Charity Registration Number 209212 The Radcliffe Trust A Registered Charity Report and Financial Statements 31 March 2025 The Radcliffe Trust CONTENTS Pagc TRusfEES'ANNUAL REK)RT INDEPENDEwfAIIDITORS'REtX)RT -qTATEMENT OF FINANCIAL ACTIVITIES BALANCF. SHF.F.T 5I"AI"LMLN"FOI."CASI11."LOW'g PROPERTYINCOMEACCOUFir NOTESTOTHEFINA￿lALsTATEME￿lls The Radcliffe Trust TRUS'I LLS, ANNUAL RLPOKI for the i'¢ar wid¢d 31 March 2025 Th¢ Charit! Trustees pr¢5¢nl their report and fina[￿la1 sLitem¢nts for Ui¢ y¢ar ended 31 Ma￿h 2025 Theallarhed financial 51atem¢nts hase be¢n prepared In accordance with %tatuLQry reqvirern¢nt3, applicable laiv.th¢ Ststrm¢nt ot R¢¢otnniend¢d Praoice Arwunting and R¢porting by Chantie5 rtd ihe 'l-ruSI'S goyernirtg documertls Founder Dr John Rad¢liJTe ￿'hO died on l November 1714 Charity R¢gis¢raiion Numkr 209212 Trust¢¢s Sir Chrisioph¢r John But¢h¢r (Chairl Margar¢t H¢nri¢lta Augusla Case1￿-Ha}'tOrd M¢lalli¢ Dawn How.q¢ Ricliard Duncan Morrison IRe£iglled 9 July 20241 r.Il¢n C.harloll¢ 1£ Breton Schrod¢r The Ilon Feliy (reoffrey 11-'arnock IResigiied 9 Julv 20241 David William Court¢ngi Whelton Timothj Hugh Wils(>n (R&￿ig17ed I" July 20251 Counte&£ Elizaheth T[0￿e Michael Jwneq Pickett Sgrah l.oui5¢ Derbyshire IAppoinl¢d 9, Julv 20241 Willigm Hadd¢n IlTh)t¢ IAppoinl¢d 3 D¢c¢mber 20241 Al&sdair Wilson Robertson Tgit (Appointed I, Juli. 2n251 Pow'¢r to Appoint New Trus¢¢es Tlie Will and Sw¢ioti 36 Truft¢e A¢¢ 1925 empow¢r th¢ 'Itustees lo appoint nei¥ -Iruslees. Nawrc of Goveming In%trum¢nts Will 13 S¢ptcmk'r 1714 Court Order 22 Jul), 19.35 Charit). Loinrnis4inn Scheme ￿hICh retnains ellective 22 Fehrllary 1978 Charity. Comilli5sion Scheme which Temains effective 27 ma￿ 2(M)2 The Radcliffe Trust TRUS'I LLS, ANNUAL RLPOKI for the i'¢ar wid¢d 31 March 2025 I￿[￿rmAtIOn Required lI￿der 5ectiO￿ 144 of tbe C.hllTities Art 201 Adininistrators The Trust Pannership 6 Tnill Farm Buildings. T¢tburi GIoU￿SLerShIrC GL8 X%Q Bankers C Hoare & Co 37 Flett Street I￿nd0 EL4P 4 Solicirors Veale W'asbrou8h Vizards 24 king Willia1￿ Street l ondo EC4R 9A"I' Auditors FKCA Limiied 260-?70 Butterfield Great Marlings LU2 8DL Siwkbrok¢T5 RailiiKTrDe In%estinenr Management Li1￿lted (until 3, Sept¢illkr 20241 I Cur7Trn S¢reet l.ondo II'IJ 5FB Waverton lrtvesTrnertL Mana8ement Limiied (from 4th SepLtmber 20241 (known as W IM lrtvesllnent Mana8tJnent Limited from 2 June 20251 16 Babmae5 Street l.ondo SWIY6AH Land Asent and Chartered Survevor Carter Jonas A[￿hOT House 269 R?nbuTr Road Oxloid OX2 7LL Princip￿ Office 6 Twll Farni Ruildings. Telbury. Glou¢e5Ler5hire GL¥ 8SQ The Radcliffe Trust TRUS'I LLS, ANNUAL RLPOKI for the i'¢ar wid¢d 31 March 2025 StruLturc. CTnvcrrLancc and Managcmcnt The RadLlItEe Ttu%t thubli%hed In 1714 a Lhdritdble tr￿Sl U[￿er the ivill Dt- Dr Jnh Radcliffe and has been supplemented b> a Court Order and charl￿ Commission Schemes Thc will pTh)vidEd for an cxpcndahlc Cndn￿￿Cnt ￿th]ch Is alTr￿ isith zny Incnnic pmduccd from its invLStmLnl CXLIu&ii'Lly for Lharl￿bIl putposLS Expend.2ble endo¥vment fund5 are 8i¥en to a charity as capital but there Is no resrriction on them beiii8 coiii'erted Into spendable illcome The discretiollar). poNTrer of whether or noi to do this V¥ill Test with the Board of Trustees. The funds ￿111 reinain as capital In iia¢ure until tho are coni'erted In¢0 Income -he will of Dr John Kadelilye dated 13 Septemkr 1714 and Section 36-Irustee Aa 192) emwwer ihe -Irusiees LO appoini neiv 'lrusiees The ¢hari¢i con5111ule5 a public bwiefil entity as defined by FRS 102. The Bo3rd keeps th¢ skill requir¢ment% tnr the Trustee Body und¢r reii¢w and In the ¢i'¢nt Ihai a -I'rusiee petmartenily reiires or addiLional. nem, Cliair and the Fkiard. follo￿￿￿ bv a bnefing on InTrestni¢nt s¢ralegy. the grani I￿aking prwe5S and wwers and respon%ibililies of th¢ Tru5t¢¢ Roard The wel¢ome pack In¢lude$ a brief hisl()r)' ol. IhL Trusl. a LOP!, ol. Ihc Board 2nd Su￿L0[￿l￿1LlL￿ rniiiuIEs. a LUPY ()I' IhL 12sL }'Larf annual report and aLLUurtL%. a cow ol. Ihe will and a eopy ol Ihe Lharily Commission's 8uid2nee 'lhe EssertLial Irustee. What You Need iu Know, The day-ifrday adI￿inIstratIOn of the chaTlty Is managed b). The Trust Pannership Key Mana8emenL Personnel The Trustees are re5pTrnsible for controlling and operating the The Tr￿SterS re¢eive no remunerELtion The Radcliffe Trust TRUS'I LLS, ANNUAL RLPOKI for the i'¢ar wid¢d 31 March 2025 Grant Making Policie4 ObJeetive5 and Activiries for th¢ Public Benefir Thc Ttu%t's rnain objcctii'c Is currcntly tn pmvidc grznts ti) Institutiiins %upportlllB mu%ic. licritagc & Lrafts Durin¥ ihL ykn9r. thL Trust UW2rd￿ èTyniS for thLSL- purwiSL-s amuunLing to £432.564. 