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2023-03-31-accounts

Charity Registration Number 209212

The Radcliffe Trust A Registered Charity

Report and Financial Statements

31 March 2023

1

The Radcliffe Trust

CONTENTS

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 19
NOTES TO THE FINANCIAL STATEMENTS 20 - 28

2

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

The Charity Trustees present their report and financial statements for the year ended 31 March 2023. 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 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
Michael James Pickett (Joined 12thJuly 2023)
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 2023

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 2023

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 newly appointed Trustee comprises an initial meeting with the Chair and the Board, followed by a briefing on investment strategy, the grant making process and powers and responsibilities of the Trustee Board. The welcome pack includes 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 day-to-day administration of the charity 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 2023

Grant Making Policies, Objectives and Activities for the Public Benefit

The Trust makes grants to support classical music performance and training, especially chamber music, composition and music education. Particular interests within music 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 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.

6

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

Financial Review Income for the year ended 31 March 2023 amounted to
£645,780 (2022 £590,081). During the year ended 31 March 2023 the
sum of £511,900 (2022 £379,911) was awarded as grants and donations.
After expenses, net loss before investment losses totalled (£23,693)
(2022 net income £26,111), 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 16.1% to £393,589 (2022 £339,120).
Property income increased by 0.008% to £250,982 (2022 £250,961).
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 2023 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 2023.
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.

7

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

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 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 losses, the General Fund returned a deficit of (3.6%)
over the twelve months to 31 March 2023 (twelve months to 31 March 2022 gain 6.8%).
The total asset split was as follows:
Asset Class
Asset Value
Asset % of
Estimated
Estimated
at 31 March
Total Assets
Gross Annual
Gross Annual
2023
Income
Yield (%)
£
£
Fixed Income
1,039,340
9.3%
57,402
5.5%
UK Equities
5,022,695
44.8%
175,932
3.5%
Overseas Equities
4,000,396
35.7%
72,090
1.8%
Alternatives
1,121,213
10.0%
73,656
6.6%
11,183,645
379,080
Cash
24,807
0.2%
-
0.0%
TOTAL
11,208,452
100%
379,080
3.4%

8

The Radcliffe Trust TRUSTEES' ANNUAL REPORT at 31 March 2023

Reserves Policy and Budget The Trust will hold in reserve 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 2023 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.
At 31 March 2023, the total fund balance stood at £22 million (2022: £22.8 million),
a decrease of £0.8million.
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.

9

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

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 policies 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.

Trustees maintained oversight of investments to avoid investment activity that might be Contrary to policy.

10

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

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 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
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 sub-
mitted to the Administrators accompanied by vouchers for the relevant
expense, where necessary. Expenses are settled by payment authorised by
two signatories.
Future Plans
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 to organisations in the Heritage &
Crafts and Music fields.

11

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

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)

12

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

at 31 March 2023

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 2023 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.

13

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

14

The Radcliffe Trust

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2023

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 (losses)/gains on
investment assets
4
NET INCOME/EXPENDITURE
Realised and unrealised losses/(gains) on
revaluation of properties
6
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Expendable
Endowment
£
-
-
-
-
53,567
84
-
53,651
-
-
-
53,651
(763,991)		 Income
£
393,589
250,982
1,209
645,780
-
33,377
6,440
39,817
511,900
64,104
576,064
615,821
-
29,959
-
29,959
1,349,166
1,379,125		 Total
2023
£
393,589
250,982
1,209
645,780
53,567
33,461
6,440
93,468
511,900
64,104
576,004
669,473
(763,991)
(787,683)
(78,402)
(866,085)
22,839,049
21,972,964		 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
(817,642)
(78,402)
(896,044)
21,489,883
20,593,839		 527,696
141,750
669,446
22,169,603
22,839,049

15

The Radcliffe Trust

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2023

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 gain 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		 Income
£
339,120
250,961
-
590,081
-
59,330
6,099
65,429
379,911
58,460
438,371
503,800
-		 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
441,415
141,750
583,165
20,906,718
21,489,883		 86,281
-
86,281
1,262,885
1,349,166		 527,696
141,750
669,446
22,169,603
22,839,049

