REGISTERED CHARITY NUMBER: 1043558
THE RUTLISH FOUNDATION REPORT OF THE TRUSTEE AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU
THE RUTLISH FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |
|---|---|
| Report of the Trustee | 1 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 17 |
THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021
The Rutlish Foundation (the Charity) has a single corporate trustee, The Rutlish Foundation Limited (the Trustee) and it presents the Report of the Trustee with the financial statements of the Charity for the year ended 31 March 2021. The Trustee has adopted the provisions of 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) (effective 1 January 2019).
In March 2020 the Charity Commission agreed a revised Scheme with The Rutlish Foundation Trustee Limited, a company limited by guarantee (the Trustee), becoming the sole trustee. It replaced the individual trustees who became the directors of the corporate trustee.
OBJECTIVES AND ACTIVITIES Objectives and aims
Rutlish Charity
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To permit the freehold land at Watery Lane, Merton Park to be used by Rutlish School.
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To apply the income of the Charity in promoting the education first of persons under the age of 25 years, and thereafter of persons over that age, all of whom were born or are resident in the area of the Ancient Parish of Merton (the area of benefit) or who have at any time attended as a pupil at Rutlish School for a period of at least three years and who are in need of financial assistance -
(a) in awarding scholarships, exhibitions, bursaries, maintenance allowances or grants at any school, university, college of education or other institution of higher education approved for the purpose by the board of directors of the corporate trustee (the Board);
(b) in providing other financial assistance to pursue their education or to prepare for or enter a profession, trade, occupation or service on leaving school, university or other educational establishment; and
(c) in providing such special benefits of any kind not normally provided by the local education authority for Rutlish School as may be agreed by the Board and which the Governors of the School are unable to provide from the School's budget share or other monies.
- Making provision for the award of prizes and scholarships associated with the names of benefactors of The Rutlish Foundation or of Rutlish School.
Note. The Area of Benefit, the Ancient Parish of Merton, is about a quarter of the London Borough of Merton and consists essentially of the present day ecclesiastical parishes of St. Mary the Virgin, Merton; St. John the Divine, Merton; St. James's, Merton; St. Saviour's, Raynes Park and Holy Cross, Motspur Park.
The Rose and Walter Parker Memorial Fund
To apply the income in providing such bursary or bursaries, grants or other allowances to students of Rutlish School in need of financial assistance in pursuing educational activities of any kind or in the provision of equipment, clothing or instruments to assist such students to take part in sporting or other activities such as the arts and music and to undertake travel or to attend courses of instruction in furtherance thereof as the trustee shall decide.
The Robert Stanley Heaney Memorial Scholarship
To apply the income in providing a scholarship or scholarships for such pupil or pupils of Rutlish School who have achieved meritorious examination results and have been accepted at a University to read International Relations, Political Science or any allied subject or, in the absence of any suitable candidate complying with these requirements, to a pupil or pupils accepted to read History, Economics or Geography.
Frank H. Taylor Fund
This is a restricted fund to be utilised in the provision of accommodation and/or other amenities for the pupils of Rutlish School as the Trustee Board shall decide.
Public benefit
In planning the activities of the charity the Board of the Corporate Trustee have referred to the guidance issued by the Charity Commission with regard to public benefit. In particular the Board consider how planned activities will contribute to the aims and objectives of the charity.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021
ACHIEVEMENT AND PERFORMANCE Charitable activities Rutlish Charity
Object 1
The land occupied by Rutlish School has continued its long term use and there appears no likelihood of any change. This land is largely leased to the London Borough of Merton as part of a PFI scheme. Site management of the school is dealt with by the PFI contractor, NewSchools (Merton) Ltd, in accordance with a PFI Agreement although this passed back to the School after the year end. The PFI contractor retains some responsibilities. The Board continue to be concerned about the performance of the PFI contractor and are kept informed of the efforts of school staff and Governors to deal with the issues that arise.
Objects 2(a) and (b)
Applications for grants to students were considered by the Board and the following grants were made to applicants who met the qualifying conditions to assist them in their education: -
| On first application On second application On third application On fourth and subsequent application |
No. 13 13 11 2 39 |
2021 £ 7,950 7,700 7,450 1,500 24,600 |
No. 18 12 9 3 42 |
2020 £ 9,600 6,200 4,700 1,550 22,050 |
|---|---|---|---|---|
No grant was made on 5 applications where the applicant did not complete the application process. A further grant was returned as the applicant dropped out of their course.
