THE ROYAL FOUNDATION OF ST. KATHARINE REPORT AND ACCOU5 YEAR ENDED31 MARCH 2025 Registered Charity No. 223849
CONTENTS PAGE Legal and Administrative Details Report of the Trustees Independent Auditor5, Report 12 Consolidated Statement of Financial Activities 16 Balance Sheet 17 Statement of Cash Flow5 18 Notes to the Accounts 19
THE ROYAL FOUNDAnON OF ST KATHARINE PATRON Her Majesty Queen Camilla MEMBERSOFTHE COURT John O'Brlen (Chairman) David Swanney CA Geoffrey Richards Diana Banks Kay Brock CBE LVO DL IRetired 17 December 20241 Sophie Den5ham CVO Andrew Grigson Professor Joy Hinson Sheryl Lawrence FCA Elizabeth Marshall MBE The Rt Rev. & Rt Hon. Dame Sarah Mullally DBE, Bishop of London, ex officio The Venerable Roger Preecè, ex offlclo ITrea5urer to 31 December 2024 and Vice-chairmanl ITreasurer from l January 20251 MASTER The Venerable Roger Preece SEcRARy Michele Price SOLICtroRS Farrer & Co. 66 Lincoln's Inn Fields London WC2A 3LH AuDoR$ Saffery LLP 71 Queen Victoria Street London EC4V 4BE BANKERS Lloyds Bank plc 210 Commerclal Road London El 2JR REGisfERED AODRESS The Royal Foundation of St Katharlne 2 Butcher Row London E14 8DS Telephone Fax Emall Website 031JO 1111147 020 7702 7603 lnfo@rtsk.org.uk www.rf5k.or8.uk
THE ROYAL FOUNDATION OF ST KATHARINE CHAIR'S STATEMENT On behalf of the Court, l am delighted to present the 2025 Annual Report and Accounts. The Object of St Katharine's remains the same.. the promotion of Christian values, through worship, hospitality and service, and with a view to developing and coordinating Christian activities of every description for the public benefit, for those of all faiths and none. The year has been challenging for the Foundation in terms of generating sufficient hospitality business to fund its retreat and charity work. While our hospitality guests continue to value the calm. peace and serenity offered by St Katharine's, event revenue was impacted by the challenging and uncertain economic environment. The staff have worked very hard in trying to close the gap, and I greatly appreciate all that they have done. Recruitment of a new General Manager is underway, which will bring a fresh perspective and energy to this work. Over the past year our retreat and communily work has enjoyed strong demand. The Master's report outlines the range of activities we deliver and support. Funding this work remains a challenge and further changes are underway to establish business and operational models that are financially sustainable in the long-term and that will enable us to continue the public benefit we provide. Following a review of operations, certain central support roles have been consolidated and the resulting reduction in overhead cost5, as well as the revenue generation and efficiencies in hospitality noted above, should allow the possibility for a lower deficit in 2025- 2026 and for breaking even in 2026-2027. We still await a decision from the local authtsrity on the planning application for the Northern Site, on which the Master reports more fully. As he notes, our development partners informed us that they do not wish to continue, and this withdrawal will inevitably create a much longer delay in realizing our vision for the Northern Site. Our focus for the next year or two will therefore be on rebuilding our business model and achieving sustainable profitabilitv. During the year, Kay Brock stood down as a trustee,. someone whose experience and insightful contributions will be greatly missed. We thank Kay for her invaluable advice over her period of office. We also said farewell to Thornas Slater, who was our commercial director, and take thi5 Opportunity to thank him for hi5 service to St Katharine's and wish him well in his new role at the Horniman Museum. We continue to firmly believe that the Foundation remains as a constant presence for good, both in Limehouse and more widely, and all of us look forward to taking the Christian message embodied in St Katharine's forward into 2025 and 2026. John O'Brien Chair of the Court 15 September 2025
THE ROYAL FOUNDATION OF ST KATHARINE MASTER'S REPORT Overall, St Katharine's key strategy remains unchanged and we continue to work in the following areas.. A Retreat House in East London The provision of a Retreat House is at the heart of St Katharine's charitable objectives and for guest5 to be able to experience a place of peace and tranquillity in the heart of the busyness of London life is often commented on positively by guests in their feedbatk. Some come to experience the guided, led retreats with inspirational writers, poets. artist or theologians. Others might come to the Open Reflective Days to enjoy a day of shared silence with others along with good hospitality. Others may discover St Katharine's via online travel agents,. when they arrive. they realise they are in a very different setting from a normal hotel. The green space, ancient trees, historic Georgian house and the chapel with its rnedieval furnishings all create an extraordinary setting to be a plate of peate. The daily pattern of prayer is open to all and includes morning and midday prayer that is led by the chaplain and the prayer team. This spiritual underpinning is a key part of St Katharine's life. The RFSK led retreat offer for 2024125 included speakers such as Richard Carter, Dan Bilbrough, Mark Oakley, jonny Baker, Paula Gooder and Brian Draper. Over 380 attended Open Reflective Days and many stayed over on the previous Sunday to enjoy more time at the centre. We continue to host the London Diocese ordination retreat for all those who are about to be ordained at st Paul's Cathedral. The four days spent at St Katharine's are a special part of their final preparation that marks the start of a new ministry. Over 12,500 bedroom-nights were used by our guests during the year all enjoying this unique urban oasis. Their feedback