Charity Reglstration No. 278286 THE RATIU FAMILY CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE RATIU FAMILY CHARITABLE FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Tru$tse8 MrNGR8ti Mrs l M G Ratiu MrlSPRatiu MrsMCICW5Uis DrDDa Mr R Pollilzer Mr P M Harrap MrARatiu Charlty number (England and Wales) 278286 Prln¢lpal address 18 Fiizhardinge Street London, W1 H 6EQ Independènl examlner HINDOCHA PANDIT & CO LTD 4th Floor Elizabelh House 54-58 High Street Edgware HA8 7EJ THE RATIU FAMILY CHARITABLE FOUNDATION CONTENTS Page Truslees. report Ind&pendenl examinevs ieport Statement of financ4al g¢livities Balance sheet Notes to the financial statements 8-18 THE RATIU FAMILY CHARITABLE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annval report and financial s18tements for the year ended 31 December 2024. The financial st¥lèments have been prepared in a￿ordanCe with th8 aecounting policios sel out in notè I to the financial stalemenls and comply with Ihe Foundation's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charilie5.' Slalemenl of Récommended Practl¢e applicable lo charities preparlng their accounts in ￿￿ordSnee with the Financi81 Reportlng Standard appli¢abl8 in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Oblectlvès and acllvities The principal objectives of the foundation are-. Advancement of education lo the public Relief of poverty Promotion and lurtheran¢e of education and iesearch lo include history, geography, cultUTe, arts, music, literatu￿, language, industries and economy of Romania and the Romanian people Publishing the results of any such rosearch al the discretion of the Trustees Relief of Romanian refugees in the United Kingdom The Foundat￿￿ ctsnlinues to strive to identify appropriate and effective means of furlhérÈng the objectivtss outlined above. Public benefit Grant making pollcy The Iruslees have paid due régard to guidance issued by the Charlty Commission in decHJing whal aclivilies the FoLJtidalion should undertake. Gtanl fftaktngpolicy Grant applications and requests are recèived in RornanI8 and in the United Kingdom and are then submilled lo the United Kingdom offi￿. Prior to a Iruslees, meeting, all applieations are updated on Ihe Foundation's intemal database and a list of recommendaliDn is dTawn up by the dirèctor. At Ihe following trustees, meeting Ihe applications are Considered and either a￿pIe￿ or rejected based on whether they mset the aims and otyectives and if they are in linè with the criteria set for approvals. All approved uranls are paid subsequently. Achlevements and perfomiance Significant aclivilN&s and achievemenls 6gainsl objectlLI8S During Ihe year. the Foundation approved and made grant payments lo 5 inslitulion5 and 51 individuals. The Trustees were satisfied Ihal Ihe criteria for grant appro￿lS had been salisfaclor¢ly mel. The Rstiu Grants were awarded to Romanian students to study a range of subjects in thè UK. The Foundation supportèd several projects in Romania durillg the year. The Ratiu Democ¥acy Dialogues ran v&ry successfully in assoaalion with the LSE IDEAS Ihinkiank team and additionally other collferences un¢Jer the RATIU FORUM h@ading were held both physically and on-line using ZOOM. Annual awardees were honouTed for "The Elisabelh Pilkington Raliu M&nlaS Health Award" and Ihe Ihe'lon Ratiu Award for Investig81ive Journalisrn. Flnanclal revi&w The source of funding for thè Foundation is by way of unrèstricted ch8ri1able donation of £440,000 12023 £900,OaQl from Be11erive Limitèd {Ihe parent company of Regenl House Properties Limited, a company in which one of thè trustees, Mr N Ratiu is a diie¢torl. The Foundation almost entirely relied funding from Belleriv6 Limited. Al ihe year end. the Foundation owed £44,99812023- £51.3591 to Bellerlve Limited. Total grants and donations approved by thè Foundation in 2024 were £208,59512023'. £205,004). THE RATIU FAMILY CHARITABLE FOUNDATION TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 R8serv8s poI￿Y Investment and rÈ#èrve policy and perfomiance 11 is the policy of the Foundation that unreslricled funds which