2025-08-31-accounts

;

Dr. Radcliffe's School Foundation

Steeple Aston Oxfordshire

Registered Charity No. 309182

Accounts

for the year ended 31st August 2025

Wenn Townsend

Chartered Accountants

Oxford

Dr. Radcliffe's School Foundation

Reference and administrative information

Trustees:

Mrs. A. Thatcher (Chair)

Mrs. K. Tomlinson

Mrs. E.Baglin-Jones

Mr. D. Baker

Mrs. L. Boote

Mr. G. Clifton

Mr. E. Dowler

Mrs. T. Ferguson

~

Mrs. P. Knowles

Mr. J. Macnamara

Revd Mrs. H. Orridge

, Registered Address:

.. . Correspondent:

Auditors:

Bankers:

Solicitors:

Old Coach House South Side Steeple Aston Bicester OX25 4RR

Mr. Alan Stubbersfield

Wenn Townsend Chartered Accountants and Statutory Auditors Oxford

Barclays Bank plc Oxford

Freeths LLP Oxford

Dr. Radcliffe's School Foundation

Trustees' Report on the Accounts for the year ended 31st August 2025

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. The Rector of the United Benefice of Steeple Aston with North Aston and Tackley is an ex-officio Trustee. The Rev’d Harriet Orridge was licensed in April 2023 and so became a Trustee of the Foundation.

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 training 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:

• e The alteration and repair of Dr Radcliffe’s Primary School Steeple Aston e The provision of benefits to the School that would not be provided by Statute

• e Promoting education and training and providing benefit for people under 25 who satisfy residency qualifications or who have attended the School for at least 2 years

• e For such charitable purposes in the said Parishes as the trustees think fit e For Dr Radcliffe’s Almshouses

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.

-1-

Dr. Radcliffe's School Foundation

Trustees’ Report on the Accounts (continued) for the year ended 31st August 2025

Public benefit (continued)

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.

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 for the purposes of education or training.

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 School 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 let 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 School 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 2025

Financial review

The Foundationis managed by its Trustees and raises finance from investments onthe stock exchange and by a property owned by the Foundation in Steeple Aston. The Foundation received income from these sources of £197,608 (2024: £192,959) in the year, not including surpluses/deficits arising from investments. The charity received £147 from its bankers due to delays setting up the new bank mandate and a further goodwill receipt from the bank of £175. After govemance costs and support costs of £14,914 (2024: £21,644) and costs of generating funds of £3, 306 (2024: £3,621), there was a surplus of £179,416 (2024: £167,794) available to spend on meeting the objects of the charity.

The Foundation contributed £141,970 (2024: £128,994) to the school, primarily for teaching, and gave £23,875 (2024: £61,800) in grants .In the previous financial year a grant of £42,000 to Dr Radcliffe’s Almshouse which is to be paid over a 10-year period at £4,200 per annum, was authorised by the trustee with the first payment made in April 2025. At the end of October 2025 £39,900 of this grant was still to be paid. There was a surplus for the year arising of £13,865 (2024: deficit £24,000). In addition to this, there were losses on quoted investments of £242,645 (2024: gain £508,009), resulting ina ; total loss of £228,780 (2024: surplus £485,009).

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

The Trustees manage their investments on a direct investment basis with CCLA Investment Management Limited.

At the year end the Foundation had net assets of £8,253,106 comprising freehold property, quoted investments and cash at bank, as shown on page 8.

During the year, the Foundation received £188,140. on its quoted investments, representing a return of 2.8% (2024: 2.7%) 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 fulfil their 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 levels would be reduced. 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 2025

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 applicableto charities in England & Wales requires the trustees to prepare financial statements foreach 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:

• ° select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• e make judgements and estimates that are reasonable and prudent;

• ° state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• e prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation.

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 forthe maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

Approved by the Trustees and signed on their behalf by:

Mrs A. Thatcher

-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 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of signif icant accounting policies. The financial reporting fram ework that has been applied in their preparationis applicablelaw and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e give a true andfair view ofthe state of the charity's affairs as at 31st August 2024, and of its incoming resources and application of resources, for the 12 month period then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e.. have been prepared in accordance with the requirements of the Charities Act 2011.

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 independentof the charity in accordance with the ethical requirements that are relevantto our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical respons ibilities in accordance with these requirements. We believe thatthe audit evidence we have obtained is sufficientand appropriate to pro vide 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 fora period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respectto 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 assu rance conclusion thereon.

