Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
**Charity Registration No. 248663**
## THE ROTHENBERG CHARITABLE FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 JUNE 2024
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees and professional advisers|1|
|Trustees' report|2 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 12|
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **TRUSTEES AND PROFESSIONAL ADVISERS**
|**Charity number**|248663|
|---|---|
|**Trustees**|W D Rothenberg|
||J D Rothenberg|
||R M Rothenberg MBE|
||J K Knox|
||S D Percival|
|**Principal address**|74 Hillway|
||London|
||N6 6DP|
|**Accountants**|Blick Rothenberg Limited|
||Chartered Accountants|
||16 Great Queen Street|
||Covent Garden|
||London|
||WC2B 5AH|
|**Independent examiner**|Nick Banks FCCA ACA|
||Scrutton Bland Limited|
||Chartered Accountants|
||Fitzroy House|
||Crown Street|
||Ipswich|
||Suffolk|
||IP1 3LG|
|**Solicitors**|BDB Pitmans LLP|
||One Bartholomew Close|
||London|
||EC1A 7BL|
|**Investment advisors**|Rathbones Investment Management Limited|
||30 Gresham Street|
||London|
||EC2V 7QN|
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Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 7 JUNE 2024**
The Trustees present their report and financial statements of the The Rothenberg Charitable Foundation for the year ended 7 June 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's deed dated 7 June 1966, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
## **Reference and administrative information**
The Rothenberg Charitable Foundation is registered as a Charity with the Charity Commission, registration number 248663.
The Trustees in office during the year and at the date of this report, together with the address of the Charity's principal and registered office, are as set out on page 1.
## **Structure, governance and management**
The Charity was created under a deed dated 7 June 1966.
Under the terms of the deed the current Trustees have power to appoint new Trustees. Where there is a requirement for new Trustees, these would be identified by the remaining Trustees. New Trustees are appointed under a Deed signed and approved by the current Trustees.
The existing Trustees are responsible for the induction of any new Trustees which would involve having an awareness of a Trustees's responsibilities, the governing document, administrative procedures, and the history and philosophy of the Charity. A new Trustee would receive a welcome pack which would include copies of the previous year's annual report and accounts, a brief history of the Charity and a copy of the governing document. The pack would also include a copy of the Charity Commission guidance "Charity Trustee Welcome Pack" issued by the Charity Commission on 29 May 2018.
The Trustees are responsible for strategy and policy and all major decisions are taken by the Trustees. Day to day activities are co-ordinated by the Charity's administrators, as it employs no staff.
The Trustees examine the major risks that the Charity faces every financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the Charity in the future.
The Trustees have systems in place to identify any conflicts of interest that may occur. When a conflict of interest arises, the relevant Trustee or Trustees agree to withdraw from any discussion and decision.
## **Objectives and activities for the benefit of the public**
The Charity's objectives are to support established charitable institutions in the United Kingdom or elsewhere in the world as the Trustees from time to time determine.
In accordance with setting their objectives and grant making policy for the year, and in planning for the future, the Trustees have had due regard to the published Charity Commission guidance on the operation of the public benefit requirement of the Charities Act 2011, and have undertaken appropriate activities in furtherance of those aims for public benefit. The Charity has established its grant making policy to achieve its objects for the public benefit.
## **Achievements and performance**
The Trustees received applications for donations from a wide variety of charitable institutions including education, helping the disabled and old aged, relieving poverty, providing sheltered accommodation, developing the arts etc. The Trustees considered all requests which they received and made such donations as they felt appropriate.
In the year, 5 (2023: 4) charitable grants were made totalling £30,250.00 (2023: £27,750.00)
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Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 7 JUNE 2024**
## **Financial review**
The net movement in funds for the year amounted to a surplus of £107,417.14 (2023 defecit: £114,837.05). All funds are unrestricted and amounted to £1,837,885.19 (2023: £1,730,468.05) at the balance sheet date. Gains on investments, both realised and unrealised, amounted to £116,959.15 (2023: losses £113,039.00).
The Charity's powers to invest its funds are set out in the Charity's governing instrument. Any monies not immediately required for the furtherance of the Charity's objects may be invested at the discretion of the Trustees. There are no restrictions on the Trustees' power to invest funds.
The Trustees, as guided by their investment advisors, are seeking to secure a good income with minimal erosion to the capital of the Charity. The Trustees wish to preserve the capital fund of the Charity to enable the Trustees to continue to support charitable causes in future years.
To preserve the capital of the Charity, the Trustees have established a policy of making donations from the net annual income. In exceptional circumstances additional donations will be made from capital funds.
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 to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
To safeguard against a significant drop in income and to enable the Trustees to continue the current level of donations, it is the policy of the Trustees to maintain a reserve of uncommitted and unrestricted cash funds of £40,000. Cash funds in excess of this are considered to be earmarked for investment.
## **Future developments**
The Trustees intend to continue their policy of making grants to the charitable purposes which fall within the objects of the Charity.
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Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 7 JUNE 2024**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' 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 and 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 year.
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;
- 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; and
- 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 sufficient 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 Charity (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 examiner**
Nick Banks FCCA ACA of Scrutton Bland Limited was appointed as independent examiner to the Charity and has expressed his willingness to continue in that capacity.
