Charity Registration No. 306095 THE ROSL FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROSL FOUNDATION CONTENTS Pagg Legal and administrative information Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements
THE ROSL FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Hon. Aexander Downer AC Dr Annelle Prandzioch Mr Frank Warn FCCA, CPA {Australial Mrs Helen Prince Mr Hamish Kean Mrs Anne Wilkinson Chairman Key Management Personnel The Trustees Charily number 306095 Principal office The Royal Over-seas League Over-seas House Park Place st James's Street London SW1A 1LR Independent Examlner M Wilkes FCA A2ets Audit servIs First Floor. River House 1 Maidstone Road Sidcup Kent DA14 5RH Bankers Coutts & Co 440 Strand London WC2R OQS C. Hoare & Co. 37 Fleet Street Londo EC4P 4DQ Solicitors Russell Cooke 8 Bedford Row Londo WC1R4BX
THE ROSL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements for the year ended 31 Dernr 2024. The financial statements have been prepared in accordance with A{Unting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practi. OBJECTIVES AND ACTIVITIES 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 fM time to time detemiine. Principal Activity The principal activity of the Foundation continues lo be distribuling fijnds to meet the objectives of the Foundation. ACHIEVEMENTS AND PERFORMANCE Review of the year Supporting Young Musicians through the Royal Over&as League Annual Music Competition In 2024 the Foundation continued its longstanding support of the Annual Music Competition, contributing £56,000 towards the prrze money as well as supporting the cosL% of running the full competition. 2024 was the third year of an inlemab.onal focus beyond Commonwealth, with a significant increase in applications from EU and EEA countries, as well as the USA. Over 250 applications were received as numbers continue lo rise, and greater numbers of performers were accordingty acpted to the live semi-final rounds. Following video rounds in January, we o)mmenced the live final rounds in February and March. As we have continued to see a greater number of competitors Iravelling to London to perform in the competition, an increased proportion of the Foundation support went to assist with travel and accommodation expenses for these young musicians, in order lo ensure il remains as affordable as possible for them lo compele in London. All finals were recorded and uploaded to the ROSL YouTube thannel for international audiences to enjoy. We returned to Wigmore Hall for our Gold Medal final. which look place in fronl of an exceptional industry jury, chaired by Wigmore Hall's Chief Executive. John Gilhooly CBE. The Gold Medal Prize was awarded lo British tenor Dafydd Jones, who appeared on BBC Radio 3's In Tune programme along with collaborative piano winner Francesca Lauri the following day. Furthgr Concert support for young musicians The Foundation supported a signrficant number of paid professional engagements for our prizewinning musicians. Partner prornoters included Lichfield Festival. Buxton Intemational Festival, Brighton Festival, Cambridge Summer Music, St George's Bristol, Newbury Spring Festival. Lake District Summer Music. Shaldon Festival, Music in the Round, Royal Conservatoire of Scotland, St James. Piccadilly. as well as concerts held in the Princess Alexandra Hall al Overseas House in London. International Visual Arts Residencies The Foundation continued to support the visual arts al ROSL. funding Iwo intemational artists to travel lo the UK for residency periods, in partnership with The Art House in Wakefield. Following an open call with a substants'al selection of applications, Lilah Benetti from Auslralia and Ronald Muchatula from Zimbabwe travelled to the UK to spend time in both London and Wakefield developing their intemational art practi. Their residencies included significant career support and development, attendance al London's Frieze Art fair and netr40rking opportunities.
