THE RATCLIFF FOUNDATiof4 TRUSTEL81 REPORT AND FINANCIAL STATEMENTS YEAR EYDED S APRIL 2025
THE RATCLIFF FOLTIDATION coFtrETr4TS R¢fcrenc¢ Attd Adminislrative Information Tru4ees' Report dep¢ndeni Examinee8 R¢Frf)rt StOt¢meDt of Financial Athivities Balance Shcet Notes to Flnancial Statements 9-13
THE RATCLIFF Fouf4DATIOIY REFERENCE ADM7$fRAT1VE INFORMATION Retered Ch8rlty NTllDber 222441 Founder Martin Rowlitwn Ratcliff Trnsteeg David Manin Ra(¢liff- Chairn18ll Camlyn Margaret Ratcliff (Retired Octobu 2024) GLUiatL Mary Thoryc Honor Pauline Key Cbristopher John Gup¢11 StU8rt Roger Ratcliff (Appoin1 8th November 2024) Secretxry ri8topher Jolm Gupwelt Addre Wty)dlands Eads Common Road, St{k Grecn Redditch, w0¢Ste B96 6TB BMkers Lloyd8 Bank plc PO Box IIMX) Birmingharn BXI ILT SollcltQT3 Sbakespt4rE MartTneau LLP No.1 Cohllore Squa Accovntallts Sh¢)na Cutl¢r Limittyj Lillcomb Nr Srrt-Oll-s¢Yffn WorcesterBhire DY13 9RB InYe5tme4t ManaE¢r$ RBC BrewiD Dolphin Limitcd Floor The Chatwin BuÈlding 81 Colttlore liow Birniingham B3 2BA ludepettdent Kxaminer N Stnjkios FCA Butt Farn] Main Road Gt Haywoty Stsffordshire sr18(YfF Day to day managetllent of th¢ Foundation rests WAth the Secretary. Grdttt opplications should sent ty him ot the addre above.
THE RATCLIFF FOUNDATION TRUSTEFS, REPORT Tbe Trust preSLlthelr [qrt ar the financial stat¢ments for the year 5 April 2025. Detsiis of the Foundation's operations during the year axe set out in the fAnallcial statements on page8 7 to 13. The presentation C4)mplies with the alti5 Act 2011 aDd the Awunting and Reponing by Charitie8'. Slaiemellt of Recornmellded Practice applicabl¢ to charities preparing their aceoutlts in acGoTdance with the Financial Reporting Standard applicable in the UK attd Rcpublic of Ireland (FRS102Meffeetive l January 20191. The accounting poii¢Aes adopted by the FouDdatioo are 8¢t out in Not¢ I i)n pa8es 9 and 10. Strueture, Governance aThd M8A&geweDt The CILarity ts governed by & Deed of Scttiement dateAi 12 Augiisl 1959. The Foundation As regÈsterEdwiththe Charity cornmissio regislration nullLber 222441, been accept as a chatity by the IDlaDd Reyettue. As such its iAcotDe is exempt from Iation so long &s it ¢ontinues to bewoj for ¢haritabk purse&. The Trustees who setved duriDg the year are set outon page 2. The powerto appoiJ)t tsvstees is v&st¢d in th¢ r¢moining Trustees. All atterS of policy and matgEM¢llt ddErmit*d at the regular m¢etiD8s of the Tnte¢s, usually held three times a year. ProsptiVe Trustees ate invited to tDttt existing Tnle¢S and attth at1th8t one of theire¢t185. They aT¢ providql with ¢xtrrfts from the Trust Deed, infornthtion relating to the alr of the TN5t and copies of the Trust ccou1. They are tthade aware of the time they sh<wld expect to spendon Trnst mattets and the respoDsibibties that Trsteeshtp involv¢s. They become sigthatories on the bank xcoullts and when all FOrnlti are complet6 thry weIG0ed as fully ORking Trustees. Tnjstees ar¢ encouraged to J))ake tlmselves aware of cbanges in cIlty law and practice. PNbUc Bonellt