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2023-04-05-accounts

THE RATCLIFF FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 5 APRIL 2023

THE RATCLIFF FOUNDATION

CONTENTS

Reference and Administrative Information 2
Trustees' Report 3 - 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 13

THE RATCLIFF FOUNDATION

REFERENCE AND ADMINISTRATIVE INFORMATION

Registered Charity Number 222441
Founder Martin Rowlinson Ratcliff
Trustees David Martin Ratcliff - Chairman
Carolyn Margaret Ratcliff
Gillian Mary Thorpe
Honor Pauline Key
Christopher John Gupwell
Secretary Christopher John Gupwell
Address Woodlands
Earls Common Road, Stock Green
Redditch, Worcestershire
B96 6TB
Bankers Lloyds Bank plc
PO Box 1000
Birmingham
BX1 1LT
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Account closed on 18thJanuary 2023
Solicitors Shakespeare Martineau LLP
No.1 Colmore Square
Birmingham
B4 6AA
Accountants Shona Cutler Limited
Grove Farm Bungalow
Lincomb
Nr Stourport-on-Severn
Worcestershire
DY13 9RB
Investment Managers RBC Brewin Dolphin Limited
6thFloor
The Chatwin Building
81 Colmore Row
Birmingham
B3 2BA
Independent Examiner N Simkins FCA
Simkins Associates
Butt Farm
Main Road
Great Haywood
Staffordshire
ST18 0TF

Day to day management of the Foundation rests with the Secretary. Grant applications should be sent to him at the address above.

THE RATCLIFF FOUNDATION

TRUSTEES' REPORT

The Trustees present their report and the financial statements for the year ended 5 April 2023. Details of the Foundation's operations during the year are set out in the financial statements on pages 7 to 13. The presentation complies with the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)(effective 1 January 2019). The accounting policies adopted by the Foundation are set out in Note 1 on pages 9 and 10.

Structure, Governance and Management

The Charity is governed by a Deed of Settlement dated 12 August 1959.

The Foundation is registered with the Charity Commission, registration number 222441, and has been accepted as a charity by the Inland Revenue. As such its income is exempt from taxation so long as it continues to be used for charitable purposes.

The Trustees who served during the year are set out on page 2. The power to appoint trustees is vested in the remaining Trustees. All matters of policy and management are determined at the regular meetings of the Trustees, usually held three times a year.

Prospective Trustees are invited to meet existing Trustees and attend at least one of their meetings. They are provided with extracts from the Trust Deed, information relating to the aims of the Trust and copies of the Trust's accounts. They are made aware of the time they should expect to spend on Trust matters and the responsibilities that Trusteeship involves. They become signatories on the bank accounts and when all formalities are complete they are welcomed as fully working Trustees. Trustees are encouraged to make themselves aware of changes in charity law and practice.

Public Benefit

The Trustees confirm that they have paid due regard to the guidance given by the Charity Commission on public benefit.

Risk Management

The Trustees keep under review the major strategic and operational risks which the Charity faces and are satisfied that systems have been established in order to minimise the possible effects of such risks on the Charity.

Settlement Provisions, Objectives, Activities and Grants Policy

The Foundation's constitution requires that the Trustees should apply its income for the benefit of such charitable institutions and objects as the Trustees may select, but precludes donations to individuals. The Trustees have total discretion over the value of grants made and the recipients thereof and consider that all grants made are for public benefit. Details of the grants made during the year are shown in note 4 to these financial statements. Any distributable income remaining at the end of the year is to be paid to the Coventry Diocese Laymans Appeal Fund.

THE RATCLIFF FOUNDATION

TRUSTEES' REPORT (continued)

Settlement Provisions, Objectives, Activities and Grants Policy (continued)

The Foundation continues during the lifetime of the survivor of all the lineal descendants living at the date of the Trust Deed of his late Majesty King George V and for twenty one years after the death of such survivor. At the end of the trust period the trust fund will be paid or transferred to the Coventry Diocese Laymans Appeal Fund.

It is the aim of the Trustees, both presently and in the future, to maximize the income, consistent with the wish to maintain the real value of the Trust's Endowed Fund in order to grant as much as possible to charitable institutions.

