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2022-03-31-accounts

Charity Registration Number 209212

The Radcliffe Trust A Registered Charity

Report and Financial Statements

31 March 2022

1

The Radcliffe Trust

CONTENTS

Page
TRUSTEES' ANNUAL REPORT 3 - 11
INDEPENDENT AUDITORS' REPORT 12 - 13
STATEMENT OF FINANCIAL ACTIVITIES 14 - 15
BALANCE SHEET 16
STATEMENT OF CASHFLOWS 17
PROPERTY INCOME ACCOUNT 18
NOTES TO THE FINANCIAL STATEMENTS 19 - 27

2

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

The Charity Trustees present their report and financial statements for the year ended 31 March 2022. 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 1 November 1714
Charity Registration Number 209212
Trustees Sir Christopher John Butcher (Chair)
Margaret Henrietta Augusta Casely-Hayford
Melanie Dawn Howse
Richard Duncan Morrison
Ellen Charlotte Le Breton Schroder
The Hon Felix Geoffrey Warnock
David William Courtenay Whelton
Timothy Hugh Wilson
Countess Elizabeth Howe
Power to Appoint New Trustees The Will and Section 36 Trustee Act 1925 empower the
Trustees to appoint new Trustees.
Nature of Governing 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

3

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Information Required Under Section 144 of the Charities Act 2011

Administrators The Trust Partnership
6 Trull Farm Buildings, Tetbury
Gloucestershire
GL8 8SQ
Bankers C Hoare & Co
37 Fleet Street
London
EC4P 4DQ
Solicitors Veale Wasbrough Vizards
Barnards Inn, 86 Fetter Lane
London
EC4A 1AD
Auditors FKCA Limited
260 – 270 Butterfield
Great Marlings
Luton
LU2 8DL
Stockbrokers Rathbone Investment Management Limited
1 Curzon Street
London
W1J 5FB
Land Agent and Chartered Carter Jonas
Surveyor Anchor House
269 Banbury Road
Summertown
Oxford
OX2 7LL
Principal Office 6 Trull Farm Buildings, Tetbury
Gloucestershire
GL8 8SQ

4

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Structure, Governance and The Radcliffe Trust was established in 1714 as a charitable trust under
Management the will of Dr 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 of whether or not to do this will rest with the Board of Trustees. The funds will
remain as capital in nature until they are converted into income.
The will of Dr John Radcliffe dated 13 September 1714 and Section 36
Trustee Act 1925 empower the Trustees to appoint new Trustees.
The charity constitutes a public benefit entity as defined by FRS 102.
The Board keeps the skill requirements for the Trustee Body under
review and in the event that a Trustee permanently retires or additional
new Trustees are required, the Board will recruit new Trustees.
The induction process for any new Trustee includes access to documentation
on the investment strategy, the grant making process and powers and
responsibilities of the Trustee Board. New Trustees also receive a brief
history of the Trust, a copy of the Board and sub committee minutes, a copy
of the last year's annual report and accounts, a copy of the will and a copy
of the Charity Commission's guidance 'The Essential Trustee: What You
Need to Know'.
The Trustees make all decisions regarding the management of the charity and day-to-day
administration is managed by The Trust Partnership.
.
Key Management Personnel The Trustees are responsible for controlling and operating the charity.
The Trustees receive no remuneration.