'rhe-FrLLsimaktsgr2nis LO Support t1￿￿1cal MLISIL performanLeartd irairting. ebpeciallyLhamkrmuSIC. eomwsiii4)n and music eduLaLiOrt PartlLular InieresL% w'ilhin mitsie edueaiitsn are music for ehildren and 8dultS With swial needs. ￿oUth orchtsiras and projecis at secondar¥ ELnd higher Itvels. irtcludirtB academic research The Trustees reswiid to applicatioiis and also Iiiiiiate their0￿17 proj￿5 Thc TrusL al%0 supports thc dcvclnpmcnt nf thc 8kills, kiinsTrlcdgc and cxpcricncc that undcryin thc IJK-% Irdditiorvdl LUltUr￿ hLritd¥L dnd Lfdfl SLLlurs Th15 IllLludLS %UPPt)rt fur Lrall dnd LunsLrsxtiun Irainirt& lor praLIiLal prtsjecis and performance &nd for siraiegiL proieL'IS which dtmonsLraie Llear standards of¢¥cellence throush all ILS support T)¢lails of th¢ Trust's criteria and appli¢aiioii may be fou[￿ its ￿ebSIte iw.ThLR￿LIltYcT[￿¥t(1rg- 'l-he'l-rusiees cortfim Lhai ihty haye rtfetred 10 iht guidanLe eontsined In ihe ch8riL￿ LommiSSiOrt's actii'ities and stttino the 8rant makin8 p)Iicv forthe year The Radcliffe Trust TRUS'I LLS, ANNUAL RLPOKI for the i'¢ar wid¢d 31 March 2025 FindnLial RL'VILI Incorn¢ for th¢ ¢ndol 31 Ma￿h ?025 al￿￿U￿ted to£485,5Tr11?024 £599,892) F)urinB tII¢ ear ended 31 ￿lArCh 202) the sum of £432.564 12024 £408.0861 WELS awarded as 8rants and dTrnalions. Aft¢r expenses. exrenditure before InveMnieni gains rotalled £141.392120?4. Incoine of £27.1811. ￿hILh iv&s dcductcd frnm thc total tuiids halaiicc hmught toTh4ard ror ihe General fund the policy of the Trustees continues to to maintain the underlying base bN Iniesting In solidlN based St￿kS held fordividend }'ield and capilal 8TOW1h Th¢ Ttustccs als11 ELLk tiTr InaxiiniEc itLc￿rnc friTrm prnpcrty. rcllt￿ and gaiiis upnn salcs (Trf pri)PLrtic when deemed appropriate InvL%tsnLnL InLI)mL bi. 9 94Q/ts l{}£358.63612D24 £39S.2191 PropLty ItLcurnr dCCrLx￿d by Fr¢¢hold Investment Prrwerties During the year. tli¢ Tru%1 0￿￿ed 5¢I'eral agri¢ultural aiid resideniial pro￿rtieS. ￿.h1¢h generate41 rental Income As of the ytar-end. the Trusi doesn't hold any commercial propem having diSpL￿d of Il in ihe previou5 accounting tfriod bui C4)nlinues lo generate ren¢al Income fro7￿ agricultural and residertLial properties See Note 7. Durin8 the a￿0￿￿till8 }'ear Carter Jollas forwards rents re£eived to the Trust's bank. occoullts and Infonn5 th¢ Adrninistrator5 01- the atnoun15 At 31 MdfLh ?1125 thLYL WLrc IdLL Pd}mLnL% uut%ttanding lor rLnl LartLr Jundy ￿- supplicd Ihe AdminiSLraiors wilh an acLOufil In respeLi of renis for the ye2r 10 31 Marth 2U25 Carter Jonas delivers a detaild WrI￿en Properry Rewrt Includins account of Income and expenditure for eNery TTusiee5' mttting. Cartcr Jo[￿% attcnd.% at Icast onc Trt. thc half.}'carl)' mcctin&s ￿hLn It ￿￿￿c￿t5 %igniticant ItLmS in its RLWrt. makL% infonkncd rLiomTllLndationS and rLtLIVL% inStruLlionS When a decision 15 required beti%een Meetings tlie Issues are retM)rted to the Adminisiraiors and to thL Qhairman. and L]fLuIaLL￿ Iii TrustLL% llLLLssari' The Radcliffe Trust TRUS'I LLS, ANNUAL RLPOKI for the i'¢ar wid¢d 31 March 2025 Freek￿ld Iniestment Propenies IConiinue4Jl In addition to die ¢ontrol$ set out abose. V¢al¢ Wasbrough Vizards holdsthe Pro￿[tY d¢ed5 Ill It% Lu%t{￿Y bchalt- ot- thc Ttu%tcc Approval of all the Trustees Is required tor any Property transaetion and the si8natures of at least three Trustets are required to deliver the title io an) Properry owned Iht Trust Carter Jonas and Veal¢ Wasbrough Vizards hale no Sei￿ra1 authorit), to bind the Trusiees Iii respect of Pro[￿rtV maii¢rs. lrt aeeordance wilh Charily Law. no disposal ol. ProperLv tsk£s place unless appropriate advice to that effect has beert receii'td by the IrLLStees. Iiive51menl p0￿e￿. Polio alld P¢rfThma[￿ As coiii?Ined In ihe Chari¢}. CoMrnis510n Scheme data 27 May 2rx12 i¥hich provided thai In addition lo an). other powers ivhi¢h th¢y hai'e. tli¢ Trustees ma) ex¢￿15¢ the p0￿er5 lo Invest U￿¢r Trustee Act :O(K), in funli¢ra]ice of the obj￿5 of the charitv. FiJll¢?win¥ d FLVIL￿, tLndcr In April 211?4 thL TrustCLS appDintLd WavLrtiTrn InvLsttllLnt Management Limiied IM Ini'tSLmenL Martaoement Limiitd {"WIM"I since the 2- ofjunt 20251 as In¥estment maM8ers forthe Trust. The transferof the Trust's Investment portfolio from Rathbone lllNestmeiit Mana8ement to WIM B'as completed on the 3, of September 2024 ThL Trust's IioiLiid d&%Lt% arL in￿LStLa with thL obJLLtivL of PrL￿ULlnB a gruwin¥strLdm ol. This Is now arliieved ihrough oli¢ balanced portfolio. th¢ General Fulld. The fulld ¢OllSlSL5 of fixed In¢om¢ s¢curiti¢$, UK and ov¢r5¢a% equitie% and alt¢rnztii'¢ a%sets The tOLqI &sset split was as lollows Asset Class Asset Value Asset YD of t31 MArch 2025 ToiAI As5et5 Annual Income Annual Fixed Income 3.810,130 25.5Yo 62,34) UK Equities 7￿).281 22.047 Overseas Equities 8,992.268 6031 138.34? 1.5/ Alternat1￿¢5 i.n86.256 14.648.936 7.30/ 233.8U4 265.t)38 7.984 Trartsiiory Dividend 1,246 TOT4L 241.788 The Radcliffe Trust TRUSTEES, ANNUAL REPORT for rh¢ ￿ear ended 31 March *025 Reserves Polio and Dud8et The Trust will hold in reserve siiitable funds to coler up to three months'nomal operatinB expertdilure and Six monihs. normd gtrani expertd11ure Ai 31 March 2025. Ihe Trusr held total res¢Tre5 of £23.491,ffi8. of which £1.391.141 is ￿ld wiihin the Income Account, and £2?099,927 within the Expendable Endowinem. The TruEt¢¢s' wlicy 15 to opeTrt¢on th¢ bJsis ol-having %ufticieiit Incotn¢tousetoward% tne•ingth¢ir charitahlc ohJcct% and aLLord ￿'1th thcir ainis Thr TrU￿tcc% Jrc of thci)pininn that Lhc Tru8t'% fwid d5 ul 31 M￿Lh ?U25 tVULthcr with ￿tiCIpaLL.