Achievements, Performance and Going Concern

58 grants were made in the year totalling £166,500 compared with £171,000 for the 53 grants in the year ended 5 April 2022.

The value of the portfolio at 5 April 2023 was £4,065,124 compared with £4,398,684 twelve months earlier.

A net surplus of £175,209 arose on investments sold during the year.

The Trustees consider that the level and nature of the financial reserves at 5 April 2023 do not impact upon the assumption that the Charity is a Going Concern.

Financial Review

The financial statements for the year disclose the details of the Charity's financial transactions.

The Foundation's income arises from its investment portfolio, funds held on deposit by the Charity's investment managers and bankers and from the F R Ratcliff Charitable Settlement, whose income is paid to the Foundation each year by way of a grant.

The Foundation's total income for the year amounted to £211,074 compared with £178,737 in the year ended 5 April 2022.

In the Trustees' opinion the Balance Sheet discloses funds adequate for the purpose of fulfilling the obligations of the Charity for the foreseeable future.

Reserves Policy

The Trust Deed requires the Trustees to distribute fully the Charity's income each year. Income relating to the year but not received by the yearend may remain undistributed at the balance sheet date. At 5 April 2023 £25,605 had been retained, compared to £3,333 overdistributed at 5 April 2022.

THE RATCLIFF FOUNDATION

TRUSTEES' REPORT (continued)

Investment Policy

There are no restrictions on the Charity's power to invest. The Trustees have appointed Investment Managers on a discretionary basis who report to the Trustees at their regular meetings. The Trustees' aim is to produce an income return to enable them to continue the level of their grant making consistent with maintaining the real value of the capital of the Trust. The investment strategy is set by the Trustees who consider the income requirements, the risk profile and the Investment Managers' view of market prospects in the medium term. The funds may be invested in any type of investment.

Trustees' Responsibilities in relation to the Financial Statements

The Trustees are responsible for preparing the Trustees' Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of incoming resources and the application of the resources of the Charity for that period. In preparing the financial statements 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 financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf:

D M Ratcliff

6[th] December 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RATCLIFF FOUNDATION

I report to the Trustees on my examination of the accounts of the Charity for the year ended 5 April 2023, which are set out on pages 7 to 13.

This report is made solely to the Charity's Trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity's Trustees as a body, for my work, for this report, or for the statement I have made.

Responsibilities and basis for Report

As the Charity Trustees of The Ratcliff Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicholas Simkins FCA

Simkins Associates Butt Farm Main Road Great Haywood Staffordshire ST18 0TF

6[th] December 2023

THE RATCLIFF FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2023

------- 2023 ------- ------- 2022 -------
Income Endowed Income Endowed
Fund
Fund		 Total Fund
Fund		 Total
£
£ £ £
£ £
Income and Expenditure
Income:
Voluntary income
Grant from FR Ratcliff
Charitable Settlement 54,020 54,020 43,457 43,457
Investment income
Listed investments 156,631 156,631 135,261 135,261
Deposit interest 423 423 19 19
Total income 211,074 211,074 178,737 178,737
Expenditure:
Cost of raising funds
Investment management fees
-		 26,359 26,359 - 28,226 28,226
Charitable activities
Income Fund Grants (note 4) 166,500 - 166,500 171,00 - 171,000
Other costs (note 5)
Income Fund 15,636 - 15,636 18,024 - 18,024
Endowed Fund - - - - - -
Cost of charitable activities 182,136 182,136 189,024 189,024
Total expenditure 182,136 26,359 208,495 189,024 28,226 217,250
Net Gains/(Losses) on Investments
Endowed Fund
Realised 175,209 175,209 184,956 184,956
Unrealised (note 6) (493,409) (493,409) 131,010 131,010
(318,200) (318,200) 315,966 315,966
Net movement in funds 28,938 (344,559) (315,621) (10,287)
287,740		 277,453
Total Funds brought
forward at 6 April 2022 (3,333) 4,415,753 4,412,420 6,954 4,128,013 4,134,967
Total Funds carried
forward at 5 April 2023 £25,605 £4,071,194 £4,096,799 £(3,333) £4,415,753 £4,412,420

