s&w Rockcliffe Charitable Trust Charlty r•gl8tiatlon no. 274117 Trustees, statement of accounts For the year ended 5 April 2025
Rockcliffe Charitable Trust Legal and administrative information Trustees Simon Lindley Keswick Emma Bridget Keswick Nick Goodson Charity numbor 274117 Prlnclpal address Rockcliffe Charitable Trust clo Matheson & Co Ltd 12 Upper Grosvenor Street Mayfair. London W1K2ND Audltors S&W Audit 4th Floor, Cumberland House 15-17 Cumberland Place Southampton Hampshire S015 2BG Banker8 HSBC Private 88nk IUKI Limited 8 Cork Street London WIS 3LI Solleltor8 Link18ters I Silk Street London EC27 8HQ Invostmont advlsors HSBC Private 8ank IUKI Limited 8 Cork Street London W1S 3LJ
Rockcliffe Charitable Trust Contents Pagè Trustees. report Independent auditors, report Statement of financial activities Balance sheet Cash flow statement Notes to the accounts 10-15
Rockcliffe Charitable Trust Trustees, report for the year ended 5 April 2025 The trustees present their report and accounts for the year ended 5 April 2025. The accounts comply wlth the Charities Ael 2011 and Accounting and Reportlng by Ch8rilles'. Sl8temenl of Recommended Practice applicable lo charities preparing their 8ccounls in 8ccord8nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leff6Ctiva 1 January 20191. Structurei govornanco and management Governance The trust was established by a charitable trust deed on 24 May 1977. The charity is an unincorporated association and is registered with the charity commission, charity number 274117. Trustées The trustees who served during the year were.. Simon Lindley Keswiek Emma Bridget Keswi¢k Nick Goodson Were there to be a requirement for new trustees, these would be identified and appointed by the principal trustee in consultation with the other trustees. Rlsk factors The trustees have reviewed the risks to the charity's assets and income 8nd are satisfied that adequate controls bre in place. Objects and actlvltles The charitable trust was formed for such purposes 8$ 8r8 exclusively charitable at the absolute discretion of the trustees. The income shall be applied by the trustees in the payment of donations or subscriptions to such charitable institution or institutions for all or any of the charitable purposes as the trustees may, in their absolute discretion f rom time to time, think fit and determine. The trustees have absolute discretion to Pay or apply any part or parts of the capital of the Trust Fund as it the same werg income. The principal activities of the trust are to hold investments and make charitable donations out of income. Grant applications are reviewed by the trustees on a regular basis and upon approval the appropriate payment is made. Publlc b6ft6llt The trustees conf irm that they have paid due regard to the Charity Commission's guidance on public benefit.
Rockcliffe Charitable Trust Trustees, report for the year ended 5 April 2025 Achievements, performance and financial review Financial roview The financial activities are summarised on page 7 of the accounts. During the year the charity received £489,400 12024.. £486,742) dividend income from listed investments and £1,486 12024.. £6,141) of interest. An analysis of grants payable is provided in note 4. Grants with a total value of £320,355 12024: £1,379.4541 were recognised during the year in furiherance of ihe objects of the charity. At the year end. £545,00012024.. £685.0001 of grants payable committed to by the charity but not paid during the year have been included within creditors. R8$orves pollcy It is the policy of the charity to hold reserves which are sufficient to allow future grants and donations to be made out of investment income at the discretion of the trustees. At 5 April 2025, the total reserves amounted to £8.515,30512024.. £7.576,1271. Investment pollcy The charitable trust deed permits any investments to further the objects of the charity. The charity has portfolio of listed investments that had a market value of £8.969,153 at 5 April 202512024.. £8.180,5221. Fundralslng St8nd8rds Inform8tloft The charity does not use any professional fundraisers or commercial participators in the c8rrying out of charitbale activitl8S.