confirms that people experience something very special during their stay with us, often describing feelings of being rested, renewed and encouraged in their faith journey. Partnership5 to SUPPOrt the work this year included St Pauls Cathedral Institute, Cros5ro8ds Coun5ellin£ and The Spirituals Gospel Choir, our 'Choir in Residence" brin8ing their vibrant. energy-filled inspirational worship to the chapel. In addition, Mccabe Pilgrimage developed a residential London pilgrimage which was well received. A meetlng and event space for transformlng organlsatlons The charities, missions and not-for-profit group5 that Use St Katharine's for their trustee meetings, management retreats or training sessions comprise many of the most $18nificant charities in the UK and internationally. St Katharine's high standard of catering, combined with rooms that are light and look onto the peaceful gardens, with the benefit of advanced audio-visual equipment, continue to be an attractive offer. In thi5 context St Katharine's offers our location to èllow other organisations to have spate to do their transforming work. During the year we hosted over 1,000 different events with over 10,000 delegates spending time with us. Promotin8 Retreats Part of the Tru5tees' Strategic vi5i0n for RFSK is to raise national awareness of retreat5 Wlth RFSK a5 a centre of excellence-encouraging retreats for all and promoting retreat5 around the country. The National Retreat Week rènèw.all took plate from 23, 30, September 2024, continuing the initiative to introduce new audiences to the benefits of contemplation, prayer and retreat activities rooted in ancient and contemporary Christian traditions. Through the online resources, web sites, blogs and other media. We managed to see over 915,000 people connected to the message, with over 50,000 people actively engaging with content. There were around 15,000 connections related to retreat, with around 11,000 active participant5. 40 retreat houses took part in 2024 and
THE ROYAL FOUNDATION OF ST KATHARINE MASTER'S REPORT respected retreat leaders such as John Bell, Muyiwa Olarewaju, Chine McDonald, Danny Curtin, Dr Roger Bretherton and Kemi Bamgbose all contributed content. renew.all continues to develop for 2025 and 15 intended to develop more content and reach leading up to 21- 27, Septernber 202S as the next National Retreat Week. So far RFSK has itself invested all the funds to create this national event Ic£27KI but is looking for grants or strategic partnerships to cover costs in the future. SeNethe Local Communlty The Yurt Community Café continues to be a significant public face of the St Katharine's. open seven days a week and hosting a variety of community activities. During the year, we served 146,000 items, that represents over 67,800 individual visits. Community activities are diverse in reach and varied in content. A weekly lunch club, in partnership with the Limehouse Project, provides a nutritlous meal at no ch3rEe to isolated residents livinB nearby. Links with the NHS-funded social prescribinE network has allowed individuals to find a place of support and wellbeing in the St Katharine's community work. Workshop5 around photography, poetry, knitting, and community gardening are all reaching different people with activities that support mental health and wellbeing. There is also a group providing drama for adults with learnin8 difficulties who are able to use our community space. Thanks to a generous donation last year, we were able to design and build an outdoor meditation garden, inspired by monastic medicinal garden5. Thi5 is now open to the general public using the area around the Yurt. Music and Arts continue to bring people together, and along with an outdoor music festival by the Yurt, there has been a programme of music of different styles in the chapel. We are delighted to have been selected, in the year, as Tower Hamlets Large Charity of the Year. Connert and Chan8e RFSK continues to work on the area of food poverty following the conference we hosted in May 2023. We currently support 43-50 families eèch week through our food partnership with Cyril Jackson primary school with 600 hours of time given by some 30 local volunteers. Our lunch club in partnership with the Limehouse Project served over 2100 nutritious lunches to vulnerable elderly residents from the neighbourhood. We have activelv supported the Tower Hamlets Food Poverty Group to advocate for key resources needed for the Borough. Our Health and Well-being programme has resulted in a partnership with around 10 different community groups that have 5UPPOrted 419 people in their journey of health. Our link5 Wlth Social Pre5criber5 have allowed individuals to find groups that can support their mental and physical health at the Foundation. Sustainability has been a focus this year and the Repair café has allowed local people to bring items for repair and restoration, that would have been thrown into a landfill. It has also connected local skilled people to the wider community sharing learning and experience. The new meditation garden and Honeysuckle Trellis avenue near the Yurt has been the highlight of the year in term5 of improving a barren piece of land and rnaking it another rnini oasis of calm in our public space. Over 300 volunteers from local groups Contributed to this work. Recognisine the si8nificant personal challenges that Charity Leaders face in their work, St Katharine's is in the third year of our leadership development programme to support senior leaders of charitable organisations with two- day retreat led by clinical psychologist, Dr Roger Bretherton of Lincoln University. This was preceded by a reunion of those who had previously participated in the programrne. RFSK wants to support and recognise the challenges senior leader5 experience and invest in Strength Based resources to help.
