The ROSL Foundation Report and Financial Statements For the year ended 31st December 2023 Charity Reglstration No. 306095
The ROSL Foundation Report and Financial Statements 2023 Contents Page Officers and professional advisers Trustees, report Independent examinerfs report statement of financial activities Balanc8 sheet statement of Cash Flows Notes to the financial statements 10
The ROSL Foundatlon Report and Financial Statements 2023 Officers and professional advisers Trustees Hon. Alexander Downer AC (Chairman) Dr Annette Prandzioch Mr Frank Warn FCCA. CPA (Australia) Mrs Helen Prince Mr Hamish Kean (appointed on 30th March 2023) Mrs Anne Wilkinson (appointed on 30th March 2023) Principal Office The Royal Over-seas League Over-seas House Park Pla St James's Street London SW1A 1LR Bankers Coutts & Co 440 Strand London WC2R OQS Sollcitors Russell Cooke 8 Bedford Row, London WC1R 4BX Independent Examlner M Wilkes FCA Azets Audit Services River House 1 Maidstone Road Sidcup Kent DA14 5RH Registered charity number 306095
Th8 ROSL Foundation Report and financial Ststem8nts 2023 Trustees, Report The financial statements have been prepared in accordan with Accounting and Reporting by Charities- Statement of Recommend8d Practice applicable to charities preparing their accounts in accordance with the Financial R8POrting Standard applicable in the UK and Republic of Ireland issu8d in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011and UK Generally Accepted Accounting Practice. Statement of Trustees, Responsibilltles The,Trustees of the Charity are responsible for preparing the Trustees, Annual Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prddice). The law applicable to charities in England & Wales requires the Trustees to prepare finanGial statements for each financial year which give a true and fair view of th8 State of affairs of the charity and of th6 income 8nd expenditure of th8 charity for that period. In preparing these financial ststements, the Trust88s are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities 2015 (FRS 102). make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any rnaterial d8partures disclosed and explained in the financial statements. and prepare the finanGial statements on a going concern basis unless it is inappropriate to presume that the Gharity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose Wlth reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Acts, charity accounting and reporting regulations together with the provisions of the Trust Deed. Th8y are also responsible for safeguarding the assets of the Charity and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities. Status and Trustees The ROSL Foundation (the 'ROSL Foundation,) is a registered charity governed by its Trust Deed dated 1 January 1960, last updated in July 2021. The Trust88s are shown on page 1. The Trustees met twi in 2023. The day-to4ay administration of th8 Foundation is carried out by the League's staff. The Leagu8 operates under Royal Charter and has a mandate of promoting intemational friendship in th8 Commonwealth and beyond. The League offers clubhouse facilities to rnembers, runs a prestigious Annual Music Competition, art exhibitions, book talks and public affairs tslks and generally supports intemational engagement through its own social, music, arts and education activities both in the UK and overseas through a n8twork of international members and branches. Objects The Foundation's objects are for such lawful educational and charitable purposes in furtherance of the work of the Royal Over-seas League as the trustees may from time to time determine.
The ROSL Foundation Report and financial Statement8 2023 Trustees, Report PrlnGipal Activlty The principal aclvity of the Foundation continues to be distributing funds to meet the objectives of the Foundation. Investment incom¢ totalled £97.896 (2022: £90.319) in the year. New donation5 of £13.850 (2022.. £5,186} w8r8 r1Ved, in 8édition to legacies amounting to £15,023 {2022: £1,000). A Gift Aid claim was not mad8 in 2022-2023. Ravlew of the Year Supporting Young Musictans through the Royal over.seas League Annual Muslc Competitlon In 2023 the Foundation continued its longstsnding support of the Annual Music Competition. contiibuting £56,000 towards th8 priz8 money as well as suppjrting the costs of running the full competition, 2023 was the SOnd year of an international focus beyond Commonwealth, with a significant increase in appllcatlons from EU and EEA countries, as well as the USA. Nearly 250 applications were received, the highest number in many years as numbers contlnue to ris8, With judges r8POrting high perfomance standards. A greater number of competitors also travelled to London to perform in th8 competition, a proportion of the Foundation support went b assist with travel and acGommodation axp8nses for these young musicians. All finals were recorded and uplvaded to the ROSL YouTub8 channel for International aLNJiences to enjoy. The Gold