Thc Tntee8 confLnn that th¢y have paid due regard to the guidatK¢wen by Ibe Charity Cortuni&8ion on public benefiL Risk MaDagernellt The Trustees keep urlder r¢vi¢w the rnajorstTaiegi¢ and operntional risks which thg Clwity fa atMI are sati5fJed thatsystems hav¢ bM established in order to minimi5e the polble effects of such risks on th¢ Cbarity. Settkment Provl$ion$ Obje¢dve4 Activities snd Crsnts Polky The Foundation's constitution reqllites that the TnteeS should apply ils inco¢ for the benefit of such charitable inslitutions ond objects 08 the Trostces may select, but prcchJd&8 donations to indivithals. The Trste hav¢ total di5Gr¢tioTr oyer the value of grallt5 aDd tbe tecipients thereof ad cousider that 8raDts are forpubiic b¢nefit. Details of the grants tKLade during tbe yearare sho in note 4 to financi•l stat£ellts. Any distributable 1ColDe remaiDiDg at the end of th¢ year is to be paid to the Coventty Diijeese L&yrna Appeal FWML
THE RATCLIFF FOUNDATION TRUSTEK8' REPORT (¢oJ)tinued) Settlement Prnvlslons Obje¢tiYffj Activitlos ad Grants Po]Icy (ntAlle0) The Foulldatson continues durillg the lifrtinK of the suryivor of1 the lineal descendants livin8 at tbe date of the Trust Deed of bis late Ilajesty King George V and for twenty one y6aTS after the death of wh survivor. At the eod of the trust period the trust tutml will be paid or trnttsf¢nrd io the Coventy DIOC tAY[tn& Appeal Fun¢L It 18 tbe aitn of the Tnjstees. both presently attd the fllts. to the iDcome, cottsistent with the with to maintsij) the rul value of the Trust's Endowrd Fud in order to grant as much w possible ro charitable tnstiMtioD& A¢hIeveMen PerformAnce •nd Golng Concern 45 grants were rnade in the year totsll]n8 £183.¢ eompaml with £172J02 for the 48 grants irl theyear ended S April 224. The value of the portfolio at5 April 2025 w88 £4,088,690 rA)mparcd with £4231040 twelTre months earlier. A n# surplL8 of £82,706 arose on xtiveshn¢nts g>ld during the year. The Truste¢s tt$1der that the level attd oaturc of the fiDanciaI rescThes at 5 April 2025 do not impact th¢ &wtDtrtioD tbat the Charity is a Going Coll¢e Dcial R¢vAe The fll)ancia] statcrnents forthe year disclo the details of the Charitys finallcial traDsactions. The Foundation's income ariK5 frotn its inve6trnent mfolio, fimds held o deposit by the carIty'S itiY¢51tnEnt mAnagers and ballkers and from the F R Ratcliff Charitable S¢ttlemeoL Fthose I¢ is paid to the Foundation each ycar by way of a grant. The Foundation's total income for th¢ y¢ar atnouttted to £208.507 compttd with £198.016 itL dLE ye8r ¢trJed 5 April 2024. In the Tntee$, opinion th¢ Balaft Sheet discloses fi]nds adequate for the purpose offuifilling the obligallo8 of the Ch&Tity for tbe foreseeable tAUe. Ruerves Pollcy The TnutDeedrequiras the Tnyttts to distribute fvlly tILe (Xthri income ¢ach y¢ar. Income relating to the year but not rffeivryj by the year- end may rcmain undistnl)uted at the balancc sbcct date. At 5 April 2025 £28,883 had been retsirned. compared to £25.055 had bethL Telained at 5 April 2024.