￿ inLllrnC fLtnains SLItYILILnL ts? Ln&blL thLm to LontinuL this onBoinBobJeetive 'l-he exptndable ettdowmenl comprises funds invesied ￿ provide irteome io be used for charitsble puryoses In eniergencv sltuat10Tr5 the Chairman ha5 awhority ￿ Make Rd hoc Brants up ¢0 a ￿tal of £5.ntJD hetweEn nieeLingE. nnrmall!. Trbtainiiig the agreement nf at one other T￿￿tee T&YdtiTrn UThltr existin8 la￿.. the Trust Is extrnpt from Income Lqx. Inheritance tax and cApital gains tax Risk M&nagrmLnt Thc havc Idcntilicd lour mdin arcdS whctr ri%kx may oL￿r -Ooiernanee artd managemertl -fyerational CTovcmatLCC and rnar]agcmcnt ThL TruStLLS uTrnSidLr thLir Lhdifmdn thL Board uf TrLL%tLi%. thLir ILgal and The TruSI Partrtership. LO be ivell 4ualified and wilh a SulYILienii brijad range of exFtrienct 10 undtriake iheir dulles effeciiTrels and properli. are well briefed and committed to furtherin8 the objects of the Charity artd have In place Ihe chaiity 15 run prokKrly. ￿On0￿71¢alIN and Safely The Radcliffe Trust TRUSTEES, ANNUAL REPORT for rh¢ ￿ear ended 31 March *025 Risk m￿ageMent leontinuedl 0￿ratIOnal All grani appli￿tIOnS are scrullrtistd M iht Adminisirators and members of the Music Partel or Ileritage & Craft5 Panel and recommendations are submitted to TNstees The Trustees themsel¥es are sufficitntlN qualified to ensure that 8rants made In Iirte with the aim5 and obJecti￿e5 of ¢he Chariti. The r15k of makino Inappropriate graiits 15 miniM15ed bN coDduciing appropriate due diligency ¢he¢ks Where appropriate. all beneticiarie5 ar¢ r¢quir¢d lo underrake to rLLurn tunds It- thL? opEratinB within ITrnL ol. LhL ¥Vdnt All hEnLficiariL4 ai4"Jrd grants M Ill&L￿MLnl ¥rL rLquircd io &ubmil a rLpurt ￿hILh Is appr01-￿ by IhL appropriaLL- aulhoriL}' belort Subse4ueni insLalmertL% are paid of the Chanty'5 funds to ￿l57t thein unless WArranled Thc day to day administfdtiiTrn ]% hdndlcd b}. ThL Trust PartnLYship. whiLh Is experierttd irt this ￿ork All daLq IS Stored secu￿111 afKI appropriatel￿ baLktd up The Trust ha5 sigiiificant assets In prope￿. and under In￿eSt￿lent Tliese are illanaged by profe5S1OtLal agents and prot¢¢¢￿ ill the la51 resort each conipan) s PrTrf¢5s1onal Ind¢mnity Agertls report regularly irt persort Lts ihe Irusltes ￿hen Invesimeni SLmiegies are reviewed io L2ke adwarttaoe of pre¥ailin8 conditiorts l-he Inwtsimeni policies are recorded Budgets and managetnent accouTrts are prepared b). The Tru￿ Partn¢Tship for TTU51ee Meeiinss and accounr5 are a150 prepared bv ¢hem for audit. The Truslets btlieve ihai ihe reporis Ihty receive and the seruliny ofiheir advi&ets leaTre Iiiilt risk of m1sinierp￿t*lom or mismanagement. Reputaiional The Trus￿5 belIe￿e tlial tliere Is Iillle risk. ¢0 the reputation of Charity ihTougli Its as5wiation with its professioiial advisers and ￿'1th Ils beii¢ficiarie5 Hal'ing Ihc major risk5 lts ￿hILh ihL Lharily i& LKwSl￿. In partlLular Ih05L fLlaling L LIS irtvestsrtertLS artd lis finances. the -l-rusiees believt thai by mortilorirtg reserve levels, b}, business risks faced bv the Charity. thvrf have established effective s>stems to manage those The Radcliffe Trust TRUS'I LLS, ANNUAL tiL.POR"I for the i'¢ar wid¢d 31 March 2025 Graiii Commiitnellt Poli de for stwifi¢ purw5es. and on the b￿1$ thar ￿}. vanarion requir¢5 agr￿￿ent fri￿￿. and is ai the di5¢retion of. the Trusree5 Recipient5 musl keep proper r¢¢ord5 and grants should bL I4'ithin IinL !Ldr ul. hEin¥ dl4drdLd. unlL¥% oLhLYWISL dgrLLryI. RL'LIPILnt¥ arL LXPLLi 10 rLPa}' any iinderStLnl potiiDn uf IhL Eranl. IhL whulc amuunl If ihLy ate fuund io hast aeied I'raudulenLly or negligenill -l-he paymerti tsf 2ny InsL%lmerti of a grartl IS al Ihe -[r￿LetS. diseretiort. the receipt of a SUit&blt irttttim report. and I'unds king available to make the payment Expense5 Pavrnent PrO¢￿￿[e Auditors,. Admiiiisiraiors,. Soliciior5' fees and those of the Land Age]iiaiid InvesLrnentMaiiagers are referred io ihe Chairman 4)r-I'ruSLeeS as Lhth arise for apprtsval 8nd paymeni Any ma￿ri21 Trusiees for appro￿al belore 2n}. adjuslmenl IS irnpleTnen￿l The aiillual accounts are submii*d to tlie Trustees for approval ai their Win¢er meeti118, or Shortly Iherfatler. and all Trustees subsequenLly receii'e copiesof tlie audited alld approi'el accounts. Claim% lTrr ftrUt-nt-.pnEket eYpen%es nf TruEtees and ad￿]￿er% are suh- tnitted tn the Adinini%trator LcnlliwdlliLd v¢iuchLrE flir LIIL rLIc5￿1t LXWiSL. ThhLfL nCL￿￿Jry arL ￿lt]Ld bv paymtnl authtsrised M IWO &i¥naioriL% Future Plons The Tru51¢¢5 hav¢ niade ali a55¢53ni¢Trt of the Trust's going ¢onceTh Katus and ha￿¢ ¢onclud going cortL'Lm The Trust therefore Intends to continue to make 8fdnts from Its income to or8&nisations In th¢ Heritage & Crafts alld Music fields The Radcliffe Trust TRUS'I LLS, ANNUAL tiL.POR"I for the i'¢ar wid¢d 31 March 2025 Stal¢ment of Tru51ee5' respon5ihililies for the finaiicial 5rat¢ments Th¢ Ttu%t¢¢% are