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 r￿1Ved, 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 S￿Ond 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 perfo￿8￿￿S 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 a￿angernent 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 p￿pIe 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 I0￿e5 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 def￿￿t 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 r￿ed
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 r￿ed 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 Ir￿ome 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 b￿n 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 f￿M 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)
Bro￿ht 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 re￿1Ved1rents 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
I47￿64)
(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 Over￿eaS 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 con￿rn 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.
Ir￿0verable 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 C￿11 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 re￿Ipts 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 De￿ognition 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 re￿1￿&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
valL￿￿On 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
RoYakO￿tseas 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 i￿ga￿leS
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
1ffi19￿2
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
Commor￿Vea￿ 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 [r￿orne
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 FU￿lS
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 prO￿lS1On for tay2tion FES b88n mad8 in th88e accounts beGaLEe tke I￿ome 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
Fk*n p￿￿e, DrAr￿ PRndzy)ch, Fkrrksh Kw aylthmy'nsonwwe TTUStees d￿n9￿y￿ wereaso fflerthtsrflhec￿ICoUI￿H
orffombers ofthe Senk)r IlarAgert*rt Royal Cbw&as LeaJt Je. whKh re¢efv￿the PTsze and ￿hOl¥ShIp paynHtsfromtheTru& and
tots releyarl ENize winrÉrs xhdais. NO￿ ofthe Trustees Iks a t￿QaI interest Royal (￿r￿aS Leagk.
The baiancewith ROSL a1yeare￿I was a u
to[balan￿ dC41,255 (20￿. £1,086).
ExpendÈtiwe paid bytheTr(L4 to ROSL inllEyeafwas£60,
{2022£96,000).
16