The notes on pages 9 to 13 form part of these financial statements

THE RATCLIFF FOUNDATION

BALANCE SHEET 5 April 2023

Notes 2023 2023 2022 2022
£ £
Fixed Assets
Investments and uninvested cash 6 4,071,290 4,422,984
Current Assets
Bank balances 29,859 3,786
Less Liabilities:amounts falling
due within one year 7 (4,350) (14,350)
Net Current Assets 25,509 (10,564)
Net Assets 8 £4,096,799 £4,412,420
Funds of the Charity
Endowed Fund
Restricted 8 4,071,194 4,415,753
Income Fund
Unrestricted 8 25,605 (3,333)
Total Funds of the Charity £4,096,799 £4,412,420

The notes on pages 9 to 13 form part of these financial statements

Approved by the Trustees on 6[th] December 2023 and signed on their behalf:

D M Ratcliff

THE RATCLIFF FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023

1. Accounting Policies

These financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective 1 January 2019) and the Charities Act 2011.

The Foundation constitutes a public benefit entity as defined by FRS 102.

The particular accounting policies adopted are as follows:

The financial statements are prepared on the historical cost basis of accounting modified to include listed investments at market value. Incoming resources and the application of those resources have been accounted for under the accruals basis of accounting.

Listed investments held as fixed assets are stated at market value less any provision for a permanent diminution in value since the balance sheet date.

Realised and unrealised gains and losses on investments are accounted for through the Endowed Fund.

Income from investments is accounted for in the year in which it is receivable. Interest on deposits is accounted for in the year in which it is received. Grants receivable from the F.R. Ratcliff Charitable Settlement are accounted for in the year to which they relate.

Charitable grants are accounted for in the year in which they are approved by the Trustees although payment may not be made until a future date.

Costs of generating funds and expenditure on governance, support and administration are accounted for in the year to which they relate.

These costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Such costs include those related to the independent examiner's fees together with accountancy, administration and other support costs. Any apportionments are based on the Trustees' best estimates carried out on a reasonable and consistent basis.

Expenditure includes VAT which cannot be recovered and which is reported as part of the expenditure to which it relates.

THE RATCLIFF FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 5th April 2023

1. Accounting Policies (continued)

The Income Fund is available to spend on grants to charitable organisations and the governance and administration costs of the Charity. Income of the year not received by the Trustees at 5 April is carried forward for distribution by way of grant in the following year.

The Endowed Fund represents the Charity's endowment. The Trustees have decided to restrict expenditure from this fund to the fees charged by the Charity's Investment Managers which they consider relate to the management of the investment portfolio.

(g) Cash Flow Statement

The Charity has taken advantage of the exemption available under the Charities SORP (FRS 102) Update Bulletin 1 not to prepare a Cash Flow Statement.

2. Taxation

The Foundation is a registered charity, number 222441, and is exempt from Income Tax, Corporation Tax and Capital Gains Tax provided its income and gains are applied for charitable purposes.

3. Staff Costs, Trustees' Remuneration and Other Benefits

There were no full or part time employees during the year or during the previous year.

No remuneration was paid or payable in respect of the year out of the funds of the Foundation either directly or indirectly to any Trustee. Mrs J J Gupwell, the wife of a Trustee, received £10,324 (2022 £13,338) - for accounting and secretarial services provided to the Foundation.

No expenses were reimbursed to any Trustee during the year.

4. Grants

Grants
2023 2022
£ £
Grants to Organisations - 58 (2022 - 53) £166,500 £171,000
The 2023 figures above include the following material grants:
B30 & South Birmingham Food Bank 3,000
Birmingham Dogs Home 3,000
Black Country Food Bank 4,000
FareShare Midlands 3,000
Fine Cell Work 4,000
Tipping Point North South – Transform Defence Project 5,000
Forward 22,000

THE RATCLIFF FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 5 April 2023 (continued)

