OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

Charity registration number 287405

The Rowland Trust

Accounts

5 April 2023

The Rowland Trust

Registered Charity No. 287405

Contents

Trustees' Report 1 to 3
Statement of Trustees' Responsibilities 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 11

The Rowland Trust

Registered Charity No. 287405

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2023.

Structure, governance and management

Nature of governing document

The Rowland Trust (The Trust) was established under a Trust Deed dated 13 December 1982 as varied by deed dated 2 December 1991 and 10 December 1998. It was registered as a charity with the Charity Commission on 13 July 1983.

Organisational structure

The Charity is run on a voluntary basis. When making grants, Trustees take into account the Charity Commission's guidance on public benefit and the specific guidance on charities for the advancement of religion. The Trustees take a flexible approach and respond to past and present Christian workers in financial need, as their situations arise. Most of the beneficiaries have been engaged in full-time voluntary Christian work without salary. The Trustees may go beyond trust income and draw upon capital for the purpose of making appropriate grants.

Principal Office 24 Greencoat Place, London, SW1P 1RD
Trustees Catherine LJ Hutchinson. Correspondent
Ronald JC Graham
Alison CD Dodds
Phoebe J Gill (appointed 28.06.23)
Bankers HSBC, The Peak, 333 Vauxhall Bridge Road, Victoria, SW1V 1EJ
Royal Bank of Scotland, Cambridge Branch, 1 Spinningfields Square,
Manchester, M3 3AP
Solicitors WSP Solicitors LLP, 26 Long Street, Dursley, Gloucestershire, GL11 4JA
Bates Wells & Braithwaite London LLP, 10 Queen Street Place London
EC4R 1BE
Investment Evelyn Partners, 45 Gresham Street, London, EC2V 7BG
Managers
Independent Fairway Tax and Accounting Limited, 11C Alma Road, Snettisham, King's
Examiners Lynn, Norfolk, PE31 7NY

Objectives and activities

Objects and aims

The Rowland Trust exists for the advancement of the Christian religion. To further this object, the trust deed empowers the Trustees to apply its funds "for the benefit of such persons who are or have been engaged in full time Christian work as the Trustees in their absolute discretion shall from time to time select".

1

The Rowland Trust

Registered Charity No. 287405

The late Mr Frank Rowland who, with his wife Dorothy, established the Trust, and whose estate later provided the greater part of its capital assets, had most in mind those giving their lives and energies to the work of Moral Re-Armament (now called "Initiatives of Change") and The Oxford Group. They wished the Trust to also think of the needs of the more senior Christian workers. Penleys, the solicitors to the Trust, when presenting its Objects to the Charity Commissioners, quoted dicta of Mr Justice Farwell in a case in 1941, explaining how a gift for retired Christian workers could advance the Christian religion: "a gift providing for retired missionaries may encourage people to take up missionary work". In the event, the initiative taken by Frank and Dorothy Rowland has assisted the growth of a fellowship of such men and women of all ages, most of whom gave their services and worked without salary.

Public benefit

In making grants the charity supports individuals advancing the Christian religion, without prejudice.

The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Financial review

Investment income amounted to £75,984 (2022 - £47,296) and expenditure, including grants amounted to £139,973 (2022 - £152,860).

The gifts received during the year amounted to £1,525 (2022 - £2,306) including refundable Gift Aid Tax of £5 (2022 - £61).

No legacies were received in the year (2022 - £133,666).

The Trustees accept that voluntary donations and bequests are hard to predict and will vary dramatically as the charity rarely engages in fund-raising. They aim to maintain operations at a sustainable level.

During the year, the Trustees made 44 (2022 - 59) grants to qualifying men, women and married couples for a total of £121,322 (2022 - £141,366).

As at the balance sheet date outstanding loans stood at £386,000 (2022 - £451,000). In the opinion of the Trustees, all the mortgage loans are sufficiently covered by the value of the properties on which they are secured.

Policy on reserves

In line with previous policy, grants are made primarily from income, but also, from time to time as needed, grants are made from capital. Adequate cash reserves are maintained to enable grants to be made at short notice.

