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2021-03-31-accounts

Page
TRUSTEES' ANNUAL REPORT 3-12
INDEPENDENT AUDITORS' REPORT 13-14
STATEMENT OF FINANCIAL ACTIVITIES 15-16
BALANCE SHEET 17
STATEMENT OF CASHFLOWS 18
PROPERTY INCOME ACCOUNT 20
NOTES TO THE FINANCIAL
STATEMENTS		 21-30

The Charity The Charity Trustees Trustees present their report and financial
statements
for the year ended 31 March 2021.The		 their report and financial
statements
for the year ended 31 March 2021.The		 their report and financial
statements
for the year ended 31 March 2021.The		 their report and financial
statements
for the year ended 31 March 2021.The		 their report and financial
statements
for the year ended 31 March 2021.The		 their report and financial
statements
for the year ended 31 March 2021.The
attached financial statements have been prepared in accordance
with statutory
requirements,		 applicable law,
the Statement of Recommended Practice "Accounting
and Reporting
by Charities"
and the		 Trust's governing
documents.
Founder Dr John Radcliffe
who died on I November		 1714
Charity Registration Number 209212
Trustees Sir Christopher
John Butcher (Chair)
Margaret
Henrietta
Augusta
Casely-Hayford
Melanic
Dawn Howse
Richard Duncan
Morrison
Ellen Charlotte
Le Breton Schroder
The Hon Felix Geoff'rey Warnock
David Wiuiam
Courtenay
Whelton
Timothy
Hugh Wilson
The Countess
Howe (appointment:23'4		 June 2021)
Sir Henry Egerton Aubrey
Fletrher (resignation.		 Jane my 2021)
Power to Appoint New Trustees The Wil! and Section 36Trustee Act 1925 empower the
Trustees to appoint
ncw Trustees.
Nature ofGoverning Instruments Will 13 September 1714
Court Order 22 July 1935
Charity
Commission
Scheme which		 22 February 1978
remains
effective
Charity
Commission
Scheme which		 27 May 2002
remains effective

Administrators Administrators The Trust Partnership The Trust Partnership
6 Trull Farm Buildings, Tetbury
Gloucestershire
Gig SSQ
Bankers C Hoare lk Co
37 Fleet Street
London
EC4P 4DQ
Soiicilors Veale Wasbrough Vizards
Barnards
Inn, 86 Fetter		 Lane
London
EC4A
IAD
Auditors FKCA Limited
260-270 Butterfield
Great Marl mgs
Luton
LU2 8DL
Stockbrokers Rathbone
investment		 Management Limited
I Curzon Street
London
WIJ SFB
Land Agent and Chartered Carter Jones
Surveyor Anchor
House
269 Banbury
Road
Summertown
Oxford
OX2 7LL
Pnncipal Office 6 Trull Farm Buildings, Tetbury
Gloucestershire
GLS 8SQ

Structure, Governance Governance and The Radcliffe Trust was established
in 1714as a charitable
trust under
Management the wilt ofDr John Radcliffe and has been supplemented
by a Court
Order and Charity
Commission
Schemes.
The will provided
for an expendable
endowment
which
is used, along with any
income produced
from its investment,
exclusively
for charitable
purposes
Expendable
endowment
funds are given to a charity
as capital
but there		 is no
restriction
on them being converted
into spendable
income. The discretionary
power ofwhether
or not to do this will rest with the Board ofTrustees		 The funds will
remain as capital
in nature
until
they are convened
mto income.
The will of Dr John Radcliffe dated
13 September
1714and Section 36
Trustee Act 1925 empower
the Trustees to appoint
new Trustees
The chanty constitutes
a public benefit entity
as defined
by FRS 102
The Board keeps the skill requirements
for thc Trustee Body under
review and in the event that a Trustee permanently
retires or additional
new Trustees
are required,
the Board wiu recruit
new Trustees
The induction
process for any newly appointed
Trustee comprises
an
imtial
meeting
with the Chair and the Board, fallowed
by a briefing
on
mvestment
strategy,
the grant making
process and powers
and
responsibilities
of the Trustee Board The welcome
pack includes
a buef
history ofthe Trust, a copy ofthe Board and sub committee
minutes,
a copy
of the last year's annual
report and accounts, a copy ofthe will and a copy
ofthe Charny
Commission's
guidance
'The Essential
Trustee
What You
Need to Know'
The day-to-day
admmistration
of the charity is managed
bv The Trust
Pannership
Key Management Personnel The Trustees are responsible
for controlling
and opcraung
Ihe chanty
The Trustees receive no remuneration