r¢%ponsibl¢ tor preparing the Ttu%t¢¢s' repnrt and ￿￿ountr In a¢¢ordanpK with appIl￿bI¢ law ¥nd Unit¢d KingdoTn A¢¢ollntlllB Siandards Iurtiied Kingdtsm Generally ALCePted AeetsuniinÈ Pr2Llicei Ihe lai¥ app11cable LO charities In En818nd artd Wales reqllires the 'l-rustees to prepare accounts for each fina￿1￿[ ￿ear i¥'hieh Bive a irue And fair view of the 51ate of affairs of the charity of the Ineome and exrtnditure of the cthitN forihat ￿rIOd lrt preparin8 these accounts. the Trustees are required to obser¥¢ the methods and principles In Aceountin8 and Reportins by Charities SLorement of Recommended Practice applicable to charities preparin8 th¢ir accounts In accordance with the financ￿1 Reporting Standard applicable In the UK and Republic of Irela IFRS 1021. make Judgemenis and eSLimaies ihai are regstsnable artd prudertt. state whetlier Applicable United Kin8dom Aco)urtting Standards I￿ve teen followed. subiecr to any material departures d￿ClOSed and ¢xplain¢d In tlie a￿￿￿ts. and prep2re ihe aecourtts on ihe going eortLern b2SIS unless li is inapprtspriaie its presume ihai the charily will coniirtue irt operaiion The Tnistees are responsible for keepin8 pfoFtr accountin8 rttords that disclose with r&qsonable accurac￿ at AnN time thefinanc￿l position of R¢gulations and th¢ pro%i5ion5 Qt. tlie ¢harih' s ¢Qll51ituiion Th¢}. ar¢ a130 re5tM)iisible for 5afe8uarding the a55els Ot- th¢ cliarit}' and hence for taking rL&￿)ndbIC %LLT% lur thc prLYLlltion and dcLL'Ltii)n of Iraud uthLr ItrLBularitic Approved by ihe 'l-rusiees on Jan 20, 2026 nd si8ned on their behalf by. Sir Chn5Lopher Bui¢her Ichairl The Radcliffe Trust IrnDEPENDENT AUDITORS. REPORT thtTru5tee5 0(The Radcliffe Trust- A Re¥istered Charitv for theyear ended 31 March 2025 We have aiidited the financial smteinents of The RELdcliffe Trust for the y￿r ended 31 March 2025 I4,liich coinprise the Stateintnt of financial Actiiities. the Preparation Is applicable I&￿'and Lniied Kin8doin Accounting SLqndaTds (United Kin8doin GellerallN Accepted Accounting Practice) report and for no otlier purwse To the fu11¢51 exrent permitted by La￿._ ￿e do iiot accept or assume responsibiliry to anyone other tI￿n the charity the chanTh s trustees ￿ a iKid}'. for our audit IA-ork. for this report. or for the opinioiis have fotmed. gi￿¢ a tru¢ and tair view of the stale of the ¢harity'5 aftaits a5 at 31 March 2025 a[￿ of Its Incoming r¢s0u￿¢s3nJ application of resour￿5 lorthe}ear have heen prnperll prepared Iii accordJnce ￿1th Ilnited KingdiTrin CTenErallTr A￿epted A￿￿UntIng Practice. and haie been prepared Inaccordancewiih Lhe requiienieii¢s ofdie Cliaritie5 Act 2011. fnr opiTrinn Weconductedouraudit ill acCordanCe￿.1th lllternationAI StandardsonAuditin8iUklllSAslUKlland applicable law Our responsibilitiesullderthose SLqlldards other¢thic&l responsibilities In accordAncewiththese requirements We belIe￿ethat theaudit e¥idenC¢￿,e haveobtained Is sutlicient and appropriate to pro¥id¢ CotteluSi¥Trrt$ relatittg t￿g￿l￿g totstern In auditina the finan¢ial statements. The have con¢llld¢d that the trusreel use of th¢ going ron¢¢rn ba%15 Qf a¢wuntiiig In the preparation of th¢ financi Ba%cd i)n thL wnrk wc hasr pcrfnrrnLd. WE hai'c not idcntificd any matcnal unccrtainti&s rclating to CTrLnLs orLnnditions that. Indis'id￿I[Y or cnllcLtivcly. mav ca51 significant doubl on the chanty'5 ability ￿ ¢olllinue as a going Concern for a period of at leaK ¢ivelve nionihs from when ihe fiiian¢ial stalenien15 are Authorised for issue Ourrrsw)nsibilitlLS dnd thL rLSPt)nsibilitics of thL truSLl￿ Wlth to going LUllLLrnarL dL¥Ult￿ In Ihc rLILvant 3LLtionsul'this rLPt)rt Othcr information ThL IruSILI'S arL fLswnSible for Ihe Oiher irtlorrnaiion The other 1n1orm￿ltsn eomprises the irtfotmaiion included irt ihe artnual report. other than the financial sVdlLrnLn￿ dnd our RLPOti ufihL' Inde￿ndenL Audilurb there Ourupinion Ihe I'inartLial SL41emenisdocS nol Cover Ihe oiher infomaiitsrtartd do ntsLexpress anN. form of assurAnLeLoneluSIOn iherthrt Inconnectioni4'ithour&uditofthefinancial statements.ourresponsibility.isto readtheother Information and. Ind01n8so. consideri¥hethertheother Intormation V¥ork ￿'e liai't performed. we conclude tluqt there Is a Materi￿ misstaternertt of this other Information. we art required to report that fact We IMI'e nothin8 to report in this reBard. Igttpr4 OD Mhich Tre AT¢ required tn Tepfyrt bv txreptioD We hai'e nothinglo repon In re5P¢¢t ofthe follo￿.in8l￿a1Iers￿here ihe Chari11¢5 A¢1 2011 requires Us lo repon ioyou If. In our opinion the InformationBiven In the kewrt oftheTrustees Is Inconsistent in any material resFrtt N4'ith the fina￿1￿1 statements.. or sufficient accounting records hale no¢ ken k.epi. or IhL I'inanLial SlalcmL￿iS arL In agrLLrnLnl wilhlhc aCCoi￿lIn￿rectsrdS and reiurns. or e hai'e lloi [C￿1Ved all the Informaiion aiidexplanation5 we require forour audit. Re5PDlb5ibilirie5 of trusttts As Lxpldincd miirL full}. In thL Trustl￿ Rl￿pun￿LbiIIty StstLmLllt. thc trustl.