THE ROYAL FOUNDATION OF ST KATHARINE MASTER'S REPORT Developing the Northern Site After rnore than two years since 5ubmi55ion, we are still waiting for a determination from Tower Hamlets Local Authority for planning permission. During the year, however, our developrnent partners decided no longer to proceed with the project. In atcordance with generally accepted actounting principles, the uncertainty following the withdrawal of our development partners requires the Foundation to write off its own Costs in relation to the applicatitsn that had been capitalised. The Need for Generous Giving St Katharine's benefits from a permanent endowment which is represented by the land and buildings on which it sits and an investment portfolio which generated £203,000 in the year 12024 £209,000) to be used for tharitable purposes. Over past years, as lotal needs are so great, the charitable (including community) work of St Katharine's has been further encouraged and enabled through generous giving, including legacies. RFSK also Erants Charities and Non-Profits access to its facilities at a subsidised cost. In this year. this subsidy was in the region of £250,000. The investment in community and retreat work was approximately £87,000. Despite our best efforts, the surplus from Bed and Breakfast, Events and the Yurt Café continues to be insufficient to cover the increasing demand for charitable and community work. The Trustees have identified, therefore, the importance of active fund r315ing to maintain the current level of community and charitable investment and work is ongoin8 to identify the best way of encourè8in@ giving to RFSK including.. General Membershlp and Belonglng The Membership scheme is now being actively promoted as a way of supporting the charitable objectives of RFSK. Le8acy Income Over the years RFSK has received several legacies, some very 8enerous, which Serve to support our charitable work. Polnt of Sale Donatlons There is a donations (tap and gol point at Reception if guests wish to make donations. Trust and Individual Donation5 We have received donations of around £44,000 this year, which have enabled RFSK to deliver a significant part of its charitable work. The charity will be actively continuing to fund raise through application to Trusts and from individua15 that might have a link to St Katharine's a5 well as encouraging people to eonsider the possibility of legacies. The combination of our own retreat programme and community work alongside supporting others by giving space for their work is a delightful combination. Every day is a pleasure to be part of St Katharine's as we experience the flow of inspirational organisations that are making the world a better place. In spite of all the uncertainties, the staff team remain committed and motivated to deliver a great retreat and h05Pltality experienc8 for all out guests. It 15 a privil8ge to Serve with them. The Venerable Roger Preece Master 15 September 2025
THE ROYAL FOUNDATION OF ST KATHARINE TRUSTEES. REPORT The Governing Instrument The Governing Instrument of the Charity is the Ordinances dated 27, April 2020 granted by Her Late Majestv Queen Elizabeth11. The Objert of the Charity The Object of the Charity is the advancement of the Christian religion through worship, hospitality and service and the promotion of Christian values, with a view to developing and promoting Christian activities of every description for the public benefit. The Charity exists for the benefit of those (>f all faiths ènd none. The Patron Under Queen Eleanor's charter of 1273, the Patronage of the Foundation was reserved unto the Queens of England and the Trustees were delighted that during the year HM Queen Camilla agreed to accept the role. The Court The governing body of the Foundation is its Court, which currently conslsts of 11 trustees. The Court is assisted in its work by two committees.. the Finance, Audit and Risk Committee, which comprises six Trustees, and the Operations Committee, which has seven trustees. Under the Ordinances, the day-to-day operational responsibility for the Foundation is delegated to the Master. The Court ensures that appropriate training is available to its members and provide5 an induction process for new trustees. Organlsatlon The Charitvs work is principally to operate and manage a Conference and Retreat Centre at Butcher Row in Limehouse in East London, which is used by a wide range of local, national and overseas church and charitable bodies, as well as by individuals. The bedrooms provide residential accommodation for up to 87 guests, and the Foundation has meeting rooms for up to 175 people with full catering services in the main building, as well as for 80 people in the St Katharine's Community Centre, which has increased the capacity for the Foundation to host community and cornmercial events. Audio-visual, internet and conference support facilitie5 are provided. The Foundation also operates a Community Café, The Yurt, and provides a space for community attivities in St Katharine's Precinct. The Foundation continues to fund the Limehouse Aid Foodbank, providing nutritious food to up to So families a week, and partners with the Limehouse Project to offer lunch and a warm welcome twice a week in the St Katharine Community Centre. Local Guide groups, a Gospel choir and other local charities continue to be regular users of the space. The Foundation also supports work with refugees by funding a conference for London churches and facilitating ESOL (English for speakers of other languages) classes in the community hub as well as running arts workshops and a community garden club to support the improvement of participants, health and well-being. Publlc beneflt In determining the activities undertaken by the Foundation, the Court confirms that it has complied with the duty set out in Section 17 of the Charities Act 2011, to have due regard to Public Benefit guidance published bv the Charity Commission, The Court reviews the activities of the Charity against its aims on an on-going basis and 15 satisfied that all activities continue to be related to the aims, which are set in such a way as to benefit society as a whole. The benefits are set out in the review of activities shown below, and in the Master's report. Financial Rèvièw Operating Intome and Expènditurè The Foundation's Income and Expendituie 15 Shown in the Statement of Financial Activitie5 on page 16.
