THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Report and Flnancial Statements For the year ended 30 June 2024 Charity Number: 278511
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Financlal Statements for the Year Ended 30 June 2024 Contents Pages Legal and Administrative Information Report of the Trustees Independent Examiners, Report Statement of Financial Activities Balance Sheet Notes fomiing part of the Financial Statements 8-12
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Legal and Administrative Snformatlon Charity Number 278511 Trustees Clive Amos Rajiv Sabharwal FCA Tim MacAndrews FCA lan Balcombe Luxshman Somanathan (Appointed 9 October 20231 Registered Office I Principal Offlce Woodside 102 Burdon Lane Cheam Surrey SM2 7DA Independent Examiner Helen Cain Mer¢er & Hole LLP 21 Lombard Street London EC3V 9AH Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Advisors Evelyn Partners 45 Gresham Street London EC2V 7BG Related Oryanlsatlon The Rotary Club of London 10 Sutton Acres Little Hallingbury Bishop's Stortford Hertfordshire CM22 7RZ
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Report of the Trustees for the Year Ended 30 June 2024 The Trustees are pleased to present their report together with the financial statements of the Charity forthe year ended 30 June 2024. Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust Deed and the Statement of Recommended Practice- Accounting and Reporting by Charities IFRS 102). Structure Governance and Management The Trust was founded by a Declaration of Trust dated 8 June 1979 and is a registered charty in England and Wales. The Declaration of Trust sets out the powers and responsibilities of the Trustees. The Trustees have the responsibility of managing and investing the funds but the distribution of funds- in accordance with the Trust deed- is under direction from Ihe Council of the Rotary Club of London. Capital and Income may be distributed to Charities and for educational support by way of Scholarships, exhibitions or maintenance for any person over 16 years of age in nessIt0uS circumstances. The Charty has up to five Trustees who meet at least twice a year together with the President and Vice President of the Club to review the performance of the investments and to decide what, if any, changes should be made and how much money can be set aside for distribution. In accordance with the Trust Deed, Trustees are appointed by the Rotary Club of London. These appointments are made after consuttalion with the existing Trustees. All Trustees are encouraged to attend courses and conferences that would benefit their role as a Trustee of the Charity. There are no employees of the Charity. and the policy and decisions are made by agreement beeen the Trustees. Reserves Pollcy The Rotary Club of London decided at a general meeling of the Club in the year 2014 that despite the Trust Deed permitting the distribution of capital and income. the Trustees should be asked, subject to market fluctuations, lo plan the investment policy on the basis that the value of the Trusl should be maintained at a nominal value of £300,000 and not subject to inflation. The value of the assets of the Trust was £401,213. The Trustees in consultation with the Council of the club have agreed to aim lo rebuild Ihe capttal value as above but also to continue to make distributions to charities as directed.
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Report of the Trustees for the year ended 30 June 2024 Objectives and Activities The purpose of the charity according to its Declaration of Trust is that the Trustees shall hold the Charity Trust Fund upon trust to apply both capital and income to or for such charitable objects, inslilutions or purposes in such proportions and in such a manner as the Council shall from time to time direct and, also in accordance wilh paragraph 4 thereof the Trustees shall have power at the discretion of the Council to pay or apply the whole or any part of capital and income of the Charity Trust Fund tor the advancement of education in the establishment or support of any scholaiships. On 25 April 2022. by way of Codicil. the objectives and activities of the Charity were amended. In addition to those objectives and activities stated above, at the discretion of the Council, Trustees shall also have power to apply Capital and Income of the Charity Trust Fund for the advancement of health and saving lives, disability, the prevention or relief of poverty, disaster and famine relief, environmental and general charitable purposes, all of which apply lo both the United Kingdom and anhere else in the worfd. Evelyn Partners continued to manage the inveslments ofthe charity. During the year the funds have been fully invested and have produced income. the Trustees have agreed to the conlinuation of Evelyn Partners, appointment. From time lo time members ofthe Club arrange fijndraising events for the benefit ofthe Charty and generally these are administered by the Charity. The Charity also receives donations from time to time from members or others. In setting out the Charity's objectives and carrying out our activities, the trustees have had regard to the Charity Commission's guidance on public benefit. Risk Management The Trustees have examined the principal areas of the Charity's operation and considered the major risk in each of these areas. In the opinion of the Truslees the Charity has reviewed systems which. under nomi81 conditions should allow the risks to be mitigated to an acceptable level in its day to day operations. Revlew of the year This has been a reasonable year for the Charty during which it has been able to continue distributions. Following distributions of £6,800 the value of the Charity has increased from £342,764 to £400,133. Distribtrtions were made to charities totalling £6,800. Of these distributions the following were from Unrestricted and Restricted Funds.. 1 x donation of £1,700 4 x donation of £1,000 1 x donation of £600 1 x donation of £500
