Charity Registration No. 314125 (England and Wales) THE ROTHERMKRK FOUNDATION REPORT AND FINANCIAL STATEIIqENTS YEAR ENDED 30 SEPTEMBER 2025
THE ROTHERMERE FOUNDATION Page Contents Legal and administrkltive information Trustees, report Independent auditor's report Statement of financial activities 10 Balance sheet Statement of cash flows 12 Principal accounting policies 13-16 Notes to the financial slalementS 17-24
THE ROTHERMERE FOUNDATION LEGAL AND ADLVJINISTRATIVE IIYFORMATION Trustees The Fourth Viscount Rothermere Viscouniess Rothermere Mr V P W Hamiswortli The Hon. V Harnisworth Registercd offjce Memory House Seaton Ickham Kent CT3 ISL Charity number 314125 Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ fnvestment Advisors Vanguard Investment5 UK Limited Tl)e Walbrook Building 25 Walbrook London EC4N 8AF Cazenove Capital 31 Gr¢sham Street London EC2V 7QA Legal Advi50T5 Bate5 Wells 10 Queen Street Place London EC4R IBE
THE ROTHERMERE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEYfEMBER 2025 The Trustees present their tEport and the financial statemenls of Th¢ Rothemiere Foundation for the year ended 30 September 2025. This annual report has be¢n prepared in aOrdanCe with Part 8 of the Charities Aet 2011. The financial staiemenis have been prepared in accordance with the accounting polici¢s set out on pages 13 to 16 of the attached financial statements and Coinply with the Chariry's Triist Dee(L the Charities Act 2011, applicable law and Accounting and Reporting by Charili¢s: Statement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard dpplicable in the United KinLdom and Republic of Ireland {FRS 102) and th¢ Charitie5 Act 2011. Strueture, Gov¢rnanee and M4n8gement Conslilutio The Foundation wa5 established under a Trust Deed dated 16 Aptil 1956, as amended by the Resolutions passed on 4 Nov¢mber 2021 and 18 July 2024. The Foundation was endowed with investment5 by The Se¢ond Viscount Rothem)¢re. Ri.sk monagemepii The Foundation's principal asset and therefore, given the granl-making nature of the charity, its principal risk coinprises listed investments and currency balances. the value of which are dependent on moveinents in UK and international stock markcls. The Trustees have considered ihis and other major risks to which the charity is exposed. in particulBr those related to the operational areas of the Foundation, ils investments and its finances. The Trust¢es believe tIt the5¢ risks are mitigated by.. • A body of Trustees wtih the necessary experience and ¢oinpetence to sup¢rvise ail aspects of the Foundation's activities. + An estsblished sel of procedures to detemiine the level of Tn]stee approval required for ants, a5 well as the extent of monitorin& follow up vi51ts and staging of payments. and + Regular Trustee meetings at which all aspc¢ts of the Foundation's &ctivtties are reviewed. Tmslees The Trustees plan to meet twice a year to eonsidergrant applications. review investment perforniance and discuss matters of a stTat¢gic and administrdtive nature. The Trusiees who served during the year are shomm on page 2. The power to appoint new Trustees is vested in the existing Truslees of the Foundation. Tlie present Trustee5 have a wide knowledg¢ and include the chairman of a major company, a chief commercial officer of a major company and a retired regular arniy officer and specialist in public relations. Further details are given in notes 6 and 12. Key pn(Jnagepnenlper50nnel The key manageiD¢nt personnel of the Charity in charge of directin¥ and controlling, running and operating the Foundation on a day lo day basis ¢omprise the Trustees. One Trustee receives remuneration for his work as Secretary {2024- 1 Trustee) as shown in note 12.
