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2024-03-31-accounts

Charity Registration Number 209212

The Radcliffe Trust A Registered Charity

Report and Financial Statements

31 March 2024

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

for the year ended 31 March 2024

The Charity Trustees present their report and financial statements for the year ended 31 March 2024. 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 (Resigned 9thJuly 2024)
Ellen Charlotte Le Breton Schroder
The Hon Felix Geoffrey Warnock (Resigned 9thJuly 2024)
David William Courtenay Whelton
Timothy Hugh Wilson
Countess Elizabeth Howe
Michael James Pickett (Appointed 12thJuly 2023)
Sarah Louise Derbyshire (Appointed 9thJuly 2024)
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

for the year ended 31 March 2024

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
24 King William Street
London
EC4R 9AT
Auditors FKCA Limited
260 – 270 Butterfield
Great Marlings
Luton
LU2 8DL
Stockbrokers Rathbone Investment Management Limited
1 Curzon Street
London
W1J 5FB
Waverton Investment Management Limited
16 Babmaes Street
London
SW1Y 6AH
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

for the year ended 31 March 2024

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

for the year ended 31 March 2024

Grant Making Policies, Objectives and Activities for the Public Benefit

The Trust's main objective is currently to provide grants to institutions supporting music, heritage & crafts. During the year, the Trust awarded grants for these purposes amounting to £408,086.

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

for the year ended 31 March 2024

Financial Review Income for the year ended 31 March 2024 amounted to £599,892 (2023: £645,780). During the year ended 31 March 2024 the sum of £408,086 (2023: £511,900) was awarded as grants and donations. After expenses, net income before investment gains totalled £27,181 (2023: net expenditure of £23,693), 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 1.2% to £398,219 (2023 £393,589). Property income decreased by 19.7% to £201,623 (2023 £250,982), due to the sale of commercial property during the year. Freehold Investment Properties During the year, the Trust owned several agricultural, commercial and residential properties, which generated rental income. As of the year-end, the Trust had sold all of its commercial property (see note 7) but continues to generate rental income from agricultural and residential properties. 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 2024 there were late payments outstanding for rent amounting to £43,527 (2023: £nil). Carter Jonas has supplied the Administrators with an account in respect of rents for the year to 31 March 2024. 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

for the year ended 31 March 2024

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.

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.

Post year-end, the Trust appointed Waverton Investment Management Limited to perform this role.

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 gain of 9.7% over the twelve months to 31 March 2024 (2023: deficit of 3.6%).

The total asset split was as follows:

----- Start of picture text -----
Asset Class Asset Value Asset % of Estimated Estimated
at 31 March Total Assets Gross Annual Gross Annual
2024 Income Yield (%)
£ £
Fixed Income 1,462,375 12.3% 77,841 5.3%
UK Equities 4,009,027 33.7% 145,695 3.6%
Overseas Equities 5,266,070 44.3% 84,030 1.6%
Alternatives 897,897 7.6% 70,943 7.9%
11,635,369
Cash 247,485 2.1% 6,260 2.5%
TOTAL 11,882,854 100% 384,769 3.2%
----- End of picture text -----

8

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

for the year ended 31 March 2024

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.
At 31 March 2024, the Trust held total reserves of £23,104,314, of which £1,464,573 is
held within the Income Account, and £21,639,741 within the Expendable Endowment.
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 2024 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.

9

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT for the year ended 31 March 2024

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 manage those risks.

10

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

for the year ended 31 March 2024

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
December 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 from its income to organisations in
the Heritage & Crafts and Music fields.

11

The Radcliffe Trust

TRUSTEES' ANNUAL REPORT

for the year ended 31 March 2024

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:

16.01.25

Date

and signed on their behalf by:

Christopher Butcher

Sir Christopher Butcher (Chair)

12

The Radcliffe Trust

INDEPENDENT AUDITORS' REPORT

to the Trustees of The Radcliffe Trust - A Registered Charity

for the year ended 31 March 2024

Opinion

We have audited the financial statements of The Radcliffe Trust for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, the Property Income Account and related notes. 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 an auditor’s report 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

The Radcliffe Trust

INDEPENDENT AUDITORS' REPORT

to the Trustees of The Radcliffe Trust - A Registered Charity

for the year ended 31 March 2024

Extent to which our procedures are capable of detecting irregularities, including fraud:

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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition, via related parties and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

To address the risk of fraud through management bias and override of controls, we:

To address the risk of fraud through related parties, we:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

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.