4. Grants(continued) 2023 2022
£ £
forward 22,000
Bike to the Future 5,000
British Dyslexics 3,000
North Wales Accessible Holidays for Blind & Visually Impaired
15,000
British Blind Sport 3,000
Dogs for Good 3,000
Harbury Church 3,500
Heart of England Forest 3,000
The Macular Society 3,250
The Myton Hospices 4,000
Vetlife – Veterinary Benevolent Fund 2,750
Warwickshire & Northamptonshire Air Ambulance 4,000
Warwickshire Wildlife Trust 3,750
Cancer Research UK 3,000
Cotheridge Church 5,000
Kidney Research UK 5,000
Maggs Day Centre 3,000
Midland Air Ambulance Charity – Worcester Air Ambulance 3,000
The Myriad Centre 5,000
Royal National Lifeboat Institute - Swanage 5,000
St Richard’s Hospice Foundation 3,000
Worcestershire Animal Rescue Centre 5,000
Surfers Against Sewage 3,000
Grants of £2500 and over 28 (2022 - 41) 115,250 151,000
Grants under £2,500 30 (2022 - 12) 51,250 20,000
Total Grants 58 (2022 -53) £166,500 £171,000

Grants to charitable organisations are normally made in early April each year. In cases of exceptional need grants may be made at other times.

THE RATCLIFF FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2023 (continued)

2023 2022
£ £
5. Other costs
Secretarial, administration and accountancy 10,804 13,338
Independent examiner's fees 4,700 4,550
Sundry expenses 132 136
£15,636 £18,024

6. Investments

The portfolio consists of holdings listed on a recognised stock exchange.

2023 2023 2022
£
£
Listed investments
Cost
At 6 April 2022 3,320,216 3,184,615
Additions 582,782 617,082
Cost of sales (422,933) (481,481)
At 5 April 2023 3,480,065 3,320,216
Market Value Adjustment
At 6 April 2022 1,078,468 947,458
Adjustment for the year (493,409) 131,010
At 5 April 2023 585,059 1,078,468
Market Value at 5 April 2023 £4,065,124 £4,398,684
Investments at Market Value comprised:
Fixed interest 477,487 543,153
Equities 2,138,015 1,990,493
Unit trusts 1,449,622 1,865,038
4,065,124 4,398,684
Uninvested cash 6,166 24,300
£4,071,290 £4,422,984

All investment assets were held within the UK. At 5 April 2023 the following investments individually represented in excess of 5% of the total value of the portfolio.

the portfolio.
Market
% Cost Value
Franklin Templeton Clearbridge
Global Income units
5.11 £176,170 £207,655
Vanguard US Equity Income Fund
Income units 7.09 £198,723 £288,058
T Bailey Evenlode Global 5.12 £174,070 £208,242
Income Fund
Income Units

THE RATCLIFF FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 5 April 2023 (continued)

for the year ended 5 April 2023(continued)
2023 2022
£ £
7. Liabilities
Amounts falling due within one year
Brewin Dolphin Securities Limited - 7,150
Mrs J J Gupwell - 2,850
Simkins Associates 4,350 4,350
£4,350 £14,350

8. Analysis of Assets between Funds

Income Income Endowed
Fund Fund Total
£ £ £
Breakdown of net assets at 5 April 2023
Listed investments - 4,065,124 4,065,124
Cash held by investment manager - 6,166 6,166
Bank balances 29,955 (96) 29,859
29,955 4,071,194 4,101,149
Liabilities (4,350) - (4,350)
£25,605 £4,071,194 £4,096,799
Breakdown of net assets at 5 April 2022
Listed investments - 4,398,684 4,398,684
Cash held by investment manager - 24,300 24,300
Bank balances 3,867 (81) 3,786
3,867 4,422,903 4,426,770
Liabilities (7,200) (7,150) (14,350)
(3,333) 4,415,753 £4,412,420

The Foundation has two funds, the lncome Fund and the Endowed Fund. The Income Fund consists of unrestricted income all of which, if received, must be distributed each year by 5 April. The Endowed Fund forms the Foundation's endowment and is not available for distribution.

9. Connected Charity

The F.R. Ratcliff Charitable Settlement is a connected charity. All the Trustees of the Settlement are Trustees of the Foundation. The two organisations have joint Trustees' meetings. In order to minimise administrative costs the Charitable Settlement pays the whole of its income each year to The Ratcliff Foundation by way of grant.