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2025-03-31-accounts

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Charity number: 1043558

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE RUTLISH FOUNDATION

Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304

THE RUTLISH FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Directors' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 20

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THE RUTLISH FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees The Rutlish Foundation Trustee Limited
Charity registered number
1043558
Principal office
4th Floor
95 Gresham Street
London
EC2V 7AB
Bankers
Lloyds Bank
110-112 Putney High Street
Putney
London
SW15 1RQ
Solicitors
Russell-Cooke
2 Putney Hill
London
SW15 6AB
Investment manager
Rathbones (Formally Investec Wealth and Investment Ltd)
30 Gresham Street
London
EC2V 7QN
Titan Private Wealth
2 Greengate
Cardale Park
Harrogate
North Yorkshire
HG3 1RY
Independent Examiner
Janice Matthews FCA
Menzies LLP
Magna House
18-32 Station Road
Staines-upon-Thames
TW18 4BP

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THE RUTLISH FOUNDATION

DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025

1. Legal and Administrative Information

The Rutlish Foundation Trustee Limited is responsible for administering the charitable assets of the Rutlish Foundation. The charity operates in accordance with its governing documents and in compliance with the Charities Act 2011 and the Charities SORP (FRS 102).

Directors Serving During the Year

The following individuals served as Directors of The Rutlish Foundation Limited during some of the reporting period. Appointments and resignations were recorded at Directors’ Meetings held during 2024 and 2025.

Committee membership was reviewed and updated in both 2024 and 2025, and both the Grants Committee, as well as the Documents and Website Committee saw additional appointments.

The third Coopted Director vacancy remained open throughout the year.

2. Structure, Governance and Management

The Foundation is governed by a corporate Trustee which delegates specific responsibilities to sub committees. They include the Grants Committee, the Finance Committee, the Documents and Website Committee, and the Nursery Road Committee. Membership of committees is reviewed annually or when vacancies arise.

During 2025 the Chair took a temporary leave of absence. The Board appointed the Vice Chair to act as Chair for governance continuity. The Board confirmed quorum requirements and reaffirmed voting procedures. The Clerk was authorised to act as the primary contact for the Foundation’s investment managers during the Chair’s absence.

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THE RUTLISH FOUNDATION

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Committee Terms of Reference continued to be updated throughout 2024 and 2025, supported by improved internal governance processes and an ongoing digital archive reconstruction programme aimed at ensuring resilience of historic records.

3. Charitable Objects and Public Benefit

The Foundation supports the education of people who live or were born in the Ancient Parish of Merton or attended Rutlish School, and the support of the Rutlish School itself. The charity provides financial assistance through Higher Education Grants, Scholarships, Awards, School Bids, and specific hardship support where required.

The Directors confirm that they have complied with the duty to consider the Charity Commission’s guidance on public benefit and that all activities undertaken during the year advanced the Foundation’s charitable purposes.

4. Strategic Review of Activities and Achievements

4.1 Higher Education Grants

The Foundation continued its long standing support for students progressing to higher education. Across 2024 and 2025 the following outcomes were recorded.

2024/2025

School Bids and Educational Projects

The Foundation continued to provide targeted funding to Rutlish School for projects not covered by local authority budgets.

2024/2025

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THE RUTLISH FOUNDATION

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4.2 Capital Projects and Property Matters

The Foundation engaged in significant strategic planning for future capital investment in school infrastructure.

The White Hart

5. Financial Review

5.1 Income and Investment Strategy

Following the completion of the White Hart sale, £8 million was invested between Rathbones and Titan, each required to allocate one third of funds to a global index tracker. The long term investment horizon aims to safeguard future grant making and capital project support.

Annual projected income from investments is approximately £140,000 , with market volatility noted across the period. Investment performance is reviewed by the Finance Committee.

5.2 Reserves

The Foundation held around £300,000 as working capital in Lloyds Bank in 2024 and maintained a liquidity position in 2025 of £200,000. Free reserves for 2025 were estimated at £170,000 after planned expenditure. These reserves support operational continuity and provide a safeguard for future commitments.

5.3 Expenditure

Major categories of expenditure included higher education grants, scholarships, hardship grants, school bids and educational project allocations, and administration costs.

