TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR EI¥DED 5 APRIL 2025
F R RATCLIFF CHARITABLE SETTLLI MENT CONTENTS Reference 2nd Admini5trdtive Infornialion Tntees, Report Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet Notes to the Fsnancial Statements 9- 12
F R RATCLIFF CHARITABLE SETfLKMElYf IiEFKREf4CE AND ADLbllMSTRATIVE INFoRLAT10N Regl8tered Cbarlty Numljer 237619 Founder Fran¢i8 RowlinsotiRat¢liff Trte¢S David Marfiu Ratcliff - Chairnhan Carolyn marga Ratciiff (Retired 18 October 2024) Gillian Mary Thojpe Honor PauliDe Key CbristopherJohD Gupwell Sbjart Ro8er Ratcliff {APted 8th November 2024) i5pher Joll GWell Secretary Addre4S Woo(llands Farls ComEuon Road, st( Green Redditch, Wor¢Kstershire B96 6TB Solkltors No.1 Co]rnore Squart B4 6AA AccollntsLts Shona Cuder Limi*d Grove Farni Bungalow Lirtcomb Near StoiW-on-S¢vffli Wor¢¢stershir¢ DY13 9RB Investmeit Mthage RBC Brewin Dolphin Lirnid Floor The ChaNin Bvildm 81 Colrno Row B3 2BA IDdependent Kx•mlner N Simkius FCA Butt Farni Main Rodd Gwt Haywo(yJ Staffordshire ST180TF
ri R RATCLIFF CHARrfABLE SEThLEMENT TRUSTEES, REPORT The Trustees piesent their report and the finath¢ial statements for the year ended S April 2025. Details of the S¢tl]efft¢Dts Operatio dumg the year ar¢ set out iti the financial Statents onpages 7 to 12. The presentstioll complies with tlLe Charities A¢l 2011 ond IlLe Acc4>unting and Reportill8 by Charitie8: StatellLent of ReconJJnended Prdctice appLicable to charities preparing thtir accoullts ill accordan¢e with the Fitw]¢ial Reporting Standard 4)pli¢able ill the UKand Repllblic of Ireland (FRS 102Xeffxtive l January 20191. The oUnting poi[ci ad0ed by the Settlemellt are set out iThNote l on page 9. StrllTtur4 GoYernan¢e *Dd Mxllggemet The CEwity is governed by a Deed of Sdtlemeutdated 9 May 1964. The SettlemetLt ts gistEred with the awity CoTmnI&8iO registrats number 237619. has been acceptsd as a clhartty by the Jnland Revenue. As sv¢h its income is exeffjpt fEOm tLxation so long as it ¢lSlllitiuts ts) for charitable purpose5. TheTruyL¢¢5 who servtyj during the year are set oul on page 2. Thepowcr 10 ¥4ppoint trustees is vestd in David Martin Rat¢liff during his lifetirne. All llttets of policy and managetllent ate deterni]n at th¢ r¢BulJr meetings of the TrJstee8. USU8Liy held thr¢e t&me5 VdyeaT. Prosptctive are invit&J mect existinE Trustxs 2nd attdat least one of their meetings. They are pvIded with exttacts from th¢ Tn]st Deed, infomiation r¢latiug to the aims of the S¢ttlemellt Al copi£8 of thc SettiemeneB They are mad¢ aw of the ttDJe they 8h(x]Id expect to Spend on ttust hatters and the resp)nsibiliti¢s that trusteeship involves. They bEcome $18natories on the bank aceouttts alld when all romlItieS are eonjplete they are welcomed &$ fully wthin@ Trustees. Pllbmc Bettefft The Tntstees eonfirm tha¢ they have paid du6 gard to the guidallc¢ giv¢D by the Clwity Commission on blIC benefiL Rlsk M9114gemellt The TTUStC¢s keep under reYi¢w th¢ major strategic aud opernlional risks which the Charity faces and are Satisfied that system5 have beeD establis in order to minimise the pOlble effts of such risks ott thc Charity. Settlewent ProTlsloD& ObjEdtYes. Adlvlli¢8 aDd Cr•nts Poilcy The Settl¢[D¢nt c4)nstitution wuires grants to be made to cbaritsble ia8titutions and objccts and precludes donations to individuab. Wlu'15t the SeitA¢menVs ¢¢)nstitution provides for a wide rangeof cjwitable givlti for administrative ease its inrome is transfer1 ill totsl ¢0 Tr Ratcliff Foundation and distributed as part of the Foundation's own income. The Trusl¢K of the Charity atc also Tnth of The Ratcliff Foundation alld all 8rants made by the Foulldation are consider¢d by the Trustees to have been made for public benefit.
