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-