5

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Grant-Making Policies, The Trust makes grants to support classical music performance and training, especially
Objectives and Activities for chamber music, composition and music education. Particular interests within music
the Public Benefit education are music for children and adults with special needs, youth orchestras and
projects at secondary and higher levels, including academic research. The Trustees
respond to applications and also initiate their own projects.
The Trust also supports the development of the skills, knowledge and experience that
underpin the UK’s traditional cultural heritage and craft sectors. This includes support for
craft and conservation training, for practical projects and for strategic projects which
demonstrate clear benefits to individuals and to the sector. The Trustees also consider making
occasional grants in other areas of cultural creativity related to their concerns for
heritage and crafts, including theatre, performance, and literature. The Trust is committed
to flexible, open and inclusive grant-giving and will also consider other projects should
they fall broadly within its remit. It aims to promote standards of excellence through all
its support.
Details of the Trust's criteria and application procedure may be found on its website:
www.TheRadcliffeTrust.org.
The Trustees confirm that they have referred to the guidance contained in the Charity
Commission's general guidance on public benefit when reviewing the Trust's aims and
objectives, in planning future activities and setting the grant-making policy for the year.
Financial Review Income for the year ended 31 March 2022 amounted to
£590,081 (2021 £558,565). During the year ended 31 March 2022 the
sum of £379,911 (2021 £397,264) was awarded as grants and donations.
After expenses, net income before investment gains totalled £26,111
(2021 net income £14,530), which was added to the total funds balance
brought forward.
For the General Fund the policy of the Trustees continues to be to maintain
the underlying value in line with inflation, while seeking to maximise total return
from the existing capital base by investing in solidly based stocks held for
dividend yield and capital growth. The Trustees also seek to maximise income from
property rental and gains upon sales of properties when deemed appropriate.
Investment income increased by 11% to £339,120 (2021 £305,588).
Property income decreased by 0.006% to £250,961 (2021 £250,977).
Freehold Investment Properties The Trust owns several agricultural, commercial and residential properties
which generate rental income.
During the accounting year Carter Jonas forwards rents received to the
Trust's bank accounts and informs the Administrators of the amounts.
At 31 March 2022 there were no late payments outstanding for rent.
Carter Jonas has supplied the Administrators with an account in respect
of rents for the year to 31 March 2022.
Carter Jonas delivers a detailed written Property Report including
an account of income and expenditure for every Trustees' meeting;
Carter Jonas attends at least one of the half-yearly meetings when
it comments on significant items in its Report, makes informed
recommendations and receives instructions.
When a decision is required between meetings the issues are reported
to the Administrators and to the Chairman, and circulated to all Trustees
as necessary.

6

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Freehold Investment Properties In addition to the controls set out above, Veale Wasbrough Vizards holds
(Continued) the Property deeds in its custody on behalf of the Trustees. Approval
of all the Trustees is required for any Property transaction and the
signatures of at least three Trustees are required to deliver the title to any
Property owned by the Trust. Carter Jonas and Veale Wasbrough
Vizards have no general authority to bind the Trustees in respect of
Property matters.
In accordance with Charity 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% of the income. The income remains secure and is not at
risk.
The commercial income is less secure, although Carter Jonas is actively engaged in
negotiations with tenants to ensure continuity where possible.
Investment Powers, Policy and As contained 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 of the objects of the charity.
The Trust employs Rathbone Investment Management Limited as
investment advisers and managers.
The Trust’s liquid assets are invested with the objective of producing a growing
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 income securities, UK and overseas equities and alternative assets.
As a result of realised and unrealised growth, the General Fund returned a surplus of 6.8%
over the twelve months to 31 March 2022 (twelve months to 31 March 2021 surplus
32.9%).
The total asset split was as follows:
Asset Class
Fixed Income
UK Equities
Overseas Equities
Alternatives
Cash
TOTAL		 Asset Value
at 31 March
2022
£
989,791
5,695,960
3,623,233
1,560,351
11,869,335
157,657
12,026,992		 Asset % of
Total Assets
8.2%
47.4%
30.1%
13.0%
1.3%
100%		 Estimated
Gross Annual
Income
£
44,891
185,714
57,537
66,183
354,325
-
354,325		 Estimated
Gross Annual
Yield (%)
4.5%
3.3%
1.6%
4.2%
0.0%
2.9%

7

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT at 31 March 2022

Reserves Policy and Budget The Trust holds suitable funds 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 sufficient income to use towards meeting their charitable objects and to accord with their aims. The Trustees are of the opinion that the Trust's funds as at 31 March 2022 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. In emergency situations the Chairman has authority to make ad hoc grants up to a total of £5,000 between meetings, normally obtaining the agreement of at least one other Trustee. Taxation Under existing law the Trust is exempt from income tax, inheritance tax and capital gains tax. Risk Management The Trustees have identified four main areas where risks may occur -Governance and management -Operational -Financial -Reputational Governance and management The Trustees consider their Chairman and the Board of Trustees, their legal adviser and their Administrators, The Trust Partnership, to be well qualified and with a sufficiently broad range of experience to undertake their duties effectively and properly. The Trustees are well briefed and committed to furthering the objects of the Charity and have in place effective controls, policies and procedures to ensure, as far as possible, that the business of the charity is run properly, economically and safely.

8

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Risk Management (continued)

Operational

All grant applications are scrutinised by the Administrators and members of the Music Panel or Heritage & Crafts Committee and recommendations are submitted to Trustees. The Trustees themselves are sufficiently qualified to ensure that grants are made in line with the aims and objectives of the Charity. The risk of making inappropriate grants is minimised by conducting appropriate due diligence checks. Where appropriate, all beneficiaries are required to undertake to return funds if they cease operating within one year of the grant. All beneficiaries awarded grants by instalment are required to submit a report which is approved by the appropriate authority before subsequent instalments are paid.

