The Thomas Rawcliffe Charitable Trust
Registration number: 1165489 Annual Report and Financial Statements
31 March 2023
The Thomas Rawcliffe Charitable Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' report | 2 |
| Trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 |
The Thomas Rawcliffe Charitable Trust Reference and Administrative Details
| Charity name | The Thomas Rawcliffe Charitable Trust | The Thomas Rawcliffe Charitable Trust |
|---|---|---|
| Charity registration number | 1165489 | |
| Principal office | 17 Southwood Park | |
| Southwood Lawn Road | ||
| LONDON | ||
| N6 5SG | ||
| Registered office | Gedye & Sons (Solicitors) Ltd | |
| Chancery House | ||
| Kents | ||
| Bank Road | ||
| GRANGE-OVER-SANDS | ||
| LA11 7HD | ||
| Trustees | T M Rawcliffe, Chair | |
| S K Whitcher | ||
| A M Rucklidge | ||
| R C Rawcliffe | (Resigned 26 January 2023) | |
| R A Roberts | ||
| Solicitor | 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 | ||
| Accountant | Dodd & Co Limited | |
| FIFTEEN Rosehill | ||
| Montgomery Way | ||
| Rosehill Estate | ||
| CARLISLE | ||
| CA1 2RW |
Page 1
The Thomas Rawcliffe Charitable Trust
Trustees' Report for the Year Ended 31 March 2023
The Trustees are pleased to present their seventh Annual Report and the Financial Statements for the year ended 31st March 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 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:
-
Welfare of animals.
-
Preservation of the environment.
-
Charities connected with education, the Army and chartered accountants.
-
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. Mr R C Rawcliffe resigned on 26 January 2023, and the other trustees record their gratitude to him for his years of service to the Charity. 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.
Financial Reviews, Achievements 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 £800,000 have been received. The value of investments at 31st March 2023 was £998,856 with a further £11,297 not yet invested. The Trust did not receive any Gift Aid this year. 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 2023 investment income was £40,269.
The Trust made donations totalling £7,500 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.
Page 2
The Thomas Rawcliffe Charitable Trust
Trustees' Report for the Year Ended 31 March 2023
COVID-19
Following the global COVID-19 pandemic, the Trust’s grant-giving has returned to a more normal level.
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.
Approved by the Trustees on 31 January 2024 and signed on their behalf by:
~~.~~ ... ~~..~~ .............. ~~.~~ ....................
A M Rucklidge Trustee
Page 3
The Thomas Rawcliffe Charitable Trust
Trustees' Responsibilities in relation to the Financial Statements
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The 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 state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that 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 charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
Independent Examiner's Report to the Trustees of
The Thomas Rawcliffe Charitable Trust
I report on the accounts of the charity for the year ended 31 March 2023, which are set out on pages 6 to 13.
Your attention is to drawn to the fact that the Charity has prepared the financial statements in accordance with Accounting and Reporting by 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 since been withdrawn.
We 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.
Respective responsibilities of trustees and examiner
The Charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or 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 no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 130 of the Charities Act 2011; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
......................................... Joanne Thomlinson FCA Dodd & Co Limited Chartered Accountants
FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW
31 January 2024
Page 5
The Thomas Rawcliffe Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2023
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income Expenditure on: Raising funds Investment costs Charitable activities Total expenditure Net income before unrealised gains and losses (Losses)/gains on investment assets Net movements in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds £ 125,000 40,269 |
Total Funds 2023 £ 125,000 40,269 |
Total Funds 2022 £ 125,000 27,394 |
|---|---|---|---|
| 165,269 | 165,269 | 152,394 | |
| 275 8,220 |
275 8,220 |
101 9,774 |
|
| 8,495 | 8,495 | 9,875 | |
| 156,774 (6,385) |
156,774 (6,385) |
142,519 71,708 |
|
| 150,389 1,031,084 |
150,389 1,031,084 |
214,227 816,857 |
|
| 1,181,473 | 1,181,473 | 1,031,084 |
The notes on pages 8 to 13 form an integral part of these financial statements.
Page 6
The Thomas Rawcliffe Charitable Trust
Balance Sheet as at 31 March 2023
| Note ed assets estments 9 rent assets tors 10 h at bank and in hand ditors: Amounts falling due within one r 11 current assets assets funds of the charity: estricted funds estricted income funds al charity funds |
2023 £ £ 998,856 25,000 158,337 183,337 (720) 182,617 1,181,473 1,181,473 1,181,473 |
2022 £ £ 909,710 - 121,648 121,648 (274) 121,374 1,031,084 1,031,084 1,031,084 |
2022 £ £ 909,710 - 121,648 121,648 (274) 121,374 1,031,084 1,031,084 1,031,084 |
|---|---|---|---|
| 1,031,084 | |||
| 1,031,084 | |||
| 1,031,084 |
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Approved by the Board on 31 January 2024 and signed on its behalf by:
~~.~~ ... ~~.~~ ............... ~~.~~ ....................