Financial Review Income for the year ended 31 March 2021 amounted
to
8558,565 (20206648.999) During the year ended 31 March 2021 the
sum of8397,264 (2020 5423,923) was awarded
as grants
and donations.
After expenses,
net income before investment
gains totalled f14,530
(2020 net income 568,651),which was added to the total funds balance
brought
forward
For the General
Fund the poliry ofthe Trustees continues
to be to maintain
the underlying
value
in Ime with inflatton,
while seeking to maximise		 total return
from the existing capital base by investing
in solidly based stacks held		 for
dividend
yield and capital growth. The Trustees also seek to maximise		 income fram
property
rental
and gains upon sales ofproperties
when
deemed
appropriate
Investment
income decreased
by 23 3%to f305,588 (2020 5398,503).
Property
income increased
by 0.2% to 5250,977(2020 6250,496).
Freehold Investment Properties The Trust owns several agricultural,
commercial
and residential
properties
which generate rental
income
During ihe accounting
year Carter Jonas forwards
rents received to the
Trust's
bank accounts
and informs
the Admmistrators
of the amounts
At 31 March 2021 there were no late payments
outstanding
for rent
Carter Jones has supplied
the Admmistrators
ivith an account
in respect
ofrents for the year to 31 March 2021
Carter Jonas delivers
a detailed
written
Property
Report includmg
an account of income and expenditure
for every Trustees'
meeting;
Carter Jones attends
at least one ofthe hall'-yearly
meetings
when
it comments
on signiflcant
items
in its Report, makes
informed
recommendations
and receives instructions
When
a decision
is required
between
mectmgs
the issues are reported
to thc Admmislrators
and to the Chairman,
and mrcuiated
to all Trustees
as necessary

Freehold Investment Properties In addition to the controls set out above, Veale Wasbrough
Viaards		 holds holds holds
(Continued) the Property
deeds in its custody
an behalf ofthe Trustees. Approval
ofall the Trustees
is required
for any Property
transaction
and the
signatures
ofat least three Trustees are required
to dehver
the title		 to any
Property
owned
by the Trust
Carter ionas and Veale Wasbrough
Vixards
have no general
authority
to bind thc Trustees
in respect of
Property
matters.
In accordance
with Chanty
Law, no disposal of Property
takes place
unless appropriate
advice to that effect has been received
by the
Trustees
The Covid-19 pandemic
has had a negligible
impact
on the agricultural		 sector which
accounts for approximately
50%ofthe income
The income remains		 secure and is not at
risk.
Investment Powers, Policy and As contamed
in the Charity Commission
Scheme dated 27 May 2002
Performance which provided
that
in addition
to any other powers which they have,		 the
Trustees
may exercise the powers to invest under Trustee Act 2000,
in furtherance
ofthe obiects ofthe charity
The Trust employs
Rathbone
Investment
Management
Limited
as
investment
advisers
and managers.
The Trust*s liquid assets are mvesied
with the obiective ofproducmg		 a growmg
stream of income and capital return
while protecting
the real value		 of the endowment.
This is now achieved
through
one balanced
portfolio,
the General
Fund		 The fund consists
of fixed mcome securities,
UK and overseas
equities
and alternative		 assets.
As a result ofrealised
and unrealised
gams and losses, the General		 Fund returned a gain of
32.9%over the twelve months
to 31 March 2021 (twelve
months
to		 31 March 2020 loss-
10 1%)
The total asset split was as follows:
Asset Class Asset Class Asset Value Asset% of Estimated Esumated
at 31 March Total Assets Gross Annual Gross Annual
2021 Income Yield (%)
f f
Fixed Income 916,447 79% 48,711 5.3%
UK Equities 6/76,481 542% 166.644 2 7%
Overseas Equitics 3,159,868 273% 35,376
Altcmatives 872.407 7 5% 51 962 60%
11/25,203 302,693
Cash 359,636 3 1% 00%
TOTAL 11584 839 100% 302.693 v 6%

Reserves Policy and Budget The Trust will hold m reserve suitable funds to cover up to three months' to cover up to three months'
normal
operating
expenditure
and six		 months'
normal
grant expenditure.
The Trustees' policy is to operate on the basis of having sualcient
income to use
towards meeting their chantable
objects and to accord with their aims. The
Trustees are ofthe opinion that the Trust's funds as at 31 March 2021 together with
anticipated
income remains
sufficient to enable them to continue this ongoing		 objective
The expendable
endowment
comprises		 funds invested
to provide
income to		 be
used for charitable
purposes
ln emergency
situations
the Chairman		 has authority
to make ad hoc
grants
up to a total off5,000 between		 meetings,
normally
obtaining
the
agreement
of at least one other Trustee.
Taxauon Voder existing
law Ihe Trust
is exempt		 fram income tax, inheritance
tax
and capital gams lax.
Risk Management The Trustees
have identiaed
four main		 areas where risks may occur
-Governance
and management
-Operational
-Financial
-Reputational
Governance
and management
The Trustees consider their Chairman and the Board ofTrustees,
their		 legal adviser and
their Admimstrators,
The Trust Partnership,		 to be weil qualified
and with a		 sufficiently
broad range ofexperience
to undertake		 their duties effectively
and properly		 The Trustees
are well briefed
and committed
to furthenng		 the objects of the Charity and have in place
effecuve controls, policies and procedures
to ensure, as far as possible,		 that the business
of the charity
is run properly,
economically		 and safely.

