THE RATCLIFF FOUtiD.4TION
TRLSTEES, REPORT AliD FIPIANCIAL STATE.MENTS
YEAR ENDED S APRIL 2024
[L_fvL
CHARTERED ACCOUNTANTS

THE RATCLIFF FOUD4DATiofi
CONTENTS
Reference and A(hninistraiive Inforniaiion
Trll8tees' R¢pon
tnd¢pendeni Examinefs Report
Stsie]nent of Financial Activities
Balance Sheet
Note$ to the Finan¢i81 Stytements
9- 13

THE RATCLIFF FOU￿DATIoN
REFERENCE AND AD￿lsTRATIVE IhTORIIATIOY
Registered Charlty P4urnber 222441
Founder
Martiu Rowlinson Ratclrff
Trustees
David Martirt Ratcliff - Cbairma
CarolyD.Margaret Rat¢li
Gillian Mary ThoT
Honor Pauline Key
Cljrislopher John Gupwcll
Secretiry
Christopher John Gupwell
Addres
Woodlands
EaTl$ Common Ro&d, SloGk Grcen
Rethlitch, Worceskrshye
B96 6TB
Bank¢ri
Lloyds Bank plc
PO Box 10(K)
Binnillgham
BXI ILT
Sollcliors
Shak&%peare Manineau LLP
'0. I Colrnore Square
Birniingh8m
B4 6AA
Accoiintants
Shona C￿￿er Limi*d
Grove Farn Bungolow
Liw(Mnb
Nr Siourport-on-seve
Wtsrre8ler5hire
DY13 9RB
liive&tment MAty#ger¥
RBC Br¢wirb Dolphin Limited
The cha￿1n Buildin8
81 Colmore Ilow
Birniinglwn
B3 2BA
Independent
N Simkim FCA
SinikitL8 A&qociaies
Bull Farm
Main Koad
Greai Haywood
Staffor&shLre
STIS (rtF
Day lo day llLanagetn¢nl of the FollndatlOD rests with thc Secrewy. Grant
applAcatiort$ thould b¢ sent to bim at the addr￿ alK)V¢.

THE RATCLIFF FOUD4DATION
TRUSTEES. REPORT
The Tn]stees present their Ye[￿rt and th¢ finon¢iAI statements for the
year erldcd 5 April ?024. De￿13 of the Foundation's operaiii)ns dUrll￿ the
year are bet out in the financial sth(ements on pages 7 10 13.'IThe
preseotatsort Complies the Cbariii&% Act 2011 and the A¢¢ouoting Ènd
Reporting by Clwities.. Siatejneni of ReeoJk)mended Pr8Ctice applicable to
charitie$ preparing their a¢cowits in a¢¢ordante with the Financial Reporting
Standard applicable ill the UK attd Republic of Ireland IFRS102Meffective
l j￿Uary 2019). The aCcoun1￿g policies adoptrd by the Foundation are set
out in Note l on pages 9 and 10.
Strueture. Govern*u¢t *Dd MADaEemtttt
The Charity is governed by a Deed olsettlemeni dated 12 August 1959.
The Foundation is regisiered with the Chhrity ComMi￿lOn. registrauo
number 222441. and has been accepted a5 a chariiy by the Inland Revenuc.
AS such 118 income 19 exempi from iuaiion Éo lon8 ￿ it ¢ontinu¢s ￿ b¢ us¢d
for charitable purpos&s.
The TnJslee8 who Berved dllr￿g the ye4rare set out 011 pa8e 2. The power lo
oppoini truste￿ 1$ vesied in the rernaining Trustees. All mailer5 of policy
find TtLanagTemeat ￿¢ dciernjined aL the regular meeliw vfthe Tru$*es,
usually held three timu a vear.
Pro8pe¢tiv¢ Trustees we invited to m¢¢i exi51in8 Trustees 8nd an¢nd at least
one oftheir ineelings. They are provided with extracts from tlie Tntsi t)ced,
infom)Aiion relati08 to the 8iins ofihe Tnjst and ¢opie8 of th¢ Tn￿tr8
accounts. They are made awAre of the time they should exrttt to spend on
matlen Ind Ilic r¢sponsibililies Ihot Trusieeship involv&4. They
become 4ignaii)ries on the bank at¢ounis and when &ll f(irnJaliues are
complLle they are welcorned as fully workin8 Trusltts. Truslees are
¢our&¥¢d io mak¢ Ihetii%elvcs NWAre of ¢hao8e4 in ¢haiily law and prKti¢¢.
Piibllc Bertefli
The Truslee5 coiifirm tjiat they I￿ve paid due regard to the guidance 8iv¢tt by
the Charity Cr)mmi*8ion on publi¢ benefiL
Bjjk M*nog¢m¢n¢
The Tru51ces kecp under rcVic￿. the rnajor strategic ar￿ OPCTaLionaJ rL5k
which the C.'hority fAtes 8nd ate ¥ati$fied thai sy%tenL8 have been <<tsblished
in order 10 rninimise the possible effects of such risk5 on theclwity.
Settlement Provlslon5, Objecilve8, Attivitiey and Grants Policy
Th¢ Foundaiioii'4 ton$tittLtson requirt8 thèi the'rnL9te￿ should apply its
income for the benefLt of Such charitsblc inslitulions and objects as the
Tr￿sle¢S o]av ¥cl¢cl, but Pr￿ lud￿ doryatio￿ lo itldividuals. The I"rustess
have total discretion over the value of grants made the recipients
thercof and cousider that all grants made are for public benefit. Detsils
of the gT&nL¥ madv during th¢ year thown Dote 4 to these financial
siaicmci)t8. Any distributablt iticomc rctnainittE ai the end of the year is to
bc paid to the Coventry Diocese La)'tnan5 Appeal Fund.