Beneficiaries may be visited from time to time although it is not considered a responsible use of the Charity's funds to visit them unless warranted.

The day to day administration is handled by The Trust Partnership, which is experienced in this work. All data is stored securely and appropriately backed up.

Financial

The Trust has significant assets in property and under investment. These are managed by professional agents and protected in the last resort by each company's Professional Indemnity Policy.

Agents report regularly in person to the Trustees when investment strategies are reviewed to take advantage of prevailing conditions. The investment mandates and strategies are recorded.

Budgets and management accounts are prepared by The Trust Partnership for Trustee meetings and accounts are also prepared by them for audit.

The Trustees believe that the reports they receive and the scrutiny of their advisers leave little risk of misinterpretation or mismanagement.

Reputational

The Trustees believe that there is little risk to the reputation of the Charity through its association with its professional advisers and with its beneficiaries.

Having assessed the major risks to which the charity is exposed, in particular those relating to its investments and its finances, the Trustees believe that by monitoring reserve levels, by ensuring that controls exist over key financial systems and by examining the operational and business risks faced by the Charity, they have established effective systems to mitigate those risks.

9

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Grant Commitment Policy Applicants in receipt of grants 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 of being awarded, unless otherwise agreed. Recipients are
expected to repay any underspent portion of the grant, and the whole amount if they are
found to have acted fraudulently or negligently. The payment of any instalment of a grant
is at the Trustees’ discretion, the receipt of a suitable interim report, and funds being
available to make the payment.
Expenses Payment Procedure Auditors', Administrators', Solicitors' fees and those of the Land Agent and Stockbroker
are referred to the Chairman of Trustees as they arise for approval and payment.
Any material adjustment proposed to the basis on which trustees are remunerated is
referred to all Trustees for approval before any adjustments are implemented.
The annual accounts are submitted to the Trustees for approval at the winter
meeting and all Trustees subsequently receive copies of the
audited and approved accounts.
Claims for out of pocket expenses of Trustees and advisers are submitted to the
Administrators accompanied by vouchers for the relevant expense, where necessary.
Expenses are settled by payment authorised by two signatories.
Future Plans Turbulence in the markets caused by the Covid pandemic, the war in Ukraine and other
global uncertainties have affected the Charity’s investments. However, the trustees are
actively engaged with their advisors to ensure that there is no material effect on the
Charity’s income available to cover future grants and other expenditure.
The Trustees have made an assessment of the Trust's going concern status and have
concluded that that there are no material uncertainties which cast doubt on its ability to
continue as a going concern.
The Trust therefore intends to continue to make grants from its income to organisations in
the Heritage & Crafts and Music fields.

10

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

Statement of Trustees' responsibilities for 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 of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts, the trustees are required to:

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 accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on:

Date

and signed on their behalf by:

Sir Christopher Butcher (Chair)

11

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2022

INDEPENDENT AUDITORS' REPORT

to the Trustees of The Radcliffe Trust - A Registered Charity

Opinion

We have audited the financial statements of The Radcliffe Trust for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, the Property Income Account and related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibility Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

12

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Use of Our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Signed………………………….

Dated…………………………..

Tara Aldwin ACA (Senior Statutory Auditor) for and on behalf of FKCA Limited Statutory Auditor 260 – 270 Butterfield, Great Marlings Luton, LU2 8DL

13

The Radcliffe Trust

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2022

Note
INCOME
Income from investments
5
Property income (page 19)
Donations
6
TOTAL INCOME
EXPENDITURE ON RAISING
FUNDS
Investment managers' fees
Property expenses (page 19)
Legal & administration fees (page
19)
TOTAL EXPENDITURE ON RAISING
FUNDS
EXPENDITURE ON CHARITABLE
ACTIVITIES
Grant expenditure
2
Costs of grant making
2
TOTAL EXPENDITURE ON CHARITABLE
ACTIVITIES
TOTAL EXPENDITURE
Realised and unrealised gains on
investment assets
4
NET INCOME
Unrealised gain on revaluation of
properties
7
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT
FORWARD
TOTAL FUNDS CARRIED
FORWARD		 Expendable
Endowment
£
-
-
-
-
60,170
-
-
60,170
-
-
-
60,170
501,585
441,415
141,750
583,165
20,906,718
21,489,883		 Income
£
339,120
250,961
-
590,081
-
59,330
6,099
65,429
379,911
58,460
438,371
503,800
-
86,281
-
86,281
1,262,885
1,349,167		 Total
2022
£
339,120
250,961
-
590,081
60,170
59,330
6,099
125,599
379,911
58,460
438,371
563,970
501,585
527,696
141,750
669,446
22,169,604
22,839,051		 Total
2021
£
305,588
250,977
2,000
558,565
52,665
23,445
6,579
82,689
397,264
64,082
461,346
544,035
2,666,557
2,681,087
-
2,681,087
19,488,517
22,169,604