RATCLIFF FOIJNDATIOY TRUST£ES' REPORT (cootitiued) IllYestmeDt Poliey have appoind Jnvesiment Man&geTS basi8 who wxjrt to the T£¢8 at th¢irregu14r titttithg& TheTTUSted aim is to pAr4Juee an in¢ome telurn to enablc them to wnlirne th¢ kvei of tbeirgTrDtrn8king coL8istentwith main(&iniDg the real luC of the capital of theTrllsL The investment strategy is set by the TrnstK8 WIK) coL8ider the illcom¢ re4uirem¢nts, theIiskpn)fth alld thc Maoagerg vicw of matht plosts in ¢he mediwn term. Tr funds be inve8frd in any of illv¢slmenL Trustees, Reo&bIlitIeS in rtllion to the Ststemexts The Tn)stees ate t¢s)1b for weparitig th6 Tn Report aod Fu)ancial stat¢ments iti 2Crdtttc iyith appli(xbie law avd Unibl Kingdom A¢countlD8 (Uoited KiDgdom Gellerally Ac(pted AGcDuThling Pttctic¢). Th¢ law applicabl¢ to dwiti&s ID FJW & Wala requir&s th¢ TDJStK% to prepare fllwtcial st&tunents for eath financid yWTbicb8ive rl ttue aJLd fair vicw of the state of affaiOf the Chtirlty alld of inCOTDiDg rerGe8 the applKati¢m of the of ts Chprity for tbAt lO(L select 8uitsble 0nting p)licie8 and apply them c0ts5iWtIy. Obry¢ the method8 winciplw itt tkn IltieS SORP. 8tate whether applicabk acc1MILD8 sthlldaT&s hav¢ t¢cn followeJL subject to any lllatsrial departur&8 dI103rAI and explaind inthe disclose with rc4sottable &c¢wacy al ally time the fJnancAal position of the Charity and ¢iJable theuL to ell8U thitthe fthancial ststtments conwly wi¢h CharAties Act 2011. th¢ Cknty (Accouttts Retmxts) Regulat)8 2008 ¥nd the Tnt DeuL They arc also . le foT safeguarding the as5¢ts of the Cbatity and kne for tskllysteys for thepreventionaNi dett%11 of fraud aThl other irregulBrittr Approved by the Tr
ud dyed on thur beh&lfr.
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INDEPFIYDENT EXAhlbTrlkR'S REPORTTO THE TRusfEL8 OF TFIE RATCLIWF Fouf4DATION I regort to the Trustces oll my exatlliDat50n of the accounts ofthe Clwity for the year ended 5 Awil 2025 wbich are set out on PH86B 7 to 13. This rel 15 rnade solely to the Clwitys Trnste. a IK)dy. in accord with Regulation 31 of th¢ ClJaritie8 (IknKounts and RcFrf)tts) Regulations 2(M)8. My work has tttllulldertakn so that I mtgbt stste to the Chariws Tntte* th6 attthE I am requind to swe to them in an aMIn¢$ rBport alld for no other To the fiert extent pem]itteAI by law, I do not accept or assume rwonsibslity to anyone othff than the ch7t5 TDJ8tee8 as a iM)dy, formy wozL for this T¢t. or for the statemfflt I have made. Responsibllldes basi5 for Report As the Chlty Trustees of The Ratcliff Foundati you arB TW)nsiTrile for the PParatIon of thc wcouttts ill accordarKe with the requtrements of the ChaTittes Act 2011 Cthe Ace). I report in respect of my of the Cknws accounts carrivA out under $tIOn 145 of the 2011 Act and ¢arryitig out my examillatson I hav¢ followed all the applithk DI10S given by th¢ Charity Commi&8ion uttdcr section 145(5)(b) of the ACL llldepelldent Examiner'i Statement come to my 8tt¢lltion itL fA)nttect¥)n with the examill giving me cause to believe: ounting recorrL8 wue notkryt in re4ttt of the Clwity &$ ttquire by s¢ctioll 130 of the Act or the accounts do Th)tcomply with thc awTmting ll1ellts ConCnIng the foTm and colltet of sct out ill the Cbariti&s (A¢¢owits and Rq)orts) Rcgulationl 2008 other thall atty require4DeTh¢ that the a¢¢ouals give a'trne attd fai¢ view 15 a n]a onsidered as part of An indedeI &iDOll. r tbc tccounts hav¢ t prepar&1 in a¢Cord with tlke Th03 ond prAncipl&s of the StatellL¢llt of for alL1)ng and eriDE by charitie& the examination to wltich attention should drawn in this rrport in order to cnable a prottrund¢rsthnding of the ac¢wnts ts be reache4L Niek(th Slmkins FCA Stmkins As&ociatf Butt Farni Maill Road Great Haywo(Kl Sfaffor&bire ST18 iyfF