Tara Aldwin ACA (Senior Statutory Auditor) Tara Aldwin for and on behalf of FKCA Limited Signed…………………………. Statutory Auditor 260 – 270 Butterfield, 30.01.25 Great Marlings Dated………………………….. Luton, LU2 8DL

14

The Radcliffe Trust

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2024

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/(losses) on
investment assets
4
NET INCOME/EXPENDITURE
Unrealised gains/(losses) on revaluation of
properties
7
Realised gains on disposal of properties
7
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Expendable
Endowment
£
-
-
-
-
57,331
936
-
58,267
-
-
-
58,267
730,924		 Income
£
398,219
201,623
50
599,892
-
27,733
7,292
35,025
408,086
71,333
479,419
514,444
-
85,448
-
85,448
1,379,125
1,464,573		 Total
2024
£
398,219
201,623
50
599,892
57,331
28,669
7,292
93,292
408,086
71,333
479,419
572,711
730,924
758,105
5,000
368,245
1,131,350
21,972,964
23,104,314		 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)
672,657
5,000
368,245
1,045,902
20,593,839
21,639,741		 (787,683)
(78,402)
-
(866,085)
22,839,049
21,972,964

15

The Radcliffe Trust

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2024

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 (losses) on
investment assets
4
NET INCOME
Unrealised (loss) on revaluation of properties
7
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
576,004
615,821
-		 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)
(817,642)
(78,402)
(896,044)
21,489,883
20,593,839		 29,959
-
29,959
1,349,166
1,379,125		 (787,683)
(78,402)
(866,085)
22,839,049
21,972,964

16

The Radcliffe Trust

BALANCE SHEET

as at 31 March 2024

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
15
Unrestricted
Expendable Endowment
Income account
TOTAL CHARITY FUNDS		 2024
£
8,405,816
11,635,369
20,041,185
74,949
3,049,960
3,124,909
(60,780)
3,064,129
23,105,314
(1,000)
23,104,314
21,639,741
1,464,573
23,104,314		 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
20,593,839
1,379,125
21,972,964

Approved by the Trustees on:

16.01.25

Date

and signed on their behalf by:

Christopher Butcher

------------------------------------------------Sir Christopher Butcher (Trustee)

17

The Radcliffe Trust

STATEMENT OF CASHFLOWS

for the year ended 31 March 2024

2024
£
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities
(498,010)
Cash flows from investing activities:
Dividends and interest from investments
398,219
Sale proceeds from disposal of investments
3,965,724
Acquisitions of investments at cost
(3,686,524)
Proceeds from sale of properties
2,046,444
Total Cash flows from investment activities
2,723,863
Net cash used in operating and investing activities:
2,225,853
Change in cash and cash equivalents in the reporting period
2,225,853
Cash and cash equivalents at the beginning of the reporting period
824,107
Cash and cash equivalents at the end of the reporting period
3,049,960
(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
1,131,350
Adjustments for:
(Gains)/Losses on investments
(730,924)
(Gains)/Losses on properties
(373,245)
Dividends and interest from investing activities
(398,219)
(Decrease) in debtors
(44,863)
(Decrease)/Increase in creditors
(82,109)
Net cash (inflow)/outflow in operating activities
(498,010)		 2023
£
(389,463)
393,589
1,398,691
(1,476,992)
84,000
399,288
9,824
9,824
814,281
824,107
-
-
(866,085)
763,991
78,402
(393,589)
(139)
27,957
(389,463)