￿ arc rLspon%iblL for thL- pfL¥aration of finanLial whiLh ¥ii'L a truL and fair i1th4'. and lor SuLh 1nterrtal LOrtLrol 2s Lhe irusiees deiermine Is necessary 10 ertable ihe prep8faiitsn or rinancial sL*iemenis ihai are free from m21erial missiaiemeni. wheiherdue io fraud Or etror In preparirtg the finaneial siaiements. the irLISLttS are resportsible for 4ssessing ihe eh8f1L>'S abilil> io Loniinue 2s a going eortcem. disolosirtg. as appliLAble. mailers rel￿ed LU goirtgLOncern and using ihe gtsingeotteern b8sis ol'aecoLiniing urtless the irusiees eiiher iniend LO Iiquidaie ihe ch8rti￿ or io cease operations. Avditors, re5pTrn5ibilitse5 forthe avdit of the finaDrig1 $tatement5 Our obiectiles Are to obtain reasonable assurance aboui whether the finaniial statements asa i11￿le&re frtt from material misstaitmenL. ￿hether diie LO fraud ¢onsidera tna*rial if. Iiidisidually or In the agsrega¢e, ¢hth could rea50nablN be expected to Influence ihe economic decision5 of users ¢aken on tlie ba515 of thoEc t11I3nLial EtaLcincnLs The Radcliffe Trust IrnDEPENDENT AUDITORS. REPORT thtTru5tee5 0(The Radcliffe Trust- A Re¥istered Charitv for theyear ended 31 March 2025 Extentth which ourprocedure%3re capable nt detecting Irreguldritie4 Including fraud The eng4igement P4iniier ensured tha¢ the engagemelltteam coll￿1ve1V had the appropriaie Colllpetence. capabilities and skills to Ideniift. or recogllise '-e Identified ¢he la￿5 and r¢gula¢ions applicable to ¢he chanN tlirough discussions ￿'ith tTusree5 and otlier managemen¢. and fro7￿ OUT comi￿er¢ial knowledge and Lxperience ￿t-th¢ wti)r Iii wliich the Lharily nperat&E. W¢ fncuEed On %￿lI1C laiv% and regulation% wliich ¢on.sidered mav hav¢ a direct material li￿pa¢L on the fi[Lanci￿ staternents. or the operation5 of Wc d￿￿45Ld thc cxtLnt i)l-L¢inipliancc Th'ith thc Idl45 and rcgulaLion% idEntiliLd dlx)I'L thriiu¥h making cn4uiric% ol-mdnagcrnLnt In%pEcLing Ic cnrre*ponJeiiLe. dnd IdLnliliLd dnd rLg￿1￿1unS wLrL LomrnuniLaiLd wiLhin LhL audil IhL ILatn rLmainLd aLL￿ lo In&ldnLLs Ol'nDn￿i￿pli2￿LL Lhruu¥houi ihL We ideniif1ed the greaiesi risk orm￿er1d impaci on ihe IirtartLial siaiemenis from Irregu12fiiie& itteluding fraud, io Iniolve the eompleiertess and Liming of Income recognition. via related parties and the oierride of conLrols b} manasement. lo addrtss iht risk orrrdud irt relaiiun io reienue ￿LOg￿l[lOn. Performed deLqiled substantivetestins ioaddress complettnessand accuracv of Investment Income. Ass¢5sed the appropriateness and application of the accountin8 polic!, concerning Income recowition To Add￿SS the risk of fraud throu8h mana8ement bias and oierride0fo0n￿0l5. we. Pert<)rnied dndl!'tILdl pmLedures ti) Identiti. an￿ unu%ual Dr unexpeLteJ ￿latiOn￿h1p-￿. Ass¢5sed whetheriudsementsand assumpiioiis made Iii det¢rminin8thellccouniin8estimates were Indicatii'eof potential bi&s. To address Llierisk offraud through related parti¢s, iTry Identified r¢laied parri¢sthrou8h enquireswithtrustee5. Re￿ie￿￿ed eniries InLO the nominal ledgerlo Identif), related party transaction5. Investiga*4J the rationale behind significant or unusual transaciions Iransacrion5 reflected Iii ¢he finaiicial statements. as ¥ve ￿111 be less likel) io become a￿are of In5¢ances of non-¢omplianc¢ The r15k is also greaier regarding A further description of our respotL5ihililies for the audit of the fin3ncial statern¢nts 15 lo¢at¢d on ¢he Financial Reporting Coun¢il'5 ￿ebsite at hnp5 fr¢.org uklOur-work.IAudiVA￿il-a￿d-&$suranCeKsw1idardS-and-gvi￿an(dstandarJs-a77d-gUlda])¢e-for-aud7tOrSlAuaitOrs-re5p07ls1hI7ltitrfOr- auditID¢s¢ription￿I-.8Ud]t￿r￿F¢￿pQn$ihil1tie￿-f0r-audit aspx Th15 d¢5rriptioii ton￿5 part ofour audiior'5 r¢wrt. Ilse uf ()ur report Th15 rlP￿rt 1% madL wILlv tu ihL clidrit! % ItUStLLS. abi?d). In dLL￿rdd[￿ with 144 lif LIIL LharitiLs ALt 2011 and rLgulatlOll% mddL undLT.SLLLii?n 154 uf thaL ALt ()ur audit ￿￿)rk hd% bLLn undLYtrdkLn &ii thal WL rnight &tdtc Iii thL Lhdrily's tr￿￿Ll￿% tndltLTS WL dfL rL4uirLd statL Iij thLni In duditor&' rcport ti)r IithLr pur￿)￿ TITr thL lu11￿L LxLcnt PLrmitLcd IJW, doi ni)t aLWPL i)r rL%pon4ihilitJ to an!'i?nc o?thcr than thc charil) and thc eh8riL!'S Irusitts as a ￿]y. lor tsur audil Thvrk. for ihis reporl or lor theopirtions we have fotrned Tara Aldwin ACA Iseniorstawiory Auditorl for and on behELlf of FKCA Limited Si8lled 2frfl-27D BullcrfiLId. real Nqarlings l.yloll. l.u2 8nl. l)at¢d Jan 27, 2026 14 The Radcliffe Trust STATEMENTOF FINANCIALACTIVITIES for the year endd 31 March 2n25 EXrrt￿d￿ble ErtdO￿￿i￿t Ttstal Totsi 20Z4 te INCDIIE I￿Ome froin Investinents ProperL> lrtiome Ipage 191 358.636 398.219 201.623 Donaiiths 1.79) 1.750 TOT.4L INCONqE 599 89? LXI)LryDI'I'URL ON KIllSING TrLNDS InvtStmentmana8ers' ftts 67.9d) 67.960 Property expenses IpaBe 19) Legal & adminisiraiion fees Ipage 191 34.637 34.637 28.669 7.292 TOTAI. F.XPF.NDITIIRF ON RAISlhG FIINDS 292 LXVLryDI'I"URL ON CH.IRI'lIlBLL AC'I'ITr'II'ILS rTranLeYpEnditure Costs ofgraii¢ mak'ills 432.ifA 81,569 432,564 81.)69 TOTALEXPENDITLRE CHARIT.4BLE .4LTII'ITIES TOTAL EXPENDITURE 67,gY) 558,953 626,913 572.711 Unrealised 8ains on