M8dal final took Pla once again 8t the Wigmor8 Hall, in front of an industy jury. chaired by Wigmor8 Hall's Chief Executive, John Gilhooly CBE. The Gold Medal Prize awarded to Belgian clarinettist Emile Souvagie, who appeared on BBC Radio 3,8 In Tune programme the next day. ROSL Edlnburgh Fringe and furthèr concert support The Foundation supported a signific8nt numb8r of paid professional eng8gements for ROSL'S prizewinning musicians, Including at the Edinburgh Festival Fringe with a series of 16 concerts at the Royal Scots Club. given by a cohort of 12 ROSL musicians. Saxophonlst Lewls Banks and pianist Hamish Brown appeared on BBC Radlo 3's live show from the Fringe to help promcte the series. In addttion, the Foundatlon supported perfo8S at festivals in Buxton, Lichfiekj, Lake District, Brighton, Cambridge, Shaldon and St George's Bristol and Music in the Round in Sheffield. In London the Foundation funded a serias of conGerts at ROSL, Fncluding a concert in memory of HM Queen Elizabeth 11, and a Christmas concert featuring a chamber aangernent of Tchaikovsky's Nutcracker Suite. Supportlng Young Muslclans In Kenya ROSL supported the National YoLrth Orchestra of Kenya for a second year thanks to the rew.pt of a legacy from the estate of Mr Robert Walnwright. In Autumn 2023 there was a series of online workshops with a Gohort of ROSL musicians (Qxperfenced in working with and training young musicians). In December 2023 these ROSL musicians (representlng each section of the orch8stra) travelled to Nairobl for a week-long residerrti81 cours8, wheré they worked with the young musicians in sectional and full rehearsals, working toward5 a final concert at the end of the week ROSL International Vlsual Arts Residencies The Foundation continued to support the visual 8rt8 at ROSL, funding two international artists to travel to the UK for residency periods, in partnership with The Art House in Wakefield. Following an open IXII with a substsntial selection ot applications, Kim Karabo Makin from Botswana and Qaidi805 from India
travelled to the UK to spend tlme in both London and Wakefield developing th8ir intemational art practice. Their residencies included significant Career support attendance at London's Frieze Art fair and networking opportunities. ROSL Photography Competition In 2023 it was the third Iteration of the ROSL Photography Competition, showcasing ROSL'S intern8tional ethos through the selected theme of 'Viewpoint'. Entry numbers were significantly higher than the previous two competitions, with nearly 3500 image5 from over 40 countries submitted. The photographs were judged by an expert panel including documentary photographer Seamus Murphy and artist Nilupa Y8smln. The winnlng Image was by Md. Zobayer Hossain Joati frcmn Bangladesh, wlth the runner-up and Madiha Aihaz prizes won by Ypatia Komarou from Greece and Radoslav Sviretsov from Bulgarla. Educatlon projects Following the Trust888 declsion to wind down olonations for educatton project5, a flnal payment of £6.000 was made to Mondesa Youth Opportunities, to promote quality 8ducation in Maths, readlng and English foryoung ppIe living in Ihe townshlp5 around Swakopmund, Namibia. Heritage Projects No payment was made under this c8tegory. Financial Review Durlng the year the charity received £126,769 (2022: £96,5D5). Expenditure totalled £209.207 (2022: £428,451) resulting in a deficit before gains and I0e5 in assets of £82.438 (2022: £331.946). Loss8s on investm8nt assets totalled £27,221 (2022: k)ss of £117.824) resuftSng in a net deft of funds of £109.659 (2022- a net deficlt of £449.770). During the year stricted dlstrlbutions r)f £128,405 (2022: £194,663) were made in respect of music and 8ducatiollal projects. £60,000 (including irrecoverabl8 VAT) (2022 £90,000) was paid to the Royal Over- Seas League {ROSL) as a Contribution to costs of the support work carrfed out to support the work of the charity over the past year. This includes provision of stsff time, aGGounting services, use of offi space. facilities, and equipment and generdlly all necess8ry administrative support services. Investment policy The fixed asset Ènvestment funds are invested with M&G. M&G launched the Charibond charities red int8rest common investment fund (Charibond) in 1976 as an 8GIiv8ly martaged fixed int8r8St fund. It inv85ts in deposits, UK government bonds (gilts) and other sterling denominated red s8curities. Charibond 15 designed to produ a high income while pr8seNing capital values. It is availabl8 to all those Charities that are registered in the UK and allowed to invest in common investment funds. The Equities Investment Fund for Charities (Charrfund) is a suitable investmerrt for the equity portion of charitable funds. It is designed to provide a high and growing Irome for charitias, while at the same time protecting capital from the erosive effect of inflation. Charyfund is a charity and its management company. Charities Investment Managers Limited. is treatad by HM Revenue & Customs as such.