have not been designated for a specific use should be maintainèd 218 level equivalent to belween three 8nd slx month's expenditure. The tru51ees ¢onsider that reserves al this level will 8nsure that, in Ihè event ol a significant drop in funding, they wll be able to continu8 Ihe Foundalioii's ourronl aclivilies while consideration is given to ways in whlch addits'onal funds may b& raised. Thi8 lèvèl of reserves has been mainlained Ihroughoul the year. Majorrisks Risk m•nagèmènt The trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitsgale exposure to the major risks. The principal risk fa￿￿ by the Foundation is operational risks from inÈffectÉv2 grant maknnu and the cap8clty of the Foundation to make effective granlg. The operalional risk arising from grant awards which are inèffective in the advancing of the oble¢lives of the Foundation is managed by rèporting processes in plaeE that ss6i81 the trustees lo review the effectiveness of the projects and the success rates of the individuals receiving study grallls. These processès 81so assist retaining the Foundation's focus on the public benefit derived from the Foundation's funding activities. The risk of a lack of capacity lo effedively manage grants is miligated by retaining Iwstees with sufflclènt skills and expertige to review ils applicants and secondly through Ihe qualily of thè institutions who the Foundation support. Plans for future periods The Foundallon plans to continue the actiVit￿S o￿llined above in Ihe forthcoming years bul at a reduced level ol activity subject lo satisfactory funding arrangements. Bellerive Limited has corne forward lo conlribule tow2rds funding of Ihe Foundation. The Foundalirjn is also exploring other avenues of gèneraling funds through organised charitable @vents. StrLECture, governan¢e and managèment The Foundation was established by a ¢harilable Trust DÈed in London on 18th May 1979. The Trustees meèt at least once in fyvery period ol six months to review thè activities of the ple￿dIng months. to award scholarships lo Romanian students studying in UK universities and 1¢) approve grants foi qualifying proje¢ls submilled through the Foundation's wetrTrbased application procedure. The Iruslees who served during IhÈ y88r and up Eo the dale of signatltre of the financAal Statements were.. hAr N C Raliu Mrs l M G Raliu MrlSPRaliu Mrs hA C I C WIIi8 DrDDan Mr R PollitzeT Mr P M Har¥ap Mi A Rallu Recnjili￿nI and app￿nIm&￿t of trustees The Trusteès a￿ empowered under the terms of Trust Deed to appoint additional trustees. The dead of trust speoifies, unless and unti1 thè Trustees shall otherwise resolve, the number of the Trustees shall not be more than 11 or less than 2. 11 was the Foundor's wish that Trustees should be appointed on the basis of theirwillingnsss lo setve the F(MJndalion. THE RATIU FAMILY CHARITABLE FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisalion41 slruclure The Foundation is an independent charity that is managed by the Trustèès. The Trustees in each calendar year el¢¢t one of their members to act as Chaiman ol th8 Truslees during the year. Mr Nicola8 Raliu, as an executive Iiusleo, operat85 the charily on a day lo day basis. Volunteers assist as and when réquired with events organised by the FourKlalion and external consullanls arè used Whe￿ speafic skills are needed. The Foundation does not have any paid Ituslee or 8n execLJtive on a permanent basis, Principal activities of Ihe Foundation including ils finance and investments are controlled from Ils London, Uniled Kingdom office whereas sorne of ils grants and funds are transferred lo its Turda, Romania Offi￿ lo be distributed lo Ihe recipients as approved by the board of trustees. R@lalionship with t8lat8d parties Mr. N C Ratiu, tsne tsf trusteès of the Foundation, 18 also a dir¢ct()r of Regent House Properties Limlled, a company which made payments on behalf of the FoLJndation. Amounts du8 to Regent House Properties Limited and rents payable to DRT Lease Limited were funded by Bellerive Limited. Ihe parent company ol Regent House Propertie8 miled. ORT Lease Limited and Bellerive