18

The Radcliffe Trust

PROPERTY INCOME ACCOUNT

for the year ended 31 March 2024

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
£
-
-
-
-
-
936
936
Expendable
Endowment
£
-
-
-
-
-
84
84		 Income
£
124,400
76,506
717
201,623
Income
£
124,400
125,865
717
250,982
Income
£
1,844
8,173
-
10,227
7,490
-
27,733
Income
£
1,950
8,066
1,078
11,157
11,126
-
33,377
Income
£
6,703
589
7,292
Income
£
5,702
738
6,440		 Total
2024
£
124,400
76,506
717
201,623
Total
2023
£
124,400
125,865
717
250,982
2024
£
1,844
8,173
-
10,227
7,490
936
28,669
2023
£
1,950
8,066
1,078
11,157
11,126
84
33,461
2024
£
6,703
589
7,292
2023
£
5,702
738
6,440		 Total
2023
£
124,400
125,865
717
250,982
2023
£
1,950
8,066
1,078
11,157
11,126
84
33,461
2023
£
5,702
738
6,440

19

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2024

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 of the valuation of investment property. To mitigate against this risk, the Trust has appointed professional chartered surveyors to assess the valuation of investment property - see Properties accounting policy below.

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

for the year ended 31 March 2024

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 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 for the year ended 31 March 2024

2. DONATIONS AND GRANTS

DONATIONS AND GRANTS
Income
Grant accruals brought forward
Heritage & Crafts
Music
Miscellaneous
Total grants awarded
Grant accruals carried forward
Grants paid
COSTS OF GRANT MAKING
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
REMUNERATION OF TRUSTEES		 Total
2024
£
57,750
215,216
190,770
2,100
408,086
(10,200)
455,636
-
18,562
1,632
20,195
Total
2024
£
26,297
9,060
7,200
6,350
-
2,231
51,138
71,333		 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

3.

During the year, five Trustees were reimbursed a total of £666 (2023: £600) for out-of-pocket travel and subsistence expenses in respect of attending Trustee and Heritage & Craft Committee meetings. At the year-end, £87 (2023: £nil) was due to a Trustee for out-of-pocket expenses, which is included within trade creditors.

Ashmolean Museum received a grant of £2,000 during the year (2023: £2,000). There is no balance outstanding at the year end. A Trustee of Radcliffe is an Honorary Curator of Ashmolean Museum.

Because 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

for the year ended 31 March 2024

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 2023
Sale proceeds from disposal
Acquisitions at cost
Gains/(Losses) in the year
Market value at 31 March 2024
Historical cost		 2024
£
11,183,645
(3,965,724)
3,686,524
730,924
11,635,369
9,265,019		 2023
£
11,869,335
(1,398,691)
1,476,992
(763,991)
11,183,645
9,237,586

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		 2024
£
406,346
(12,000)
3,873
398,219		 2023
£
405,117
(12,000)
472
393,589

23

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

6.

DONATIONS
DONATIONS
Morris Memorial donation
Sterndale donation		 2024
£
-
50
50		 2023
£
879
330
1,209

7.

FREEHOLD INVESTMENT PROPERTIES

AGRICULTURAL
Shelton Estate, Bedfordshire
Land at Hargrave and Dean
Land at Agora Car Park
COMMERCIAL
19 High Street, Ascot		 Market value
at
Historic
31-Mar
Cost
2023
£
564,386
6,850,816
175,577
1,550,000
-
-
1,812,175
1,678,199
2,552,138
10,079,015		 Revaluation
Profit on disposal
£
£
-
-
-
-
5,000
-
-
368,245
5,000
368,245		 Market value
at
Additions/
31-Mar
Disposals
2024
£
£
-
6,850,816
-
1,550,000
-
5,000
(2,046,444)
-
(2,046,444)
8,405,816

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

8.

DEBTORS

Rent receivable and prepayments
Other debtors		 2024
£
48,281
26,668
74,949		 2023
£
3,419
26,667
30,086

9.

LIABILITIES: amounts falling due
General accruals
Other creditors and deferred
income
Grant accruals		 Within
one year
£
37,419
14,161
9,200
60,780		 In more
than
one year
£
-
-
1,000
1,000		 2024
£
37,419
14,161
10,200
61,780		 2023
£
27,550
58,589
57,750
143,889

24

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024

10. COMMITMENTS

11.