14

The Radcliffe Trust

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2022

Prior Year Full Fund Comparative

Note
INCOME
Income from investments
5
Property income (page 19)
Donations
6
TOTAL INCOME
EXPENDITURE ON RAISING FUNDS
Investment managers' fees
Property expenses (page 19)
Legal & administration fees (page 19)
TOTAL EXPENDITURE ON RAISING FUNDS
EXPENDITURE ON CHARITABLE ACTIVITIES
Grant expenditure
2
Costs of grant making
2
TOTAL EXPENDITURE ON CHARITABLE
ACTIVITIES
TOTAL EXPENDITURE
Realised and unrealised gains on
investment assets
4
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Expendable
Endowment
£
-
-
-
-
52,665
1,507
-
54,172
-
-
-
54,172
2,666,557
2,612,385
18,294,334
20,906,719		 Income
£
305,588
250,977
2,000
558,565
-
21,937
6,579
28,516
397,264
64,082
461,346
489,863
-
68,702
1,194,183
1,262,885		 Total
2021
£
305,588
250,977
2,000
558,565
52,665
23,444
6,579
88,689
397,264
64,082
461,346
544,035
2,666,557
2,681,087
19,488,517
22,169,604

15

The Radcliffe Trust

BALANCE SHEET

as at 31 March 2022

Note
FIXED ASSETS
Freehold investment properties
7
Investments
4
CURRENT ASSETS
Debtors
8
Cash at bank
LIABILITIES: amounts falling due within one
year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
LIABILITIES: amounts falling due in more than one year
9
NET ASSETS
Representing:
FUNDS
14
Unrestricted
Expendable Endowment
Income account
TOTAL CHARITY FUNDS		 2022
£
10,241,417
11,869,335
22,110,752
29,948
814,281
844,229
(103,932)
740,297
22,851,049
(12,000)
22,839,049
21,489,883
1,349,167
22,839,049		 2021
£
10,099,667
11,225,203
21,324,870
33,849
930,657
964,506
(119,772)
844,734
22,169,604
-
22,169,604
22,906,719
1,262,886
22,169,604

Approved by the Trustees on:

Date

and signed on their behalf by:

Sir Christopher Butcher (Trustee)

16

The Radcliffe Trust

STATEMENT OF CASHFLOWS

for the year ended 31 March 2022

2022
Note
£
CASH FLOWS FROM OPERATING
ACTIVITIES:
See below
Net cash used in operating activities
(312,947)
Cash flows from investing activities:
Dividends and interest from investments
339,120
Sale proceeds from disposal of investments
1,792,253
Acquisitions of investments at cost
(1,934,798)
Net cash used in investing and operating
activities:
(116,373)
Change in cash and cash equivalents in the reporting
period
(116,373)
Cash and cash equivalents at the beginning of the reporting
period
930,657
Cash and cash equivalents at the end of the reporting
period
814,281
(1)
(1)
RECONCILIATION OF NET GAINS IN INVESTMENT AND PROPERTIES TO NET CASHFLOW FROM
OPERATING ACTIVITIES
Net income for the reporting period
per the statement of financial activities
669,444
Adjustments for:
Gains on investments
(501,585)
Gains on properties
(141,750)
Dividends and interest from investing
activities
(339,120)
Increase in debtors
3,902
Decrease in creditors
(3,840)
Net cash (inflow)/outflow in operating activities
(312,947)		 2021
£
(338,542)
305,588
2,325,194
(2,098,894)
193,346
193,346
737,310
930,657
-
-
2,681,087
(2,666,557)
-
(305,588)
43,207
(90,690)
(338,542)