Rockcliffe Charitable Trust Trustees, report for the year ended 5 April 2025 Tru8t••8' r•sponslblllll•8 The trustees are responsible for preparing the trustees. report and the accounts In accordance with applicable law and regulalions. The law applicable to charities in England and Wales requires the Irustees to prepare accounts for e8ch financial year in accordance with United Kingdom Generally Accepted Accounting PractlC8 (United Kingdom Accounting Standards and applicable reoulationsl including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Under that law the trustees must not approve the accoun15 unless they 8re salisfied Ihai ihey give a true and fair view of the slate of affalrs of the charity and of the Trncoming resources and application of resources of the trustees for that year. In preparing the accounts. the trustees are required to.. -select suitable accountino policles and then apply them consistently- .observe the methods and principles In the Charitles SORP; -make judgemènts and estimates Ih81 are reasonable and prudent: . State whether applicable accounting standards have been followed, sublect lo any malerial departures disclosed 8nd explalned In the accounts: and prepare the accounts on the going eonc8rn basis unle$$ it 1$ inappropriat8 to pre8ume th81 the ¢harlly wlll continug in operatlon. The trustee$ are re5pon5ible for keeping proper accounting records which ore suff icient to show and explair) the trustees, transactions and disclose with reasonable accuracy at any time the financlal position ol the charity and which onable thom to ensuro that the accounts comply with the Ch8rities Act 2011, the relevant Charity IAccounts and Reports) Regulations 2008 and the provisions of the charity. governing document. They are also responsible for safeguarding the assels ot the charity and honce for taking reasonable sleps for the prevention and detoction of fraud and other Srregularilie On behalf of the b08rd of trustees Nlek Good8on Truslee Date: 2210112026
Rockcliffe Charitable Trust Independent auditors, report to the trustees of the Rockcliffe Charitable Trust Opinion We have audited the financial statements of Rockcliffe Charitable Trust (the 'charity'l for the year ended 5 April 2025 which comprise the Statement of financial activities, the Balance sheet. the Cash flow statement and the notes to the financial statements, including significant accounting policies. The f inancial reporting f ramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 -The Financial Reporling Standard applicable in the UK and Republic of Ireland- (United Kingdom Generally Accepted Accounting Practieel. In our opinion, the accounts.. give a true and fair view of the state of the charity's aff airs as at 5 April 2025 and of its income and expenditure 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 Charities Act 2011. Ba818 for oplnlon 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in 8ccordance with the ethical requirements that are relev8nl 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 aceordanee with these requirements. We believe that the audit evidence we have obiained is sufficient and appropriate to provide a basis for our opinion. Conclusions rolating to going concorn In 8uditing the financi81 st8tements, we have concluded that the trustees, use of the going con¢ern 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 lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going 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 Inforrnatlon The other information ¢omprises the information included in Trustees, statement of accounts, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other inforrnation contained within the Trustees. statement of accounts. Our opinion on the financial statements does not cover the oiher information and we do not express any form of assurance conclusion thereon. 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 inconsistencies 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 perforrned. we conclude that there is a material misstatement of this other inforrnation. we are required to report that fact. We h8ve nothing to report in this reg8rd.