Financial Instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of Trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Credit risk

The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

2

The Rowland Trust

Registered Charity No. 287405

The annual report was approved by the Trustees on the charity on 22 January 2024 and signed on their behalf by:

Catherine L J Hutchinson

Trustee

3

The Rowland Trust

Registered Charity No. 287405

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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:

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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees 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.

Approved by the Trustees of the charity on 22 January 2024 and signed on its behalf by:

Catherine L J Hutchinson Trustee

4

The Rowland Trust

Registered Charity No. 287405

Independent Examiner's Report to the Trustees of The Rowland Trust

I report on the accounts of the charity for the year ended 5 April 2023 which are set out on pages 6 to 11.

Respective responsibilities of trustees and examiner

The Trustees are resonsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

Gary Eves FCCA Association of Chartered Certified Accountants Fairway Tax and Accounting Limited Chartered Certified Accountants 11c Alma Road King's Lynn PE31 7NY

22 January 2024

5

The Rowland Trust

Registered Charity No. 287405

Statement of Financial Activities for the year ended 5 April 2023

Donations and legacies
Uncovenanted gifts
Legacies
Gross covenanted gifts and gift aid
Gift aid unrecoverable
Investment income
Net dividends
UK company interest
Foreign income gross
Gross bank interest
Property rental investment income
Property tax unrecoverable
Other income
Mortgage uplift income
Total income
Expenditure on:
Grants payable
Governance costs
Postage
Travel and motor
Legal and professional
Accountancy fees
Bank charges
Portfolio charges
Total expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
2
Gains/(losses)
on
disposal
of
listed
investment
assets
Gains/(losses)
on
listed
investment
assets
revaluations		 Unrestricted
funds
£
1,500
-
25
(8,062)
(6,537)
48,444
-
19,435
7,639
1,564
(1,098)
75,984
22,813
92,260
(121,322)
(14)
(166)
(5,891)
(780)
(44)
(11,756)
(18,651)
(139,973)
(9,740)
(62,474)
(119,927)
2,831,406
2,711,479		 Total
2023
£
1,500
-
25
(8,062)
(6,537)
48,444
-
19,435
7,639
1,564
(1,098)
75,984
22,813
92,260
(121,322)
(14)
(166)
(5,891)
(780)
(44)
(11,756)
(18,651)
(139,973)
(9,740)
(62,474)
(119,927)
2,831,406
2,711,479		 Total
2022
£
2,000
133,666
306
-
135,972
37,256
-
4,533
2,763
2,744
-
47,296
36,541
219,809
(141,366)
(2)
-
-
(720)
-
(10,772)
(11,494)
(152,860)
21,976
77,703
166,628
2,664,778
2,831,406

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2022 is shown in note 2.

6

The Rowland Trust

Registered Charity No. 287405

Balance Sheet as at 5 April 2023

Notes
Fixed assets
Listed investments
3
Loans
Ordinary loans
Mortgage loans
Current assets
Stamps in hand
Covenant and gift aid tax due
Property tax due
Cash with Tilney
Other debtors
Cash at bank and in hand
Current account
Deposit account
Cash in hand
Net current assets
Net assets
Funds of the charity:
Unrestricted funds
2
Total funds
Creditors: amounts falling due
within one year		 2023
£
1,913,806
101,000
285,000
386,000
2,299,806
-
65
862
42,249
-
43,176
19,718
348,559
230
368,507
411,683
(10)
411,673
2,711,479
2,711,479
2,711,479		 2022
£
1,977,924
116,000
335,000
451,000
2,428,924
4
9,164
2,147
52,982
1,350
65,647
-
343,112
230
343,342
408,989
(6,507)
402,482
2,831,406
2,831,406
2,831,406

The financial statements on pages 6 to 11 were approved by the trustees, and authorised for issue on 22 January 2024 and signed on their behalf by:

Catherine L J Hutchinson Trustee

7

The Rowland Trust

Registered Charity No. 287405

Notes to the Accounts for the year ended 5 April 2023

1 Accounting policies

Statement of compliance

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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

The Rowland Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised as historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure and it is probable settlement will be required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

8

The Rowland Trust

Registered Charity No. 287405

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees's meetings and reimbursed expenses.

