THE JIM RATCLIFFE FOUNDATION (A Irnikd ty LHL¥II• 2WO912024 COMPMIES HCMJSE A11 1194 The Jim Ratcliffe Foundation Contents. 1104 5107 10 11. .12 10 21 The Jim Ratcliffe Foundation Trustees Report Dewnber 2023. TrY￿e¢S JFGir J P (rnsiwd 31 W 2023) S D Morfand J E Clrfton (appointed 1 August 2￿) A Lik1?￿￿ (appointed 12 Marth 2024} The ¢￿￿ent tr￿te¢S ol are J F Ginns. J E Cllknn. S D M¢)rK•rKI aThd A Likiernian. The Publ1¢ bwKfiI The TNstees wilh 2{1)(b) Challe5 X111. regard to the Charity CanmissKm'S guidance puL4ic benefft kn re¥￿1￿ the FOUndatic￿'S aims ¥•J The Jim Ratcliffe Foundation Trustees Report Obixtives and aGtivities Obfvts and alms The Foundation's charitable purposes are set out in its goveming document as folk)ws: To advance s￿h charitable purposes (according to the law of England and wa￿$) as the trustees see fit from time to time including but exdusiv*. promoting for the public benefit preservation. conservat￿n and proteclion of the physical and natural environment; advancing education for the public benefit in the conservation. protection and improvement of the phyBical and natural environment by promoting the sludy and research of the above provided that the useful results are disseminaled lo the public at large- relieving poverty and improwng the conditions of lrfe in Social￿ and economically disadvantaged communities" and promotiry amateur sport. Activities The Foundation operates as a grant rnaker. The Foundation's grant making policy is designed lo enable the Foundation to further its tharitable purposes for the pvblK benefiL The trustees review the grant making policy on a reg￿ar basis to enswe that It reflKts Ihe Foundation's purposes. At this stage, the Foundation does nol invite unsolicited grant aFvlica1￿ts. Achievements and Perfomiance During 2023. the Foundation made no grants. however lime was spent rev￿Ing and Considering numerous projects that the Foundation considered supporting. As a result of this. in 2024 the Foundation made a material grant of £20.000.000 to the University of Oxford in the support of its research into anlimicrobial resislance. Flnanclal revlew The Foundation is supported by donations from its founder, Sir Jim Ralcliffe. During the year. Sir Jim Ratcliffe gener¢)usly made donations totalling £3Ch),LNXI {2022'. £307,500) lo the Foundation. The Trustees aim to maintain free reserves in unrestricted reserves at a level vthich allows them to readily identify and make grant awards to benefiriaries in line with the charitable objects. The level of reserves at the year end amounted to 2023 £25.148.74212022.. £23.585.5291. The trustees continue to actively identify and assess potential opwrtunities. The Jim Ratcliffe Foundation Trustees Report Golng con¢ern The Foundation has a stroThJ balance sheet at the year end with cash balances of £27,643,725 (2022.. £21,239,870) and net current assets of£25.148.742 (2022.. £26.510.9701. The FoundalK)n has Ilmited core LX)sts and liabilit*S 7*ith Ihe main expenditure relatiNJ to grants awarded to third party organisations. Grants are only awarded where funds are available and so no grant would be given rf it risked the sustsinability of the Foundation. On that basis. the trustees remain onfidenl that as a grant making charity there are no uncertainties which cast signrficant doubt on the Foundation's ability lo continue as a wng concem. Statemenl of Responsibllitles The trustees (who are also the directors of The Jim Ratclrffe Foundation for the purposes of company lawl are responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom AccwntirwJ Standards (United Kingdom Generally Accepted Accounting Practi¢el. including FRS 102 Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland.. Company law wuire$ the Irustees to prepare financial statements ts each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and ol the incoming resources and application of resources. including its income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to: select suitable accounting tM)licies apply them (y)nsistenty. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent: stale whether applicable accounting standards. comprising FRS 102 have bgen followed, subject to any material departures disdosed and explained in the financial statements" and prepare the ffinancial statements on the going concem basis unless il is inappropriate lo presume that the charitable company ￿11 ￿ntinue in business. The trustees are responsible for keeping proper a¢￿UntIng records that can disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Compan￿$ Act 20L￿. They are a150 responsible for safeguarding the assets of Ihe charitable company and hence for taking reasonable $tep$ for ihe prevention and detection of fraud and olher irregularibes. The Iruslees are resKK)nsible for the maintenance and integrity of the eorporale and financial information included on the charitsble companrfs website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jUrisdict￿n$. Disclosure of Information to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and lo estsblish thal Ihe charity's auditor is aware of that information. The trustees confirm Ihat there is no relevant infomation that they know of and of which they know the auditor is unaware. v1rtL*WJr*wrgTr*w*wRd.xK￿￿ts1RWx21 e•pl¢n4 1t4*408STllnC•iJD IrJPW2J The Jlrn Ratcllffe Foundation Trustees Report Reappoinlrnent of au￿rtor The auditors A2ets Audil Swvices oller trthisd¥es for te•ytyntrnent under seclion 487(2) d the The ￿n￿al report Wds aFvoNYd by Ihe tr￿tee$ of ts dwity ffi 2zI09Q02￿ •KI signed on Is behaff by. Trustee The Jim Ratcliffe Foundation Independent Auditors Report to the Members of The Jim Ratcliffe Foundation Opinion We have audited the financial statem￿ts crf The th R￿ffle Foundali(m (Ihe 'chaTth/) kn the year Statement of Fltyls. Kk)te5 t4 the Fin4YKial Statemenls. a ￿Mm￿Y of significant a¢vJuntuw pdicies. The frwicial repots￿ fTrmvrf>Jk that has teen *ied in preparnlion is United Thgdom A¢countin9 Sta1￿ ry)mpriSW￿ Charilits SORP . FRS 102 7he Ftnancial Rewting Standard applicable li the UK •KI R*lc of Irel•rf and {thited Kin•Jom . a true and far the stste of Ihe affays as at 31 Decunber 20Z3 aftl of tts Basis for oplnion We Conduc￿ (wr aKlit in aLrordan¢e wilh Intem￿ st￿ on Audliig (UK) (ISAS {UK)) and •pficable law. ￿5p￿ts￿lI111e9 ￿￿er those stsndar(ts are further de$￿ibed tn the audtkr resp(Thibi&bes frx the of the ffjwncial statements section of cu report We are i1￿e￿nthnt of the ch*ity ¥1 acc<>rdance the ethical rwmrements that ￿ welevant to our audit d trle fir￿n￿l ststements in the UK inthlrwj the FRC'5 Ethical Stand¥d. and we haNT fijifiled our ottw elhical tesponsibililies in acconlarN* wilh these ffquirements. We believe that ev¥lence we have Concluslons relating lo goiry c¢xKem events or condibons IW WKtvthaly or ￿lIe¢l¥&y. mwi ￿$1 doubt on Ihe ch￿$ abilty other infonn*K•n Information and, in th)iTrJ so. consider knthether the other infomialion is m*r*ty i￿￿Tr$￿tent wtlh the requlred to detern)** there 15 a matenal mi5slaternent in the financa41 slalements or a We Ib￿ rnthiThJ tr) rw li tas rwd. The Jim Ratcliffe Foundation Independent Auditofs Report to the Members of The Jim Ratcliffe Foundation Matlern on whi¢h we are required to Tewt by exception kn the Iwjht of kI￿Aedge aThl Underst￿ry of the clwity 115 envV0r￿ obtar*d in the U5 tr* rf. n owt¥iThQm". Responsibirrties of tnstees As explained mre fvlly in the Sl*emert of R￿{￿￿tse$ (sd page 3}. the