THE ROTHERMERE FOUNDATION TRUSTEES, REPORT (eontinued) FOR THE YEAR ENDED 30 SEpfEMBER 2025 V P W Harrnsworth r¢¢¢ived fees as Secretary to the Charity and this fee is increa%ed annually using the Retail Prices Index as at 30 S¢ptember. Furthcr detsils are given in notes 6 and 12. ObjeetSve$, Aetivities and Aehievements Objecls Thc principal objects of the Foundation atr to enable graduates of the MemoTial University of Newfoundland to continue their education in the United Kingdom and lo advance other eharitable purposes. Th¢ charitable obj¢¢ts of the FoUndlOn were revised and updated on 18 July 2024 to include a provision allowing trustees lo have unrestri¢t¢d discretion in detemiining how much income should be divided between scholarship5 and other charitabl¢ purposes. Aetivilies The Trustees confirni that they have referred to ihe guidan¢¢ contained in the Charity Commi55ion'5 generdl gLiidance on public benefit when reviewing ihe charity's aims and objectives and setting grant making policies. The Rolhermere Foundation supports post PhD graduates from Memorial University Newfoundland so that they may pursue their studies to a higheT degree and retwn to Newfoundland to make a signifieant contribution to the welfare of ihat province through their social, business or s¢ience skills. Subsidiary activities supwrt the Rotherniere American Institute (RAI) al Oxford which fterS relationships between the two countries via academic studies and the Rotherniere Foundation also supports the Vyvyan Harnisworth Professor of American History. Achievements The Rothemiere Fellows are reported on annually by Ih¢ir teachers and supervisors and all have achieved iheir aims with very satisfactory or outstanding results. The RAI wws in Stature annually and is now an important part of Oxford University playing a major part in Anglo-Ameri¢an affairs. Grant makingpolicy Decisions on grants are made by the Trustees. All Trustees are involved in the grant making process. TrteeS will only approve grants or futbd projects which demonstrate public benefit within the criteria of the Cliarity Commi55ion's guidan¢¢. Financial Revlew Reserves policy Tlie Trustees consider that maintaining free reserves of a minimum of tw¢lve month5 of unrestricted expenditure is sufficient to deliver the core work of the charity. Al 31 DeceTnber 2025. free re5erve5, defined including the General Fund and R(>themiere Fellows Fund. but excluding the designated Fixed Asset Fund, totalled £6,954,367. exceeding this minimum threshold. Given the nature of the Foundation's activities, this is deemed approprialc. However, the trustee5 will coJJtinue to review the reserves policy annually. Substantial donations were made in tli¢ year ended 30 September 2025 to expend Inore of the Foundation's reserves, including £1,750,000 to Sl Peters College Oxford. Details of grants are given in note 5. on pages 17 and Is. Total funds at 30 September 2025 amounted 10 £50,314.721 (2024- £47,454.640), a significant proportion of whicli is represented by the Expendable EndowFnent Fund of £27.065,298 (2024.. £26,303,523). The Pernianent Endowment Fu1 totalled £15,650,296 (2024.. £14,278,669).
THE ROTHERIWIERE FOUNDATION TRUSTEES, REPORT (contlnued) FOR THE YEAR II NDED 30 SEPTEMBER 2025 FiancIal resulis During the year donations of £2,170,097 (2024= £3,011,088) and fellowship grants of £85.320 (2024.. £95,978) were tnade or committed. The recipients are detailed in note 3 on page 16 and note 5 on pages 17 and 18. The charity received £785.266 of Unrestricted investment income during the y¢ar {2024- £1,412,324). The total net result for the year (before unrealised gains and losses) was a loss of £1.683,497 (2024: £1,985,128}. This comprises net income of £428 in the Unrestricted General Fund (2024: £445.145), net income of £66,075 in the Rothermere Fellows Fund (2024.. £255.424) and net expenditure of £1,750,000 in the Expendable Endowment Fund (2024.. £2,685,697). Duringthe year ended 30 Seplemb¢r 2025 the investments held by the FoLindation had a realised and an unrealised gain on reVU8110n of £4.558,552 (2024.. £2,514,002) as show) in note 8, on page 20. The total net movement in funds was an increase of £2.860,081 12024: decrease of £150,691). This was the net result of an increase of £277,029 {2024'. increase of £567,248) in the Unresiricted General Fund, an increase of £449,650 (2024= increase of £442,903) in the Roihemiere Fellows Fund. an increase of £761,775 {2024: decrease of £1,877,065) in the Expendable Endowment Fund, and an increase of £1,371,627 {2024'. in¢rea5e of £716,223) in the Restricted Permanent Endowrnent Fund. The movements on the Foundalion's funds ar¢ shown in d¢tsil on .page l O. IKveslmep7ipL>Iicy Under the lernis of the Trust Deed. th¢ Trustees may? at their &bsolute discretion, buy or sell investments in any funds in any county worldwide.
