The governors of the company, who are trustees and directors for the purposes of charity lar, present their report and financial statements for the year ended 31 December 2025. This is a directors' report required by s417 of Companies Act 2006 and all the governors are directors.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice" applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Foundation is dedicated to supporting projects which focus upon the social lives of people with learning disabilities, particularly those involving the arts and enhancing social interaction. We also seek to support those which encourage inclusive practice.
Such projects will involve a range of participants from beyond a single type of institution or organisation and/or will seek to develop new ways of working to include new, diverse audiences. It makes grants to a variety of organisations which aim to benefit people with a learning disability and their carers.
The Board of Governors make grant making and policy decisions and confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning for the future and in setting the grant making policy for the year.
Grant Applications
The Foundation considers grant applications at two meetings each year, in June and December. Grants are awarded to registered charities or voluntary organisations that work with or support people with learning (intellectual) disabilities and their families. Individual grants are considered, on occasion. Applications for specific learning difficulties are not supported. All applicants must complete an application form and provide a copy of their latest audited accounts. In the first instance the applicant should discuss the proposed work either by telephone, email or letter to the administrator, a minimum of 4 months in advance of a board meeting.
Contact details are:
The Administrator, RTR Foundation, 7 Luna Place, Dundee Technology Park, Dundee, DD2 1TP Email: rtrfoundation@gmail.com
Applications received without going through this process will not be acknowledged or considered.
Relationships
The Foundation maintains a close relationship with the Baily Thomas Charitable Fund which gives it substantial donations towards the annual grant-making activity.
During the year the Foundation made 33 (2024: 31) grants for the public benefit totalling £139,194 (2024: £124,145) listed in note 7 of the financial statements, and all were made in accordance with the Foundation's constitution.
In the year the Foundation received grants and donations totalling £73,980 (2024: £73,000).
The net movement in funds for the year amounted to £140,706 (2024: £47,838). At 31 December 2025 the Foundation had net assets of £1,802,759 (2024: £1,662,053). The Board of Governors engages regularly with its investment advisors to ensure that, in the light of current economic conditions and investment returns, the correct balance between income and capital growth is maintained.
The principal funding sources of the Foundation are income received from its investment portfolio, and donations received from charitable organisations and individuals.
Investment policy reserves
The Foundation's assets are invested in accordance with the powers available to the governors as set out in the memorandum and articles of association. There are no restrictions on the Foundation's power to invest and the investment strategy is agreed between the governors and the investment advisors and is regularly reviewed. The governors are seeking to secure a good income return whilst aiming to grow the combined capital and income above the rate of inflation over the longer term.
The current investment strategy which has been agreed by the investment advisor and the governors, is for the funds available for investment to be invested across a range of asset classes with a view to achieving a lower level of volatility than the equity market. The portfolio is classified as medium risk and as such will have an exposure to equity risk assets of around 80% with the balance invested in lower volatility fixed interest investments and other "diversifying" assets which have a low correlation to equities. The exposure to less volatile assets within the portfolio helps to mitigate the risk of withdrawing capital to supplement grants at times of equity market weakness.
The market value of the investments held at 31 December 2024 was £1,747,619 (2024: £1,647,203). As at 31 December 2025 the investment portfolio was revalued which generated unrealised gains of £200,783(2024 £91,880).
The governors are mindful of the necessity to maintain reserves at a level which enables them to make grants principally from income although a limited amount of capital will be used to supplement the total grants made. In the light of this policy on reserves the financial risk to which the Foundation is exposed arises from the fluctuations in the value of investments as a result of movement in the stock market. The portfolio is kept under review by the governors at their meetings.
The governors examine the major risks that the Foundation faces every financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the Foundation in the future.
Plans for the future
The governors intend to continue making grants to charitable institutions for the public benefit specifically those operating in the field of benefiting people with a learning disability and their carers. It is intended that future donations will be made from the annual income of the Foundation.
The Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association dated 25th March 1982. It is registered as a charity with the Charity Commission.
The Board of Governors, who are also the directors for the purpose of company law, and who served during the year were:
The Foundation Board has the power to appoint new governors. The governors in office were either appointed under the memorandum and articles of association dated 25th March 1982 or were appointed by the Foundation Board. Vacancies are filled by nomination and elected by a simple majority.
The current governors are responsible for the induction of any new governors which involves awareness of a governor's responsibilities, the governing document, administrative procedures and the history of the Foundation. A new governor would receive copies of the previous year's annual report and accounts.
The Foundation maintained a part-time secretary who assists with the vetting of grant applications, book-keeping and other administrative matters on a self employed basis.
The Board of Governors, who are also the directors of The Rix-Thompson-Rothenberg Foundation for the purpose of company law, are responsible for preparing the Board Of Governors Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Board of Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Board of Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The Board of Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board of Board of Governors
I report to the Board of Governors on my examination of the financial statements of The Rix-Thompson-Rothenberg Foundation (the Foundation) for the year ended 31 December 2025.
Having satisfied myself that the financial statements of the Foundation are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Foundation’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the Foundation as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The accounts have been prepared under the historical cost convention.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Unrestricted funds are available for use at the discretion of the Board of Governors in furtherance of their charitable objectives unless the funds have been designated for other purposes. These funds are for the benefit of providing grants to organisations and to provide small grants for individuals with learning disabilities.
Restricted funds are made up of donations received from the Baily Thomas Charitable Fund which are then used for the funding of special projects. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is accounted for on an accruals basis. Governance costs are those incurred in connection with the administration of the Foundation and compliance with constitutional and statutory requirements. Resources expended include attributable value added tax which cannot be recovered.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Foundation’s contractual obligations expire or are discharged or cancelled.
Taxation
The Foundation is a charity within the meaning of section 506 (1) of the Taxes Act 1988. Accordingly the Foundation is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Investments
Raising funds
Administration Costs
Independent examiner's fees
General expenses
Insurance
None of the Governors received any remuneration from the Foundation during this year or the previous year. Travel and subsistence expenses totalling £128 (2024: £43) were reimbursed to the governors during the year.
Suzanne Marriott is a trustee of the Baily Thomas Charitable Fund which made donations to the Foundation in the year of £70,000 (2024: £70,000)
During the year there were no grants received or paid to any other related parties.
The average monthly number of employees during the year was:
Administration costs contain expenses relating to the self employed secretary, The Foundation reimbursed travel and subsistence expenses to her during the year of £290 (2024:£331).
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
None of the Governors received any remuneration from the Foundation during this year or the previous year.
During the year there were no grants received or paid to any other related parties.
No guarantees have been given or received.