Grant Commitment Commitment Policy Applicants
in receipt ofgrants agree to various
conditions,
including
that such grants are		 Applicants
in receipt ofgrants agree to various
conditions,
including
that such grants are		 Applicants
in receipt ofgrants agree to various
conditions,
including
that such grants are		 Applicants
in receipt ofgrants agree to various
conditions,
including
that such grants are
made for specific purposes,
and on the basis that any variation
requires
agreement		 from,
and is at the discretion
of, the Trustees.
Recipients
must keep proper records		 and grants
should
be spent within one year ofbeing awarded,
unless otherwise
agreed.		 Recipients are
expected to repay any underspent
portion ofthe grant, and the whale amount		 ifthey are
found to have acted fraudulently
or negligently.
The payment ofany instalment
of		 a grant
is at the Trustees'
discretion,
the receipt ofa suitable
interim
report, and funds being
available
to make the payment.
Expenses Payment Procedure Auditors',
Administrators',
Solicitors' fees and those ofthe Land Agent
and Stockbroker are referred
to the Chairman
ofTrustees as they arise for
approval
and payment
Any material
adjustment
proposed
to the basis on
which Trust advisers
are remunerated
is referred to all Trustees
for approval
before any adjustment
is implemented
The annual
accounts are submitted
to the Trustees for approval
at their
December meeting
and all Trustees
subsequently
receive copies ofthe
audited
and approved
accounts.
Claims fbr out ofpacket expenses ofTrustees
and advisers
arc sub-
mitted to the Admimstrators
accompanied
by vouchers
for the relevant
expense,
where
necessary
Expenses are settled
by payment
authorised
by
two signatories.
Future Plans The Covid pandemic
had commenced
pnor to the start ofthe penod to whtch		 Ihe Fmancial
Statements
relaie
During
that period the Trust's
mvesiments
have recovered		 from the
losses which were related to the downturn
associated
with the onset ofthe pandemic
Thc Trustees
have made an assessment
ofthe Trust's
gomg concern status
nnd		 have
concluded
that there arc no material
uncertainties
which cast doubt on its ability
to
contmue
as a gomg concern
The Trust therefore
mtends
to contmue
lo make grants
fram its mcome to orgamsations		 m
the Hentage a Crafts and Music fields

Statement ofTrustees'
responsibilities
fer the financial
statements
The Trustees are responsible
for preparing
the trustees'
report and accounts
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		 accounts
for		 each financial year
which give a true and fair view of the state ofaffairs ofthe charity
and ofthe		 income and expenditure ofthe charity for
that period In preparing
these accounts, the trustees are required
ta
select suitable accounting
policies and then apply them consistently;
observe the methods
and principles
in Accounting
and Reporting		 by Charities: Statement ofRecommended
Practice applicable
to chanties
preparing
their accounts
in accordance		 with the Financial Reportmg Standard
applicable
in the UK nnd Republic of Ireland (FRS 102);
make ludgements
and estimates
that are reasonable
and prudent;
state whether
applicable
United
Kingdom
Accountmg
Standards		 have been followed, subject to any matenal
departures
disclosed
and explained
in the accounts; and
prepare
the accounts
on the gomg concern basis unless it is inappropriate
to		 presume that the chanty
will contmue
in operation

Expendable Tata l Total
Endowment Income 2021 2020
Note 4 I
INCOME
Income from investments 305,588 305,588 398303
Property
income (page 19)		 250,977 250,977 250,496
Donations 2,000 2,000
TOTAL INCOME 648999
EXPENDITURE ON RAISING FUNiDS
Investment
managers'
fees		 52,665 52,665 49,926
Property expenses (page 19) 1,507 21,938 23,445 19,382
Legal th administration
fees (page		 19) 6,579 6,579 7,507
TOTAL EXPENDITURE ON RAISING FUNDS 76.815
EXPENDITURE ON CHARITABLE ACTIVITIES
Grant expenditure 397,264 397,264 423,923
Costs ofgrant making 64,082 64,082 79,610
TOTAL EXPENDITURE ON CHARITABLE
ACTI VITIES 461,346 503533
TOTAL EXPENDITURE 54,172 489,863 544,035 580,348
Realised and unrealised
(losses)/gains		 on
mvcstment
assets		 2,666,557 2,666,557 (1,322,103)
Unrealned
losses on revaluation		 of
propeftles (151,718)
NET MOVEMENT IN FUNDS 2,612,385 68,702 2,681.087 (1,405, 170)
TOTAL FUNDS BROUGHT FORWARD 18,294,334 1,194,183 19,488,517 20,893,687
TOTAL FUNDS CARRIED FORWARD 20.906,719 1.262,885 22,169,604 19,488,517

for the year ended 31 March 2021
Prior Year Full Fund Comparauve
Kspeadable Total
Kndosvment Inceme 2020
Note 4
INCOME
Income from investments 398,503 398,503
Property income (page 19) 250,496 250,496
Donations
TOTAL INCOME 648999 648999
EXPENDITURE ON RAISING liUNDS
Investment
managers'
fees		 49,926 49,926
Properly expenses(page
19)		 1,364 18,018 19,382
Legal A admmistration
fees (pare		 19) 7,507 7,507
TOTAL EXPEiNDITURE ON RAISING FUNDS 76815
EXPENDITURE ON CHARITABLE ACITVITIES
Grant expenditure 423,923 423,923
Costs ofgrant making 79,610 79,610
TOTAL EXPENDITURE ON CHARITABLE
ACTIVITIES 503.533 503533
TO'fAL EXPENDITURE 51,290 529,058 580348
Realised and unreahsed
gains/(losses)		 on
investment
assets		 4 (1,322, 103) (1,322,103)
Propenics 7 (151,718) (15'1,718)
NET MOVEMENT
IN FUNDS		 (1,525,111) 119,941 (1,405,170)
TOTAL FUNDS BROUGHT FORWARD 19,819,445 1,074,242 20,893,687
TOTAL FUNDS CARRIED FORWARD 18294 334 I 194,183 19488 517