THE ROYAL FOUNDATION OF ST KATHARINE TRUSTEES. REPORT Turnover for the y8ar reduced slightly from £3.2 million in 2024 to just under £3.1 million in 2025. Many organisations in the not-for-profit sector are struggling with higher costs and reduced income and this was reflected in our event income which was lower than expected but was partly offset by an increase in bedroom income. The overall fin3nci31 result for the Foundation is a combination of its trading deficit1£330,516.. 2024 £112,649), investment gains/losses (losses of £291,256.. 2024 gains of £608,971), the amortisation of its functional assets (£221,468.. 2024 £234,191) and the write off of assets under construction and other fixed asset disposals (£402,427.. 2024. Nill. The Foundation's Assets The Foundation has wide investment powers under its Ordinances. The Endowment Fund represents its functional assets. beine its buildings and Chapel in Butcher Row, the majority of its portfolio investments, and the 0.7 hectares between the Foundation's principal site and the Docklands Light Railway viaduct, known as the Northern Site. For several years the Foundation has been working with partners to develop the Northern Site and had invested expenditure of over £400,000 in the project. During the year, however, the development partners decided not to proceed and although the planning application remains under consideration by the local authority, and the intellectual property represented by this inve5trnent may therefore have a value to future partner5, in accordance with generally accepted accounting principles, the uncertainty involved requires that the Foundation writes this investment off. Additions to the fixed assets in the current year were negligible and with the write off of assets under construction, the net book value of the Foundation's Tangible Fixed Assets at year-end was £6,595,389 12024.. £7,299,153). There was also a major review of the assets held on the books and many that were no longer in use, rn05tly fully depreciated, were written off as a re5uIt. The Foundation also has investments held in a range of investment funds set up for charities under Charity Commi55ion schemes, managed by professional investment managers and regularly reviewed by the Trustees. The investments are primarily held to provide an income to finance the Foundation's activities. but in addititsn are expected to maintain their value in real terms. The investment portfolio, managed by CCLA, performed strongly for most of the year but the volatility in the market meant that the value of Investments at year-end was £6,664,78612024.. £6,956,042). Net Current Liabilities were £198,77012024.. Net Current Assets £51,876). Notwithstanding the deficit in the Foundation's operations, the Commercial subsidiary, RHL made a profit for the year. The directtsrs of RHL therefore decided that they will continue to make a gift aid payment to the parent Charitv. Risk Management The Trustees recognise their responsibility for ensuring adequate risk management and internal control,. dedicating one of the Court committee5 to Finance Audit and Risk IFARI reflect5 the importance placed on this. A risk register, incorporating Control and mitigating measures, is maintained and is subject to regular review by management. The major risks to which the Foundation is exposed, in particular those relèted to its hospitality operations such as Health and Safety, Food Hygiene and Security, and relating to its finances, are reviewed bv Trustees each quarter. New systems and processes have been implemented to monitor training and improve the mana8ernent of these risk5. Independent customer satisfaction statlStics are regularly reviewed at management meetings, all investment decisions are approved by the Court and individually avthorised by the Chairman and Treasurer, and a business contingency plan is maintained. The Trustees are satisfied that adequate measures are in hand to manage and minimise all significant risks.
THE ROYAL FOUNDATION OF ST KATHARINE TRUSTEES. REPORT Resèrves The Endowment Fund has been regarded as representing the original endowment to provide income for the aims of the charity. The £230,920 of unrestricted reserves is less than the three months of operating costs required by the Reserves Policy. However, the Policy allowed unrestricted reserves to fall below the target level while plans for the Northern Site were being pursued. It was intended that, once the future of the Northern Site was clear, a plan would be put in place to restore the unrestricted reserve5 to the target level. Pro8re55 Wlth the Northern Site 15 likely to be further delayed, given the turn of events Outlined in the Master's Report. The Trustees have begun the process, therefore, to refresh the Re5erve5 Policy to direct the annual budget proce55 towards progressive restoration of the unrestricted reserves. Going Concern The Court continues to strive to rebuild the Foundation's business model to reach profitability. The forecast outturn for the current financial year is still for a deficit- exacerbated by increased costs caused by the national insurance increase5, and the uplift in the National Living Wage - but a restructuring towards the end of the year under review, along with new income streams and improved occupancy, mean that the deficit will be significantly lower than the outcome for 2024125. The forecast for 2026127 is for a balanced budget. Although the expected deficit in 2025/26 will reduce free reserves, the Trustees believe that their considered plans for a balanced budget going forward mean that it is appropriate to prepare the accounts on a going concern ba515. Fundraising The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously. The Trustees have reviewed the Charity Commission guidance: Chority fundroising.. a guide to trustee duties fCC20J and, having considered the FoundatlOll'5 activitie5, are confident that trustee dutie5 are being fulfilled. The Foundation does not work with any commercial participators or professional fundraisers. The majority of fundraising is from visitors to St Katharine's and through its website. The