THE IL4TCLIFF FoifNDATION
TRUSTEES, REPORT {conlinued)
SettlemeDt ProviSiOD4 Objecdves Actlvitiu Gr#nts Pollry (continued)
The Foundation Continu￿ during the lifetime of the survivor of all the
lineal de5Ge[Lda￿ts livinE ai the date of the Trust Deed of his la* Majesty
King GeoryE V and for twenry one years afier the death of ÉLLeh survivor.
At the end of the tnLSi wiod the trwsi fimd will be paid or transfeTred to
th¢ Cov¢ts¢ry DIOG￿¢ La￿n￿n3 Appeal Fund.
li is the of the Tru5tecs. bottl presendy at)d ill the ￿￿re, to maximize
the income, ¢On￿gi¢￿t with the *i$h 10 inaitLtarD the reAI i'aluc of the
Ttusl's Endowed Fund in oideT 10 Brntti ￿ much as pts&*ible lo charithlc
inslilulions,
Achlev¢menl4 PcrforrnADce ADd Going CoDeer•
48 grdryls were made in the y￿r iothlling £172J02 compared with £166,500
for the 58 grants in the year ended 5 April 2023.
Th¢ vfilue of the portfolio at 5 April 2024 was £4.232,040 comp8T¢d with
£4,065,124 twclve nionthg earliu.
A nei surplus of £124,004 ara* on investments sold durin8 the year.
The TNs¢ees ￿nsider ihat th¢ l¢vel and nAtu￿ of the fuwKial reservu ai
5 April 2024 do noi impa¢t uJy)n the wumption that the Clwi'ty is a Goin8
Concern.
FlnaNtlol Revlew
Thc financial siatein¢nts for the year di%lose ih¢ detai15 ofthe Chan't￿9
rinancial tran8aclion5.
The Foiindalioll'9 Lncome ari$es from its inve%Mitnt portfolio, funds held on
dcposil by Ihc Charity's invesiineiii maiiaBers and I￿lkerS and froin Ih¢
F K Ralclifl'chariiable Seiilement, whose iti¢omc i5 paid to the foundation
h y¢ai by way of a grnnt.
The Founduliort's to1￿ income for the year amoun￿1 to £198,016 compared with
£211,074 in lh¢ yw ended 5 April 2023.
In thc TtU5tce5' opinion the Bo14wce Sheet th"sclo8es fithdg adequatc for the
purpo￿ of fvlfillitig the obligatiOJ15 of Ihe Ctwity for the foreseeable
future.
Reservey Pollc)
Thc Trust DEEd rquir¢5 the Trusiee5 lo d￿tribilI¢ fully the Charitys
income each year. Income relaiinE 10 the year but not reccived by the year-
end may T¢fiLain ujidistributed ai dje balance sheet dats. At 5 April ?024
£25,055 had been r¢¢ain￿ wmpared to £?5.605 had been retaioed at S April 2023.

