CHARITY NUMBER: 1068930
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Report of the Trustees and
Financial Statements
for the year ended 3! August 2023
for
Richard Radcliffe Trust
Richard Radcliffe Trust
Contents of the Financial Statements for the Year Ended 31 August 2023
Page
| Legal andAdministrative Information | 1 |
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| Report ofthe Trustees | 2-3 |
| Independent Examiner’s Report | 4 |
| Statement ofFinancial Activities | 5 |
| Balance Sheet | 6 |
| NotestotheFinancialStatements | ‘7-9 |
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Richard Radcliffe Trust
Legal and Administrative Information for the Year Ended 31 August 2023
CONSTITUTION
Richard Radcliffe Trust is a registered charity governed by its trust deed. Charity number: 1068930.
TRUSTEES
As set out in the trust deed, the charity is controlled by a minimum of three trustees. Future trustees are appointed by resolution of the trustees.
The trustees of the charity, who served during the year and since the year end, are two of the executors named in the late Richard Radcliffe’s Will:
Mr A Bell
Miss P J Radcliffe
Appointed as a trustee on 29 September 2010:
Dr P Radcliffe
Appointed on 4 May 2023:
Frances Germaine Radcliffe
REGISTERED OFFICE
Castle View 77 Moreton Road Buckingham Buckinghamshire MK18 1JZ
ACCOUNTANTS
Sigma Partners Delmon House 36-38 Church Road Burgess Hiil West Sussex RH15 9AE
BANKERS
CAF Cash Ltd Kings Hill West Malling Kent ME19 4TA
INVESTMENT ADVISORS
Atomos Investments Ltd Pacific House 126 Dyke Road Brighton East Sussex BN| 3TE
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Richard Radcliffe Trust
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Report of the Trustees
for the Year Ended 31 August 2023
The trustees present their report together with the financial statements of the charity for the year ended 31 August 2023.
Objectives and activities:
The objects of the charity stated in its trust deed are general charitable purposes at the trustees’ discretion.
The trustees’ policy is to support the following charitable activities:
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a) Assisting physically handicapped people.
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b) Giving young people a better start in life though providing funds for technical training. c) Supporting hospice care for the terminallyill.
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d) Providing help for people who are severely deaf and/or blind. e) Nature conservancy.
To achieve these objectives, and in view of the funds available, a registered charity was created to administer the funds and to make grants for the objects stated above.
The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the guidance published by the Charity Commission and in particular public benefit guidance.
Achievements and Performance:
The trustees monitor the work of the charities to which grants are paid by reading annual and other reports supplied by those charities.
The trustees believe that public benefit has been delivered in the areas of the advancement of education, the advancement of health, the advancement of citizenship and the relief of those in need by reason of youth, ill-health, disability and financial hardship. Public benefit will continue to be achieved by ensuring that grants issued meet the charity’s objectives and are in the public interest.
Financial Review:
The trust has a strong and stable financial position at the balance sheet date, with investments valued at £1,947,668 and current assets of £117,685. There are minimal creditors and unrestricted fund reserves of over £2 million.
It is the trustees’ intention to distribute the whole of the available income year by year and to maintain the reserves level in order to continue to generate income from investments.
Atomos Investments Ltd managed the trust’s investment portfolio throughout the period. The charity’s investment policy is to invest the funds available to achieve a balance of income generation and capital growth.
The trustees believe the charity’s assets are adequate to fulfil its obligations and consider that the trust will remain a going concern well into the foreseeable future, for a minimum of twelve months after the reporting date.
The trust has set up a system to identify and pay grants to individual charities. Grants of £56,000 were made during the year.
Grants of between £1,000 and £4,000 were awarded during the year.
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Richard Radcliffe Trust
Report of the Trustees for the Year Ended 31 August 2023
Structure, governance and management:
The Trust is constituted as an unincorporated charitable trust registered with the Charity Commission in the UK.
Management of the charity is vested in four trustees, two of whom were the executors of the late Richard Radcliffe’s will.
Three of the trustees named on page | have served throughout the year and since the year end. A further trustee was appointed during the period. Appointment of trustees is governed by the Trust Deed of the charity whereby the existing trustees have the power to appoint further trustees as required. When a further trustee is appointed, they are introduced to their new role and given copies of the trust deed and a guide to the policies and procedures adopted by the charity. A number of publications from the Charity Commission are also provided to ensure that new trustees are aware of the scope of their responsibilities under the Charities Act.
Reference and administrative details:
The charity is called, and is known only as, Richard Radcliffe Trust and the registered charity number is 1068930.
