2024 The Roberts Foundation Registered Charity Number 222414 THE ROBERTS FOUNDATION (REGISTERED CHARITY, NUMBER 222414) GENERAL INFORMATION REGISTERED OFFICE Long Orchard Farm Portsmouth Road Cobham Surrey rii IEL TRUSTEES Mr E Roberts Mrs A Gurdon Mr M Gurdon Mrs S Gregory Mrs K Comwall Mrs C Clapp Mr D Fulbrook Chairman & Custodian Trustee Secretary INDEPENDENT EXAMINER Susan Kumar Holden Granat LLP 23 Oatlands Drive Weybridge Surrey KT13 9LZ BANKERS Barclays Bank PLC I Churchill Place London E14 5HP SOLICITORS Stevens & Bolton LLP Wey House Farnham Road Guildford Surrey GUI 4YD THE ROBERTS FOUNDATION THE TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Roberts Foundation is a registered charity governed by its Trust Deed dated 28 January 1958. The charity's registered number is 222414. The Trustees present their annual report and accounts of the charity for the year ended 30 April 2024. The accounts have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the charitvs Trust Deed, The Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 effective from l January 2019. Structure, governance and management The Trustees during the year are listed on page l. New Trustees are elected by the lineal Trustee descendants of the Settlor. The Trustees consist of 3 descendants of the Settlor, I relative through marriage, I current employee and 2 former employees. New Trustees are appointed by family Trustees, to a maximum of 8. All the Trustees are well acquainted with the workings of the Trust. No charges are made by the Trustees and all the administration, including rent collection and property management, is carried out by a company owned by the former Chairman for a fee justified annually and voted by the other Trustees. All policy decisions are made by the Board of Trustees. Minor decisions are made by the Chairman with the advice of two or three other Trustees. Indemnity cover at a cost of £267 (2023 £267) has been purchased to indemnify the Trustees and other officers against the consequences of neglect or default on their part. The Trustees have examined the major risks to which the charity is exposed and confirm that systems are in place to mitigate their exposure to the major risks. Included in the charivs Balance Sheet are assets in investments with a market value of £123,668 and in Land and Buildings at historic cost less depreciation of £99,558. Objectives and activities for the public benefit The Roberts Foundation was settled by H.A. Roberts, his 2 sons and other directors of H.A. Job Ltd for the benefit of the employees of the Company and its Associates. The current activities of the Trust are the provision of low cost accommodation in 14 flats at Louisa Court, Twickenham, enabling retired employees to remain within the area in which they spent their working lives, and the provision of major grants and Christmas gifts to retired ex employees and their families. The property at Nine Elms Close continues to provide income for the charity on a regular basis. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charitvs aims and objectives for the year. THE ROBERTS FOUNDATION THE TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2024 Athievement and performance The Trustees consider that the activities of providing low cost accommodation and grants have amply achieved the objertives of the Trust. The investment objectives of modest income coupled with safe and modest growth over a 3 to 5 year period with reasonable liquidity is being achieved by holding units in CAF investments and Schroder Charity Equity Fund. Flnancial review Grants awarded and other expenditure during the year ended 30 April 2024 were greater than net income, resulting in an excess of expenditure over income for the year of £3,676 (2023 - £5.286). The Trustees are aware of the importance of careful monitoring of the current annual deficit referred to above against the future needs of the Fund. The rental income from the fourteen flats at Louisa Court provides sufficient income to cover all of the Trusvs costs, whilst leaving a surplus for their adequate maintenance and for a contribution towards grants. The remaining assets, including a house, will cover future gifts to the dwindling number of grantees even without taking into account any rent increases or future donations. Under the Trust Deed, the charity has the power to make any investment which the Trustees see fit. Golng Concern After making appropriate enquiries, the Trustees have considered the position of the charity in light of the current circumstances and are able to confirm its ability to fund all of its commitments and to continue operating for at least twelve months from the date these accounts were approved. For this reason they continue to adopt the going concern basis. Reserves pollcy It is the policy of the charity to maintain free reserves at a level which generates sufficient