## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31st March 2022** **Charity No: 1165489** ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 31st March 2022** ## **CONTENTS** ## Page - 3 Information - 4 Trustees’ Annual Report - 6 Statement of Trustees’ responsibilities - 7 Independent Accountant’s Report - 8 Statement of Financial Activities - 9 Balance Sheet - 10 Notes to the Financial Statements - 2 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** **Charity Commission Registration Number:** 1165489 **HM Revenue and Customs Charities Reference Number:** EW64524 **Trustees:** T M Rawcliffe Miss S K Whitcher Professor A M Rucklidge R C Rawcliffe (resigned 26 January 2023) R A Roberts **Correspondence Address:** 17 Southwood Park Southwood Lawn Road London N6 5SG **Telephone:** 020 8348 3359 **Solicitors:** Gedye & Sons (Solicitors) Ltd Chancery House, Kents Bank Road, Grange-over-Sands, LA11 7HD **Bankers** National Westminster Bank plc City of London Office PO Box 12258 1 Princes Street London EC2R 8BP **Independent Examiners** Ian Dalzell Ltd Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL - 3 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **TRUSTEES’ ANNUAL REPORT** The Trustees are pleased to present their sixth Annual Report and the Financial Statements for the year ended 31st March 2022. The Financial Statements have been prepared in accordance with the accounting policies set out on page 10 and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102). ## **Creation** The Charity was formed by a Trust Deed dated 31st March 2015 between Thomas Mawdsley Rawcliffe, Sarah Katharine Whitcher, Alastair Michael Rucklidge, Rupert Crispin Rawcliffe and Richard Andrew Roberts. The Charity was registered with the Charity Commissioners under number 1165489 on 9th February 2016. HM Revenue & Customs recognised the Trust as a charity in line with Paragraph 1 of Schedule 6 Finance Act 2010 in a letter dated 12th May 2017. ## **Objects** The objects of the Charity are: 1. Welfare of animals. 2. Preservation of the environment. 3. Charities connected with education, the Army and chartered accountants. 4. Literary and musical societies. The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objects, in planning future activities, and setting the grant making policy for the year. ## **Organisation** The Trustees who have served during the year and since the year-end are set out on page 3. New trustees are appointed by a majority of the Trustees. The Trustees meet at least twice a year, but there is a subgroup which meets more frequently to make grants up to a limit of £500. This subgroup reports to the full board of Trustees. ## **Grant Making Policy** The Trust has established its grant making policy to achieve its objects for public benefit. The Trust intends to make grants each year out of the income generated by the investments. In the event that the Trust received applications for larger sums, the Trustees would consider making a grant from capital held in the Trust. In all cases it is the Trustees’ intention to favour capital projects rather than contributing to running expenses. - 4 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **TRUSTEES’ ANNUAL REPORT (continued)** ## **Financial Reviews and Investment Policy** The Trust received an initial cash donation of £100,000 in 2015 to be retained for investment. Further cash donations from the donor totalling £700,000 have been received. The value of investments at 31st March 2022 was £909,710 with a further £119,773 not yet invested. The Trust received a total of £25,000 in Gift Aid. The income of the Trust derives from dividends from these investments together with interest received on monies deposited with the Trust’s bankers. In the year ended 31st March 2022 investment income was £27,394. The Trust made donations totalling £9,500 in the year under review. There are no restrictions on the Trust’s powers to invest. The investment strategy is set by the Trustees and reviewed at every meeting. The Trustees consider the income requirements and the risk profile. The current strategy is gradually to build up a portfolio of higher yielding equities and investment trusts. Further details of the Trust’s activities are contained in the attached Financial Statements. ## **COVID-19** The global COVID-19 pandemic affected the Trust’s activities in the previous year as the charities whose objectives the Thomas Rawcliffe Charitable Trust supports saw reduced activity and put forward fewer suitable projects while their focus was elsewhere. This was reflected in the reduced number of capital projects supported by the Trust over the last year, which means that our grants were at a lower level than we would have wished. The grants have returned to a more normal level in the current year. ## **Reserves policy** It is the policy of the Trust to maintain unrestricted funds, which are the free reserves of the Trust, at a level which equates to at least twelve months’ unrestricted expenditure. This provides sufficient funds to cover management and administration. ## **Risk management** The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen those risks. ## **Trustees** The Trustees are as follows: T M Rawcliffe Miss S K Whitcher Professor A M Rucklidge R C Rawcliffe (resigned 26 January 2023) R A Roberts The Trustees were all appointed on 31st March 2015. - 5 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **TRUSTEES’ ANNUAL REPORT (continued)** ## **Trustees’ responsibilities in relation to the Financial Statements** The Trustees are responsible for preparing the Trustees’ Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources of the Trust for the period. In preparing these financial statements the Trustees are required to - select suitable accounting policies and to apply them consistently; - observe the methods and principles of the applicable Charities SORP; - make judgments and estimates which are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the Financial Statements on the going concern basis, unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the Financial Statements comply with the Charities Act 2011, the applicable Charity (Accounts Reports) Regulations and the provisions of the Trust Deed. They are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By order of the Board of Trustees T M RAWCLIFFE Chairman 29 January 2023 - 6 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE THOMAS RAWCLIFFE CHARITABLE TRUST** We report to the Trustees of The Thomas Rawcliffe Charitable Trust on our examination of the financial statements for the year ended 31st March 2022. ## **Responsibilities and Basis of Report** As the charity’s Trustees you are responsible for the preparation of the Financial Statements with the requirements of the Charities Act 2011 (“the Act”). You consider that an audit is not required for this period under Section 144(2) of the Act and that an independent examination is needed. We report in respect of our examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out our examination we have followed all the applicable Directions given by the Charities Commission under section 145(5)(b) of the Act. ## **Independent Examiner’s statement** We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us 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 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirements that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination. We 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 financial statements to be reached. Ian R Dalzell MA FCA for and on behalf of IAN DALZELL LTD Chartered Accountants Broughton Lodge Mews Field Broughton Grange-over-Sands Cumbria LA11 6HL. 29 January 2023 - 7 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st March 2022** |**STATEMENT OF FINANCIAL ACTIVITIES**
**for the year ended 31st March 2022**|||| |---|---|---|---| |||2021|2022| ||Notes|£|£| |**Income from:**|||| |Donations|2|100,000|100,000| |Gift Aid||50,000|25,000| |Investment income|3|13,890|27,394| |**Total Income**||163,890|152,394| |||======|======| |**Expenditure on:**|||| |Charitable activities:|||| |Donations|4|5,250|9,500| |Governance costs|||| |Management and administration|5|424|375| |**Total Expenditure**||5,674|9,875| |||====|====| |**Net Income (Expenditure) before Other Gains and Losses**||158,216|142,519| |Realised Gains/(Losses) on Investment Assets||-|-| |Unrealised Gains/(Losses) on Investment Assets||66,506|71,708| |**Net Movement in Funds**||224,722|214,227| |Unrestricted Funds brought forward||592,135|816,857| |||_______|________| |Unrestricted Funds carried forward||816,857|1,031,084| |||======|=======| The Notes on pages 10 to 11 form part of these financial statements. - 8 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** |**BALANCE SHEET**
**as at 31st March 2022**
Notes
**Fixed Assets:**
Investments
6
**Current Assets:**
Bank balances
**Liabilities: Amounts falling due within one year**
Accruals