The Legal and Administrative Information, including the principal office and names of trustees, is set out on page | and form part of this report. The financial statements comply with current statutory requirements and the FRS 102 Statement of Recommended Practice.
Exemptions from disclosure:
None.
Trustees Responsibilities in relation to the Financial Statements:
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the trustees are required to:
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(a) select suitable accounting policies and apply them consistently;
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(b) make judgements and estimates that are reasonable and prudent; (c) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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(d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
Funds held as custodian trustee on behalf of others:
None,
Approval:
This report was approved by the trustees on .. J . Afrokkas .... and signed on their behalf.
sone de ssn P Radcliffe (Trustee)
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Richard Radcliffe Trust
Independent Examiner’s Report to the Trustees of Richard Radcliffe Trust
We report on the financial statements of the charity for the year ended 31 August 2023, which are set out on pages 5 to 9.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
As the charity’s trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
We report in respect of our examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination, we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
BASIS OF INDEPENDENT EXAMINER’S REPORT
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners and under s145 of the Charities Act 2011. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items of disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the true and fair view given by the financial statements.
INDEPENDENT EXAMINER’S STATEMENT
In connection with our examination, no matter has come to our attention:
which gives us reasonable cause to believe that in any material respect the requirements
- e to keep accounting records in accordance with section 130 of the Charities Act 2011; e for the accounts to match the accounting records; e to prepare the accounts in accordance with the Charities SORP (FRS 102); and e to prepare financial statements which accord with the accounting records and to comply with the accounting requirements of the Charities Acts )
have not been met;
to which, in our opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Simon P Lea FCCA Sigma Partners Chartered Certified Accountants Delmon House 36-38 Church Road Burgess Hill West Sussex RH15 9AE Date. 2G/O8 [2024
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Richard Radcliffe Trust
Statement of Financial Activities including Income and Expenditure Account
for the Year Ended 31 August 2023
| Total | Total | ||
|---|---|---|---|
| Funds | Funds | ||
| Notes | 2023 | 2022 | |
| £ | £ | ||
| IncomingResources | |||
| Investment income | 5 | 57,101 | 45,426 |
| Interestreceivable | 0 | ||
| TotalIncoming Resources | 57,101 | 45,426 | |
| Resources Expended | |||
| Charitable expenditure | |||
| Grants payable infurtherance | |||
| ofthe charity's objectives | 6 | 56,000 | 56,500 |
| Management and administration | 7 | 22,978 | 40,489 |
| TotalResourcesExpended | 78,978 | 96,989 | |
| Net(Outgoing)/AIncoming Resources | |||
| Before Revaluations and Investment | |||
| AssetDisposals | -21,877 | -51,563 | |
| (Losses)/Gains on revaluations and | |||
| disposals ofinvestment assets | 9 | ~-21,232 | -227,224 |
| Netmovement in funds for the year | -43,109 | -278,787 | |
| Totalfundsbrought forward | 2,106,332 | 2,385,119 | |
| Cash settled into Trust during the year | 0 | 0. | |
| Totalfundscarriedforward | 2,063,223 | 2,106,332 |
All activities above relate to unrestricted funds.
The statement of financial activities includes summary income and expenditure account and all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.
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Richard Radcliffe Trust
Statement of Financial Assets
for the Year Ended 31 August 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Investments | 9 | 1,947,668 | 1,939,299 |
| 1,947,668 | 1,939,299 | ||
| Current Assets | |||
| Accrued Income | 494 | 0 | |
| Cash atBank | 117,191 | 169,133 | |
| 117,685 | 169,133 | ||
| Creditors: Amounts fallingduewithin one year | 10 | 2,130 | 2,100 |
| Net Current Assets | 115,555 | 167,033 | |
| NetAssets | 2,063,223 | 2,106,332 | |
| Funds | |||
| Unrestricted funds | 2,063,223 | 2,106,332 | |
| 2,063,223 | 2,106,332 |
All funds are unrestricted.
Approved by the trustees on the trustees on trustees on on
and signed on its behalf by: Approved by the trustees on the trustees on trustees on on Ft/3/20[|] Ee. P Radcliffe (Trustee)
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Richard Radcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 August 2023
1. Public Benefit Entity
The Richard Radcliffe Trust is constituted as a charitable trust and registered in the United Kingdom. It is a public benefit entity.
2. Going Concern
The accounts have been prepared on a going concem basis.
There are no material uncertainties about the charity's ability to continue as a going concern.
3. Basis of preparation
The financial statements are prepared under the historical cost convention as modified by the inclusion of investments at market value and in accordance with the Charities Statement of Recommended
Practice (FRS 102) and with the Charities Act 2011.