THE ROSL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Income for the yearwas £235.92212023= £126.769). Total expenditure forthe yearwas £174,28512023.. £209,207) which resulted in a surplus, before valuation adjustments of investments, of £61,637 {2023.. Deficit of £82,438)- There were net gains on investments of £29.22712023= net loss of £27,221) resulting in a net movement in funds of £90,86412023.' net movement in fvnds of a deficit of £109,659) for the year. Investment policy The fixed asset investment funds are invested with M&G. M&G launched the Charibond charities fixed interest common investment fund {Charibond) in 1976 as an actively managed fixed interest fund. It invests in deposits, UK government bonds Igiltsl and other sleding denominated fixed securities. Charibond is designed lo produce a high income while preserving capital values. It is available to all those charities that are registered in the UK and allowed lo invest in common investment funds. The Equities Investment Fund for Charities (Chartfund) is a suttable investment for the equty FKlrtion of charitable funds. It is designed to provide a high and growing income for charities, while al the same lime protecting capilal from the erosive effect of inflation. Charifund is a charity and its management company, Charities Investment Managers Limited. is treated by HM Revenue & Customs as such. This ensures that charities investing in Charifvnd obtain the benefits of an investrnent in a unit trust, such as low charges and a wide spread of investrnents, whilst qualtfying forthe same tax treatment as other UK equity ch2ritable funds. M&G regularly communicate with the Trust and in 2023 as in preVuS years, attended a Board meets.ng to provide an inveslmenl update lo the Tnjslees. The total investmenls on 31 December 2024 had a value of £1,749,550 an investment gain of £29,227 compared to the 2023 balance. Going concem The Truslees have a strong expectation that the charty has adequate resc4Jrces to continue in operational existence for the foreseeable future. For this reason, they cA)ntinue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the Accounting Policies note. Reserves Policy The Trust has a reserves policy of maintaining sufficient capital, in the fomi of investments, having considered donations. legacies and investment income and growth. to distribute as much as possible to fund ROSL charitable projects. It is the policy of the charity that unrestricted fvnds which have not teeTr designated for a specific use should be maintained at £68,400 {2023." £68,400) - a level equivalent to at least three month's budgeted expenditure. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charities current activities while txjnsideralion is given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees keep the level of required reserves tx)ntinually under review and the Trustees have considered the need to keep appropriate levels of free SerVeS lo ensure the smooth running of the charity. including heritage projects going forward. Unrestricted funds at 31 Dernber 2024 totalled £140.171 12023= £149.4851 Restricted funds at 31 December 2024 lotalled £1.719,820 {2023= £1,619,642) Tot21 funds at 31 December 2024 totalled £1.859.991 {2023.. £1.769,127)
THE ROSL FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Risk management The Trustees annually review the risks that the Trust faces. To date these have included investment and cash management, and these have been mitigated by diversified portfolio management and by an annual presentation lo the Trustees by the investment managers, M&G. A risk register is updated regularfy and reviewed al regular Trustee meetings. The Trustees continue lo look al whal procedures and policies may be insliluled to reduce risk in all areas, for both existing and future projects. Athough 2024 ended with the ROSL Found8tion in a healthy cash and investment position, the finanaal implications of the current economic strains may in the short term reduce the value of investments. Some uncertainty remains of course, and the Ttustees remain alive lo the need to be flexible with priorities and resources over the coming year to ensure the ROSL Foundation is best placed to continue its valuable work funding charitable ROSL projects. STRUCTURE, GOVERNANCE AND MANAGEMENT The ROSL Foundation (the 'ROSL Foundation'l is a registered charity governed by ils Trust Deed dated 1 January 1960, last updated in July 2021. The Tnjstees are shown on page 1. The Trustees met twice in 2024. The Trustees are apF)ointed by the Central Council of the Royal Over-seas League (Yhe League"). The day-lo-day administration of the Foundation is carried out by the League's staff. The League operates under Royal Charter and has a mandate of promoting intemational friendship in the Commonwealth and beyond. The League offers clubhouse facilities lo members, Tuns a prestigious Annual Music Competition. 8rt exhibitions, book tslks and publi¢ affairs talks and generally supports intemational engagement through its own social, music, arts and education activities both in the UK and overseas through a network of intemational members and branches. TRUSTEES. RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees. Report and the financial stslemenls in accordance with applicable law and United Kingdom AOntIng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year In preparing these financi81 statements, the Trustees are required to.. selecl suitable accounting policies and then apply them nsISteny- observe the methods and principles in the Charities SORP- make judgments and accounting estimates that are reasonable and prudent- prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficienl accounting records that disclose with reasonable accuracy at any lime the financi21 position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and Ihe provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees. on 11 September 2025 and signed on their behalf by= Hon. Alexander DownerAC. Chaimian Trustee