5.4 Audit and Accounting

During 2025 the Directors reviewed and compared professional services for the annual accounts. Menzies LLP was identified as the preferred auditor with an estimated cost of £12,000, subject to income thresholds mandating a full audit.

6. Risk Management

Directors reviewed risks associated with governance gaps, investment volatility, digital record keeping, property negotiations and major capital expenditure. The ongoing redevelopment of the Foundation’s website and digital archive improved resilience. Quorum and decision making procedures were reaffirmed.

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THE RUTLISH FOUNDATION

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Board recognises that the shift to a high investment portfolio requires continued oversight, diversification, and professional advice. Market fluctuations and inflationary pressures remain active risks requiring monitoring.

7. Future Plans

Directors will continue to focus on the following objectives.

8. Statement of Directors’ Responsibilities

The Directors are responsible for ensuring that proper accounting records are kept, that financial statements comply with applicable laws and standards, and that the charity’s assets are safeguarded. The Directors confirm that this report provides a fair and balanced review of the Foundation’s activities during the period and complies with the Charities SORP and Charities Act 2011.

Approved by order of the members of the board of Corporate Trustee and signed on their behalf by:

................................................

S Coats - Chair of the Finance Committee

on behalf of The Rutlish Foundation Trustee Limited

Date: 28-Apr-2026

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THE RUTLISH FOUNDATION

INDEPENDENT EXAMINERS' REPORT

Independent examiner's report to the Trustee of The Rutlish Foundation ('the Charity')

I report to the charity Trustee on my examination of the accounts of the Charity for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustee of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.

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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. 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.

This report is made solely to the Charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustee those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustee as a body, for my work or for this report.

Signed:

Dated: 28-Apr-2026

Janice Matthews FCA

Menzies LLP Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP

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THE RUTLISH FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Note
Income and
endowments from:
Donations and legacies
2
Investments
3
Total income and
endowments
Expenditure on:
Raising funds
4
Charitable activities
6,7
Total expenditure
Net
(expenditure)/income
before net
(losses)/gains on
investments
Net (losses)/gains on
investments
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2025
£
1,153
122,159
123,312
32,965
154,942
187,907
(64,595)
(15,498)
(80,093)
281,664
(80,093)
201,571		 Restricted
funds
2025
£
100
6,080
6,180
-
7,308
7,308
(1,128)
-
(1,128)
56,245
(1,128)
55,117		 Endowment
funds
2025
£
-
21,273
21,273
15,535
-
15,535
5,738
(639,942)
(634,204)
9,041,687
(634,204)
8,407,483		 Total
funds
2025
£
1,253
149,512
150,765
48,500
162,250
210,750
(59,985)
(655,440)
(715,425)
9,379,596
(715,425)
8,664,171		 Total
funds
2024
£
54,745
50,890
105,635
32,853
142,373
175,226
(69,591)
59,330
(10,261)
9,389,857
(10,261)
9,379,596

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 20 form part of these financial statements.

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THE RUTLISH FOUNDATION

BALANCE SHEET AS AT 31 MARCH 2025

Note
Fixed assets
Tangible assets
10
Investments
12
Investment property
11
Current assets
Debtors
13
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
14
Net current assets / liabilites
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
15
Restricted funds
15
Unrestricted funds
15
Total funds		 -
195,381
195,381
(4,500)		 2025
£
1
8,473,289
-
8,473,290
190,881
8,664,171
8,664,171
8,407,483
55,117
201,571
8,664,171		 223,763
267,715
491,478
(503,426)		 2024
£
1
891,543
8,500,000
9,391,544
(11,948)
9,379,596
9,379,596
9,041,687
56,245
281,664
9,379,596

The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:

................................................

S Coats - Chair of the Finance Committee

on behalf of The Rutlish Foundation Trustee Limited

Date: 28-Apr-2026

The notes on pages 9 to 20 form part of these financial statements.

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THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Rutlish Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have made this assessment in respect to a period of one year from the date of approval of these financial statements.

The Trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from investments is recognised in the financial statements on a receivable basis.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

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THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. Accounting policies (continued)

1.4 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

1.5 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. There were no such assets at the balance sheet date.

