OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-08-31-accounts

Dr. Radcliffe's School Foundation

Steeple Aston Oxfordshire

Registered Charity No. 309182

Accounts

for the year ended

31st August 2021

Wenn Townsend

Chartered Accountants

Oxford

Dr. Radcliffe's School Foundation

Reference and administrative information

Trustees:

Mrs. K. Tomlinson (Chair) Mr. D. Baker Mrs. L. Boote Mr. G. Clifton Mrs. C. Comptson Mr. E. Dowler Mrs. T. Ferguson Revd. M. Green Mr. J. Macnamara Mrs. A. Thatcher Mrs. M. Williams

Registered Address:

5700 Oxford Business Park South Oxford OxX4 2RW

Correspondent:

Mrs Louise Lewis

Auditors:

Wenn Townsend Chartered Accountants and Statutory Auditors Oxford

Bankers: Barclays Bank plc Oxford

Solicitors: Freeths LLP Oxford

Dr. Radcliffe's School Foundation

Trustees’ Report on the Accounts for the year ended 31st August 2021

Structure, governance and management

Dr. Radcliffe's School Foundation

This foundation was founded by Dr. Samuel Radcliffe, Rector of the Parish of Steeple Aston, in 1640.

Principal risks and uncertainties

The Trustees have examined the major strategic and operational risks which the charity faces and confirm that systems have been established to minimize these risks.

Recruitment and appointment of new Trustees

Trustees are appointed by the various bodies specified in the 1956 Scheme as varied in 1982 and further by a Trust Modification order in 2017. On appointment, new Trustees are sent the original and subsequent schemes, minutes of recent meetings of the Trustees, accounts, and a conflict-of-interest policy. The trustees who served during the year and since the year end are disclosed on the information page.

Objectives and activities

Objects

The objects of the charity are to provide finance to the Dr. Radcliffe's School at Steeple Aston, to meet expenditure on building repairs and alterations to the School and special benefits that would not otherwise be provided by the Oxford Diocesan School Trust (formerly provided by the Local Education Authority when the school was a voluntarily maintained school), and to provide grants to eligible applicants for further education and to local charities.

The School converted to an Academy as part of a Multi-Academy Trust within the auspices of Oxford Diocesan Schools Trust. The Objects of the Foundation were accordingly modified by a Trust Management Order made by the Secretary of State for Education and dated 1 June 2017 in order to enable the Foundation to continue to support the School in its converted state.

Public benefit

in setting out objectives and planning activities the Trustees have followed the Charity Commission’s general guidance on public benefit and in particular its supplementary public benefit guidance on advancing education.

The Foundation’s activities are governed by a geographical limitation set out in its principal scheme. This requires the Trustees to provide a public benefit to a section of the public, namely those living in the parishes of Steeple Aston and Middle Aston, or who have attended the School for at least two years.

The Trustees have a duty to provide benefit within the geographical limitation as follows:

it is key to the Trustees’ ability to provide public benefit to be aware of the needs of the School, its pupils and of the wider community.

The Chair of Governors of the School is a Trustee of the Foundation and provides regular reports to the Trustees of the School policy, activities and achievements, together with details of the community value provided by the grants made by the Foundation.

-1-

Dr. Radcliffe's School Foundation

Trustees’ Report on the Accounts (continued) for the year ended 31st August 2021

Public benefit (continued)

To assist with the duty to provide support for people under the age of 25 within the Parishes, the Trustees have established a sub-committee to receive grant applications, to consider these and make recommendations for the giving of grants.

The sub-committee is known as the Scholarship Sub-Committee and it advertises the availability of grants in local publications and on the School website. In addition, all families with children at the Schoo! are notified by the School of the availability of grant making facilities from the Foundation.

The Foundation makes available certain properties to local community groups at a nil or peppercom rent. The village hall and sport and recreation club are jet on long leases at no rent to the Parish Council to enable the Parish Council to provide community facilities.

In addition, the Foundation provides rent free accommodation to the Pre-School, itself a registered charity.

The Foundation has provided land and grants to enable the Parish Council to provide all weather games and sport activities to the community.

In addition, the Foundation has provided grants and financial support to Dr Radcliffe’s Almshouse Trust to enable that Charity to pursue its objectives in the relief of poverty.

The Foundation works closely with the School to assist in the development of the Schoo! and further major projects for the expansion in the School and the provision of better facilities to the pupils.