THE ROTHERMERE FOUNDATION TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trustees The Trustees who liave held office sin¢e l October 2024 are as follow5.. The Fourth Viscount Rothermere Viscountes5 Rothemere Mr V P W Hartnsworth The Hon. V Harnisworth Trustees, re5ponslbilities The Trustees are responsible for preparing the Trustees, Report and the accounis in a¢cordance with applicable law and United Kingdorn Accounting Standard5 (United Kingdom Generally Accepted Accounting Practi¢¢). The law applicable to eharities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the st&te of affairs of th¢ Foundation and of the income and expenditure for that pcriod. In preparing these financial siatements, thc Trustees are required 10: select suitable accouniing policies and apply thein consistently. observe the methods and principles in Accounting and Reporting by Charities.. Statcmenl of Recommended Practice appli¢able to Charities preparing their accounts in accordan¢e witli the Financial Reporting Standard applicable in the United Kingdorn and Republic of Ireland (FRS 102) and the Charities Act 2011. make judgements and estimates that we r¢onable and prudent; state whether applicable United Kingdom A¢¢ounting Standards have been followed, subject to any material departures disclosed and explained in the accounts. and prepare the ar¢ounts on the going concern basis unless it is inappropriate to presume ihat the charity will continue in business. The Trustees are also responsible for keeping proper accounting COrdS Éhat disclose with reasonable accuracy at any lime the financial position of ihe Charity and enable them to ensur¢thatihe aclounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and deteetion of fraud and other itTegularilies. By of the T Stees The Fourtli ViscoLint Rothermere .2026
THE ROTHERMERE FOUNDATION tNDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 SEpfEMBER 2025 Independent auditor's report to the Trnstees of The Rotlkermer¢ Foundation Opinion We have audited the accounts of The Rotli¢rn)ere Foundation {the 'charity') for the year ended 30 Scptember 2025 which cornprise the statement of finan¢ial activities, the balance sheet, the stateTnent of cash flows and notes io the financial statemenls, includiD¥ a summary of significant accounting policies. The financial reporting fram¢work that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reparting Standard applicable in the UK and Republi¢ of Ireland, (Uniied Kingdom GenerlY Accepted Accounting Practice). In our opinion the financial slalements.. give a true and fair view of the state of the c1ty'S affairs as al 30 Septernber 2025 and of its incoming resources and application of resources for the year then ended: have been properly prepared in accoTdance with United Kingdom Generally Accepted AccouTrting Practice. and have been prepared in accordance with the requirements of the Charilies Act 2011. Basis for oplnion We conducted our audit in accordance witli International Standards on Auditing (ISA5 UK) and applicable law. Our responsibilities under those standards are further described in the Auditoy's responsibilities for the audit of the financial staiemenis section of our report. W¢ are independent of the charity in accordan¢¢ wilh the etliical requirements that are relevBnt to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities accordance with these requireinents. We believe that the audit evidence we have obtained is sufficient and appropriaÉe to provide a basis for OUT opinion. Conclusion$ relating to going concern In auditing the financial stateTnents. we have concluded that thc trustee5' use of the going concern basis of accounting in the preparation of the financial stateTnents is appropriate. Based on the work we hav¢ perfoTmed, we have not identified any material un¢¢rtainties relating to events or conditions that, individually or colleciively. may ct significant doubt on the charity's ability to continue as a going ¢oncern for a period of at le[ twelve months from when the financial statemenls are authorised for issue. Our ponsIbIlitieS and the responsibilities of ihe trustees with resp¢¢l to going concern are described in the relevani se¢tions of this report. Other information The other infonnation comprises the informalion included in the annual repK>rt, including the trustees report, oiher than the 1cOunts and our auditor's report thereon. The trustees are responsible for the other infonnatiOFs wntained within the annual repoTI. Our opinion on th¢ financial statements does not ¢ov¢r ihe other inforination and we do not express any fom] of a55urance conclusion thereon. Our responsibility is lo read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the account5 or our knowledge obtained in the audit or oiherwise appears lo be materially misstaÉed. If we identify sucli material inconsistencies or apparent mal¢rial misstatemenls, we are required io determine whether this gives rise to a material misslatemenl in the accounls. If. based on Éh¢ work we have performed, we conclude that tl)ere is a material mIsaleMent of ihis othei information, we are required to report that fact. We have nothing to report in this regard.