In connection with our audit of the financial statements,our responsibil i sty 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 missta tement of the other information. If, based on the work we have performed, we conclude thatthere is a material misstatement of this other information, we are required to report that fact.

We have nothing to reportin 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) Regul ations 2008 require us to report to you if, in our opinion:

• e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

e — sufficient accounting records have not been kept; or

e the financial statements are not in agreement with the accounting records; or

• e we have not received all the information and explanations we require for our audit.

~5-

Dr. Radcliffe's School Foundation

Independent auditor's report to the Trustees of Dr. Radcliffe's School 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 p reparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is nece ssary 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 goin g 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 mater ial 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 finand al - 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 specifi c procedures • for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management, those chargedwith governance and the entity's solicitors around actual and potential litigation and claims. Reviewing minutes of meetings of those charged with governance.

Reviewing financial state_ment disclosures and testing to supporting documentation to assess corn pliancewith applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading b 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 les s 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 Rep orts) 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 th is report, or for the opinions we have formed.

Wenn Townsend

Chartered Accountants and Statutory Auditor Oxford

4th December 2025

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

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Dr. Radcliffe's School Foundation

Balance Sheet

At 31st August 2025

	Note		2025		2024
			£		£
Fixed assets
Tangible assets	9		1,161,448		1,161,448
Investments	10		7,029,481		7,272,126
			8,190,929		8,433,574
Current assets
Cash at bank	11	108,400		96,096
		108,400		96,096
Creditors: Amounts falling due
within one year	12	(10,523)		(7,884)
Net current assets			97,877		88,212
Creditors: Amounts falling due
afterone year	13		(35,700)		(39,900)
Net assets			8,253, 106		8,481,886
Represented by:
Unrestricted funds			1,664,179		1,710,975
Permanent Endowment funds			6,588,927		6,770,911
			8,253,106		8,481,886

These accounts were approved by the Trustees on APA 2S... 2025

Signed on behalf of the Trustees by:

Mrs A Thatcher

-8-

Dr. Radcliffe's School Foundation

Notes to the Accounts

for the year ended 31st August 2025

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 concer 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. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concem.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

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

• i) Unrestricted funds consist of a general fund which the Trustees may use, for the furtherance of the objects of the charity, at their discretion.

• ii) Permanent endowment funds represent quoted investments and properties which must be held permanently, or if sold cannot be used as if it were income but must be reinvested.

c) Tangible fixed assets

• i) The charity's freehold property is included at a valuation obtained in 1994 as detailed in note 10, and under the transitional provisions of the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) subsequent additions being included at cost. Properties not used by the charity but for obtaining rental income are shown as "fixed asset investments" in accordance with the charity SORP.

• ii) Freehold land and buildings are not depreciated. It is the Trustees’ policy to maintain all buildings to such a standard that their estimated residual value is not less than their net book value at any given time, therefore no depreciation is charged. Any depreciation charge is considered to be immaterial by the Trustees.

-9-

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued)

for the year ended 31st August 2025

1. Accounting policies (continued)

d) Fixed asset investments

• (i) Investments are included in the accounts at fair value at the year end. Gains or losses arising on revaluation are recognised in the Statement of Financial Activities as unrealised gains or losses. Gains or losses arising on disposal are recognised in the Statement of Financial Activities as realised gains or losses.

(ii) The charity's investment properties are included at fair value as detailed in note 9.

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.

f) Expenditure

• 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.

• Irrecoverable 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.

Supportcosts are those costs that do not themselves produce orconstitutethe outputof the charitable activity and include central functions.

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

2. Dr. Radcliffe’s School and local property

	2025	2024
	£	£
Grant to the School	141,303	128,327
Insurance	667	667
	141,970	128,994

• 10 -

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2025

3. Grants payable

The amount payable in the year comprises:

	The amount payable in the year comprises:
		2025	2024
		£	£
	Scholarships 25 individuals (2024: 25)	20,275	16,350
	Scholarship refund	-	(400)
	Steeple Aston Recreational Trust	3,000	3,000
	Steeple Aston Children’s Church	600	500
	Dr Radcliffe’s Almshouse 10-year grant	-	42,000
	Steeple Aston Community Land Trust (see note 14)	-	350
		23,875	61,800
				.
4.	Support and governance costs
	Professional fees — administration of the charity	8,373	16,479
	Audit and accountancy	6,524	5,130
	Sundries - scholarship advertising	17	35
		14,914	35,687
5.	Cost ofgenerating rental income
	Management fees	1,512	1,512
	Repairs and maintenance	1,047	1,375
	Insurance	747	734
		3,306	3,621
6.	Auditors’ remuneration
	For audit services	1,950	1,695
	For accounting services	4,574	3,435
		6,524	5,130

7. Trustees

No remuneration was paid to the Trustees during the year (2024: Nil). Expenses of £Nil (2024: £Nil) were reimbursed to Trustees.

