CHARITY REGISTRATION NUMBER: 312707 THE JOHN ROAN FOUNDATION FINANCIAL STATEMENTS 31 AUGUST 2024 OPASS BILLINGS WILSON & HO]¥EY LLP Chartered Certified Accountants& statutory auditor Numeric House 98 Station Road Sidcup Kent DA15 7BY
THE JOHN ROAN FOUNDATION FINANCIAL STATEMENTS YEAR ENDED 31 AUGusf 2024 Pages Trustee's annual report Ito8 Independent auditoffs report to the members 9t012 Statement of fmancial activities 13 Statement of fancIal position 14 Notes to the fanCIal statements 15to23
THE JOHN ROAN FOUNDATION TRUSTEE'S ANIYUAL REPORT YEAR ENDED 31 AUGUST 2024 The Trustee presents his report and the fmancial statements of the charity for the year ended 31 August 2024. Reference gnd administrntftve details Registered charity name The John Roan Foundation Charity registration number 312707 Principydl office The John Roan School Maze Hill London SE3 7UD The Trustee John Roan Foundation Trustee Limited Directors of John Roan Foundation Tne¢ Ltd (refetred as Trustees in this report) during the year were as follows.. Nominated Ms E Daniels Mr M Roberts Cllr M Rahman (Resigned May 2024) Mr J Farrell (Resigned October 2024) Dr Gordon Ade-ojo Ms M Lolavar (Resigned October 2024) Mr L Fletcher (Appointed May 2024) Co-opted Ms L Nelson (Chair) Mr V Lawrence Mr M Moore Mr C Strong Ms J Farnler Mr J Arn)son Ex-offjcio Ms C Smith (Resigned December 2024)
THE JOHN ROAN FOUNDATION TRUSTEE'S ANNUAL REPORT YEAR ENDED 31 AUGUST 2024 Clerk to Truste Mrs M Br(kS Evans Auditor Opass Billings Wilson & Honey LLP Chartered Certified Accountants & statutory auditor Numeric House 98 Station Road Sidcup Kent DA15 7BY Bankers Lloyds TSB PIC 71 Lombard Street London EC3P 3BS The Co-operative Bank PIC P.0. Box 250 Delf House Southway Skemersdale WN8 6wr
THE JOHN ROAN FOUNDATION TRUSTEE'S ANNUAL REPORT (Co¥ed) YEAR ENDED 31 AUGUST 2024 Structure* governance and management Nalure of the Governing Docurnent and Constitution of the eharity Th¢ Charity is named the John Roan Foundation with charity registration number 312707. In the matter of the Charity known as the John Roan Foundation (originally known as Roan Schools), in the Royal Borough of Greenwich, regulated by a Scheme of the Charity Commission approved by His Majesty in Council on the 19th November 1902, as varied or affected by Schemes made by the Board of Education on the 13th January 1905, the 31st August 1909, the 21st December 1915, the 31st January 1922 and the 19th June 1998 comprised in Articles of Government establishcd by an Order of the Minister of Education of the 23rd October 1961 as varied by an Order of the Minister of Education of the 10th June 1977, and comprised in the John Roan School (Instrument of Government) Order 1983 and the John Roan School (Articles of Government) Order 1983, and as varied by a resolution of the Trustees of the Charity on the 24th September 2013. and In the matter of the Charities Act 201 l including any statutory modification or re-enactment for the time being in force (Yhe Act,). A Scheme on 16th August 2019 appointed a sole corporate Trustee for the Charity, John Roan Foundation Trustee Limited, a company registered by guarantee. company number 11905489. The previous Trustees became Directors of the new compally but are reftrred to as Trustees in this Annual Report.