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

1.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Income from donations and legacies

Donations
Legacies
Total 2024		 Unrestricted
funds
2025
£
900
253
1,153
53,645		 Restricted
funds
2025
£
100
-
100
1,100		 Total
funds
2025
£
1,000
253
1,253
54,745		 Total
funds
2024
£
1,100
53,645
54,745

3. Investment income

Rents received
Income from investments
Deposit account interest
Dividends received
Total 2024		 Unrestricted
funds
2025
£
1,680
114,448
6,031
-
122,159
50,890		 Restricted
funds
2025
£
-
6,080
-
-
6,080
-		 Endowment
funds
2025
£
-
21,273
-
-
21,273
-		 Total
funds
2025
£
1,680
141,801
6,031
-
149,512
50,890		 Total
funds
2024
£
28,288
-
342
22,260
50,890

4. Investment management costs

Investment management fees
Repair and maintenance of investment properties
Total 2024		 Unrestricted
funds
2025
£
636
32,329
32,965
25,360		 Endowment
funds
2025
£
15,535
-
15,535
7,493		 Total
funds
2025
£
16,171
32,329
48,500
32,853		 Total
funds
2024
£
7,493
25,360
32,853

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THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Analysis of grants

Higher Education grants
Charitable Grants - Other & Exceptional
Scholarships		 Grants to
Individuals
2025
£
55,850
4,150
3,160
63,160		 Total
funds
2025
£
55,850
4,150
3,160
63,160		 Total
funds
2024
£
47,250
1,000
600
48,850

6. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Total 2024		 Unrestricted
funds
2025
£
154,942
142,373		 Restricted
funds
2025
£
7,308
-		 Total
2025
£
162,250
142,373		 Total
2024
£
142,373

7. Analysis of expenditure by activities

Charitable activities
Total 2024		 Activities
undertaken
directly
2025
£
36,951
54,317		 Grant
funding of
activities
2025
£
63,160
48,850		 Support
costs
2025
£
62,139
39,206		 Total
funds
2025
£
162,250
142,373		 Total
funds
2024
£
142,373

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THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Activities
2025
£
Subscriptions
720
General Expenses
411
Legal and Professional Fees
19,476
Audit & Accountancy fees
8,554
Administrative & Bookkeeping Support
21,125
Insurance
1,030
Council tax
(2,589)
School Prizes
2,000
Entertainment - 100% business
2,950
IT Software and Consumables
1,371
Light, Power, Heating
860
Rates
6,231
62,139
Total 2024
39,206
8.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
Fees payable to the Charity's independent examiner in respect of:
Accountancy		 Total
funds
2025
£
720
411
19,476
8,554
21,125
1,030
(2,589)
2,000
2,950
1,371
860
6,231
62,139
39,206
2025
£
1,800
1,950		 Total
funds
2024
£
279
434
6,573
-
13,000
5,756
-
-
-
546
1,464
11,154
39,206
2024
£
1,200
1,400

9. Trustee's remuneration and expenses

During the year, no Trustee received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

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THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Tangible fixed assets

Cost or valuation
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
1
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 supplypower 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.

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.

11. Investment property

At 1 April 2024
Disposals
At 31 March 2025		 Freehold
investment
property
£
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 FOR THE YEAR ENDED 31 MARCH 2025

11. Investment property (continued)

The Foundation Asset at White Hart included a dilapidated public house with upper parts, an MOT Garage to the rear of the pub, and an area of open car storage to the rear of the site. The pub was let on a lease expiring in 2026/27 as were the commercial tenancies. The pub operator became bankrupt and rents ceased. The building was unlettable without significant Capital expenditure.

The Trustees identified that the site had the potential to create a significant uplift in Capital Value for uses as a combined site for redevelopment. The Trustees therefore worked to gain Vacant Possession and to bring the site forwards for sale as a development site. There was an earlier purchaser who delayed progress with planning applications for residential use. The Trustees pulled the sale contract and sold the site to Hollybrook for Student housing use, completely unconditionally, and managed to pass the costs of vacant possession on the MOT garage over to the buyer.

