**REGISTERED CHARITY NUMBER: 802320** ## **REPORT OF THE TRUSTEES AND** ## **FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 5 APRIL 2025** ## **FOR** ## **THE RATCLIFFE CHARITABLE TRUST** Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT **THE RATCLIFFE CHARITABLE TRUST** ## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2025** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|13| |**Detailed Statement of Financial Activities**||14|| **THE RATCLIFFE CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES for the year ended 5 April 2025** The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** Under the terms of the trust deed the objects of the charity include any charitable purposes which are exclusively charitable under the law of England and Wales. ## **Significant activities** The principal activities of the charity are now as follows: a) the holding of investments to generate income which is applied in the making of grants. Grants are made mainly to local charitable organisations and for varied purposes, as decided upon by the Trustees. b) the holding of a freehold property which is made available to charity tenants at a peppercorn rent, in support of their charitable activities. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** During the year the charity made grants of £30,000 to beneficiaries (2024: £35,514). During the year the charity continued to hold a freehold property in Fleet, Hampshire. This property has been made available to a charity tenant at a peppercorn rent under the terms of a lease which runs until 2038. The trustees view this as a significant element of their ongoing charitable activities. The trustees estimate that the annual rental income which could be achieved from this property on a commercial basis would be in the region of £16,000. During the year the charity disposed of one property, generating a loss after the costs of selling of £3,066. This amount is included under Charitable Activities in Other on the Statement of Financial Activities. The proceeds from the sale were reinvested into their investment portfolio. ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees have a policy of distributing substantially all the income arising each year from the charity's investments. The trustees have an objective of at least maintaining the capital value of the investments over time and thus substantially all of the reserves are represented by the value of the investment holdings. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to guidance published by the Charity Commission in relation to public benefit. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 802320 ## **Principal address** c/o Moore Barlow Solicitors The Oriel Sydenham Road Guildford Surrey GU1 3SR Page 1 **THE RATCLIFFE CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES** ## **for the year ended 5 April 2025** ## **Trustees** G J Vellam T C J Adams P D Robbins ## **Independent Examiner** Andrew Hodgetts FCA Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT ## **Solicitors** Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR Approved by order of the board of trustees on 28 January 2026 and signed on its behalf by: G J Vellam - Trustee Page 2 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RATCLIFFE CHARITABLE TRUST** ## **Independent examiner's report to the trustees of The Ratcliffe Charitable Trust** I report to the charity trustees on my examination of the accounts of The Ratcliffe Charitable Trust (the Trust) for the year ended 5 April 2025. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Hodgetts FCA Shaw Gibbs Limited Wey Court West Union Road Farnham Surrey GU9 7PT 28 January 2026 Page 3 **THE RATCLIFFE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **for the year ended 5 April 2025** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Charity donations
Other
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/(losses)**
Gains/(losses) on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2025
Unrestricted
fund
£
28,589
17,410
32,404
14,965
64,779
(20,095)
(56,285)
(1,078)
(57,363)
1,323,942
1,266,579|2024
Total
funds
£
38,776
15,114
37,918
9,600
62,632
4,420
(19,436)
36,064
16,628
1,307,314
1,323,942| |---|---|---| The notes form part of these financial statements Page 4 **THE RATCLIFFE CHARITABLE TRUST** ## **BALANCE SHEET** ## **5 April 2025** |Notes
**FIXED ASSETS**
Tangible assets
8
**Investments**
Investments
9
Investment property
10
**CURRENT ASSETS**
Debtors: amounts falling due within one year
11
Cash at bank
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
13
Unrestricted funds
**TOTAL FUNDS**|2025
Unrestricted
fund
£
329,317
729,314
210,000
1,268,631
335
11,333
11,668
(13,720)
(2,052)
1,266,579
1,266,579
1,266,579
1,266,579|2024
Total
funds
£
331,721
466,753
510,000
1,308,474
7,807
22,780
30,587
(15,119)
15,468
1,323,942
1,323,942
1,323,942