income when combined with other sources of income including rents receivable, to meet management, administration and support costs and to respond to emergency needs which arise from time to time. The reserves at the year end were £242,253 (2023 - £229,788). Plans for future periods The Trusvs principal beneficiaries were retired or nearing retirement by 1987 when the main companies were sold. Their needs are greatest now and in the very immediate future. Indeed the Trust will eventually run out of beneficiarles. It is the intention of the Trustees therefore to allow the fund to run at a defiat if necessary to enable it to meet its primary object. THE ROBERTS FOUNDATION THE TRUSTEES, REPORT FOR THE YEAR ENDED 30 APRIL 2024 Trusteeg responsibility in relation to the financial statements The Trustees are responsible for preparing The Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2015 2019 (FRS 102); make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards 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 operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts 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. Independent Examlner Susan Kumar of Holden Granat LLP is prepared to undertake the Independent Examination of the Trust if so required. By order of the Board of Trustees: Date: Long Orchard Fami Portsmouth Road Cobham rii IEL Independent Examiner's Report to the Trustees of The Roberts Foundation For The Year Ended 30 April 2024 I report to the Trustees on my examination of the accounts of The Roberts Foundation for the year ended 30 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, and the notes to the accounts, including a summary of significant accounting policies which are set out on pages 6 to 11. Respective responslbllltles of Trustees and Examlner As the Chariws Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Art 2011 ("the ACY,). I report in respect of my examination of the chariWs accounts carried out under section 145 of the Art and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sertion 145(5)(b) of the Art. Independent Examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connertion with the examination giving me cause to believe that in any material respect: l. accounting records were not kept in respect of the charity as required by sertion 130 of the Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2￿8 other than any requirement that the accounts give 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 accounts to be reached. Susan Kumar ACA Holden Granat LLP 23 Oatlands Drive Weybridge Surrey KT13 9LZ Date: 15 October 2024 THE ROBERTS FOUNDATION STATEMENT OF FINANCIAL AcrivmES FOR THE YEAR ENDED 30 APRIL 2024 Unrestrirted Funds Unrestricted Funds Notes 2024 2023 INCOME Investment income 543 Other income - Property rental income 48,152 Other income - Donations s,￿2 Totsl Income 53,490 48,695 EXPENDrruRE Expenditure on charitable artivities 49,814 43,409 Total expenditure 49,814 43,409 Net expendlture and net movement in funds before gains and losses on Investments 3,676 5,286 Net gains / (losses) on investments 5,254 Net movement in funds 12,185 10,540 Total funds brought forward 229,788 219,248 Total funds carried forward 241,973 229,788 THE ROBERTS FOUNDATION BALANCE SHEEf AS AT 30 APRIL 2024 2024 2024 2023 2023 Notes Fixed assets Tangible fixed assets for charity's use Investments 99,558 123,668 223,226 102,114 105,159 207,273 Current assets Debtors Cash at bank 4,291 21,411 25,702 1,111 22,751 23,862 Creditors due within one year 6,955 1,347 Net current assets 18,747 22,515 Total net assets 241,973 229,788 Income Fund Unrestrirted funds 241,973 229,788 20 L£t . and signed on its behalf by: Approved by the Board of Trustees on ... Chairman: Secretarytrrustee: The notes on pages 8 - 11 form part of these accounts. THE ROBERTS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024 l The principal accounting policies are summarised below. a) Basis of preparation The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland {"FRS 102"), and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 as it applies from l January 2019. The accounts are also prepared in accordance with the Charities Act 2011. The charity is a public benefrt entity as defined by FRS 102. Exemption The charTty has taken advantage of the following disclosure exemption in preparing these accouts, as permitted by the FRS 102. the requirements of Section 7 Statement of Cash Flows. b) Fund accounting The funds held are unrestrirted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the trust and which have not been designated for other purposes. c) Golng concern The Trustees have carefully reviewed the future cashflows of the chaiity. The Trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the forseeable future, being at least the next 12 months from the signing of these financial