THE BATCLIFF FOUNDATION STATEMENT OF FINANCIAL AcnvfriFS for theyear ended 5 Aprll 2025 2025 Incorne Endos¥ed Fund Income Fund EDdDived Fund Totsl Total llltome alld Expendlture Ill¢ome: Voluntary incom¢ Grant from FR Ratcliff Charitable S¢dl¢tDe]Lt 67,761 67.761 60989 60,989 Itr(Lent ithGOllL¢ Listed investttLents Dcposit illterest 140.746 140.746 137,027 137.027 Totsi income 208.507 208,507 198.016 198,016 Expendltnr¢: Costof raising fjmds Inv&8tmeTht management fee8 27.331 27J31 14,688 14.688 Charitable activitie8 Inco]n¢ Fulld Grants {ttote 4) 183.0(K) 183,(KMI 172,5W 172,5W2 Other costs (note 5) Income Fwid Endowed Fund 21,729 21.729 26,064 26,064 Costof ¢haritablc activiti¢s 204,729 2(H,729 198,566 198.566 Total expenditur 204.729 27.331 232.0(A) 198,566 14,688 213,254 et Gain(LOley) o* Investments EJdowed Fund R¢81ised Unrealised {ttote 0 82.706 82.706 (190,966) (190,96 124,0¢14 59,670 124.004 59.670 (108260) {108260) 183,674 183,674 et m•Yement In 3778 (135591) (131.813) (550) I68.986 168,436 Total Fwidl brougbt forward at 6 April 2024 25.055 4.240.180 4265235 25,605 4,071.194 4,096,799 Total Funds carrfed forward at 5 Apru 2025 £28,833 £4.104.589 £4,133.422 £25.055 £4.240.180 £4.265.235 The on pages 9 to 13 form wtof these finmcial Statements
THE RATCLIFF FOUNDATION BALANCE ET 5 Aprll 2025 Notes 2025 2024 Ed Aets Investments and uoirtvested c&8h 4,104.686 4240.277 L)trrellt Assets BaJk baiwn¢e8 34.056 4.020 31,89) 1,980 38.076_ 33.870 Less IA%b115des: amomts falling due withinone year (9,340) (8912) Net CUrKffltAw 28.736 24958 Net Ass¢ts £4,133.422 £4,265.235 Fottds of the Charfity Fund RestrACted 4.104J89 4240.18D Fund Ut)tZStricte 28833 25.055 To¢al of th¢ CIMrity £4.133.422 £4265235 The notes on pages 9 to l3 bmip8rtof these fiDancial 51atauents Approved by thcTrusts on * NJU ¢14 tSLX 2[1- and signe4[ on their behalfr. D M Ratcllff
THE RATCLIFF FOUNDATIO NOTKS TO THE FINANCIAL sfATEMENTS for the yVAr ended 5 April 2025 AccouDdng Pollclej These financial statemeots have been prepared in ac¢othce with the A¢¢ounting and Reporting by Charities.. Stst¢n)¢nt of RecommendedPracti applicable lo ¢harIti preparing their a¢o)wits in ac¢ordan¢¢ with the Financial R¢p¢)rtsng Standard applicabl¢ in the LK Bnd Republi¢ of Ireland (FRS 102Xeffcctivc l January 2019) al Charitics Act 2011. Th¢ Foundation const1th a public Fnefit entity derMlbY FRS 102. The particular acGounting PDli¢tts adopt &8 follows.. (a) Ac¢ounttng C4>nvention The fuwicial statements are wcpared on the bistorical LX)Stbasis of ac¢ounting mfylified to include lisled investments at mathet value. locotnittg resour¢es aThl th¢ appli¢10 of th¢)se ttsour¢es have been a¢1 for UDdwthe a¢¢ruals b&gis of a¢couthg. (b) Listed Inv¢stments Listed inv&4tD]ents held &5 red are Stat at mark¢t value less any provision for a pernTrt ditnillution ID value since the batance sheet date. (c) Investsnettt Gains and LSeS for throuth the Endowed Fund. (d) Investtn¢m In(y)me and Grants Incomc from investDrnts is accouDtd forin Ihc year in which it is Tec¢ivable. Inter¢st i)n deposits is aullted for in the year in which it is receiveLi Grattts recelvable from the F.K Ratcliff Cbaritable Scttlernellt are acUted for iu the year to which they relate. (c) Exidture Charitable wants are ac¢4)unteAI for iti the y¢tr iti which they are appro71 by tht Trust althougll Payment may llotbe made until a future date. Costs of generating funds and expeodit4we on governallce. support and administratiott aT¢ aClUttd for in the yearlo wbi¢h th¢y relats. Th¢ costs cotDpri5c all C{ inYolviTkg the public aCcltab]lIty tsf the ¢harity its ¢omptsan¢e with regulation and good practice. Such COSLS include Iho r¢l&ied to the independent exajnitievs fees together with a¢¢ountanry, administralion and OthersW)>rt costs. Any apportith)mfflts are based on the Tnjstees, b¢st ¢stiLnates ¢4rried out on areasonable and consistent basis. Expenditure iticludes VATwhich ¢8tmotbe alld which is r¢ported as part of the eXtture to which it relates.
