Mlss E F Rathbone Charltable Trust Also known as The Eleanor Rathbone Charitable Trust Charity Registration Number: 233241 TH REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 The Eleanor Ralhbone Charitable Trust Contents page: Year ending 05 April 2025 Index Page Trustees, Report including Statement of trustees, responsibilities 8-10 Auditor's Report 11 Statement of Financial Activities 12 Balance Sheet 13-17 Notes to the Accounts (including Accountlng Pollclesl 18-19 Appendlx - Grants Llst The Eleanor Rathbone Charitable Trust Trustee5 Report.. Year ending 05 April 2025 Re rt of the Trustees for th ear ended 5 ri12025 The TnJslBes present the Annual Report and Financial Statements for th8 y8ar ended 5th April 2025. Th8 finanual 5talemanls have been prepared in accordance with the accounting policies sel out in nole 1 to the accounts and comply with the charity's trust deed, the Charitie5 Act 2011 and "Accounting and Reporting by Charities.. Stalemanl of Recommended Practice applicable to charitias preparing their accounts in aeeordane8 Wlth the Finaneial Rèporting Standard applieablè in thè UK and Rèpublic of Irèland IFRS 102)" leff8ebve 1 January 20191. The actounls have dèparted from the Charits"6s IAeeounts and Reports) Regulations 2008 only lo the 8x18nl requir6d lo provid8 a tnje and fair vi8w. This dèpartur6 has involved following thé Slaiemenl of Recofflmèndèd Practicè for charilies applying FRS 102 rath8r than thè vèrsion of Ihè Slaleffl8nl of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. Fom81ion Slruclura Govemanca and Mana ament. The Elèanor Rathbone Charitabl6 Trust is a registered charity. numbèr 233241 and is c4)nslituled as an unincorporatèd trust. Its goveming body is the Trusteès of a Settlem6nl datèd 4th February 1947. When Miss Eleanor Ralhbone, Member of Parliament for the Combined Universities. died in January 1946, she left her residuary estate lo her nephew Dr B.L. Ralhbone with an expression of her wishes that was not legally binding. In 1947 Dr Ralhbone transferred approximately £50,000 to a new charity, the Eleanor Ralhbone Charilable Tnjsl". this sum provided ils initial expendable endowment. the income from which the truslees could make grants lo other charilies. Thanks lo wise investment. that expendable endowment slood 81 £12,096,591 Inole101 I2024- £12,582,370) al the end of this financial year. The charity is managed by a board of five Iruslees. The power lo apwinl new Iruslees is vested in the curr8ril truslees. New Iruslees are generally recommended by an existing Iruslee and are chosen for the particular skills which they can bring lo ils governance. On appoinlmenl, new Iruslees have meetings with the chair of Trustees and with Ihe adminislralor, are given an introduction lo the work of the charity and provided with copy of the trust deed, recenl minutes of Trustees, meetings and the lalesl annual report and accounts, They are also given information ab)ul charity law and the role of a trustee. I Irus188s give of their lime freely and no Irustee r8muneralion was paid in the year under review. and no Iruslees, expenses were claimed. Trustees are required lo disclose all relevant interests which might conflicl with those ol Ihe charity and lo withdraw Irom decisions where a conflict of inleresl mighl arise. To support th6 coordinats.on of th6 charity s work. it has a consultancy agreement with Ms Li8s8 van Awon to undèrtake the work of Adminislralor for tha charty. The trustees meet three times a yèar. Al thosè meetings. thè Iruslees agree a broad strategy and arèas of activity for the ch8ri1y including granlmaking, investrnenl, reserves and risk managemenl. They consider the applications for a grant received from front-line charities and agree the size of grant lif any) which should b8 awarded. Ob'ectives and Activities for the Public Benefit. The Eleanor Rathbone Charitable Trust is a grant-gNing charity. The income of the trust, nel of expenses, is approximately £406,017 per annum. The trustees aim to fully distribute the income In the following 12 months, any under- or over-spend being taken into account in the following year. During the year, Ihe trustees reviewed their distribution policy. They agreed Ihe following areas of benefit.. to give not less than 60% of their nel income lo organisations based in or serving Merseyside. up to 20°h of the nel income to charitles elsewhere in the UK. up to 20.￿ of net income to UK regislered chartties working for the benefil of people in developing counlries. This policy was revised on 9th July 2021 to limrt consideration of appeals lo those benefiting sub-saharan Africa. Bangladesh, Alghanistan and proiecls in Palests"ne or supporting Palestinian refugees. Pdority Is given lo organlsalions which fvrther the needs of women and girfs.. help those rnosl in need; pioneer: an(J Conlribule to racial hamiony. The trustees also supp)rt human rights,. education., heallh and well-being. The Iruslees welcome the opportunity to support schemes which wll help lo gel projects stsrted.. The Eleanor Ralhbone Charitable Trust Trustees Report.. Year ending 05 April 2025 andlor where a donation will make a major impact, neglected and unpopular causes. In addition, they give special consideration lo charities in which any of the Iruslees have a particular interest, knowledge or association,. and causes which the Iruslees believe that Eleanor Rathbone or her father William Ralhbone Vl would have had a special interest. The trLJSt allocates a small part of ils grants budget to organisations providing holidays for disadvantaged families in Merseyside. The Iruslees have considered the Charity Commission's guidance on