In¥estmertt assets 437.734 437.734 730.924 NF.T INC.OMFJIFXPF.NfJlTIIRF.I 369.774 173.4321 296.342 Unrealised oains on revaluation of properties .411 R¢alis¢d gain5 On dis￿)5￿1 of properties 368245 ET MOVEhtENT IN FLINDS 460.186 173.4321 386.7 1.131.39J I'O'IAL TrLNDS BROLILH'I Tr'ORII'ARD 21.639.741 1.464.573 23.ICH.314 21.972.964 TOTAL FI"NDS C.4RRIED FOR14'.4RD The Radcliffe Trust STATEMENTOF FINANCIALACTIVITIES for the year endd 31 March 2n25 Prioi yearl.ull l.und l0jn￿ratIve Exptn(IAblc Tot*1 2021 INCO￿lE Income from Ini'ests￿ents Property Incol￿e IPAge 191 l)(xia¢i(ALS 01.023 50 51) TOTALINCOME 599 S92 .'XPTr.'NIJII'IIR Tr. ON RAISINC FIINIJS Inie&tnient l￿znage￿, f￿$ Propertv expenSES{page 191 Lcgal & adtninistrution fccs Ipagc 191 i7331 936 27,733 7.292 28.b69 TOTAI. F.XPF.NDITI'.RF. ON RAISING FiIliDS 35 0?5 EXPENDITUREON CHARITABLE ACTIVtriES Gtant Lxp-nditu Costs ofgrani Making 408.086 408.086 TOTALEXPENDrruRE ON CHARrrABLE.4CTJvrriES 479.419 TOTAL EXPENDITURE 514.444 irtvesiment NET INCONIE 67) 657 85,448 Unrcaliscd gain5 on 5.000 5.0 RealisLd ol"dispusal ufprvFLrtIL 368.245 368.24) NET.MOl'F.￿1F.NT IN FUNDS I.(￿$.90• 85.448 TOTALFtINDS BROLGHT FORITr ARD 20.593.839 ?1.972.964 TOTALFtINDS CARRIED FORWARD 21639 741 I4￿573 The Radcliffe Trust BALANCE SHEET a5 at 31 March 2n25 20L 2D24 FIXLD A55LI 8.496.fj27 8,405.816 Inves¢Ments 14,641.936 0,041,185 riiRREIT.4&SETS 45.816 74.949 at bank 3.049,960 4VY.534 LIABILITIES.. falliD¥due With1￿ NET CI'RRENT A$8ET.S 345.￿5 3.064.1?9 -(YI'AI. ASSF."18 I.V.SS CIIRIiTr.'N'I- 1.14BII.I'I 11:S LIABILITIIS.. amounts ralllngdwe In mDre 0￿e year {i.(M)Di NF.T A&SF.TS 23,491,068 Represeniing lj1ire￿nCted Exr¢ndable Lndowment 22.099.927 Income aCC￿l￿t TOTALCII.4RITI FUNDS 23 4WI.VO8 Approved bj TTUS¢e¢SW. Jan 20, 2026 and signed on their khall'by SirChrislophirBuiL.hLrlTru51ul The Rad¢lirre Tiusl STATEMEFrt OF CASHFLOWS foi Ih¢Tr¢ur¢Thl¢d 31 MarLh ?0?5 2015 2Tr24 C,ISH FLOITr'S FROTrI OPEILITING AcfivITIES'. 1469.04)) now5 inve5tiTr¥acti*ities'. DiYidLndsand inierCSI Irom InvcsimLnlS 358.636 Sale proceeds from disposa1 of illvesiments Acqui5ltiotL5 Trf Inv¢stmentsat mst PrLKe¢ds frorn SLileof prO￿rtIeS 'ID¢AI C'45h flTrw$ from I￿V¢s1￿¢￿t A¢tiiiifjes 3.965.724 (3.ts16.5•41 2 723,%63 Cash used in fyp¢r91ing InV￿11￿g 8¢1ivi¢ies'. Change in cash and cash equivalertts in the repolling r¢riod CaEh znd c&Eh equii'aleiil$ at the heginiiiiigof the reporiing ￿riC Cash cash L4uivalcnlb &i Ihe Lnd LTrl IhL' ILPOtiing ￿rit 3.049.9trfJ 3.049.960 RE(.0￿cILIA7 ION oTr' riE'I IryCOfvlE1lblPE￿Dl.1.UR￿) I'O NL'I'CASIITr'LOITr FKOM oP￿RA.1'INc AC-I'II'I'I"ILS Net lex1￿Lt￿￿YI￿l0[Tre Cortbe rryort￿gperLOd PErthe$taterne￿*￿f rTh1￿CrAlactIYIt￿ 386.754 1730.V41 DI￿idEndS5nd interest from InsestinBactivitie5 InLrgaye..'IDecred5pI Iii debtot5 Incre&&e..'IDEcreasei Iii creditor5 144.8631 Net Cash lintiowvoutflow in ￿PerdtI￿g artivitie5 469 045 The Radcliffe Trust PROPERTY INCOME ACCOUNT for the year endd 31 March 2n25 Exptndablc Endowtntht Tot*1 202S CTr]De 2024 RENTS RELEITr¥'ABLE Fams C'ommLYCI 'aylLUSL 124.41N) 124.4 124.4UD 76.)06 717 735 735 Exi)tmdablc Endow[n￿t Total 2024 £D]De RENTS RECEIV.4BLE Farms co1￿￿)er¢I WA}leaves I?4.￿)0 7(Tr.506 124,4(Ml 71Tr,506 2UI.623 201.623 ExpEndable F.nd(Mmtht 2024 Rewirs Insiirance Subscription Mana8emeni feesAnd ex￿n￿e5 Professional fees Irrecolerable VAF 1.830 9.9L? 1.844 9.962 15.474 6.608 763 6.￿Jg 763 7.4 936 34.637 34.637 b.'Iptndable LndoWn￿r In¢Trme 2024 OI"TGOINGS 1.844 In%urance Subscrlpliun ManagLmCni feesand L￿¥￿*seS Prolessi4)nal lees ITre￿verabIe VAT 10.227 7.49 936 10.227 7.4 93 ?8.669 28,669 In¢ome 2024 LEGALAND.4DMINISTRATIVE FEES Administration V A'l" 1frecoseral￿t 589 1￿COme 21124 LEGALAND ADmI￿[sTRATIvE FEES Adminimotion VAT Irreeoverakle 6.703 589 6.703 589 7292 The Radcliffe Trust NOTES TO THE FINANCIAL STATEMENTS torthe yearended 31 March 2025 1 4CC'OI'NTING POI.TCIFS Th¢linancialsLoiementSAre prekbAredinaccordanceiviihStatementofRecommendedPraciice. Accountin4byChEwiiies'IreNised?01glaThl￿iIh ￿ relei'ani attwntiiigstandards Including l.Inancial Rewiningstandard 102applicable In ¢he Uniied Kingdomand Kepublicoflreland andcomply wilh thecharities ¢12011. T7￿ prin¢ipala¢wun¢ingpoli¢iesadop¢¢dare a5folloii'5 The fiiiaiKid $taternenL$3re prepared uThlerthe hi.&torI￿ cTrst CnnI￿ntIon. rn(￿IfleJ tTr Include thp re￿alUatiOn nf fixed L%set inveEtrnents and invewtient prvFLrtIL CrltlcAIAe¢ouThiiTh%cstlm*icsA ccourtts where a Judgenknt or an estimaie been made is in res￿¢1 ofthe ¥alu&tionofin¥esimertt property Torniii8aie against Ihis risk. IheTrust has appoin*d professional ¢hartered5urveyor5Loa%%eR5rhe valuai1onTrfinvestmen¢pro￿fti-5eeprQVenies￿c¢Tr￿ntln8p0lI(Y belo￿. Funds Thrcxpcndablc cndowmEnlcompnsc5fundsinvc5tcdtoprovidc It￿￿]￿C ro￿u￿CdfoIChantab1cPll[￿scs. GrArttsyayAblc ProTrision Is rnade for giants Itrevocablv committed dunng the Vfdr Where a grant 15 payable In In￿alMEnts. the future I￿talMen[S are conditsonal on sat15factuty pr$)E[c￿rCp￿ns￿.lTr¥&UbMlt1l￿and thcsL Efdnt5 arL rLV1Lw￿d annuall!.. PrTr]Knio4 