THE JOHN ROAN FOUNDATION TRUSTEEIS IiNNUAL REPORT (con#) YEAR ENDED 31 AUGUST 2024 Structure? gov¢rnanee and management fcowinued) The methods 2dopted for the recrnitment and appointment of new trustees Directors of John Roan Foundation Trustee Ltd shall consis( when complete, of not more than thirteen and not fewer than eleven compct¢nt persons being: The Head Teacher Not more than six and not fewer than four CIH)pted Tru5te¢s and Six nominated Truslees appointed as follows: Two by the Council of the Royal Borough of Greenwich as the local education authority: One by the University of Greenwich. One parent or guardian by the John Roan School: One by the teaching staff of the John Roan School" and One by the Old Roan Association. Every Trustee appointed (other than the Head Teacher) shall be appointed for four years, or if the appointment is being made to fill a casual vacancy, the unexpired tern] of their predecessor. The policies and procedures adopted for the induction and trnlnfing of trustees There is an induction procedure for all new Tnees. This includes an invitation by the Chair to meet prior to their attendance at their first meeting to give background information regarding the Charity and its aim and objectives. All new Trustees are provided with all required infornlation on appointment. The organisational strneture of the eharllty and hoTv decisions are made The Charity holds six meetings per year, the meetings are minuted and an agenda is sent out in advance. Decisions are made following full discussion and by reaching majority decision. Sub-mMittees for Finance. Property Management and the Playing Fields meet on a regular basis and report back to the boar Financial Risk Management Objectiv¢s and Polici¢s The Trustees have given consideration to the major risks to which the Charity is exposed and satisfied themselves that system5 or proceduTes are established in order to manage those risks. The Trustees consider that a major risk is one which, if it materialised, would have a significant adverse impact on the Charity's ability to function and achieve its purposes. namely awarding grants. The Trustees recognise that risks can arise not onty from the Charity's activities but also from failure to act or exploit opportunities. The Trustees do not consider that all risks should be avoided. They are not averse to taking reasonable risks as part of their strategy to achieve the Charity's objects. However. they wish to be made aware of the major risks the Charity faces so that they &qn plan how to manage those risks and Mitigate their effects. The Trustees have constdered the major risks faced by the Charity. and these are detailed in a Risk Register. The risks are categorised in the register as pertaining to finance. &8sets, health and safety, key personnel. grant making, goveTnance and IT and office. The Risk Register is reviewed annually.
THE JOHN ROAN FOUNDATION TRUSTEE'S ANNUAL REPORT (conlin¥ed) YEAR ENDED 31 AUGUST 2024 Objectives and activities An explanation of the charity's main objectives for the year The Trustees review the Charity's aims. objectives and activities each year, to ensure that they remain focused on the stated purposes. The accounts below sets out what the Charity has achieved in each area of activity. The Trustees have referred to the guidance contained in the Charity Comtnission's general guidance on public benefit when reviewing the aims and objectives and in planning future adivities. In particular, the Trustees consider how planned activities will contributr to th¢ aims and objectives they have set. The objectives of the charity are: a) Towards Providing such special benefits of any kind not nornially provided out of public funds for the School as may from time to time be agreed between the TDJStees and the Governors of thal School. b) In promoting the education (including social and physical training) of persons under the age of 25 years who are either attending or have attended the School or any other school in the maintained sector in the London Borough of Greenwich, and who aTe in need of fanCIal assistance and in particular without prejudice to the generality of the foregoing: . In awarding to such person's scholarships. exhibitions, bursarie4 rnaintenance allowances or grants tenable at any school, university. college of education, or other institution of further (including professional and technical) education approved for the PUrse by the Tn]stees. In providing financial assistance, outfits clothin& tool4 instruments or books to &ssist such persons to pursue their education (including the stt]dy of music and other arts), to undertake travel in furtherance thf. or to Prepare for or enter a profession. trdde, occupation or service on leaving school, university. or other education establishment. c) Within the limits prescribed by this Scheme the Trustees shall have full power to make Thles for the award of scholarships, exhibitions, bursaries, maintenance allowances and other benefits, including rules as to the value and period of tenure of the awards and the qualtfications. method of ascertainment and selection of candidates for benefit. d) In allocating benefits the Trustees shall have regard to the promotion of education in accordance with the principles and doctrines of the Christian Faith.