F R RATCLIFF CHARITABLE SETTLEMENT TRUSTEESI REPORT (Continu) Sett]ernent PrDvliloj ObJe¢tlves) Actlvltie8 GraDts Polity (conttDued) The settle¢tWi contÈnueuntil t¢Tmillated by the Tnjstees. At the end oEthe trnst p10d the trust fund will b¢ paid ortra110 the British Red Cross S(Kiety. Aeblevementy PerfDm#llte and G(bing Concern In accordance with normal prdctice all income was paid to Th¢ Rai¢liff Foundation by way of wt. All governgnc¢ costs and St8 ofgenerating were l)om¢ by the Foumlation. The value of the por0110 at S AprAI 2025 w&8 £1.476.738 comparedwith £1,520.817 Iwelye montb5 ¢arli¢r. Tbe Trustees ¢Ptthat the market valu¢ of the Investme portfolio cath IluBluale which may affect tbc overall level of re4ery. Th¢ T¢5 c<>Dsidertbat the level and nature of the firtanciai reserves at 5 April 2025 do not injpact upon the aasumption thatthe Charity is 8 going con¢enk A surplus of U,827 ll]ad¢ OD investsn¢nts 801d during the year. Flnandal Revlew 1¢ is th¢ aim of the Tn. bothpreyetttly 8t in the fikn, to maximi7£ t illcome, consistent with their wish to rnaiutain the re41 value of the Settlerneut's Endowed FUD¢ in order to distrÉbJte as much tM)&8ible to ¢haritable or8aDi$aiigDS through The Ratcliff Found*ion. Tht finatsGiai stat6D]ellts for the year dis¢lose detsiLs of Ihe fiJwi¢i transactioLs. tllcome forth¢year ro8e frorn £60989 ITL the year to 5 ApIii 2024 to £67.761 iti the yearutmlet review. tn the Tn1, opinion the Bthce Sheet discloses fimds adequate for thE PUTPQ8¢ of fvlfilling the obligations of Ihe Charity for the fowkxable futtw¢. Rwrves Policy The Trust Deed wuires the Tn to distribute fully thc Charitys each ye4r. TheTr no undistributed illCOTne at either 5 April 2024 or 5 April 2025. tnveytment Pollty Th¢r¢ are restrictious OD the Powff to inve8L The Truste& bave appointrd Irnvrsttnent Mauagers on a discretionary basis who port to the Tru6ttt5 at their regular rneeting8. The Trnslees. aim is to produce an inco¢ rewrn to enable th¢m to ¢ontinu¢ the level of th¥irgIallt 8iVin& eonsistent with tnaitLtaiThing tbe reat Ya]u¢ of(he copital of the Tru3L The inycst¢llt strategy is set by the TnLtrs who consider the i]Kome requirements. tbe risk profilc and the investrnent managers. view oFmarket prospects in the tnediuTn terni. The fi]nds Y be inv&8ted in any type of
TRusfEKSI REPORT (contilld) Trust£e< Re1ponbIlItIu ill relatlon to the StalEnents Financial Statements in accffi1wc 1h applib law aDd UnitrAI Ktngi&J Accounting StAlldard8 (Unitcd KingdoDJ Ge¢alty Ac(%pted AGC4xmtitig Prnctire). The law applicable to clwlties iti Fgland& Wales rt4uir# the Tru8tecs to prepare fllWLcial statrTnts for each financ1 yearwbich give & tnte aud fair view of the state of affaTf8 of the Cjwity of in(wJiog resowces attd the applition of the r&WUr of clrIty for thatpuio Ill preparing the f(La1 Statll6ts TrustK3 ar¢ requir to: selectsuitable acc¢)uatill8 KKTrIKie apply them observe themethods in the Chartties SORP. make judgement8 and estInts thaiare xe&wthle and pn1¢ statc Whet1 applicable B¢c(xting have bm follow•l subjeet to any rn4Lvial dis¢kl and eKplaiued in the financial statenll it 18 iapproprIate to that Ibe ClwÉtywill cowinue to opera di8cIo8¢ with TraKJnable 8LXUtacy at ally titn¢ the financial posiliott of the Chattty alld eDabl¢ th¢m to ¢sUre thai the finwKial statements comply with the ChariÉies Act 2011. th¢ ChaTity (Accouots and Rerts) Regulition8 2008 and the Trst Deed. They are also for safeguath" g the assets ot th¢ Charity aThl hence fortaknng for tb¢ ption a1 de110 of fraud atxd otb¢r irTfRvlarities. Approyed by th¢ Truste ])d 5i%ned on thelr behow: 7-11.Z D M R3trJiff .