Public Benefit under the Charities Act 2011 and consider that the requirements have been mel. Achievements The trust continues lo concentrate its efforts on Merseyside where there are rising levels of deprivation; this is expected lo increase as a result of continuing major cuts in public expenditure. During the year, the trust gave 680A of its grants by value lo charities benefiting people on Merseyside. During the year 170 grants were made, ranging from £1,000 £7,500. Most grants were in the region of £1,000 - £5,000. The net lolal of grants was £411,449 with grants of £32,500 remaining unpresented al the year-end. No. of grants made Value of grants agreed % of Value Merseyside National 79 260,600 640/0 26 62,000 15° Inlemational 70,500 17% Holidays Imerseysidel 18,349 40 170 411,449 Financial Strat8 The Iruslees aim lo maximise their grant giving consislenl with.. Full expenditure of the annual income it receives from ils assets as outlined above. Preserving ils capital in real terms over the long lemi. The tnjstees wish to ensure that the objectives outlined above are achieved within acceptable risk. This implies the need for diversification of investment within the portfolio by including fixed interest stocks, UK shares and overseas shares. Whilst no restrictions are in place and all funds are available to meet the charity's objectives, the Iruslees have decided lo consider their investment portfolio to be 'expendable endowment. since they are not a fundraising charity and the portfolio represents their only source of income. As staled above, they therefore restrict annual expenditure lo the income arising in the year unless there are special circumstan￿$ in order to preserve the long-lerm viability of the charity. Mana emenl of Resources The charity's investment policy (which is reviewed annually) is lo secure by responsible investment, the maximum income that can be achieved consistent with the preservation of capital in real terms over the long tem). Management of the portrolio is delegated on a discretionary basis lo Ralhbone Investment Management Ltd. Trustees review quarterly valuations of the investment portfolio against agreed indices. They meet the fund manager responsible for the portfolio at least once a year (normally twice} and agree with him a tsrgel retum before agreeing a budget for the following year. The Eleanor Ralhbone Charitable Trust Trustees Report.. Year ending 05 April 2025 The charity's capitsl is invested on stock markets., the trustees have unrestricted powers and have full discretion over the inveslmenls. The Iruslees are satisfied that the charity's assets are available and adequate to fulfil its obligations. They are also satisfied that assets have been acquired and disposed of in accordance with the policy framework agreed with the fund manager. The Iruslees consider the performance of the portfolio to have been satisfactory for the period under review. The assets of the Children's Rest School of Recovery were amalgamated with those ofthe Eleanor Rathbone Trust for investment PLJrposes in April 2013. Both charities are governed by the same Trustees. The assets and income of the joint portfolio are apportioned as follows.. Eleanor Rathbone Trust 94.060/0 Children's Rest School of Recovery 5.940/.. Figures provided in the enclosed financial statements relate only lo the Eleanor Ralhbone Trust share of the assets and income, and expenditure relating only to the management and administration of Eleanor Rathbone Trust Charitable objects. Reserves The charity does not maintain reserves and considers it unnecessary to do so. Princi al Risks and Uncertainties The Iruslees have considered the major risks lo which the charity is exposed together with the systems established lo mitigate those risks. They maintain a risk log which is reviewed each year Imost recently in November 20241 lo confimi that it still covers all identified risks.. they consider the systems lo be satisfactory. The Eleanor Ralhbone Charitable Trust Trustees Report.. Year ending 05 April 2025 2025 Statement of Iruslees, res onsibilities The Iruslees are responsible for preparing the Trustees. Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the trustees lo prepare accounts for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts, the trustees are required to.. select suitable accounting policies and then apply them consislenuy., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concem basis unless it is inappropriate lo presume that the charity will continue in operation. The Iruslees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the accounts comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and delects'on of fraud and other irregularities. The Eleanor Ralhbone Charitable Trust Trustees Report.. Year ending 05 April 2025 Administration of the Chari its Trustees and Advisers Charity No 233241 Trustees Andrew Ralhbone Jenny Rathbone Lady Angela Morgan Mark Ralhbone Joan Bonenfanl Administrator Liese van Alwon Principal Office 546 Warringlon Road, Rainhill, Merseyside L35 4LZ Auditor Mitchell Charlesworth (Audit) Limited, Suites C. D, E & F, 14th Floor, The Plaza. Old Hall Street. Liverpool L3 9QJ Investment Manager Rathbone Investment Management Ltd., Port of Liverpool Building, Pier Head, Liverpool L3 1 NW Bankers Rathbone Investment Management Ltd. Port of Liverpool Building. Pier Head. LiverFX)oI L3 1 NW C(x)peralive Bank PLC, PO Box 250, Skelrnersdale WN8 6 Approved by the Bo8rd of Trustees and signed on its behalf.. Dale= 05 Februa 2026 Andrew Rathbone Trustee The Eleanor Rathbone Charitable Trust Independent Auditor's Report.. Year ended 05 April 2025 