THE JOHN ROAN FOUNDATION TRUSTEE'S ANNUAL REPORT {conllnuedJ YEAR ENDED 31 AUGUST 2024 Achievements and performance Aetivities undertaken to achieve objectives The Trustees make regular grants each year and also consider one off applications. Grants are made to encourage the personal development of the students outside the nomial subject cu1Culum. Regular grants include payment of music lessons so that all students are given the opportunity to learn a musical instrument free of charge. for a student to attend the London International Youth Science ForLun (LIYSF). the award of Exhibitions to the highest perfonning girl and boy to help with university c05ts' achievement awards to encouragc personal accomplishment of sdents. to sponsor a basketball academy in the Sixth Fonn, participation in Debatemate, to help pay towards minibus running expenses and to help necessitous students participate fully in school life. This year the Trustees introduced a Cultural Enrichment fimd to enable all students to participate in one culturdl trip in the year. During the year the Trustees agreed a number of ad-hoc grants to the school totsiling £10,379. This included funding in full or towards." a Charlton Athletic Enrichment Programme. library books, camping equipment, a year I I Prom, character education days, a sixth foTm induction day and a post-16 teaTn building day. An application procedure h&s been established in the school and all staff are encouraged to make applications to the Trustees to enhance the education of the students. Each grant is considered by the Trustse at the Trustee meeting. The Head Teacher reports back to the Tntte5 on the impact successful grdnts have had on the students. Over the long-teTm the Trustees consider the impact that grdnts have made to the success of the school and its pupils. The following grants were made during the year: James Hatful John Roan Exhibition Travel to Braithwaite Braithwaite Basketball Academy Charlton Athletic Cultural Enrichment Debatemate LIYSF Minibus (running costs) Minibus replacement 500 6,000 10,000 3,500 12,000 5,500 5284 2.150 2,395 15,000 35,460 Ll Music instnunent Repairs Music Icssons Hardship Fund Subject prizes Foundels Day Founder's Day Filming Maze Hill Garden5 Ad Hoc Grants Music Administration History books Previous year ad hoc applications Previously committed grants cancelled 5.000 92.610 .307 2,000 3.000 3.000 5,650 10,379 5,000 4,800 1,279 (27.029) Totsl 211785
THE JOHN ROAN FOUNDATION TRUSTEE'S ANIYUAL REPORT (confinued) YEAR ENDED 31 AUGUST 2024 Financi21 review The chartty derives most of its income from rent receÈvable from investment properties and inveslment income. During the year there was an increase in investment income from £475.47] in 2023 to £520,026 in 2024. The principal areas of expenditure w¢Te: _ Granls and donations to the John Roan School. Estate repairs - maintenance of the investhient prnperties. Administration and Finance- 0ratIng expenses and fees. At the end of the reporting period the charity had cash resources of £372.816. Grants The objectives of the charity are set out on page 5. Grants to the school and individuals are considered by the Trustees on the basis of need and fulfilment of these charitable objectives. There is no upper limit of supporL This is also the case for any grants to external organisattons. Investment Poliey The investments held by the Trust have been acquired in accordance with the powers available to the Trustees as specified within the Trust Deed. The long-terni objective in managing the portfolio is to mlMise the overall rate of return insofar as this is consistent with maintaining a prudent and balanced investment exposure. whilst in the short-terni giving regard to the Trusvs cash requirements from time to tirne. Reserves Policy The balance sheet shows total reserves of £20.199256. Of thi5 £19,826,167 is represented by the value of assets (both properties and securities) of the Foundation. Under the Trust Deed any proceeds from rApital disposals are required to be reinvested. Of the total fimds, £373,089 represents a general reserve representing the surplus unrestricted accumulated income of the Foundation. Of this, £61.587 has b¢¢n d¢signated for tUre intentions and there are "free reserves" of £311,502. The John Roan Foundation has a policy of maintaining unrestricted reserves within the range of a minimum of 3 months, to a maximum of 12 months of averdge expenditure. Where the reserves fall outside this rdnge, then a strategy will be forniulated by the Board to bring them back into line- CUTrently reserve5 fall within this range. Plans for future period5 The Trustees aim to maximise the income of the Charity to enable them to continue to provide the level of assistance currently in place and where possible increase the assistance. The Charity aims to refurbish their properties as the need arises in order to maintain a good level of accommodafion and therefore ensure tnaximum rental income.