THE ROSL FOUNDATION INDEPENDENT EXAMINERYS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 I report to the Charity trustees on my examinati( of the a(Lounts of The ROSL Foundation for the year ended 31 December 2024 which are sel out on pages 6 to 14. Responsibilities and basis of report As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 Acl'l. I report in respect of my examination of your charity's accounts as caffied out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm thal no material matters have (x)me to my attention in connection wilh the examination giving me se to believe that in any material respect- accounting records were not kepl in accordance with sects.on 130 of the 2011 Acl; or the accounts do not accord with those records., or the accounts did not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities {Ac(x)unts 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 examination. I have no concems and have corne across no other matters in (x)nnection 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. A Wilkes IFCAI For and on behalf of knets Audit Services First Floor. River House, 1 Maidstone Road Sidcup, Kent, DA14 5RH Date.. 18 September 2025
THE ROSL FOUNDATION Statement of Flnanclal Activitles (Including Income and Expenditure account) For the year ended 31 December 2024 Unreslricted funds 2024 Restricted funds 2024 Total 2024 2023 Notes Income frorn: Donations and legacies Investments 49.960 8.842 81,330 95.790 131,290 104,632 28,873 97,896 Total 58.802 177.120 235,922 126.769 Expendlture on: Charitable activities 70.585 103,700 174,285 209,207 Total 70,585 103,700 174,285 209,207 Net income (11.783) 73.420 61.637 182.4381 Net gains on revaluation of fixed assets 2.469 26.758 29,227 127,2211 Net movernent in funds (9.314) 1CK).178 90,864 (109,6591 Reconciliation of funds: Total funds brought forward 149.485 1.619.642 1.769,127 1,878.786 Total funds carried forward 140,171 1,719,820 1,859,991 1,769,127 The statement of financial activities includes all gains and losses reccNJnised in the year. All income and expenditure derive from continuing actimties.
THE ROSL FOUNDATION Statement of Flnanclal Activitles (Including Income and Expenditure account) For the year ended 31 December 2024 Comparative - 31 December 2023 Unrestricted funds 2023 Restricted funds 2023 Total 2023 Notes Income frorn: Donations and legacies Investments 26,827 9.789 2,046 88,107 28,873 97,896 Total 36.616 90,153 126.769 Expendlture on: Charitable activities 80,802 128,405 209,207 Total 80,802 128,405 209,207 Net income (44.1861 (38,252) 182,4381 Net gains on revaluation of fixed assets (2.7221 124,499) 127,221) Net movernent in funds (46.9081 162,751) {109,6591 Reconciliation of funds- Total funds brought forward 196.393 1.682,393 1,878.786 Total funds carried forward 149,485 1,619,642 1,769,127 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE ROSL FOUNDATION Balance Sheet As at 31 December 2024 2024 2023 Notes Fixgd assets Investments 1.749.550 1.720.323 Current assets Debtors - Accrued income Cash at bank and in hand 4,931 135,777 98,964 140,708 98.964 Crgditors: amounts falling dug Within one ygar 130,2671 150,160) Net current assets 110.441 48.804 Total assels less current liabilities 1,859,991 1,769,127 The funds of the charity. Restricted funds Unrestricted funds 1,719,820 140,171 1,619,642 149.485 10 1,859.991 1,769.127 The financial statements were approved by the Trustees on 11 September 2025 and signed on their behalf Hon. Alexander Downer AC, Chaimian Trustee
THE ROSL FOUNDATION Notes to the Financial Statements For the year ended 31 December 2024 1. Accounting policies Basis of preparation of financial ststements The ROSL Foundation is a registered UK charity govemed by its Trust Deed. The address of the registered office is given in the charity infomialion on page 1 of these financial stalemenls. The nature of the charity's operations and principal aclivilies are set out on page 2. The charity Constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charilies= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, Ihe Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going COnM basis under the historical cost convention, modified to include certain items at fair value. The financial stalements are prepared in sterting which is the fvnclional currency of the charity. The significant accounting policies applied in the preparation of Ihese financial statements are set out below. These policies have been consistenuy applied to all years presented unless otherwise stated. b. Golng concem At the time of approving the financial statements. the Trustees have a reasonable expectstion that the has adequate resources lo continue in operational existence for the foreseeable fvture. Thus the Trustees conts'nue lo adopt the going concem basis of accounting in preparing the financial statements. Charitable funds Unrestn'¢led funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated lor other purposes. There are no designated funds al present. Restricted funds are funds given by donors for specific purpose5 declared by the donor when making the gift. Income Income is rewgnised when the charity is legal entied to it after any perfOrrnan wndilions have been met, the amounts can be measured reliably. and it is probable that incDme will be received. Investment income is recorded when receivable and allocated lo respective funds based on the opening balance at the beginning of the year. Donations are accounted for when there is entitlement, probability of receipt and the amount can be measured reliably. Legacies are accounted for when there is entitlement. prob8bility of receipt and rneasurement, which is often at the time of receipt. Gift aid reclaimable on donations to the charity is included when daimed.