Within one
year
More
than one
year
£
£
Music
6,200
1,000
Heritage & Crafts
3,000
-
9,200
1,000
All outstanding grant commitments are included in accruals as at 31 March 2024
2024
£
Balance at 31 March 2023
57,750
Grants awarded during the year
437,386
Grants lapsed or reassessed
(29,300)
Grants paid during the year
Note 14
(455,636)
Balance at 31 March 2024
10,200
LEASE INCOME RECEIVABLE
Due within
one year
£
Shelton Estate, Bedfordshire
104,400
Land at Hargrave and Dean
20,000
124,400		 Total
£
7,200
3,000
10,200
2023
£
31,500
538,150
-
(511,900)
57,750
Due greater
than one year
£
14,079
-		 Total
£
7,200
3,000
10,200
2023
£
31,500
538,150
-
(511,900)
57,750
14,079

The note shows lease income receivable from non-cancellable leases. Within the Trust’s property portfolio, certain properties are held under leases in perpetuity, which can be cancelled with notice. Whilst there is no indication that any of these leases will be cancelled, income receivable from them is only included in this note to the extent of the non-cancellable term, as measured at the year-end.

  1. CONTINGENT ASSETS/LIABILITIES

There were no contingent assets or liabilities as at 31 March 2024

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 for the year ended 31 March 2024

14.
GRANTS - PAID IN YEAR
HERITAGE & CRAFTS
Charity Name
Project
Ashmolean Museum Of Art And Archaeology
Conservation of a harpsichord at the Ashmolean Museum
Attingham Trust
A scholarship for a participant on the Attingham Summer School
Boat Building Academy
Bursaries for Disadvantaged Students for Training in Wooden Boat Building & Furniture Making
Bubble Theatre Co Ltd
Neighbourhood: a community theatre production exploring Southwark’s evolution in the last 50 years
Camphill Rudolf Steiner Schools
Camphill School Aberdeen Art Room Paper Making
Canal Connections
The young blacksmith
CarringtonLime
Professional Heritage Plastering Programme
Church Buildings Council
Conservation Grants Programme 2019 Application for Funding to The Radcliffe Trust
Church Buildings Council
Renewal of the grant for the programme providing financial and expert conservation support to parishes conserving artworks and historic furnishings in Anglican churches
City And Guilds
Radcliffe Trust Craft Scholarship at the Royal College of Art 2/3
Clay College Stoke
Business Skills Development Training Programme
Craftspace
In:Site 2023 Professional Development Programme
Create (Cornwall) CIC
Skills development programme for emerging artists in contemporary crafts
Cumbernauld Theatre
Youth Engagement And Participation Programme (YEAPP)
Essex Heritage Workboats
The Mersea Oyster Tendles
Ethical Living Group
Buckskin and leather from sustainably sourced venison
Fine Cell Work
Awards for prisoners undertaking embroidery and quilting in their cells
Great Northern Contemporary Craft Fair
Boosting New maker participation at the Great Northern Contemporary Craft fair to 30%
Guild Of Handicrafts
Court Barn Apprenticeship Programme
Hereford Make CIC
Blacksmithing Student support
Heritage Crafts Association
A scholarship for a participant on the Attingham Summer School
Heritage Crafts Association
Trustee Initiated Grant - towards the stand at the Craftworks Trade Fair
Leith School Of Art
Bursaries & Continuous Professional Development in Printmaking at Leith School of Art
Little Angel Theatre
Puppetry Internship - preserving the craft of making puppets
Maker Series CIC
The Midas Touch
Midlands Arts Centre
Slowness: Community Craftivism
Milford Buildings Preservation Trust
Conservation and display of McCrum family portraits
Milton Keynes Arts Centre
Afghan Women's Heritage Crafts
National Maritime
Conservation and Display of the Hare Uniform: the extraordinary story of human endurance, resilience, and survival of Midshipman Charles Hare
Nelson Trust
Woodworking project
New Ashgate Gallery
Rising Stars professional development pilot
Obee CIC
Hands on Heritage
Rammy Men CIC
Weaving The Future
Royal College of Art
Radcliffe Trust Craft Scholarship at the Royal College of Art
Royal School Of Needlework
RSN Stitch Bank
Spitalfields Festival
NewYVC Young Artist Scheme 2023/24
Stills Ltd
Assisted Places
Sussex Heritage Trust
Conservation bursaries
The Bluecoat
Studio Me
The Lettering Arts Trust
The Lettering Arts Trust Apprenticeships
The Queen Elizabeth Scholarship Trust
Trustees Discretionary Grant 2024
The Silk Museum
Bringing Back to Life Macclesfield's historic Jacquard Silk Handlooms
The Wentworth Woodhouse Preservation Trust
Building Our Team - Heritage Skills Apprenticeship
Tyne & Wear Archives & Museums Development Trust
Stephenson Steam Railway (SSR) Young Volunteers
University Of Lincoln
Graduate Mentoring Phase 2
Veterans' Growth
Rake Making
Worcester Cathedral
Carving out the future in stone		 £
2024
2,000
13,000
4,000
4,000
1,700
5,000
10,000
10,000
20,000
3,000
4,500
4,000
4,000
2,000
4,000
2,000
5,000
2,721
8,000
6,000
5,500
2,000
3,000
5,000
2,000
3,000
1,000
6,525
1,500
4,000
4,000
4,000
4,000
9,000
4,000
4,130
1,000
7,000
3,440
8,000
12,000
5,000
12,000
3,000
4,000
1,500
4,000
238,516