In addition the Charity made donations to the Dons Local Action Group totalling £7,000 to provide laptops to needy local children to support their online education in the Covid pandemic.
Object 2(c)
Requests for assistance from Rutlish School were received and considered by the Trustee Board. Grants were awarded to provide assistance with:-
| t 2(c) sts for assistance from Rutlish School were received and considered by the vide assistance with:- |
Trustee |
|---|---|
| White boards and IT assistance Survey of site Laptops Grounds Repair Benches for the Memorial Garden |
£ 20,000 1,280 30,000 50,000 1,010 |
| 102,290 |
Object 3
Due to the Covid pandemic, the School prize giving event was not held.
Eleven scholarships, of £100 each, were awarded to former students of Rutlish School.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021
The Rose and Walter Parker Memorial Fund
Requests for assistance from Rutlish School were received and considered by the Trustee Board. Grants from this fund were awarded to provide assistance with:-
| Centrifuge iPads for the PE Department Music assistance from a sound engineer |
£ 735 3,900 1,000 5,635 |
|---|---|
The amounts awarded above and under object 2 (c) may be reduced should all the funds bid for not be required.
The Robert Stanley Heaney Scholarship
Two scholarships of £150 were paid.
Frank H. Taylor Fund
Charity gave the School £30,000 to convert unused fives courts into an exercise space.
Rutlish School
The Charity appoints four of the Governors. Rutlish School is a Voluntary Controlled boys' school providing education for over 1,400 boys from years 7-13. It operates a joint 6th form called RR6 with the local girls' secondary school, Ricards Lodge High School. Rutlish School has a diverse intake including many with English as an Alternative Language, receiving pupil premium and other needs. Students achieve good results in external exams and many students from RR6 progress to universities.
In addition to providing the land for the School, the Charity makes a number of grants to assist the School and their students with projects which the School could not otherwise afford. Many of these enrich the education that is provided. In the current difficult financial circumstances for the School there was more expenditure than usual. Among the grants approved this year were ones to address problems with School playing fields and to provide laptops for students to receive remote education during the Covid pandemic. The Charity used a donation specifically provided for that purpose to buy white boards, computers and provide an additional computer room.
The School did not hold the prize giving event so the usual grants were not made.
Grants to students
Students in higher education are subject to significant financial pressures in the current climate. Few students have independent means to support themselves while undertaking courses of study and their ability to take on employment can be limited.
The Charity provided some funds for every eligible student who met the Charity’s' requirements. The Charity aims to provide more support to students who are more financially needy and the amounts awarded vary depending on the circumstances of the student and what they wanted additional funds for. The Charity has always tended to allocate more to students who because of their course will struggle to take on part time jobs to supplement their income e.g. medical and dental students. The Charity receives thanks for the assistance from applicants which gives some indication to them on how the resources are used.
The Scholarships made to students from the Main and Heaney Funds are to reward former students of Rutlish School who obtain good results in their exams. They are normally for three years provided the students submits a report showing satisfactory progress on their course in subsequent years.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities, the Balance Sheet, the Independent Examiner's Report and the Notes to the Accounts for the year to 31 March 2021 are attached.
The historic funds comprising The Rutlish Foundation, except the Frank H. Taylor Fund, are endowed funds and their assets are adequate to fulfil the Charity's obligations without any significant shortfalls or delays. The Charity considers the limitations of the funds available for distribution when deciding on the level of grants to make.
The Charity is not legally committed to any grant or allowance.
The Charity made a loss of £90,756 (excluding investment gains) in the year ended 31 March 2021. This was largely the result of increased expenditure on Rutlish School some of which was prompted as a reaction to the Covid pandemic. In particular the Charity provided money for lap tops to assist remote learning and for works required on the playing fields and the School pavilion.
The land known as "The White Hart" and the property at the rear of the pub used by a garage and vehicle recovery business are the only investment land held by the Rutlish Foundation and was valued under FRS 102 as at 31 March 2020. This was based on the value of an unconditional bid for the land during that year. During the year, the Charity has continued to work on the sale of this site.