The Schoo! was previously a voluntary aided school but in 2017 converted to an Academy under the auspices of Oxford Diocesan Schools Trust (ODST) and the provision from the Foundation is over and above that provided by ODST and the Diocese. As such, the support provided by the Foundation enhances the ability of the School to provide educational services to its pupils.

Additionally, the Foundation owns wooded land adjacent to the School. This is maintained by the Foundation and made available free of charge to the School to enable the teachers to pursue extra-curricular activities in an outdoor environment.

The Foundation owns the site and buildings on which the School is located and these are occupied rent free by the School for the purposes of providing public primary education.

None of the Trustees of the Foundation receive any remuneration or other benefit from their work in the Foundation.

Achievements and performance

The Foundation continues to support Dr. Radcliffe’s School at Steeple Aston, to meet expenditure on building repairs and alterations to the School and special benefits that would not otherwise be provided by ODST and to provide grants to eligible applicants for further education and to local charities.

-2-

Dr. Radcliffe's School Foundation

Trustees’ Report on the Accounts (continued) for the year ended 31st August 2021

Financial review

The Foundation is managed by its Trustees and raises finance from investments on the stock exchange and by a property owned by the Foundation in Steeple Aston. The Foundation received income from these sources of £185,021 (2020: £147,150) in the year, not including surpluses arising on sale of investments. After governance costs and support costs of £38,667 (2020: £22,344) and costs of generating funds of £2,198 (2020: £14,612), there was a surplus of £144,156 (2020: £110,194) available to spend on meeting the objects of the charity.

The Foundation contributed £111,907 (2020: £106,687) to the school, primarily for teaching, and gave £23,150 (2020: £18,590) in grants. There was a surplus for the year arising of £9,099 (2020: £ (15,083)). In addition to this, there were gains on quoted investments of £1,019,149 (2020: £197,271), resulting in a total surplus of £1,028,248 (2020: £182,188).

The Trustees have formed subcommittees to discuss certain items. There are three sub-committees, dealing with investments, scholarship grants and property.

The Trustees reviewed the charity's investment advisers, Cazenove, and moved away from an advisory model to a direct investment basis with CCLA Investment Management Limited.

At the year end the Foundation had net assets of £8,477,376 comprising freehold property, quoted investments and cash at bank, as shown on page 8.

During the year, the Foundation received £176,598 on its quoted investments, representing a return of 2.6% (2020: 2.4%) per annum.

The Trustees have an Investment and Finance Sub-Committee, which meets regularly.

The Trustees’ investment policy is to maintain and enhance its capital base so that the income generating ability can be maintained.

Reserves

The Foundation generates income from endowment funds to fulfill its objects. The Trustees consider that the reserves generate adequate income to fulfill its objects.

Volunteer assistance

Apart from the Trustees, the charity is not dependent upon the services of unpaid volunteers.

Charity funds

It should be noted that the split of the Foundation's funds on pages 7 and 8 is to comply with charity legislation. The total for unrestricted funds is mainly represented by non-liquid funds. If part of these non-liquid funds were spent, the charity's income and therefore expenditure ievels would reduce.

Plans for future periods

The Trustees aim to continue in the current activities undertaken to meet the objects of the charity listed above in future periods.

-3-

Dr. Radcliffe's School Foundation

Trustees’ Report on the Accounts (continued)

for the year ended 31st August 2021

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

Approved by the Trustees and signed on their behalf by:

Mrs K Tomlinson Trustee

OS. Acta...2022

-4-

Dr. Radcliffe's School Foundation independent auditor’s report to the Trustees of Dr. Radcliffe’s School Foundation

Opinion

We have audited the financial statements of Dr. Radcliffe’s School Foundation for the year ended 31st August 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of treland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 accordance with the ethical requirements that are relevant 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 accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern 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 to 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 information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

in connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. if, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Dr. Radcliffe's Schoo! Foundation

independent auditor’s report to the Trustees of Dr. Radcliffe’s Schoo! Foundation (continued)

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

hein |Cuna Wenn Townsend Chartered Accountants and Statutory Auditor Oxford Wennshe...Townsend is eligible2022to act as as an auditor in

Townsend is to act as as an auditor in terms of section 1212 of the Companies Act 2006.