17

The Radcliffe Trust

PROPERTY INCOME ACCOUNT

for the year ended 31 March 2022

RENTS RECEIVABLE
Farms
Commercial
Wayleaves
RENTS RECEIVABLE
Farms
Commercial
Wayleaves
OUTGOINGS
Repairs
Insurance
Subscription
Management fees and expenses
Professional fees
Irrecoverable VAT
OUTGOINGS
Repairs
Insurance
Subscription
Management fees and expenses
Professional fees
Irrecoverable VAT
LEGAL AND ADMINISTRATIVE
FEES
Administration
VAT irrecoverable
LEGAL AND ADMINISTRATIVE
FEES
Administration
VAT irrecoverable		 Expendable
Endowment
£
-
-
-
-
Expendable
Endowment
£
-
-
-
-
Expendable
Endowment
£
-
-
-
-
-
-
-
Expendable
Endowment
£
-
-
-
-
-
1,507
1,507		 Income
£
124,400
125,865
696
250,961
Income
£
124,400
125,866
712
250,978
Income
£
35,169
6,293
1,075
16,793
-
-
59,330
Income
£
-
5,623
1,091
10,532
4,692
-
21,938
Income
£
5,379
720
6,099
Income
£
5,708
871
6,579		 Total
2022
£
124,400
125,865
696
250,961
Total
2021
£
124,400
125,866
712
250,978
2022
£
35,169
6,293
1,075
16,793
-
-
59,330
2021
£
-
5,623
1,091
10,532
4,692
1,507
23,445
2022
£
5,379
720
6,099
2021
£
5,708
871
6,579		 Total
2021
£
124,400
125,866
712
250,978
2021
£
-
5,623
1,091
10,532
4,692
1,507
23,445
2021
£
5,708
871
6,579

18

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2022

1. ACCOUNTING POLICIES

The financial statements are prepared in accordance with Statement of Recommended Practice, 'Accounting by Charities' (revised 2019) and with the relevant accounting standards including Financial Reporting Standard 102 applicable in the United Kingdom and Republic of Ireland and comply with the Charities Acts 2011. The principal accounting policies adopted are as follows:

Accounting convention

The financial statements are prepared under the historical cost convention, modified to include the revaluation of fixed asset investments and investment properties.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates.The principal item in the accounts where a judgement or an estimate has been made is in respect to estimating future income and expenditure flows to enable the Trustees to assess the impact of the Covid-19 pandemic on the charity’s financial position and going concern.

Funds

The expendable endowment comprises funds invested to provide income to be used for charitable purposes.

Grants payable

Provision is made for grants irrevocably committed during the year. Where a grant is payable in instalments, the future instalments are conditional on satisfactory progress reports being submitted and these grants are reviewed annually.

Properties

Properties are valued at estimated market value and the latest known historic values are noted. An independent valuation was carried out during the year by Mark Charter MRICS MARLA, and this valuation has been included in the financial statements. The surplus / ( deficit ) on revaluation is accounted for in the Statement of Financial Activities.

Quoted Investments

Quoted investments are valued in the balance sheet at market value. The realised gain / ( loss ) in the year on disposals of investments is the difference between the amount at which the investment was valued at the beginning of the year, or cost if purchased during the year, and the sale proceeds. The net gain / (loss) on revaluation and disposal of investments is shown in the Statement of Financial Activities.

Debtors

Debtors are recognised at the settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

19

NOTES TO THE FINANCIAL STATEMENTS

The Radcliffe Trust

at 31 March 2022

1. ACCOUNTING POLICIES - continued

Income

All income is recognised once the charity has entitlement to the resources and it is certain that these resources can be measured with sufficient reliability and that is probable that they will be received.

Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category.

Allocation of costs

Overhead and support costs have been allocated between costs of generating funds, charitable activities and governance as follows:

a) Heritage & Crafts adviser costs comprise the fees and expenses of the advisers and are allocated entirely to charitable activities.

b) Administration fees are allocated between costs of generating funds, support costs of direct charitable activities and governance costs based on advice from the Charity's administrators of the cost of the time spent on each category.

c) Accountancy fees are allocated between costs of generating funds and governance costs based on the cost of time spent on each category.

Governance costs

Governance costs comprise the costs of administering the Charity and costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to the audit of the charity, accountancy fees and an apportionment of legal fees.

Charitable activities

The costs of charitable activities includes grants made in the year and an apportionment of overhead and support costs.

Costs of generating funds

The cost of generating funds comprises the expenses arising from the charity's property and investment portfolios.