26

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2024

|14.
GRANTS - PAID IN YEAR continued
MUSIC
Charity Name
Project
Arts Active Trust
Soundworks Youth
Bath Philharmonia
Amplifying Young Carers through the Joy of Orchestra Music
Benslow Music Trust
Bursary scheme
Birmingham Contemporary Music Group
Let Me Tell You A Story
Bothy Project
Residencies for Contemporary Composers
Carousel Project
Power of Singing
City of London Sinfonia
Sound Young Minds
Comtemporary Music For All
Connect the Dots
Cope Childrens Trust
Rainbows Music Therapy
Corinium Players Guitar Ensemble
World Youth Guitar Festival (WYGF)
Cowbridge Music Festival
Cowbridge Music Festival: Young Artist Programme and Chamber Music Seminar
Cumbria Opera Group
Cumbria Opera Festival 2023
Dartington Trust
Dartington Music Summer School and Festival - Bursary Scheme
darts (Doncaster Community Arts)
Singing for Memory
Demelza Hospice Care For Children
Music Therapy for Extraordinary Children
Drake Music NI Trust
Tunes for Teens
Foundation For Young Musicians
FYM Bursary Fund
Gallions Music Trust
Giving the Joy of Music to children with ASD
Glasgow Barons
Govan Stones Early Music Festival
Gwyl Beaumaris Festival
Gŵyl Beaumaris Festival 2024 - Young Artists Recitals
Hull Chamber Music
Relaxed concert series in Hull
Key Changes Music
Music Therapy for Children with Additional Needs
Leeds Baroque
Venetian Baroque Vespers
London Philharmonic Orchestra
LPO Junior Artists
London Symphony Orchestra
LSO East London Academy 2024
Momentum Children's Charity
Creative Music Therapy
Music Illuminated
Supporting Camden Children's Musical Jourrnies
National Youth Orchestra Of Great Britain
NYO Inspire 2024
Nucleo Project
Young Leaders Programme
Open Up Music
National Open Youth Orchestra (NOYO): the next phase
Opera Holland Park
Young Artists Programme
Orchestra Of Swan
A Sound Education; Music for the Visually Impaired
Orchestras Live
Sudbury Sounds
Otakar Kraus Music Trust
OK Music School
Oxford Lieder
Oxford Lieder Young Artists Programme 2023-2025
Pegasus Opera Company Ltd
Music Mentoring Programme
Play For Progress
Creative Programmes: Record, Arrange, Write (RAW)
Purcell School Trust
Masterclasses
Rowan Humberstone
“Making Music at Rowan in 2024”
Royal Over-Seas League
Continuing the Music – encouraging a diverse new generation of young classical musicians
Royal Philharmonic Society
RPS Composers Programme 2024 and 2025
Scottish Chamber Orchestera
SCO Academy
Sinfonia Smith Square
Half-Bursary for Southbank Sinfonia's 2023/24 Development Programme
Sound Festival
soundcreators
Sound Of Waves SCIO
Mull Music Makers
Sounds Better
From Playlist to Performance (Downton Downtime)
The Songwriting Charity
Harmonious Minds
The Sound Waves South West Music & Music Therapy Trust
Music Therapy for 3 schools in North Cornwall and North West Devon for the Autumn Term 2023
The Telling
A REAL Christmas Carol
Three Choirs Festival Trust
New Music and Youth Voices - main programme performances for children and youth choirs of contemporary, classical including premieres
Tunnell Trust
Music Club Awards Scheme
Uk Music Masters Ltd
Pathways – Chamber Ensemble and Summer Performances
Ulster Youth Orchestra
30th Anniversary Summer Residential Course and Concerts
UPROAR Ensemble
UPROAR - Small scale tour 2024 | 5 Welsh composers - 5 new pieces. Plus new music from Italy and Iceland
Welsh National Opera
WNO Teach
Whittington Music Festival
Professional Development and Education Project
Young Music Makers Trust
Young Composer of Dyfed
MISCELLANEOUS
Charity Name
Project
Oxford University Chest
The Radcliffe Science Library
Oxford University Chest
The Radcliffe Science Library
Oxford University Chest
The Radcliffe Science Library
Oxford University Chest
The Radcliffe Science Library
St Bartholomew's Hospital
Donation to the Hospital
St Bartholomew's Hospital
Donation to the Hospital
TOTAL DONATIONS AND GRANTS
HERITAGE & CRAFTS
MUSIC
MISCELLANEOUS|£
5,000
5,000
2,500
5,000
2,000
2,270
5,000
3,000
2,500
2,250
3,000
3,000
3,750
5,000
3,000
4,000
5,000
3,250
5,000
1,500
3,000
3,000
2,500
5,000
5,000
3,000
1,500
5,000
5,000
5,000
5,000
2,000
5,000
3,000
5,000
3,500
5,000
5,000
5,000
2,500
3,000
5,000
4,500
5,000
4,000
4,000
2,000
3,000
2,000
5,000
2,000
5,000
3,000
5,000
5,000
2,500
5,000| |---|---| ||215,020| ||£
375
375
375
375
300
300| ||2,100| ||238,516
215,020
2,100| ||455,636|

