RATCLIFF EDUCATIONAL FOUNDATION
Report for the year ended 31[st] December 2023
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 2023 the following grants were made:
Stepney Greencoat School £41,658 towards the new playground Stepney Greencoat School £4,347 towards the LDBS maintenance fund Tower Project £20,000 towards core funding
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 FoulATIoN FinaneiAI Stat ment for the ear ended 318 De mber 2023 2023 2022 INCONLE AND KXPENDITURE tNCOMtNG PESOURCES Investment Incon)e lwbilelTse Wotksbop Rent Bank Interest R¢ceivable 9,748 50,000 108 9,467 50.000 12 TOTAL INCOMING RESOIJRCKS 69.8S6 59.479 RESOURCES EXPENDED Grants given." en Mary University. C¢ntr¢ of th¢ C¢ll iKTrndon DAoc¢4se Schools Siepney Greencoai Scbcol- Playground The Tower Project Icr Room 20.000 20,874 5,OLKI 4,347 41,858 42,fy)0 66,005 n.194 Expenditure.. Birketts Solicilors & Land Registy Fee Adrnimstraiiott Cos¢$ 1,682 350 350 TOTAL RESOURCES EXPENDED 72.608 NET INCOMING I OUTGOING RESOURCES 8,263 C4pltg1 Fund Reatised gains on disposal of invesiments unrlised gains on revaluJiion of investments GenerAI Fund Realis¢d 8aRns on disrwl of invlkncnts Ujuealised on revalualion of investments Fvnd Movement 110,8531 9,253 19,906 NET MOVEMENT IN FUNDS FOR YTAR Fundy at I January 381.717 414,752 FUNDS AT 31ST DECEMBER 381717 Stfit ment of oui'ces and A lieation of Fund8 Movements in working capilaI (Incre} l Reduction in DebtOTS uciion in CTeditors 15,8251 19,600 26.425 41,355 Total Sources Sutplus of Incoming l (Outgoing) B£sYJurc¢$ for y¢ar 18,2531 113,1291 Totsl met & A Iicoliws 33,102 38,555 MOVEMKNT IN BANK BALANCES Increase / (Dr¢) in Curyem & Deposit Account 33,102 138,5S51 Aud1108 Cerdfit• I h&ve exasninNt iha accoll of the RAtsliff Edu¢atioDd Foundation. In cornmon IT1h otheTor8an1tiollS of 8 5uni]Rr th¢ tQ5wnsibiiityforthe aocounting of inwm¢ amd ¢XPdIbj r4513 with ont [an. The erquirie5 1 have m8deduftn8the ind¢pthnt mination lead m¢ to ¢on¢lud¢th*rompiotq nwrds bECn Jnailltained. SMbj¢rtknthEforryoin8 Comn JD myopinigD the Olijlts give afakr viEwofthe ¥tst¢of 4ffaiTsof th¢TTr as at31st D¢¢ember2023. Ni841 Thompstone Fl,.1 3oiF
RATCLIFF EDUCATIONAL FOUNDATION Balance Sheet as at 31st Deeember 2023 2023 2022 FIXED ASSETS FTeehold Properties Greertomt Sch1 as valued for the Trustees in 1937 N¢iv Sch1 building contribution Oess amount$ WTitt¢ll off) i.joo 1,500 3.301 4,801 3.301 4,801 INVESTMENTS AT MARKET VALUE Spla1 Range Charinco tncmie Shorel Cliarilics Official Inv¢sttn4it Futtd Units Charisli8r¢ Incom¢ Units 7124.530 10.569 39,690 92.953 143212 10,397 36.299 88,098 134.794 2000.0 12760.063 Wider I¢Ange CharAsbaTe Inwme Sljares Charishar¢ Inrne Shares cliotin Incon Shar Clwiiics Official Investment Fund Units 11270.478 6067.778 82.102 44.202 9,951 19.845 77.814 41.893 9.789 18,149 6708.050 1000.000 156.099 299,311 147,645 282.439 CURRENT ASSETS Balance HSBC ConMty Account Bank Balanc% HSBC Money manag Ac4owit Debiors Tower Pje¢l D¢biors BlackstLKk Undistributed Inry)n 67,635 7,239 74.873 50.000 31,484 81,484 136,357 34.640 7.A31 41,771 Jo.000 31,484 81.484 123.255 CURRENT LiABtLITiES Adtninistration Credito (700) (69.433) (350) (28,428) (70.133) (28.778) 86,224 390J36 94,477 381,717 Reprexented by CAPITAL FUND Balance at 1st January Unmiised gain Ooss) on T¢valuati¢)n of investnnts 139,596 8,418 150,249 148,014 139.596 GENERAL FUND Balance at 1st January Realla 8aiD on disposal of illve8tsnents Unr¢ali8¢d gaill 0088) on r¢valua¢ion ofiThv¢3tm¢nts Net inco8 l(outgoitig) resources forye4r 242.121 264.503 8.454 (8,253) (9,253) (13,129) 242,322 242.121 390,336 381.717 Auditofs Certificote I ha &%aniined a¢eouDts tho Rat¢litrEduCaliot] foundation. on with other org8ntsation$ of & &imrlat SI tIL¢ reSP)nsi"11ty for the 4c¢ountirJ8 of income 8Dd ¢xp¢ndilLW¢ rests with one pern. The quIrieS I have mad¢ during the ind¢p¢nd¢nt eXamition lead me to ade that ¢ompl¢te r4)rdS have nwioluioed. Subjttt to the foregokng u)mments in my opinion the accA)unts ve a fairviewof the slat¢ of aftairs of Trust as at 31st DeccM 2023. Nigel Thompstone