|||2aa%
go
=
ES
ss
°
<
ae
-
=|2aa%
go
=
ES
ss
°
<
ae
-
=|nh
Oo +
g
‘
5||
“
a|ro)
6|2

i
~
oO
2]
-
;
Se
ql
NS —|oS «
»
i"
N| |---|---|---|---|---|---|---|---|---| |||Ee:
oo
i
i
fr
t+ -M
2
.
i
,
.
.||°
nas
;|g
:
||s
g
||~
5
fo)
|
|
:
)
if|| ||||
.||||||!| |||:||||||| |||i
cf
,
E
25|||
-|||:
3
B
-
4
3
ig
Na
18
+S
)
©
iB
|
:|| ||r|||||||| ||s|||||||| ||in)
3|||||||| |2
<
;
-
@
B
Ee
<
?||33
or
-
rs
§
°
Fe
al
3:||
”
° :
-
Z
)|i
i
|
|
|
||i
|
|
||,
i
|
:
2
%
q
|
|
Oo
N
2|QB
2
ico)
i
:
o
ise)
y
oe)| |5
25
n>
>.
62
olUS
=

oO
be
|
:||o
ze
So"
=
=
OP
=.
.
|
|
;
c
o
:|:
|
o.
S|3%
S86
"
=A8
“i
°|,
:
N
we
0
||:
o
fan)
a|1
©
i
|
:
|
|
ww
1S||
os o
:
:
:| |Au|o|||||||| |1
:
rad
8
%
:
:
;
|
é
rs)
:||Z
:
cE
!
©
3
EO||||||?
|
:
:
|
|
:
rir
rk|,
;
:
8
z
§
2
roa)
ww
|
]
te)| ||!|||||||| ||[eo]
s cnal|g||||||| ||o
£
g
o
7)|
L..
;
ES
Zz &
oo
zso8
&
S£aa
BESS
a
5 2 2
qb
go fs
&
no]
FELL
Pn
2858
iu!
G|;
£
9
Oo
£
8
3
=
°
ke|NOt
|
©
C0)
:
f
2 ES
BSE
CcEE
6 Be 8
E
ge SESE
=O
e@f
£5 a
a]
G's 2
ere
Ait at
+
© g
6
& &
Bot es
nf
e285 58555
22585288
es
S2 8
Sige BOS
o82956
if Hits
Sx ES288
SeR8
He
rr|5
=
2
2
ES
“7
2
x
2
=
=
E
3
~|foe)
,
re
g
-
oO
a
i:
a
Y
:
S
a ®
F at
2
aye
: a
: iH
:
in
o
9 OG
5
PP
re]
Pad
uw O
tes
c
o
AF
a
vo
_
-
Fd
:
de
:
E a
,
{|
;
o
aes
2
=
3
2
Be
wo
oo YD
o»
oa
2
a
:
2
E stn
7
7
Cc
o£ G
=
oO
:
BIE
:
Q. SaOs
2
%
”
:
Eos
eE
°
®
x
S O38
o
c
i]
~
g=es
:
:
4 ee* 93
2
3
E
B gs
5
:
:
gage
3
3
®
§
fs
zu
2
Pp
pe
LL.|||

Dr. Radcliffe's School Foundation

Balance Sheet At 31st August 2021

Note 2021 2020
£ £
Fixed assets
Tangibie assets 10 1,161,448 1,161,448
Investments 11 7,253,906 6,234,757
8,415,354 7,396,205
Current assets
Cash at bank 12 99,668 71,682
99,668 71,682
Creditors:
Amounts falling due
within one year 13 (37,646) (18,759)
Net current assets 62,022 52,923
Net assets 8,477,376 7,449,128
Represented by:
Unrestricted funds 1,757,630 1,493,743
Permanent Endowment funds 6,719,746 5,955,385
8,477,376 7,449,128

These accounts were approved by the Trustees on YE Made. 2022 , Signed on behalf of the Trustees by: Uneven St]~ ) Mrs K Tomlinson

-8-

Dr. Radcliffe’s School Foundation

Notes to the Accounts

for the year ended 31st August 2021

1.

Accounting policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity's accounts.

a) Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

items in the accounts have been recognised at cost or transaction value unless otherwise stated in the relevant note to the accounts.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the charity. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £7.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Fund accounting

c) Tangible fixed assets

-9.-

  1. Accounting policies (continued)

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2021

d) Fixed asset investments

(ii) The charity's investment properties are included at fair value as detailed in note 11.

e) Income

All income is included in the accounts when the charity is entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy. Income received on permanent endowments is unrestricted.

Expenditure is recognised when there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably.

trrecoverable VAT is charged against the expenditure heading for which it was incurred.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio, including investment properties, and raising investment income.

