REGISTERED CHARITY NUMBER: 1043558
THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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 2024
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Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 17
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have 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, becoming the sole trustee. It replaced the individual trustees who became the directors of the company.
OBJECTIVES AND ACTIVITIES Objectives and aims
Rutlish Charity
The objectives of the charity are:
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To permit the land with the buildings thereon in Merton Park known as the Rutlish School to continue to be used for the purposes of a state-funded school.
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To apply the income of the Charity in promoting the education (including social and physical training) of persons in need of financial assistance, 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 have at any time attended for a period of at least one academic year as a student at Rutlish School or any combined 6th form which the School participates in, by:-
(a) 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 trustee;
(b) 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
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To apply the income of the Charity in advancing the education of pupils at Rutlish School by providing facilities, equipment and other support for education additional to that provided by the governors of the School.
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Making provision of funds for the award of prizes and scholarships to students of the School which may be associated with the names of benefactors of the charity the School.
Note. The Area of Benefit, the Ancient Parish of Merton, is about a quarter of the London Borough of Merton.
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 shall decide.
Public benefit
In planning the activities of the charity the directors have referred to the guidance issued by the Charity Commission with regard to public benefit. In particular the directors consider how planned activities will contribute to the aims and objectives of the charity.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
ACHIEVEMENT AND PERFORMANCE Charitable activities
Rutlish Charity
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 previously delivered by the PFI contractor, NewSchools (Merton) Ltd, in accordance with a PFI Agreement is now run by the School. The PFI contractor retains some responsibilities. The directors 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.
Applications for grants to students were considered by the Directors and grants were made to applicants who met the qualifying conditions to assist them in their education.
During the financial year, the amount of £54,317 was awarded to the Rutlish School. This grant was used to cover the cost of breakfasts for the school boys to support their nutritional health and aid learning, to buy various equipment for the school, along with contributions towards renewed rugby posts and cricket nets, in addition to other grants and scholarships awarded to individuals as set out below.
The Rose and Walter Parker Memorial Fund
Grants and scholarships amounting to £2,000 were awarded.
The Robert Stanley Heaney Scholarship
Two scholarships of £150 were awarded.
Frank H. Taylor Fund
Grants and scholarships amounting to £1,700 and other benefits to the school of £17,317 were awarded.
Other grants and scholarships amounting to £46,750 and other benefits to the school of £35,000 were awarded in the year from unrestricted funds.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
ACHIEVEMENT AND PERFORMANCE Rutlish School
The Foundation 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 Foundation 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 including money to provide breakfasts to encourage students to attend and be in a suitable frame of mind to learn.
Directors have obtained permission from the Charity Commission to spend a significant capital sum from endowed funds for building works at the school to assist the development of the school in future.
The charity provided funds for the School prize giving event, sports awards and to update the sports board to recognise student achievements.
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 Foundation provided some funds for every eligible student who met the directors' requirements. Directors aim 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 Foundation 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 Foundation receives thanks for the assistance from applicants which gives some indication to them on how the resources are used and the qualifications achieved.
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 TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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 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 Foundation's obligations without any significant shortfalls or delays. The directors consider the limitations of the funds available for distribution when deciding on the level of grants to make.
The trustees are not legally committed to any grant or allowance.
The charity expenditure exceeded income by £69,591 (excluding investment gains) in the year ended 31 March 2024. This was largely due to increased funding for grants and to the school, partly offset by legacies of £53,645 received in the year.
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. Directors have exchanged contracts to sell this property for £8.5m and the sale has completed in the period since the year end.. Accordingly it is valued at that contractual price under FRS 102 as at 31 March 2024.
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. Directors have had concerns about the maintenance of the Nursery Road playing fields and involved their solicitors but are pleased to report that most of these concerns have been addressed.
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.
Directors continue to monitor the performance of the funds which, in line with the market generally, enjoyed an unrealised gain of £59,330 in the year (see notes to accounts).
Directors hold the funds required to conduct the Foundation's day to day business in the bank account.
Reserves policy
The investment property and funds are managed by the directors 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 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 to beneficiaries and also 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 governing document of the charity dated 22 August 1994 was amended by a Scheme dated 10 March 2020 (which introduced the corporate trustee), a resolution dated 11 December 2020 (which introduced administrative changes to take account of the corporate Trustee). In this financial year, the Charity Commission approved a further Scheme dated 15 October 2022 (which made changes to the objectives) and a resolution dated 22 November 2022 (which changed the way prizes are managed) was filed with the Commission.
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THE RUTLISH FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new directors
There are up to 15 directors 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 directors existing at the time.