The other land held by The Rutlish Foundation is held for educational purposes and cannot be made available for sale while so held. It continues to be brought into the balance sheet at a nominal figure as it has no ascertainable market value. The Nursery Road playing fields are leased to the London Borough of Merton as part of a lease which allows Rutlish School to use the Mostyn Road playing fields. The Board of the Corporate Trustee have become concerned about the maintenance of Nursery Road playing fields and have involved the Charity’s Solicitors to try and improve matters.
Most of the other resources of the Charity are invested. These investments are managed by Investec Wealth and Management Ltd (Investec). The policy instructions given to Investec is that the portfolio is to be invested to achieve a balanced return between income and growth over the long term and to try and preserve and increase the real value of the portfolio.
The Board are content that a suitable return continues to be achieved. There were unrealised gains in the value of the funds invested of £141,717 (notes 8 and 10) in the year which more than recouped all of the losses in the previous year. The Charity also withdrew £95k, to fund the grants made.
The Board hold the funds required to conduct the Charity's day to day business in the bank account.
Reserves policy
The investment property and funds are managed by the Board with the intention of providing sufficient current income to meet the objectives stated above while providing capital and income growth to maintain the real value of the awards and meet any increases in demand which may occur in future years.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Rutlish Foundation (the Charity) is an unincorporated charity formed from various charities arising originally from bequests in the will of William Rutlish who died on 4th March 1687 and from other funds endowed to provide bursaries, scholarships, grants and prizes for pupils of Rutlish School. These charities were amalgamated under the terms of a scheme made by the Charity Commissioners dated 22nd August 1994. The terms of that scheme as amended by a scheme dated 10 March 2020, which introduced the corporate trustee, and a scheme dated 11 December 2020, to take account of the corporate trustee, regulate the administration and management of the Charity. In addition the Charity has a number of other funds to provide similar support to Rutlish School.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new Corporate Trustee directors
There are up to 15 directors (the Board) of the corporate trustee with 3 each appointed by
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The Governing Body of the Rutlish School
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The Head and Teaching Staff of Rutlish School
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The Old Rutlishians' Association
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The Parent's Association of Rutlish School with a further 3 suitable people co-opted by the Board existing at the time.
The four appointing bodies have not had any significant difficulties finding people to serve as directors of the corporate Trustee. The Board do look periodically at their skills and advise appointing bodies of particular gaps, if appropriate. The Board also take account of this when considering who to appoint to fill co-opted vacancies. They advertise the vacancies arising in this category.
Decision making
The running of the Charity is undertaken by the Board of the corporate trustee as a group. The day-to-day administration of the Charity is dealt with by the Clerk with all strategic decisions being taken by the Board of the corporate trustee.
Certain projects are administered by one or more directors of the corporate trustee, who report back to the meetings of Board.
Risk management
The Board have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Child protection
The Board decided that no specific child protection measures are required. Many of the directors of the corporate trustee are subject to checks in relation to the roles they fulfil for their appointing bodies but more crucially members of the Board do not normally have any unsupervised contact with children or vulnerable adults in their capacity as Board members. Similarly, the clerk does not have any unsupervised contact with children or vulnerable adults in this capacity. He has been checked in relation to another role he fulfils in relation to the school.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1043558
Principal address
Rutlish School Watery Lane Merton Park London SW20 9AD
Trustee
The Rutlish Foundation Trustee Limited, registered company number 12372913 (England & Wales), Registered office address - Rutlish School, Watery Lane, London, United Kingdom, SW20 9AD
The bodies that appoint the directors of the corporate trustee are referred to above.
Independent Examiner
Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Clerk to the Corporate Trustee
G.W. Mills c/o Rutlish School, Watery Lane, Merton Park, London SW20 9AD.
Bankers
Lloyds Bank plc, 110-112 Putney High Street, Putney, London SW15 1RQ.
Solicitors
Russell-Cooke LLP, 2 Putney Hill, London SW15 6AB
Investment managers
Investec Wealth and Investment Ltd, 30 Gresham Street, London, EC2V 7QN.
Approved by order of the Board of the Corporate Trustee on 29 January 2022 and signed on its behalf by:
Mrs G. Mortimer, director of the Board of the Corporate Trustee.