The ROSL Foundation Report and financial Statemènts 2023 Trustees. Report Thls ensures that charities investing in Charifund obtain the benefits of an inv8Stment in a unit tNst. such as low charges and a wide spread of investments. whilst qualifying for the same tsx treatment as other UK equty charitable funds. M&G regularly communicate wth the Trust and in 2023 as in previous years, attended a Board meeting to provide an investment update to the Trustaes. The total investments on 31 December 2023 had 8 value of £1,720,323 an investment 0$8 of £27,221 compar8d to the 2022 balanGe. Going Concem The Trustees have a strong expectation that the charity has adequate resources to contlnu8 in operational existeru for fhe foreseeable future. For Ihis reason. they continu8 to adopt the going conc8rn basis in preparing the financlal statements. Further d8tails regarding th8 adoption of the going concam basis can be found in the Accounting Polfjcies note. Reserves Policy The Trust has a reseNes policy of maintaining sufficient (xpital. in the form of inv88tm8nts. having considered donations. legacies and Investment income and growth, to distribut8 as much as possible to fund ROSL charitable proieGts, It is the F>)liGy of the charity that unrestricted funds which hav& not been designated for a specffic use should be maintained at £68.400 (2022: £68,400) - a level equivalent to at least three month's budgeted expenditure. The Trustees considers that reserves 8t this level will 8nsur8 that. in the event of a significant drop in funding. they will be able to continue the charity's current activities whi18 consideration ts grven to ways in whtch additional fvnds may be raised. Thls level of resarvas has bn maintained throughout th8 year. Th8 Trustees keep the level of required reselves continually under review and th8 Trustees have considered the ne8d to keep appropriate levels of free reserves to ensure the smooth running of the charity. includirsg heritage projects going ft)rward. Unr8Stricted funds on 31 December 2023 totall& £149,485 (2022: £196.393) Restricted funds 31 December 2023 totalled £1.619,642 (2022." £1.682,393) Total funds on 31 December 2023 totalled £1.769,127 (2022.. £1,878,786) Risk management The Trustees annually review the risks th2t th8 Trust faces. To date these have included Investment and cash managemenL and these have been tnitigated by diverstfied portFolio management and by an annual presentation to the Trustees by the investment manag8rs. M&G. A risk register Is updated regularfy and reviewed at regular Trustee meetlngs. The Tmstees continue to look.at what proceduros and polici8s may be instituted to reduce risk in all areas, for both existing and future proi8Cts. AIthoLoh 2023 8nd8d with th8 ROSL Foundation in a healthy cash and investment position, the financial implications of tha cufTent economic strains may in the short temi redu the v81ue of investm8nts. unGertainty remains of course, and the Trustees remain alive to the need to be flexible with priorities and resources over the coming yearto ensure the ROSL Foundatlon Is best placed to continue its valuable Work funding charitable ROSL projects. This rgport was approved by the Tru¥£ees on Chairman
Independent Examinerfs Report to the Trustees of The ROSL Foundation I report to tha trust88s on my examination of the accounts of The ROSL Foundation for the year ended 31 December 2023 whiGh are set out In pages 7 b 16. Responslbllltles and basls of report As the charity's trustses, you are responsible for the preparation of th8 accounts in accordance wlth th8 requirements of the CharitEs Act 2011 ('the 2011 Acr). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in Garrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlner'g statement I have completed my 6xamlnatlon. I confirm thgt no material matter5 have come to my attention in connectlon with the axamination which gives me cause to believe that in, any material respeGL" the accounting records w8r8 not k8pt in accordance with section 130 of the CkArltles Act. or the accounts did not accord the aGGounting records. or the accounts did not comp5y with the applicable requirement5 GorKeming the fM and cont8rrt of accounts set out in the Charfties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examiriation. I have no Ix)ncems and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of tha accoutits to be reached, M A Wilkes, FCA Azets Audit Services River House l Maidstone Road Sidcup Kent DA14 5RH Date 2 October 2024