Limrtèd arè L)nder common control. The Ratiu Family ChaTilable Foundation supports and collaborates wllh other organisalions in the United Kingdom and in Romania. The following grants were paid to institutions In whlch oilhor Mr N C Raliu , Mr I S P Ratiu or hlrs l M G Raliu are also Irusleesloffioers,, Centrul Ralilk Pentru DemocratiÈ IR8tlu Centre for Democracy)- £62.66912023: £51,442) Romanian CuEtural Centre- £62712023.. £1.150) Pro Patrimonio Foundalion UK- £1,84912023.. £6441 Fund8118 Pro Patrimonio- £8.651 {2023 .' £nil}. Funds held as custodlan trustee Mr N C Ratiu, one of the trust8es. is provided with fund8 from unreslrieted funds. Mr N C Railu, as custodlan. 1$ aulhorised by the trustees to relèase grants and donations in Romania which are in line with the Trust's objectives and aims. Al the balance sheet dale £4,40312023.' £6,797) was held by ThAr N C Ratitj as cuslodian of The Raliu Famity Ch8ri18ble Foundation. ststem•nt of trustees. responsibilitles The truslees are responsible lor preparing ihe Trustees. Report and the financial siaternenls in accordance with appli¢able law and United Kit)gdom Ac¢ounling Standaryls Iuniled Klngdom Ganeralty A￿pIed Aecounling Practi¢el. The law applicable lo charllies in England and Wdles requires thè trustees to prepare financial st*ements for each fin8ncial year which give a true and fair view of Ihe stale of affairs of thè Foundation and of the incoming resources and application of resources of M)e Foundation for that year. In preparing these financial slatements, thè trustees are required lo.. select suitable aG￿UntIng policies and then apply them consistently.. observe the methods and principles in the Chaiilies SORP.. fflake judgements and èstim8les Ihal are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disck)sed and explained in the financial 51alemeMls', and prepare the financial statements on th8 going concern basis unless il is inappropiiale lo presume thal Ihe charity will continue in operation. THE RATIU FAMILY CHARITABLE FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees are responsible for keeping suffieAenl accounting re¢ords that disclose with reason2ble accuracy al any lime tho financial position of the Foundation and enable Ihetn lo ensure thal the financial statemenls comply with the Charities Acl 2011, the Charity (Aceounls and Repotlsl Regulations 2008 and the provisions of the Irust deed. They are also responsiblè for safeguarding the assets of the Foundation and hence lor laking reasonable steps for the prevention and detèction of fraud and other irregularities. The trus e¢s' report. as approved by thè Board of Trustee8. TNCRatiu Trustee 30 June 2025 THE RATIU FAMILY CHARITABLE FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RATIU FAMILY CHARITABLE FOUNDATION port to tho Irusl80s on my examinalion of Ihe finanThal slalemenls ol THE RATIU FAMILY CHARITABLE FOUNDATION (the Foundation) for the year ended 31 Dee6mber 2024. Respon$lbilltle3 ond ba$1$ of report As the Iruslees of the Found8llon you Aré responsible for the preparation of the financial 8lalem8n¢8 In accordance with the requirements of the Charities Act 2011. I report in respect ol my examination ol the Foundalion'8 financial slalemenls carrled out under section 145 of thé Charllles Act 2011. In c8rryin6 out my examination I have followed the Directions given by th9 Charity Commission undeT section 14Sl5llbl ol (he Charities Aci 2011. Indapèndent examlnerfs statement Since the Foundation's gross Income excèedéd £250,000, the Independent exarniner must be a memb6r of a body listed in section 145 of the Charities Act 2011. 