2021 2028
Note
FIXEDASSETS
Freehold
inveslment		 propenies 10,099,667 10,099,667
Investments 11,225,203 8,784,947
21,324,870 18,884,614
CURRENT ASSETS
Debtors 33,849 77,056
Cash at bank 930,657 737,310
964,506 814,366
LIABILITIES:amounts faging due within one
year (119,772) (186,630)
NKT CURRENT ASSETS 844,734 627,736
TOTAL ASSETSLESS CURRENT LIABILITIES 22,169,604 19,512,350
LIABILITIES:amounts faging duc in more than one year (23,833)
NET ASSETS 22,169,604 19,488,517
Reprcsentmg
FUNDS 14
Unrestricted
Expendable
Endowment		 20,906,719 18,294,334
Income account 1,262,885 l,!94,183
TOTAL CHARITY FUNDS 22,169.604 19,488,517

2021 2020
Note
CASH FLOWS FROM OPERATING ACTIVITIES: See below
Net cash used in opemtiag activities 338542 340596
Cash Rows from investing activities:
Dividends
and interest fram investments		 305,588 398,503
Sale proceeds from disposal ofinvestments 2,325,194 1,466,033
Acquisitions
ofinvestments		 at cost (2,098,894) (1,427,711)
Net cash used in investing activities:
Change in cash and cash equivalents
in the reporting
period 193,346 96,229
Cash and cash equivalents at the beginning of the reporting penod 737.310 641.081
Cash and cash equivalents at the end ofthe reporting
period 930657 737,310
RECONCILIATION
OF		 NET INCOME/(EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES
Net (espenditure)/income for the reporting period
per the statement offinancial activities 2,681,087 (1,405,170)
Ad/ustments
for.
(Gams)/Losses
on investments		 (2,666,557) 1,322,103
Lomes on propenies 151,718
Dividends
and interest from investing
activities		 (305,588) (398,503)
Increase m debtors 43,207 (31,566)
Decrease
in creditors		 (90,690) 20,822
Net cash (inflow)/outaow in operating activities

Expendable Total Total
Endowment Income 2021 2020
RENTS RECEIVABLE
Farms 124,400 124,400 124,400
Commercial 125,865 125,865 125,866
Wayleaves 712 712 230
250,977 250,977 250,496
Expeadablc Total
Endowment Income 2020
RENTS RECEIVABLE 4
Fatiiis 124,400 124,400
Commercial 125,866 125,866
Wayleaves 230 230
250,496
Expendable
Endowment Income 2021 2070
OUTGOINGS f. 8
Repairs
insurance 5,623 5,623 5,051
Subscripuon 1,091 1,091 1,022
Management fees and expenses 10,532 10,532 9,310
Professional fees 4,692 4,692 2,635
irrecoverable VAT 1,507 1,507 1,364
1,507 21,938 23,445 19,382
Kxpcadablc
Endowment Income 2020
OUTGOINGS
Repairs
Insurance 5,051 5,051
Subscnption 1,022 1,022
Management fees and expenses 9,310 9,310
Professional fees 2,635 2,635
Irrecoverable VAT 1,364 1,364
19,382 19,382
Income 2021 2020
LEGAL AlvD ADMIPBSTRATIVE
FEES
Admimstrction 5,708 5,708 6,561
VAT irrecoverable 871 871 946
6.579 7 507
Income 2020
LEGAL AND ADMINISTRATIVE
FEES 8
Administration 6,561 6,561
VAT irrecoverable 946 946
7,507 7.507

Expendable Total Total
Eodowment Income 2020 2019
RENTS RECEIVABLE f.
Farms 124,400 124,400 124,915
Commercial 125,866 125,866 135,893
Wayleaves 230 230 1,269
250,496 250,496 262,077
Kxpeadable Total
Endowment Iocomc 2019
RENTS RECEIVABLE f 8 8
Farms 124,915 124,915
Commercial 135,893 135,893
Wayleaves 1469 1369
262,077 262,077
Expendable
Endowment Income 2020 2019
OUTGOINGS f
Repairs 6,080
Insurance 5,051 5,051 5,317
Subscription 1,022 1,022 1,022
Management fees and expenses 9310 9,310 9,664
Professional fees 2,635 2,635 300
Irrecoverable VAT 1,364 1,364 1,919
19,382 19,382 24,302
Expendable
Endowment income 2019
OUTGOINGS 5 f
Repairs 6,080 6,080
Insurance 5,317 5,317
Subscnption 1,022 1,022
Management fees and expenses 263 9,401 9,664
Professional fees 300 300
Irrecoverable VAT 1,919 1,919
2.182 22,120 24302
Income 2020 2019
LEGAL AND ADMIiNISTRATIVE FEES f
Adminisiration 6,561 6,561 5,401
VAT inecoverable 946 946 906
7,507 7,507 6.307
Income 2019
LEGAL AND ADMINISTRATIVE FEES
Adnunistration 5,401 5,401
VAT inccoverable 906 906
6,307 6,307