IND£PENDENT EXAMINER'S REPORT TO TRUSTRLS OF i rq to the Trusttts on my &xamInati of the ac¢ouDts of th¢ (lty for the y¢aE thjed S Aprjl 2025, wbicb are Set on pag&87 t(1 12. with Regulation 31 of th¢ Chariticg (Acoounts and Rq) RegulatiOTLS 2(x)8. My woth ha8 beenun(krtthso thotI migbt stste to theChariWs Tmstets rqyort and foT Jw Otherpe. To the fvllestextaitpenDittd by jaw, I do not accept or assu7ne reAp)nsli jility to atty(w othezthan the ChariW$ TrusteGs &% a body. formy f(K this reErf or for the 4n¢Th&Y¢ Ettad Rttponsibllltie$ and for Report A8 the Charity Tntte& of The F RRatcliff Charitabk SetdetTrttrt are rcspoosible for the pArpatation of thQaec(Ats in xwrdaDrx with the Ruirements of the Cbtiritse% Act2011 Cthe Ad I report in Tespect of my examinationof theCkMrity8 a(xounts tried out W&d¢r section 145 of the 2011 Act alld in ]8 out D]y exainiiMtiOD I have follow all the applicable Dirwttons giveo by the Charity Comn)iEsion under 8ection 14515)(b) of the ACL idepende•t Exawlner18 Staternent cotu¢ to my attention in c<)tillekn with th&ex8millation gi*ing me llse to ilieve. by section 130 of the ACL or the ac¢oullts do llol acwtd with tlu)se or the forni ry)nl of the set out in th Chariti&5 [A¢ts and Reports) Regulatio$ 28 other than any requirwwit that considered as part of an illdet ¢xamitMtioll; ( the 8cGounts knvr not b¢enpryrnJ ID XC0rd lIL the nth(1s aud the &wunption that the Charity is a going con th¢ cxamination lo wlLicb attentiort slL(wld be drnwn in this rewtin order to eJ)able apn)P¢E jengOr the Ickol¥ Shnklns FC Butt .rnI Main Road Great Haywood Staffordshire STI8 OIF
F R RATCLIFF CHARITABLE SETfLEPAENT STATEME.vr OF FINANCIAL ACTIVITIFS for the y¢aY eoded S Apri12025 2025 Inetsrne Endowed Fund Fund 2024 IDc•m¢ Endowed FuDd FuDd Tot#1 Total Io¢ome and Expellditltre Intome". InVtT¢Tht Ill(¢ Listed inv&%tments Derwit inlerest 67.761 67.761 60.989 60.989 Total iDcottte 67,761 67.761 60.989 60,989 Expendltllre: Accounting Charitabl¢ aGtivitie8 Grant to The Ratcliff Foundation 2,136 2.136 4.020 4,020 67.761 67.761 60,989 60.989 Totsl ¢xp¢ndiluTe 69.897 69.897 65,009 65.009 Net Gainsl(Loss¢4) oll Inve8tn*Nts Realised 3.827 3.827 {52J87) (52J87) 24,645 5,094 24,645 5,094 {48,560) (48,560) 29,739 29.739 Net movement IM fllnd5 (50,690 (50.696) 25,719 25,719 Total fiwds brougbt fonyard at 6 April 2024 1.528262 1528262 I J02,543 1,502,543 T•tal Fullds can4ed fonvgrd at S Aprll 2025 £1.477.W £1,477566 £1.528262 £1.528,262 The ooles on pagts 9 to 12 f(Km part ofthese financtal st4tements