16

The Radcliffe Trust

BALANCE SHEET

as at 31 March 2023

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		 2023
£
10,079,015
11,183,645
21,262,660
30,086
824,107
854,193
(140,889)
713,304
21,975,964
(3,000)
21,972,964
20,586,237
1,386,727
21,972,964		 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
1,349,166
22,839,049

Approved by the Trustees on:

Date

and signed on their behalf by:

Sir Christopher Butcher (Trustee)

17

The Radcliffe Trust

STATEMENT OF CASHFLOWS

for the year ended 31 March 2023

2023
Note
£
CASH FLOWS FROM OPERATING ACTIVITIES:
See below
Net cash used in operating activities
(389,463)
Cash flows from investing activities:
Dividends and interest from investments
393,589
Sale proceeds from disposal of investments
1,398,691
Acquisitions of investments at cost
(1,476,992)
Proceeds from sale of properties
84,000
Total Cash flows from investment activities
399,288
Net cash used in investing activities:
9,824
Change in cash and cash equivalents in the reporting
period
9,824
Cash and cash equivalents at the beginning of the reporting period
814,281
Cash and cash equivalents at the end of the reporting
period
824,107
(1)
(1)
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASHFLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period
per the statement of financial activities
(866,085)
Adjustments for:
Losses/(gains) on investments
763,991
Losses/(gains) on properties
78,402
Dividends and interest from investing activities
(393,589)
Increase/(decreased) in debtors
(139)
Increase/(decrease) in creditors
27,957
Net cash (inflow)/outflow in operating activities
(389,463)		 2022
£
(312,947)
339,120
1,792,253
(1,934,798)
-
196,545
(116,373)
(116,373)
930,657
814,281
-
-
669,444
(501,585)
(141,750)
(339,120)
3,902
(3,840)
(312,947)

18

The Radcliffe Trust

PROPERTY INCOME ACCOUNT

for the year ended 31 March 2023

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
£
-
-
-
-
-
84
84
Expendable
Endowment
£
-
-
-
-
-
-
-		 Income
£
124,400
125,865
717
250,982
Income
£
124,400
125,865
696
250,961
Income
£
1,950
8,066
1,078
11,157
11,126
-
33,377
Income
£
35,169
6,293
1,075
16,793
-
-
59,330
Income
£
5,702
738
6,440
Income
£
5,379
720
6,099		 Total
2023
£
124,400
125,865
717
250,982
Total
2022
£
124,400
125,865
696
250,961
2023
£
1,950
8,066
1,078
11,157
11,126
84
33,461
2022
£
35,169
6,293
1,075
16,793
-
-
59,330
2023
£
5,702
738
6,440
2022
£
5,379
720
6,099		 Total
2022
£
124,400
125,865
696
250,961
2022
£
35,169
6,293
1,075
16,793
-
-
59,330
2022
£
5,379
720
6,099

19

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2023

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 Act 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 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.

20

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2023

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 Cost of living Crisis and effects worldwide events affecting investments.

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.

21

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2023

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
Subtotal Cost of Grant Making
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
REMUNERATION OF TRUSTEES		 Total
2023
£
31,500
244,400
265,400
-
2,100
511,900
(57,750)
485,650
-
-
15,792
15,792
Total
2023
£
22,371
5,900
7,193
6,033
780
6,035
48,312
64,104		 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

Trustees were reimbursed £600 (2022 is £442) for travel and subsistence in respect of attending trustee meetings. The total number of Trustees reimbursed is three.

Ashmolean Museum received a grant of £2,000 during the year. There is no balance outstanding at the year end. A trustee of Radcliffe is a Honorary Curator of Ashmolean Museum.

As administration services are outsourced to The Trust Partnership and to professional advisers, apart from the Trustees themselves, the Trustees do not consider that the Trust has key management personnel.

22

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2022

4. QUOTED INVESTMENTS

All investments are listed on a recognised stock exchange.