1 confirm that l 8m qualified lo undertake the examination beG4USe am a member of the Assoclatlon of Chartered CeAlfiedAccounlanls, which is one of the listéd bodl&s. Your altenllon Is drawn lo the fact that Ihe eharity has prepared the financial 818temonts in accordan￿ with the relevant version ol the Statement of Recommondod Pracllcè applieable to charities preparing Ihelr fin8nclal statements in 8ceordance with the Flnancial Reporting Standard applic8ble in the UK and Republic ol Ireland IFRS 1021 in preference to the Accounlino and Reporting by Charities". Statement ol Recommended Praclicg Issued on 1 April 2005 which is referred to in the exlanl regulations but has now bèen withdrawn. l undersland that Ihis h85 been done in order for the finan¢i81 $lalem¢nts lo provide a true and fair view in acco￿ance vthth UK Generally AC￿pIed Accounting Practice. I have wmpleled my examination. I confirrn Ihal no matters have cLJrne to my aiientr'on in o)nneetion with the examination gI￿n9 me cause to believe thal in any m81eri81 resp8cI.' accounling ¥ecords were not kept in respect of the Fouryd8tiort as required by section 130 01 the Ch8rits'e$ Act 2011. the financial statements do not accord with those records., or Ihe financial statements do not comply wilh the appllcablé requirements concerning Ihe fomi and conlenl ol financial slalernents sel out in the Charllies {Accounls and Reports) Regulations 2008 other than any requirement Ihat the financ4al stalemenls givo a Inj& Ènd lair view. which is not a maller considered a$ part 01 an Indèpéndént examlnalion. e no concerTrs a bè Ilrawn In have come across no olh8r mall&r$ In connecllon with the examination io whl¢h ￿tt￿tIon report In order to enable a proper undersl8ndlng ol tho financial statements to be reached. 8h AlayDP HINDOCHA PANDIT&CO LTD 4th FIooT Elizabèth House 54-58 High Street Edgware HA8 7EJ Daled.. 30 June 202S THE RATIU FAMILY CHARITABLE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrleted Restricted funds funds Total 2024 Total 2023 Note¥ nd Donations and legacies Investment inwme Other income ro 440,000 28,490 222 440,￿0 28,490 222 940,406 28,361 208 Total incom& 468,712 468,712 968,975 Raising funds 4,321 4,321 3,463 Charitable activities 7&8 452,051 452,051 458,881 Totsl resources tsxpended 456.372 456,372 460,344 Net incomè for the y•arl Net movemènt In funds 12,340 12,340 508.631 Fund balances al 1 January 2024 1,116,800 634 1,117,434 608,803 Fund balan¢&8 at 31 Oecember 2024 1,129.140 634 1.129,774 1,117,434 The statement of finanual actiwties includes all gains and10ssès recognised in the year. The slaletnenl of financial a￿1￿11￿@S includes all gain8 and losses recognlsed in the year. All iricomè and expendilur8 derive from continuing activllles. THE RATIU FAMILY CHARITABLE FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Heritage assets Investments 13 14 15 495,840 626,503 1,2QO 495,840 626.503 1,200 1,123,543 1,123.543 Current assets Debtors Cash al bAnk and in hand 16 59,196 264 49,511 283 59,460 49.794 Creditors: amounts falllng due within one year 17 153,2291 155.9031 Nel Current assetsllliabilitiesl 6,231 {6,109} Total assets l•ss current liabiliti09 1,129,774 1,117.434 Incomè funds Reslricled funds Unreslricled funds- general 18 634 1.129.140 634 1,116,800 1,129,774 1.117,434 The aG nts were app ved y the Trustees on 30 June 2025 rNCRaliu Trustee THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng policle$ Charity Ènfomiation THE RATIU FAMILY CHARITABLE FOUNDATION is a registered charily, nurnber 278288, and is constituted under a Trust Deed dated 18th May 1979 which is the govefning do¢umènt. The registered office is 18 Filzhardinge St￿et. London, W1H 6EQ 1.1 Accountilly cot7vention Thè fin8ncial statements have been prepared in ac¢ord8nce wlh the FOundat￿n'S governing document. the Charities Act 2011. FRS 102"The Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland" and the Charities SORP "A¢counling and Reporting by Charities.. SlalÈment of Recommended Practice applicable lo ¢harilies preparing their accounts in accordance with the Financial Reporting Standard appli¢able in Ihe UK and Republic of Ireland {FRS 1021" The Foundation is a Public Benefit Entity as defined by FRS fj02. The financial statèments are prepared in stedlng, which is lh8 fundional ojrrency of Ihè Foundation. Monetary amounts these financlal statements are rounded lo the nearest £. The financ481 statements have bèen prepared under the historical cost convenlion. The prlncipal accounting poli￿8S adopted are set out below. 