairman oversees the induction of any new Trustee which is then organised by the Trust Secretary. This involves a meeting with the Chair and the Trust Secretary and covers the following essential items.. awareness of a Trustee's responsibilities, the governing document, adminislralive pr0dUreS, the history and philosophical approach of the charity. A new Trustee would receive copies of the previous year's annual report and accounts and would be referred to the Charity Commission's useful publications on good pracliTr. Very often the Trustees have experienTr of serving on other trust boards and therefore their induction is adapted to meet their needs. The existing Trustees bring to the Board a good cross section of professional expertise, interests and local knowledge with a deliberate mix of age and location. During the last recruilmenl the Trustees adopted the method of approaching a number of people and organisalions for suggestions of suitable persons to fill the Trustee vacancy. The Chair and Vice Chair meet with prospective Trustees and appointments to the Board are then approved by all the Trustees. Mr Holbom retired as Trustee In August 2023 after serving 17 years. Two Trustees were appointed In May 2023, Mr James Garbull and Mr Michael Litchfield. Mrs Julia Brown was appointed Vice Chair in February 2024. c. Risk management The Trustees annual review the major strategic, business and operational risks which the charity faces. To dale these have mainly related lo investment management and the income likely to be derived given the anticipated grant giving level for the coming year and these have been ameliorated by diversified portfolio management. There are also areas of risk relating lo employing staff which are covered by the adoption of proper procedures. The Trust is satisfied that their wrillen proTrdures are satisfactory and the risks are contained at the right level. There is a Fraud Policy and Fraud Response Plan based on the model prodUd by the Association of Charitable Foundations. The appointment of consullanls is reviewed every three years. This review was carried out in August 2023. The full governan checklist is reviewed every three years. Plans for future periods The Trustees intend lo continue providing grants in a similar way with small grants for capital costs made to a wide range of organisations in the North East. They will continue to award larger grants for key appeals which come to their attention in order to provide greater impact. The Trustees remain conscious of administration costs and will continue to seek more efficient and cost-effeclive ways of working as well as continuing to explore the possibility of working with other small local charitable trusts for mutual financial benefit. Page 5
THE ROTHLEY TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statomont of trustees. rosponsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the charity and of its Incoming resources and application of resources, Including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements", prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate aceounling records that are suffieienl to show and explain the charity's transactions and disclose with reasonable aceuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Oiselosure of infomiation to auditor Each of the persons who are Trustees al the time when this trustees, report is approved has confirmed that.. so far as that Trustee is awa, there is no relevant audit information of which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Auditor The auditor, Armstrong Watson Audit Limited, has indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor al a meeting of the Trustees. Approved by order of the members of the Board of Trustees and signed on their behalf by.. Mrs A Galbralth Ichairmanl Dale.. 12 August 2024 Page 6
THE ROTHLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROTHLEY TRUST Oplnlon We have audited the fi'nancial statements of The Rothley Trust (the 'charily'l for the year ended 31 March 2024 which comprise the Stslement of financial aclivilies, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference lo 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 been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the fi'nancial statements.. give a true and fair view of the slate of the charity's affairs as at 31 March 2024 and of ils incoming resources and application of resources for the year then ended", have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the trustees, use of the going cOnM basis of accounting in the preparation of the financial ststemenls is appropriate. 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 doubl on the charity's ability lo continue as a going concern for a period of at least e1ve months from when the financial ststemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 7
THE ROTHLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROTHLEY TRUST ICONTINUEDI Other Informatlon The other information comprises the information included in the Trustees, report other than the financial statements and our audilovs report Ihereon. The Trustees are responsible for the other information contained within the Trustees, report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities ststemenl, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to ase operations, or have no realistic alternative but to do so. Page 8