The ROSL Foundation Statement of Financlal Activities For the year ended 31 December 2023 2023 Unrnstrfcted funds 2023 Restiictsd funds 2023 Total 2022 Total Note Income Dor¢tlons Legacles Totsl donated Incomè 11,804 15,023 26,827 2,046 13.850 15.023 28,873 5,186 1,000 6,188 2,046 ChariftrKI Irrome Charibond income Ba( and otsr interest Total investment income 8.732 911 146 9,789 78.585 8,203 1.319 88,107 87,317 9,114 1.465 97.896 84,763 5,013 543 90,319 Total Income 31616 90,153 126,769 96,505 endituro Expenditur8 on Ct£ritable acliwtles Music projects Hunaritartan projects Heritage projects Visual arts Other experBes Total charltablo aclmtles 9,260 128,405 137,665 122,3Q4 72.359 135,000 14.380 57.162 80,802 14.380 57,162 209,207 98.788 428A51 128.405 Total not Incom(lOSs) before galnsllosses on inv8stm8nts (44,186) (38252) (82.438) (331,946) Gainsl{losses) on inv8strn8nt assets {2,7221 <24,4991 {27221) (117,8241 Net mov8m8nt In funds (46.908) (62,751) {109,659) (449,770) Broht Forward Funds 196,393 1.682,393 1,878,786 2.328,556 Carrfed Forward Funds 149,485 1,619,642 1,769,127 1,878,786 The above results derive from continuing activities and there were no acquisitions durtng the period. The comparative Statement of Financial Activities is shown in note 11 to the accounts.
The ROSL Foundatlon Balance Sheet For th8 year ended 31 December 2023 Nots 2023 2022 Flxed asset investments 1.720,323 1,747,544 Current assets Cash at bank g8,964 98,964 146,328 146,328 Creditors: amounts falling due wlthln 1 year other creditors and accNals (50.160) {15.086) Net current assets 48.804 131.242 Net assets q,769,127 1,878,788 Unrestrirt8d fund Restricted funds 149,485 1,61g,642 1 g6,393 1,682,393 10 Total funds 12 1,769,127 1.878,786 Chaimian
The ROSL Foundation Statement of Cash Flows For the year ended 31 Decembèr 2023 2023 2023 2022 2022 Cash Flows from operabng aciivities Net movement In fund$ (109,659) (449,770) Ad'ustrert for. (Gair6lA05ses on investrnents knterest re1Ved1rents frorrE investments (kncreaseydecrease In debtors &eaSe/(deCreaSeJ in credltors 27.221 (97.896) 117.824 (90.319) 35,000 (147,721) 35.074 Not Cash used in operdtlng activities 145260) 534.986 Investing activities Interest received/rent5 from invesknents 97.896 90.319 Net cash from Invèstlng actmtles 97W6 90,319 Net increaseqdecr8a80) in cash and cash equivalents I4764) (444.687} Cash and cash equlvalents at beginning of year 146328 590,995 Cash and cash equivalents at end of year 98.964 146B28
The ROSL Foundalion Notes to the Finandal Ststements For the year ended 31 Dec8mber 2023 l) Accounting Pollcles 1.1 Charity infomiation Tha ROSL Foundation (the 'ROSL Trust,) is e registered UK charity govemed by its Trust Deed. The registèred office is OvereaS House, P8rk Place, London, SW1A 1 LR 1.2 Basis of preparation of financial ststements The charity constitutes 8 public benefit entbty as dafin8d by FRS 102. The financÈal statemants have been prépar8d in accordants with Accounting and Reporting by Charities: Statem8nt of Recommended PraGtice applicable to charities preparing their accounts in accordance with the Financial Reportlng starrfjard applicab18 in UK and Republic of Ireland issu8d in October 2019, the Financial Reporting Standard applicable in the Unit&1 Kingdom and Republic of Ir8Eand (FRS 102), the Charitres Act 2011 and UK Generally Accepted Accounting Practic8. The financial statenients are pr8pared on 8 going conrn basi5 underth8 historical cost convention. with the exception that investment5 are valued at market value. Th8 financial statements are pr8par8d in sterfing which is the function81 Gurrency of the charity. Monetary amoullts in these financial statements a round8d to the nearest £. The significant accounting poltcies applied in th8 pr8paration of these financial statemenls are set out below. These policies have bean consistsntly 8pplTed to all years present8d unles5 Otherwlse ststed. 