Foundation is currently developing a fundraising strategy but this will not involve actively soliciting donations frorn the general public more widely. The Trustees are not aware of any complaints made in respect of fundraising during the period under review. Future Plans The Northern Site is discussed more fully in the Master's Report but it is highly unlikely that any work will commence in the near future. The Court's future plans therefore focus on the development of a sustainable business and operating model, and the development of the area to the north of the current buildings currently occupied by the Yurt Café and the St Katharine'5 Precinrt. Remuneration of Key Mana8ement Personnel The levels of remuneration of all key personnel are reviewed annually in the context of similar role5 in the Charity Sector or Hospitality iridustry actording to the position. Statement of Trustees, Responsibilities The Trustee5 are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Unit8d Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. 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 the income and expenditure of the charity for that period. In preparing these financial statements, the Trustee5 are required to.. Selert suitable actounting polities and then apply them Consistently- Observe the methods and principles in the Charities SORP IFRS 1021,. io
THE ROYAL FOUNDATION OF ST KATHARINE TRUSTEES. REPORT Make judgements and estimates that are reasonable and prudent., State whether applicable accounting standard5 have been followed, Subject to any material departures disclosed and explained in the financial statements,. Prepare the financial statements on the Éoing concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financièl position of the charity and enable them to ensure that the financial statements complv with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and with the Royal Foundation of St Katharine's Ordinances dated 27 April 2020. They are also responsible for safeguardinE the assets of the charity and hence for takin8 reasonable Steps for the prevention and detection of fraud and other irregularities. Approved by the Court on 15 September 2025 and slgned on Its behalf by: John O'Brien (Chairmanl Sheryl Lawrence FCA (Treasurer) li
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE ROYAL FOUNDATION OF ST KATHARINE Oplnlon We have audited the financial statements of the Royal Foundation of St Katharine Ithe'parent charity'l and its subsidiary (the 'group'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheets, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements.. Eive a true and fair view of the state of the group and parent charity's affairs as at 31 March 2025 and of the group's and the parent charity's incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going contem In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charity's ability to continue as a Eoing concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 12
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE ROYAL FOUNDATION OF ST KATHARINE Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconslstencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2(K)8 require us to report to you if, in our opinion= the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements,. or the parent charity has not kept sufficient accounting records,. or the parent charity's financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responslbllltles of Trustees As explained more fully in the Trustees, Responsibilities Statement set out on pages 10 and 11, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 13
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF THE ROYAL FOUNDATION OF ST KATHARINE Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the group and parent charity's financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees and management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charity by discussions with Trustees and updating our understanding of the sector in which the group and parent charity operate. Laws and regulations of direct significance in the context of the group and parent charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items includinE a review of financial statement disclosures. We reviewed the parent charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. DurinE the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any SIEnificant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partnerfs review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detectinE one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. 14
REPORT OF THE INDEPENDENT AUDITOR TOTHE TRUSTEES OF THE ROYAL FOUNDATION OF ST KATHARINE Use of our report This report is made solely to the parent charity's Trustees, as a body* in accordance with Part 4 of the Charitie5 IAccounts and Reports) Regulations 2(K)8. Our audit work has been undertaken so that we might state to the parent charity Trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity's Trustees as a body, for our audit work, fi)r this report, or for the opinions we have formed. 5affery LLP Statutory Auditors 71 Queen Victoria stet London EC4V 4BE Date: 24 October 2025 Saffery LLP is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2CM)6 15
THE ROYAL FOUNDATION OF ST KATHARINE CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2025 EndLSWm?nt Fund Restncted Unrestricted Fuod5 Fund Totsl 2025 T(rtal 2024 Iorne Doia-on5 and i- Clantsblth activ4ti 22.SOD 72.741 1,689.ti48 1.13S.6S7 L68g.948 I.ts2,657 1 676.123 I.OU.67t TrtdingaCt-ltiQ£ Grants Inve5trnents 7.915 203.241 208 791 Total income 30.415 3.069.172 3.099,587 3.t87 698 Expenditure on Provi>iQn and m6iTrÈen Once of the ChristiJn costs End fflaint-nqn¢E Depreciatio D.tposal OT fix Assets ProfeLtional fe Tradingco Total e¥pendtture Net JtTrtOmE/lexpetsdrturel bdore Investment Eains 80,415 2.ts5.ts2 178.021 1.498 47,667 L078.867 5.JOI.186 2.125 $48 3gg 489 2.028 7g8 22I.4ts8 4CO.92g s102.427 47 67 L.078 867 4,053.99a 25 671 1079.03£ 3 534 53p 622 397 30 415 1622.3971 1332,0%41 1954.4111 1346,8401 Gain5}I1[e5] irlve5bnÈrTrts 1249,9041 111,8L51 129,S071 1291.2S61 sgo g08 18.063 14et Incornelexpendrture and Net 1872,3011 111,8451 1361,5211 11.245.667) 262.131 Fund5 ofoaghtforbyard 13.373.972 34G v58 92 441 4.507.07 11 G44 94v Fund5 IwIEd lotwa IZ 501 671 328 813 230 9ZO 13 061 404 14307 071 The notes on pages 19 to 29 form part of these financial statements. The Stat8rnent of Financial Activities include5 all gains and losses recogni5ed IN the year. All incoming resources and resourtes expended derive from continuing activities. A comparable statement of financial activities is provided in note 14. 16