The four appointing bodies have not had any significant difficulties finding people to serve as directors. Directors do look periodically at their skills and advise appointing bodies of particular gaps, if appropriate. The directors 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 trust is undertaken by the directors as a group. The day-to-day administration of the Foundation is dealt with by the Clerk with all strategic decisions being taken by the directors of the corporate trustee. Towards the end of the year, Directors appointed a new clerk to start from the beginning of the new financial year who will replace the existing clerk after a handover period which ended at the end of April 2023.
Certain projects are administered by one or more directors, who report back to the meetings of directors.
Risk management
The directors 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 directors decided that no specific child protection measures are required. Many directors of the corporate trustee are subject to checks in relation to the roles they fulfil for their appointing bodies but more crucially directors do not normally have any unsupervised contact with children or vulnerable adults in their capacity as directors. Similarly, the clerk does not have any unsupervised contact with children or vulnerable adults in this capacity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1043558
Principal address
Rutlish School Watery Lane Merton Park London SW20 9AD
Trustees
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 TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Clerk to the Trustees
G.W. Mills (to 30 April 2023) Mrs V Kietzmann (from 1 April 2023) Both 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 trustees on 30 January 2025 and signed on its behalf by:
The Rutlish Foundation Trustee - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RUTLISH FOUNDATION
Independent examiner's report to the trustees of The Rutlish Foundation
I report to the charity trustees on my examination of the accounts of The Rutlish Foundation (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust'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 Trust 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
Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon SW19 4EU
31 January 2025
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THE RUTLISH FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 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/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 14 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 53,645 35,088 88,733 27,615 27,615 46,750 39,205 35,000 148,570 17,849 (41,988) 5,078 (36,910) 318,574 281,664 |
Restricted fund £ 1,100 1,833 2,933 608 608 2,100 - 19,317 22,025 4,812 (14,280) 4,260 (10,020) 66,265 56,245 |
Endowment fund £ - 13,969 13,969 4,631 4,631 - - - 4,631 36,669 46,007 (9,338) 36,669 9,005,018 9,041,687 |
2024 Total funds £ 54,745 50,890 105,635 32,854 32,854 48,850 39,205 54,317 175,226 59,330 (10,261) - (10,261) 9,389,857 9,379,596 |
2023 Total funds £ 110,411 89,630 200,041 70,133 70,133 36,600 26,725 31,784 165,242 (71,159) (36,360) - (36,360) 9,426,217 9,389,857 |
|---|---|---|---|---|---|
The notes form part of these financial statements
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THE RUTLISH FOUNDATION
BALANCE SHEET 31 MARCH 2024
| Unrestricted Restricted fund fund Notes £ £ FIXED ASSETS Tangible assets 9 - - Investments Investments 10 293,612 56,245 Investment property 11 - - 293,612 56,245 CURRENT ASSETS Debtors 12 223,763 - Cash at bank 267,715 - 491,478 - CREDITORS Amounts falling due within one year 13 (503,426) - NET CURRENT ASSETS (11,948) - TOTAL ASSETS LESS CURRENT LIABILITIES 281,664 56,245 NET ASSETS 281,664 56,245 FUNDS 14 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Endowment fund £ 1 541,686 8,500,000 9,041,687 - - - - - 9,041,687 9,041,687 |
2024 Total funds £ 1 891,543 8,500,000 9,391,544 223,763 267,715 491,478 (503,426) (11,948) 9,379,596 9,379,596 281,664 56,245 9,041,687 9,379,596 |
2023 Total funds £ 1 817,105 8,500,000 9,317,106 62,990 95,368 158,358 (85,607) 72,751 9,389,857 9,389,857 318,574 66,265 9,005,018 9,389,857 |
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The financial statements were approved by the Board of Trustees and authorised for issue on 30 January 2025 and were signed on its behalf by:
The Rutlish Foundation Trustee - Trustee
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 2024
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 Trustees. 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 Trustees 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 2024
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 trustees.
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 Trustees will view it as adequate, no forward provisions are made.
2. DONATIONS
| Donations Legacies 3. INVESTMENT INCOME Rents received Dividends received Deposit account interest |
2024 £ 1,100 53,645 54,745 2024 £ 28,288 22,260 342 50,890 |
2023 £ 110,411 - 110,411 2023 £ 66,550 23,080 - 89,630 |
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|---|---|---|---|
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
4. INVESTMENT MANAGEMENT COSTS
| Investment management fees Repair and maintenance of investment properties |
2024 £ 7,493 25,361 32,854 |
2023 £ 7,871 62,262 70,133 |
|---|---|---|
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
As the area of benefit is comparatively small, Trustees (directors of the corporate trustee, "Trustees") may know or be related to applicants for grants. When this occurs 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. Some grants made to Rutlish School are for the benefit of specific students who are known by Trustees as 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 2024 (2023 - £nil).