1.3 Going concarn At the time of approvir)g the financial statements, the Trustees have a roasonable exp8Ctation that the Trust has 8dequate resources to continue in operatiollal existence for the forase8able future. Thus, the Trustees contlnue to adopt the going conc8rn basis of accountlng in preparing the financlal statements. 1.4 Charttsble funds Unrestricted funds are available for use at the discretlon of the Trustees in furtherance of their Gharitabl8 objeGtives unless th8 funds have been designated for other purposes. There are no designated funds at present Restricted funds ar8 funds given by donor5 for specific purposes declared by the donor when making tha gift. 1.5 Incorne Income is cOgnIsed when tho Trust is legally entitled to it after any performanG8 condTiions have been met. the amounts can be measured reliably, and it is probable that Income will be received. Investment Income Is recorded wh8n rgGeivable and allocated to respective funds based on the opening balancg at the beginning of the yoar. Donations are accounted for when there is entttlement, probabilty of receipt and the amount can be measured reliably. Legacles a accounted for when there 18 entitEement, probabilty of receipt and measuremenc which is often at the time of receipt. io
The ROSL Foundation Notss to th8 FÉnancial Statements For the year endod 31 December 2023 1.6 Expenditure Expenditure is recognised once ther8 is 2 legal or Gonstructiv8 obligation to transfer economic benefEt to third party. it Is probable that a transfer of economic ben8frts will b8 required in settlement and the amount of the obligation Gan be measured r81iably. Expenditur8 is classifiad by activity. The costs of eaGh activity a made up of the totsl of direct costs and shared costs, includlng support costs involved In undertaking each activily. Direct Costs attributable to a single activity ar8 allocated directly to that aGtivity. Shared costs whioh contribute to rnore Ihan on8 aclivity and support cosis which are not attributable to a single activty are apEx)rtioned between those activities on a basis consistent with the use of resourc88. Expenditure is included In the accounts on an 8ccruals basi5. Grants payable are oharged in the year when the offer is made except In those cases wher8 the offer is conditional, such grants being reGognised as expendlture when the conditions attaching are fulfilled. Grants i)ffered subject to conclitions which have not been md at the ye8r4nd are noted as cornrnutment, but not aGGrued as expenditure. Ir0verable VAT is charged to the Statement of Financlal Actlvltses as incurred. 1.7 Fixed asset inve8trTTents The cost of managlng Invesbnents is charged against investment Gapital, r8ftecting the total r8tum approach to Investment man8gement. Any costs, associat8d with the Sale or purcha58 of investmerrts, are aGGounted for as part of the sale or purchase prlce of the investments. Quoted invastments have been valued at market value ai the balance sheet date. Unrealised and realised Investment gains and Iossgs are shown net in th8 Statement of FinanGial AGtivities and are also allocated to respective funds based on tha opaning balaf]ce at the beginning of the y&ar. 1.8 Cash and cash equNalents Cash and cash equivalents Include cash in hané and deposiis held at C11 with banks. 1.9 Financial instrurnents The Trust has elected to apply the provisicns of Section 11 'Basic Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all cf its financial instruments. Financi21 instruments ar8 recognisad in the charitws balan sheet when the becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offse( wrfch the net amounts presented in the fnanci81 statements, when th8r8 is 2 18gally enforceable right to set ¢)ff the recognised amounts and there is an intention to Settle on a net basts or to realise the asset and settle the liability simultaneously. 1.10 Basic financial assets Basic financial assets, which include debtors and cash and bank balances. ar& initially measured at tryansaction price including transaction cos15 and are Subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is mèasured at the present value of Ihe future reIpts discounted at a market rate of interest. Financial assets classified as receivable within one year are not arnortised. li