THE RATCLIFF FOUFIDATION
TRUSTEES, REPORT (continued)
Investment Pollcy
TheTe are no restrictions on the Charitys power to itLvesL The Tntste
have appointed Invc5tme]]t MallageT5 Otl a di5Gretionary basis who report ro
the Trustee5 ai their ]Egular m¢¢lings. The Twstee8' aim is to producc an
inc4)me retum to ejjable them to contiDU¢ th¢ level of their grdllt lllaking
eonsislenl with maintaining the real value of th¢ of the TrnsL Thc
investmeni strategy is se¢ by the Tn￿{eeS who consider the income
requirements. the risk profile and the Itlvestment Uanagers, view ofm8Tk¢¢
prospects in the TncdiuTn teTm. The fiuth may be in any type of
investrnettt.
Truitee$' Responslbllliles ID r¢lAtioD to the FlnAncial Statements
The TTU$tee4 are re%tK>nsible for preparing the TnLs¢e¢s' Rey>rt and
rinancial slatem¢nts in a¢¢ortsU￿c with 8pplicable law and United Kingdom
Awounting st￿ar&s (United Kingdom GencrB]ly ArGep*d AcGwnting Pwiic¢).
The law &pplicabl¢ io chan'iies in Engla1￿ & Wales requires tht Tn￿le¢S
to prepore financial siatements for each finan¢wl wknich give a mie
fair vicw of th¢ sia(¢ of8lTAirs of Ihe Cliariry find Of incomin
r%￿urCeS and the applicaiion of the resouTC&S of ihe Chariiy for Ihai peiiod.
Itl preparing the fiMn¢i81 $tsiemen¢s the TnJsie48 are r¢<pJircd ro..
8tlett suithble accouniing policies And apply them consistently.,
obs¢rve the methods ttT￿ principleg in the Chariiie8 SORP;
make jud8em¢nts eyiimatrs that are T￿Onable Ind pnjden
Stsle wheth¢r applieELble accouniin¥ s(Andard5 havc beeji follow'c
$ubjcci lo any material dcparturcs diKlosed aDd exp14Lined in the
financial skwnents;
prepare the rEn￿ctI1 strttcmert¢s on a goi1￿ ¢on¢¢m b&¥i$ unless
it 18 illAppropria¢e io ¥ssum¢ the Charity will CODtitiue 10
operaie.
Th¢ Truste￿ are responsible for keeping proper￿o￿ni1ftg rrcord8 th81
discloge willi rcasollable accuracy al ati). tim¢ Lhr fit]aJicial Frf)siiion ofthc
Charity and enable th¢m to EL%ure thai dje financial ststuncllts coJJ]plv with
the Cbariiies Acl 2011. tbe Lharily (Accounts Rq￿rt￿j Regulationg 2008 and
the Trust Deed. Thry arv lliso respon%ible for safe8uardin8 the 8sscts of
th¢ Ch8riiy and ljence for iakllLg stCP5 for the prevetttioD W]d d¢¢¢clioii ol
fraud and other irregularitits.
Approved by thr TrM51ees
slgThed oil their l)ehxll:
D M Ratcilff