Pro￿rties#re valrtdai L%iimaied markei laitsl kMwnhiSlQnC Tr AliQS are n￿ed An irtdepertdenii4luaiion wascarriedoul dunngihevearb! Matk Chat¢er MRILS MARLA, and this 1-a1￿1￿n has ken Included Inthe financial Sthtem¢n￿ -l-he surplus.. I defi¢it l on revaluatioii Is accounted for Quotedin￿e*Ment￿arel.alUedintbebalanceEbeet￿EmatketV3Iue Tlierealisedgain. {In%%linthe?earaiidIEpo%al%iifin￿&4tMent%l5tbed1ffe[e]ice between ThL 11055lonrLvaluationdnddis￿￿l ol-IllVL5tsnLntsi55howniTrthc SialLmLnt UfFlnanL￿XLAcII￿it1L Debt￿r5 Debtorsaiere¢oBnised atthesettlementamount. less an) proi.Isionfoi non-recoveiability PrepA}ments aKe valued at the amount prepaid They hfive been bAnkall￿ In CaEhaibank3Th1 Inhandrepre5eTrts.5UEhacC￿Tr￿andInS[[umentSthat3rea￿Lab1eDNdE1￿andOrhaNeaMatunty Trf laksthanthree nionths fromtiiedate nf credit￿￿￿9￿41 provi4inDS benefil%ill k requiredin set¢lemeiiL, andtheaniTruntofthe s¢ttleMenL¢aii he¢%timatrd reliablv Crediknirs and provi%ionsar¢ recognised at rhe amountthe cliaiin anti¢ipatr% It %5111 pa) to %¢ttl¢ th¢ deht The!. have h¢eii di5CnUllt¢d to the pr¢%ent %alu¢ Trf th¢ futur¢ cash pal'nient wliere %uch di%wunting 1$ ￿￿tell 20 The Radcliffe Trust NO'I"LS I O'I I IL I.'INANCIAL S I'A'I"LMLN"I'S fortiie yearended 31 March 20?5 I ACCOUNTING POLICIES-cuD1i￿￿Pd All Incotne Is reEngnised once the charitv ￿)ElE1e￿EnE tothe resources 3nd it Is certain that these resources can be mE2sured iTrith sufficient reliability id that isprobable that the} will be receii'ed EipeTrditllre eypenditure Isaccounted foron an accrual ba%isand ha8been clLssified underheadings ihataggreoate cnsLs relatedtothe category A]lor￿￿on Df cfjsts 0￿erhe￿￿ and suppoN cosisknve ken all￿ated betweencosisol'4eneYaiingfunds. charitsble act1¥111es and governance as foll0%I's al Adininistration fees are alloCa￿a beiwe¢nc4)Sts ofgen¢ra¢ing funds, supwrt costsofdirLKt charithble acti¥itiesand governance ¢osts b￿ed onadvice fromthe charitv'sadmini5tratO￿ ofthe CO￿ ofthe tinie spent each Ca￿gorV b}Accountancy feesare allocated bet¥veenc05ts ofgeneratingfunds and govetnanEe c05t5 b35ed on the c05t oftime 5P2llton each category casts regulatioii andgwdptactice. Thesec05ts Include costs relatedtothEauditofthe charity. aCcDunL￿cY fee5 and anapportioiittientof legal fEe5 Charitable aclivitie5 The c0stsol.c1￿iIlabIe 4lCtiviiies Include58rants made Inihe s¢arand an AkWrtionmeniofoveth¢ad and supwrtC05rs C'osts of gtn¢rn¢in% lknnd$ Tlie c￿t ofgeneratingfuiidscompri5e5theeYpense$3r15111gfrom the managetnent of the charity's property'znd ini'estment Po￿01]0% As5e55me￿toCgL￿￿gCo￿CerTh It5 ability tTr coiitinue as a going concetn TheTrustees con51der that the Trust ivill able to cTrnlinue ivith a progiamme ofErant-giTring, which ivill Fin4ncknl In51runieiit5 The chanty only lia5 financial 3S5ets and fiiiancial Iiabilitses of a kind that qualify as b3S]c financial In*tument5 Basic fI￿7nCIal In5tturnents are Iiiitsally 21 The Radcliffe Trust NOTES TO THE FINANCIAL STATEMENTS tor th¢ }'¢ar ended 31 Marcli 2025 DONATIONS AND GRANTS 'I'otyi 21124 Gratti accruals brOughL forward 10.200 57.750 Heri¢age& Crat Musi¢ Miscellaneous 200.?91 21il16 19).770 Total gran15 a￿arde 432.i64 408.086 Grant accruals carried foniBrd I.OLN) 441.764 111.21N) 45i.636 Grattis paid LOSTS OFGRAfiT P¥l.4KING Admini%lrdtll'L ILL IrrecD%erahle VAT 27.285 914 18.562 28.199 20.19) C:QVERNANC:EC.I)STts OF THE f.HARITI Total 2015 Tot91 21124 31.454 26.297 9,[￿￿ 7.2fy1 6,3iO Auditiirs. rernuneration A¢¢ountan¢y and tauation %¢rvices TTU51ee5' I￿¢¢11ng5 and exkE115¢S Suiidry eypenses VAT Irreeoi'trable 7.?00 7,309 1.504 53.370 TOTALC.O%T% OF C.RANT MAKING 81.569 REMI1￿￿R.4.￿1oN OTr I'RLS'rLLs During ihe year. live Trnstees were reimbursed a ioial of £1 154 12014 £6601 lor 0u1-of-p￿ke[ ti&i'el artd 51ibsiStence ex￿nseS in respeci ofallertding Trusiee artd Heritage & Lrall Lommittee meetings At ¢he year-end. £nil I:094. t87}￿a5 due ¢0 a l-tustee foi ou¢-of-pwk'd¢xpenses. Ivhich Is Included ivithin tr&1¢ ¢reditn Ashmolean Museum received a grani of£nil durinÉ theveAf121)24 L.OWI A Trusieeof Radcliffe Is all lonoran Cura¢orofAshrnolean Museum As adtninisiratloll services ar¢ Trutsourred ¢0 T1￿ TTUS¢ Par¢nership and to prTrfessiTrikil ad￿lS¢r5. apan from the Trusteesthei￿selve￿. the Ttuste25do not COn51derthat thpTrustlias key rnznagemenltE￿anTreI 22 The Radcliffe Trust NO I'LS I O I I IL I.'INANCIAL S I A I"LMLN"I'S f()r the }'edr ended 31 Mdrch 2(J25 QIIOTED INVEST￿lEY[s All Investments are Iisied on a recognised st￿k excKqn8e 20 2024 Market Nalue 31 March 2￿_4 SalL pfoLcEd% Iri)rn 13.965,7241 3.6¥6.i24 73U.I)24 16,915.rA13 437.734 14.648.936 Gains In ihe lear Market value at 31 March 20?5 9.26i.U19 INVESTMENT INCDIIE Gross Iniestm¢nt incoine arisin8 from Ilmed Investtn¢nt5 Is receiied from investnents In the UK and overseas. 2024 LISILd InvebimLnlS Less non rtcuverable (Tedils Dep￿Sit7nter￿t 368.99) 112.UMI 4U6.346 112.UMI 358 636 39S 23 The Radcliffe Trust NOTF.