NO TE S T O T HE FINANCIAL STATEMENTS
for Ihe year ended 31 March 2021
ACCOUNTING
POLICIFS
The financial statements
are prepared
in accordance
wilh Statement ofRecommended
Practice,
'Accounting
by Charities'
(revised 2015)and wilh Ihe relevant
accounting
sinndnnls
including		 Financial
Reporling
Standard
102appgcsble
in the United iriogdom
and Republic ofireland
and comply with
Ihc Charities Acts 2011 Tbe principal accounting
policiss adopted		 are as fogows:
Accounting
conveatioa
Thc financml
statements
are prepared
under the historical cost convention,
modified to mclude the
revaluahon
offixed asset mvestments
and investment
properties.
Critical accounting
estimates
nnd areas ofjudgement
Preparation ofthc fmancial statements
requires the Trustees
and management
to make significant)udgements
snd estimates. The pnnmpal
item in the accounls ivherc a judgement		 or an estunale
hss been made		 n in respect
to estimating
future income and expenditure
flows to enable the Trustees to assess lhe impact of		 Ihe Covid-19
pandemic
on the charity's
financml
posnion
snd going concern
I'unde
Thc expendable
endowment
comprises
funds invested io provide income Io be used for charitable		 purposes.
Gmnts payable
Provision
n made for granm
irrevocably
committed
during ihe year. Where a grant
is payabic
in
mstalments,
Ihe future
inslalments
are condiuonal
on satisfactory
progress
reports being submitted		 and
these grants are reviewed
annually.
Pmpcriics
Properties
are valued at estimated
market value and Ihc latest known
histonc values are noted
An independent
valuation
was carried out during the year by Mark		 Charter MRlCS MARLA,
and
this valuation
has been included
in thc finamnl
statements
The
surplus
/ ( deficit ) on
revaluation
is nccounicd for in the Statement ofFinancml
Amivitics
Quoted Investments
Quoted
invcstmcnts
ore valued
m the bahncc sheet at market value		 Thc realised gam
/ ( loss ) m		 the
year on dispomls of mvcstmcnts
u Ihe diilerencc
between
the amount
at ivhich the rnvcsiment
was
valued at thc bctpnning ofthe year, or cost ifpurchased
durmg thc		 year, and ihc sale proceeds
The nct gain / (loss) on revaluation
snd deposal ofmvesimenls
is shoim
in the Statement ofFrisncnl
Activities
Debtors
Debtors are recognised
al Ihc scnlement
amouni,
less any provnmn		 for non.recoverability
Prcpsyments
are valued
ct Ihc amount
prepaid.
They have been discounted
io Ihe present vatuc ofthe future cash rccmpt
where such discounting
is matenal
Cash st bank and
in liand
Cosh at bank snd in hand represents
such accounts and inslrumenis		 that are available
on demand		 or have
a maiuniy ofkss Ihan three months
from Ihc dale ofocquuition
Credi(ors and pmvisions
Creditors
and provuions
arc recoguscd
when there
is an obligatmn		 at the balance sheet date as a rcsuli ofa
psst event,
il u probable
that s transfer ofeconomic benefit
will be		 required
in settlement,
and thc		 amount ofthe
scttlcmenl
can be esirmsted
reliably,
Crcdnors
and provisions
are rccognned
at ihc amount
Ihe chanly
ontimpatcs
it ivig pay Io settle Ihc debt
They have been discounted		 to thc prcscnt value ofIhc future cash
payment
where such discounung
is materia

ACCOVIITI)uG POLICIKS - continued
tacoma
All income is recognised
once the charity has enmlement		 to the resources and n is cenain
that Ihese resources can be measured
with sufficient
regability
and Ihai is probable Inst they		 will be received.
Expenditure
Lmbiltties
are recognised
as resources expended
as soon as there		 isa legal or constructive obligation
commining
the Charity
to the expenditure.
Ag expenditure		 is accounted
for on an accrual's		 basis and
has been classified
under headinlp
that aggregate
ag costs		 related to the category.
Allocation ofcosts
Overhead
and support costs have been agocated between		 costs ofgenerating
funds,
charitable		 acttvilies
and governance
as fogowx
a) Hentam &Crane adviser costs comprise the fees and expenses afthe advisers
and are agoceted entirely
to charitable
acuvities.
b) Adminntration
fees are rdhrcated
between costs ofgenerating		 funds, suppon costs ofduect
chantablc
activities and governance
costs based on advice		 fmm the Charily's
adminntrnlom		 of Ihe cost
ofIhe time spent on each category
c) Accountancy
fees are allocated
between costs ofgenerating
funds and governance
costs based an
Ihc cost oftime spent on each category.
Governance
cosis
Governance
costs comprise
Ihe casts ofsdmrnntering
the		 Chanty and costs mvolvmg
the		 public
accountability
ofthe Charity
and its compliance
with regulatmn
and good pracuce
These		 costs include
costs related to the audit ofthe charity,
accountancy
fees		 and an apponmnment
oflegal		 fees
Chnritablc
activities
The costs ofchariTabb
activnies
includes
grants made
in the year		 and an apportionment ofoverhead
and support
costs
Costs ofgcncmting
funds
The cost ofgenerating
funds compnses
Ihe expenses ansing iiom		 Ihe chanty's
properly		 and investment
portfohos.
Assessment
ofgoing concern
The Trustees
have made an asscssmcnt ofthe Trust's foing concern status and have concluded		 thot that there
are no matenal
uncenainues
which cast doubt on m abihty to continue as a going concern		 The Trustees
consider ihat the Trust wig bc able to continue
with a programme		 of grant- jivrng, ivhich wilt be kept under
review
m hght ofthe dcvelopmcnt
ofIhe Covid Pandemic,		 over the next
I2 months.