Ir4DEPENDENT EXATrIINER'S REPOKI. TO THE TRL.STEES OF
THE IL4TCLIFF FOUNDATIOTrq
I tepDrt ￿ the T￿tee8 on my exarDiDaiion olthe Jtcolltsts of the Clwity
for the year ellded 5 Aptil 2Q24. ￿h1¢h art sei oui on pages 7 10 13.
This report is made 501ely to tbe Charitys TnJsleGs, as a body. in accordancr
with Regulalion 31 of the Chariti&8 (Accounts alld KepoTrs) K¢guloritsn$ 2008.
My work h&8 beea undertaken 50 that I migbt $thtt to the Cljarity's Truslees
those matiers l artl iequired to Sthlt to thcm in an mdepend¢ni examineV$
report and for no other purpose. To the fullesi extent penniiied by law, I
do noi accept or assume r&s]y)ll5ibilily ¢0 anyone othLY that) the aMriig8
Trustees as a body. for my %'Drk, for this repon. or for the $wement T have mth.
Respon51bllltles xnd ba518 lor Report
As the Charity Trusieu of Th¢ RaiclitTFoundation you are TesporL8ible for
Ihc prepdratio)n of the accounts in accordance with the requirements of the
chariti￿ ACL 2011 I'the Act).
I report in respect of my e.xaminaiion of the Charli￿$ accounts ¢all7ed out
under 9c¢lion 145 of ihe 2011 Act And in ca¥r)ryllg out my ex8millation L have
followed all ihc appliLabl¢ DirectioDs givell by thc Charity Commissiots under
9ection 14515)Ibl of ihe Act.
Independent Eximluer's StAtement
I have eomplcted my examillaiion. I confirni thai no material m8tttr8 have
come io my 8i¢eJ)iion in connection with the exarvi08ti0n giving me uus¢ lo
believe:
ac¢ouriiing re¢ord8 were not kept in resp￿1 of the Charity a8 required
by $¢¢tittn 130 of the Aci., or
the accounis do not a¢¢oTd wi¢h th%x8e records: or
the a¢couni¥ do not comply with Ihc accounling re4uirem¢nts ¢on¢¢rnin¥
thc forni and ronleDI of the accounts sei oui in tjje Cl￿ntIeS
(AG¢owiis 8nd Rcportsl Re8uialions 2008 other than ￿Y requiJement ihai
the accounis give a'true and f3i¢ view which is noi a malter
consid¢red ￿ pan of an independent exwuirjation: (
the accounL8 havc noi bccn prepared in a¢¥ordance with th¢ methodi and
and prÉncipl¢s of lh¢ Statement of R￿0Mm￿LdeAl Praclice for ￿Coun￿n￿
and r¢F4)rtin8 by charitie5.
I have no ¢0Th¢¢rn8 and have comc acr058 DO other maiten in ¢onn¢ciion with
the eX￿)ilnatIOn ¢0 which 8lt¢nlioii ¥hollld be drawn in illi¥ report ordcr
to cnHble a PfQPEr tsnder8iandi￿ of Ihe accoiini% to be reaclied.
Nicholas Simkln% fcA
Simkiw A&%)ciates
Bull farm
Main Ro#d
Great FIaywood
Statford8hir¢
ST18 OTF

THTr; ItATCLtFF FOL.NDATION
STATEMENT OF F￿￿NcIAL ACTIVITJES
for the year ended S Apr1] 21124
2024
EDdowod
Fund
2023
Endowed
Fund
Income
Futtd
Total
Tot&1
Ineome and E¥peDdlture
Income,.
Volunthry tncorne
Grant from FR Raicliff
Charitsble 5ertlement
60,989
60,989
54,020
54.020
ttLVCStmeni income
Li$ied invesunents
Deposit interesi
137.027
137,027
156.631
423
156,631
423
Tor41 itlcome
198.016
198,016
211,074
211,074
Eypenditure..
Cost of rai$in8 fund4
Investment rn8nagemen¢ fees
14,688
14.688
26,359
26.359
Charitable activities
Inconie Fund Qr8nts (note 4) 172,502
172,502
166.500
166,500
Other costb. (note 5)
Ineortie Fund
Endowed Furtd
26,064
26,064
15.636
15,636
CONI of ¢h4ritsble activilie9
198,566
198.566
182,136
182,13(?
Total expendilure
198,566
14,688
213,254
182,136
26,359
208,495
ot CzalngllL0s5eg) on Inveslm¢nt8
Endvwed Fund
R￿lIsed
Unrealised (note 6)
I24,￿m
59.670
124,(X)4
59,670
I75.2U9
175,209
(493,4091 1493,409)
18J.674
183,674
(318,2001 1318,2001
r4et inoverneni in fund$
1550) 168986
168,436
28938 {344,559) (315.6211
Total Funds brouglil
forward al é April 2023
25,605 4,071.194 4,096,799
,333) 4,415,753 4.412,420
Tot41 Fund8 carried
forward at S Aprll 2024
£25.055 £4,?40,180 £4,265.235
£25,605 £4,071,194 £4,096,799
Je notrs on page5 9 10 13 fonll part of th¢8e flttancial s￿leMenL8