THE ROTHLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROTHLEY TRUST ICONTINUEDI Audltovs responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charits'es Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial ststemenls as a whole are free fmm material misstatement, whether due to fraud or error, and lo issue an audilorts 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 IUKI will always detect a material Misststemenl when it exists. Misstatements can arise fmm fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial ststemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. Based on our understsnding of the Trust, discussions wth the trustees and those charged with governance, we considered that the most significant laws and regulations that have a direct impact on the fi'nancial ststemenls are FRS 102, the Charities SORP IFRS 1021, the Charities Act 2011, the Charities (Account and Reports) Regulations 2008 and UK tsx legislation. As part of the engagement team discussion about the susceptibility of the Trust's financial statements to material misstatement due lo fraud, we did not identify any areas with an increased risk. Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements. Our audit procedures included but were not limited to.. enquiry of the Trustees and review of any relevant correspondence with legal advisers regarding any instances of non-compliance with laws and regulations and any actual, suspected or alleged fraud., communicating identified laws and regulations and the risks of fraud with our engagement team and remaining alert to any indications of non-compliance or fraud., gaining an understanding of the internal controls established lo Mitigate risks related lo fraud., examining supporting documents for all material balances, transactions and disclosures., review of the minutes of the Board of Trustees., review of accounting estimates for management override and bias., analytical procedures to identify any unusual transactions., identifying and testing journal entries. Owing to the inherent limitstions of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and perfomied in accordance with the ISAS IUKI. The potential effects of inherent limitations are particularly significant in the case of misststemenl resulting from fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentstions or the override of internal controls. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance. Page 9
THE ROTHLEY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROTHLEY TRUST ICONTINUEDI A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. ww.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's Iruslees those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Armstrong Watson Audit Limited Statutory Auditors One Strawberry Lane Newcastle upon Tyne NE14BX 12 August 2024 Armstrong Watson Audit Limited are eligible lo act as auditors in lemis of section 1212 of the Companies Act 2006. Page 10
THE ROTHLEY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from.. Investments 263,387 1,600 263,387 1,600 252,666 1,550 Charitsble activties Totsl income and endowments 264.987 264.987 254,216 Exponditure on: Raising funds Charitsble activities 38.380 38.380 220,561 35,828 245, 787 220,561 Total expenditure 220.561 38.380 258.941 281,615 Nel gainslllossesl on investments 770,178 770,178 {688,668) Net incomel{expenditure) 44.426 731.798 776.224 (776,06T) Net movement in funds 44,426 731,798 776,224 (716,067) Reconclllatlon of funds.. Total funds brought forward Nel movement in funds 142,168 44.426 8,619,764 731.798 8,761,932 776.224 9,477,999 (716,06T) Total funds carrled forward 186,594 9,351,562 9,538,156 8,761,932 The stslement of financial activities includes all gains and losses recognised In the year. The notes on pages 13 to 22 form part of these financial statements. Page11
THE ROTHLEY TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 13 540 9,393,265 703 8,637, 101 9,393,805 8,637,804 Current assets Debtors 14 43,807 117,356 47,914 94,528 Cash al bank and in hand 161,163 142,442 Creditors.. amounts falling due within one year 15 {16,812) {18,314J Net current assets 144,351 124, 128 Total assets less current Ilabllltles 9,538.156 8,761,932 Charity funds Endowment funds Unrestricted funds 16 9,351.562 186.594 8,619,764 142, 168 16 Total funds 9,538,156 8,761,932 The financial statements were approved and authorised for issue by the Iruslees and signed on their behalf by.. Mrs A Galbraith Ichairmanl Dale: 12 August 2024 The notes on pages 13 to 22 form part of these financial statements. Page 12
