The Rotary Club of Reading Abbey Trust Fund Report and Financial Statements
Year ended : 30[th] June 2024 Charity no: 900389
- REPORT OF THE TRUSTEES FOR THE YEAR ENDING 30TH JUNE 2024
The Trustee of the Charity present their annual report together with the financial statements for the period from the 1 July 2023 to 30 June 2024. The trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements and the requirements of the charity’s governing document.
2. REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Michael Baker Darren Holmes Frances Woolaway
Charity no: 900389
Independent Examiner
Peter Mason
Bankers
Barclays Bank, 90-93 Broad Street, Reading RG1 2 AP
3. STRUCTURE, GOVERNANCE AND MANAGEMENT
a) Constitution
THE ROTARY CLUB OF READING ABBEY TRUST FUND is registered as a charity registered in England and Wales under the number 900389. The charity is constituted under a Trust Deed dated 7th December 1989. Under the constitution the Rotary Club of Reading Abbey has the power to appoint Trustees.
b) Related Party Relationships
The Charity has no related party relationships.
c) Risk Management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Public fundraising events are subject to risk assessments that are reviewed by the Trustees.
4. CHARITY ACTIVITIES AND OBJECTIVES
a) Aims and Objectives
The Charity works with its Rotary club membership of 19 Rotarians and other volunteers to provide charitable support and funding to support a wide range of charities and individuals both locally and in some cases internationally. It engages with local community groups, the general public and employers to generate charitable donations to support those in need.
Business Objectives of the charity are:
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To provide a high level of community service through projects and initiatives associated with the ideals of Rotary
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To support a wide range of requests for funding to support community organisations and individuals who are experiencing financial pressures
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To create a modest surplus within the financial plan from annual income streams, providing the Charity and its Rotary club members with financial resources for subsequent years activities
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The Trustees give due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance.
b) Strategies for achieving objectives
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To provide a balanced activity programme for all our beneficiaries areas of the Charity.
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To provide a range of fundraising activities to support local projects and individual requests for support
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To provide a safe, supportive, and caring environment for all projects and activities
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To promote to the public an open and transparent policy of accepting requests for support from all individuals, which celebrates their diversity.
5. ACHIEVEMENTS AND PERFORMANCE
a) Review of activities
The Charity has seen a decline in donations during the period due, primarily to the number of global disasters for which the charity raised funds for in the prior year and a return to a more typical program of activities in 2023-2024. The most significant fundraising is the work done on behalf of Children in Need, followed by the charity golf day. After 15 years of organising a 10k run, the Charity took the difficult decision to close this event down. The funds raised from the 10k had decreased year on year with increasing costs to operate the event and increasing challenges to staff and manage the event. A new event was introduced this year, a Duck Race, hosted in partnership with The Oracle shopping centre. The charity believes that this could become an annual event and early indications are very positive. The Duck Race is less labour intensive to plan and organise than the 10k run, it engages more of the public, and has the potential to grow year on year. Our partners, The Oracle, are excited to develop the event with us.
Membership of the Rotary Club of Reading Abbey has decreased to 19 from 22 since the last year. However, two new classes of membership have been introduced and 3 past members are now considered Honorary members. Honorary membership has been introduced for the more senior past members, to recognise their contributions and retain their engagement.
Corporate membership has been introduced and allows employers to have an association with Rotary. The Oracle have become corporate members and their staff have joined and participated in a number of Rotary events.
During the year the charity supported 16 requests for charitable support and donations, the total charitable giving was £21,343.
b) Financial Review
The Trust had a surplus for 2023/24 of £3,349 having started the period with £7,963 in reserve which represents one third of the annual expenditure on charitable giving. The reserves are held to allow donations early in the following year in advance of major fundraising events. At the end of the year £11,312 was held in reserve.