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF THE RUTLISH FOUNDATION
Independent examiner's report to the Trustee of The Rutlish Foundation
I report to the board of the charity’s corporate trustee (the Board) on my examination of the accounts of The Rutlish Foundation (the Charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the directors of the corporate trustee of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 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:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Jonathan Askew FCA ICAEW Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon SW19 4EU
31 January 2022
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THE RUTLISH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME AND ENDOWMENTS FROM Donations 2 Investment income 3 Total EXPENDITURE ON Generating investment income Investment management costs 4 Charitable activities Grants to individuals Support and governance costs Other charitable expenditure Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 27,100 82,200 109,300 14,481 14,481 25,700 41,306 88,108 169,595 - (60,295) 275,036 214,741 |
Restricted fund £ - 7,069 7,069 2,829 2,829 300 - 34,401 37,530 6,558 (23,903) 86,293 62,390 |
Endowment fund £ - - - - - - - - - 135,159 135,159 6,409,759 6,544,918 |
2021 Total funds £ 27,100 89,269 116,369 17,310 17,310 26,000 41,306 122,509 207,125 141,717 50,961 6,771,088 6,822,049 |
2020 Total funds £ 21,887 120,610 142,497 62,970 62,970 26,700 22,448 113,275 225,393 920,999 838,103 5,932,985 6,771,088 |
|---|---|---|---|---|---|
The notes form part of these financial statements
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THE RUTLISH FOUNDATION
BALANCE SHEET 31 MARCH 2021
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 9 - - Investments Investments 10 225,286 62,390 Investment property 11 - - 225,286 62,390 CURRENT ASSETS Debtors 12 19,584 - Cash at bank 19,006 - 38,590 - CREDITORS Amounts falling due within one year 13 (49,135) - NET CURRENT ASSETS (10,545) - TOTAL ASSETS LESS CURRENT LIABILITIES 214,741 62,390 NET ASSETS 214,741 62,390 FUNDS 14 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
2021 Endowment Total fund funds £ £ 1 1 544,917 832,593 6,000,000 6,000,000 6,544,918 6,832,594 - 19,584 - 19,006 - 38,590 - (49,135) - (10,545) 6,544,918 6,822,049 6,544,918 6,822,049 214,741 62,390 6,544,918 6,822,049 |
2020 Total funds £ 1 773,912 6,000,000 6,773,913 2,536 70,073 72,609 (75,434) (2,825) 6,771,088 6,771,088 275,036 86,293 6,409,759 6,771,088 |
|---|---|---|
The financial statements were approved by the Board of the Corporate Trustee and authorised for issue on 31 January 2022 and were signed on its behalf by:
………………………………………….
Mrs G. Mortimer, director on behalf of the board of the Corporate Trustee, The Rutlish Foundation Trustee Limited.
The notes form part of these financial statements
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from investments is recognised in the financial statements on a receivable basis.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
The cost of raising funds consists of the investment management fees and costs incurred in managing the investment property most notably during this year, legal fees.
Expenditure on charitable activities includes grants, governance costs and support costs.
Grant payments are made to individuals and Rutlish School in accordance with the charitable objects of the various funds held by the charity. They are generally accrued when they are agreed by Trustee. They are normally one off payments. Certain scholarships under the Main and Heaney funds are awarded on the basis that they may be paid for up to 3 years but only on the basis that the recipient provides a satisfactory report on their performance in their study so subsequent payments are not recorded until the Trustee have agreed that such a report has been received.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination of the accounts and the strategic management of the charity.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Assets acquired for the ongoing use of the trust costing more than £1,000 will be capitalised and depreciated over the period of their useful life. There were no such assets held at the balance sheet date.
Investment property and other investments
Investment properties comprise land and buildings and are stated at their estimated open market values as set out in the notes to the accounts.
Fixed asset investments are stated at market value. Income derived from investments is shown as investment income in the Statement of Financial Activities.
Gains and losses on investment assets disposed of are shown as realised gains and losses in the Statement of Financial Activities.
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Investment property and other investments
Gains and losses on investment assets held at the year-end are unrealised and are also shown in the Statement of Financial Activities
Taxation
The charity is exempt from Corporation Tax in respect of its investment and charitable income and in respect of capital gains.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustee.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The endowment funds were set up by way of an initial gift of property and investments to provide a continued source of income for the charity.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Grant commitments
Grants made are generally taken into account in the year which they are made.
Some of the scholarships awarded are for up to 3 years. The second and third years which may not necessarily be concurrent are only paid after the student has provided a report from their tutor confirming that they are making suitable progress. The amounts involved are small. Further since there is no certainty that either the student will submit such a report or that Trustee will view it as adequate, no forward provisions are made.