BAtANCE SIIEET 5th Aprli 2025 2025 2024 Ftsed Amets lllv¢3lments 1,483.722 1,531282 Ll4blllttes {6.156) (4.020) Net CTe Li4biliti Iyet Assets £1.477.366. £128.262 Fwids tho Charity Restricted 1,477J66 1528262 Incornt Fwid Totsl Fullds of the Ch#tlty £1.477.566 £1528262 The Lot&8 on pag¢8 9 ts) 12 fim Imrtof th¥*e fitian¢xal 9tatem and 8igad Dn theIrbdf. Approvd by tb¢ Trustees oo D M R•ldi
F R RATCLIFF CIIARrrABLE SETfLEMEP NOTES TO THE FINANCIAL STATEMENTS for the y¢8r ended S April 2025 Accounting Policie8 Tbese fuwJ¢i81 sthtemeDts have beenprepartd in aCLX)nlan¢e with the Accounting and Reporting by arIti.. Ststementof Recommend¢d Praciice applicAble to chatilles pparing thetr &¢counL8 in accordallce with Ihe Financial Reporting Ststtdard applithle iti the UK and Republic of Irelalld (FRS 102)leffe¢tiVE l January 2019) and the Charities Act 2011. The Charitable Settlement constitutes a publicbellefit entity ss defined by FRS 102. The paT(iaJlor w)ynting policies adopted are &% follows.. (al Accountin8 Conventioo The fiDaDcial sthtcii)eDts are prcpartd on the bisiorica] cost b&qis of ac£outsting Dlodified to include listed Inestts at market Yalue. ILcomin8 resources alld tbe app]ication of thosÉ resourS have be£n a1)Unted fortsthderthe accrnoLs basi8 of aCctIn& (b) Listed Inw¢sttneats List investments held a8 fixed assets 8tated at llwk¢t value any provision for a penwwt dllninution in Yajue since the banCe sh¢eT dal (c) InVtment Gains and Lo&Ys &ecounted for through the Endowed Fulld. (d) Invest¢1 Income Ill¢om6 from Anveslmettts is acc4)unted for the year in which it 1$ r¢¢eivable. Interesto dqx)5its is a¢ted for in the year in which it is received. (e) Charitablc Grants Charitable ¢0 The R8t¢liff Found are a¢countrAI for ID the year to whi¢h th¢y relat¢, although payrnent may notbe Jnade until & future date. (fj Fund Accounting The Clwiws illcome is paid each year to The Ratcliff Foundation by way of 8ranL The EtMk>wed Fund is not avatlable for distribution. Igl Cash Flow Statement The Chatiiy h&$ takell advaDtw of the exetnptioll available uThder Ihe Chariti¢s SORP (FRS 102) Update Bulletin I nL)t to PNMre a Cash Flow StatcmenL I TtIO The Setdement is & registered cbarity. tsumber 237619. and As exempt frotn In¢om¢ Tax, CoTPOrntion Tax and Capita] Gains Tax pvIdj its inGtsn]e and g&ins ate applied for ebaTAtable pu4x>ses.