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ELEANOR RATHBONE CHARITABLE TRUST OplnSon We have audited the financial statemenls ol The Eleanor Rathbone Charitable Trust Ithe 'charity I for the year ended 5 April 2025 which comprise the statement of financial activities. the balance sheet and the notes to the financial statemenis, Including a summary ol significant accounting FM)liaes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. including Financial Retorting Standard 102 Th8 Financial RepDrb'ng Siandard applicable in tho UK and Repu￿1¢ of Ireland (Uniled Kingdom Generally Accepted Accounting Practs'cel. In our oplnion, the flnancial statements, give a true and fair view of the stsle of the charity's affairs as at 5 April 2025 and ol its incoming resources and application of resources, for the year then ended., have been property prepared in accorilance with United Kingdom Generally Accepted Accounts"ng Practice: and have been prepargd in accordance wSth the requlrgments of thg Chadlies Acl 2011. 8asi# for opinlon We conducted our audit in aceord8nce with Inlemalional Standards on Audlts"ng (UK} IISAS IUKII and applicable law. Our responsibilities under those stsndards a￿ further described in the Auditor's ffjw)nsibililies for the audit ol the accounts section of our report. We are independent ol ihe charity in accordance with the eihical requirements that are relevant lo our audit of the accounts In the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other elhical respK)nsibilib'es in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions r•lating to going ￿ncern In auditing the financial statements, we have concluded Ihatthe trusiees, use ofthe going concem bags ofac£ounting in the preparation of the financial statements approprial8. Based on the work we have performed, we have not identified any mat8rial uncertainties r8laling to 8ven15 or conditions thal. individually or collectively, may cast significant doubl on the charity's ability lo wntinue a5 a going concern for a period of at least twelve months from when the financial slalements are aulhorised for issue. Our responslbi1Sties and the rgSFMJnsibiliUes of the truslges wSth respect to going wncem are describgd In Ihe relevant sections of this retx)rt. Oth•r Inforrnatlon The Iruslees are resw)nsible for the other information. The other infomialion comprises the inform8tion included in the annual report, other than the financial stslements and our auditor's report thereon. Our opinion on ihe financlal slalèmenls d￿$ not cover the other informats.on and wt do not expfOSS any form of assuranc6 ￿ClUSion thereon. In connection wilh our audit of the financial Statements. our responsibility is lo read the other information and. in doing SO, Consider whether the other information is materially inconslstenl with the financial stslerrbenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaleé.lf we identify such material in¢onsislencies or app8￿nI material missl8lemenls. we are required lo determine whether there is a material misslalemenl in the financial staiemenls or a material misstalemenl ol the olher informallon. 11. based on the work we have performed. we ￿ndUde that Ihtsre 18 a material misstatement of this other inlomalion. we are r8quir8d lo report that fact. We have nothing to report in this ￿gard. Matters on whlch we are requlred to report by exceptlon We have noihing Its report in respect of tho following rnaii8rs in r6lalion lo which the Charities {Accounts and Rep)rt$l Regulations 2008 require us lo report io you if. in our opinion.. the informalon gfven in the financial ststements is inconsistent in any material respect the Iruslees, report- or sufficient accountsng records have r￿1 been kept,. or the financial statements are not in agreement with the accounting records- or we have nol received all the infomialion and explanalions we rgqulre for our audil. The Eleanor Ralhbone Charitable Trust Independent Auditor's Report. Year ended 05 April 2025 Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal conlrol as the trustees determine is necessary to enable the preparation of financial statemenis that are free from material misstatemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. Auditor'$ re$ponsibilitios for tho audit of the financial statem8nt$ We havg been appointèd as aLJditors under sèction 144 of thg Charities Act 2011 and report in accordancg with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducled in accordan 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 Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misslalemenls in respect of irregularities. induding fraud. The exlenl lo which our procedu￿$ are ¢ap8ble of dele¢ting irregularities, including fr8ud is del8iled below. Tha extent to whlch tha audlt was conslder•d capable of det8ctlng IrregularStSos Includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills lo identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the company through discussions with trustees and other managernent. we focused on specific laws and regulations which we considered may have a direct material effect on the financial slalemenls or the operations of the charity, including the Charities Act 2011. data protection. anti- bribery, and health and safely legislation. we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of managerllenl and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instsnces of non-compliance throughout the audit. We assessed the susceptibility of the company's financial stslemenls lo material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud., and ¢onsidering the internal ¢ontrols in place to mitigate risks of fraud and non