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 be￿een 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 pr0￿dUreS, 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 prodU￿d 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 cOn￿M 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 COn￿rn.
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 bel￿een related parties and the charity at 31 March 2024.
Page 22