F R RATCLIFF CHARITABLE SETfLEMENT fOI'KS TO'IIIL TrINANCLiL STATEl1Ts for the year tndtd S April 2025 (continued) Staff Ctsst4 Trustees, 8nd Other Benefits Th¢r¢ ao 1 orpart time cmployefs during the year orduring th6 Ptrvlous year. No Temuneration was patd or payable it& rtspt of the year out of th¢ funds of the Settlement ¢ither dirtttIy or lltre¢tfy to w TDJSte< or lo atty petsoD known tob¢ comie¢t¢d with them. No expell5 wue reÈmlJ]rsed ty anyTntr thwing the y. 2025 2024 Inv¢Ments Llsted IBYe5tmenl8 Cost At 6 April 2024 Additions Cost of s4les 1,634.924 9.640 (1.332) 1,570.984 174,$48 {110.608) At 5 April 225 MArk¢t Valu¢ Adju$tmeD¢ At 6 April 2024 AdjuStent forthe y 1,643,232 1,634,924 (114,107) {119,22> (52,387) 5,095 At 5 April 2025 (166,494) (114,107) Market Vlue at 5 April 2025 £1.476,738 £1.520.817 Invutments t Market Ye eompTued Fixed interest Equities Inveslnwnt and Lrrit trusts 708.357 505.172 263.209 690,102 551.645 279.070 1,476,738 6,984 1.520.817 11.465 Utiinyested cash £1,483,722 £1,532282 All investtnent assets were beld Wit1 tlhe UL At 5 April 2025 the Sctticrnerlt beld the following inv¢sfments which illdividually repre5elltcdin excess of 5% of the tirtal vaLu¢ of the por110. Market V#lue Cost Flxed Interest Jupit¢r Strategic Bond Fulld 132 ncome lts 134.742 108,323 Maitland £109,602 Majmgers bond 6.97 124.803 102,928 Be&eley Group 15Yo Notes 2031 5.50 99,949 81,170 Joho t£wis 4.250/* Bond8 2034 532 97,448 78,610 io-
F R RATCLIFF CHARrrABLE SETfLKMENT NOTES TO THE FINANCIAL STATEMENTS for the yeir ended S April 21J25 (continu) InveBtments {continued) Investments individually repres¢ntiDg in exc&8s of 5QA of the total value of th¢ portfolio {contIDu). Market Value Cost Flxed Intsrest {continu Marks & Spencer £130,(KKI 3.250/D Bojyjs 2027 Whitbread £IOO,(KK) 3.0% ootes 2031 8.52 130,267 125.882 5.88 101,070 86,784 Equltles, Tnve5tment and Unlt Tnuts Ishares Core FfsE 100 21,713 UCITSETF S¢lwodcrUtiit TrSts Asian InCole units Bny Mellon Global US Equity units Relx Pl¢ 0.144P Shares 726 116,858 107,241 6.82 103,997 100,768 7.36 80.OLKI 108.716 521 44,239 76931 Liabilitiei 2025 2024 knfjwits falllng due wlthln OD¢ yur Th¢ Ratcliff FoulldatioD Sbolla Cutler Litnited 4,020 2,136 1,980 1040 £6,156 4,020 Fulld8 The Settlement hag two funds the Income Fund find the Endowed Fulld The Income Fund ¢onsists of unrcstricted income whieh must be distn7JuteAI c&ch y&qr by 5 April. Thc Endi>wwJ Fund fom]8 the Settt¢menl'8 gener81 capital and is not available for distribution. Ans]ysls of knet8 behvetn Fwid Income FuDd EDd•wed Fund To¢al Br¢AkdoFJL of n¢t *$s¢ts 1¢ S ApT£I 21llS Listed investmernts Cash held by investnxnt maDa Liabilitics 1.476.738 6984 (6.150 1,476.738 6,984 (6,156) £1,477566 £1,477,566 Breakdown of net aisets S ApTiI 2024 LEstLxl investtnetlts Cash held by illvestrncllt tnaua Liabi]ities 1,520,817 11,465 (4,W20) 1.520,817 11,465 (4,020) £1.528262 £1.528,262
F R RATCLIFF CHARITABLE SKTfLEMENT NOTES TO THE FINANCIAL STATEMEliTS for tbe year ended 5 -4prll 2025 {colltinucd) Conttected Cbarlty The Ratciiff Foundation IB a COnntea clwtty which receives a grant frDm the F.R. Rat¢liff ChaTitable Settlement each year. 12-