All investments are listed on a recognised stock exchange.
Market value at 31 March 2022
Sale proceeds from disposal
Acquisitions at cost
(Losses)/Gains in year
Market value at 31 March 2023
Historical cost		 2023
£
11,869,335
(1,398,691)
1,476,992
(763,991)
11,183,645
9,237,586		 2022
£
11,225,203
(1,792,253)
1,934,798
501,585
11,869,335
8,998,174

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		 2023
£
405,117
(12,000)
472
393,589		 2022
£
351,115
(12,000)
5
339,120

23

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2023

6. DONATIONS

DONATIONS
Morris Memorial donation
Sterndale donation
FREEHOLD INVESTMENT PROPERTIES
Market
value
at
Historic
31 March
Cost
2023
£
£
AGRICULTURAL
Shelton Estate, Bedfordshire
564,386
6,850,816
Land at Hargrave and Dean
175,577
1,550,000
COMMERCIAL
19 High Street, Ascot
1,812,175
1,678,199
2,552,138 10,079,015		 Revaluation
£
74,066
34,000
(186,468)
(78,402)		 2023
£
879
330
1,209
Additions/
Disposals
£
-
(84,000)
-
(84,000)		 2022
£
-
-
Market value
at
31 March
2022
£
6,776,750
1,600,000
1,864,667
10,241,417

7.

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

8.

DEBTORS

DEBTORS
Rent receivable and prepayments
Other debtors		 2023
£
3,419
26,667
30,086		 2022
£
3,280
26,668
29,948

9.

LIABILITIES: amounts falling due
General accruals
Other creditors and deferred
income
Grant accruals		 Within
one year
£
27,550
58,589
54,750
140,889		 In more
than
one year
£
-
-
3,000
3,000		 2023
£
27,550
58,589
57,750
143,889		 2022
£
28,532
55,899
31,500
115,932

24

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2023

10. COMMITMENTS

COMMITMENTS
Music
Heritage & Crafts		 Within one
year
£
35,750
19,000
54,750		 More than
one year
£
-
3,000
3,000		 Total
£
35,750
22,000
57,750

All outstanding grant commitments are included in accruals as at 31 March 2023

Balance at 31 March 2022
Grants awarded during the year
Grants lapsed or reassessed
Grants paid during the year
Balance at 31 March 2023		 2023
£
31,500
538,150
-
(511,900)
57,750		 2022
£
41,166
381,411
(1,500)
(389,577)
31,500

11.

CONTINGENT ASSETS/LIABILITIES

There were no contingent assets or liabilities as at 31 March 2023

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.