THE ROTHERMERE FOUNDATION INDEPENDENf AUDITORS, REPORT TO THE TRUSTEES (continued) FOR THE YEAR EIYDED 30 SEpfELWtBER 2025 Ivtatters ott which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audiT. we have not identified material misstaiemenls in the tru5tees' report. We have nothing to report in respect of the following rnatte in relation to wliich the Charities (Accounts and Reports) Regulations 2008 requires us to r¢port to you if. in our opinion: the information given in the trustees. report is in¢onsistent in any material respect with the accounts. or sufficient accounting record5 have not been kept. or the accounls are not in agreement wilh the accounting records and returns. or we have nol received all the infomiation and explanations we wuire for OLir audii. Respective rpOnsibIlitieS of trustees As explained more fully in the tru5tees' responsibilities statement. the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and f&ir view, and for sucli internal control the trustees detertnine is necessary to enable the preparation of accounts that are free from Tnalerial misstatemen( whether due to fraud or error. In preparing the accounts. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosin& as applicable. matters related to going con¢em and using th¢ going Concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic altemaiiv¢ bul to do so. Audstor's resw)Dsibilities for the audit of the fingnei&l statements We have been appointed a5 auditor under section 144 of the Charities Act 2011 and report with the Act and relevant regulafions made or having effect thereunder. Our objectives ar¢ lo obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 noi a guarantee thai an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre¥ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these a¢countS. Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We d¢sign pro¢edures in line with our responsibilities, outlined alx>ve, io detect mateTial misstatement5 in respect of iegu[li1eS, including fraud. The exl¢nt to which our procedure5 are capable of detecting irregularilies, includingy fraud is detailed below. Our approach io identifying and assessing the risks of material misstatement in respect of irregularities. iticluding fraud and Tjon-compliance wilh laws and regulations. w&s as follows- • the engagement partner ensured that the engagement team collectively had the appropriate compeience, capabilities and skills tts identify or recognise non-coinpliance with applicable laws and regulationg- and + we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and detennined that lh¢ most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011), and those that relale to data protection (General Data Protection Regulalion).
THE ROTHERMERE FOUNDATION INDEPENDENf AUDITORS, REPORT TO THE TRUSTEES (continued) FOR THE YEAR ENDED 30 SEFfE1BR202S Auditor's responsibilities for the audlt of the financial ststements (continued) We assessed the susLeptibility of the charity's accounts to material mi5Statement. including obtaining an understanding of how fraud might occur, by- • making enquiries of management as to their knowledge of actual, susp¢cied and alleged fraud; and + considering the internal controls in place to mitigate risks of fraud and Tkoll-¢ompliance with laws and regulaiions. To address the risk of fraud through management bias and override of controls, we.. + perfomied analytical procedures to identify any Linusual or unexpected r¢lationships' • tested journal entries to identify Unu81 transactions. and assessed whether judgements and &ssumption5 made ill determining the accouTrting estimates for the alculalion of the annual depreciation charge, and the estimation of future incoTne and expenditure flows for the purpose of assessing going concern were indicative of potential bias. In response to the risk of irregulariiies and non-compliance with laws and regulations, we designed procedures which included, but were noi limited to.. • reading the minutes of eetIngS of those charged with governance. and • enquiring of inanagement as lo actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Èransactions, tli¢ les5 likely it is that we would become aware of non-compliance. Auditing standard5 also limit the audit proeedures required to identify non-compliance with law5 and regulations io enquiry of the Inistees and other management aDd the inspection of regulatory and l¢gal correspondence, if any. Material misstatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further descriplion of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uldaudilorsTesponsibililie5. This description fornis part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a ixKly, in accordance witli Part 4 of the Charilies (Accounts and Reports) Regulations 2008. Our audit work has been und¢rtaken so that we rn11 state lo th¢ charity's trusiees Ihose matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone othcr than the ¢harity and the charity's trustees &s a body, for our audit work, for this reporL or for the opinions we have formed. • ¥tAJU- laLLO Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date- ..2026 Buzlacott Audit LLP is eligible to acÈ a5 an auditor in lems of se¢lion 1212 of the Companies Act 21K)6.