The Trustees' r eport was approved by the Board of Trustees.
**----- Start of picture text -----**
..............................
**----- End of picture text -----**
**.............................. J D Rothenberg** Trustee 04-Apr-25 | 09:57 BST Dated: .........................
**----- Start of picture text -----**
..............................
**----- End of picture text -----**
**.............................. R M Rothenberg MBE**
Trustee 03-Apr-25 | 09:43 BST Dated:.........................
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Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROTHENBERG CHARITABLE FOUNDATION**
I report to the Trustees on my examination of the financial statements of The Rothenberg Charitable Foundation (the Charity) for the year ended 7 June 2024 which are set out on pages 6 to 12.
This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters than an auditor considers in giving their opion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independnet examination can provide. Consequently I express no opinion as to whether the financial statements present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **Nick Banks FCCA ACA**
## **Scrutton Bland Limited**
Chartered Accountants Fitzroy House Crown Street Ipswich IP1 3LG Suffolk 04-Apr-25 | 11:52 BST Dated: .........................
- 5 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 7 JUNE 2024**
|**Notes**
**Income from:**
Investment income
**2**
**Total**
**Expenditure**
Investment management fees
**Charitable activities**
**3**
**Total**
**Net expenditure**
Gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds**
Fund balances brought forward
**Fund balances carried forward**|**Unrestricted fund**
**2024**
**2023**
**£**
**£**
41,882.43
45,224.06
41,882.43
45,224.06
(12,142.04)
(12,022.91)
(39,282.40)
(34,999.20)
(51,424.44)
(47,022.11)
(9,542.01)
(1,798.05)
116,959.15
(113,039.00)
107,417.14
(114,837.05)
1,730,468.05
1,845,305.10
**1,837,885.19**
1,730,468.05|
|---|---|
The notes on pages 8 to 12 form part of these financial statements.
## **Statement of recognised gains and losses**
The statement of financials activities include all gains and losses recognised in the period.
All of the activities of the Charity are classified as continuing.
- 6 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **BALANCE SHEET**
## **AS AT 7 JUNE 2024**
||||**2024**|**2024**|||**2023**|
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**||**£**|
**£**|
|**Fixed assets**||||||||
|Investments|**6**|||1,783,001.99|||1,657,362.26|
|**Current assets**||||||||
|Debtors|**7**|1,305.01||||654.72||
|Cash at bank and in hand||61,828.19|||79,519.07|||
|||63,133.20|||80,173.79|||
|**Creditors: amounts falling due within**||||||||
|**one year**|**8**|(8,250.00)|||(7,068.00)|||
|Net current assets||||54,883.20|||73,105.79|
|**Total assets less current liabilities**||||**1,837,885.19**|||1,730,468.05|
|**Income funds**||||||||
|Unrestricted funds||||1,837,885.19|||1,730,468.05|
|||||**1,837,885.19**|||1,730,468.05|
|The financial statements were approved by the Trustees on .........................
03-Apr-25 | 09:43 BST
04-Apr-25 ||||||||09:57 BST|
|..............................||..............................||||||
|**J D Rothenberg**||**R M Rothenberg MBE**||||||
|Trustee||Trustee||||||
The notes on pages 8 to 12 form part of these financial statements.
- 7 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 JUNE 2024**
## **1 Accounting policies**
## **Charity information**
The Rothenberg Charitable Foundation is an unincorporated Trust. Its principal place of business is 74 Hillway, London, N6 6DP.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless other wise stated in the relevant accounting policies below and notes to these accounts .
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity is not a functional Charity having staff and overheads but makes grants and donations from its investment income.
## **1.3 Charitable funds**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
## **1.4 Income**
Income is recognised when the Charity is entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. All income is stated gross of any expenditure.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated to applicable expenditure headings.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
- 8 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 JUNE 2024**
## **1 Accounting policies**
## **(Continued)**
## **1.6 Fixed asset investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on disposals during the year and fair value adjustments at the year end.
## **1.7 Financial instruments**
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
## **1.8 Taxation**
The Rothenberg Charitable Foundation is a registe re d Charity and is not liable to income or capital gains taxes on its present activities to the extent that the income and gains are applied for charitable purposes.
## **1.9 Debtors**
Debtors are recoginised at the settlement amount due less any provision for impairment.