THE I￿TcL[FTr FOi)NDATION
BAI,ILNCE SHEET S Aprij 2024
r4ote5
2024
2023
Flxed Assets
Investments and unitsv¢sted c&8b
4240277
4.071,290
Curre￿1 A&set5
Bank ba]Ance8
Debiors
31,890
1.980
29,859
33,870
29,859
Less Li*blll¢les: amounts f41]in8
du¢ within on¢ year
{8,912)
(4,350)
N¢1 Current A￿ets
24.958
23,509
Net Assets
£A265,235 £4.096,799
FuDds of the Chorlty
Endowed Vund
R¥51Ti¢tcd
4,240.180
4,071,194
b und
Uure4tri¢ied
25,055
25,605
Totsl Fund$ of the Ckwity
£4.265235 £4,096.799
The noifys on pa8e8 9 to 13 fomi port of the8c fmancial stat￿nent￿
Approvcd by the Tnk8tres on
god signed on their b¢1￿1[..
D RateU(r

THE RATCLIFF FOUL¥DATION
NOTES TO THE FIP4Af4CIAL STATENIENTS
for the year ended 5 April 2024
Actounting Policie5
These finth¢ial $iai¢ments have been prepared in accorthee with the
Accounting and Reporting by Charill￿.. S¢alem¢nt of Recoxnmended Practice
appliGable to ¢haTiiiU PT¢paring their accounts in accordance witii the
Financial Rep)rling Stsndard applicable iu the UK aDd Republic oFlre]BJLd
(FRS IO*){effective l January 20191 and the Chan"ties ACL 2011.
The Foundation conBlitutcs a public benefLI ¢nUly ag defmed by FRS 102.
Th¢ parts¢ular 8ccounting polici&8 wjopled are hs follows:
la) ArKoun¢mg Conv¢ntion
The f￿ancial siatements are prtparal oo the hi5rorical c05t basis
of 8¢ctsuniinB modifi¢d to incjude lisied inv¢5tm¢nts at market
value. Incoming res()UTCeS and the appliralion of those res￿re£S
have been a¢¢oun¢ed for ynder the accn]a18 basi5 ofaccouniing.
(bl Listed Inves¢men
Listed itLve8unent8 held as r￿ed assets are sth*d at market value le&s wjy
provisioth for A pemwienl diminuuotl in value since the b&l&ll¢e $heet date.
(¢1 Investmeni Gain8 and Los8¢$
R¢ali$ed and unrealised gains attd losses on invesunen18 are acc4)unted
for ihn)ugh the Endowa Fund.
Idl Investment Income Gr8DIS
Income from investsn¢n¢8 1$ &cfyx)unied for in the year in which il i8
receivable. In¢eresi on depo8iL8 is accountcd for in the year in
wliieh it ts received. Grants receivablc frojn the F.R. Ratcliff
Charitable Settlemeni a¢¢ounied for in the year lo wliich they relat¢.
{e) Expcnditure
Chariiuble grants arc ￿￿O￿nIcd for in thc year in whjch they are approved
by thc Trustrcs aldiou¥h poyment may noi be made until a futurt dN*.
Costs of gcneraling fuii(L5 and cxpendiillre on Rovenwjce. support and
administration are Brcounicd for ID thc year lo wbich d)cy rel4t.
These coyls coinprise all r05ts rnvolving the public accounthbility
of the rhariij and ilg eompljancc with regulation and uood prxctice.
Sucli costs include tILose relaleil to Ihe indq)endenl examinerfb ftts
log¢¢hrr with afjr(rtJnl8n¢y. athinistralion ￿ld other bUPI)tsrl CO$ts.
Atiy apportiorJJllents are based on the TnL%iees' besi estirnaies
carried out ott a rwonablc aÈMI coDsisLenL b&%is.
Expendilllre inclLth VAT wbirh caDnoi k rttovered and wthich '
TCPOrt¢d part of th¢ expEndJMre to which it relales.