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THE ROTHERMERE FOUNDATION STATEMEf+tr OF CASH FLOWS YEAR ENDED 30 SEYfEMBER 2025 30 September 2025 30 September 2024 CAsh flows from operating activi¢$. Nel cash (uJediN)/providedby operalirtg acliviil C&5h now5 from investirtg #ctivitles: Investment income and interest re¢¢ivable (2112,652) (4,050,750) 785266 1,412J24 Purchase of investments (18,1630341 17,752262 1SV99.160) 30.704,453 Proceeds from ih¢ disposal of investments Cash transferr¢d from sale of inYestment5 Nel cash (itsedin)/providedby Investing aclivilies 28.921,425 373,694 5.639.042 Change in cash and cash equivalents in the year Cosh and cash ¢quivalents at l October ?024 Crtsli e(Ag1i eqmlvoleiiis ai30 Seplember 2025 (2,138.958) 3,011.012 lJ88,292 1,422,no 872,054 3,011,012 A Recolleiliatlop of net movernent in funds to net eash nows from operAting aetivities- Iyet movement itt funds for the year 2,860.081 (150ffj91) Adjustments for= Depreciation charges (Gainsylosses on invest]nents Investment incotne artd interest receivable {Increasey decrease in debtors IDe¢re&se)l in¢rease in credkÈors Nei (usedin)/provlded by In operating oclivllles 11040 (4}58.5S2) (785266) (104) (40ffj51) 12512,652) 11,840 (2 J14,002) {1.412J24} 2096 11331 (4.050,7501 B AnAlysis of cAsh #Dd cash equiv*lentS Cash at bank and hand Cash held by investm¢nt managers {note 81 838.756 2,722,059 288,953 3.011,012 33,298 872,054 No separate reconciliation of net debt has been prepared as there is no difftren¢e belw¢en the net cash (debt) of the charity and the above c&8h and ¢ash equivalettts. 12
THE ROTHERMERE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ELNDED 30 SEPTEMBER 2025 Principal A¢¢ountlng Policies Accounting Collvention The financial siatements which have been Prepared for the year to 30 Sept¢mb¢r 2025, are presented in sterling and 4r¢ rounded to the neaTe5t pound. The financial statements have been prepared under the historical cost convention with ttems inttially recognised at C05tortransaction value llnless otherwise stated in therelevant accountingpolicies below orihe notestothese financial statements. Th¢ financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of RecommeDd¢d Practice applicable to charlties preparing their a¢¢ounts in accordance with (he Financial Reporting Standard applicable in the United Kingdoim and Republic of Ireland IFRS 10?) (Charitie5 SORP FRS 1021, the Financial Repotting Standard appli¢abl¢ in Éhe UK and Republic of Ireland IFRS 10211 and the ChaTlties Act 2011. The Charity Constitutes a publsc benefit entity as defined by FRS 102. 1.2. CrÉti¢al aetounttng estlrnAtes and area5 of judgement Preparathon of the financial statements requires the Trustees to make significant judgements and estimates. Th¢ itetn5 in ihe fJnaneÉal statements where these judg¢m¢nts and e5titnate5 have been made include: esiimaiing the us¢ful economic life of tangible fixed assets Withre5pecttothe next reporttngperiod, the rnostsignificantareas of uncertainty are thecarryin8valueof investments and currency balances held by the ¢harity, which will depend on the perfomiance of investment markets and the investment it)come from these assets. 1.3. Going Concern The Trustees have assessed whetherthe use ofthe going ¢otJcern assumption is appropriate in preparing ihe5e financial statements. The Trustee5 have made this eSSMent in re5pecÉ of a per50d of one year from the date of approval of these financial 5tatetnent5. The fiustees have Conclud thai there ar¢ no material uncertainties relat io ¢v¢nis or conditions that may cast significant doubt on the ability of the charity to ¢ontinue as a going CORcern. This is because the value of as5et5 held by the charity is v¢ry materially in exces5 01.the liabilities of the charity and the level of comi11itments in respecl of grant5 approved for projects payable in fiiture years is not mateYÈal. 1.4. IDve5tmetLt Income Incotne is recognised in the period in which the Charity ha5 entitlement to the income, the amount of income can be measured reliably and Et Is probable that the income will be Teceivcd. InC0e wmpris¢s dividends from listed investments and interest on cash deposits. Dividends are recognised once the divid¢nd has been declared and notification been received of the dividend due.