Investments

Investments comprise investments in equity instruments which are measured at fair value. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party ot the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

9

The Rowland Trust

Registered Charity No. 287405

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2 Funds
Balance at 6 April
Incoming resources
Resources expended
Other recognised gains/(losses)
Balance at 5 April
Fixed assets
Current assets
Current liabilities		 2023
Unrestricted
£
2,831,406
92,260
(139,973)
(72,214)
2,711,479
£
2,299,806
411,683
(10)
2,711,479		 2023
Total
£
2,831,406
92,260
(139,973)
(72,214)
2,711,479
£
2,299,806
411,683
(10)
2,711,479		 2022
Unrestricted
£
2,664,778
219,809
(152,860)
99,679
2,831,406
£
2,428,924
408,989
(6,507)
2,831,406		 2022
Total
£
2,664,778
219,809
(152,860)
99,679
2,831,406
£
2,428,924
408,989
(6,507)
2,831,406

10

The Rowland Trust

Registered Charity No. 287405

3 Listed investments
Listed other shares
Listed investments as at 5 April 2023 are as follows:
Details
Shareholding
Vontobel Asset Mgmt SA Twentyfour
1,000
Astrazeneca PLC Ord USD0.25
600
BAE Systems Ord GBP0.025
9,000
BHP Billiton PLC USD0.50
2,500
Blackrock Continental European
35,000
BP Ord USD 0.25
10,000
Compass Group PLC Ord
2,000
Convatec Group PLC Ord GBP0.1
20,000
Cranswick Ord GBP0.10
2,250
CRH PLC
750
Dechra Pharma Ord. GBP 0.01
3,000
Fidelity Global Investment Funds
34,969
GlaxoSmithKline Ord. GBP0.25
2,400
Guinness Global Equity Income Z
2,500
Haleon PLC Ord GBP0.01
3,000
Hargreaves Lansdown PLC
3,000
Henderson Strategic Bond
59,865
HICL Infrastructure
20,000
Howden Joinery Group PLC Ord
12,000
JP Morgan Global Growth & Income
10,000
Lloyds Banking Group Ord GBP0.1
80,000
M&G PLC Ord GBP0.05
18,000
NatWest Group PLC
11,142
Prudential GBP0.05
3,000
Rathbone Ethical Bond
79,858
Reckitt Benckiser Group PLC
500
Royal Dutch Shell "B" Shares Ord
4,100
Sequoia Economic Infrastructure
35,000
Smith (DS) PLC
8,000
SSE PLC
2,000
Stewart Investors Asia Pacific
1,400
Supermarket Income Reit PLC
30,000
TB Evenlode Global Income
50,085
Tesco Ord GBP0,05
9,474
Tritax Eurobox PLC
30,000
Link Fund Sol Ltd Capita Trojan
45,000
Unilever PLC Ord GBP 0.03111
2,000
Vodafone Group Ord USD
30,000
Weir Group Ord GBP0.125
2,000
Allianz RCM UK Equity Income Fund
2,156.45
Held with Tilney Investment Management Services
Held Directly - Allianz RCM UK Equity Income Fund		 2023
£
1,913,806
Book cost
£
103,971
34,844
29,804
35,630
68,034
57,329
31,819
49,651
17,015
26,890
6,675
79,033
26,253
65,079
5,825
54,391
80,397
35,237
39,780
44,277
77,374
37,367
66,790
40,922
81,513
33,669
68,592
35,202
40,386
33,747
82
32,440
74,379
49,685
35,694
46,683
21,339
46,569
40,930
2,677
1,757,974
1,755,297
2,677
1,757,974		 2022
£
1,977,924
Value
£
95,380
67,392
88,434
63,988
63,695
51,080
40,660
45,720
67,590
30,611
79,500
77,911
34,296
67,223
9,660
23,982
66,810
31,000
83,760
45,650
38,140
35,640
29,370
33,060
65,907
30,790
94,648
28,140
25,160
36,060
13,647
25,980
72,739
25,170
18,150
56,484
83,800
26,790
37,180
2,609
1,913,806
1,911,197
2,609
1,913,806

11