The ROSL Foundation Notes to tha Financial Statements For the year ended 31 December 2023 1.11 Basic financial Iiabilltlas Trade creditors are obligations to Pay for goods or services that have béén acqulr& In the ordinary course of operations from suppliers. Amounts payable are classrfied as current liabilities if payment is due within one year or les8. If not, they are presented as non-Gurrent IFabllitles. Trade cr8ditor5 are recognised initially at transaction price and subsequently measurad at amortised cost using th8 effective interest method. 1.12 Deognition of Tinancial liabilities Financial liabilities 8re derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.13 Critical accounting estirnates and judgements In the application of the charity's accountlng pollcEes, the Trustees are required to mak8 judgements, estimates and assumptlons about the carying amount of assets and liabilitias that are not r38dily apparent frorn other sources. The estirnates and associated assumptions are ba68d on historical experien and other factors that are cL)nsidered to be relevant. Actual results may differ from these estimate8. The estimat8s and und8rtying 8ssumptÈons ar8 r8view8d on an ongoing basis. Revisions to accounting 8Stim8t88 ar8 recogni88d in th8 P8rtod in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the ravision affects both current aryj future periods. 2) Charitable Activities 2023 2022 Grants Payab {s88 mte 3) Support costs (see note 4) GOVerwn costs (se8 mt8 6> Herftage Costs (see rbjte 5) 152.045 55,000 2,162 194,663 96.000 2.788 135,000 428N51 209207 3) Grants Payablè 2023 2022 Bridge of Hope Mondesa Youth Opportunities LarEalanga Trust Universityof Namibia Arts 4,000 12.000 8,000 24.000 146,663 194.663 152,045 152,045 12
The ROSL Foundation Notas to the Flnancial Statements For the year ended 31 December 2023 41 Support Costs linGluded wlthln Charitsble Actlvttlesl 2D23 2Q22 Marrdgementfee to RQSL ArcliI4ng o)sts eo.ooo (5.0(K)) 55,000 96.000 9&000 51 Horltsgé Costg (InGluded wlthln CharitabJ• A¢tlvllles} 2022 ROSL (Heritage Staircase) 8) Governance Costs {inGluded wlthln Charit&bl8 Activities) 2023 2022 dependent exzminerfs fees tndepered¢nl examiners fees- overprowsion In prlDr years oth&rfe&% 3.30C (1,250} 112 2.162 3.000 (242) 2,788 7) Trustaos and Employees Trust8e8 re1&d no remuneration Fortheirs8rvi(*s as lrnBtses IntrÈ yeareTrded 31 Decenknr20Zd re were m employ In that same period. 81 Fixéd Asset Investfflents 2023 20Z2 Martetva1 ai 1 stJarnHry valLOn CkEroes 1,747.544 27.221) 1,720,323 1.865,388 {117.824 1,747.544 TrE costof i[ert8 st 31 D8¢8mber21Y23 wgra £1,711,42312022£1.711,423) kwesfments iThJiMdually represenbTrJ gre8tsrthan 5% Dffhe portFolio hekl are: 2022 Charfbor Chariftn 254,837 1,465,486 1,720.323 246,794 1,500,750 1.747.544 9) OthÉr Creditors and Accruals 2D23 2022 Aixxuats Grants payabl8 RoYakOtseas Leag 3.412 5,491 41257 50.160 8,000 8.000 13
The ROSL Foundatlon Notes to the Flnanclal Statements For the year ended 31 Dac8mber 2023 101 R•stricted Funds Balance 81F DOnatiOr Iw8Strnnt Expgndltur• Golns on Baknctt CIF 2023 and igaleS invÈsthEnt 2023 CertertryApp•al Commorw6alth TTaval Sch)larstup Manl 8Fwgats FuTrJ Humanitarian propcts Rodef7ck Lakin Robbie Walnrlght-Art8 & in Kerya Heiitsge Total 27,046 37,780 591,631 41,404 54,285 28,931 1.316 1,682,393 51.076 2.081 32,598 2281 (72.621) 114.2031 {5191 {9,063} 1634) 891.298 41,328 585,155 43,051 51,639 5,802 1.369 1ffi192 2.046 130,009) 12,846) {23,129) 73 8Q107 {20} 28AOS) {24499 2.046 Bakn 8IF Donations IDv8stn*nt and L89aGie5 IncoThB Galns on Inv•stmgnt Balance CFF 2022 Expendknre CentsrBryAppeal CommorVea