REGISTERED CHARITY NUMBER: 802320 REP ND AP IFF HAR BLE Shaw Gibbs Limiled Wey Court West Union Road Farnham Surrey GU9 7PT
THE RAT FE ITAB RUST CIAL Page Report of the Truste•8 Indepond•nt Examln•V8 Report Slat•mont of Flnanclal Acllvlti08 Balan Sh•ot Nolos to the Flnanclal Stat•m•nts 7 to 15 Dotalled Statement of Finan¢lal Actlvltles 16 to 17
THE ARITABLE TRU REPORT OF THE TR for the TEE 112024 The trustees present their report with the financial stalements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended PraciicE applicable to charities preparing Iheir accounts in aCrdance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effeclive 1 January 2019), 08JECTIVES AND ACTIVITIES ObJectlve8 and alm8 Under the tems of the trust deed the objects of the charity include any charltable purposes which are exclusively charitable under the law of England arKI Wales. Slgnlflcant actlvltles The princlpal aclivities of the charty are now as follows: a) the holding of inveslments to generate incA)me which is applied in Ihe making of grants. Granls are made malnly to local charitable ganiSatIOnS and for varied purposes, as decided upon by the Trustees. b) the holding of a freehdd property which is made available to charity tenants at a peppercorn rent, in support of thelr charitable activilies. ACHIEVEMENT AND PERFORMANCE Charltable actlvltle8 During the year the charity made grants of £35,514 to beneficiaries (2023.. £24,500). During the year the charity continued to hold a freehold propety in Fleet, Hampshire, This propety has been made available to a charlty tenant at a pgppercorn rent under the lerms of a lease which runs until 2038. The trustees view Ihis as a signfficant element of their ongoing charitsble activlties. The trustees estimale Ihat Ihe annual renlal income which could be achieved from thls propety on commercial basls would be in the region of £16,0(X). FINANCIAL REVIEW R•8ervo9 pollcy The trustees have a policy of distributing substantlally all the income arising each year from the charity's inveslments. The trustees have an objective of at least maintaining the capilal value of the investments over time and thus substantially all of the reserrfes are represented by the value of the Investment holdings. STRUCTURE, GOVERNANCE AND MANAGEMENT Govornlng document The charity is controlled by its governing document. a deed of trust and constitutes an unincorporated charity. The trustees have complied with the duly in section 4 of the Charities Act 2006 to have due regard to guidance published by the Charily Commission in relalion to public benefrt. Page 1
RAT UST REPORTOF THE TRUSTEES ho ear ende REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 802320 Principal addre88 cjo Moore Barlow Solicitors The Oriel Sydenham Road Gulldford Surrey GU13SR Trustèè8 G J Vellam TCJAdams P D Robbins Indopondent Examln•r Andrew Hodgetts FCA Shaw Gibbs Limited Wey Court West Unlon Road Farnham Surrey GU9 7PT Solicltorn Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU13SR Approved by order of the board of trustees on by: and signed on its behalf ellam - Trustee Page 2
INDEPEND T EINE&7 REPORT TO THE TRVSTEES QF THE BLE TRJJST Independent examiner's roport to the trustees of The Ratcllffe Charltable Trust I repNJrt to the charity trustees on my examination of the aCnis of The Ratcliffe Charitsble Trust (the Trust) for the year ended 5 April 2024. Re8ponsibllltle8 and basls of rèport As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charlties Act 2011 {'the Acl,). I report in respect of my examination of the Trust's aountS carried out under Section 145 of the Act and in carrylng out my examination I have followed all applicable Directions given by the Charity Commission under Seclion 145(5Xb) of the Act. Independent •xamln•rfs Statement I have completed my examination. I confirm that no maierial matters have come to my attentlon in c¥)nneciion wlth the examination giving me cause lo bdieve that In any malerial respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act; the accounts do not accord with those records,. or the acLounls do not comply with the applicable requirements ttncerning Ihe form and content of accounts set out In the Charlties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which Is not a matter considered as part of an independent examination. I have no concems and have come across other matters in connects'on with Ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ]4- Andrew Hodgetts FCA Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT Page 3
niERATCUFFE GtIARITAQLE Tl for the ear nded 24 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Inveslment Income 38,776 34,885 EXPENDITURE ON Raising furbds 15,114 14,918 Charltablo actSvltleg Charlty donations 37,918 26,904 Other 9,600 8,578 Totsl 62,632 50,400 Net gainsl(108ses) on investmnts 4,420 (11,089) NET INCOMEI(EXPENDITURE) Other rncognlsod galn81(108808) Gainsl(losses) on revaluaiion of fixed assets (19,436) (26,604) 36,064 (27,269) Not mov•m•nt in funds 16,628 {53,873) RECONCILIATION OF FUNDS Total funds brought fonvard 1,307.314 1,361,187 TOTAL FUNDS CARRIED FORWARD 1,323,942 1,307,314 The notes form part of these financial siatements Page 4
IHE RATCLLFFEQtL4RITABLLUST ALANCE SH ri12024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Tangible assets Investments Investments Inveslmenl propety 331.721 334,124 466,753 510,000 428,408 510,000 10 1,308.474 1,272,532 CURRENT ASSETS Debtors.. amounts falling due within one year Cash at bank 11 7,807 22,780 2,759 44,300 30,587 47,059 CREDITORS Amounts falling due within one year 12 (15,119) (12,277) NET CURRENT AsseTS 15,468 34,782 TOTAL ASSETS LESS CURRENT LIABILITIES 1,323,942 1,307,314 NET ASSETS 1,323,942 1,307,314 The notes form part ol these financial statements Page 5 continued...