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiatlon The Rolhley Trust is an unincorporated charity registered in England and Wales, charity number 219849. The principal office of the charity is PO Box 224, Bedlinglon, NE63 3FJ. The principal activity of the charity is grant giving from investment income. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial slalements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial slalements have been prepared to give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. The Rothley Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in sterling which is the functional and presentational currency of the charity. 2.2 Going concern The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going COnrn. 2.3 Income All income is recognised On the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income such as dividends and interest are included when receivable. Legacy income is recognised when it is probable that il will be received which is when there has been grant of probate., the executors have established that there are sufficient assets in the estate, after settling any liabilities, lo pay the legacy., and any conditions attached to the legacy are either within the control of the charity or have been met. 2.4 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. All expenditure is inclusive of irrecoverable VAT. All expenditure has been classified under headings that aggregate all costs related to the category. Expenditure on raising funds includes all expenditure incurred by the charity relating lo managing and maintaining the investments. Page 13
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 2.4 Expendlture {contlnued) Investment management costs are charyed against investment capital. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase pri of the investments. Charitable activities are costs incurred on the charity's grant making operations, including support costs and costs relating to the governance of the charity. Grants payable are payments made lo third parties in furtherance of the charitable activities of the charity. Grants payable are recorded once the charity has made an unconditional commitment to pay the grant which is communicated lo the beneficiary or the grant has been paid, whichever is the earlier. Support costs are those costs incurred directly in support of expenditure on the activities of the charity. Governance costs are costs incurred in ensuring the charity meets its constituted and statutory requirements. 2.5 Tanglble flxed assets and depreclatlon Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is pmvided on the followng basis.. Office furniture Office equipment 150/0 reducing balance basis 250/0 reducing balance basis 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the balance sheet date using the bid pri. Investment gains and losses, whether realised or unrealised, are combined and presented as 'gainslllossesl on investments, in the statement of financial activities. 2.7 Cash at bank and In hand Cash al bank and in hand includes a current account, a business premium account and a short term deposit account. 2.8 Llabllltles Liabilities are recognised when there is an obligation at the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Creditors are normally recognised at their settlement amount. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Page 14
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 2.9 Flnanclal Instruments With the excepts'on of investments described above, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.10 Penslons The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 2.11 Fund accountlng The unrestricted income fund is credited with the investment income arising from the Trust's investments and is charged with charitable distributions made by the Trust, costs of raising funds and support and governance costs. Any surplus on the income fund is carried forward and is available for future distribution. The endowment fund represents the balance of the original expendable endowed funds of the charity, together with a legacy from the Mungo Campbell Deceased Will Trust received on 25 May 2008 together with the accumulated surpluses arising from the active management of the investments. The trust deed allows this fund to be spent as income or retsined as capital al the trustees, discretion. The income arising from the expendable endowment is unrestricted. Investment Income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Income from listed inveglmenls 260,293 3,094 260,293 3.094 251,609 1,057 Interest receivable on cash deposits 263,387 263,387 252,666 Charitable a¢tivitie$ Unrestricted funds 2024 Total funds 2024 Total funds 2023 Administration fee 1,250 300 Donations Uncashed grants 100 1,500 100 1,500 1,600 1,600 1,550 Page 15
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment management costs Endowment funds 2024 Total funds 2024 Total funds 2023 Investment management costs 38,380 38,380 35,828 Grants 2024 2023 Institutional grants lof £2,000 or morel Army Cadet Force Association Citizens Advice County Durham Citizens Advice Newcastle Citizens Advice Northumbertand Cleveland Housing and Advice Centre Combat Stress Community Action Northumberland Consell Churches Detached Youth Project Cramlington Rockets FC Durham Association of Boys & Girls Clubs Greggs Hardship Fund Houghlon Boxing Club Percy Hedley Foundation Springwell Village Community St Culhbert's Hospice Inslilulional grants of less than £2,000 2,000 5,000 3,000 5.000 2,000 4,000 2,000 3.500 2,000 5,000 3,000 5,000 2,000 4,000 2,000 3,500 3,000 6,000 3,000 6,000 3,000 2.000 3,000 2,000 2,500 134.450 3,000 153,870 Total institutional grants 179,450 195,370 Grants awarded to individuals 3,300 14,200 Total 182,750 209,570 Page 16