THE ROYAL FOUNDATION OF ST KATHARINE BALANCE SHEETS AS AT 31 MARCH 2025 Group 2025 Group 2024 charity 2025 Charity 2024 Notes Fixed assets Tangible fixed 85set5 Irivesrments 6,595,389 6.664 785 13 260,174 7,299, 153 6.956.042 14,255,195 6,595 389 6,664 885 13 260 274 7.299,153 6,956,142 14,2q5,29 Current assets Debtors Strock Cash at bank 103,777 17.S82 211.687 333.046 82,928 23 526 360,929 467.383 103 777 82.928 23.S26 297.857 404,311 197 751 319, 110 Current Iiabllltles Cr&diLDrs under one year IS31,8161 1415,507) 1747,0561 1544,186) Net current assets 1198.770) 51.876 {427.946} 1139.875J Defined benefit pensbon scheme liatyi1Sty li Net assets 13.061,404 14.307.071 12.832.328 14,115.420 Funds Endowment Rès?rirted Unrestricted 12.501.671 13,373,972 340 658 592.441 12.501.671 13,373,972.00 328 81: 340.657 00 1.845 4GO,791.00 12,832.328 14.115.420 328 813 230 920 io 13.OGI,404 14,307.071 The financial staternents were approved by the Court of Trustees on 15 September 2025 and Signed on its behalf by.. John O'Brlen Choir Sheryl Lawrence Treasurer The notes on pages 19 to 29 form part of these financial statements. 17
THE ROYAL FOUNDATION OF ST KATHARINE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash ftows from opera:Ing attivStr8s Net income I lexpenditurel 4djustrnents for. Oepreciai5Dn LossIIGainl on investments Los on disposal of flxad assets Inves:rnent income Ilncreaselldècrease in Tradè and othèr rècèivablèg Iincreaselldecrease In Stock Increaselldecre85el In Tracle and other payables Nèt ¢ash usèd In op8rating 3ttivitie5 11,245.6671 262 131 4CI,489 291,256 404.532 1203.2411 120,8491 5944 114309 401,031 16089711 12087911 11.933 16 L1501 106,111 1252.1281 11448281 Cash ftows from invesring activitles Purthèse of property plant and equipment ?roc&gds on dispGsal of Investments Inve5trnent income Net Cash provided by invèsiing activities 1100.3561 11889131 ICNJ.331 208,791 203,241 102.885 120,209 Net Idecre8seV increase in cash 8nd c35h pquivalent5 Cash and equlvalents brought fonward Cash and equivalents carried forward £ 1149,2431 360 929 £ 124 6191 385 548 £ 360.9: Componènrs of cash and cash eqJJlvalènts'. 2025 2024 Cash at bank and In hand 11 687 360,929 18
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts IN accordance with the Financial Reporting Standard applicèble in the UK and Republic of Ireland IFRS 10212. Edition, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notel51. lal Going Concérn The forecast outturn for the current financial year. was for a deficit but as explained in the trustees. report some restructurinE and new income streams will reduce the deficit in the current year and allow the Foundation to return to a break even in the following year in accordance with the trustees stated aim to have taken step5 to balance the book5 on a year-by-year basi5. The tru5tee5 feel it 15 right to prepare the account5 on a going concern basis. Ibl Income All income is included in the Statement of Financial Activities when the Charity is legally entitled to the incorne and the amount can be quantified with reasonable accuracy. Icl Expenditure All expenditure is accounted for on an accrua15 basis and, where possible, directly allocated to the related activity. Where costs cannot be directly attributed, they have been allocated to artivitie5 on a basi5 consistent with the use of resources. Charitable expenditure consists of all expenditure directly relating to the objects of the Charity. Governance costs include expenditure on compliance with statutory requirements. The Foundation is partially exempt for VAT purposes. Irrecoverable VAT, which cannot be directly attributed to specific purchase5 and varie5 from period to period, 15 included within overhead. Idl Tangible Fixed Assets Prior to 31 March 1996 expenditure on fixtures and fittinES was written off as incurred. As at that date the Trustees estimated the current value required to be shown in the balance sheet. Subsequent acquisitions or improvements are capitalised at cost when their purchase price exceeds £2,000. The classification of fixed assets in the financial statements was amended in 2025 to provide greater analysis. Depreciation of tangible fixed assets held for charitable use is calculated by the straight-line method to write off the cost/value over the expected useful lives of the asset5 a5 follows.. Freehold buildings 25 to 50 years Temporary buildings 3 to 10 years Furniture fixtures and fittings 3 to 10 year5 IT, plant and equipment 3 to 10 year5 Assets in the course of construction are not depreciated until brought into use. 19
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 lel Inve5tment5 Investments are stated at market value. Surpluses or deficits Irealised or unrealisedl are allocated to the appropriate Fund. Ifl Subs5dlary The charity holds 100 ordinary £1 shares in a wholly owned subsidiary company, Ratcliffe Hospitality Limited, which were valued at C05t. The Statement of Financial Activity on page 16 and Balance Sheet on page 17 incorporate the results and assets and liabilities of Ratcliffe Hospitality respectively. Igl Funds The Charity's Funds comprise the following.. Endowment Fund The Endowment Fund has been regarded as representing the original endowment to provide income for the aims of the charity. Ardingly Mission Fund The Ardingly College Mission Fund consists of investment5 and cash transferred to the Foundation as Endowment Funds for administration on l April 2007. Under the terms of the transfer, the income from the fund 15 available for the charitable