DONATIONS
AND		 GRANTS Total Total
2021 2020
Gmnt accruals brought
fonvard		 132,900 115,424
Herilage &Craas 194,753 160,710
Music 173,211 231,113
Tercentenary
di Trustee Initialed		 27,500 30,000
Miscellaneous 1,800 2,100
Total gmnts awarded
Grant accruals carried forward (41,166) (132,900)
Grants paid 488,998 406,447
COSTSOF GRANT MAKING
Hentage &Crahs and Music advisers 6,263 10,263
Administrative
fees		 15,808 18,181
Tercentenary
events,		 grant making website and support coals
Irrecoverable
VAT		 2,413 2,620
GOVERNANCE
COSTS OFTHE CHARITY
Tata I Total
2021 2020
f.
Administration 22,394 25,737
Auditors'
remuneration		 6,701 4,100
Accountancy
ond tmation
services		 7,200 7,200
Trustees' expenses (75) 1/00
Trustees'
meetings		 6,678
Sundry expenses (40) (81)
VAT irrecoverable 3,418 3,712
TOTAL COSTS OF GRANT MAKING 64,082 79,610
REMUNERATION OFTRUSTEES

All investments
are listed on a recognised stock exchange.
2021 2020
6
Market value at 31 March 2020 8,784,946 10,145,372
Sale proceeds from disposal (2,325,194) (1,466,033)
Aequi s(uone at cost 2,098,894 1,427,711
Gains/(losses)
in year		 2,666,557 (1,322,103)
Market value at 31 March 2021 11,225,203 8,784,947
Hlstoricat cost 8,396,857 8,156,845

2021 2020
6
Listed mvestments 317,588 410,109
Less non recoverable mx credits (12,000) (12,000)
Deposit interest 394
305,588 398,503

DONATIONS 2021 2020
f
Donations 2,000
2,000
FREEHOLD INVESTMENT PROPERTIES
Market
value Market value
at nt
Historic 31March Additionsl 31 hlarcb
Cost 2021 Revaluation
f		 Disposnls
f		 2020
AGRICULTURAL
Shelton Estate, Bedfcrdshire 564,386 6,660,000 6,660,000
Land at Hargrave and Dean 175,577 1,575,000 1,575,000
COMMERCIAL
19High Street, Ascot 1,812,175 1,864,667 1,864,667
2,552,138 10,099,667 10,099,667
All properties owned by owned by the Trust arc registered ai ihe Land Registry the Trust arc registered ai ihe Land Registry with the Trustees as thc reestercd propnetors
DEBTORS
2021 2020
f f
Rent receivable and prepayments 7,181 50,388
Other debtors 26,668 26,668
33,849 77,056
In morc
LIABILITIES: amounts faging duc Within than
orle I'csr onc year 2021 2020
f.
General accruals 27,793 27,793 24,824
Other creditors and deferred
income 50,813 50,813 52,739
Grant accrusls 41,166 41,166 132,900
119,772 119,772 210,463

2020/21 2021/22 Total
f f
Music 2,500 2,500
Heritage k.CraBs 38,666 38,666
Tercentenary
Miscellaneous
41,166 41,166
All outstanding grant commitments are included in accruals as at 31 March 2021
2021 2020
f
Balance at 31 March 2020 132,900 115,424
Grants swarded during
the year		 I59,515
Grants lapsed or reassessed (32,605)
Grants paid during lhc year (91,734) (109,434)
Balance at31 March 2021 41,166 132,900
CONTINGENT
ASSETS/LIABILITIES
There were no contingent assets or liabihtics as at 31 March 2021