The principal funding sources for the Charity are the charitable donations and activities managed by Rotary club membership through the following projects
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Charity Golf day
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Duck Race
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Public fundraising collections
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Raffles
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Christmas Greeting cards
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Plant sales
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Children in Need collections
Much of the fundraising relies on Rotarians and willing volunteers.
6. GOING CONCERN AND RESERVES POLICY
a) Going Concern
Given the level of reserves held, the Trustees believe they have sufficient liquidity to meet the Charity’s liabilities for the next 12 months and that the preparation of the financial statements on a going concern basis remains appropriate as the company expects to be able to meet its obligations as and when they fall due for the foreseeable future.
b) Reserves Policy
Each year the Trustees review the financial position and allocate as appropriate to surplus funds, modest reserves in accordance with the Reserves Policy.
Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. The trustees believe that the ideal level of reserves would be no less than £2000.
7. DISCLOSURES
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Fundraising is managed by members of the Rotary Club of Reading Abbey through club activities and public events as detailed in section 5a.
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No professional fundraisers were engaged by the charity.
8. TRUSTEE RESPONSIBILITIES STATEMENT
The Trustees are responsible for preparing the charity’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees must prepare financial statements for each financial year. Under company law trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgments and accounting estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the trustees on 26[th] March 2025 and signed on their behalf by:
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Darren Holmes
Trustee of The Rotary Club of Reading Abbey Trust
THE ROTARY CLUB OF READING ABBEY - TRUST FUND
BALANCE SHEET AT 30TH JUNE 2024
| 2024 2024 £ £ Current Assets Balance at Current account 9,033 Tracker account 9,943 Loan to Members a/c 112 Debtor Duckrace 95 Am Am 2024 516 19,699 Current Liabilities AM AM 5,410 Creditors Foundation/other cha 4 Raffle president charity 265 Launch Reading 2,709 Waterside event 8,388 Net Assets 11,312 Represented by Accumulated Fund Opening Balance 7,963 Surplus/Deficit for year 3,349 11,312 General reserve 7,035 Ken Reserve 4,277 Total 11,312 |
2023 2023 £ £ 5,457 9,809 40 109 250 15,665 5,100 565 743 1,152 120 7,680 7,985 9,802 1,817 - 7,985 3,708 4,277 7,985 |
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THE ROTARY CLUB OF READING ABBEY - TRUST FUND INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 30th JUNE 2024
| 2024 | 2024 | 2023 | 2023 | ||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Income | |||||
| Bonus Ball | 538 | 596 | |||
| Christmas Greetings | 895 | 1,111 |
| Easy Fundraising Amazon Smile President's charity Gift Aid Surplus from waterside AM AM Englefield Run Children In Need Earthquake Turkey & Syria Duck race Kids day out Foodbank Add Donations Received Grants received Interest received Expenditure Reading rescue/equipment Website costs President raffle charity RYLA & D4L Waterside event Charitable Giving Surplus/Deficit for year |
57 265 2,620 3,836 5,220 13,233 1,512 140 520 20,625 650 250 166 1,604 26,065 25 318 265 766 21,343 22,717 3,349 |
167 69 743 1,664 208 4,558 4,200 1,240 11,905 3,926 445 21,716 435 480 31 947 27,220 155 276 28,606 29,037 -1,817 |
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Accounts prepared by: Terry Spencer Treasurer, 18 September 2024
Independent examiner's report to the trustees of the Rotary Club of Reading Abbey Trust Fund I report to the trustees on my examination of the accounts of the Rotary Club of Reading Abbey Trust Fund (the Trust) for the year ended 30 June 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the pparats.0n of the accounts in accordance with the requirements of the Chanb'es Act 2011 ('the ACV). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under sectson 145{5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act., or 2. the accounts do not accord with those records. I have no concems and have come across no other matters in connection wtth the examination to which attention should be drawn in this report in order to enable a proper understanding of accounts to be reached. Signed.. Name.. Address.. 112EksknJ (AKE GItFoQ/J LJ*LLILEE4