Trdv81 Sthlarship Mefi Bhumgara Hunsnilarisn projects Roderfck LakEn FLThY Flobbie Wainright- Arts & Mu$iG in Kerya Herftsge Totsl 1,027,385 51,768 614.961 90.443 56.888 50.000 1,331 1,892 77fj 6.011 38,729 1.952 23,182 3.409 2.145 1085 50 712.52 194,5SSI (13?941 1162691 {48,0001 11.950) 120.495} {50R41 12.5461 (302421. {4,448} 12,798} {2.459} 65 3.082 927,046 37,780 591,631 41,404 54,285 28,g31 1,316 1 6B2.393 11 {194663 The Centenary Appeal was set up in 2010 with the aim of rdising at least £1 rn from which to make annual music awards and scholarships to students under the League's 'ROSL ARTS, scheme. Th8 Trust has pr8wously maintained separate restricted funds from which to pay c8rt8in music prizes and scholarships. The Trustees agreed In 2011 thaÉ these funds were similar in natur8 to the Cenlenary Appeal and that the separate restricted funds should be merged wtth the C8nt@nary Appeal and this was effected in the 2011 accounts. The Commonwealth Trav81 Scholarship is available for assistance wth trav81 arrang8m8nts within the Cornmonwe81th. 14
Tho ROSL Foundation Notès to the Flnancial SL*ements For the year ended 31 December 2023 The Mani Bhumgara Fund is a legacy given by fornier ROSL member Mr Kurshed Bhumgara in memory of his mother to enhance the First Prize at the ROSL Annual Music Competition. The Trustees have agreed that the capital should be retained. and the investment income should be used to fund an annual Mani Bhumgara Scholarship to enhance th8 existing Gold Medal and First Prize awarded to the winner of the ROSL Annual Music Competition. This scholarship. with advice as necessary from th8 ROSL Artistic Director may be used to fund a project associated with the professional development of the Gold Medal Winner. The Humanitarian projects wer8 und8rtaken in Africa for education enterpris8 projects. The Roden'ck Lakin Fund is for ROSL projects for young musicians in Scotland. Th8 H8ritage fund began in 2020 and is for supporting the Maintenan and upkeep of Heritage features within Over-seas House. The Robert Wainwright fund is for supporting art and music in Kenya. 11) Statement of flnanclal activities - 2022 Comparatives 2022 Unrestricted funds 2022 Restricted funds 2022 Total Donations L8gaci8S Total donated income 175 5,011 1.000 5.186 1.000 175 Charifurf [rorne Charibond income Bank and i)ther interest Total investment income 17,800 1,053 114 66.963 3,960 429 84,763 5,013 90 Total income E¥JenditLre on Charitsble activities Music projects Humanitarian projects Heritage project Totsl charitsble actlvltles 74,429 24,359 135,000 233 788 146.663 48,000 221,092 72,359 135,000 428 194663 Net expenditure before gainsl(losses) on investment assets 214646 117300 Gainsl{losses) on investment assets {24,743) {93,081) (117.824) Movemont in funds 239 389 210381 449 770 Brought Forward FutKIs 435 782 1892 774 2 328 556 Carried FoThvard Funds 196393 15 1682 393
The ROSL Foundation Notes to the Financial Statements For th8 year end8d 31 Dacambar 2023 12) Net Assets by fund Fixed Asset Investments Net Current Assets 2023 Totsl Unrestiicted FurKJs Restiicted FUlS 179,829 1.540.494 1,720.323 (30,344) 79.148 48,804 149.485 1,619.642 1,769,127 Fixed Asset Invesknents Net Current Assets 2022 Total Urrestricted FLmds Restiicted FurKIs 174.754 1.572,789 1,747.543 21,639 109.604 131,243 196.393 1,682.393 1,878,786 13) Taxation No prOlS1On for tay2tion FES b88n mad8 in th88e accounts beGaLEe tke Iome ard gains of TNSL r8gist8r8d charity, are witFin exEmption granted by Section 505 of tFE hcome arvj Corporation Taxe5 Act 1988, so long as tFEy are spent on its ctrHritable purposes. 141 Related patyknsaalions Fkn pe, DrAr PRndzy)ch, Fkrrksh Kw aylthmy'nsonwwe TTUStees dn9y wereaso fflerthtsrflhecICoUIH orffombers ofthe Senk)r IlarAgertrt Royal Cbw&as LeaJt Je. whKh re¢efvthe PTsze and hOl¥ShIp paynHtsfromtheTru& and tots releyarl ENize winrÉrs xhdais. NO ofthe Trustees Iks a tQaI interest Royal (raS Leagk. The baiancewith ROSL a1yeareI was a u to[balan dC41,255 (20. £1,086). ExpendÈtiwe paid bytheTr(L4 to ROSL inllEyeafwas£60, {2022£96,000). 16