The financial statements are prepared on an accruals basis.
Accounting Policies
Incoming Resources
Investment Income
Income from equity, fixed interest and cash investments is included when receivable by the charity.
Interest Recelvable
Interest is included when receivable by the charity.
Resources Expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
Fixed Asset Investments
All Investments are included at Fair Value with gains or losses included in the profit and loss account. Fair value is determined by quoted market prices.
Fund Accounting
Funds held by the charity are:
Unrestricted general funds -
these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
- Legal Status of the Charity
The charity is constituted under a trust deed.
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Richard Radcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 August 2023
| 5. | Investment Income | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Dividends receivable fromequity investments | ||||
| UK | 31,448 | 26,786 | ||
| Non-UK | 11,047 | 10,223 | ||
| Interestreceivable from fixed interest securities | 14,470 | 8,417 | ||
| 56,965 | 45,426 | |||
| Interest receivable from cash | 136 | 0 | ||
| 57,101 | 45,426 | |||
| 6. | Grants Payable in Furtherance ofthe Charity's Objectives | |||
| During the year, the charitymade grants to the following charities: | ||||
| 2023 | 2022 | |||
| . | Fa | £ | ||
| Welfare | ||||
| YC2YoungCarers Youth Club | 2,000 | |||
| ProjectStreetLife | 1,000 | 1,000 | ||
| MartletsHospice | 3,000 | 3,000 | ||
| BuckinghamYouthCentre | 2,000 | 1,000 | ||
| Pace (forchildrenwithdisabilities) | 3,000 | |||
| South Bucks Hospice(ButterflyHouse) | 3,000 | 3,000 | ||
| StBamabas House | 3,000 | |||
| ChaileyHeritageFoundation | 3,000 | 3,000 | ||
| National Theatre | 2,000 | |||
| BletchleyPark | 4,000 | 3,000 | ||
| The Old Vic | 2,000 | |||
| Sense | 2,000 | |||
| Dementia Support RAWWorkshop |
3,000 3,000 |
3,000 | ||
| ThePepperFoundation (children’shospice) | 3,000 | 4,000 | ||
| Extratime Deafblind |
3,000 | 3,000 4,000 |
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| KilnTheatre | 1,000 | 1,000 | ||
| CommunityCareNorth Bucks | 2,000 | |||
| StPeters& StJames Hospice | 4,000 | |||
| RoyalCourt(The English StageCompany) | 3,000 | 2,500 | ||
| Jigsaw SouthEast | 3,000 | |||
| Willen Hospice | 4,000 | |||
| 43,000 | 47,500 | |||
| Conservation ofthe Countryside WildlifeTrust |
3,000 | 3,000 | ||
| Buglife | 2,000 | 2,000 | ||
| Bumblebee Conservation Trust | 2,000 | 2,000 | ||
| FutureTrees | 2,000 | 2,000 | ||
| Earth Trust | 2,000 | |||
| Brogdale Collections | 2,000 | |||
| 13,000 | 9,000 | |||
| 56,000 | 56,500 |
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All grants were all made to other charitable institutions, none were made to individuals.
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Richard Radcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 August 2023
7. Management and Administration
| Management and Administration | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| IndependentExaminers fees | 2,130 | 2,100 |
| Investmentmanagement fee | 20,771 | 38,209 |
| BankCharges | TI | 180 |
| 22,978 | 40,489 |
- Trustees’ Remuneration Trustees received no remuneration (2022: £Nil) and were not reimbursed for any of their expenses in the year (2022: £ENil 9. Fixed Asset Investments
| Market | Market | ||||
|---|---|---|---|---|---|
| Value | Value | ||||
| as at | Purchases | Disposal | Gain/ | as at | |
| UK | 1Sep 2022 £ |
atcost £ |
proceeds £ |
(Loss) £ |
31Aug2023 £ |
| Fixed interest | |||||
| securities | 140,957 | 167,904 | 173,376 | -6,605 | 128,880 |
| Equities | 926,616 | 1,367,239 | 887,777 | -53,269 | 1,352,809 |
| 1,067,573 | 1,535,143 | 1,061,153 | -59,874 | 1,481,689 | |
| Non -UK | |||||
| Fixed interest | |||||
| securities Equities |
39,715 832,011 |
0 350,830 |
38,368 756,851 |
-1,347 39,989 |
0 465,979 |
| 1,939,299 | 1,885,973 | 1,856,372 | -21,232 | 1,947,668 | |
| Alloftheabovearelistedinvestments. |
10, Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 2,130 | 2,100 |
| 2,130 | 2,100 |
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Related Party Transactions
There have been no related party transactions during the year (and none in 2022).
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