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of grants by charltable purpose 2024 2023 No. Children & Young People Community Disability Education Elderly Energy Ex-service Medical World in Need 21 56 29,750 71,700 30,150 3.300 1,650 4,550 15.650 23.800 2,200 46,050 74,3(X) 26,200 14,200 4,920 8,400 7,300 23,200 5,000 29 12 25 153 182,750 209,570 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitsble activities 182,750 37,811 220,561 245, 787 Analysis of support costs Total funds 2024 Total funds 2023 staff costs Depreciation Office and meeting costs Accountancy Auditor's fees 21,209 163 3,797 5.730 6,912 20,210 214 3,799 5,670 6,924 37,811 36,217 Page 17
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Audltovs remuneratlon The auditor's remuneration amounts to an auditor fee of £6,91212023- £6,924). 10. Staff costs 2024 2023 Wages and salaries Employer pension 20.784 425 19,821 389 21,209 20,210 The average number of persons employed by the charity during the year was as follows.. 2024 No. 2023 No. Support No employee received remuneration amounting to more than £60,000 in either year. The Trustees consider the Board of Ttrustees and the Trust Secretary as comprising the key management personnel of the charity in charge of directing and controlling the charity and running the charity on a day to day basis. The lotsl employment benefits of the key management personnel were £21,20912023." £20,210). 11. Trustees. remuneratlon and expenses During the year, no Iruslees received any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no trustee expenses have been incurred (2023- £NILJ. Page 18
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tanglble flxed assets Furniture and oquipment Cost or valuation At 1 April 2023 3.190 At 31 March 2024 3,190 Depreciation At 1 April 2023 Charge for the year 2,487 163 At 31 March 2024 2.650 Net book valuo At 31 March 2024 540 At 31 March 2023 703 13. Fixed asset investments Cash at bank awaiting investment Listed investments Total Cost or valuatlon At 1 April 2023 Additions 8,242,586 394,515 8,637,101 755,007 687.699 1,442.706 1431.590} 11,033.049) 11.464,6391 778,097 778,097 Disposals Revaluats'ons At 31 March 2024 9,344,100 49,165 9,393,265 Net book value At 31 March 2024 9,344,100 49,165 9,393,265 At 31 fvlarch 2023 8,242,586 394,515 8,637, 101 Page 19
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Flxed asset Investments Icontlnuedl Historical cost as at 31 March 2024 £7,939,70212023'. £7,740,853). All investment are carried al their fair value. Investments in collective funds are all traded in quoted public markets. The basis of the fair value for quoted investments is equivalent to market value, using the bid price. 14. Debtors 2024 2023 Due within one year Dividends and interest receivable Prepayments and accrued income 43,807 47,543 3TI 43,807 47,914 15. Creditors: Amounts falling due within one year 2024 2023 other creditors 87 92 Accruals and deferred income Grants payable 16,725 16,722 1,500 16,812 18,314 Page 20
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Statement offunds Statement offunds- currentyear Balance at 31 March 2024 Balance at 1 Aprll 2023 Galnsl (Lossesl Income Expendlture Unrestricted funds Unrestricted funds 142,168 264,987 {220,5611 186,594 Endowment funds Endowment fund 8,619,764 138.3801 770,178 9,351,562 Total of funds 8,761,932 264,987 {258,9411 770,178 9,538,156 ststement offunds- prioryear Balan at 31 March 2023 Balan at l April 2022 Gain (Losses) Income Expendrture Unrestrlcted funds Unrestricted funds 133,739 254,216 (245, 787) 142, 168 Endowment funds Endowment Fund 9,344,260 (35,828) (688,668) 8,679,764 Totsl of funds 9,477,999 254,216 (281,615) (688,668) 8,761,932 Page 21
THE ROTHLEY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Analysls of net assets between funds Analysls of net assets between funds - current perlod Unrestrlcted Endowment funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Cash al bank awaiting investment Current assets Creditors due within one year 540 33,438 540 9,344,100 49.165 161.163 116,8121 9,310,662 49,165 161,163 18,5471 18,2651 Totsl 186,594 9,351,562 9,538.156 Analysis of net assets betsveen funds - prior period Unrestricted Endowment funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset investments 703 703 9,408 8,233, 178 394,515 8,242,586 394,515 142,442 (18,314) Cash al bank awaiting investment Current assets 142,442 (10,385) Creditors due within one year (7,929J Total 142, 168 8,619,764 8,761,932 18. Pension commitments The Trust operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Trust in an independently administered fund. The pension cost charge represents contributions payable by the Trust. Al the balance sheet dale £87 {2023.' £921 was owed by the Trust included in creditors. 19. Related party transactions The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing beleen related parties and the charity at 31 March 2024. Page 22