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 a￿OrdanCe 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 tI￿t 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 FoUnd￿lOn 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 f￿terS 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. Tr￿teeS
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 Fu￿1 totalled £15,650,296 (2024.. £14,278,669).

THE ROTHERIWIERE FOUNDATION
TRUSTEES, REPORT (contlnued)
FOR THE YEAR II NDED 30 SEPTEMBER 2025
Fi￿ancIal 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 reV￿U8110n 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 Gener￿lY Accepted Accounting Practice).
In our opinion the financial slalements..
give a true and fair view of the state of the c1￿￿ty'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 c￿t 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 1￿cOunts 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 mIs￿aleMent 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 r￿pOnsibIlitieS 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 i￿egu[￿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 SEFfE1￿B￿R202S
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 Un￿u81 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 rn1￿1 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.

Crryf4
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tslufn ￿ ZOJ&tL Z

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.
InC0￿e 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 aCC￿ed. 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 dir￿tlY ￿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 a￿t(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 defe￿ed 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 Art￿sport
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 I￿ENTs (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 Tr￿st
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 Ar￿OLIred 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 sEPTE1￿BER 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)-
Unr￿triCted 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 ¢l￿rged 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

ZQO3￿& Z