## **RATCLIFF EDUCATIONAL FOUNDATION** ## **Report for the year ended 31[st] December 2024** 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 2024 the following grants were made: Stepney Greencoat School £13,650 towards play therapy Stepney Greencoat School £4,509 towards the LDBS maintenance fund Tower Project £35,000 towards core funding and Saturday Youth Group Paradigm £3,000 towards Curriculum Plus programme Rich Mix £5,000 towards Schools programme Flip the Script **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 Financial Statement for th¢ ear en 31st December 2024 2024 2023 INCOME AND EXPENDTfuRE rNCOMtNG RESOURCES 10,117 so.000 142 9.748 50.000 109 Whitehorse Workshop R¢nt TOTAL INCOMING REsoifRCES 59,866 RESOURCES EXPENf)ED WThitehorse Workshop GraDI Rich Mix Film EduL7tson-'Flip th¢ Script, London DAoceJse SKhools. maintenance scheme Siepn¢y Grttrtcoat Sclwl. Play TherapistlPlay8round The Tower ProjeLI Paradigm 20,OfrJ 5,000 4,509 13,850 15,000 3,000 81,159 20,000 4,347 41,658 66.005 Birk¢tts Solicitors & Land Registy Searchffiee Administrdtion Costs Bank char 1,523 350 1,682 350 72 TOTAL RESOURCES EXPENDKD 83,121 NET INCOMING I OUTGOING RE80URCE8 2,862 8.263 Otlw reCo￿lIed gains: C41t￿ Fund Re￿Ised gaios on disposal of inVest￿￿S UnreaJi%d gains on r¢V￿￿aU0n of investments Gener￿ Fund Realised gains on disposal ofirtvcstmenl Unrealised ns on ievalvation of investments Fund Mov8mont 3,085 8,418 8,454 18,872 NET MOVEMENT IN FUNDS FOR YEAR 3,786 Fund$ ¥4t Igt Jonu•ry 390.336 381.717 FUNDS AT 31ST DECEMBER 394 122 tatement of ource an Movements in workn'ng capitsl (Incffase) l Rcduction in Debtors IncT¢2se / uctio in Cr￿lIOrS Tot￿ s￿re¢s A Ileation of Funds 31,484 44,132 12,648 41,355 41.355 Sutplus of tocorning l (OulgDing) R¢S￿[C¢S for y¢ar 12,8621 {8,253} Tot#1 net Source & A 11c4tlo￿S 15.510 MOVEMKNT IN BANK BALANCES Increase l (Dec[￿) in & De￿611 Account EIE 115.$101 33,102 Iludiior'¥ CeriifK•te I ha*exatDit￿d the accounts orth¢ Rat¢liff Edwatiortal Foundaiion. Ill comtno]t wit thoTOr8ani￿tioDsor a ¥imilor 5iZt, the r¢5ponsibility forthE a￿0￿￿tin￿Of inoorne and ¢uKnditure r¢5ts wtth om ￿[son. The eftquities I ha￿ n￿ded￿]n8th¢1ndepen(kot eK4ntiTr&tionlead meto wnolud¢thai ¢ompl¢te r￿d$ hav¢ beon mailltaind. SMbjedtothcfor¢8oiD8 comm¢Tht4 ID my opinion a¢counts ￿¥¢4 f8irvigwof the 5¢￿ts of affairs of th¢ TrnSt￿0t3IslDeC4mb#t2024. Ni8eJ Thompstont ID RATCLIFF EDUCATIONAL FOUNDATION Balance Sheet as at 31st December 2024 2024 2023 FIXED ASSETS F￿hold Properties Gr¢enc4)at School as valued for the Tntstees in 1937 N¢w School building contribution Oess ijoo 1.500 3,301 4,801 3.301 4,801 INVESTI￿ENTs AT MARKET VALUE Special Range ch￿111￿ Incon* Shar¢$ Cliarities Official tnv¢stsn¢nt F￿￿ Units Cbarishar¢ In¢om¢ Units 7124.530 2000.000 12760.063 10,117 40,586 95.573 146,276 10,569 39.690 92.953 143,212 Wider RAng¢ Charisharc Jncome Shares Cliarisharc Incom¢ Shares Chorinc4) Inwm¢ Shw¢s Cluvili¢s Official Investtnent Fund Units 11270.478 84.416 45.448 9.525 20293 82,102 44.202 9.951 19,845 6067.778 6708.OJO iooo.wo 159.682 305,958 lJ6.099 299.311 CURRENT ASSETS Balance HSBC Community AccouDt Bank Balance HSBC Money Manager Accou Debiorn Tower Project D¢blO￿ BlackBt