GRANTS GRANTS GRANTS GRANTS - PAID IN YEAR PAID IN YEAR
HERITAGE &CRASIS
'
~Cha
Name
Aheubl
Cmtu
ITrtet		 71eLsat Ttt cede 4,000
Bou
cmelh Unkertty		 HMS I
ckk		 5,0N
Church 8aMem Coune1
Coy8 G Ms ofLondon Arl		 Sclwm 2020 Apphwtio
for Fwrmg lo TI
Bws O fora Conservsuo
Smda		 t Rad hfb Trwt 14NO
3,655
Ccckmt Arl CO bet Aha IandChtfC Truer EmCrWN hkk Armhb 9,614
Ceggcs M w
Ftt
t		 Coiwas teeing for 0erwm 2,SN
C liege ofA
Trust
C~ idl
lel orAn(rof3)		 C~twten ofunaec work eg 5kao
Th
R dchifaTnetCwh
rvl
fE		 Ipsktmepmwadmt Deb Schobeh'ps 4,000
Co ePakT
dhe
ICraflsR		 6 Com Pam Tradhiwol
CmAs read		 s 3514
CmA
C
cl		 Co&.I9Horde
kp Fund		 75,NO
Cmftspac I 84 2021P
fcssewt D
eloprr		 cnl Ptogra a 3,000
F
bMBO keck		 Th
Fe bndBbckOakpropct		 2,000
G kh
dk Came(rof3)
H elW uU m
nyioh		 ScmtD mu P ofessenslDcwbpm
nt Gra ts
im
S el'sBookofDcson
UH5T		 dS ueleBook S,ote
"ON
H
4 6 C
ft\ Assoculen		 (2 of2) Eebnge cd Cmtl Fund 3NO
lmhl
I
w Com
le		 Reco cegf wnlockdo
-suppon		 gs Owme u husmwses 9,510
Lode Ang l71 ec-DkseEynapmmoy Lark A gcl11esl e 5,000
Mmb
d
Anc mc		 WE IVEAVE 5.000
Harb
IMm
Mus
u		 C
mne
ofARoyalyahtctbeybw		 0 Tl FsluhAWOmmndeualdeth Yo gwl674 5,000
Ht'
IM *w'Iuk		 1h V ka
HoteIPwcctmandp		 t hwW bhhwe g
I'		 fw g c I 7000
P
0
S dptoe'C
mc		 CuwDoW
GA~lhoHomcs,		 O DoH G A dUs7-5clplwclmlalbt lkFhka, C uy 6000
Cdy W Cmt
202I
P
' ca'sp
d lh
S olb		 d 11 8 Rbw Arts P mmmmc
11
Q s
El' !0 Scdt		 ther t(l af2) T
I e'sDacmthmocm
t!OQESTZI20
Th
Q
ElmhelhSc
bhheynellrof2)		 Trustee's Deer thmocm
Ile'OEsT2020		 6,000
A f dB
lmcpcmk
c		 fru Dmp dAkm IS olh d T
hpoj
ct asm he
wet~ibm		 m Llh (4,9N)
RoyalScho lefwcadk k F twe Tww 5,0te
'Aegccelyfo
tl
P
I		 w fAwe
tBuikl		 m(yof3) SPAR C RF Ib
lesMSchobnhe20i921		 3,333
SouthH
m
Sd
W
MI
Th
5 tt
8
She's Co		 pTnet
they		 Gmdwl
App
I csheS
I
S p
Ml
'
g f ol
tcc		 I ds wl ~ kimskas d dfo Ihc c-mealenoflleSultonHcoghip S.ON
4,000
T ml Coos
ht»
Fouhdstoh		 MPhdT ei C
m' rwamB
ho		 3,750
U
ay fyok(2ol2)		 Sta cdGhssCometmle
MABwm		 3,750
W. Its Cog oTn
I		 C
I
I' ikmhe		 4,wrl
'IVc nblc Mecum ThcM Ibm IT p Tl
Mcdedht 7 pcstw		 "000
'Iukl
I
hSOIMO		 Hwa
g»
c
i g shih us
mhc»		 4,351
7
I M
I
F
4		 Apwc uccgto
mse -SedhQ		 A I wm t 5,000
234.6S7