objective5 of the Foundation. Limehouse Aid The Foundation holds funds donated for the community work of Limehouse Aid. Other Restricted Funds Any funds where the donor Specifies the intended future use of their donation are held separately as restricted fund5 and future expenditure recorded against those fund5. Unrestrlcted Funds These funds are available to spend on the general charitable purposes of the Foundation. Ihl Financial instruments The charity has financial a55ets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans whith are subsequently measured at amortised tost using the effective interest method. At present the charity does not have any bank loans. lil Key judgements and uncertainties In application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumption5 about the carrying amount of assets and liabilities that are not readilyapparent from other sources. The e5tirnate5 and associated 3s5umption5 are based on historical experience and othei factor5 considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period5. 20
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 The Trustees consider the main area of judgement to be the assessment of the useful economic life of fixed assets utilised in delivering the charl5 objects, in particular, that of the freehold buildings. tiITaxation The Foundatloll 15 a registered charity and as such 15 not liable to tax on income derived wholly from charitable activities. The wholly owned subsidiary, Ratcliffe Hospitality Limited which is the commercial arm of the Foundation remits the entirety of its profits to the Foundation with the benefit of Eift aid so as to reduce the taxable profits to nil. INCOME 2025 2024 Donations and le8acies GrFts and donations Grants received 72,741 58,111 150.000 20S.111 72.741 Income from charitable activites Overnight accommodation Conference Income Food and beverages Rental and other income Yurt cafe 253,320 244.687 610.224 88.979 492,728 1,689,948 187,442 322,361 651,472 52,218 461,030 1,676,123 Income froffl trading activtties Overnight accommodation 1,133.657 1,133,657 I,4,671 1,094,671 Investment income Dividends Interest receivable 203,241 208,791 203.241 20S,791 Income Total 3,099.587 3.187.696 Income includes £7,915 dividend income attributable to the Ardingly Mission Fund12024 £8,148). 21
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 EXPENDITURE Depreciation siaff costs Other costs Tot812025 Total 2024 Charitable activiiies Indowmenl Fund 221,46 221,46 234,191 Restricted Funds Unrestricted Funds 17g.021 3gg,4S9 1,145.411 1,145.413 1.027,802 1.027,802 2,251,226 2,572,704 2,221,309 2,455,500 TTadin8 costs 676,412 402,455 1,078,867 1.079.036 399.489 1.821.925 IA30.257 3.651.571 3.534.536 Depreciation Staff costs Other costs Total 2024 Charitable activities Endowment Funds Restricted Funds unstrICted Funds 199,509 234.191 32,508 796,717 829,225 186,836 3S6,345 1,168.589 1,168,589 2.221.309 2.455,500 Tiddiiis iL)slb 576,609 392,942 1,079,036 386,345 1.745,198 1.222,167 3.534,536 22
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Total 2025 Total 2024 Staff Costs WaBes and salaries social security costs Pension costs (Defined Benefit Scheme) Pension costs (Defined Contribution Scheme) L550,247 133.777 9.1J)9 128.792 1,811,825 1.462.177 128.025 8,836 115.636 £1,714.674 Other Costs VisitOF Catering Housekeepin8 Propery costs Centre administration Sales commission General costs Grants 373.032 101,536 327,644 161,365 197,685 104.338 393.612 114,935 342,330 164,298 168,689 131.654 GoveTnance 30,433 47.667 86.557 399.489 El,829.746 31,391 25,671 46,251 401.031 £1,819,862 Professional fees and consultancy Chatable activwties Depreciation Total Costs £3,651.571 £3.534.536 Number 2025 Number 2024 The average number of employees was 58 The avera8e number of Full Time Equivalent employees wa5 35 39 23
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Due to settlements arranged at the end of the financial year, two employees received total remuneration exceeding £60,000 during the year compared to last year.. 2025 2024 £60,Om to £69.999 £70,(YXI to £79,999 In addition, the only trustee to receive remuneration is The Venerable Roger Preece for his services as Master to The Foundation for which he was paid a salary of £70,652 and pension contributions of £9,009. In addition, The Master is required to live on site and an apartment is provided by The Foundation. No other trustee received any benefits, or remuneration in either year. Key Management Personnel have been redefined as the four members of the Senior Management Team who collectively received total remuneration of £256,19812024'. £ 227,4191- As mentioned in the Trustees, Report. in an effort to save costs and balance the budget, the Foundation undertook some restructuring during the year and those leaving collectively received £ 68,013 in compensation. Fixed Assets Group & Charity FurnltUf8, Flxtures and FittFngs Freehold Land nd Buildings Tamporary Buiding¥ Plantand Equipment Assets under ¢)nstruGtion Total Cost 10,540.815 71.492 30.136 259,S20 740.783 498.058 28.864 464.351 12,503.827 Ifh).356 Addrtions Transfers Wrrten off 32.869 1113.6121 163.rA)51 1401,3461 12,9771 1349,g711 1867.g061 At 31 March 10,642.443 256.843 660,040 177.051 11.736.377 Depreciation 4.093.391 245,868 443.778 421,637 5,204.674 Transferred Written off Charge in the year 3,322 13,3221 1112,6121 112,412 12,9771 12,030 1345,0861 52,079 1461,6751 397.989 221,468 At ii Mafcn 4,$111.1111 254,Y21 4JY.L>b Ili<,bSU 5.14U.Y¥¥ NBV At 31 Marth 2025 6.324.262 1,922 220.784 48.421 6.595,389 At 31 M8r¢h 2024 6.447.424 13,952 297 005 76.421 7.299,153 All fixed assets are held for charitable use. The 'Asset Under Construction, written off is primarily the Northern Site development mentioned in the Master's Report and includes the cost of professional fees incurred in negotiating with developers and formulating initial, outline plans for the site. 24
