## **RATCLIFF EDUCATIONAL FOUNDATION** ## **Report for the year ended 31[st] December 2022** Charity Registration Number: 312340 **Trustees:** Rev Trevor Critchlow Ms Alberta Matin Mr Tim Miller Mr Julian Cass Ms Elizabeth Venables **Clerk:** Nicholas Charrington **Purpose:** An Educational Charity. **Capital Fund:** The Foundation has no power to spend capital monies. Income from the capital fund is transferred to the General Fund to offset expenditure. **General Fund:** The Foundation has powers to spend capital monies as well as income from investments. ## **Investment portfolio:** The Foundation has a diversified portfolio of investments. **Investment transactions:** There were no investment transactions during this period. **Property:** The Whitehorse Workshops is occupied by the Tower Project on a full repairing lease. The Tower Project has spent in excess of £100,000 on building work on the property and major additional work is planned. No depreciation has been charged in this year’s accounts. No formal valuation of the property has been carried out and the property is shown in the accounts at a 1937 valuation. The Trustees have no plans to sell the property. During 2017 a new lease was negotiated with the Tower Project for a 20 year period, commencing 28[th] Feb 2017. The initial rent is £50,000 per annum. ## **Grants:** During 2022 the following grants were made: Stepney City Farm £20,874 towards the educational programme Queen Mary University £5,000 towards the Centre of the Cell project Stepney Greencoat School £4,320 to the Governors’ account Tower Project £20,000 towards core funding £22,000 towards additional youth services **Reserves:** The Trustees retain the Foundation’s reserves at current levels (subject to market fluctuations) in order to generate the income required to continue grant making. The Trustees review the policy on an annual basis. **Risk Assessment:** The major risks to which the charity is exposed, as identified by the Trustees and their advisers, have been reviewed. Systems have been established to mitigate these risks. ## **RATCLIFF EDUCATIONAL FOUNDATION** ## _**Risk Assessment**_ ## **Governance** The Trustees are governed by an original scheme of 1862, varied by schemes of 1884, 1907, and a new regulated scheme of 1995. Trustees have different skills to contribute, and between them offer knowledge of a) The educational needs of the Tower Hamlets area, in particular of Stepney Greencoat School. b) The management of property c) Financial awareness Thus far it has not proven difficult to find Trustees of the right calibre. There are no employees of the Foundation ## **Operational** The Trustees determine what grants to make, and administration is undertaken by the Clerk. The management of the Foundation’s property known as the Whitehorse Workshops is almost entirely subcontracted to the tenants The Tower Project. (see below) ## **Finance** ## _**a) Investment management**_ The management of the Trustees portfolio of investments is subcontracted to i) CCLA Investment Management Limited is the Fund Manager of the COIF Charity Funds. ii) Black Rock Fund Managers Limited is the Fund Manager of the Charinco Common Investment Fund and the Charishare Common Investment Fund. The Funds in which the Foundation has shares have a wide spread of investments. ## _**b) Reserves**_ Adequate reserves and property are maintained for the needs of the Foundation. ## _**c) Accounts**_ The accounts are prepared annually and independently audited. The risk of fraud is unlikely due to the comparatively small figures involved and the knowledge of the figures by the Trustees. ## _**d) Banking**_ The Trustees have a Treasurer Account with HSBC. In 2006 a Business Money Master account was opened, which pays a small rate of interest. Monies may only be transferred in and out of this account via the Treasurer account. All cheques require two signatures – either two Trustees, or the Clerk and one Trustee. ## **Reputation** Through knowledge of the Trustees the Foundation aims to ensure that the grants it makes are to trustworthy and reputable organisations. The Tower Project is highly respected as is Stepney Greencoat School. Appropriate background information such as annual reports and/or accounts are sought before giving grants to organisations about which the Trustees have limited knowledge. ## **RATCLIFF EDUCATIONAL FOUNDATION** ## **Balance Sheet as at 31st December 2022** **----- Start of picture text -----**
2022 2021