The charity approves grants annually. Grants are shown in the accounts when payable.

Support costs are those costs that do not themselves produce or constitute the output of the charitable activity and include central functions.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

2. Dr. Radcliffe’s School and local property

2021 2020
£ £
Grant to the School 111,276 106,090
Insurance 631 597
111,907 106,687

vo

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2021

3. Grants payable

The amount payable in the year comprises:

The amount payable in the year comprises:
2021 2020
£ £
Scholarships —40 individuals (2020: 32) 19,150 18,450
SteepleAston Recreational Trust 4,000 -
Steeple Aston Badminton Club - 140
Steeple Aston Parish Church - -
Steeple Aston Village Hall - -
23,150 18,590
4. Support and governance costs
Professional fees — administration ofthe charity 33,447 16,916
Audit and accountancy 4,200 4,200
Sundries - scholarship advertising 30 30
- trustee expenses - 118
- Nicholson Nurseries 990 1,080
38,667 22,344
5. Cost ofgenerating rental income
Management fees 1,512 1,512
Repairs and maintenance 141 3,273
Insurance 545 532
2,198 5,317
6. Cost ofgenerating quoted investment income
Managementfee - 9,295

-11-

.:

.

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2021

7. Auditors’ remuneration

2021 2020
£ £
For audit services 1,400 1,400
For non-audit services 2,800 2,800
4,200 4,200
8. Gain/(loss) on sale ofquoted investments
Gain/(loss) on sale ofquoted investments
- 255,188

9. Trustees

No remuneration was paid to the Trustees during the year (2020: Nil). Expenses of £Nil (2020: £117) were reimbursed to Trustees.

of

Notes to the Accounts (continued) for the year ended 31st August 2021

Dr. Radcliffe's School Foundation

10. Tangible fixed assets

Steeple Aston Properties

Cost or valuation:

At ist April 2020 and 31st August 2021

£ 1,161,448

The freehold property was revalued during 1994, by professional valuers, as follows:

Date of
Properties Valuer Valuation Valuation Cost
At Steeple Aston including: Sidleys,
Chartered Surveyors 5th July, 1994 £593,500 £317,984
- The School
~The Village Hail
- The Pre-School
-TheSport&RecreationCentre

Improvements since the above valuation have been included at cost and have totalled £567,948.

The Victory Baptist Church ("Horsa Buildings") was demolished during the years ended 31st August 1997 and 31st August 1998. Also the Old Headmaster’s House (“Windrush”) was reclassified as an investment property during the year ended 31st March 2009. Included within the valuation of the Steeple Aston properties at 5th July 1994, above, was an amount of £106,500 for these buildings. These amounts have therefore been deducted from the original valuation figure of £700,000 so that the remaining buildings are valued at £593,500.

As part of the conversion of the School to Academy status, the Secretary of State for Education required that the Local Education Authority donate to the Foundation a portion of land along the northern boundary of the school in order to enlarge the School site and make the boundaries of the site more suitable. The donated land has no material value in the context of the Foundation accounting.

As part of the conversion process the Foundation entered into a Church Supplemental Agreement with Oxford Diocesan Schools Trust for ODST’s use of the School and dated 25 May 2017. This Church Suppiemental Agreement regulates the use of the School site and concomitant financial arrangements between the Foundation and ODST.

.

Dr. Radcliffe’s School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2021

11. Fixed asset investments

2021 2020
£ £
a) Quoted investments:
Market value at 1st September 5,784,757 5,249,613
Additions at cost - 5,867,313
Disposals at book value - (5,274,252)
(Decrease)/increase in market value
of investments held in the year 1,019,149 (57,917)
Market value at 31stAugust 6,803,906 5,784,757
b) Investment properties:
Windrush, Steeple Aston
Market value at 1st September 450,000 450,000
Revaluation in year - -
450,000 450,000
7,253,906 6,234,757

The historical cost of the investment properties at 31st August 2021 was £75,000 (31st August 2020: £75,000). Unrealised gains were £375,000 at 31st August 2021 (31st August 2020: £375,000).