Trustees' 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 (2023 - £nil).
6. INDEPENDENT EXAMINER'S REMUNERATION
Independent examiner's remuneration, net of irrecoverable VAT, consisted of:
7.
| Independent examination Accountancy |
2024 £ 1,200 1,400 2,600 |
2023 £ 1,150 900 1,940 |
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|---|---|---|---|---|
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations 110,411 - Investment income 81,412 8,218 Total 191,823 8,218 EXPENDITURE ON Generating investment income Investment management costs 67,330 2,803 67,330 2,803 Charitable activities Grants to individuals 36,300 300 Support and governance costs 26,725 - Other charitable expenditure 23,238 8,546 |
Endowment fund £ - - - - - - - - |
Total funds £ 110,411 89,630 200,041 70,133 70,133 36,600 26,725 31,784 |
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment fund fund fund £ £ £ Total 153,593 11,649 - Net gains/(losses) on investments - (1,858) (69,301) NET INCOME/(EXPENDITURE) 38,230 (5,289) (69,301) RECONCILIATION OF FUNDS Total funds brought forward 280,344 71,554 9,074,319 TOTAL FUNDS CARRIED FORWARD 318,574 66,265 9,005,018 The table above shows the figures as presented in the 2023 accounts. 8. NET GAINS/(LOSSES) ON INVESTMENTS 2023 £ Investment properties - Other investments (71,159) (71,159) 9. TANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment fund fund fund £ £ £ Total 153,593 11,649 - Net gains/(losses) on investments - (1,858) (69,301) NET INCOME/(EXPENDITURE) 38,230 (5,289) (69,301) RECONCILIATION OF FUNDS Total funds brought forward 280,344 71,554 9,074,319 TOTAL FUNDS CARRIED FORWARD 318,574 66,265 9,005,018 The table above shows the figures as presented in the 2023 accounts. 8. NET GAINS/(LOSSES) ON INVESTMENTS 2023 £ Investment properties - Other investments (71,159) (71,159) 9. TANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Total funds £ 165,242 (71,159) (36,360) 9,426,217 9,389,857 2022 £ - 30,047 30,047 Freehold property £ 1 1 1 |
|
|---|---|---|---|
| 2023 £ - (71,159) (71,159) |
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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 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.
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. TANGIBLE FIXED ASSETS - continued
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
| FIXED ASSET INVESTMENTS | |
|---|---|
| MARKET VALUE At 1 April 2023 Income reinvested Management fees Revaluations |
Listed investments £ 817,105 22,601 (7,493) 59,330 |
| At 31 March 2024 | 891,543 |
| NET BOOK VALUE At 31 March 2024 |
891,543 |
| At 31 March 2023 | 817,105 |
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 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 8,500,000 8,500,000 8,500,000 |
|---|---|
Investment properties comprise freehold land and buildings at Merton Park, in particular "The White Hart" Public House and adjacent buildings.
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
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12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 223,763 62,990
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
-
Grants payable 3,300
Other creditors 503,426 82,307
503,426 85,607
14. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1/4/23 in funds funds 31/3/24
£ £ £ £
Unrestricted funds
Unrestricted fund 318,574 (41,988) 5,078 281,664
Restricted funds
Restricted fund 66,265 (14,280) 4,260 56,245
Endowment funds
Endowment fund 9,005,018 46,007 (9,338) 9,041,687
TOTAL FUNDS 9,389,857 (10,261) - 9,379,596
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
Unrestricted fund 88,733 (148,570) 17,849 (41,988)
Restricted funds
Restricted fund 2,933 (22,025) 4,812 (14,280)
Endowment funds
Endowment fund 13,969 (4,631) 36,669 46,007
TOTAL FUNDS 105,635 (175,226) 59,330 (10,261)
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THE RUTLISH FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
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 1/4/22 £ 280,344 71,554 9,074,319 9,426,217 |
Net movement in funds £ 38,230 (5,289) (69,301) (36,360) |
At 31/3/23 £ 318,574 66,265 9,005,018 9,389,857 |
|---|---|---|---|
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 £ £ £ £ 191,823 (153,593) - 38,230 8,218 (11,649) (1,858) (5,289) - - (69,301) (69,301) 200,041 (165,242) (71,159) (36,360) |
|---|---|
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 2024
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 2024.
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