1.2 Going ¢on¢¢m Al tho lime of approving the accounts, the truslees have a reasonable expectation that the Foundallon has adequate resources lo continue in opèrational existence wilh the support of Bellerivè Lirniled. Thus the trustees Conlinue io adopt the going wncern basis of accounting in preparing the accounts. 1.3 Charltable funds Unreslricted lunds ara Available for use al the disc￿tion of the Iw$lees in furtherance of their charilable objectives. Restricted funds Restricted funds can only be used for partluJ13r purpos8s within Ihe objèdives of the charÉty. R&sIT￿lI0￿S arlso when sp8¢ifiéd by the donor or when the funds are raised f(>r particular purposes. 1.4 In¢omlng resourceg Income is recognised when the Foundation Is legally enlille(f lo it after any porformance conditlons have been mel. the amounts can be measurèd reliably, anil il is probable that income will be received. Cash donations are recognised on receipt. Other donalions are reeognised once the Foundgtlon has been notified of the donation, unless pèrformance conditions requir8 deferral of thè amount. lllcome lax recover8ble in relation lo donations re¢6lved under Gift Aid or deeds of covenant is reeognised al the lime ol the donation, Legacies are recognised on rece1pl or othe￿Ise rf thè Foundation has been n(Itifiad of an impending distr4bulion, the amount Ss known, and receipt is expeded.11 the amount is not known, the legacy is Ir8ated ss a conlingenl asset. Invèslmenl inc￿? is accounted for in the period in which the charity is enllllèd to receive. THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcie8 (Continued) 1.5 Resources expendèd Expenditure is recognised once Ihere ig a legal or conslructive obligallon lo transfer èconomic benefit to a third party, il is probable Ihat 8 transfer of economic benefits will be required in setilemÈk)t. and Ihe amount ol the obligalion can be measured reliably. Expenditure is dassified by activity. The wsts of ea¢h activity ar8 made up of th8 total of dir&t costs and shared costs, including support cos18 involved in undertaking each actiwly. Direct costs attributable lo a single activity are allocated dire¢lly to that actiwly. Shared costs which contribute to more than one activity and support costs which are not all¥ibulable to a single activity are apportioned bètween those adivities on a basis consislenl wilh the usè of resources. Central stsff costs are allocated on tho basis of b'm8 spent, and depreciation charges are allocated on thè portion of the asset's use. ExpendiluTe is accounted for on an accruals basis, except in the case of grants, whÉch are accounted for when they are awarded. Allocation of support costs are based on what they relate lo. Irrecoveraile VAT is induded with Èxpense item8 to which it rèlates. Cost8 of generating funds compTiStt the costs ol fundraising. publicity and programme aosls. Charitable activities include costs of Projects and exhibitions und&lak8n 8nd donations paid lo individuals and inslilutions to further Ihe obje¢livas ol the charity. GoveTn8nce costs repres8nt Ihose costs of the strategic management of the charily and of Complying with constilulianal and statutory requirements. 1.6 Tangible flxed assets Tangible fixed assets are initially me8sumd al cost and subsequèntly rn&asur8d 8t cosi or valuation. nel ol ijeprecialion and any impairment losses. Depreciation is recognised so as lo write off Ihe cost or valuation ol ass¢ls less their rèsidual values over their useful lives on Ihe following bases.. HerSlage assets Equiprnenl Nil The gain or loss arising on the dispos81 of an asset is deterrnined as the differènce between the sale pro¢aeds and the carrying valuè of the asset, and is recognised in the slalement of financia5 activities, Equipment includés a fine violln which is being maintained in prime condition and is expected lo appre¢i81è in value and is thus not depreciated. 