THE ROTHERMERE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEYfEMBER 2025 1.5. Resources expended Liabiliti¢s are recognised as expenditure as soon as there is 2 legal or Constructive obligation committing the charity to Tnake a payment to a third party, Èt is probable that a transfer of OnoMIC benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure tomprises the following- a) Educational and other grants payable are included in the Statement of Financial Activities when approved andwhen the intended recspient has either received the fund5 orbeen informed of the decision to make the grant and has satisfied all related conditions. Grdnts approved but not paid at the end of the financial period are aCCed. Grants where the beneficiary has not been infomed or has to meet certain conditions before the grani 15 released are not accTued but are noted as financial COTnmitsllents in the notes to the financial Statements. b) Expenditttre relating to 14 Dunstan Road Comprises the Costs associated with the provision of accommodation for the Oxford Professor Fellowship. c) Supw)rt and govemance costs represent indirect tharitable expenditure incurred in order to facilitate the grant making activities of the ChArity- The costs do not dirtlY late to the amount of time spent on processing and rnonitoring grants And so have not been allocated across fellowship and other educational grants respectively. Included within support and governance costs are all costg involving the publi¢ accountability of the charity and its compliance with regulation and good prd¢tice. These costs include those relating to statutory audit 2nd legal fee5. 1.6. Tangible fixed at(S Tangible fixed assets are depreciated over the relevant usefiil e¢onomic life on a straight line basis 2s follows.. over 50 year5 Fr¢ehold propEty (excluding land) The Trustees took the opportunity on tht transition to FRS 102 forthe year ended 30 S¢ptembeT 2015 to revalu¢ the Charity's freehold propety to fair value and treat this figure as deeTned cost. This has resulted in an increase to the depreciation charge of £9,530 for each of the remaining 36 years of the property's useful econoFnic life. Fixed asset i¢ems costing over £500 aTe capitalised. 1.7. Investments Listed investments are a forni of basi¢ financial instrument and are initially recogni5ed at their transaction value and are subsequently measured at thetr fair value which is considered equivalent to their open market value. at the balance sheet date. Open market value is determined by referenee to publicly available infomation. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchast value if acquired subsequent to the first day of the financial year. Unre&lised gains (Lir 105ses1 are calculat¢d as the diffcrence between the fair value ai the year end and ihesr carrying value at thatdate. Any movement in unrealised gains or losses is treated as amovemeTJt ID the Stateiment of Financial Activities (SOFA). 1.8. Debtors Debtors are recogni5ed at their settlem¢nt amount. less any provision for non-recoverability. Prepayments are valued at the Amount prepaid. They have been discounted to the present value of the tUre cash r¢¢eipt where such discounting is material. 14
THE ROTHERMERE FOUNDATIOIY NOTES TO THE FINANCIAL STATEMEP4TS (eontlnued) VOR THE YEAR ENDED 30 SEPTEMBER 2025 1.9. Cash at b#nk and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less thaD three months from the date of acquisition. Deposits for more than three months but less than one year hav¢ been disclosed as short tenn deposits. Cash pla¢ed on deposst for more than one year is disclosed as a f]xed asset investment. 1.10. Creditors and provÈslons Creditors and provisions are recognised when there 15 an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benef5t will be required in settlement, and the amount of the settlement can be ¢stimated reliably. Creditors and provisions are recognIs at the aTnount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future Cash paym¢ni where Such discounting is material. 1.1 l. Financial instruments The charity holds only basic financial instruments as defined in FRS 10? The financial assets and financial liabilities of th¢ ¢harity and their measurement bases are as follows.. FiKanci471 asseis- trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instrumenis. C&sh ai bavk- is classified as a basie financial instNrnent and is measured at face value. FinL7ncial liabiliiies- trade creditors, aLcruals and other Credito are financial instwments. and are measured at amortised cost. D¢f¢rred incorne is not deemed to b¢ a financial liabiliiy. as the eash settlement has already taken pl8ee and theTe is an obligation to deliver setvices rather than ¢ash or another financial in5trum¢nt. 1.12. Fund A&tIng The generdl fiind comprises th05¢ fijnds which the Trustees are free lo use in accordan¢¢ with the charitable objects. Within the general fund is a designated fixed