Rockcliffe Charitable Trust Independent auditors, report to the trustees of the Rockcliffe Charitable Trust Matters on whl¢h we Jre requlred to report by exceptlon We have nothing to report in respect of the following m8tters in relation to which the Charities (Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion.. - sufficient accounting records have not been kept- or the information given in the financial statements is inconsistent in any material respect with the trustees. report,. or - the financial staternents are not in agreement with the accounting records., or .we have not received all the information and explanations we require for our audit. R•sponsibiliti•s of tru$t••s As explained more lully in the Trustees, Responsibilities Slalemenl set out on p8ge 3, the Iru51ees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from material misstatement. whether due to fraud or error, In preparing the financial slalemenls, the Iruste8s are responsible for assessing the ch8rity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi5 of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Audltor•' r•sponslblllll•* lor th• audlt of account• We have been appointed Bs auditor under section 144 of the Charities Act 2011 and report in accordance wlth the Act and relevant regulatlons made or having effect thereunder. Our objectives are lo obtaln reasonable assurance about whether the financial st8tementS 8s a whole are free from mater181 mi$st8lement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 8udit conducted in accordance with ISAS IUKI will 81w8ys detect 8 maierial misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in Ihe aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statemenls. Irregu18rities, including fraud. are Instances of non.eomp118nee with laws and r6gul8tSons. W8 design procedures in line with our responsibilities. outlined above, lo detect material misslalements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below: We obtained 8 general understanding of the Charity's legal and regulatory fT8mework through enquiry of mana9emenl concerning their understandiDg of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of th9 ¢harity'5 industry and rggulation. We understand that the Charity eomplies with the f ramework through.. .Oulsourcing accounts preparation to external experts In the context of the audit. wg considered those law5 and regulations which determine the form and conlenl of the financial statements, which are central lo the charity's ability lo conduct its business. andlor wherè theré is a risk th81 f8ilurÈ to comply could result in matÈri81 penalties. We identified the followino laws and regulations as being of significance in the context of the charity: The Charities Act 2011. FRS 102 and the Accounting and Reporting by Charities: Statement of Recommended Practice (the SORPI in respect of the preparation and presentation of the financial statements
Rockcliffe Charitable Trust Independent auditors, report to the trustees of the Rockcliffe Charltable Trust The senior st8tutory auditor led a discussion with senlor members of the engagement team regarding the susceptibllity of the enlity's financial slatements to material misstatemenl, including how fraud might OCCL¢r. The areas iclentified in this discussion were.. - Manipulation of the financial slalemenls, via management override of controls, particularly as the slze of the charity means that there is little opportunity tor segregation of duties Th8 procedures we carried out to gain evidence in the above areas included.. . Subslanliv¢ work on material areas affecting the 8c¢ounts A further descriptlon of our responsibilities is available on the Financlal Reportlng Council's website aL- WV4w.frc.oro.uk18udilorsresponsibilllies. This des¢riplion forms p8rt of our auditor's report. Use of our report This report is made solely to the charity's trustees as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Oltr audit work has been undertaken so that we might state to the charlly's trustees those matters we are required to stale to them in an auditor's report and lor no other purpose. To the fullest exlenl peimilted by law. we do not accept or assume rèsponsibility to anyone other than the charity and the charity's truslee$ as B body, for our audit work. for thi5 report, or for the oplnions we have formed. S&W Audit Statutory Auditor Chartered Accounlanls 4th Floor Cumberland House 15-17 Cumberland Place Southampton SOIS 28G 22. 201609..57..50 Gmn Daté: 2210112026
Rockcliffe Charitable Trust Statement of financial activities for the year ended 5 April 2025 2025 2024 Notes Income: Investment income 490,886 492,883 Expendlture: Raising funds Charitable activities-grants Ch8ritable activities-support costs 335 700 320,355 1,379,454 19,649 13,240 Total 340.339 1,393,394 Net Incomellexpandlturel belora galns and Ios886 on Snvestrnents 150,547 1900,5111 Gainslllosse51 on investments 788.631 12.776.221) Nèt movemant Sn fund8 939,178 13.676,7321 Total rèeonelllatlon of fvnd$: Total funds brought forward 7,576,127 11,252,859 Total funds carrlad forward 8,515.305 7,576.127 All income and expenditure derives from continuing activities. The notes on pages 10 to 15 form part of these accounts.