1.7 Heritagè assets Haritage assets are actounled al cost, whère this information is not available, and cannot be oblainod al a cost which is ¢ommensurdle with the bÈnèfjts to Ihe Foundation, tha assets are not reeognised in the slalemenl of financial position, but are disdosed as a note lo the accounts. At each reportino end dale, the Foundation rewews the earrying amounts of the héviiage assets to determine whether IherÈ is any indi¢8tion thal Ihoso assets have suffered an impaimient loss. 1.8 Flxgd asset invèstments Fixed ass81 inveslmenls are iniliauy measureil al Iransadion prica excludirig Iransaclion costs, and are subsequently measured at fair value al èaeh reporting date. Changes in fair value are recognised in nel income/{expenditurel for th8 year. Transaction costs awe expensed as incurred. THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS visions of Seolion 11 'Basic Financial Instruments, and Se¢tion 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial illslrumenls. Financial instrurnenls are recognised in the Foundation's balance sheet when the Foundation becomes parly to the coylract￿al provislons ol the insltumenl. Financial assets and liabilities are offset, wth the nel amounts p￿s￿nted in the financial ststemenls, when there is a legally enfomeable right lo sel off lh8 recognised amounts 8nd Ihere is an inleniion lo settle on net basis or lo realisè the asset ants settle the liability simultanèously. Bas1¢ flnanci•l3ss4ts B$sic finan¢tal assets, which include debtors and cash and bank balances. are initially measured at Iransactior) piice including transaction ¢osts and are subsequèn11y carried al amortisèd cost using the effeetive interest method unless the arrangément constitutes a ffin3￿CIng transaction. where tho transaction is measured at the prèsent value of the futurè rdceipts disctsunted ai a market rate of interest. Finanual assets dassified as re￿4V8b18 wrthin one yèar are not amoriised. Basic flnancial Ilabilities Basic financial liabilities. ineluding creditors and bank loans are initially recognised al transaction price unless the arrangement constilules a financing Iransaclion, where Ihe debt inslrumenl is measurad 81 the present value of the lulure payments discounled at 8 market rale of interest. Financial liabilities dassified as payablÈ within one year are not amortised. Debt Instruments are subsequently carried at amortised cost. using Ihe effeclivé interest rate method. Trade creditors ale obligations lo pay for goods or servicas that have been acquired In the ordln8ry course of operation8 fmm suppliers. Amounts payable are classified a5 current liabilities il payment is dué withln one year or less. If not, Ih8y are presenled as non-eurrent liabilities. Trade crèditors are récognised initially al Ir8nsaclion priGe and subsèquently measu¥ed at amortised cost using the effedive interegl method. Derecognifion of flnanclal liobilltles Financial liabilities are derecognised when the Foundation's contractual obligallons expire or are discharged or cancelled. 1.12 Forèlgn exchange Transactions denominaled in forèign CLsrrencies are recorded at the ial8 ruling al the date ol the transaction. Monetary assets and liabilities denorninated in foreign currencies are translated into sterling al the iales of exchange ruling at the balanee sheet date. Ail dIfferen￿S are induded in Slalement of Finxncial Aclivilies. 10 THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies {Continuèdl 1.13 Accumulated funds Restricted funds Reslricled funds can only be used for particular purposes wiihin the objectives of the chaity. Reslricti(A)s arise when spee4fled by the donor orwhen the fijnds are rais￿ for particular purposes. Unrestrletèd funds Unreslricled funds are donations and other incoming resources receivèd or generated for expènditure and are available lo use to further any of Ihe purpo$8s of the Charlty. 