THE RATCLJFF FOiJNDATtON NOTKS TO THE FINANCtAL sfATEMENfs (con¢inu¢d) Year end¢d 5th Aprll 2025 Aceounthig Polld¢8 (4Trntinu¢d) {fj Fund Accoujkting The IDcomc Fund is available kn SPEnd oll grants to clMTitsblc organ15atiOll5 and th¢ governallcc Sd thini5tratioll costs of the Clwity. Income of the year not 1Ved by the Tntslees at 5 Aprti is Carri forward for distribution by way of gr8nt in the following The Endowed Fund represcnts thc Ch8riW5 endoThinenL Th¢ Twste¢3 bay¢ de¢ided tQ TeStri expenditu fro this fild to the f¢e8 arged by the Charity's Inv¢llt whi¢h they ¢QDsid¢r relate to the tnanagcment of the investtnent portfolio. (8) Cth FIOW Statement Th6 Charity bas thkerl advantage of thc eXaDption available underthe Charities SORP (FRS 102) ute Bulletln i notto pr>¢ a Cash Flow StatrmellL Tix•tlon The Foundati¢)n is a regi$ter¢d chartty, Dumber 222441. and is exempt from Tax. C¢)rpordtiott Tax attd Cspital G8i]Js Tax provid¢d its income nd gains ate 8pplied for charitabLe pllrr. Staff C•sts, Trust¢¢$' R¢mwwrnti(trn Other Bentfits There wcrc fijll orpart tirne e]DpIoye6s dutitlg Ihc yt4ror durillg th PttVAOU8 year. No rEmutt£ration was paid or PayAbl¢ ill Lesp¢ct of th¢ Y out oEihe fimds of the Foundation either direct]y or indillY to any Trustee. Mr8 J J CFupwell, Ihe wife of a Trustee, receivLyI £1 I J39 (2024 £12,035)- for setatio1 servi8 provided to the Foundtitiott. No expells werc reimtrtNxd to any Trlwtrc duriDg the ye4r. 4. GTAnts 2025 2024 Grants to OrgaDisations- 45 (2024- 48) £183,O¢N) £172,502 The 2025 figllres above include the following material 8rnnts". lThe 131rmirLgba Boys & Gid$ Union Gdc Or8alliC KiDgswood Trust OakT¢ Fat Pro8re&sive Farmin8 Trust Ltd Read For Good 4,5(K) 27,51 io-
RATCLIFF FOU.YDATION NOTES TO TUL FINNCIAL STATEMENTS for the year ended 5 Aprll 2025 (continued) Grants (¢ontinu¢d) 2024 27,500 Sudden Produ¢tioll8 Warley Woods CommunityTru8t B¢ntley Beginnings Dogs for G(KMI Harbury Church Heart of Lll8land Forest Thc mUlat Soeiety The Myton Hospices Warwi¢kshirE & NorthaTnpto]]shirc Air Ambul¢¢ Warwickshire Wildlifr Truyt Canc¢r ReSeh UK Cotheridge Church Kidney Resear¢h UK Maggs Day Centre The Myriad Centre Royal National Lifeb(>&t tlItt- SwaDage St Richard's Hospice Fow¥lauon wc*¢$¢erSh]re Anima111&8cue Centre Surfcr8 Agaill5t Scwa8C Freshfield5 Anima] Rescue PDSA Birtningha MenterRabar Revenu¢ Ptrojeot Royal AirfoT¢e Ben¢volettt Fund St Giles Hospice Care Walking with the Wounded Am]onico Consort Cy¢li$ts fighting Cancer Eml¢y Bra&% Band Hearing Dogs for Deaf People Midland Air AbulanCe Cbarity South Walc# Wheelchair Tejmis C]ub Hitnbleton CE Pritnary Sch1 and NU Centre for AiterDative TeChOI08Y 3,500 J,(M)O 3,(K>O 5.000 5,000 4.878 3.IX)O 5,IX)O 5,IX)O 3.LX)O 4,0(MJ 5,0 3,000 9,100 5,OOD 5.OOD 3,oori 10,OOD 3.OOQ 3.O¢M> 3.(K>O 2.622 3.000 6,(M)O 4,IK)O 3,(X)O Grants of £2500 and over 38 (2024- 32} Grnits under £2,500 6 (2(Y24- 10 172,5 10.5(X 146,028 26.474 Tothl Grallts 45 (2024-48) EI83,IMM) £172.502 Grallts to Gh•ritabl¢ orgÉnisaliotL8 are ¢allY in early April eth year. ID wcs of exceptionAI need grants may be made al other tim.