Assessment of going concern

The Trustees have made an assessment of the Trust's going concern status and have concluded that there are no material uncertainties which cast doubt on its ability to continue as a going concern. The Trustees consider that the Trust will be able to continue with a programme of grant-giving, which will be kept under review in light of the development of the Covid Pandemic, over the next 12 months.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

20

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2022

2. DONATIONS AND GRANTS

DONATIONS AND GRANTS
Income
Grant accruals brought forward
Heritage & Crafts
Music
Tercentenary & Trustee Initiated
Miscellaneous
Total grants awarded
Grant accruals carried forward
Grants paid
COSTS OF GRANT MAKING
Heritage & Crafts and Music advisers
Administrative fees
Irrecoverable VAT
GOVERNANCE COSTS OF THE CHARITY
Administration
Auditors' remuneration
Accountancy and taxation services
Trustees' meetings and expenses
Sundry expenses
VAT irrecoverable
TOTAL COSTS OF GRANT MAKING		 Total
2022
£
41,166
202,551
175,260
-
2,100
379,911
(31,500)
389,577
-
-
14,897
-
14,897
Total
2022
£
21,103
5,750
6,785
4,135
80
5,710
43,563
58,460		 Total
2021
£
132,900
194,753
173,211
27,500
1,800
397,264
(41,166)
488,998
6,263
15,808
2,413
24,484
Total
2021
£
22,394
6,701
7,200
(75)
(40)
3,418
39,598
64,082

TRUSTEES’ REMUNERATION

The number of Trustees reimbursed expenses was 3 (2021 nil). Trustees were reimbursed £442 (2021: nil) for travel and subsistence expenses in respect of attending trustee meetings.

No remuneration was paid to the Trustees in the year ended 31 March 2022 (2021 £nil).

21

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2022

4. QUOTED INVESTMENTS

Market value at 31 March 2021
Sale proceeds from disposal
Acquisitions at cost
Gains in year
Market value at 31 March 2022
Historical cost
Quoted investments comprise UK and overseas investments listed on recognised stock exchanges,
common investment funds and unit trusts and include the following with a value >5% of the portfolio:
Name
S4 Capital PLC		 2022
£
11,225,203
(1,792,253)
1,934,798
501,585
11,869,335
8,998,174
Holding
90,000		 2021
£
8,784,946
(2,325,194)
2,098,894
2,666,557
11,225,203
8,396,857
Value
£
260,100

5.

INVESTMENT INCOME

Gross investment income arising from listed investments is received from investments in the UK and overseas.

Listed investments
Less: non recoverable tax credits
Deposit Interest		 2022
£
351,114
(12,000)
5
339,120		 2021
£
317,588
(12,000)
-
305,588

22

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2022

6.
DONATIONS
Donations
7.
FREEHOLD INVESTMENT PROPERTIES
Market
value
at
Historic
31 March
Cost
2022
£
£
AGRICULTURAL
Shelton Estate, Bedfordshire
564,386
6,776,750
Land at Hargrave and Dean
175,577
1,600,000
COMMERCIAL
19 High Street, Ascot
1,812,175
1,864,667
2,552,138 10,241,417		 Revaluation
£
116,750
25,000
-
141,750		 2022
£
-
-
Additions/
Disposals
£
-
-
-
-		 2021
£
2,000
2,000
Market value
at
31 March
2021
£
6,660,000
1,575,000
1,864,667
10,099,667

All properties owned by the Trust are registered at the Land Registry with the Trustees as the registered proprietors.

DEBTORS

Rent receivable and prepayments
Other debtors		 2022
£
3,280
26,668
29,948		 2021
£
7,181
26,668
33,850
LIABILITIES: amounts falling due
General accruals
Other creditors and deferred
income
Grant accruals		 Within
one year
£
28,532
55,899
19,500
103,932		 In more
than
one year
£
-
-
12,000
12,000		 2022
£
28,532
55,899
31,500
115,932		 2021
£
27,793
50,813
41,166
119,772

23

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2022

10. COMMITMENTS

COMMITMENTS
Music
Heritage & Crafts		 Within one
year
£
7,500
12,000
19,500		 In more
than one
year
£
-
12,000
12,000		 Total
£
7,500
24,000
31,500

All outstanding grant commitments are included in accruals as at 31 March 2022

11.

Balance at 31 March 2021
Grants awarded during the year
Grants lapsed or reassessed
Grants paid during the year
Balance at 31 March 2022
CONTINGENT
ASSETS/LIABILITIES		 2022
£
41,166
381,411
(1,500)
(389,577)
31,500		 2021
£
132,900
397.264
-
(488,998)
41,166

There were no contingent assets or liabilities as at 31 March 2022

12. VOLUNTEERS

The Charity receives voluntary service from members of the Music Panel and the Heritage & Crafts Committee who freely donate their expert opinions in their respective fields. The wide variety of specialist knowledge available through these groups greatly contributes to the effective assessment of applications.