1.14 Taxatlon The Foundation is an exempl charity within the meaning of Schedule 2 of the Charities Act 1993 and as such is a charity within the meaning of Section 50611) of th8 Taxes Act 1988. Accordingly, the Foundation 18 polenliolly exempl from laxalion in respecl of income or cspit81 gains received within ¢ategories ¢overed under Se¢lion 505 of Taxes Act 1988 or Section 256 of the Taxation of Ch8rgeable Gains Acl 1992 to the extent that such income 01 gains are applied exclus1￿lY for charitable purposes. Th8 Foundalion receives no such exemption in respect of Value Added Tax. Critical accounting gstlmatss and judgements In the application of the Foundation's ac¢ounling polici85, the trustèes are required to make ludgements, èslimales and assumptions about the carying amount of assets and liabS1ilies that ar@ not readily apparent from other sources. Thé estimates and associal¢d assumptions are based on historic81 èxperience and other fadors that are consid8red lo be relevant. Actual results may diffèr from theso estimates. Thts estimates and undeTlying assumplSons are reviewed on an ongoing basis. Revisions lo accouttllng esllmales are recognised in IhÈ period in which the estimate is revised where the rgvision affe¢ls only that period, or in Ihe peiiod ol the ievision and futur8 periods where the revision affects both current and lulure periods. KÈY sources of estlmation uncertainty The estimates and assumptions which havè 8 significant risk of causing a material adjustment lo the Carrying amount of assets and liabiliiies are as follows., Valuation of Heritage Assets: As described in note 14 to the financi81 slalemenls. hèritage assets are deemed to have indeleminate life. In the opinion of the trustees, th& market value is higher Ih8n the book valuè. Incom• from donation5 #nd legacieg Unrestrfcted funds 2024 Unrg$trlcted funds 2023 Donations and gifts 440.000 940.406 During the year. donations of £440,000 {2023 - £9￿.00Q1> wore received from Belleiive Limited, thè parent company of Regent Htsuse Propet11es Limited, 8 company in which onè of the twstees, Mr N Rallu is a direclor. THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ineome from Investments Unrestrictèd Unrestrlcted funds funds 2024 2023 Rental income 28,490 28,381 Other Incomè Unrestricted Unrestylcted funds fund$ 2024 2023 OtheT income 222 208 Expenditure on raisiftg funds Unrestrictsd Unrestricted funds funds 2024 2023 Fundralslng and publicity Staging fundraising events 4,321 3,463 Charitable a¢tlvitieg Donattons Donations paid and pald and relat&d related costs costs 2024 2023 Grant funding of activities (seè note 81 Shafe of govemancè costs {see note 91 208,595 243,456 205,005 251,876 452,051 45S,881 12 THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Donatlons paKd and related costs 2024 Dtsnations paid and related costs 2023 Grants to inslilulifins.. Advancemerst of education of public Relief of povèrty Promotion and furlheran¢È of education & researoh 31.140 20,889 31,767 39,546 17,815 39,864 83,7 97,225 Grants lo 1nd1wd￿aIS 124.799 107,780 208,595 205,005 Promotion and fLJrtherance of educatton and re8earch to indude hislory. geography, cullure, arts, mustc. litèrature, indusliies and economy of Romania and the Romanian people. Support ¢osts allocated to actlvitles 2024 2023 Exchange losses Govemance costs 2,829 240.627 6,591 245,285 243.458 251,876 2024 2023 Governance costs ¢omprlse: Operaling lease charges Accounlanoy Legal and professional Romanian propèrty èxpenses Insurance Lighl and heat Travelling èxper*se8 Sundry expenses 90,326 2,460 20,938 73.242 300 11,089 27,012 15.260 89,597 2,520 21,740 79,987 84 9,533 28,282 15,542 240,627 245,285 THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Net movemont In funds 2024 2023 The nel movément in funds is staled after ahargingl{crgdilingl'. Fees payable for the independent examination of the charily'g financial statements Operating lease chsrges 2,480 90,326 2,520 89.597 11 Trustees Nonè of the trustees lor any persons connected with them) received any remuneration during the year, but they wer¢ reimbursed a tolal of £2,607 travelling and subsistenc9 expenses {2023- £3.600). 12 Employees The average monthly number of employees during the yearwas.. 