2. DONATIONS
| Donations Grants Grants received, included in the above, are as follows: London Borough of Merton 3. INVESTMENT INCOME Rents received Dividends received |
2021 £ 2,100 25,000 27,100 2021 £ 25,000 2021 £ 69,305 19,964 89,269 |
||
|---|---|---|---|
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
4. INVESTMENT MANAGEMENT COSTS
| Investment management fees Repair and maintenance of investment properties |
2021 £ 7,983 9,327 17,310 |
2020 £ 10,010 52,960 62,970 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Inevitably as the area of benefit is a comparatively small area, trustees (or directors of the corporate trustee as they now are, referred to as Trustees below) can know or be related to applicants for grants. Where this is the case they would declare an interest and if it is felt they are too close to the applicant they do not take part in that decision. Also some grants made to Rutlish School are for the benefit of specific students who are known by the Trustees who are teachers and may be known to other Trustees.
There were no grants paid to children of directors of the corporate trustee during the year ended 31 March 2021 (2020 - £nil).
Trustee' expenses
No expenses were paid to the Trustees in the year other than to reimburse them for monies spent by them as agents for the Foundation (2020 - £nil).
6. INDEPENDENT EXAMINER'S REMUNERATION
Independent examiner's remuneration, net of irrecoverable VAT, consisted of:
| Independent examination Accountancy 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations 21,887 - Investment income 110,375 10,235 Total 132,262 10,235 EXPENDITURE ON Generating investment income Investment management costs 58,950 4,020 58,950 4,020 Charitable activities Grants to individuals 25,050 1,650 Support and governance costs 22,448 - Other charitable expenditure 94,974 18,301 |
2021 £ 1,100 840 1,940 Endowment fund £ - - - - - - - - |
2020 £ 1,050 800 1,850 Total funds £ 21,887 120,610 142,497 62,970 62,970 26,700 22,448 113,275 |
|---|---|---|
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment fund fund fund £ £ £ Total 201,422 23,971 - Net gains/(losses) on investments - (4,677) 925,676 NET INCOME/(EXPENDITURE) (69,160) (18,413) 925,676 RECONCILIATION OF FUNDS Total funds brought forward 344,196 104,706 5,484,083 TOTAL FUNDS CARRIED FORWARD 275,036 86,293 6,409,759 The table above shows the figures as presented in the 2020 accounts. 8. NET GAINS/(LOSSES) ON INVESTMENTS 2021 £ Investment properties - Other investments 141,717 141,717 9. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Total funds £ 225,393 920,999 838,103 5,932,985 6,771,088 2020 £ 1,000,000 (79,001) 920,999 Freehold property £ 1 1 1 |
|
|---|---|---|
The tangible fixed assets consist of land and buildings.
Freehold land at Watery Lane, Merton Park and the buildings thereon known as Rutlish School is now leased for 27 years to the London Borough of Merton under a head lease dated 25 November 2002 as part of a PFI agreement. This property is used solely for educational purposes by Rutlish School and as such has no ascertainable value. A small plot of this land is leased separately to EDF for an electrical substation to supply power to the School.
Freehold land known as Nursery Road Playing Fields is subject to a lease to the Local Authority (London Borough of Merton) for 99 years from 8 March 1960 as varied by a Deed of Variation dated 25 November 2002 as part of a PFI agreement. The Nursery Road Playing Fields are used by the London Borough of Merton for recreational
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
9. TANGIBLE FIXED ASSETS - continued
purposes and, again, has no ascertainable market value. These two properties are shown in the books of the charity at a nominal figure of £1. Leasehold land to the rear of houses on the west side of Mostyn Road, Merton (of which the London Borough of Merton is the freeholder) as described in a lease dated 22 December 1960, and upon which is built the Rutlish School sports pavilion and fives court, is held by the Trustees for a term of 99 years from 8 March 1960 at a yearly rent of five pence. This property has no ascertainable market value owing to restrictions placed on its use. This land was excluded from the school PFI Agreement.