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Capltal Commltments At 31 March 2025 there were no capital commitments12024, none). Investments Common Investment Investments in Funds subsidiary Charitvtotal Total 2024 ValuatiDll et IApril 2024 6,956,042 &956.142 5.447,5DI 18.063 $90.90$ 6.950,142 UnreB115ed8arn511105*51 0.fi64,785 6,fi04,885 Restricted Endowrnent Fund Unrestricted Fund Th8 m3rketv)lue of the CommDn Investment Jfé.. 21Y25 2024 Restricted Endowment Fund $8?.SQ4 fi?o.14? COIF Chanties Property Fund Income Unit5 COIF Charrcies Ethical Investmentlncome vnrt9 25S.411 30.511 283.922 284.1 4.WJO.717 5.721.822 578.635 675.584 5,479.3SI fj.397.405 5.722.090 fj,676.815 dingly missio Fund 267.3 279.226 Total 6.664.785 6.956.042 The historical cost of the investments is £ 5,018,351 Ino change from 2024= £5,018,351) The Charity holds shares in Ratcliffe Hospitality Limited, a wholly owned subsidiary company with a value of £IOO12024-. £1001 Debtor5 Group 2025 Group 2024 Charity 2025 Chartty 2024 Trade debtors Other debtors Prepayments 67.402 47,065 23,501 12,362 82.928 67,402 21.665 47,065 23.501 12,362 82.928 21.665 14,710 14,71D 103.777 103.777 25
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Creditors Group 2025 Group 2024 Charity 2025 Charity 2024 Deposits for advance bookings Intercompany account Trade creditors Other creditors and accrued expenses Taxation and social security 247.159 180,558 49,235 418,201 60,459 160,488 58,673 747.056 3.554 360,296 54.535 93,154 32,647 544.186 60.459 167.989 56.209 531.816 55,575 97,654 81,720 415.507 Analysis of Net Assets between Funds Tot41 Unrestricted Funds Fund balances at 31 March 2025 Endowment are represented bv= fund Tan8ible fixed assets Investments Net current a5sets/lliabilitiesl Defined benefit pension scheme liability Restrtcted fund5 Llmèhouge Ald Total 2025 6,595,389 5,721,822 184,460 6,595,389 6,664,786 1198,7701 267,380 61,433 675,584 1444,6631 12.501.671 328,813 230.921 13.061,405 Total Unr•strlct•d Fund Fund balances at 31 March 2024 Endowm•nt are repTesented by- fund Tan8ible fixed assets Investments Net current ag5ets/lliabilitie51 Defined benefit pension scheme liability rdingly frJnd iimehouge Aid Total 2024 6,911,775 5,971,725 490,471 387,378 705,091 1500,0281 7,299,153 6,956,042 51,876 279,226 60.385 1,048 13,373,971 339,611 592,441 14,307,071 26
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 10 Summary of Fund Movements Balance at 31 M8r¢h 2024 Investment Axed Assets Balance at 31 Expendriurq gain$lllos$esl written off Mah 2025 In¢om• Endowment lund Ardin8ly Mission Fund Cotnfflunity RestrittÈd Funds Limehouse Aid Unrettricted General Fund. 13.373,972 339,610 1221,4681 16,8671 122,5001 11,0481 13,402,6851 13,654,568) 1249,9041 111,8451 1400,9291 12.501,671 328,813 7,915 22,500 s92,41 14.307.071 3,069,173 3,OY9,587 129,5071 Iz91,2561 230,920 13.061A04 1359,4511 UnrÈalisÈd InvEstment Bal4n¢t It 31 M&reh 2023 Balanct It 31 March 2024 Income ExpendUre galn Trantsfer Endowment lund A[dinY Mission Fund Limehouse lJnrp_%trirtpd f7P.npl Fiinrf 14,786.717 314,631 1,048 11,n57,45fi1 14.044.940 1234,1911 18,1481 120,8181 13,?71,4791 13,534,536) 521.446 24,979 11,700,1)001 13,373.972 339,610 1,048 59?,441 14.307,071 8,148 20,818 3,75A,79n 3,187,696 6?,546 608,971 1,7tK>,nnn 11 Pension Liability The Foundation participates in the Church of England Funded Pensions Scheme for stipendiary clerEY in respect of The Master. This is a defined benefit pension scheme administered by the Church of England Pensions Board and each participating Responsible Body pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multi-employer scheme as described in section 28 of FRSIO2. This means that it is not possible to attribute the Scheme's assets and liabilities to each specific Responsible Body, and so contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged in the Statement of Financial Activities in the year are contributions payable towards benefits and expenses accrued in that year and amount to £9,00912024'. £8,836). 12 Operating Lease Commitments At the reporting date the Foundation had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2025 2024 Within one year Between two and five years Over five years 8,384 16,157 8,384 18,501 £24.541 £26.885 27
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 13 Financial Instruments 202S 2024 Financial assets measured at fair value Investmerlts 6,664,785 6,956,042 14 COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES Forthe year ended 31 March 2024 P)te Endowmnt Fund Nel¢ted Funds 5kted Fynd Totsl 2024 Donatn50nd Chèrrtabkacilt5 Trad8atWL Grants Invtmts 20,818 187.293 1.676.123 1.09d.67l 208,111 1.676,L23 1.094.671 8,148 200.643 208.791 Totsl 28,966 3,158.73D 3.187,696 PFO¥tsb)n and mikntenanceDf(heChrEIMn Oporatingc05tsand malniÉnanco Depretn PrOfTha11 Tradin¥co515 Total endE 28,966 1.99Y.831 166.840 25.671 1.079.036 3.271.379 2.028.791 40k,031 25.671 1.079,036 3.534.536 234,191 234.191 28.966 MEtIrKoff4q/pnd1ttsT1lO Snim5tlM41t 1134,L911 1111,6491 1346,8401 GalrbslVoE•slonlff4wskmrtE Unlpalked Reah Fund translÈis 503.383 18,063 11.700.000) 11,14$} 24.979 62,546 $90,908 18,063 1.700.DDD Ntttmowrn•htsinturbdSbolwtaoTh 14,97* 16ZJ31 TJY rebatpjlihargel Neti¥vJ¥emhtsirtththds•fteit UM12,7451 24,979 1.649J97 262,131 Fundstsrought fDrward 14.785,717 315,679 11.057.A561 592.Hl 14.044,910 l3J73,97Z 340.654 14,307,071 28
THE ROYAL FOUNDATION OF ST KATHARINE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 15 Ratcliffe Hospitality Limited RHL NOTE 2025 2024 Share Capital and Reserves Share Capital Reserves Total Capkal 100 229,076 229,176 loo 191,647 191,747 Profft •nd Lass Account 2025 2024 Income 1,133,657 1149,0961 984,561 1912,4101 1_44,7??1 1,096,397 1415,038) 681,359 1663,998} Less.. Cost o* Sales Gross Profit Administration and Overheads r?ift Aid Taxation Net Profit 37,429 17,361 16 Related Party Transactions The charity had the following transactions with its trading subsidiary Ratcliffe Hospitality Limited.. RELATED PARTY TRANSACTIONS 202S 2024 Char8es by the Charity to Ratcliffe Hospitality Ltd IRHLI Allocation of overheads for shared expenses 231.663 415.038 Gift Aid donation by RHL to the charlty 34,722 Debtor due by the charity to RHL 418,201 360,296 There were no other related party transactions in the year. 29