wo

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2021

12. Cash at bank Cash at bank Cash at bank 2021 2020
£ £
Barclays - Current account 200 200
- Business Premium account 99,468 71,482
99,668 71,682
13. Creditors
Outstanding professional fees 33,446 14,559
Outstanding audit and accountancy 4,200 4,200
37,646 18,759

aa

Dr. Radcliffe’s School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2021

14. Reconciliation offunds - 2021
Permanent _Unrestricted Totals
Endowment 2020/21
£ £ £
At 1st April 2020 5,955,385 1,493,743 7,449,128
Movements in year
Net income/(expenditure) 764,361 263,887 4,028,248
At 31st August 2021 6,719,746 1,756,630 8,477,376
Represented by:
Cash at bank - 99,668 99,668
Creditors due within one year - (37,646) (37,646)
Net current assets - 62,022 62,022
Investments 5,558,298 1,695,608 7,253,906
Tangible fixed assets* 1,161,448 - 1,161,448
Net assets 6,719,746 1,757,630 8,477,376
*See note 10 on page 13
Permanent — Unrestricted Totals
Endowment 2019/20
£ £ £
At 1st April 2020 5,807,432 1,459,508 7,266,940
Movements in year
Net income/(expenditure) 147,953 34,235 182,188
At 31stAugust 2020 5,955,385 1,493,743 7,449,128
Represented by:
Cash at bank - 71,682 71,682
Creditors due within one year - (18,759) (18,759)
Net current assets - 52,923 52,923
investments 4,793,937 1,440,820 6,234,757
Tangible fixed assets* 1,161,448 - 1,161,448
Net assets 5,955,385 1,493,743 7,449,128
*Seenote10onpage13

no

Dr. Radcliffe's School Foundation

Income and Expenditure Account for the year ended 31st August 2021

2021 2020
£ £
Property income (gross rentals incl insurance & service charges)
Windrush, Steeple Aston 8,400 8,400
Brasenose College 10 10
Total property income 8,410 8,410
Investment income
Ashmore EM - 1,640
Blackrock Euro - 1,380
Blackrock Asia Dragon - -
Capita Financial Trojan Income Fund - 4,112
CG Portfolio Funds pic - 2,016
COIF Charities Investment Fund 176,598 88,974
Findlay Park Latin American Fund - 4
Henderson UK - 287
HG Capital - 540
JP Morgan Japan - -
Jupiter European - -
Majedie UK Equity Fund ~ 3,686
Merian UKAlpha - -
M&G (Guernsey) Offshore Global - 2,389
M&G (Guernsey) Offshore Optimal - 2,375
M&G Securities Charibond - -
Polar Cap - 3,740
Rit Capital Partners ~ 1,292
Ruffer Total Return - -
Schroders Charity Equity Fund - 3,775
Schroder European Alpha Income - 4,440
Schroder Strategic Credit - 3,356
Schroder SSF Alt Asset - 7,450
TR Property Investment Trust - 2,080
Vanguard FTSE Japan - -
Vanguard S & P 500 - 4,179
Worldwide Healthcare - 488
176,598 138,203
Bank and investment deposit account interest 13 537
Totalincome 185,021 147,150

This page does not form part of the statutory accounts.

a

Dr. Radcliffe's School Foundation

Income and Expenditure Account (continued) for the year ended 31st August 2021

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Deduct|expenditure| |Property|expenditure|(cost|of|collection,|repairs|and|services)| |Windrush,|Steeple|Aston|(2,198)|(5,317)| |(2,198)|(5,317)| |Dr.|Radcliffe’s|School|-|Steeple Aston| |Grants|to|the|school|(109,276)|(106,090)| |Insurance|(631)|(597)| |Property|repairs|(2,000)|-| |Professional|fees|-|-| |(111,907)|(106,687)| |Grants| |Scholarship|grants|(19,150)|(18,450)| |Steeple Aston|Badminton|Club|-|(140)| |Steeple|Aston|Recreational|Trust|(4,000)|-| |Steeple|Aston|Parish|Church|-|-| |Steeple|Aston|Village|Hall|-|-| |(23,150)|(18,590)| |Management|and|administration|expenses| |Professional|fees|-|Administration|of the|charity|(33,447)|(16,916)| |-|Investment|management|-|(9,295)| |-|Audit and|accountancy|(4,200)|(4,200)| |Sundries|-|Steeple Aston|Village|Life|(30)|(30)| |-|Trustee|expenses|-|(118)| |-|Nicholson|Nurseries|(990)|(1,080)| |(38,667)|(31,639)| |Total|expenditure|(175,922)|(162,233)| |Net|surplus/(deficit)|for the year|9,099|(15,083)| |This|page|does|not form|part|of the|statutory|accounts.|

----- End of picture text -----

-B-