25

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2023

13.
GRANTS - PAID IN YEAR
HERITAGE & CRAFTS
Charity Name
An Talla Solais
Bishopland
British Library
Chorley Youth Zone
City & Guilds London
College of Arms
Contemporary Applied Arts
Creative Dimension Trust
Cathedral Church of St Peter in Exeter
Edward Barnsley Educational Trust
George Community Pub (Wickham Market) Limited
Heron Corn Mill
Joss Searchlight
Little Angel Theatre
Manchester Craft and Design
Midlands Art Centre
National Maritime Museum
New Brewery Arts
Orchard Barn Environ Ed Centre
QEST
Edward James Foundation Trust
Royal College of Art
Royal National Theatre
Royal School Needlework
Sailing Techtona CIC
Textile Conservation Foundation
University of York
Bodleian Libraries, Uni of Oxford
Church Buildings Council
Cockpit
Cropper Paper Foundation
Exeter Phoenix
Heritage Crafts Association
Horniman Public Museum and Public Park Trust
Intra Arts Ltd
London School of Mosaic
Make Southwest
Menai Strait's Heritage Sailing
North Lands Creative
Ridge SCIO
Society for the Protection of Ancient Buildings
South House Silver Workshop Trust
Yorkshire Artspace Society Ltd
Wentworth Woodhouse Preservatioh Trust		 Project
Season of Light (Ràithe an t-solais in Gaelic)
Bishopsland Fellow & Residents Exhibition
2022 Textile Conservation Internship at the British Library
Fired Up 4 2022
Bursary for a Conservation Student
Conservation of 16th century manuscript volume 'Visitation of Norfolk'
CAA - Supporting Emerging Excellence in Craft
Workshop
Modern help for heritage masons
Furniture-Making Apprenticeship Programme
The George Community Pub
Mill Skills Programme
The Childhood Cancer Art Project
Diversifying Puppetry - Puppetry Making Associates
Hands On: Creative Business Bursaries for Diverse Makers
Adeela Suleman Exhibition 2022: Public Learning & Participation Programme
Conservation and Research of the Tapestry ‘The Burning of the Royal James at the Battle of Solebay’
Emerging Makers Residency at New Brewery Arts
Trustee's Discretionary Grant 2022
Radcliffe Trust Craft Scholarship at the Royal College of Art
Future Tutor Training programme
Tall Ship Tectona - Conservation and Refurbishment Project Phase 3
MPhil Textile Conservation Bursary
Stained Glass Conservation MA Bursaries
Conservation of “Portrait of an Unknown Lady” at the Bodleian Libraries.
2022 funding application
Radcliffe Trust Award at Cockpit
Beater acquisition
Pioneering perspectives: exploring and responding to early videography
Endangered Crafts Fund - energy crisis grants
Legacies of Tea: conservation of Horniman’s Tea diorama in bell jar
The Cut Of Her Cloth
Making Micro Mosaics
Emerging Maker Programme
Menai Straits Heritage Sailing
North Lands Creative Summer Academy - The Radcliffe Trust Scholarships in Glass making
Fleshers Close West Building restoration
The SPAB William Morris Craft Fellowship 2023-25
The South House Silver Workshop Scholarship Scheme
Silver Space Bursary Awards
Building Our Team - Heritage Skills Apprenticeship
Support the Apprentice Prop Maker at the National Theatre
Investment in our future heritage and craft workforce
Training in Vernacular Building Skills		 £
2,000
4,000
5,000
5,000
3,000
1,000
3,000
6,000
2,000
7,500
4,000
2,000
1,000
5,000
5,000
5,000
2,000
6,000
4,000
12,000
12,000
10,000
6,000
4,000
2,000
7,500
5,000
4,000
20,000
11,000
7,000
2,000
8,950
3,500
3,000
4,000
7,100
2,500
5,000
7,400
5,000
6,000
6,950
12,000
246,400