13.
GRANTS		 13.
GRANTS		 13.
GRANTS		 - PAID PAID IN YEAR costinued
MUSIC
CESIIIK Nome P~ro ect
Asb Lea School PMLD Owhaslra I,tec
Bcscdcn Futuuisle Vm
Ismklusessmnonknel		 'ngg:pcdo m pcma~forrmntsteaphyca 0 UK 2,5CO
scrkcLy Ensemble'5
VMust EdP		 og 8
k kysme
hk'sVnwlEduel'		 Pap 2,mui
8
Ntae Contemn
0 Mu		 Ne
Wekb/CIU
InuM$5en-TheSnlwgTee		 4,NN
Censer Unacd - 0uaing Cence
Chen
Chch dem Mu cF suet Compose
Ac
Chdd
'
Ha p eSech Wee!
Ch
Mt F e d t
CsyMm
P~t
n		 4 y OUTSINGCANCER
CHOIRS
ca pne
Aced N
mlceepo
'
Musk11cnpyP
IChhke
Checker Junta 0chal
Baukca &%su
lola»t		 alde20"I chclc
' HcspccgouthWnl
ek
5		 h Mu F uwi-dc ekeyegco~s 3,mqi
"JCO
3,%0
25CO
3,%0
Cay
fLondo
SM		 5 wd Yoteg Mwb 500
Co c uyCay
fC k e Tnut		 CownuyUK
Cay d'Cduu
2D21		 mc p egammc Ic,cta
De
la Hospcc C
F
Cmd		 e M cThere pJ' st D
Jehu
F Calhcda F»C d da Chest schobahq 1,5%
Ftmdsten
ForVoce Mascuns		 52of 3) 11
Ce Ir
fwyoungww'
hm'smaoFM		 h'hprondessupwef d d I g dstwb Is
Fo
A»'
Io YoungMuscom(3		 f3) Tt
C m
fo Yowgmmkum'8		 o»~ I hp rdnsmpmfwd d I g d lwk ls
Fcab Slephc de Don Schwl M
71
py		 5,CtN
la kd
~ Th
Yc
ofthe G 0		 Jeckdt
Tl
Yeet o(&m
I
'		 2,0%
Jess»'
Fmd		 Cowht9M
H
drhq Gant		 5,000
Key CI
g
M
Theapy
LnuMe
N
-Dcor
sysloMus		 MueTI
apyprom'e
olRose
Doo
sys I Mmk
~ Fm Chdd en		 oodFecSh
&SEND		 I 3,0%
iedwph'h
m
0 chc le June		 AmsuP games Lend% Pha
w
Oclcsla Jee
Anal		 P aya 2,5%
Lund
SM
n
Academy
?tl21		 Laelo
Sefo
us AccCk~ 2021		 2,5%
Lo do
Sy
pl
yO cl
slee E		 tLad A d LSOE slL M
Ac d my-FuSPoee		 2021 3,001
Lo d
Sy
pmmO
b
tr Senmc		 8 dbpFwd Co *19M
H
ahq &ant		 3,0DO
L
4
Y
OCI		 F
u
oflYCWestl
CI		 Klh hdofa LYC el, ml I u fu 7 it yen old d d teed 3,0tul
e
L who o %pest
10p
W
M
hcslc C t
ale		 t lo y W Ic Jo
ey
C~I9Mmc Ho dshe &
I		 3OCO
5,000
M hkho c Ans C
d.l5MwcH
dhq
G		 5luN
Mmk hhkeg SENs s~hT
weens
usua
m
los		 pporlsENIDI 3,0%
M
um Bcnc oh IFed		 Cwd. 19Mac H
dhh
G
m		 2cIuN
Nalewl
Ch Id e ' 0 chest a		 C~IOM
8 rah'q
G
m		 5,0%
Nu
IY~CI
ofGB		 NYCGB Fm cul Aael
c S h		 2019.2020 5Olul
NMCR «d&l'
Ipy
t
Nl ICRe«d gsD hulDncs
OHMI T mt		 7 uee.
DR ~ den CD
Dchw D
s Sencs 3
A
mint
t
Ih
d
ukp		 I
fwrlyhs		 'nt ~ k s Nyo gdeblcdp opia 5,211
2,5%
3,000
0
I lbC
tlw		 ThH
baD
m		 5,0DO
Op
Hdb dPsL		 Yw cA» t Prog
uwc
Drchest
f
AS
0 testes L
SheeS~		 NalewlOrcl
I
fo ADW
lergms
Sta cSoed		 2020 3,5%
OILssa
M
T
I		 OKMm'
5 h		 2,5ta
Ply
e thMo5
ye
5
yg
Ps ppltl		 dr Serac»» Sou
b
5 plenmhipP
ppl
fnc ~
Coeal9 nu
t mundane
4		 p Ho Meta dd I ~dc&~mask g'co pw I,f 2,5%
2 500
R yols o
pl
»: H
f klA»sPnaa
Se
tng lmtae
f
Yo
5 An
So
ds dM		 co &19Mw'
H
ahh Ga t
Sow cycle co
b I
d
lamps
C~19Mus
H
dsha &am		 w n tby lowd D 5,%0
3,0%
J,atl
Sou dCo w
I		 CtnbaIOMw
8
d hq 0		 5SNI
SudW
MCM
hake		 MueMw
Mak
~ V tmlEmc		 bkT raP ycl 2,5%
So uh
k aero 8		 kwhb
k Safe u A
IDe
bp		 nt Progm 2020 3,0DD
St Geman's Cetkd
If.
d I		 f Mmc andthcAn Mmc Leeracy tluatsh S auc 3000
Th
A
d
yefStManamrh
Tl
EnglohCo
cr I
T
kk
nha
ChoolSo «ly
7 oMoon Fcsltw12021
Uhte 0 cheese So cc' Ltd		 F kh Cuehi 9Muse 8
d ha Ga
I
C~.I9Mm
Hwd
hq G
T 'k demCtemlCem
0 ~nrem
T uMoea Fnlw 12IBI
NNM
Jrehn Youd 0cherie 8gsg		 m P op I 5,CDO
7000
5000
?.500
3,$0
UPROAR
I SID r85 Hail		 UPROARelslDavd'
Hall
V
I
fGb estnCo
pne
Wdl
h
M
EC
Irc		 3rdo P
I
R y
id C
poscaStud»2%1
W
I fEwhmlYeulhO
I
I
IWduh		 Yoehl 0 h I 2,5CO
2,5%

13. GRANTS - PAID IN TEAR GRANTS - PAID IN TEAR GRANTS - PAID IN TEAR continual
TERCENTENARY &TRUSIXEINITIATED
~pro'cct
Buckmghamshire Lieutenancy Fund Sir Henry's rctircment giff 2,500
Ivor Guest Royal Opera House Trustee Initnted Project in Honour ofivor Guest, a previous Trustee ofThe Radcltifc Trust who 25,000
passed in 2018
27.500
MISCELLANEOUS
~har
N
e		 ~pro ect
Oxford University Chest The Radchffi Science Libray 1,500
StBans Donation
lo		 tire hospital 600
2,100
TOTAL DONATIONS AND GRANTS
HERITAGE dr CRAPIS 234,687
MUSIC 224,711
TERCENTENARY 27,500
31ISCELLANEOUS 2,100
488.998

FUNDS ANALYSIS ANALYSIS ANALYSIS 2021 2021 2021
Expendable
Endomnent income Total
8
Freehold Investment Properties 10,099,667 10,099,667
Investmenls 10,447,416 777,787 11,225.203
Debters 33,849 33,849
Cash at Bank 359,636 571,021 930,657
Creditors (119,772) (119,772)
20.906719 1.262 885
Brought forward I Apnl 2020 18,294,334 1,194,183 19,488,517
Net movement in funds 2,612385 68.702
Carried fonvard 31 March 2021 20,906719 I 262 885 22.169.604
2IQO 2020 2020
Expendable
Endowment Income Total
8 8
Freehold Investmcnt Propertres 10,099,667 10,099,667
Invcslntenls 8,009,II0 775,837 8,784,947
Dcbtom 77,056 77,056
Cash at Bank 185,557 551,753 737,310
Creditors (210,463) (210,463)
18.294 334 I 194.183 19N88.517