**Net Current Assets**
**Total Assets less Current Liabilities**
**Unrestricted Funds:**
Balance at start
Net Movement in Fund for the Period
Balance at end|2021
2022
£
£
543,515
909,710
273,616
121,648
273,616
121,648
(274)
(274)
273,342
121,374
816,857
1,031,084
======
=======
592,135
816,857
224,722
214,227
816,857
1,031,084
======
=======|2022
£
909,710|2022| |---|---|---|---| |||
121,648|| |||121,648
(274)|| |||
121,374|| The Notes on pages 10 to 11 form part of these financial statements Approved by the Board of Trustees on 29 January 2023 and signed on its behalf by: T M RAWCLIFFE................Trustee - 9 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31st March 2022** ## **1. Accounting Policies** ## a) Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) and the Charities Act 2011. The financial statements have been prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in these financial statements. The functional currency of the Trust is sterling and amounts in the financial statements are rounded to the nearest pound. The Trust constitutes a public benefit entity as defined by FRS 102. The significant accounting policies applied in the preparation of these Financial Statements as set out below. ## b) Fund Accounting Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. - ## c) Income Recognition All income is recognised once the Trust has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. ## d) Expenditure Recognition Expenditure is included on an accruals basis. Donations are charged in the year when the donations are paid. Management and administration comprise costs for running the Trust itself. The Trustees consider that no allocation of these costs in practicable and that they should be shown separately in the Financial Statements. ## e) Fixed Asset Investments Investments are included at closing market selling value at the balance sheet date. When investments are sold, the realised gain is taken to be the disposal proceeds less the market value in the previous financial period, the unrealised gain or loss is deducted or added (because it is now realised) from the unrealised gains or losses brought forward (as shown in the Reconciliation of Movements in Unrealised Gains or Losses on Investments (note 6). This part of the realised gain or loss is calculated by taking the cost of the shares disposed of on a first-in-first-out basis from the market value of the shares at the start of the financial period. - 10 - ## **THE THOMAS RAWCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31st March 2022** |**2.**
**Donations Received**
T M Rawcliffe

**3.**
**Investment Income**
Dividends received
Interest received
**4.**
**Donations Made**
Royal Society for the Protection of Birds
Woodland Trust
World Wildlife Fund - UK
Morecambe Bay Partnership
Landmark Trust
The Shark Trust
Red Squirrel Survival Trust
Chagos Conservation Trust
The Wildlife Trust of South and West Wales
**5.**
**Management and Administration**
Independent Examiner’s fee
Legal fee
London Stock Exchange – fee
Hargreaves Lansdown – fee
**6.**
**Fixed Asset Investments**
Market value at start
Additions at cost
Disposal proceeds
Net investment gains

Market value at end
|**2021**
**2022**
£
£
100,000
100,000
100,000
100,000
======
======
£
£
13,789
27,384
101
10
13,890
27,394
=====
=====
£
£
250
250
1,500
8,500
1,250
750
250
–
500
–
500
–
500
–
250
–
250
–
5,250
9,500
====
====
£
£
274
274
72
–
78
78
–
23
424
375
===
===
£
£
178,063
543,515
298,946
294.487
-
-
66,506
71,708
----------
----------
543,515 909,710
======
======| |---|---| All investments were listed equities on the London Stock Exchange. ## **7. Transactions with Trustees and Connected Persons** There were no transactions with Trustees or connected persons in the year ended 31st March 2022. - 11 -