12. Fixed asset investments

Cost or valuation
At 1 April 2024
Cash in
Cash out
Income reinvested
Management fees
Revaluations
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Listed
investments
£
891,543
12,450,000
(4,600,000)
141,801
(16,171)
(393,884)
8,473,289
8,473,289
891,543

Listed investments are held in managed funds 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.

During the year funds were withdrawn from one investment provider and invested in a second to spread the risk.

Rathbones (formally Investec Wealth Management) and Titan Private Wealth 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.

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Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304

THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Debtors

Due within one year
Other debtors		 2025
£
-
-		 2024
£
223,763
223,763

14. Creditors: Amounts falling due within one year

Other creditors
Accruals and deferred income		 2025
£
-
4,500
4,500		 2024
£
427,000
76,426
503,426

Page 16

Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304

THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Endowment
funds
Endowment
Rutlish Fund
Expendable
Endowment
Fund
Endowment
Parker Fund
Endowment
Heaney Fund
Restricted funds
Innes Fund
Heaney Fund
Parker Fund
F H Taylor Fund
Total of funds		 Balance at 1
April 2024
£
281,664
8,593,136
-
425,459
23,092
9,041,687
(100)
2,931
32,778
20,636
56,245
9,379,596		 Income
£
123,312
-
-
21,273
-
21,273
100
313
5,767
-
6,180
150,765		 Expenditure
£
(187,907)
(14,719)
-
(774)
(42)
(15,535)
-
(600)
(6,708)
-
(7,308)
(210,750)		 Transfers
in/out
£
-
(2,500,000)
2,500,000
-
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
(15,498)
(620,071)
-
(18,847)
(1,024)
(639,942)
-
-
-
-
-
(655,440)		 Balance at 31
March 2025
£
201,571
5,458,346
2,500,000
427,111
22,026
8,407,483
-
2,644
31,837
20,636
55,117
8,664,171

Page 17

Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304

THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds (continued)

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, as amended, and is held on the trusts and with the objects set out in that Scheme. The fund includes the Charity property as at 1 April 2024 which was disposed of during the year, and which is now held within investments.

Under the Terms of Charity Commission consent £2.5 million of this fund is available to be spent as income, particularly in respect of capital projects at Rutlish School. This is shown as an expenable endowment.

The Rose and Walter Parker Memorial Fund ("Parker 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).

The Robert Stanley Heaney Memorial Scholarship ("Heaney Fund")

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.

Page 18

Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304

THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Statement of funds (continued) Statement of funds - prior year

Unrestricted
funds
General Funds
Endowment
funds
Endowment Funds
Restricted funds
Innes Fund
Heaney Fund
Parker Fund
F H Taylor Fund
Total of funds		 Balance at
1 April 2023
£
318,574
9,005,018
-
3,231
40,699
22,336
66,266
9,389,858		 Income
£
88,733
13,969
-
-
2,933
-
2,933
105,635		 Expenditure
£
(148,570)
(4,631)
(100)
(300)
(19,925)
(1,700)
(22,025)
(175,226)		 Transfers
in/out
£
5,078
(9,338)
-
-
4,260
-
4,260
-		 Gains/
(Losses)
£
17,849
36,669
-
-
4,811
-
4,811
59,329		 Balance at
31 March
2024
£
281,664
9,041,687
(100)
2,931
32,778
20,636
56,245
9,379,596

16. Analysis of net assets between funds Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
-
65,807
140,264
(4,500)
201,571		 Restricted
funds
2025
£
-
-
55,117
-
55,117		 Endowment
funds
2025
£
1
8,407,482
-
-
8,407,483		 Total
funds
2025
£
1
8,473,289
195,381
(4,500)
8,664,171

Page 19

Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304

THE RUTLISH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
1
349,856
-
8,233
(76,426)
281,664		 Restricted
funds
2024
£
-
-
-
56,245
-
56,245		 Endowment
funds
2024
£
-
541,687
8,500,000
427,000
(427,000)
9,041,687		 Total
funds
2024
£
1
891,543
8,500,000
491,478
(503,426)
9,379,596

Current assets and current liabilities include a deposit and fees incurred in relation to the property sale.

17. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2025.

Page 20