A M Rucklidge Trustee
The notes on pages 8 to 13 form an integral part of these financial statements.
Page 7
The Thomas Rawcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Statement of compliance
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts (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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities:Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Basis of preparation
The charity 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 notes.
Going concern
These financial statements have been prepared on a going concern basis.
Fund accounting policy
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Further details of each fund are disclosed in note 13.
Income and endowments
Donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Income from Government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate.
Investment income is recognised on a receivable basis.
Page 8
The Thomas Rawcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
......... continued
Expenditure
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Costs of raising funds are investment management fees.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Investments
Fixed asset investments are included at market value at the balance sheet date.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
2 Donations and legacies
| Donations and legacies Donations Gift Aid tax reclaimed |
Unrestricted Funds £ 100,000 25,000 |
Total Funds 2023 £ 100,000 25,000 |
Total Funds 2022 £ 100,000 25,000 |
|---|---|---|---|
| 125,000 | 125,000 | 125,000 |
All of the donations and legacies income in 2022 related to unrestricted funds.
Page 9
The Thomas Rawcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
......... continued
3 Investments
| Dividend income from listed investments Interest received from bank accounts |
Unrestricted Funds £ 40,025 244 |
Total Funds 2023 £ 40,025 244 |
Total Funds 2022 £ 27,384 10 |
|---|---|---|---|
| 40,269 | 40,269 | 27,394 |
All of the investment income in 2022 related to unrestricted funds.
4 Total expenditure
| Direct costs Grants payable - institutions Independent examiner's fee London Stock Exchange fee Hargreaves Lansdown fee |
Investments £ - - 275 - |
Charitable activities £ 7,500 720 - - 8,220 |
Total 2023 £ 7,500 720 275 - |
Total 2022 £ 9,500 274 78 23 |
|---|---|---|---|---|
| 275 | 8,495 | 9,875 |
All of the expenditure in 2022 related to unrestrcted funds.
5 Grants made
| Canal and River Trust Royal Society for the Protection of Birds Wildlife Trust for Beds Cambs and Northants Woodland Trust World Wildlife Fund - UK |
2023 £ 250 - 4,000 3,000 250 |
2022 £ - 250 - 8,500 750 |
|---|---|---|
| 7,500 | 9,500 |
Page 10
The Thomas Rawcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
......... continued
6 Governance costs
| Independent examiner's fee London Stock Exchange fee Investment Manager fee |
2023 £ 720 275 |
2022 £ 274 78 23 |
|---|---|---|
| 995 | 375 |
7 Trustees' remuneration and expenses
No trustees received any remuneration during the year.
8 Taxation
The registered charity is exempt from taxation on income and gains.
9 Investments held as fixed assets
| Market value As at 1 April 2022 Revaluation Additions As at 31 March 2023 Net book value As at 31 March 2023 As at 31 March 2022 All investment assets were held in the UK. |
Listed investments £ 909,710 (6,385) 95,531 |
|---|---|
| 998,856 | |
| 998,856 | |
| 909,710 | |
Page 11
The Thomas Rawcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
......... continued
----- Start of picture text -----
10 Debtors
2023 2022
£ £
Prepayments and accrued income 25,000 -
11 Creditors: Amounts falling due within one year
2023 2022
£ £
720 274
----- End of picture text -----
Accruals and deferred income
12 Related parties
Controlling entity
The charity is controlled by the trustees.
13 Analysis of funds
| General Funds Unrestricted income fund Prior period General Funds Unrestricted income fund |
At 1 April 2022 £ 1,031,084 At 1 April 2021 £ 816,857 |
Incoming resources £ 165,269 Incoming resources £ 152,394 |
Resources expended £ (8,495) Resources expended £ (9,875) |
Other recognised gains/losses £ (6,385) Other recognised gains/losses 71,708 |
At 31 March 2023 £ 1,181,473 At 31 March 2022 £ 1,031,084 |
|||
|---|---|---|---|---|---|---|---|---|
Page 12
The Thomas Rawcliffe Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
......... continued
14 Net assets by fund
| Investments Current assets Creditors: Amounts falling due within one year Net assets Prior period Investments Current assets Creditors: Amounts falling due within one year Net assets |
Unrestricted Funds £ 998,856 183,337 (720) 1,181,473 Unrestricted Funds £ 909,710 121,648 (274) 1,031,084 |
Total Funds 2023 £ 998,856 183,337 (720) 1,181,473 Total Funds 2022 £ 909,710 121,648 (274) 1,031,084 |
Total Funds 2022 £ 909,710 121,648 (274) 1,031,084 Total Funds 2021 £ 543,515 273,616 (274) |
|||
|---|---|---|---|---|---|---|
| 816,857 |
Page 13