10. FIXED ASSET INVESTMENTS
| Listed | |
|---|---|
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2020 | 773,912 |
| Income reinvested | 19,947 |
| Management fees | (7,983) |
| Revaluations | 141,717 |
| Fund withdrawals | (95,000) |
| At 31 March 2021 | 832,593 |
| NET BOOK VALUE | |
| At 31 March 2021 | 832,593 |
| At 31 March 2020 | 773,912 |
Listed investments are held in a managed fund which mostly consists of investments in UK and overseas equities. Listed investments are carried in the balance sheet at their market value as at the year end.
Investec Wealth Management manage the investment funds held by the charity. They provide quarterly reports on the performance of the portfolio and make an annual presentation to Trustees. Interest on funds held at the bank is included on notification by the bank.
11. INVESTMENT PROPERTY
| FAIR VALUE At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
£ 6,000,000 6,000,000 6,000,000 |
|---|---|
Investment properties comprise freehold land and buildings at Merton Park, in particular "The White Hart" Public House and adjacent buildings. The property was marketed during the previous year and was valued based on the highest unconditional bid for the property. The directors of the corporate trustee have assessed there to be no material change in the valuation as at 31 March 2021.
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Other creditors 14. MOVEMENT IN FUNDS Unrestricted funds Unrestricted fund Restricted funds Restricted fund Endowment funds Endowment fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Unrestricted fund 109,300 Restricted funds Restricted fund 7,069 Endowment funds Endowment fund - TOTAL FUNDS 116,369 |
At 1/4/20 £ 275,036 86,293 6,409,759 6,771,088 Resources expended £ (169,595) (37,530) - (207,125) |
2021 £ 19,584 2021 £ 350 48,785 49,135 Net movement in funds £ (60,295) (23,903) 135,159 50,961 Gains and losses £ - 6,558 135,159 141,717 |
2020 £ 2,536 2020 £ 4,000 71,434 75,434 At 31/3/21 £ 214,741 62,390 6,544,918 6,822,049 Movement in funds £ (60,295) (23,903) 135,159 50,961 |
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds Unrestricted fund Restricted funds Restricted fund Endowment funds Endowment fund TOTAL FUNDS |
At 1/4/19 £ 344,196 104,706 5,484,083 5,932,985 |
Net movement in funds £ (69,160) (18,413) 925,676 838,103 |
At 31/3/20 £ 275,036 86,293 6,409,759 6,771,088 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Unrestricted fund Restricted funds Restricted fund Endowment funds Endowment fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 132,262 (201,422) - (69,160) 10,235 (23,971) (4,677) (18,413) - - 925,676 925,676 142,497 (225,393) 920,999 838,103 |
|---|---|
The Charity administers its resources as four funds, The Rutlish Charity (or Main Fund), The Rose and Walter Parker Memorial Fund, The Robert Stanley Heaney Memorial Scholarship, and the Frank H. Taylor Fund.
The Rutlish Charity
The main fund comprises the assets subsumed by the Charity Commissioners Scheme dated 22 August 1994 and is held on the trusts and with the objects set out in that Scheme. The fund includes all the Charity property, both that held for investment and charitable purposes as well as investments and cash at the bank.
The Rose and Walter Parker Memorial Fund
This fund arose from a bequest in the Will of the late Walter George Parker who died on 4 January 1997. The income of the fund is to be used in providing bursaries, awards and grants to students of Rutlish School in need of financial assistance in pursuing educational activities of any kind or in the provision of equipment, clothing or instruments to assist such students to take part in sporting or other activities such as the arts and music and to undertake travel or to attend courses of instruction in furtherance thereof. The fund is represented by investments and by cash at the bank. (The Exhibition Fund is subsumed into this Fund).
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
14. MOVEMENT IN FUNDS - continued
The Robert Stanley Heaney Memorial Scholarship
This fund was set up by a donation from the late Mrs Margaret C. Heaney under the terms of an agreement dated 11 December 1992 in memory of her late husband who had been a pupil of Rutlish School. The income of the fund is to be used firstly in allocating a sum to capital to maintain the real value of the capital of the fund and thereafter in providing a scholarship or scholarships to former pupils of Rutlish School accepted at a University to study International Relations, Political Science or an allied subject or as the Trustees may decide. The fund is represented by investments and cash at the bank.
Frank H. Taylor Fund
This fund was donated by the late Mr Frank H. Taylor to be utilised in the provision of accommodation and/or other amenities for the pupils of Rutlish School in such manner as the Trustees shall in their absolute discretion decide. The fund is represented by investments and cash at the bank.
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
This page does not form part of the statutory financial statements
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