IFFE RALaNCE EET. GoottDALI A rll 2024 FUNDS Unrestricted funds 13 1,323,942 1,307,314 TOTAL FUNDS 1,323,942 1,307,314 The financial ststements were approved by the Board of Trusiees and authorised for issue on LS . and We sIgrd on Its behalf by. 11am - Trustee ms - Trustee Fi D Robbins- Trustee The noles form part of these financial statements Page 6
ITABLE TRU NOTES TO THE FINANCIAL TATEMENT ACCOUNTING POLICIES 8a818 of preparlng tho flnanclal Statements The financial statements of the charity, which is a public benefit entlty under FRS 102, have been prepared in acLordance with the Charitles SORP (FRS 102) 'Accounting and Reporting by Charities: Statefit of Recommended Practice applicable to charities preparing their accounts In acccffdan with the Financial Reportlng StarNlard applieable in Ihe UK and Republic of Ireland (FRS 102) (effectlve 1 January 2019),, Financial Reporting Stsndard 102 'The Flnancial Reporting Stsndard applicable in the UK and Republic of Irelan(I' and the Charitres Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. as modified by the revaluatlon of certain assets. Incom• All Income is re¢gnised in the Statement of Fin8ncial Activities once the charity has entitlement to the funds, it is probable thal the Income wlll be recelved and the amount can be measured rdiably. As part of its charitable actlvltles the trusl has let a propety to a charity tenanl at a peppercom rent. The renlal income foregone is not refiecled in the Flnanclal Staiements as incnme, nor is an equivalent amount reflected as a donatlon, However the trustees estimate of the markel value of Ihe amount involved is disdosed wiihin the report of the trustees. Expendltur¢ Liabilities are recognised as expendilure as soon as there is a legal or constructlve obligation committing the charity to thai expenditure, it is probable that a transfer of economic benefits will be requlred in setllement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannol be dlreclly allributed to particular headings they have been allocated to activilles on a basis consistent with the use of resourrEs. Granls offered subject to conditions which have rl been mel at the year end date are noted as commilment but not accrued as expenditure. Rabslng funds The cost of generatlng funds refiects investment managemeni fees to portfolio managers and management charges from property management agents. Governanc• ¢ost8 Governance costs represent the costs of the Independent Examination and cosls associated with Trustees meetings, together wilh any other periodic costs specifically linked to the govemance of the charity. Invostments Investments in the balance sheet comprise investments in shareholdings and investment properties. Both are retlected al market value. The investment properties are reflected at the trustees. estimate of market value. The values are reviewed annually based on periodic valualions by a surveyor. Page 7 continued...
HARI NQTES TQ THEF CIAL for th d5A r112024 ACCOUNTING POLICIES - contlnued Inveslments Realised and unrealised gains and losses are both reftected In the Statement of Financial Aclivities and shown after net incoming l(outgoing) resources. Taxatlon The charity Is exempt from income tax on its charitable aclivities. Tax recoverable on gifts and ¢J)venants is refiected in the Statemenl of Financial Actlvlties at the same time as the income to which it relates. Fund a¢¢ountlng Unrestricted funds can be used in accordance with the charitsble objectlves at the discretion of the truslees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Reslriclions arise when specified by the donor or when funds are raised for particular restricled purposes. Further explanation of the nalure and purpose of each fund is induded in the notes to the financial statements. Tanglble flxed a880ts The charity distlnguishes betrween freehold property held for inveslment returns and freehold property held as part of its charitable activities. Freehold property held for charilable purposes is shown under Ihe heading "Tangible Fixed Assets It is recognised initially at cost and depreclated over Its esiimated useful economic life. Thal part of Ihe Inltlal cost attribulable to the value of18nd is rK)t depreciated. Depreciatlon is calculated so as to write off the excess of cosl over the estimaled residual value al the end of the useful economic Ilfe of the asset. The estimated useful lrfe is as follows; Freehold bulldlngs In charitable use 40 years Page 8 continued...