2024 Numbèr 2023 Number Tolal Volunteers assist as and when rtsquired with evènts organised by the FOur￿3tiOn and external aonsullanls a used where specific skills are ne8ded. The Found31ton does n(bl have any paid Iruslee or an axecutwe on a permanent basis. There weTe no èmployees whose annual ￿Muneration wa$ more that) £SO.000. Remunerntlon of key management pèrsonnel 13 Tangible fixed.ass¢ts Freehold proporty Equlpment Tot81 Cost Al 1 January 2024 120.84D 375,000 495.840 Al 31 December 2024 120.840 375,000 495,840 Carrylng amount At 31 December 2024 120,840 375,000 495.840 Al 31 Decernber 2023 120,840 375,000 495.840 Equipment includes a fine violin which is being malnla5ned in prlme condition and is expected to apprec4ate in value, and is thus not depreciated. 14 THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Heritage a$s8ts At 1 January 2024 and at 31 D¢eember 2024 626,503 Herltsge assets Include land and buildings in Romania. It is the Foundation's policy to malnlain Ihe property io a standard and is deÈm6d (o have indeleminate life. In tho opinion of the Irust8es, the market value is higher than the book value. 15 Fixed asset investments Paintlngs Cost or valuatlon At 1 January 2024 & 31 December 2024 1.200 Carrylng amount Al 31 December 2024 1,200 At 31 Dec&mbèr 2023 1,200 16 Debtor8 2024 2023 Amounts falling due wlthln one yeaf: Other debtors Prepayments and accrued income 6,936 52,260 9,323 40.188 59.196 49,511 17 Creditors: amounts fallin9 duè within one year 2024 2023 Other creditors Accrual8 and deferred income 46.498 6,731 52.359 3.544 53,229 55,903 15- THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Rgslrlcted funds The reslricled funds of the charily comprise the unexpend&d balances of donations and grants hekl on trust subject to specific conditions by donors as lo how they may bè used. At 1 January 2024 At31 Decembar 2024 634 634 Previous year. At q January 2023 At31 Decembèr 2023 634 634 19 Unrastrlcted funds Thè unreslrlcted funds ol the charity eomprise the unexpended balances ol donations and gran18 whieh are not subject lo 8pe¢ific conditions by donors and grantors a8 lo how they may be used. These inclLEde designated funds whi¢h have been sel aslde out of ur7reslricted funds by the trustees for speafic purposes. At l January 2024 In¢omlt)g resources Resources fjxpended At31 De¢emb&r 2024 General funds 1,116.800 468,712 1456,3721 1.129,140 Previous yÈar. At1 January 2023 Incoming resources Resources expended At31 Decemb•r 2023 General funds 608.169 968.975 1480,3441 1,116,800 16- THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysis of net a$$ets between fund¥ Unyestrlcted funds 2024 Restri¢tod funds 2024 Total 2024 At 31 December 2024: Tangible assets Heritage 8ssels In¥eslmenls Current 8ssetsl(liabililiesl 495,840 626,503 1,200 5,597 495,840 626,503 1,200 6,231 634 1,129,140 634 1,129.774 Unr¢#trlet•d funds 2023 Restrlcted rtds 2023 Total 2023 At 31 December 2023: Tangible assets Herilaoe assets Investments Cutrenl assetsl(liabilitiesl 495,840 626,503 1,200 16,7431 495.840 626.503 1.200 16,1091 I,t16,800 634 1,117,434 17 THE RATIU FAMILY CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Relatad paty transactlon3 Durinu the year the company paid rent and services 8moL¢nting lo £72,00012023 ., £72.0001 to DRT Lease Limited. All transactions wèré conducted on a nc>rmal trading basis. Mr N C Ratiu, onè ol the truste86. is a director (Jf R8gent House Pmperties Limlled, a company which made payments on behalf of Ihe Foundalic>n. Amount due lo Regent House Propertie5 and ￿nIS payablé to DRT Lease Llmited are funded by Bellerive Limited, the parent ￿rnpanY ol Regent House Properties Limited. DRT Lease Limitèd and Bellerive Limited are undèr common control. BeI￿rive Limited look over £59,351 12023 .' £8.4751 and £72.00012023 '. £72,000) owéd by the Foundation lo Règ@nl House Properties Limited arid DRT Lease Limited. At the balance sheel dalè, induded in cledilors is amount owed lo.. Bellerive LiMiled- £44,99812023 .. £51,359). During the year Ihe follown9 granls w&rÈ paid to inslilvtions in which either Mr N C Raliu, IAr I S P Raliu or Mrs l M G Ratiu are also Irusleeslofficers '. Cenlrul Raliu Penlru Democralie {Ratiu Centre for Democracyl- £62,66912O23 .. £51,442) Romanian Cullural Centre - £62712023 .' £1,150) Pro Patrimonio Foundation UK- £1,84912023 '. £644) Fundatia Pro Palrimonio- £8,65112023- £nll). 18-