asset nd wliich represents the net book Yalu¢ of the tangible tixed assets. A further designated fund has been set aside from unrestricted funds lo make grdnts lo the Rothemi¢re Fellow5. The expendable endowment fund represents those assets which the trustees are free io use in respeet of both income and capital. The pemianent endowment fvnd represents those assets which must be held pemianently by the charity, being held in investments as detailed in note 8 to the financial statements and referred to in note 1.7. Income arising on the endowrnent fund can be used in 8ceordanc£ with the objects of the charity and is included within the general fund. Any ¢apilal gains or losses arising on the investments fomi part of the pennanent endowment fund. 15
THE ROTHERMERE FOUNDATION NOTES TO THE Fif+lANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 1.13. Foreign currency translatlon Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dale5 of ihe transactions. At ea¢h F¢riod end, foreign currency monetary items are translated using the ¢losing rate. Non-monetary items are measured at historical cost and translated using the exchange rale at the dale of the transaction and non-monetary items measured at faiT value ar¢ measured ]ng the exchange rate when fair value was detem)ined. Foreign ¢xchange gains and losses resulting froin the settlement of iransactions and from ihe translation ai riod end exchange rates of monetary assets and liabilities denominated foreign rurrencies are recognised in the Statement of Financial Aotivities except when defeed in other comprehensive income as qualifying cttsh flow hedges. Investment income 202S 2024 Dividends Inierest on cash deposits 728,933 56J33 785,266 S57,732 854,592 1,412,324 Fellowship grants Grants and exp¢nses of £85.320 (2024.. £95,978) were made to support three Roihermere Fellows in the year (2024". Ihree Rotherniere Fellows). 2025 2024 Grants Expenses 82,718 2,602 85,320 92239 3.739 Expenditure relating to 14 Dunstan Road The following expenses relate to the accommiKlation provided at the property at 14 Dunslan Road by the Foundation for the Oxford Professor Fellowsliip-. 2025 2024 Overhead eosts Repairs and maintenan¢e, in¢luding garden costs Motor expenses and insurdnce and travel costs ManageTnent fces and other costs Depreciation 9,872 30,817 330 6,674 12551 11,840 11,840 59,533 57 9,197 50,269 16
THE ROTHERMERE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (eontlnued) FOR THE YEAR ENDED 30 SEFfEMBER 2025 Grants payabl¢ 2025 2024 Grants paid in the year Grant ¢ommitmenlS (note 10) 2,170,097 2,975,696 35J92 3,011.088 2 170,097 Grants payable for the year Mtd5¢al research Cancer Research UK- Major Giving Dorset and Somerset Air Ambulance Moorfields Eye Hospital Salisbury NHS Foundation St G¢orges Hospital 5,000 sooo 10,000 45,000 5.000 55.000 Edu¢ption¥VChildren's chtsrities The Rothernierel Harnisworth Duke Protessorship Fund Oxford University Development Fund St Peters College Oxford 2,6¥5,696 55,000 55,000 1 750,000 1805.000 2 740 696 The Artsport Greenhouse Sports Limited The Gglf TNst The Stour Music Festival Limited 30,000 15,000 10.000 55.1100 10.000 17
THE ROTHERMERE FOUNDATION NOTES TO THE FIIYANCIAL STATEI IENTs (continued) FOR THE YEAR Ef4DED 30 SEYfEMBER 2025 Grants payable (eotEtinued) 2025 2024 Other Charitable donations Charlie Waller Trust FutUTe Trees Trust Gavne and Wildlife Conseniation Trust Giving to Ukraine (previously Ukranian Equestrian Fund) Great Dixler Charitable Trst Gurkha Welfare Trust Hands Up Foundation Horatios Garden L¢arning Skills R¢search Foiindation National Playing Fields Association (Fields in Trust} National Garden Scheme Sclieme No 2 Now Tea¢h On Course Foundation Radley Foundation Remembering Pandora Royal ArOLIred Corps Saddle Club Spe¢ial Boat Service Association Spa¢e for Giants South¢m Environmental Law Ccntre The Anna Freud Centre The Churchill Foundaiion The Ecology Trust UCSF Benioff Children's Hospital Welsh Guards Charity World Horse Welfare Wrexham AFC Community Trust Zimbabwe Bore holes 5,000 2,000 70,000 70,000 2,000 20,000 s,000 5,000 10,000 10,000 5,01)0 5,000 50,000 7,000 so.000 56,OIN) 5,000 5,000 20,000 10,000 10,000 io,ooo 5,000 10,000 10,000 S400 5,000 5,ODO (3?03) 2>5,097 28J92 245 Total Crants Payable 2,170,097 3,011,088 2025 2024 Summary of Total Grants Payable Medical research Edu¢ationallChildTen's charities The Arts/Sport Other charilable donations 55,000 1,805,000 55,000 255 097 2,170,097 15,000 2,740,696 10,000 245J92 3,011,088 18
