TRUSTEES, REPORT AND FINANCIAL STATEMENTS
YEAR EI¥DED 5 APRIL 2025

F R RATCLIFF CHARITABLE SETTLLI MENT
CONTENTS
Reference 2nd Admini5trdtive Infornialion
Tn￿tees, 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 INFoRL￿AT10N
Regl8tered Cbarlty Numljer 237619
Founder
Fran¢i8 RowlinsotiRat¢liff
Tr￿te¢S
David Marfiu Ratcliff - Chairnhan
Carolyn marga￿ Ratciiff (Retired 18 October 2024)
Gillian Mary Thojpe
Honor PauliDe Key
CbristopherJohD Gupwell
Sbjart Ro8er Ratcliff {AP￿￿￿ted 8th November 2024)
i5￿pher Joll￿ G￿Well
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 Lirni￿d
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 Staten￿ts 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￿ ad0￿ed by the Settlemellt are set
out iThNote l on page 9.
StrllTtur4 GoYernan¢e *Dd Mxllggeme￿t
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 ll￿ttets 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 att￿dat least
one of their meetings. They are p￿vIded 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
$18natories on the bank aceouttts alld when all rom￿lItieS are eonjplete they
are welcomed &$ 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 pO￿lble eff￿ts 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 transfer￿1 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 p￿10d the trust fund will b¢ paid ortra1￿10 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 por￿0110 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 Tn￿1￿, 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 (contill*d)
Trust£e< Re1pon￿bIlItIu ill relatlon to the StalEnents
Financial Statements in accffi1w￿c ￿1h appli￿b￿ law aDd UnitrAI Ktngi&J
Accounting StAlldard8 (Unitcd KingdoDJ Ge￿¢￿alty Ac(%pted AGC4xmtitig Prnctire).
The law applicable to clwlties iti F￿gland& Wales rt4uir# the Tru8tecs
to prepare fllWLcial statrTn￿ts for each financ1￿ yearwbich give & tnte
aud fair view of the state of affaTf8 of the Cjwity of in(wJiog
resowces attd the appli￿tion of the r&WUr￿ of cl￿rIty for thatpuio
Ill preparing the f￿￿(La1 Stat￿ll6￿ts TrustK3 ar¢ requir￿ to:
selectsuitable acc¢)uatill8 KKTrIKie* apply them
observe themethods in the Chartties SORP.
make judgement8 and estIn￿ts thaiare xe&wthle and pn1￿¢
statc Whet1￿ applicable B¢c(x￿ting have bm follow•l
subjeet to any rn4Lvial dis¢k￿l and eKplaiued in the
financial staten￿ll
it 18 i￿approprIate 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 Re￿rts) Regulition8 2008
and the Tr￿st Deed. They are also for safeguath" g the assets ot
th¢ Charity aThl hence fortaknng for tb¢ p￿￿tion a￿1 de￿110￿ 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 Otherp￿￿￿e. 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 Tn￿tte& of The F RRatcliff Charitabk SetdetTrttrt are
rcspoosible for the pArpatation of thQaec(A￿ts in xwrdaDrx with the
R￿uirements 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
i￿lieve.
by section 130 of the ACL or
the ac¢oullts do llol acwtd with tlu)se or
the forni ry)n￿l of the set out in th Chariti&5
[A¢￿￿ts and Reports) Regulatio￿$ 2￿8 other than any requirwwit that
considered as part of an illde￿t ¢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 ￿jen￿gOr 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".
InV￿tT￿¢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 C￿Te￿ Li4biliti
Iyet Assets
£1.477.366. £1￿28.262
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 theIrbd￿f.
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 p￿paring 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 In￿est￿￿￿ts at market
Yalue. ILcomin8 resources alld tbe app]ication of thosÉ resour￿S
have be£n a￿1)Unted fortsthderthe accrnoLs basi8 of aCc￿￿tIn&
(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
b￿anCe sh¢eT dal
(c) InV￿tment 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 T￿￿tIO
The Setdement is & registered cbarity. tsumber 237619. and As exempt frotn
In¢om¢ Tax, CoTPOrntion Tax and Capita] Gains Tax p￿vId￿j its inGtsn]e
and g&ins ate applied for ebaTAtable pu4x>ses.

F R RATCLIFF CHARITABLE SETfLEMENT
f*OI'KS TO'IIIL TrINANCLiL STATEl￿￿1Ts
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& rtsp￿t of the year out of th¢ funds of the Settlement
¢ither dirtttIy or ll￿tre¢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,$48
{110.608)
At 5 April 2￿25
MArk¢t Valu¢ Adju$tmeD¢
At 6 April 2024
AdjuSt￿ent forthe y
1,643,232
1,634,924
(114,107) {119,2￿2>
(52,387)
5,095
At 5 April 2025
(166,494) (114,107)
Market V*lue at 5 April 2025
£1.476,738 £1.520.817
Invutments *t Market Y*￿e 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 por￿110.
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 Tr￿Sts
Asian InCo￿le 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 COnn￿tea clwtty which receives a grant frDm the F.R. Rat¢liff
ChaTitable Settlement each year.
12-