THE ROYAL FOUNDATION OF ST. KATHARINE
REPORT AND ACCOU￿5
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
SEcR￿ARy
Michele Price
SOLICtroRS
Farrer & Co.
66 Lincoln's Inn Fields
London WC2A 3LH
AuD￿oR$
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 st￿et
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
I￿orne
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
1*1.933
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 charl￿5 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
un￿strICted 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
Cha￿table 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
Ma￿h 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
s92,4￿1
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
Expend￿Ure
galn
Trantsfer
Endowment lund
A[din￿Y Mission Fund
Limehouse
lJnrp_%trirtpd f7P.np￿l 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 Ne*l¢ted Funds ￿5￿kted Fynd Totsl 2024
Donat￿n50nd
Chèrrtabkacil￿t￿5
Trad￿8a￿t￿WL￿
Grants
Inv*tm*ts
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
Depret￿￿n
PrOf￿￿Tha11
Tradin¥co515
Total e￿nd￿￿E*
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/￿p￿nd1ttsT*1￿lO￿￿ Snim5tlM41t
1134,L911
1111,6491
1346,8401
GalrbslVoE•slonlff4wskm*rtE
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•htsinturbdSbolw*ta￿oTh
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