Rockcliffe Charitable Trust Balance sheet as at 5 Apr512025 2025 2024 Not08 Fl¥fjd a88et8 5nveslrnent5 8,969.153 8.180,522 Current a88Ot8 Cash at bank and In hand 102,552 91.470 CredltorL' amount8 falllng duo wllhln ono year I2.400) 1180.8651 N•t eurr•nt Illabllltl•#l (193,8481 189,3951 Cr•dltori: amount• f•lllng du• aft•r mor• than on• year 1260,0001 1515,0001 10 N•t aiMt• 8.515.305 7.576,127 Incom• fundi Unrestricted funds 8,515,305 7.576,127 8.515,305 7.576,727 The accounts were approved by the board, 8Uthorised for issue and signed on their behalf by. Nlck Goodson Trult Date: 2210112026 The notes on pages 10 to 15 form part ot these 8ccounts,
Rockcliffe Charitable Trust Cash flow statement for the year ended 5 April 2025 2025 2024 Note Net cash outtlow Irom operatlng actlvltles 12 1479,8041 1707,8791 Cash flows from Snvestlng actlvStS8s: Investment income 490.886 492,883 Total cash inflow from investing activities 490.886 492,883 Net Incr6a88lldecrea8e) In cash 11,082 1214,9961 Cash and cash equlvalent8 at tha beglnnlng of the yaar 91.470 306,466 Cash and Cash equlv8lentS at tha 6nd of the year 102.552 91,470 Analys18 of nat fund8 At 6 Aprll 2024 Ca8h IIow8 At 5 Aprll 2025 Cash at bank and in hand 91.470 11.082 102.552
Rockcliffe Charitable Trust Notes to the accounts for the year ended 5 April 2025 Accountlng pollcles 1.1 General Informatlon Rockcliffe Chafltable Trust is an unincorporated trust, constituted under a charitable trust deed. It is registered with the Charity Commission in England and Wales INO. 2741171 and the principal address is12 Upper Grosvenor St, Mayfair, London, WIK 2ND. 1.2 Basls of preparation The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Praetiee applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20191. The accounts have been prepared under the historical cost convention, as modif led to include the revaluation of certain assets. The trustees confirm that the eharity is a public benef it entity as defined by FRS 102. The accounts are prepared on a going concern basis. there are no material uneertainties about the charity's ability to continue as a going concern. The charity's presentation81 currency is GBP. 1.3 Income Investment income is credited to the statement of financial activities in the period in which it is receivable. 1.4 Expendllure Liabilities are recogni5ed as expenditure as soon a5 there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category. The costs of raising funds consist of investment management fees. Grants payable are payments made lo third parties in furtherance of the charilable objects of the charity. The grants are accounted for where the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant. Support Costs consist of costs not directly attributable to direct ch8ritable expenditure. but which are in respect of the general administration of the charity and overall management of the funds. 1.5 Flxed asset investments Investments are initially recognised at their transaction value and subsequently measured at fair value. Unrealised gains or losses are recognised in the statement of f inanci81 activities under g81ris 8nd losses on investment assets. Realised gains and losses are the difference between disposal proceeds and carrying value and are recognised in the statement of financial activities under gains and losses on investment assets. -io-
Rockcliffe Charitable Trust Notes to the accounts for the year ended 5 April 2025 (Continued) Accounting policies 1.6 Forelgn currency translatlon Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign curreneies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net incomellexpenditurel. 1.7 Fund accounting Unrestricted funds are those funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity. The charity has no restricted or endowment funds. Invgstmont Incorno 2025 2024 Dividend income f rom listed investments Interest receivable 489,400 486,742 1.486 6,141 490,886 492,883 Expondlturo 2025 2024 Ralslng funds: Investment managoment fees 335 700 Charltablo actlvltles- grants Grants payable Isee note 41 320,355 1.379.454 Charltable actlvltles- support costs Support costs (see note 51 19,649 13,240 340.339 1,393.394 li-