## **1.10 Creditors**
Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
## **2 Investment income**
|Income from stocks and securities
Interest receivable
Income from stocks and securities - 2023|**UK**
**2024**
**£**
31,410.54
532.99
**31,943.53**
35,244.51|**Overseas**
**2024**
**£**
9,938.90
-
**9,938.90**
9,979.55|**Total**
**2024**
**£**
41,349.44
532.99
**41,882.43**
45,224.06|Total
2023
£
44,432.74
791.32
45,224.06|
|---|---|---|---|---|
- 9 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 JUNE 2024**
## **3 Charitable activities**
## **Analysis of charitable activities**
|Grants
(3.1)
Administrative costs
(3.2)
**3.1 Grants payable**
Grants during the year comprise:
British Youth Opera
Garsington Opera Limited
Glyndebourne Productions Limited
London Symphony Orchestra Limited
The Wiener Holocaust Library|**Total**
**2024**
**£**
30,250.00
9,032.40
**39,282.40**
**Total**
**2024**
**£**
7,500.00
5,750.00
11,500.00
3,000.00
2,500.00
**30,250.00**|Total
2023
£
27,750.00
7,249.20
34,999.20
Total
2023
£
7,500.00
5,750.00
11,500.00
3,000.00
-
27,750.00|
|---|---|---|
## **3.2 Administrative costs**
The breakdown of administration costs and how these are allocated between support costs and charitable activities is shown in the table below.
|**Cost type**
Accountancy fees
Bank charges
Independent examination fees|**Support**
**costs**
**Charitable**
**activities**
**2024**
**2024**
**£**
**£**
8,220.00
-
62.40
-
750.00
-
**9,032.40**
**-**|**Total**
**2024**
**£**
8,220.00
62.40
750.00
**9,032.40**|Total
2023
£
6,480.00
61.20
708.00
7,249.20|
|---|---|---|---|
- 10 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 JUNE 2024**
## **4 Trustees and related party transactions**
During the year grants as shown in note 3.1 of these financial statements were made to Garsington Opera Limited and Glyndebourne Productions Limited. These donations enable the Trustees to access priority booking (at full personal cost) and attendance at rehearsals.
During the year J D Rothe n berg was Trustee of British Youth Opera who received a grant of of £7,500 (202 3 : £ 7,500 ). None of the other Trustees (or persons connected with them) received any remuneration or benefits from the Charity during the year (or the previous year).
## **5 Employees**
There were no employees during the year or the previous year.
## **6 Fixed asset investments**
|**Listed**
**investments**
**2024**
**£**
Market Value at 8 June 2023
1,652,837.27
Additions
590,556.55
Disposals
(608,261.99)
Cash movements
-
Gain/(loss) on investments
116,959.15
**Market Value at 7 June 2024**
**1,752,090.98**
**Historical cost of investments at 7 June 2024**
**UK**
**2024**
Investments held are analysed as follows:
**£**
Equities
423,277.00
Fixed interest
365,658.98
Unit trusts
114,141.00
Investment trusts
155,882.00
Property funds
53,785.00
Infrastructure funds
63,963.00
Alternative investments
61,170.00
Exchange traded funds
-
Cash deposit
30,911.01
**1,268,787.99**
**Debtors: amounts falling due within one year**
Accrued income receivable|**Cash**
**2024**
**£**
4,524.99
-
-
26,386.02
-
**30,911.01**
**Overseas**
**2024**
**£**
326,760.00
-
33,158.00
-
-
-
-
154,296.00
-
**514,214.00**|**Total**
**2024**
**£**
1,657,362.26
590,556.55
(608,261.99)
26,386.02
116,959.15
**1,783,001.99**
**1,550,267.00**
**Total**
**2024**
**£**
750,037.00
365,658.98
147,299.00
155,882.00
53,785.00
63,963.00
61,170.00
154,296.00
30,911.01
**1,783,001.99**
**2024**
**£**
**1,305.01**|Total
2023
£
1,782,301.64
639,612.94
(635,116.25)
(16,397.07)
(113,039.00)
1,657,362.26
1,540,683.00
Total
2023
£
725,209.00
287,462.27
150,327.00
107,376.00
73,182.00
79,986.00
164,110.00
65,185.00
4,524.99
1,657,362.26
**2023**
**£**
654.72|
|---|---|---|---|
**7 Debtors: amounts falling due within one year**
- 11 -
Docusign Envelope ID: ECF924BA-FAD2-4FB4-AF5E-2DCDC8667ADE
## **THE ROTHENBERG CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 7 JUNE 2024**
## **8 Creditors: amounts falling due within one year**
|Blick Rothenberg Limited
Scrutton Bland Limited
**9 Movement in funds**
Unrestricted funds
Unrestricted funds - 2023|**Opening**
**funds**
**2024**
**£**
**1,730,468.05**|
**Incoming**
**resources**
**2024**
**£**
**41,882.43**
**2023**
**£**
45,224.06|**2024**
**£**
7,500.00
750.00
**8,250.00**
**Resources**
**expended**
**Net gains /**
**(losses) on**
**investments**
**2024**
**2024**
**£**
**£**
**(51,424.44) 116,959.15**
**2023**
**2023**
**£**
**£**
(47,022.11) (113,039.00)|**2023**
**£**
6,360.00
708.00
7,068.00
**Closing**
**funds**
**2024**
**£**
**1,837,885.19**
**2023**
**£**
1,730,468.05|
|---|---|---|---|---|
||**2023**
**£**
1,845,305.10||||
## **10 Analysis of net assets between funds**
|Fund balances at 7 June 2024 are represented by:
Investments
Current assets
Current liabilities|**Total**
**2024**
**£**
1,783,001.99
63,133.20
(8,250.00)
**1,837,885.19**|Total
2023
£
1,657,362.26
80,173.79
(7,068.00)
1,730,468.05|
|---|---|---|
- 12 -