THE HARITAB RU S TO THE FINANCIAL for the TA 5 A rll 2024 ntlnued INVESTMENT INCOME 2024 2023 Rents received Income from listed investments Interest recelved gross 26,720 11,592 464 24,304 10,492 89 38,776 34,885 RAISING FUNDS Inv•stmont management costs 2024 2023 Portfolio management Rent collection Property repairs Insurance 4,194 3,986 5,931 1,003 4,523 3,471 916 15,114 14,918 GRANTS PAYABLE 2024 2023 Charity donations 35.514 24,500 During the year the charltable trust made ihe following grants: Grants to Institutions 4th Farnham (Tongham) Scout Group Charlie's Promise Step By Step Woking & Sam Beare Hospices Phyllis Tuckwell Hospi Linkable GASP Motor Proie SCAMPS In Surrey Cut Our Cancer Street Angels (Guildford & Woking) Hampshire & Isle of Wight Air Ambulance Kenl. Surrey & Sussex Air Ambulance Community Foundation in Surrey Mustard Seed Believe The Orthard - pre school Amount paid £10,0 £4,014 £2.000 £2,000 £2,000 £2,000 £2,000 £2,000 £2,OCKI £2,OCK) £1,0(K) £1,0 £1,000 £1,000 £1.000 £35,514 Page 9 continued...
IFFE CHARITABLE NQTES TQ THEF AN IAL TATE S A rll 2024 GRANTS PAYABLE - contlnued Amounts refiected in the Statement of Financial Activities under the heading "Charity Donations" include £2,404 (2023: £2,404) in respect of depreciation charged on the property made available to a charity tenant at a peppercorn rent. INDEPENDENT EXAMINERE REMUNERATION The Independent Examinerfs fees for the examination is £1,890 (2023: £1.800), and for other servlces £1,590 {2023: £1,500>. TRUSTEES. REMUNERATION AND BENEFITS There were no Irustees, remuneration or other benefits for the year ended 5 Aprfl 2024 nor for the year ended 5 April 2023. Trugt••8' •xponses There were no truslees, expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOMe AND ENDOWMENTS FROM Investment income 34.885 EXPENDITURE ON Raising funds 14,918 Charftable actlvltle8 Charity donations 26.904 Other 8,578 Total 50,400 Net gainsl(losses) on investments (11,089) NET INCOMEI{EXPENDITURE) Other recognised gainsl{lossos) (26,604) Pag8 10 continued...
IFFE CHA IAL NQTES TQ THEF1SIA. ntioued d•d S A rll 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Contlnuod Unrestricted fund Gainsl(losses) on revaluation of fixed assets (27.269) Net movement Sn funds (53,873) RECONCILIATION OF FUNDS Total funds brought forward 1,361,187 TOTAL FUNDS CARRIED FORWARD 1.307.314 TANGIBLE FIXED ASSETS Freehold property COST At 6 Aprll 2023 and 5 April 2024 346,142 DEPRECIATION Al 6 April 2023 Charge for year 12.018 2,403 At 5 April 2024 14,421 NET BOOK VALUE At 5 April 2024 331,721 At 5 April 2023 334,124 Page11 continued...
NQTES TQ EFIN IAL deds ear rll 2024 FIXED ASSET INVESTMENTS 2024 2023 Shares Other 460,198 6.555 414,287 14.121 466,753 428.408 Addlllonal informalion as follows: Listed investments MARKET VALUE At 6 April 2023 Additions Disposals Revaluations 414,287 114,546 (104,699) 36,064 At 5 April 2024 460,198 NET BOOK VALUE At 5 April 2024 460,198 At 5 April 2023 414,287 The historical cost for the above Fixed Asset Investments is £367,2¢ (2023.. £371,180), The market value of investments made in the UK totalled £460,199 (2023.. £414,287). There were no investments exedIng 5% of the market value of the portfolio. Investmenls (nelther liste(I nor unlisted) were as follows.. 2024 2023 Cash held for investment 6,555 14,121 Page 12 continued...