£ £ £ £ £ £
FIXED ASSETS
Freehold Properties
Greencoat School as valued for the Trustees in 1937 1,500 1,500
New School building contribution (less
amounts written off) 3,301 4,801 3,301 4,801
INVESTMENTS AT MARKET VALUE
Special Range
Charinco Income Shares 7124.530 10,397 13,088
Charities Official Investment Fund Units 2000.000 36,299 41,074
Charishare Income Units 12760.063 88,098 134,794 91,285 145,447
Wider Range
Charishare Income Shares 11270.478 77,814 80,629
Charishare Income Shares 6067.778 41,893 43,409
Charinco Income Shares 6708.050 9,789 12,323
Charities Official Investment Fund Units 1000.000 18,149 147,645 282,439 20,537 156,898 302,345
CURRENT ASSETS
Bank Balance HSBC Community Account 34,640 73,207
Bank Balance HSBC Money Manager Account 7,131 41,771 7,119 80,326
Debtors Tower Project 50,000 50,000
Debtors Blackstock Undistributed Income 31,484 81,484 25,659 75,659
123,255 155,984
CURRENT LIABILITIES
Administration (350) (175)
Creditors (28,428) (48,203)
(28,778) (48,378)
94,477 107,606
381,717 414,752
Represented by
CAPITAL FUND
Balance at 1st January 150,249 137,155
Unrealised gain (loss) on revaluation of investments (10,653) 13,094
139,596 150,249
GENERAL FUND
Balance at 1st January 264,503 237,395
Realised gain on disposal of investments
Unrealised gain (loss) on revaluation of investments (9,253) 13,788
Net incoming /(outgoing) resources for year (13,129) 242,121 13,320 264,503
381,717 414,752
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Signed………………………………… Auditor's Certificate I have examined the accounts of the Ratcliff Educational Foundation. In common with other organisations of a similar size, the responsibility for the accounting of income and expenditure rests with one person. The enquiries I have made during the independent examination lead me to conclude that complete records have been maintained. Subject to the foregoing comments, in my opinion the accounts give a fair view of the state of affairs of the Trust as at 31st December 2022. Nigel Thompstone ## **RATCLIFF EDUCATIONAL FOUNDATION** ## **Balance Sheet as at 31st December 2022** **----- Start of picture text -----**
2022 2021
£ £ £ £ £ £
FIXED ASSETS
Freehold Properties
Greencoat School as valued for the Trustees in 1937 1,500 1,500
New School building contribution (less
amounts written off) 3,301 4,801 3,301 4,801
INVESTMENTS AT MARKET VALUE
Special Range
Charinco Income Shares 7124.530 10,397 13,088
Charities Official Investment Fund Units 2000.000 36,299 41,074
Charishare Income Units 12760.063 88,098 134,794 91,285 145,447
Wider Range
Charishare Income Shares 11270.478 77,814 80,629
Charishare Income Shares 6067.778 41,893 43,409
Charinco Income Shares 6708.050 9,789 12,323
Charities Official Investment Fund Units 1000.000 18,149 147,645 282,439 20,537 156,898 302,345
CURRENT ASSETS
Bank Balance HSBC Community Account 34,640 73,207
Bank Balance HSBC Money Manager Account 7,131 41,771 7,119 80,326
Debtors Tower Project 50,000 50,000
Debtors Blackstock Undistributed Income 31,484 81,484 25,659 75,659
123,255 155,984
CURRENT LIABILITIES
Administration (350) (175)
Creditors (28,428) (48,203)
(28,778) (48,378)
94,477 107,606
381,717 414,752
Represented by
CAPITAL FUND
Balance at 1st January 150,249 137,155
Unrealised gain (loss) on revaluation of investments (10,653) 13,094
139,596 150,249
GENERAL FUND
Balance at 1st January 264,503 237,395
Realised gain on disposal of investments
Unrealised gain (loss) on revaluation of investments (9,253) 13,788
Net incoming /(outgoing) resources for year (13,129) 242,121 13,320 264,503
381,717 414,752
**----- End of picture text -----**
Signed………………………………… Auditor's Certificate I have examined the accounts of the Ratcliff Educational Foundation. In common with other organisations of a similar size, the responsibility for the accounting of income and expenditure rests with one person. The enquiries I have made during the independent examination lead me to conclude that complete records have been maintained. Subject to the foregoing comments, in my opinion the accounts give a fair view of the state of affairs of the Trust as at 31st December 2022. Nigel Thompstone