THE ROSL FOUNDATION Notes to the Financial Statements For the year ended 31 December 2024 1. Accounting policies Expenditure Expenditure is recognised once there is 8 legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendf(ure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including suptK)rt (X)Sts involved in undertaking each activty- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent wth the use of resources. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being regnised as expenditure when the condits.ons attaching are fvlfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a MmItMen( but nol accrued as expenditure. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred. Fixed asset investments The cost of managing investments is charged against investment capital. rellecting Ihe total retum approach to investment management. Any costs, associated with the sale or purchase of investments, are accounted for as Part of the sale or purchase price of the investrnents. Quoted investments have been valued al market value at the balance sheet dale. Unrealised and realised investment gains and losses are shown net in the Statement of Financial Activities and are also allocated to respective funds based on the opening balance at the beginning of the year. Cash and cash equlvalents Cash and cash equivalents include cash in hand and deposits held at call with banks Debtors and creditors receivable and payable within one year Debtors and creditors with no staled interest rate and re1vable or payable within one year are recorded at transaction price. Any losses arising from impaiment are recognised in expenditure. Crltical accountlng estlmates and Judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounl of asseis and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision 8ffecls only that period. or in the period of the revision and future periods where the revision affects bolh current and future periods. 10
THE ROSL FOUNDATION Notes to the Financial Statements For the year ended 31 December 2024 Unrestricted funds 2024 Restricted funds 2024 Donations and legacies Total 2024 2023 Donations Legacies Gift aid 31.625 2,000 16,335 81.330 112,955 2,000 16,335 13,850 15,023 49.960 81,330 131,290 28,873 Investments Unrestricted funds 2024 Restricted funds 2024 Total 2024 2023 Charifund income Charibond income Bank and other interest 7.768 943 131 84.145 10.222 1.423 91,913 11,165 1.554 87,317 9,114 1,465 8,842 95,790 104,632 97,896 Expenditure Support costs Direct Costs 2024 Total 2024 2024 2023 Charitable activity.. Music projects Visual arts lo3,7) 6,741 59,947 3,897 163,647 10,638 189,421 19,786 110.441 63.844 174,285 209,207 Support costs 2024 2023 Management fee to ROSL Archiving costs Sundry expenses Governance costs.. Independent examiner's fees Independent examiner's fees- overprovision in prior years 60,000 60,000 15,0001 112 3,500 3,300 11,2501 63,844 57,162 Trustees None of the trustees lor any persons connected wth them) received any remuneration or benefits from the charity during the year {2023- None). No Trustee received any amounts for re-imbursement ol expenses12023 - None).