THE JOHN ROAN FOUNDATION TRUSTEE'S ANNUAL REPORT (coniinued) YEAR ENDED 31 AUGUST 2024 Trustee's responsibilities statement The charity Trust¢es are responsible for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢tic¢). The law applicable to charities in England and Wales requires the charity Trustees to prepare financial statements for each year which giv¢ 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 the financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities Statement of Recommended Practice("SORP")' make judgments and estimates that are reasonable and prudent. state whether applicable accounting standards and ststements of recommended practice have been followed. subject lo any material departures disclosed and explained in the financial siatements. and prepare the financial statements on the going nCern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with re&sonable accuracy at any time the financial position of the charity and to enable them lo ensure that the fmancial statements comply with the Charities Act 201 I, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding th¢ &S5¢ts of th¢ charity and taking reasonabl¢ $t¢ps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial infonnation included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and di55emination of financial statements. The Trustee's annual report was approved on 18 March 2025 and signed on behalf of the board of Tnlstees by: L Ne150n Co-opted Trustee C Strong Co-opted Trustee
THE JOHN ROAN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHN ROAN FOUNDATION YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statern¢nts of The Jolm Roan Foundation (the 'charity') for the year ended 31 August 2024 which comprise the statement of financial activities. ststement of financial position and the related notes, including a summary of significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resource5. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) USAS (UK)) and applicable law. Our responsibilities under those standards are fiffther described in the auditovs responsibilities for the audit of the financial statements Section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilities in accordance with these requirernents. We believe that the audit evidence we have obtained is suificient and appropriate to provide a basis for our opinion. Conclusions relating to going eoncern In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied. we have not identified any material uncertainties relating to events or ondition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at le&st twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the Tntee with respect to going concern are described in the relevant sections of this reporL
THE JOHN ROAN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHN ROAN FOUNDATION (continued) YEAR ENDED 31 AUGUST 2024 Other infomation The other inforniation comprises the infonnation included in the annual report, other than the fmancial statements and our auditor's report thereon. The Trnstee is responsible for the other inforniation. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our repoit we do not express any forn] of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforn]ation is materially inconsistent with the fmancial statements, or our knowled8e obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements. we are required to deterniine whether there 15 a material misstatement in the financial statements or a material misslatement of the other infonnation. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonnation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audiL we have not identified material misstatements in the Tnth's report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if. in our opinion: the infornation siven in the Trustse's report is inconsistent in any material respect with the fmancial statements. or adequate accounting records have not been kept: or the fmanclal statements are not in agreement with the accounting records and returns. or we have not received all the inforniation and explanations we require for our audit. Responsibilities of the trustee As explained more fully in the Tntr's responsibilities statemenL the Trustee is responsible for the prepardtion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trnstee d¢tem)ines is necessary to enable the preparation of financial 5tat¢m¢nts that are fr¢e from material mi5statemenL whether due to fraud or em)r. In preparing the fmancial statements, the Trustee is responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. io-
THE JOHN ROAN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHN ROAN FOUNDATION feonlinued) YEAR ENDED 31 AUGUST 2024 Audltor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable a5surdnce about whether the fmancial statements as a whole are free from material misstatemenL whether due to frdud or eOr, and to issue an auditoes report that include5 our opinion. Reasonable assurance is a high level of assurdnce, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individuaIly or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b&sis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pro¢¢dures in line with our responsibilities, outlined above, to detect material misstatetnents in respect of irregularities, including fraud. The extent to which our pnKedures ar¢ Capable of detecting i¢gUlarItieS, including fraud is detsiled below: We identify and assess the key risk are&s of matrrial misstatement and then design and perform audit procedures in relation to those risks. Materiality has been calculated based OD the average of the income and gross assets and has been assessed at a level of £9,000 The key risk areas were considered to be valuation of fed assets and Investments. The appropriate audit approach was considered and applied to these area5. We perfornied analytical procedures to identify any unusual or unexpected ratios or variances that may indicate risks of material misststement due to fraud. We reviewed the fanCIal statement dis¢losures and assessed compliance with the following r¢levant laws and regulations. Charities Act 2011. Data Protection Act 2018. Trregularities which result from fraud are inherently more difficult to detect than legUlarltieS which result from error, however, there have never been any instances of fraud ¢ncounlered with the company and there are controls in place through the segregation of duties and regular reviews of management accounts which reduce the risk of fraud through management override. All audit team members were made aware of the relevant laws & regulations applicable to the company together with potential fraud risks and remained alert to any indications of frdud non-compliance with the laws & regulations throughout the audit.