THE RATCLIFF FOUNDATIO.N
NOTES TO THE FINMCIAL STATEI¥ILYTS {contiJwed)
Year ended 5th April 2024
Accounting Polities IconliDued)
lfj Fund Accountills
The tncome Fund is avai]abl¢ ¢0 spend on 8rallts th charithble
organisatiOE)8 and the governallce alld admitlistsaiioll c05rs of the
Chanty. tnwme olthe ￿al nol rffelied bv the Trusw ai 5 April
18 carried forward for distribuiion by way of gTHnt in the following
ye￿.
The Eijdowed Fund represellL8 Ihe Charitys etLdowmcnL The Trusit
have deGLdd io restrict ¢xperLdilure froru this fwid ￿ the fees
charged by dje Chariiy's Tnvestmeili Managers which they CO￿lder
rEl&lc to the managetneThl of the investtn6nl ￿n[ollo.
Igl Cwh Flow Staiem¢ni
The Charity 18k¢n fydvantsge of the ex¢mwioD 8V8dable under the
Charities SOIiP (FRS 102) Updaie Bulletin I not lo prepare a Cash Flow
Ststem¢ni.
Taxailott
The FoundBtion 18 a registered charity. number 222441, thd is exempi fro
Income"lax. CorFx>raiion Tax and Capithj Gjins Tux prowded it8 income
and 8aiE18 are applied for charitable PUTPTr5es.
Stiff Costs, Tru$¢ees' Remutyerathbn and Other Bentrllts
There were no thll or pari lime employees during th¢ year or during lh¢
previous year.
No remunernti(>n paid or poy8bl¢ iTh respect of the ye4r out of the
fun(L8 of Ilic Foundaiion ei(l)cr directly or Indir￿tlY ¢0 any Tru51ee.
Mrs J J Gupwell, Ihe wife of a Trwiee. rc¢rivcd £12,035 (20?3 £IO.3241-
for a¢couJJtin¥ and 8ecr¢larial 8etvices Provided ￿ the Found&iion.
No ¢xp¢n$￿ w¢ff r¢imtALrsed to any TnL8tee durn)8 the ye4r.
4. Grants
2024
2023
Grants to Or8ani8atioDS- 48 12023- 58)
£172,502
£166,500
Th¢ 2024 fJ&TUN Jbove include the followiD8 material grants:
Fan￿ for City Cbiidre
Frozen Light
Marliiieau G&nletJ$
Far¢sha￿ Midlarjds
House on the Comer Community Project
Oa8i8
. 4.0(KJ
4.000
Forward
22.0(M)
o-

THE IL4TCLtFF FOUNDATION
NOTES TO TIIE FINAT4CL4L STATEMENTS
for the year ended 5 April 2024 {GOTLtinued)
Grants {Gontinu¢d)
2024
2023
rorward
22,000
5.500
6,000
3,588
Small Woods A￿¢11￿￿0
C8rdiff Wie¢lGhair Tennis
British Blit￿ Sport
Dogs lor Good
Harbury Church
Ilean of E,nglat)d Forest
The Macular society
The.Vlylon Hospic
Warwickshire & Northampionshire Air Ambulance
Wtrwickshire Wildlife Tntsi
Cancer Research UK
Cothvridgc c.hurch
Kidney R¢S￿reh UK
Day C.entre
The M￿lId Centre
Royol National Lif¢boai Insiiwte. Swan8ge
St Richard'8 Hospice FOUnd￿lOn
Wor¢ssiernhir¢ Animal Rescue Centre
.8urfer¥ Against Sewa8¢
NAtionAI Dance CompAny Wai
04preys Wheel¢bair Rugby
Si David's Hospice
Zoe's PlJ¢e
Ru.%hwick C of E Primary S¢hool
B¢Ll8CW(Jrth CE Acadciny
Feckenham Viiiige Ameniry TDJ81
2,940
4.000
4,000
4,000
4,000
3,000
5,000
5,000
10,(
17,0
2,700
5,000
3.300
3.000
Gra[LI￿ of £ty5(K) and over
Grmts undcr £2,5fJ)
J2 {2023- 28)
16 12023- 301
146,0?8
26,474
115.250
51,250
To￿1 Grants
48 {2023 -58)
£172.502
£166.SOD
Grants to chArithblr orBanisalion4 are nornjally made in early April ￿th year.
In cases of exceptiotwi ne￿1 grants may bc made at time5.