THE RATCLIFF FOUNDATION NOTFS TO THE FINANCIAL STATEMENTS for the year ed 5 A41rll 2025 {continued) 2025 2024 Other co% Secrctyriai, ad[nItiOll and accowitancy Indepelldent exan]in&s fees Sundry expenses 16,139 5.450 140 20,375 5,550 139 £21,729 £26.064 lrtYest)neKts Th¢ portfolio consists of holdioBS listed on a Tecognistsj sto¢k exchange. 2025 2024 ljsted thyestments Cost At 6 April 2024 Additiolls C05t of sales 3587,311 3,480.065 558,397 542,881 {510,781) (435,635) At 5 April 2025 3,634,W27 3.587,311 Market Value AdJMitmen¢ At 6 April 2024 Adjustro¢nt forth¢ yezr 644.729 {I90.9661 585,059 59,670 At 5 April 2025 453.763 644,729 Mrket Value xt 5 April 2025 £4,088,690 £4232,040 Inveythients #t MarketVlue t•mprtse41: Fixed illteresi Equities Unit trusts 645.560 544.341 1059.576 2,280,271 IJ83,554 1,407,428 4.088.65 4.232.040 15,996 8,237 tlninvested cash £4.1(H,686 £4,240277 Ail IVeSt[ent eLs were held within the UK. At 5 April 2025 the following inv¢sEments iNiividuwlly represmt¢d in ex¢w of 50A of the totsi value of the portfolio. Market Value Vallguard US Equity tncome Fund Income uni 8.32 £198,730 £340,022 FraDklin Templ¢ton Clearbridg¢ |Global Tn¢¢)me Unils £176.170 £205.518 DebtOTS 2025 2024 F R Ratcliff Charitable Setdement 4.020 1980 12-
THE RATCLIFF Fouf4DATION NOTES TO THE FINANCIAL STATELENr8 for the year ended 5 Apri121125 {coDtmued) 21ll5 2024 Llabllltles Amounts falling due within one year Shona Cud¢r Limitfyj Sitnkins Asswiates 4.140 521K) 3,962 4,950 £9.340 £8.912 Analysis fjf betweett Fund8 kntome Fund Endowed Fund Tot41 Bremkdovrn of ttet Assets *¢ S Aprll 21J25 Listd invrA1Mts Cash held by invesbJKnt maDager Bank balan¢¢8 D¢btors 4.088,690 15,899 4.OS8,6 15.996 34,056 4.W20 97 34.056 4,020 38.173 4.104,589 4.142,762 Liibiliti&8 (9J40) (9,340) £28,833 £4,104.589 £4,133,422 Breakdow# of net assets at S Aprll 2024 Listed investments Cash held by Invtnl manager Bank balallc¢8 DebtOT8 4,231040 8,140 4232,040 8237 31,890 1.980 97 3l,890 1,980 33.967 {8,912) 4240.180 4274,147 (8,912) Liabiliti& 25,055 4240.180 £4265235 The Foulldation h&s two the In¢om¢ Fund the Endowed Fun¢1 The Income Fut r0ts5iSt5 ofw)restri¢ted income all of whicb, if teceived. ust be distributed eacb year by 5 April. The Endowed FuDd forms the Foundation's ettdowment and is not available for distributio 10. Conttttted CILarlty The F.IL Rat¢litTChaTitable Settlement is a COnDected cbartty. A]1 the Trusteu of the Settlem¢nt are Trnstees of the Foundation. Th6 two orgalli5&tion5 have jointTrJJstee8' meetings. In orderto DJinitD]ge &dminÈsitative Costs the Charitable Settlementpays the whole of its incomeeach year to Tb¢ Rat¢iiff Foundatioll by way of 8t& 13