## **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 Foul￿ATIoN
FinaneiAI Stat
ment for the
ear ended 318
De
mber 2023
2023
2022
INCONLE AND KXPENDITURE
tNCOMtNG PESOURCES
Investment Incon)e
lwbilel￿Tse 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
unr￿lised 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 / (D￿r￿¢) in Curyem & Deposit Account
33,102
138,5S51
Aud110￿8 Cerdfit•
I h&ve exasninNt iha acco￿ll￿ of the RAtsliff Edu¢atioDd Foundation. In cornmon IT￿1h otheTor8an1￿tiollS of 8 5uni]Rr th¢
tQ5wnsibiiityforthe aocounting of inwm¢ amd ¢XP￿dIbj￿ r4513 with ont [￿an. The erquirie5 1 have m8deduftn8the ind¢p￿thnt
mination lead m¢ to ¢on¢lud¢th*rompiotq nwrds bECn Jnailltained. SMbj¢rtknthEforryoin8 Com￿n￿ 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 Sch￿1 as valued for the Trustees in 1937
N¢iv Sch￿1 building contribution Oess
amount$ WTitt¢ll off)
i.joo
1,500
3.301
4,801
3.301
4,801
INVESTMENTS AT MARKET VALUE
Sp￿la1 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¢ In￿rne 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 ConM￿￿ty Account
Bank Balanc% HSBC Money manag￿ Ac4owit
Debiors Tower P￿je¢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 investn￿nts
139,596
8,418
150,249
148,014
139.596
GENERAL FUND
Balance at 1st January
Reall￿a 8aiD on disposal of illve8tsnents
Unr¢ali8¢d gaill 0088) on r¢valua¢ion ofiThv¢3tm¢nts
Net inco￿8 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 per￿n. The ￿quIrieS I have mad¢ during the ind¢p¢nd¢nt
eXami￿tion lead me to ￿a￿de that ¢ompl¢te r￿4)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