##
##
||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
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n|||||4|y|OUTSINGCANCER
CHOIRS
ca pne
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Checker Junta 0chal
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lola»t||alde20"I chclc
' HcspccgouthWnl
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5|||||||h||Mu||F|uwi-dc||||ekeyegco~s|||||3,mqi
"JCO
3,%0
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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
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Io YoungMuscom(3|||f3)||||Tt
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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
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Yeet o(&m
I
'|||||||||||||||||||||||2,0%|
|Jess»'
Fmd|||||||Cowht9M
H
drhq Gant|||||||||||||||||||||||5,000|
|Key CI
g
M
Theapy
LnuMe
N
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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
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##
##
|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|