-11-

Dr. Radcliffe's School Foundation

,

Notes to the Accounts (continued) for the year ended 31st August 2025

8. Analysis of employee costs

The charity employed, in April 2023, a Clerk to the trustees. The role was previously provided by Freeths LLP, on a subcontract basis. The role is part time.

==> picture [455 x 96] intentionally omitted <==

----- Start of picture text -----
||||| |---|---|---|---| |2025|2024| |£|£| |Gross|salary|6,660|3,825| |Social|security|50|-| |6,710|3,825|

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

The employees’ emoluments did not exceed £60,000.

1. Tangible fixed assets

Steeple Aston Properties

Cost or valuation:

At 1st April 2024 and 31st August 2025

£ 1,161,448

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

==> picture [451 x 52] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Date|of| |Properties|Valuer|Valuation|Valuation|Cost| |At|Steeple|Aston|including:|Sidleys,| |Chartered|Surveyors|5th|July,|1994|£593,500|£317,984|

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

• The School - The Village Hall - The Pre-School - The Sport & Recreation Centre

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 forthese 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 Supplemental Agreement regulates the use of the School site and concomitant financial arrangements between the Foundation and ODST.

-12-

|

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2025

10. Fixed asset investments

==> picture [492 x 282] intentionally omitted <==

----- Start of picture text -----
2025 2024
£ £
a) Quoted investments:
Market value at 1st September 6,822, 126 6,314,117
Disposals at book value
(Decrease)/increase in market value
of investments held in the year (242,645) 508,009
Market value at 31st August 6,822,126
6,579, 481
b) Investment properties:
Windrush, Steeple Aston
Market value at 1st September 450,000 450,000
Revaluation in year - -
450,000 450,000 a
7,029,481 7,272,126
----- End of picture text -----

• c) The charity’s property Windrush, Steeple Aston was valued at £450,000 by Carter Jonas at 2nd July 2017.

• d) The historical cost of the investment properties on 31st August 2025 was £75,000 (31st August 2024: £75,000). Unrealised gains were £375,000 on 31st August 2025 (31st August 2024: £375,000).

11.	Cash at bank					2025	2024
						£	£
	Barclays -	Current account				200	200
	-	Business Premium account				108,200	95,896
						108,400	96,096
12.	Creditors-due within one year
	Outstanding audit and accountancy					5,248	5,130
	Outstanding grants					4,200	2,100
	Net salary due to Clerk					639	342
	PAYE and NI	due				436	330
						10,523	7,884
			-	13	-

Dr. Radcliffe's School Foundation

Notes to the Accounts (continued) for the year ended 31st August 2025

The trustees authorised in the previous year a grant of £42,000. The Foundation will make a payment of £2,100 on the 1 April and 1 September for a period of 10 years. The first payment is on 1 April 2025.

13. Creditors-due after one year

			2025	2024
			£	£
	Outstanding grants (see note 12)		35,700	39,900
14.	Reconciliation offunds - 2025
	.	Permanent	Unrestricted	Total
		Endowment
		£	£	£
	At 1st September 2024	6,770,911	1,710,975	8,481,886
	Movements in year
	Net income	(181,984)	(46,796)	(228,780)
	At 31st August 2024	6,588, 927	1,664,179	8,253,106
	Represented by:
	Cash at bank	37,500	70,900	108,400
	Creditors due within one year	-	(10,523)	(10,523)
	Net current assets	37,500	60,377	97,877
	Creditors due afterone year		(35,700)	(35,700)
	Investments	5,389,979	1,639,502	7,029,481
	Tangible fixed assets*	1,161,448	-	1,161,448
	Net assets	6,588,927	1,664,179	8,253,106
	*Seenote9onpage12

-14-

Dr. Radcliffe's School Foundation

Permanent Unrestricted Total

Endowment

	£	£	£
At 1st September 2023	6,389,904	1,606, 873	7,996, 877
Movements in year
Net income/(expenditure)	381,007	104,002	485,009
At 31st August 2024	6,770,911	1,710,975	8,481,886
Represented by:
Cash at bank	37,500	58,596	96,096
Creditors due within one year	-	(7,884)	(7,884)
Net current assets	37,500	50,712	88,212
Creditors due afterone year		(39,900)	(39,900)
Investments	5,571,963	1,700, 163	7,272, 126
Tangible fixed assets*	1,161,448	-	1,161,448
Net assets	6,770,911	1,710,975	8,481, 886
*Seenote9onpage12

15. Related parties

The trustees, in the previous financial year, authorised a payment of £350 to Mid Cherwell Neighbourhood Plan to support Steeple Aston Community Land Trust, whose aim is to support affordable housing locally. The clerk to the trustees is the secretary of Steeple Aston Community Land Trust. No related party payments were made in the current financial year.

