Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 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| Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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|| Page 1 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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. - **Peter Norrie** , Chair - **Cynthia Clift** , Vice Chair and Acting Chair during periods of the Chair’s leave of absence - **Clive Ardley** until his resignation on 26 January 2026 - **Graham Mills** - **Mike Stallard** - **Mamie Barde** n - Martin Waller - **Joseph Bashir** until his resignation on 9 December 2025 - **Pietro Paliotta** - **Rachel Read** - **Stan Coats** - **Tony Joyce** - **Elaine Jackson** until her resignation on 7 August 2024 - **Jackie Korzary - Scott** until her resignation on 22 September 2024 - **Lynsey Robertson** , appointed on 12 November 2024 - **George Stokes,** appointed on 12 November 2024 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. Page 2 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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** - Introduction of goodwill awards of **£200** for applicants showing surplus resources. - A new reference pro forma was commissioned to improve consistency and fairness of assessments. - A formal complaint regarding a missed application was fully investigated with corrective processes strengthened. - **76 successful applications** amounting to **£59,000** awarded. - **£4,150** in exceptional hardship grants. - Scholarships totalling **£850** were released with three not awarded due to lack of student contact information and uptake. - The apprenticeship and vocational careers support project progressed strongly and was extended until at least September 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** - Annual support for the breakfast programme confirmed at **£25,000.** - Additional funding approved for rowing equipment and school celebrations following Ofsted success. - Prize giving support of **£2,000** agreed to be paid earlier in the academic cycle. - The Foundation funded cricket equipment through the Taylor Fund. Page 3 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## THE RUTLISH FOUNDATION ## DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 - Revised bids procedures were approved allowing electronic approvals and improved reconciliation with the school and PTA. - Directors approved a comprehensive **£125,000 education support budget** for 2025–26 which included school bids, breakfasts, RR6 enhancements, technology upgrades and prize giving. - Breakfast programme uptake fell due to changes in eligibility criteria and the school was asked to review communications and monitoring. - Support for specific student needs in music was approved and development of a new annual music scholarship began. ## **4.2 Capital Projects and Property Matters** The Foundation engaged in significant strategic planning for future capital investment in school infrastructure. ## **The White Hart** - Completion of the disposal of The White Hart generated **approximately £8.5 million** in proceeds. - Challenges encountered earlier in the year were resolved following market uncertainties and negotiations with the developer. - Funds were transferred to investment managers following completion. - The Board supported continued development work while maintaining adequate reserves. ## **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. Page 4 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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. - Delivery of the multi-year capital investment plan in collaboration with the school and local authority. - Further enhancement of Higher Education Grants and the development of the new Music Scholarship. - Continued strengthening of the apprenticeship and vocational support programme. - Completion of website redevelopment and digitisation of historic records. - Development of governance training and recruitment of a new Coopted Director with fundraising experience. - Ongoing monitoring of breakfast programme uptake to ensure equitable access. ## **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 Page 5 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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 Page 6 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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. Page 7 Docusign Envelope ID: A41EA74A-244C-8E76-831A-8A76B3180A50Docusign Envelope ID: 5259683F-12E6-8179-83D9-911A1EE86304 ## 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. Page 8 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 ## **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. Page 9 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 ## **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. Page 10 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 ## **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_| |---|---|---|---|---| |||||| Page 11 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 ## **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_| |---|---|---|---|---|---| ||||||| Page 12 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 ## **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)_ . Page 13 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 ## **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. Page 14 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 ## **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. Page 15 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