% TO THF. FINANC'IAI. STA TF.MF.NTS lor IhL )'Lar Lndcd 31 M￿ch 2025 DON.4TIONS 2025 2024 DondtiotL 1.7511 50 1.750 REEHOLD INVEsfF+lENT PROPERTIES Marketvsl￿e IArketTr at 31-Mar 31-Mar 2D24 Addiliotssl Re%'31u3tIo￿ ProfitOD diSPDSal Di5pa5als Cost AGRICIILTL]UL 564.386 6.850.816 1.550.0(H) 6 441,2?7 1.550,(MJO 5.000 Land3tH3fBrzi'e aiid Dean Landat Agnracar F¥tk" 739.963 8405816 8 496 227 AII pTOkKrtieso￿￿ed bv the Trusr are TegisteTed attlie land R¢g15tr5' ￿1th IheTrustees a5 the regisreTed proprieloT5 DE]¥foRS 2025 2D24 Renl rtL'ei￿able2rt￿ prepayrnertls Olherdebto 48.2¥1 6.f¢J8 4).816 74.949 Inmo ¢h*n .IARII.ITIF.S.' falling Withln oDe pear 2W24 Gerttd accruals Oihercredilorsalld d¢ferr•J Income 28.059 28.659 37.419 33.970 33.970 1.000 63.629 I.IN)O 63.629 10.200 61.7S0 24 The Radcliffe Trust NOTF.% TO THF. FINANC'I.41. STA TF.MF.NTS lor IhL )'Lar Lndcd 31 M￿ch 2025 LOMMITMENTS lore tb3noTre }Vith￿ MILSIC Heriiage& Cralts 1.0 i.o(x) i.Mo All outstanding grani commitrnentsare included In ace4rtnded3l M&rEh ?025 ¢RANTS- PAID IN TrV.AR 2025 HLJtIlA¢L$ ¢iUb-tS The Hobbycave 2.WO Cath¢d￿ ChurchofsiPeler ￿ Ixeler lxctcrcathcth￿ Stonem￿D￿5-dr￿e1OPI￿￿rnC%N 51￿cl£￿L￿￿rSk11Is- IE3rninui 51]1(onpir￿mQU1d￿]Tr￿3[￿ P]£stcrci￿In 5.WD 2,W Quccn EILzahcilil¢hDlarthip IrtylQLg11 InWtt5 DL5crcimnaTr CirantfO74 CrdEi5ir￿Ygvl7l¢nI ihildrrnulrJ5k ￿f￿hDOleXr1￿ Appryntict ¥rrnic Aft1￿￿tth¢ Nation￿l-lfr3 R￿Val 0peraHoLi*C￿￿￿ertlfratdeII FtNmd&1I￿ Apweilli¥rship&Soheme-c￿lli￿eAp￿TerttLCt ts0￿h Hw9¢ Silv¢rWoik5hmTw51 YouTr¥knd In¥ir 4.￿0 Ctsre2Ci&fl support￿￿.th￿T4pr5kn. C0Tr5rrvBliDnlnlrrthp4tH3tnpionCourt P31Bcr The l edbuTr Pwry￿)IpTil[eT￿￿LI 8.wo 9.m LUNG ProduclionsCIO IAKE k￿liwe 3.WO The SP4RiI'illiain MoTfi5 Q'iaftFellowshLp2Q?4.2026 lo￿Tr CLty & Guild5of lond￿ Artschwl R&dc1jffrT￿1C[4ElsC￿u]￿5hLp￿thttRoi.￿ colle￿ofArt Salisbury C3thEdral sU￿rner24 Nortlierii Lon1￿￿[aTr Fa FeliA￿o￿tcr￿7Tre.I1tsTiutsI StoncmasoTrapwenl1c￿h1￿.'lh5Tr￿Prd￿￿lSE1rr B￿￿1￿&￿e￿ maket [W￿l¢1p￿tIonal[hetffea1 NOrtliernC(￿1e17)D￿ary CiaftFRirlo41W•-vear2 5.WO 3.ND 5.WD AW￿￿$ fur PrI￿nSILttheI& ProJe¥ifre￿ifft￿Cr&fi, RU￿ Ciufls fur kids HerunCDmMIll rreeCrEulLleilOTkslws in¥ErwlisL&rts4ndcTths. la ￿ Lndu&trvp1ofr￿1￿￿l5 ￿l￿p￿vEthe Dfyuun¥Jrt15ts ThcNexiGBncr4tLonof Pl￿0T￿e[S 3llDProJcciCIC Royal SCh￿IDf NtdlewoTk Profe5510n￿ EmbroidryTe3cheT5IPETlfotMuhrFutt￿eTUtor5 Prowfftrne J,w %hakcspc3rcfJlnbc I￿5￿ %iory $115yY H¢ritr4eT cIDpinu %kL115 In%ts4iccrth DLrccLin¥ StiryShaF*t 3,WO 4,mO DITminghdrn ReP￿rtUTr Th￿￿1[ B15knp51and EdUcauun￿ T￿51 CaN3lEade Dt'Co#umeLtd C￿uME PDrtfolio Work5hDp5 Th￿￿￿￿r¥￿tI￿nVf Ln-￿1￿ 1Tr2025 chU￿b BULld]￿l￿C￿￿Lll 5.WD 5.mo 3.mo YorkshLr¢ArtspthYSocw Ltd enn5e￿atIQTr0f 16thttnlurymanu5clJPt￿ThJU￿Lt,%.]SLt￿tL￿Trf LknDn' of Grllnl from pnor>c I,wo I4.Y￿} CllTrinuilDn LLme J98.9)1 26 l-lie 1ladclilfe.l￿st OTF.S TO THF FIN4NCIAI. ST4TFMF.NTS forrlie)vdi endwJ.11 March 202.5 GRANTS- PAIDIN I'EAR 2025 3.NO Hay fvlu51cTf￿1 Dthut Di.4c5"0?415 wduclirm Clk%L5 forf1151 ofacclaimEd ￿e￿iSc￿tratIonCOrnp￿5￿rS Danicl KLthr& Ildnndh K￿￿￿11 sDU￿(re￿Ors The MusiLSummerSohwl ￿dFeStil.￿- B￿ue Orthesii& Proj￿1 NYCOS Burs&iTr PL￿￿￿ul]e:0A-fjs NNTC Rerwdings 5.CY)O 3.500 5.wo 5.wo 4.wo S.￿0 D&rling1￿ lniem￿li0m￿ Summrrsch Fththd&i Dr￿¥ ML15￿ PTVJtLINorthrrn Ird Ens*nblt R*£a M4rt0 ￿lI Rad51￿k Ro¢ksiars 5.mo Musi¢ Iherjpy 5.mo 3.mo Miisi¢Theatre Wales FiJeii48Ot' Q'outin. 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ST4TFMF.NTS forrlie)*di endwJ.11 March202.5 6]L4N￿S- PAID IN I'EARwntinued 2025 Ibc Vrun3ry Bi&. %1 Moors F¢*ival ￿:5 u15￿ror￿￿rkn￿uS￿L1￿l Wiwore Hill T YouthandcomMuniiyCAMn&%thS P¢rfO￿anCe ¢osts ￿01r¢s0tT(thy ¢on¢erts. FebtuoN22 andjune C¢thfi1rtgHoptfrom Chatss 240fy73 flSCELL4NEOUS The R&doliffeScien¢e Libraty HospL RudLlirrrStitnrr Libr SIB 3th) Sl DQrthiL(￿lo the HospL1 Rth) 2,100 TOTAL DONATIONSANDGK4NTS TIERITAGE& CRAFrs iusic hllSCELL4NEOLIS IQB.¥41 .073 28 The Radcliffe Trust NOTES TO THE FtNANCIAL STATEMENTS fur thcyl￿r Lndcd 31 MdfLh 2025 14 FtINIlS ANAI.YSTS 2D15 2024 Lipe￿d*ble EndnwtneDt Total Tot41 Freehold Inyesimeni Properties I￿￿￿￿trne￿i DebtOTS Ldsh di Bank Creditors 8.496.227 13.603.7(￿) 8.496.227 14.648.936 8.40i.816 11.63i.369 I.LMi.236 45.816 363.718 163.6291 363.718 163.6291 3.Ng. Qarried fom'ard 31 Mareh 202) Bruu8ht fo￿￿,￿rd l April 2024 21.639 741 460.186 1.464.573 23.104.314 386,754 21.972.964 Carried fom'ard 31 Mareh 202) 22,099,927 23,491.068 23.104,314 2024 Eiptndable EnduwtneDt 2Tr24 21b24 Total FrLLhold Ini'L5tML￿t PrvpLrtIL% Investi￿ents Debi4)rs Cash al Creditors 8.405.816 111.986.440 8.405.816 8.929 74.949 802.475 74.949 3.049. 2.247.485 LE.4SE INC.nNIE REC.EI￿ABLE D￿e￿Itb Duegrvater Shelton Estate. Bedfordshire Land at Har8pd¥e And ikan 104.4LN) 20.0 6.034 124.4(KTr 6.034 LI'LN'IS ATrI'LR'fHL LND OTr I'HL RLPOR'fiNG PLRIOD During ihe year. Ihe govemmenl annOunLcsJ fulure Lhanges In relaiion io how fatrnland IS laxed when Inheriied. which IS due io lake elTeLi frtsrn 4uan1it￿ IhL fitvdnLial ImPaClufihiS LVl￿l wilhbuifiLILnL ieli&biliL}' ThL'Trusieeb *rL muniluring thL Siluaiiun tluSL'Iy and will ts2ke appropriaiLaLLions as further InformAtion becomesavailable