27

The Radcliffe Trust

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2024

15FUNDS ANALYSIS
Freehold Investment Properties
Investments
Debtors
Cash at Bank
Creditors
Carried forward 31 March 2024
Brought forward 1 April 2023
Net movement in funds
Carried forward 31 March 2024
Freehold Investment Properties
Investments
Debtors
Cash at Bank
Creditors		 2024
Expendable
Endowment
£
8,405,816
10,986,440
2,247,485
21,639,741
20,593,839
1,045,902
21,639,741
2023
Expendable
Endowment
£
10,079,015
10,490,018
-
24,806
-
20,593,839		 2024
Income
£
648,929
74,949
802,475
(61,780)
1,464,573
1,379,125
85,448
1,464,573
2023
Income
£
-
693,627
30,086
799,301
(143,889)
1,379,125		 2024
Total
£
8,405,816
11,635,369
74,949
3,049,960
(61,780)
23,104,314
21,972,964
1,131,350
23,104,314
2023
Total
£
10,079,015
11,183,645
30,086
824,107
(143,889)
21,972,964		 2023
Total
£
10,079,015
11,183,645
30,086
824,107
(143,889)
21,972,964
22,839,049
(866,085)
21,972,964

16. EVENTS AFTER THE END OF THE REPORTING PERIOD

Since the reporting date, the government have announced future changes in relation to how farmland is taxed when inherited, which may consequently impact the value of farmland within the UK. The event is considered a non-adjusting event because it arose after the balance sheet date and does not provide evidence of conditions that existed at the end of the reporting period. At the time of approval of these financial statements, it is not possible to quantify the financial impact of this event with sufficient reliability. The Trustees are monitoring the situation closely and will take appropriate actions as further information becomes available.

28