Iru5tees are sponsible for the wep**i(m of the firwKaal stattyn￿ aThJ far being sabsftd Ihat I￿Y a truo and fa¥ view. and for such nternal ojnlml as the trustees deten￿ ts ne¢eswy to enable the continue as a gjing concem. disdo%r8. as appkable. mal* related to g(*vJ e45n(*n usiThJ the ng concem basis of acoJrting unless the trustees alher intend to liwttlatè the or to cease AuditoV$ ftsponsknilili￿ for the autht of financial statern that inclth ¢Jur opini1￿. Reasonable a$sUrar￿ is a hwjh level of assurano. is rnt a gualantee Ihat an audit Cond￿ in acckn V*ith ISAS IUK) knill a* (kn¢t a makrol misstatement en it exists. Misstatements aiise fraud (* error and * ¢¥)nsidered Material rf, uxlimdual irregularilies. Ind￿l￿￿j frn￿ is detsled belw. The JIM Ratcliffe Foundation Independent Auditors Report to the Members of The JIM Ratcliffe Foundation planned arKI in wxd•xe wilh the I￿ (UK}. F(Y inslan￿. the removed Use of our veport Chawtt 3 of Part 16 of the Compauts tht 2006. aui*t wort has been UiKlw*en so that we rnight state to Ihe charivs Injstees maltets are requred kn slaie to them in an aU￿rtorS fewt and Icf rn) olher WTPOS& To the fvllesl exlent by l&¥. we do not aeeept or assume For and on behaw ol Ch*teted Aco)urrtants Bulman House Regent Centre NE3 3LS The Jim Ratcliffe Foundation Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expendlture Account and Statement of Total Recognised Gains and Losses) .2023 "2022 In¢om¢ and Ir(¥n: 375,000 1,178.626 1.553.626 375.(KX) 1.178.626 1.553.626 . 385.500. 221.137 .Invesknent hKeme . T*Jtal Incune . 8Cffj.637 Expendituve on: 47,449 47.449 (47A49 (47.449) ￿ 12,181.134) 1.￿.177 1506.177 (1.574,497) Total Expendi￿re Net inCUn￿(eXPerVkn) Other rncowlsed gains and losses Oiher gainsl(fosses 12 (140.142 1.563213 1.563213 (1.714.639) RecMciliation of funds Ti)tal fund5 for•r 23.585.529 23585.529 25,148.742 25.148.742 Tlxalfunds c•rnd lor*wd . 17 23.585.529 The Jim Ratcliffe Foundation Comparative Statement of Financial Activities'for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recogni5ed Gains and Losses) .2022 Income and End(r•miei￿ Iwom: 385.5 221.137 221.137 T¢)tal in¢(Th . 606.637 Expenditure on: 181.134 1181.134 R181.134) IZ181.134) I1￿4￿97) (1.574A97) (140.142) 140.142) 11.714.639) (1.714.639) Reconciliation of lunds Total funds knight forw•d 25XX),168 25 300,168 rJ.585.529 23.585.529 17 . Mts**bnTr*5•*mRd.Xn&l1F￿txjx27 S•p>J24.1Z*6Ao8sf(bJlC+j)D IrJp 1323 The JIM Ratcllffe Foundatlon (Registration number: 11810240) Balance Sheet as at 31 December 2023 2023 . Cumt a55e¢s ..13 6.030.043 21.981038 28.011081 Z863,339 5.578,OOD 21239.870 26.817.870 306.900 Cash at and in harnl Cfeditorg: fallry due T•knln one ye Total assels less li•biMies 148.742 *510.970 2.925.441 ZJ.585.529 25.148.742 Funds of the ch¥ity: Unre51TiCted income1￿th 2S148,742 25.148.742 23.585.529 23.585.529 Total funds 17 financial statements ￿ pages 8 to 21 ap￿￿￿1 ty the trustees. ￿ aUlli￿ issue on 2310&12024. a￿1 ￿gned an ther behal ty. S D MorfarKI 10 The Jim Ratcliffe Foundation Statement of Cash for the Year Ended 31 December 2023 2023 2022 Net ¢ash iKomellexperrfth) 1X3213 {1.714.839) Investrnent income 1.178.626 384,587 1.137 {1.935.7761 13 15 (452.043) .1.867.729 .092 (66.916) (437.139) Cash flow$ from iThvesling acti¥ili•s 1,1rn626 221.137 369.542) {129.954) 741168 21.239,870 21.982.038 (345.956) 21.585.826 21.239,870 11 The Jim Ratcliffe Foundation Notes to the Financlal Statements for the Year Ended 31 December 2023 1 ChaTity statug The charity ts limited by gua¥tse. trW￿ated in Erfjl￿d and W*s. and consewMty does nol have share capital. Each of Ihe Injstees is liable to an ama*rt nol exeee(lin9 £1 towaTds Summary rf signifian¢ accounling policies and key accounting