THE ROSL FOUNDATION Notes to the Financial Statements For the year ended 31 December 2024 Flxed asset Investments 2024 2023 Market value At 1 January 2024 Rev8lu8tions 1,720,323 29,227 1,747,544 127,2211 At 31 December 2024 1,749,550 1,720,323 Total 2024 Total 2023 Cost of Investments 1,711,423 1,711,423 2024 2023 Asset distributlon: Charibond Charifund 245,860 1,503,690 254,837 1,465,486 1,749,550 1,720,323 Creditors: amounts falling due within one year 2024 2023 Due lo Royal Over-seas League Accruals 11,767 18,500 41,257 8,903 30,267 50,160 Restricted funds Balance at Unre31ised Balance at 1Jan24 Income Expenditure gain I loss 31 Dec 24 Current year Centenary Appeal Commonwealth Travel Scholarship Mani Bhumgara Fund Humanitarian projects Roderick Lakin Fund Patrons Scheme & Other Arts Reserves Robbie Wainrighl- Arts & Music in Kenya Heritage 891,298 54,652 161,775) 15,267 899,442 41.328 2.534 708 44,570 585.155 43.051 51.639 35.880 140,9341 10,023 737 590,124 46,428 51,639 81.330 81,330 5,802 (991) 4,811 1.369 23 1,476 1,619.642 177.120 1103,700) 26,758 1.719,820
THE ROSL FOUNDATION Notes to the Financial Statements For the year ended 31 December 2024 Restrfcted funds Icontlnued) Balance at 1Jan23 Unrealised galn I loss Balance at 31 Dec 23 Income Expendltuye Prior ygar Centenary Appeal ComTnonweallh Travel Scholarship Mani Bhumgara Fund Humanitarian projects Roderick Lakin Fund Robbie Wainrighl - Arts & Music in Kenya Heritage 927.046 51.076 172.621) 114,203) 891,298 37.780 4.127 {5791 19,063) {6341 41,328 591.631 41.404 54,285 32,596 2.281 130.009) 585,155 43,051 51,639 {2,646) 28.931 123.129) 5,802 1.316 73 {20) 1,369 1,682.393 90.153 (128,405) 124,499) 1,619,642 Centena eal This fund is to raise at least £1 m from which to make annual music awards and scholatships to students under the League's 'ROSL ARTS, scheme. Commonwealth Travel Scholarshi This fund is available for assistance wth travel aangementS within the Commonwealth Mani Bhum ara Fund The Mani Bhumgara Fund is a legacy given by fomer ROSL member Mr Kurshed Bhumgara in memory of his mother to enhance the First Prize at the ROSL Annual Music Competition. The immediate distributions, in three instalmenls, from the legacy have now been received into the Trust and it is understood that a further distribution is likely on the death of the surviving spouse. 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 the existing Gold Medal and First Prize awarded to the wnner of the ROSL Annual Music Competition. This scholarship, with advi as necessary from the ROSL Artistic Director may be used to fund a project associated with the professional development of the Gold Medal Winner. Humanitarian The Humanitarian projects are undertaken in Africa for school. university and rural enterprise projects in those countries. Roderick Lakin Fund Tre Roderick Lakin Fund is for ROSL projects for young musicians in Scotland P81rons Scheme & OtherArts Reserves This fund is available for the gener81 activities of the arts programme. and there are no specific restrictions on how it may be used. Robbie Wainri hl - Arts & Music in Ken The Robbie Wainright Fund is for supporting art and music in Kenya. Heritage This fund is for supporting the Maintenan and upkeep of Heritsge features wthin Over-seas House. 13
THE ROSL FOUNDATION Notes to the Financial Statements For the year ended 31 December 2024 10. Anal1$ of net assets between funds Unrestricted funds Restrided funds Total funds Fixed assets Current assets Current li8bilities 129,907 25,531 115,267) 1,619,643 115,177 115,000) 1,749,550 140,708 130,2671 140,171 1.719,820 1,859,991 Comparative information in respect of the preceeding period is as follows: Designated Unrestricted funds funds Total funds Fixed assets Current assets Current liabilities 179.829 14.325 144,669) 1,540.494 84,639 15,4911 1,720,323 98,964 150,160) 149,485 1,619,642 1,769,127 11. Related party transactions Mr Hamish Kean, Helen Prince, and Dr Annette Prandzioch. were Trustees during the year and were also members of the Central Council or members of the Senior Management of the Royal Over-seas League, which received the music prize and scholarship payments from the Trust and paid them to the relevant prize wnners and scholars. None of the Trustees has a beneficial interest in Ihe Royal Over-seas League. The balance with ROSL al year end was a creditor balance of £11,76712023: £41,257). Expenditure paid by the Trust to ROSL in Ihe year was £60,000 12023 £60,000). 14