Rockcliffe Charitable Trust Notes to the accounts for the year ended 5 April 2025 Grants payable 2025 2024 Grants to institutions137 grants).. The Cotswold School Academy Serge Hill Project Kate's Home Nursing Gympanzees Farmability Universily of the West of England Oxford University re Ashmoleum Museum Bourton on Water Parish Council Oasis Children's Venture Ltd Gloucester Cathedral National Horseracing Museum Creldlwarriors Maggie Keswick Jencks Cancer Caring Centres Trust England Three Springs Cotswold Lakes Trust SENSE The Respite Association The Royal National College for the Blind Gloucester City Mission The Cure Parkinson's Trust Great Western Air Ambulan¢e Charity The Grand Appeal Insight Gloucestershire Commonwealth War Graves Foundation The Heart of England Forest Cheltenham Gloucester Hospitals Charity Garden Museum Swim appeal Smile Train UK Stow on the world RFC Shines Children (Ugandal UK Supporters Disability Huntingdonshire Upper Slaughter PCC Oxford Hospitals Charity R& B Nursery Macintyre Care Ability Dogs 4 Young People Alexander Devine Children's Cancer Trust Essex & Herts Air Ambulance Trust Future Trees Trust Marine Conservation Society Priors Court Foundation St Christopher's Hospice Support Our Military Veterans The Transforming Autism Project War Memorial's Trust Winston's Wish la Grief Support Programme for Children) Dementia Friendly 111.255 60,000 20,000 41,000 10,000 10,000 io,000 10,000 10,000 5,000 5,000 5,000 4.100 2.500 2,000 2,000 2,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 500 25.000 1,203.920 5.000 78,695 1.000 1,000 25,000 10,000 5,000 5,000 4,000 2,339 2,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1.000 1.000 1.000 1.000 500
Rockcliffe Charitable Trust Notes to the accounts for the year ended 5 April 2025 Grants payable IContSnuedl 320.355 1,379.454 Reconciliation of grants payable 2025 2024 Commitments charged to the Statement of financial activities in the year Grants paid during the year Commitments at 6 April 2024 320.355 1,379,454 {460.3551 685,000 1694.4541 Commitments at 5 April 2025 545,000 685,000 Commitments at 5 April 2025 are payable as follows., Within l year After more than l year 285,000 260,000 170.000 515,000 545,000 685.000 Support CO8t8 2025 2024 Accountancy fees Audit fees Igovernance costl Trustees. remuneration Foreign exchange lossesllgainsl 1,430 9,970 5.000 3,249 1,300 9,615 5.000 12,6751 19,649 13,240 Tru$tO0$ One of the trustee5 received remuneration of £5,000 during the year for administration and secretarial services12024: £5,000). No trustees received reimbursement of expenses12024: £nill. Employees There were no employees during the year12024'. none).
Rockcliffe Charitable Trust Notes to the accounts for the year ended 5 April 2025 Flxed asset Investments-1Ssted 2025 2024 Market value at 6 April 2024 Change in value in the year 8.180,522 10.956.743 788,631 12.776,2211 Market value at 5 April 2025 8.969,153 8.180.522 Book cost at 5 AprS12025 6,893.904 6,893,904 Crodltors: amounts falllng duo wlthln one year 2025 2024 Grants payable Isee note 41 Accruals 285.000 11,400 170,000 10,865 296.400 180,865 10 Credltor8: amount8 lalllng after one year 2025 2024 Grants Payable (see note 41 260.000 515.000 11 Related parties During the year, investment incorne of £489,400 12024.. £486.7421 was received from Jardine Matheson Holdings Limited. Simon Keswick's son is a director of this company. Payments of £5,000 12024.. £5,000) were made to Nick Goodson Consultants in respect of administration and secretarial services. Nick Goodson is a trustee. These payments were approved by Simon Keswick, a trustee of the Rockcliffe Charitable Trust. 14-
Rockcliffe Charitable Trust Notes to the accounts for the year ended 5 April 2025 12 Net cash flows from operatlng activltles 2025 2024 Net movement in funds las per the statement of f inancial activities) Investment income IGainslllosses on investments IDecreasellincrease in creditors 939,178 13.676,7321 1490,8861 1492,8831 1788,6311 2.776,221 1139,4651 685,515 1479.8041 1707,8791 15-