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON ort of thg Tru8te65 for the ygar ended 30 June 2024 The Trustees confirm Ihal they have rÈferred lo the guidance c£Jntained in the Charities Commission general guidance on public benefits when reviewing Ihe Trust's alms, objectives and future adivities. Plan8 for the Future The Trustees intention is to ntinue to run the Charlty along the same lines as Ihis year. In conclusion the Trustees would like lo thank all those who have asslsted the Charity during the year. Trustees Hugh Kirk MBE FCCA (Resigned 30 September 2023) Clive Amos Rajiv Sabharwal FCA Tim MacAn(Jrews FCA lan Balcombe Luxshman Somanathan (Appolnted g October 20231 Trust8&8' responsibilitia$ in rektion to thfr financial statements The Iruslees are responsible for preparing the Trustees, AnntJaS Report and the financial stalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingth)m Generally Accepted Accounting Practi}. The law applicable to chartties In England & Wales requires the trustees io 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 ol Ihe charity foi that period. In Preparing these financial statements, the trustees are required lo= select surtable accounting policies and then apply them consi51ently- make judgements and eslimales that are reasonable and prudent., state whether applicable accounling standards have been followed. subject lo any material departures disclosed and explained in the financial statements,. prepaie the financial statements on the going concem basis unless it is Inappropriate lo presume Ihal the charity will continue in operatson. 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 lo ensuie that the finanual statements comply wilh 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 or the charity and hen for taknng reasonable steps for the prevention and deleclion ol fraud and other irregularities. 'trS' and signed on their behalf by- Approved by the Trusteès on lan Balcombe Trustag
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Independent Examiners. Report to the Trustees of The Charity Trust of the Rotary Club of London I report to the charity trustees on my examination of the accounts for the year ended 30 June 2024 which are set out on pages 6 to 12. Responsibllltles and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('Ihe Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the A¢t and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbJ of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have come lo my attention in connection wilh the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord wth 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 2008 oth&r than any requiremenl 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 accounts to be reached. /4£* . Helen Caln FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH 24 April 2025
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Statement of Flnancial Activlties forthe Year Ended 30 June 2024 Restricted Unrestricted Funds Funds 2024 2024 Restrlcted Unrestrlcted Funds Funds 2023 2023 Notes 2024 2023 Income from Donations and legacies Interest received Investments 32,085 32,085 37,999 37.999 19 19 Total Income 42 230 42 230 47 926 47 926 Expenditure on Charitable aclivities Management 6,800 6,800 155 32,845 33,000 administration Total expenditure 155 Net incomel lexpenditure) 30 199 155 Gain l (loss) on revaluation of investments Gain on disposal of investments 24,760 24,760 {18,8271 (18,82n Net movement in funds 155 Reconciliation of funds: Total funds brought forward Total funds carried forward All income and expenditure are derived from continuing operations. The notes on pages 8 to 12 form part of these Financial Statements.
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON BRlon¢• Sheot at 30 Jun• 2024 2021 2023 Flx•d •1801• Inveslments 369,351 339.008 Invesknentg Cash al bank 3.244 2.311 31,8 4,776 ¢rodllor8: arnounts 1015lng du• wlthln ono y•ar Netcurrent ai$•ts Total ¢h•rlty fund• Unre5tricled knds 400.133 342.764 Rttlrkted lund¥ Total charfty fund¥ ¢ath•d forward 10 oved by thB Twstees on and signed on twr behair ty. lan 8alcombe Tw8t80 pago$ 8 10 12 fo part oflhese Flnondal Slatemenl8. cs CamSc&nn¢r
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Notes to the Financial Statements for the Year Ended 30 June 2024 ACCOUNTING POLICIES The piincipal accounting policies which are adopted Gonsistenlly in the preparab'on of the Financi85 Statements are sel out below. a) Basis of Accountlng The financial statement5 have been prepared under the historical cost convention and in accordance wlh the Statement of Recommended Practice.. Accounting and Reporting by Charities IFRS 1021. The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, and the Charslies Act 2011. The financial statements do not include a cash flow statement because the Charsty, as a small reporting entity is exempt from the requirement to prepare such a statement under Update Bulletin 1. Charities SORP IFRS 1021 The financial statements have been prepared to give a 'lrue and fairf view and have therefore necessarily departed from the extant Charities IAccounls and Reports) Regulations 2008 only to the extent required to provide a 'lrue and fair. view. This departu has involved following the Statement of Recommended Practice." Accounting and Reporting by Charities applicable lo charib.es preparing their financial statements in acttordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 isgued on 16 July 2014 rather than the Statement of Re¢omfnended Practice.. Accounting and Reporting by Charities effective from 1 April 2005, whi¢h has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts are rounded to the nearest £. b) Income Donations Donations are credited in the year in whi¢h they are received. Investment income Income from investsnenls is credited in the year in which it is received. Interest recelvable Interest is credited in the year in which it is received. c) Expenditure Grants Grants are accounted for in the year to which they relate. Other costs All other costs are accounted for on an accruals basis.