RELATED PARTIES 13. TRANSACTIONS

During the year, there were two grants awarded to University of Oxford and Ashmolean Museum of £1,500 (2021: £1,500) and £2,000 (2021: nil) respectively, where Timothy Wilson is an Honorary Curator. The creditor balances due at year end were nil (2021: nil). During the year, there were no grants awarded to the Shakespeare’s Globe Trust (2021: nil) where Margaret Henrietta Augusta Casely-Hayford is a trustee. The creditors balance due at year end was nil (2021: £3,333).

24

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2022

14.
GRANTS - PAID IN YEAR
HERITAGE & CRAFTS
Charity Name
Birmingham Industrial Therapy Association
Bishoplands Educational Trust
Britannia Sailing Trust
Edward Barnsley Educational Trust
Friends of Tower Hamlets Cemetary Park
Leith School of Art
Lettering & Commemorative Arts Trust
Milton Keynes Arts Centre
Museum of Leathercraft
Queen Elizabeth Scholarship Trust
Royal Drawing School
Ruskin Mill Trust
Sussex Heritage Trust
Bournemouth University
Cogges Manor Farm
Shakespeare Globe Trust
Watts Gallery Trust
Refund from Newton Abbot Town grant
Ashmolean Museum of Art & Archaeology
Bodleian Libraries, Uni of Oxford
British Museum
CarringtonLIME Heritage Skills Training CIC
Church Buildings Council
Coldharbour Mill Trust Ltd
Fine Cell Work
Hand Engravers Assoc of Great Britain
National Heritage Ironwork Group
Severn Valley Railway Charitable Trust Limited
Society of Genealogists
Theatre Royal Haymarket Masterclass Trust
Urban Crafts Foundation
Courtauld Institute of Art 3 of 3
Friends of the Cotswolds 3 of 3
Goldsmiths Centre 3 of 3
North Lands Creative Glass 3 of 3
Shakespeare Globe Trust 3 of 3
Wentworth Woodhouse 1 of 3		 Project
Woodcraft therapeutic service
Bishopsland Fellow & Residents Exhibition
Traditional Tool Chest
Furniture-Making Apprenticeship Programme
Bringing Heritage Crafts to Disadvantaged Communities in Tower Hamlets Cemetery Park Through Green Woodworking
Leith School of Art's Printmaking Course - Assisted Places Scheme & Craft-Based Curriculum Development
Wild Little Letters - Rural Schools Workshops
Complex Heritage: A school resource
Conservation of the Kite Collection
Trustee's Discretionary Grant 2021 Bursary
Practical Public Courses
Carving the Trail
Sussex Heritage Trust Bursary Scheme
HMS Invincible
Cogges training for the future
Wardrobe Department Apprentice
Conservation Fellowship
Introduction to heritage building conservation at Newton's Place
Conservation of The Charters collection
Heritage Skills Training
Heritage Textile Crafts Skills Programme
Training prisoners in fine needlework as occupational therapy
Technical Skills Training – Seal Engraving
Ironwork Conservation Working Parties pilot scheme
Heritage Apprenticeship Scheme - Keeping alive the dying skills required to maintain & run a heritage railway.
The Eyre Family Roll
Paid Costuming Internships
Artist in Residence at The Urban Crafts Foundation
The Radcliffe Trust Conservation of Easel Paintings Postgraduate Diploma Scholarships
Cotswolds Crafts Apprenticeship Scheme
Professional Development Grants
North Lands Creative Glass Skills Class Programme
Wardrobe Department Apprentice
Building Our Team - Heritage Skills Apprenticeship
Beirut Glass Project: training placement
A new commission for an early career silversmith at the Ashmolean Museum
Renewal of the grant for the programme providing financial and expert conservation support to parishes conserving artworks
and historic furnishings in Anglican churches.		 £
5,000
7,794
4,450
7,500
6,915
3,161
4,750
6,000
4,718
12,000
5,000
2,000
7,000
5,000
2,500
3,333
4,000
(1,500)
2,000
10,000
7,500
5,000
20,000
7,000
7,500
7,050
6,000
7,500
5,000
3,359
5,354
4,000
5,000
5,000
5,000
3,333
12,000
217,217