THE RATCLIFF FOUNDATION
r40TES TO THE FINANCIAL STATEIIENTS
for the year t￿ded 5 April 2024 Icthjtinued)
2024
2023
Other eogts
Secretarial, ad￿￿istratIOtt alld awountanry
Indepertdent exatninerfs fees
20,375
5.550
139
10,804
4.7
132
£26,064
£15,636
tDV¢Stm¢nts
The porttolio CODSiSt5 of boldings listrd a re¢ognisd $¢ock exGknge.
2024
2023
LE8ted Investment•
Coit
At 6 April 2023
Addiuons
Cost of qales
3,480,065 3,320.216
542.881
582.782
1435,635) {422.933}
At 5 April 2024
3,587.311 3.480,065
Market I'alue Adjuitment
Ai 6 April 2023
Adjusun¢nt for th¢ yeAr
585,059 1.078,468
59,670 1493,4091
A¢ 5 April 2024
644,729
585,059
M¥rket V*lu¢ it S Aprll 2024
£4,232,040 £4,065,124
Inv¢stmcnts At l¥larket Value tornprlxd:
rixi,d inlL're8t
Equiti&
Utiil ￿Sts
544,341
477,487
2,280,271 2,138.015
1,407,428 1,449,622
4,232,040 4,065,124
8.237
6,166
Uninvested c&sh
£4,240,277 £4,071,290
Ail inve8iJnenl assets were held ￿]thith thc UK. At S Apnl 20•4 thc lollowin&
inv'eEtmenL% iiidividually rcprcsenied in cxGeA53 of 5°A of the value of
the portfo120.
Marke(
C4)¥t
Vanguard US Equity IDcome Fu￿1
InGotn¢ UTLit5
8.53
£198,730 £361.110
Debtors
2024
2023
F R Ratcliff Chatitable Setuemeni
1,980
12

THE RATCLIFF FOLfiDATION
NOTES TO THE FI￿ANCIAL STATEMEYTS
for the ye#r ended S April 2024 (continued)
2024
2023
Li•bUitleg
Amounts fdho8 the within one year
Shona Cutler Limited
Sinthins A￿ciateS
3,962
4,950
4,350
£8,912
£4.350
An*ly81$ ol Asset$ bttweeii Fund$
Income
Fllnd
Endoived
Fund
TotAI
Breakdown of net Assets xt 5 Aprll 2024
Li8ied investments
C&%h hrld by invc51tncnl mallaB¢r
Bank balanccs
Dcbtors
4232.040
8.140
4.232.040
8,237
31.890
1,980
97
31.890
1.980
33.967
4,240.180
4,274.147
Liabilities
(8.912)
(8,912>
£25,055
E4.240,180 £4,265,235
Bre¥kdown of net is8ets at S Aprll 2023
Lisied invu¢m¢n¢s
Cash hcld by invcslment manager
Bank balances
4,065,124
6.166
{96)
4,065,124
6.166
29,859
29,955
29,955
4,071.194
4,101.149
Liabilities
(4.350)
(4.350)
25.605
4,071,194
£4,096.799
Thc Foundation ha5 tw'o fihnds. thc Jncomc FuDd ihe Inth)wed kul￿. The
IDGom¢ FuJ]d Gon5is15 of wirestritt¢d inrome all of whi¢h, tf recei¥.¢
mugt be dLStribLLknI each ycar by S Apnl. Thc Endowcd Fund forn￿ the
FoundaiioJi'N endowttjeni and is not available lor distributio
10, Connected Ch4rltv
Th¢ F.R. Ra¢Gliff Charitsbl¢ SeitlLmeni is a conrtetied charity. All the
Trustee5 of the Seftlement are Trustees of the Foundation. The two
organi%&tiotLS haTrr joint Trustees, meeting%. Itl older to miThittLi5e
admini51tativ¢ ros¢s the Charitable S¢ill¢m￿l pays thr whole of ils
income each year to The Raicljff Foundatioll by way of gratlt.
13