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Notes to the Finan¢lal Statements for the Year Ended 30 June 2024 {continuedl dl Fund accounting The fvnds held by the charity are.. UnrestriTeted funds Unrestricted fvnds are those funds that are spent in accordance with the charitable objects at the discrets'on of the Iruslees. Part of these funds can be designated to be used for a particular purpose in the future. Restricted tunds Restricted funds are those funds that musl be spent on a specific purpose. el Investrnents Fixed asset investments are valued at market value, net of management fees, al 30 June 2024. Current asset investsments are to be used by the chanty on a continuing basi5. Unrealised gains and losses on investments Unrealised gains and losses are accounted for on valUation of investments at the balance sheet date. Income from Donations and Legacies Restricted Unrestricted Funds Funds Restrl¢ted Unrestricted Funds Funds 2024 2023 Charitable donations Total 32,085 32,085 37,999 37.999 Investment Income Restricted Unrestrlcted Funds Funds 2024 Restrlcted Unrestricted Funds Funds 2023 Investments Interest received 10,137 10,137 9.908 9,908 19 19
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Notes to the FSnanclal Statements for the Year Ended 30 June 2024 Icontinuedl Allocation of Resources Expended Management and Adrninlstration Total 2024 Total 2023 Bank charges Independent Examiners Fees Investment Manager Fees 65 1,140 65 1.140 102 1,080 No Trustee received any remuneration during the year or reimbursed expenses. Expendlture on charitable actlvlties - grants payable 2024 2023 Unrestricted funds Books Beyond Words Richard House Children's Hospice Ukraine. Kharkiu School Rotary Foundation Inspiring Girls LrfeLine4Kids Sheriffs Recorders fund Noah's Ark Children's Hospice Stationers Foundation - Shine Medial School Awards Shelter Box Parkinson's UK All Saints Church Blackheath London Air Ambulance Be Kind Movement Ladakh India {Eye Hospital) Livery School Link The London Communty Foundation 600 2,500 2.500 2,500 500 8.500 1,000 8.500 1,000 1,000 1,000 2,000 1.000 500 2,000 1,700 1.000 1,000 6,800 33.000 Total grants payable 10
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Notes to the Flnancial Statements for the Year Ended 30 June 2024 (continued) Investments 2024 2023 Market value at 1 July 2023 Additions Disposals Net gain on disposal Unrealised gains l {losses) 339,008 336,681 42,706 27,262 (39,5271 112,2241 2,410 6.116 24760 At 30 June 2024 Historical cost as at 30 June 2024 2024 2023 Listed investments Other non-listed investments 249,915 235,474 Credltor9: amounts falling due within one year 2024 2023 Accruals and deferred inGome Unreslricted Funds Analysis of unrestricted funds- current year Balan¢¢ Incoming Resources at Resources Expgnded 1 July 2023 GainlLoss on Investment Revaluatlon IDisposals Balance At 30 June 2024 General fund Analysis of unreslrlcted funds- prlor year Balance at Incomlng Resour¢es 1 July 2022 Resource Expended GainlLoss on Investment Revaluallon IDl8posals Balancg At 30 June 2023 General fund 11
THE CHARITY TRUST OF THE ROTARY CLUB OF LONDON Notes to the Flnanclal Statements for the Year Ended 30 June 2024 (continued} Restrlcted Funds Analysis of reStrIed funds- current year Balance at Incoming Resources Deficlt on l July 2023 Resources Expended Investment Revaluation IDisposals Balan¢9 At 30 June 2024 Analysis of restrlcted funds- prior year Balance at Incomlng Resources Deficit on 1 July 2022 Resources Expended Investment Revaluation IDispo8als Balance At 30 June 2023 Restricted funds related lo donations received to be granted to charitable causes in Ukraine. 10. A Tralysis of Net A88ets among Fund8 Restricted Unrestricted Funds Funds 2024 Restricted Unrestrictsd Funds Funds 2023 Fund balan are repsented by.. Investments Net current assets 369,357 369,357 30.776 30.776 339,008 339.008 11. Related parties A grant was made to the Rotary Foundation during the prior year of £2.500. No such grant was made in the current year. 12