THE JOHN ROAN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JOHN ROAN FOUNDATION (contsnyedj YEAR ENDED 31 AUGUST 2024 Use of our report This report is made solely to the charity's member5, as a Ix)dy, in accordance with section 144 of the Charities Act 201 l and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent perniitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit worK for this report, or for the opinions we have forn)ed. Opass Billings Wilson & Honey LLP Chartered Certified Accountants & statutory auditor Numeric House 98 Station Road Sidcup Kent DA15 7BY 18 March 2025 Opass Billings Wilson & Honey LLP is eligible for appoinlment as auditor of the charity by the virtue of its eligibility for appointment as auditor und¢r s¢ction 1212 of the Companies Act 2006. 12-
THE JOHN ROAN FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 AUGUST 2024 2024 Restricted nds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Charitable activities Investment income 64 520,026 64 520,026 475.471 Total income 520.090 520,090 475,471 Expenditure Expenditure on raising funds: Investment management costs Expenditure on charitable activities Total expenditure 163,421 234,203 1,105 164,526 234,203 223.414 198,209 397,624 1,105 398,729 42J,623 Net gainsl(losses) on investtnents 982,868 982,868 (21.252) Net income and net movement in funds 122,466 981,763 1.104,229 32.596 Reconciliation of funds Total funds brought forward Totsl funds carried forward 250.623 18.844,404 19,095,027 19,062,431 373,089 19.826,167 20,199356 19,095.027 The statetnent of fmancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The not&¥ on P2Ees 15 to 23 form part of these financial statements. 13-
THE JOHN ROAN FOUNDATION STA TEMENT OF FINANCIAL POSITION 31 AUGUST 2024 2024 2023 Note Fixed assets Investments 12 19,826,167 18.844.404 Currenl assets Debtors Cash al bank and in hand 13 8,523 372,816 111,333 250, 190 381J39 361,523 Creditors: amounts falling due within one year Net current assets 14 8350 110,900 373,089 250,023 Total assets less current liabilities 20.199256 19,095.027 Net assets 20,199356 19.095,027 Funds of the charity Restricted fund5 Unrestricted funds 19.826,167 373,089 18.844.404 250,623 Total charity funds Is 20,199,256 19,095,027 These financial stalements were approved by th¢ IK)ard of Trustees and authorised for issue on 18 March 2025 and are signed on behalf of the board by: L Nelson Co-opted Trustee C Strong Co-opted Trustee The notes on pages IS to 23 form part of these fingn¢ial statements. 14-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024 General information The charity is a public benefit entity and a registered charity in England and Wales and is unincorpordted. The address of the principal oifice is The John Roan School. Maze Hill, London, SE3 7UD. Statement of complianee These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applTcabl¢ to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charitie5 Act 2011. Aecounting policies Basis of preparatlon The financial stafrments have been prepared on the historical cost basis, as modified by the revaluation of ertain financial assets and liabilities and investment propertie5 me&sured at fair value through income or expenditure. The fmancial stalements are prepared in sterling, which is the functional currency of the entity. Going eoneern It is the opinion of the Trustees that the use of the going concern basis of accounting is appropriate because: there are no material uncertainties relating to events or conditions that may Cast significant doubt about the ability of the charity to continue a going ¢oncem: there is re&sonable expectation that the charity has adequat¢ resources to continue in operational existence for the foreseeable future. Allocation of support and gov¢rngn¢e costs Support costs have been differentiated between governance costs and other support coals. Governance costs comprise all costs involving the public accountsbility of the charity and its compliance with regulation and good practice. These Costs include sts related to statutory audit and legal fees together with an app)rtionmeDt of overhead and support costs relating to Board meetin8S. Governance costs and support costs relating to charitable activities have been apportioned appropriafrly. The allocation of support and governance costs Is analysed in the notes. Is-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (e(•nlinue YEAR ENDED 31 AUGUST 2024 Accounting policies (cortinuedj Cost of generating funds The costs of generdting funds consist of investment management and Certain legal fees. Charitable actlvities The ¢xpenditure on charÉtable activities includes grants made. governance ¢osts and an apportionment of support costs as shown in the notes. Judgements and key sources of estimation uncertainty Estimates and Judgements are continually evaluated and are based on historical experience and other factors. including expe¢tstions of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted income funds comprise those funds which the Trttstees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Tnlstees, at their discretion, have created s fund for a specific purpose. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is a single restricted fund, the Capital Fund, which represents money held as pernlanent endowments whereby the income can be applied for general purposes but net proceeds arising from the sale of the funds arising must be reinvested within the fund. Further details of each fund are disclosed in the notes. Incoming re50urce5 All income is recogni5ed once the charity has entitlement to the income. there is sufficient certainty of recelpt and so it is probable that the income will be receiv, and the amount of income rrfeivable can be measured reliably. Donations are recognised when they have been communicaled as received in writing with notification of both the amount and settlement dat& In the event that a donation is subject to conditions that require a level of perforniance before the charity is entitled to the funds. the income is deferred and not Tecognised until either those conditions are fully met, or the fulfiknent of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Rental income is recognised on a straight-line basi5 as per the ternis of rental agreements. Interest on funds held on deposit is included 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. This is noallY upon notification by our investment advisor of the dividend yield of the investment portfolio. 16-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMEKfs (conlinued) YEAR ENDED 31 AUGUST 2024 Accounting policies fconhnued) Resources expended Liabilities are recognised as expenditure &8 soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that s¢ttl¢ment will be required. and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expense5, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. For more Inforniation on this allocation refer to the note below. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Foundation. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient reasonable expectation that they will receive the one year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grdnt are outside of the control of the Foundation. Investments Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the Closing quoted market price. The statement of fmancial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Foundation does not acquir¢. or use put options, derivatives or other complex fmoncial instruments. Investment property Investment properties are included on the balance sheet at either their market value or at a Trustee5 valuation. Realisedlunrealised gains are taken to the statement of fllwicial activities in the year in which they arise. Reserves The regular, unrestricted income is sutricient to cover the day to day running of the charity. The agreed reserve policy for 2024 was to have available a minimum of 3 months expenditure in unrestricted funds. Based on the risk profile of the Income end expenditure, this deemed an appropriate *nJount to cover any sudden in¢reas¢s in ¢xp¢ndxtur¢ or de¢reases in incom¢. Any unrestricted funds held over and above this are regularly monitored with the intention of using them to forward the charity's objectives. The reserve policy is regularly assessed by the Tne¢S for appropriateness. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 17-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (eonlinued) YEAR ENDED 31 AUGUST 2024 Accounting polieies (¢ontinued) Cash at bank and in hand Cash at bank and in hand includes cash and short terni highly liquid inveslments with a short maturity of three months or less from the date of acquisition. Financial instruments Financial instruments are classified and accounted for, according to the substance of the contractual artangernent as fmancial assets or fmancial liabilities, The charity only has fmancial assets and liabilities of a kind that qualify as basic financial instruments. Basic fmancial instnllnents are initially recognised at transaction value. They are subsequently measured at amortised cost using the effective interest metho4 except where the effect of discounting would be immaterial, in which case they are stated at cost (less in)painn¢nt where appropriate). Creditors Creditors and provisions aTe recognised where the charity has a present obligation resuhing from a past event that will probably result in the trdnsfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliabty. Creditors and provisions are nomially recognised at transaction value. They are Subsequently measured at amortised cost using the effective interest tnetho except where th¢ effect of discounting would be immaterial. tn such c&ses creditors are ststed at the transaction value. Funds The general fund comprises those monie4 which may be used to rne¢t charitable objectives at the discretion of the Trustees. Designated funds are rnonies set aside out of general fund and designated for specific Purposes by the Trustees. Capital funds represents money held as pernianent endowments whereby the income can be applied for general putposes but net proceeds arising from the sale of the funds arising must be reinvested within the fund. Charitable aetivities Unrestricted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Sale of books 64 64 18-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMEwfs (eL•Rtin¥ed) YEAR ENDED 31 AUGUST 2024 Investment income Unrestricted Total Funds Funds 2024 Unrestricted Totsl Funds Funds 2023 Income from investment properties Income from listed investments Building society interest r¢c¢ivable 