estwnates Statement of complian¢¢ Chal￿e5. Slatement of Recommer#led Praclice applicable to Char￿e5 prepaiiw thetr accounts in acccfdance wih the FYwKial ReF*xlYu Slandard applicable in the UK and Republ￿ of Ireland {FRS 102} (effe¢libt 1 JaTHwy 2019) - (Chwilies SORP {FRS 1021). the Fr￿￿#al Reportrig Slandard applicable in the UK *KI of trekTKI (FRS 102). They also comply knrylh the Cwx￿.eS Act 2006 and Ch*ill￿ kt 2011. Basis of preparatian liabililies are inrfialty rec(yJnised at cost *x unless olhtsw￿ stated in Ihe relevant a¢￿Untiftg polw r￿. Going concem the ch•ty. rrent assets of £25.148.742. The charty Imited ccsts habiffties vthh the main expend1￿re rdatKo to grants awarded to third paty (wiisations. Grdnts are avrnrded where funds ￿ avaikth and so M gr￿ vffjuhd be grth rf it risked tr* sUStsK￿llty of the dwrity. On that basis. tr*lThthes Terna￿ confthnt Ihat as a grant tharity I￿ We no Tm¢ertaiThli*s thi¢h cast 12 The Jim Ratcliffe Foundation Notes to the Financial SLqtements for the Year Ended 31 December 2023 fjnancial slatemerts. In¢ome and endowments seldement dale. In the e%*nt that a (k>nakn ts suty'eet to corKllions that require a level of recognised untsl either those condiliom ae fulPy rtrt or the fuififmenl of C1¥￿rtIonS 15 wtholly ithln contrd of tr* chaitry is trkqt these ccmdi11￿ be fulfflled in the fEwti period. Invesknert wicomi pmbable selthment is required aKI Ihe amfyjnt can be measwed rnliaw. costs are allocatèd to Ihe appli¢abJe eXpe￿I)Jre agmate siml¥ costs io that cate￿. Wheve costs canr￿1 use of reswces. central slaff costs allocated on tr* basis cl Iwne sprt and dewttiatk?n spre*l ol slaff Laxts. Charitable activilies 13 The Jim Ratcliffe Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 Taxation The charity is ¢(Ms1￿ to pass the tests sd (xrt li P*agraph 1 S¢hedule 6 of the Fmanee kt 2010 AccoT(Ingly. the charfty is rKAentiatly exempt fm lax*m n respe¢t of rK•xne or caytsl gains received withfft • ¢>Mred ity Chapter 3 Part 11 d the Tax Act 2010 or Section 256 of the Taxalion af C1w￿le Gains Ad 1992. &) the exlent that s￿h wK4xne cr ate applied exclu5i¥ety &) cltwilable pwpo Trade debl7ble in fvl by 31 Mar¢h 2024. A p05t end 'Deed d Release w 16 Ciedilats: Ming •ler one y 2023 2022 1925.441 (kn 1 Apr￿ 2020, a éM,QYJ.¢XKI loan Wds made aydilable ts the Chaw by the f￿nder. The loan ' interest free vs repayabk in full by 31 March 2024. A l)eed ol Release. was granted durirvJ January 2023. This has Wdived £300.00(l kntdeh has been released kn the eumt shrywn as 19 y￿*8￿￿*b￿r￿*u￿￿eI..XJclfvVMl￿>XIX2rstyl￿)I41￿4Slo8$TUJTc*i>o 1nP2ra The Jim Ratcliffe Foundation Notes to the Financial Statements for the Year Ended 31 December . 2023 17 Funds Balance at 31 2023 expended gainsl(lossesl 2023 Unrestricted funds 23.585.529 47.449 1.553.628 ￿ $7 036. 25.148.742 Balance at 31 expended gainsl{losses1 2022 Unrestricted 2.181.134 140.142 18 *malygls of net a55ets betA*en fur Total fwmlg at31 fundy General 2023 28,012.081 1883,339 25 148.742 28.011081 2,863.339 The Jim Ratcliffe Foundation Notes to the Financial Statements for the Year Ended 31 December 2023 T￿•1 fun unrestric￿ at 31 fwds 2022 CuThent assets Cuwent liabifrties Creditors over 1 year Tota nel assets 26.817.87D 2¢817.870 {306.900) (306.900) 1925.441 2.925,441 23.585.529 23.585,529 19 knalyyb. of net At31 At l January 2023 2023 and in hand Debt wilhin 21239,870 7411e8 21.982.038 (2.855,890) (2.855,899) Debt due after m¢xe than o 2,925.441 18.314.429 89.542 69.542 1855.899 Nd fur•Js 741168 19.126.139 Other non ¢ash At31 At1Jan 2022 Cash at bank and n hand 21.585.828 345.956). 21239.870 one> Oebt after more than one (300,￿} (300,000) 3,355,395 177. 2,925.441 18.014,429 38,456 20 Rel*d paty Iransactions 21