25

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2022

14.
GRANTS - PAID IN YEAR continued
MUSIC
Charity Name
Project
Aurora Orchestra
Far, Far Away: digital pilot project in London schools
Britten Pear Arts
Chamber Music in Residence 2022
Coventry City of culture Trust
Coventry UK City of Culture 2021 music programme
Diocese of leeds Music
The Schools Singing Programme
Friends of Thomas Wolsey School
Music therapy for young people with complex learning and physical difficulties at Thomas Wolsey Ormiston Academy
Gabrieli Consort & Players
Re Creation
I Fagiolini Charitable Trust
Re-wilding the Waste land
IMS Prussia Cove
IMS Prussia Cove – Open Chamber Music Seminar 2021
Kings Lynn Festival
Norfolk Young Composers' workshop and concert
Leicester Cathedral
DioSing!
National Youth Orchestra of GB
NYO Inspire 2021
NMC Recordings
Debut Discs
Open Up Music
The National Open Youth Orchestra
Royal Brompton & Harefield hospitals Charity
Vocal Beats
Royal Northern College of Music
Supporting Emerging British Composers through the Covid-19 pandemic
Shropshire Music Service
Shropshire Community Classical Orchestra
Spitz Charitable Trust
1:1 Classical Concerts for Bed-bound Residents at Bridgeside Lodge Care Home
Three Choirs Festival Association
Gaspard's Foxtrot
Youth for Music
Covid Hardship grant
MusicSpace
MusicSpace Children’s Development Project
Activate CES
Soundbeam Project for Students
All in Sound
Rocks and Pebbles
Drake Music Scotland
Centre Stage
Gloucestershire Academy of Music
Jeff Moore Commission
Glyndebourne
Pit Perfect
Independent Arts Projects Ltd
Sound Symphony
London Philharmonic Orchestra
LPO Junior Artists
Milton Keynes Islamic Arts & Culture
Multicultural Youth Orchestra
Music on Wheels CIC
MusicOnWheels Bethnal Green North
National Youth Brass Band of Great Britain
NYBBGB Bursary Fund
National Youth Choirs of Great Britain
NYCGB Financial Assistance Scheme 2022
Northern Opera Group
Sherlock Holmes
Orchestra of the Swan
A Sound Education: Music & the Visually Impaired
Rainbows Hospice for Children and Young People
Rainbows Music Therapy
Rowan Humberstone Ltd
Making Music' at Rowan for adults with learning disability in Cambridge
Royal Philharmonic Orchestra
Brent Music Academy
Royal Scottish National Orchestra (RSNO)
Gaspard’s Foxtrot Tour Across Scotland (RSNO National Schools Concert Programme 2022)
Saxon Wood Association
Music Therapy
Solem Quartet
Beethoven Bartok Now (Parts II + III)
Sptalfields Festival Limited
Training Scheme for Music Leaders in the Community
Suffolk Philharmonic Orchestra
The Lark's Flight Over Suffolk
Vacation Chamber Orchestras
The Musicians Play On
Wordsworth Singers
Cecilia McDowall Commission "The Three Birds"
World Heart Beat Music Academy
World Heart Beat Orchestra
MISCELLANEOUS
Charity Name
Project
Oxford University Chest
The Radcliffe Science Library
St Barts
Donation to the hospital
TOTAL DONATIONS AND GRANTS
HERITAGE & CRAFTS
MUSIC
MISCELLANEOUS		 £
4,500
3,000
10,000
2,500
5,000
3,500
2,750
3,000
2,000
5,000
4,000
5,000
5,000
5,000
7,500
2,500
3,000
5,000
5,000
2,500
4,000
4,000
4,000
3,000
5,000
3,000
5,000
4,000
3,000
3,000
5,000
2,500
3,000
5,000
3,000
5,000
3,000
3,000
2,800
3,380
2,500
4,000
1,830
2,500
170,260
£
1,500
600
2,100
217,217
170,260
2,100
389,577

26

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2022

15.
FUNDS ANALYSIS
Freehold Investment Properties
Investments
Debtors
Cash at Bank
Creditors
Brought forward 1 April 2021
Net movement in funds
Carried forward 31 March 2022
Freehold Investment Properties
Investments
Debtors
Cash at Bank
Creditors		 2022
Expendable
Endowment
£
10,241,417
11,090,807
-
157,657
-
21,489,881
2
20,906,719
583,162
21,489,881
2021
Expendable
Endowment
£
10,099,667
10,447,416
-
359,636
-
20,906,719		 2022
2022
Income
Total
£
£
-
10,241,417
778,528
11,869,335
29,947
29,947
656,624
814,281
(115,932)
(115,932)
1,349,167
22,839,048
0
2
1,262,885
22,169,604
86,282
669,444
1,349,167
22,839,048
2021
2021
Income
Total
£
£
-
10,099,667
777,787
11,225,203
33,849
33,849
571,021
930,657
(119,772)
(119,772)
1,262,885
22,169,604

27

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