515225 515225 161 4,640 472,415 119 2,937 472,415 119 2,937 4,640 520,026 520,026 475,471 475.471 Investment management costs Unrestricted Funds Restricted Total Funds Funds 2024 Portfolio management Property management fees Estate maintenance costs Finance officer and clerk's costs Architect fees 1,105 1,105 51,033 112J88 51,033 112,388 163,421 1,105 164,526 Unrestricted Funds Restricted Total Funds Funds 2023 Portfolio management Property management fees Estate maintenance costs Finance officer and clerk's costs Architect fee5 1,032 1.032 46.430 162,410 4,542 9.000 46,430 162.410 4,542 9,000 222,382 1,032 223,414 Expenditure on ehgritable activities by fund type Unrestrtcted Total Funds Funds 2024 Unrestricted Total Funds Funds 2023 Playing field expenditure Grdnts to School Support costs 250 211.785 22,168 250 211,785 22,168 16,179 169.828 12,202 16,179 169,828 12,202 234203 234203 198,209 198.209 19-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS (ct>nllnuedJ YEAR ENDED 31 AUGUST 2024 Expenditure on charitable activitie5 by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Playing field expenditure Grants to school Legal fees Finance officer and clerk's cost Generdl expenses Insurdnce costs Audit fee Accountancy 250 211,785 250 211,785 2,645 11,074 685 889 5,400 1,475 16,179 J69,828 300 4,543 604 405 5, 000 1,350 2,645 11.074 685 889 5,400 1,475 212.035 22,168 234,203 198.209 Net galnsl(losses) on investments Restricted Tolal Funds Funds 2024 Restricted Total Funds Funds 2023 Unrealised Gains/(losses) on investment property Unrealtsed Gains/(losses) on listed investments Realtsed Gainsl(losses) on listed investment 916,156 916,156 (27.595) (27,595) 66.671 66.671 6,064 6.1J64 41 41 279 279 982,868 982,868 (21252) (21.252) 10. Staff eosts The average head count of employees during the year w&s Nil (2023: Nil) I l. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the Trustees -20-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 AUGUST 2024 12. Investments Cash or cash equivalents Listed investhients Investment properties Total Cost or valuation At I September 2023 Additions Disposa15 Fair value movements 438 1,145 (1.105) 547,349 18.296.617 1&844,404 1,145 (2,209) 982,827 (1,104) 66.671 916,156 19212,773 AÉ 31 August 2024 Impairment At I September 2023 and 31 August 2024 478 612,916 19,826,167 Carrying amount At 31 August 2024 At 31 August 2023 478 612,916 19,212,773 19,826,167 438 547.349 18,296,617 18.844,404 All investments shown above are held at valuation. Investment properties The freehold land and buildxngs were valued by Winkworth Estate UK Letting Agents in April 2018 at investment value subject to existing ienan¢ies amounting to £15,310,000. The Trustees have updated the valuation based on their best estimate of the market value at 31 August 2024. The value Includes the estate properties but does not include the Roan School premises and playing Fields at Maze Hill, London SE10. The historical cost of the properties w&$ £1,026.250. Financial assets held at fair v21u¢ The cost of listed investments was £207,148 Investments ate all listed in the United Kingdom (except where stated) and are traded on a recognised stock exchange. 13. Debtors 2024 2023 Trdde debtors Prepayments and accrued income 8J40 183 110.733 600 8,523 111,333 -21-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMEiYfs (eonttnued) YEAR ENDED 31 AUGUST 2024 14. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 76,382 34.518 8250 8250 110.900 15. Analysis of charitable funds Unrestricted funds At I September 2023 At 31 August 2024 Gains and losses Income Expenditure General funds Changing room refurbishment 189,036 520.090 (397,624) 311,502 61,587 61,587 250,623 520,090 (397,624) 373,089 At I September 2022 At 31 August 2023 Gains and 105ses tno)me Expenditure General funds Changing room refurbishment 134,156 475,471 {420.591) 189.036 61,587 61,587 195.743 475.471 {420,591) 250.623 General fund Thi5 fund represents the surplus unrestricted accumulated income of the Foundation. Changing room refurbishment The Trustees are aware that the changing rooms at the playing fields require major refurbishment and intend to invest in the area. -22-
THE JOHN ROAN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (a•Ndu¥e4) YEAR ENDED 31 AUGUST 2024 15. Analysis of charitsble funds (¢ORliRued) Restricted funds At I September 2023 At 31 August 2024 Gains and losses tncome Expenditure Capital fimd 18,844,404 (1,105) 982,868 19,826,167 At I September 2022 At 31 August 2023 Gains and losses tncorne Expenditure Capital fund 18,866,688 (1,032) (21,252) 18.844,404 This fund represents the value of investments Iboth properties and securities) of the Foundation. Cleared sale proceeds of investments are required to be reinvested under the Charity Commission Scheme dated 19 June 1998. 16. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Investments cUent a55ets Creditors less than l year Net assets 19.826.167 19,826,167 381,339 {8,250) 381.339 (8250) 373,089 19,826,167 20,199,256 Unr¢strict¢d Funds Restricted Total Funds Funds 2023 Investments CUent assets Creditors less than l year Net a55ets 18,844.404 18,844.404 361,523 (110,900) 19,095,027 361,523 (110,900) 250,623 18.844.404 17. Related parties There were no transactions with related parties during the reporting period. 23-