26

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS at 31 March 2023

13.
GRANTS - PAID IN YEAR continued
MUSIC
Charity Name
Project
Benslow Music Trust
Bursary scheme
Beyond Autism
Improving wellbeing: Music Therapy for Children with Autism
Britten Pears Arts
Chamber Music in Residence
Cantilena Festival
Resumption of Cantilena Festival on Islay post-Covid
Charles Wood Festival
Charles Wood Singers
Dartington Hall Trust
Advanced String Quartet Bursaries during the chamber music week of the Dartington Music Summer School and Festival
Ellenor Hospice
Music therapy for children and young people in North Kent and Bexley
Evolve Music
Sound Lab
Halle Concerts Society
Hallé Youth Orchestra
London Song Fesitval
New commission by the London Song Festival of three songs by Roderick Williams OBE
London Symphony Orchestra
LSO East London Academy 2022/23
London Youth Choirs
LYC West
Manchester Camerata
Young Voices Gorton: The Place To Be
Martin House
Music Therapy Programme
National Youth Orchestra GB
NYO Inspire
National Youth Orchestra Scotland
NYOS Symphony Orchestra 2022 Programme
Nightingale Community Academy
Increased music opportunities for boys with social, emotional and mental health difficulties
Music at Oxford
Arvo Pärt Festival
Opera21 Ltd
Sonata for Broken Fingers (A Chamber Opera in One Act)
Orchestras for all
National Orchestra for All Summer Course 2022
Play for Progress
Record, Arrange & Write (RAW) Classes: Autumn Term 2022
Royal Opera House
Trainee Ballet Pianist, The Royal Ballet
Royal Philharmonic Society
RPS Composers
Sinfonietta Productions
London Sinfonietta Academy 2022/23
Sound Festival
Commissioning for soundfestival
Southbank Sinfonia
Southbank Sinfonia at St John's Smith Square: Half-Bursary for the orchestra's Annual Development Programme 2022/23
Spitz Charitable
Spreading Classical Music for Well-being
The Telling
Empowered Women Trilogy Tour: June to Sept 2022
Three Choirs Festival
A new song for all every day' - 11 concerts of contemporary and new music from 24-30 July
Tourette Syndrome
Music Therapy: Supporting People With Tourette Syndrome
Ulster Youth Orchestra
Ulster Youth Orchestra’s 2022 Summer Residential Course and Concerts
Waterperry Opera
Developing and training diverse emerging performers and creatives
Whole Step CIC
Early Years/Foundation Stage Music Therapy group for children with special needs
Young Music Makers Dyfed
Young Composer of Dyfed
Apollo Music Projects
Music for Wellbeing : Music Education Project at Stormont House Special School
Camden Music Trust
Special Needs Music Group
Codetta Choirs
Two commissions for young singers - Ragnar Rasmussen
Create Bolton
The Boltones
Dunedin Concerts Trust
Out of Her Mouth
Encore Enterprises CIC
Herefordshire Youth Orchestra (HYO) /EYM - City of Birmingham Symphony Orchestra (CBSO) Partnership
First Steps (Bath)
Music Therapy for young children with special educational needs
Friends of Thomas Wolsey School
Music Therapy for Young People with Complex Learning and Physical Difficulties
Gallions Music Trust
Giving the Joy of Music to children with ASD
Headway East London
Making Musical Headway
Royal Northern College of Music
Supporting Emerging British Composers through the cost of living crisis
Sound Waves SCIO
Mull Music Makers
Trust Music
Bursaries for Young People Learning Music
Ulster Orchestra Society Ltd
Crescendo Project
Ulster Touring Opera Ltd
The Barber of Seville 2023 Tour and Outreach
Wiltshire Music Centre Trust Ltd
West of England Youth Orchestra 2022/23
Belfast International Arts Festival
Tenebrae Choir
MISCELLANEOUS
Charity Name
Project
Oxford Univ Chest
The Radcliffe Science Library
St Barthlomews Hospital
Donation to the hospital
Oxford Univ Chest
The Radcliffe Science Library
Oxford Univ Chest
The Radcliffe Science Library
St Barthlomews Hospital
Donation to the hospital
Oxford Univ Chest
The Radcliffe Science Library
TOTAL DONATIONS AND GRANTS
HERITAGE & CRAFTS
MUSIC
MISCELLANEOUS		 £
2,500
5,000
3,000
2,000
5,000
3,000
5,000
4,000
3,000
2,000
5,000
3,000
5,000
5,000
5,000
5,000
2,700
2,500
3,000
5,000
3,500
25,000
3,000
3,000
4,000
4,500
3,500
2,500
5,000
3,000
3,000
2,500
2,500
4,000
2,500
3,000
3,500
2,500
4,500
5,000
3,200
3,500
3,250
5,000
6,000
5,000
3,000
5,000
5,000
3,500
5,000
237,150
£
375
300
375
375
300
375
2,100
246,400
237,150
2,100
485,650

27

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

at 31 March 2023

14.
FUNDS ANALYSIS
Freehold Investment Properties
Investments
Debtors
Cash at Bank
Creditors
Brought forward 1 April 2022
Net movement in funds
Carried forward 31 March 2023
Freehold Investment Properties
Investments
Debtors
Cash at Bank
Creditors		 2023
Expendable
Endowment
£
10,079,015
10,490,018
-
24,807
-
20,593,840
-1
21,489,883
(896,043)
20,593,840
2022
Expendable
Endowment
£
10,241,417
11,090,807
-
157,659
-
21,489,883		 2023
2023
Income
Total
£
£
-
10,079,015
693,627
11,183,645
30,086
30,086
799,300
824,107
(143,889)
(143,889)
1,379,124
21,972,964
0
-1
1,349,166
22,839,049
29,958
(866,085)
1,379,124
21,972,964
2022
2022
Income
Total
£
£
-
10,241,417
778,528
11,869,335
29,948
29,948
656,622
814,281
(115,932)
(115,932)
1,349,166
22,839,049

28

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