IEIE RA.TcLIFFECIIARfTRUlT O THE FINANCIA STATEMENTS. rthe ear ended S A rll 2 24 ntin 10. INVESTMENT PROPERTY FAIR VALUE At 6 April 2023 and 5 April 2024 510,000 NET BOOK VALUE Al 5 Aprll 2024 510,000 At 5 April 2023 510,000 The properties were revalued on an open market basls by Mr G Vellam, a trustee and retlred chartered Surveyor in March 2024. At the year•end, the hlstorical cost of the Invesimenl Properties was £54,580 (2023: £54,580). 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Managing agent Prepaymenls 7,194 613 2,174 585 7,807 2.759 12. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 2024 2023 Olher cleditors 15,119 12,277 13. MOVEMENT IN FUNOS Net movement in funds At 5.4.24 At 6.4.23 Unrnstrlcted fund8 General fund 1,307,314 16,628 1,323,942 TOTAL FUNDS 1,307,314 16,628 1,323,942 Page 13 continued...
IIIE.RATCUFFE cHARlTRUsT O THE FINANCIAL STATEMENTS- he ar •nd•d r112 ntinu 13. MOVEMENT IN FUNDS- contlnued Net movemenl in funds, included in the above a as follows: Incomlng resources Resources expended Gains and Movement 10&8es in funds Unrestrlctad funds General fund 38,776 (62,632) 40.484 16,628 TOTAL FUNDS 38,776 (62,632) 40,484 16,628 Comparatlves for movoment In funds Net movement in funds At 5.4.23 At 6.4.22 Unrnstrlcted funds General fund 1,361,187 <53.873) 1,307.314 TOTAL FUNDS 1,361.187 (53,873) 1,307,314 Comparatlve net movement in funds. included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in fvnds Unrestrlcted funds General fund 34,885 (so,4) (38,358) (53,873) TOTAL FUNDS 34,885 {50,4(M)) (38,358) (53,873) Page 14 continued...
TH ARITABLE TR FIQIES TQ THE L STATEMENT for the 13. MOVEMENT IN FUNDS- coniinued A currenl year 12 months and prlor year 12 months o)mbine(I position is as follows.. Net movement in funds At 6.4.22 5.4.24 Unreslrlcted fund6 General fund 1,361,187 (37,245) 1,323,942 TOTAL FUNDS 1,361,187 (37,245) 1,323.942 A current year 12 months and prior year 12 months combined net movemenl in funds, induded In the above are as follows., Incx)mlng resources Resources expended Gains and Movement losses in funds Unrestrlcted fundg General fund 73,661 {113,032) 2,126 (37,245) TOTAL FUNDS 73,661 (113,032) 2,126 (37.245) 14. RELATED PARTY DISCLOSURES Induded within ihese flnancial statements Is an amounl of £6,120 {2023: £5,278) in respect of charges from Moore Barlow LLP for administrative support services. One of the trustees, T Adams, is also a partner in Moore Barlow LLP. Induded withln cash at bank is an amount of £22,781 (2023., £44,300) held by Moore Barlow LLP on behalf of the trust. Page 15
ST ES for lh• yoar ond•d 5 Aprll 2Q24 2024 2023 INCOME AND ENDOWMENTS Investsnent In¢om• Rents received Income from listed investments Inleresl received gross 26,720 11,592 464 24,304 10.492 89 38,776 34,885 Total Incomlng resourc08 38,776 34,885 EXPENDITURE Investment managém•nt Costs Portfolio management Rent collection Property repalrs Insurance 4,194 3,986 5.931 1,003 4,523 3,471 6,008 916 15,114 14,918 Charftable actlvltle8 Freehold property depreciation Grants to institutions 2.404 35,514 2,404 24,500 37,918 26,904 Support costs Manag•m•nt Legal fees 5,620 4,778 Governance cost8 Independent Examinerfs fees Ind Examiner's fees - non-exam Legal fees 1.890 1,590 500 1,800 1,500 500 3,980 3,800 Total resources expended 62.632 50,400 Net •xp•ndlturo before galns and losses (23,856) (15,515) This page does not frn part of the statutory financial statements Page 16
LIFFE HARIT TEMENT FFIN rthe ear ended S A NCI CTIVITIES 24 2024 2023 Reallsed rncognlsed galns and1088es Realised gainsl(Ios5es) on fixed asset investrnents 4420 (10,362) Net expend5turn (19,436) (25,877) This page does not fom part of the statutory financial slatements Page 17