• 15-

Dr. Radcliffe's School Foundation

Income and Expenditure Account for the year ended 31st August 2025

	2025	2024
	£	£
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 and other income
COIF Charities Investment Fund	188,140	183,690
Bank and investment deposit account interest	1,058	859
Compensation from bank	322	100
Totalincome	197,930	193,059

This page does not form part of the statutory accounts.

• 16-

Dr. Radcliffe’s School Foundation

Income and Expenditure Account (continued) for the year ended 31st August 2025

	2025	2024
	£	£
Deduct expenditure
Property expenditure (cost of collection, repairs and services)
Windrush, Steeple Aston	(3,306)	(3,621)
	(3,306)	(3,621)
Dr. Radcliffe's School - Steeple Aston
Grants to the school (inc school renovation and woodlands maintenance)	(122,991)	(119,409)
Insurance	(667)	(667)
Property repairs	-	(6,500)
Nicholson Nurseries	(18,312)	(2,418)
	(141,970)	(128,994)
Grants
Scholarship grants	(20,275)	(16,350)
Scholarship grant refund	-	400
Steeple Aston Recreational Trust	(3,000)	(3,000)
Steeple Aston Children’s Church	(600)	(500)
Dr Radcliffe’s Almshouse 10 year grant	-	(42,000)
Steeple AstonCommunity Land Trust	-	(350)
	(23,875)	(61,800)
Management and administration expenses
Professional fees - Administration of the charity	(8,373)	(16,479)
- Audit and accountancy	(6,524)	(5,130)
Sundries - Steeple Aston Village Life	(17)	(35)
	(14,914)	(21,644)
Total expenditure	(184,065)	(216,059)
Net surplus / (deficit) for the year
	13,865	(23,000)
Thispagedoesnotformpartofthestatutoryaccounts.

-17 -

Legal claims

• 13 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements.

Law and regulations

• 14 We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.

Related parties

• 15 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure to comply with legislative and accounting standards requirements.

• Subsequent events 16 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

Going concern

• 17 We believe that the charity’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity’s ability to continue as a going concern need to be made in the financial statements.

Grants and donations

• 18 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

Non-audit services

• 19 We understand that, under the APB Ethical Standards, the provision of audit and non-audit services to us by yourselves gives rise to a potential threat to independence. We confirm that you have explained to us the threats and that you have relied on the Provisions Available for Small Entities with regard to the potential selfreview threats. We confirm that we have reviewed the final accounts and agree the figures included.

Yours faithfully

Dr Radcliffe’s School Foundation

Old Coach House Southside Steeple Aston Bicester OX25 4RR

Your Ref: 03260

Wenn Townsend

30 St. Giles

Oxford OX1 3LE

Dear Sirs

The following representations are made based on enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charity’s financial statements for the year ended 31st August 2025. These enquiries have included inspection of supporting documentation where appropriate All representations are made to the best of our knowledge and belief.

General

• 1 We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter under the Charities Act 2011 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.

• 2 All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.

• 3 All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charity, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.

• 4 The financial statements are free of material misstatements, including omissions.

• 5 The effects of uncorrected misstatements are immaterial both individually and in total. There were no unadjusted errors.

Internal control and fraud

• 6 Weacknowledge our responsibility for the design, implementation, and maintenance of internal control systems to prevent and detect fraud and error. We have disclosed to you the results of our risk assessment that the financial statements may be misstated as a result of fraud.

• 7 Wehave disclosed to you all instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements.

• 8 We have also disclosed to you all information in relation to allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.

Assets and liabilities

• 9 The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity's assets, except for those that are disclosed in the notes to the financial statements.

• 10 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.

• 11 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.

• Accounting estimates 12 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable. The charity’s investment property, Windrush, Steeple Aston, is valued at £450,000 which at the year-end is considered by the trustees to be a fair reflection of the property's market value.