statements. For this reason the Trustees continue to adopt the going concern basis for the preparation of the financial statements. d) Investment Income Income from investments is ststed at the amount received during the year. e) Property Rental Income Rents for Louisa Court are received monthly on the 1st of each month. Rent for 19 Nine Elms Close is received monthly on the 22nd of each month. Income is recognised on a accruals basis. Any rental income received in advance is deferred and recognised in the year to which it relates. Land and Buildings L3nd and buildings at Louisa Court are included at cost on 21 April 1992, the date of the merger with Louisa Job Memorial Housing Association Limited, less depreciation on buildings. The house at Nine Elms in induded at cost less depreciation. Depreciation is calculated so as to write off the cost of buildings over their useful economic lives, which are estimated as 50 years. g) Resources Expended Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Certain expenditure is dirertly attributable to specific artivities and has been induded in those cost catagories. Certain other costs. which are attributable to more than one activity, are apportioned across cost catagories on the basis of an estimate of the proportion of time spent by staff on those activities. THE ROBERTS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024 h) Investments Investments held are acquired in accordance with the powers available to the Trustees. Investments are stated at market value in accordance with the Statement of Recommended Prartice for charities. Revaluation movements together with realised gains / losses arising from the disposal of investments are included in the Statement of Financial Activities. i) Voluntary income Voluntary income is accounted for in the year in which it is received. i) Liabilities Liabilites are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilites which are expected to be settled within the next 12 months from the balance sheet date. Legal status of the charlty The charity is governed by a trust deed dated 28th January 1958 and is constituted as a charitable trust. Tanglble fixed assets for charlty's use Land and bulldlngs at cost Louisa Court 14 Flats Nine Elms l House Total Cost Land Buildings At l May 2023 and 30 April 2024 10,063 61,516 71,579 10,063 127,835 137,898 66,319 66,319 Depredatlon At l May 2023 Charge for the year At 30 April 2024 17,220 1,230 18,450 18,564 1,326 19,890 35,784 2,556 38,340 Net book value At 30 April 2024 53,129 46,429 99,558 At 30 April 2023 54,359 47,755 102,114 The assets above are all freehold and are held for use in operating leases. 10 THE ROBERTS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024 4 Fixed asset investments 2024 2023 Market value at 30th April 2023 Additions Change in value of the year 105,159 10,000 8,509 123,668 99,905 5,254 105,159 Investments at market value comprised: Schroder Investments Charity Equity Fund Accumulation Units CAF Investments Balanced Grown Fund Units 4,626 119,042 123,668 4,373 l(X),786 105,159 Reinvestment of Accumulated Fund income Unrealised gains / (losses) on revaluation of investment assets 8,509 8,509 5,254 5,254 5 Debtors Debtors Prepayments 3,396 895 1.111 1,111 4,291 6 Creditors- Amounts falllng due wlthin one year Accruals 6,955 1,347 7 Investment Income Investment income on investments held 543 8 Expenditure on charitable artlvltles Grants payable: Pension grants to 3 (2023 - 4) beneficiaries Other grants to O (2023 - 1) beneficiary Christmas gifts to 8 (2023 - 8) beneficiaries 9,650 11,500 1,280 13,580 11.250 11 THE ROBERTS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Expenditure on charitsble actlvltles - continued Property costs Louisa Court Water charges Electricity Garden costs Repairs and maintenance Propety insurance Depreciation 2,584 379 1,947 18,606 3,102 1,230 27,848 2,267 56 1,489 12,163 2,816 1,230 20,021 19 Nlne Elms aose Repairs and maintenance Property insurance Depreciation 119 589 1,326 2,034 119 1,326 1,905 Governance Costs Administrator's fees Other administration costs Independent Examiner's fee Legal fees Bank charges Trustees, indemntty insurance 441 1,242 1,248 1,278 1,560 89 314 8,682 89 324 7,903 Totsl expenditure on charitable activites 49,814 43,409 Trustees, remuneration The Trustees received no remuneration for the year . Two of the Trustees were re-imbursed for out of pocket expenses totalling £1,281.09. 10 Staff costs The charity does not employ any staff. All such costs are covered by the administration fee. 11 Related party transartlons Administrator's fees of £5,5CK) (2023 - £5,CXY)) are payable to Tinos Homes Limited to cover the secretsrial and administrative expenses incurred by the company on the charity's behalf. E. Roberts has an interest due to his directorship in that company. There was no liability outstanding at the year end.