THE ROTIIERMERE FOUNDATION NOTES TO THE FINANCIAL STATEMEF4TS {continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Support costs 2025 2024 V P W Harnjsworth's fees and expens as Secretary Professional fees Investment portfolio fees Other costs Govemance costs 59,91)0 45,535 21,448 940 25,990 153.813 57,246 45,039 45,723 8,256 50,265 206,529 Statutory audit fee of £17.58012024- £16,740} is included within governan¢e costs. Tangible fixed assets Cost or valuation Fre¢hold Property Total At l October 2024 775,000 775,000 775,000 775,000 At 30 September 2025 Depreciatioll At l October 2024 11&400 11,840 11&400 li040 Charge for the y¢ar At 30 Sewember 2025 Iyet Book Value at 30 Septsmber 2025 130,240 130240 644,760 644,760 Net Book Value at 30 September 2024 656,600 656,600 The Freehold Property, 14 Dunstan Road OX3 9BY. was revalued at market value at 30 September ?015 at £775,000 by Reuben A Diffey MRICS RICS of Property FoTmula Ltd and the effect of this revaluation upon transstion to FRS 102 which is treated as a deemed cost, is shown in the accounting policy 1.6 on page 14. If the propety had not been revalued it would have been included at its historical c05t of £16,300. All assets are used for ¢haritable purposes. The charity will continue to adopt a policy of not Tevaluing its tangsble fixed a55et5 in accordance with Section 17 of Financial Reporting Standard 102. Included within Freehold Propety is land with a ¢anying value of £348,750 which has not been depreciated. 19
THE ROTHERMERE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 sEpfEMB£R 2025 Investments 202) 2024 Market value at l October2024 Additions ai cost Dispo5815 at opening market value (proceeds.. £17,752,262, rea]ised gain5'. £765,321) Unrealised gains Markd value at 30 SepternbeT 2025 Cash hcld by inv¢sthnent tnattagers 43,833,969 IS,163,4 (16,986.941) 16.625260 55J9Y,160 128,769313> 3,793,231 578,762 48.804.093 33,298 43,833,969 288,953 48.837,391 44.122,922 Repiesented by= Geraeral fund 2,119,416 4.442,674 2246J31 Fellows unrestricted fund 3,993,024 Expendable EndowrneDt fund Perman¢nt Endowment fund 26,625,1105 15.650,296 23.604J98 14278,669 Totsl inve51fftent5 ai m#rket value At 30 September 2025 4&837,391 44.122.922 Historic cost at 30 Sepiember 2025 44,147.641 42,970,748 MRteriAI investments in indtvldual entities held 8t 30 September 2025: ishares Core US Aggresate Bond Vanguard 500 Index Fund Vanguard S&P 500 UCITS ETF Vanguard Liftstrategy 60 /0 Equity Fund 3,878212 3,930J09 17.61)0,106 20,351,798 24.574.085 22290,572 48,804,095 43,820,987 20
THE ROTHERMERE FOUNDATION P4OTES TO THE FINANCIAL STATEMENTS {CODtinued) FOR THE YEAR ENDED 30 sEPTE1BER 2025 Debtors 2025 2024 Prepayments and accrued incom¢ 27,944 27,840 10. Creditors 2025 2024 ATnounts falling due within one year: Grdni commitments (note 5) Accruals and deferred income 35,392 39J89 74,781 34,130 34,130 11. Funds General funds comprise those funds which the Trustees are free to use in accordance with the charitable obje¢ts. There is a designated Fixed asset fund, within General funds which represents tlie net book value of the tangible fixed assets. At 30 Seplernber 2025 this amounted to £644,760 (2024: £656,600)- UnrtriCted funds also include the Rotbermere Felloivs Fund to make grants to the Rothermer¢ Fellows. The expendable endowment fund represents those assets which ihe trustees are free to use in respect of both incornc and capita]. The perjnanent endoivment funds represent those assets which must be held pernianently by the charity. Income arising on the endowment funds can be used in accordancc with the objecis of the charity and is included within the General Fund. Any capital gains or losses 3rising on the invesEments fomj part of the pemianent endowment funds. 2025 2024 Uttr¢alised gains included above- On tangible fixed assets On investments 628,460 689,750 640JOO 1,1>2,174 Total unreali5ed gains al 30 September 2025 Reconciliation of movements in unrealised gains Unrealis¢d gains at l October 2024 Add- Net gain arising on revaluations during the year Less: depreciation ¢lrged to the unrestricted general fund Add: movement5 in respect of disposals in the year 5,318210 1,792,474 1,792,474 4,558,552 (11,840) (1,020,976) 18,043,084 2,514.002 (11,840) {18,752,772) Total unrealised gains at 30 September 2025 5,318,210 1,792,474 21
THE ROTHERMERE FOUNDATIO NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. Transactions witb Trustees #nd key management personnel Mr V P W Harjnsworth's fees as Secretary for the year ended 30 September2025 were £56,842 (2024.. £54,580). He also received £3,058 (2024.. £2,666) in reimbursed travel and other expenses. At the year-end the balance was £Nil (20?4: £Nil). The aggregate fees as Secretary disbursed for the year ended 30 Septernber 2025 were £59,90012024: £57,246). The payment to Mr V P W Harnisworth as Secretsry has been approved by the Charity Comrnission. The other Trnste¢s received no remuneration and were not reimbursed for any expenses in the year ended 30 September 2025 (2024-. £Nil). 13. Related party transactions Details of trydnsactions with trustees and key management personnel 2re given in note l? 14. Post balaDee sheet event Repairs to ihe property at 14 Dunstan Road are to be carried out with an estimated cost of approximately £300,000. 22
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