1,323,942| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 28 January 2026 and were signed on its behalf by: G J Vellam - Trustee T C J Adams - Trustee P D Robbins - Trustee The notes form part of these financial statements Page 5 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities 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 revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. As part of its charitable activities the trust has let a property to a charity tenant at a peppercorn rent. The rental income foregone is not reflected in the Financial Statements as income, nor is an equivalent amount reflected as a donation. However the trustees estimate of the market value of the amount involved is disclosed within the report of the trustees. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement 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 cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants are recognised as expenditure when a constructive liability to make them is created. This is generally when both the trustees have approved the grant and the intention to pay it has been communicated to the recipient. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Raising funds** The cost of generating funds reflects investment management fees to portfolio managers and management charges from property management agents. ## **Governance costs** Governance costs represent the costs of the Independent Examination and costs associated with Trustees meetings, together with any other periodic costs specifically linked to the governance of the charity. ## **Investments** Investments in the balance sheet comprise investments in shareholdings and investment properties. Both are reflected at market value. The investment properties are reflected at the trustees' estimate of market value. The values are reviewed annually based on periodic valuations by a surveyor. Realised and unrealised gains and losses are both reflected in the Statement of Financial Activities and shown after net incoming /(outgoing) resources. ## **Taxation** The charity is exempt from income tax on its charitable activities. Tax recoverable on gifts and covenants is reflected in the Statement of Financial Activities at the same time as the income to which it relates. continued... Page 6 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Tangible fixed assets** The charity distinguishes between freehold property held for investment returns and freehold property held as part of its charitable activities. Freehold property held for charitable purposes is shown under the heading "Tangible Fixed Assets". It is recognised initially at cost and depreciated over its estimated useful economic life. That part of the initial cost attributable to the value of land is not depreciated. Depreciation is calculated so as to write off the excess of cost over the estimated residual value at the end of the useful economic life of the asset. The estimated useful life is as follows: Freehold buildings in charitable use 40 years ## **2. INVESTMENT INCOME** |Rents received
Income from listed investments
Interest received gross|2025
£
12,933
15,642
14
28,589|2024
£
26,720
11,592
464
38,776| |---|---|---| ## **3. RAISING FUNDS** ## **Investment management costs** |Portfolio management
Rent collection
Property repairs
Insurance|2025
£
6,602
2,469
7,437
902
17,410|2024
£
4,194
3,986
5,931
1,003
15,114| |---|---|---| continued... Page 7 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued** ## **for the year ended 5 April 2025** ## **4. GRANTS PAYABLE** |**GRANTS PAYABLE**||| |---|---|---| ||2025|2024| ||£|£| |Charity donations|30,000|35,514| During the year the charitable trust made the following grants: |Grants to Institutions|Amount paid| |---|---| |The Big Give|£10,000| |New Life the charity for disabled children|£2,000| |Step By Step|£2,000| |Woking & Sam Beare Hospices|£2,000| |Phyllis Tuckwell Hospice|£2,000| |Linkable|£2,000| |GASP Motor Project|£2,000| |The Silverlining Charity|£2,000| |Normandy Community Therapy Garden|£2,000| |Hampshire & Isle of Wight Air Ambulance|£1,000| |Kent, Surrey & Sussex Air Ambulance|£1,000| |Cardiac Risk in the Young|£1,000| |Mustard Seed|£1,000| ||£30,000| Amounts reflected in the Statement of Financial Activities under the heading "Charity Donations" include £2,404 (2024: £2,404) in respect of depreciation charged on the property made available to a charity tenant at a peppercorn rent. ## **5. INDEPENDENT EXAMINER'S REMUNERATION** The Independent Examiner's fees for the examination is £1,800 (2024: £1,890), and for other services £1,500 (2024: £1,590). ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024. continued... Page 8 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025** ## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||Unrestricted| |---|---|---| |||fund| |||£| ||**INCOME AND ENDOWMENTS FROM**|| ||Investment income|38,776| ||**EXPENDITURE ON**|| ||Raising funds|15,114| ||**Charitable activities**|| ||Charity donations|37,918| ||Other|9,600| ||**Total**|62,632| ||Net gains on investments|4,420| ||**NET INCOME/(EXPENDITURE)**|(19,436)| ||**Other recognised gains/(losses)**|| ||Gains on revaluation of fixed assets|36,064| ||**Net movement in funds**|16,628| ||**RECONCILIATION OF FUNDS**|| ||Total funds brought forward|1,307,314| ||**TOTAL FUNDS CARRIED FORWARD**|1,323,942| |**8.**|**TANGIBLE FIXED ASSETS**|| ||**COST**|Freehold
property
£| ||At 6 April 2024 and 5 April 2025|346,142| ||**DEPRECIATION**|| ||At 6 April 2024|14,421| ||Charge for year|2,404| ||At 5 April 2025|16,825| ||**NET BOOK VALUE**|| ||At 5 April 2025|329,317| ||At 5 April 2024|331,721| continued... Page 9 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025** ## **9. FIXED ASSET INVESTMENTS** |**9.**|**FIXED ASSET INVESTMENTS**|||| |---|---|---|---|---| ||||2025|2024| ||||£|£| ||Shares|727,896||460,198| ||Other||1,418|6,555| |||729,314||466,753| ||Additional information as follows:|||| ||**MARKET VALUE**|||Listed
investments
£| ||At 6 April 2024|||460,198| ||Additions|||407,261| ||Disposals|||(124,143)| ||Revaluations|||(15,420)| ||At 5 April 2025|||727,896| ||**NET BOOK VALUE**|||| ||At 5 April 2025|||727,896| ||At 5 April 2024|||460,198| ||The historical cost for the above Fixed Asset Investments is £653,837 (2024: £367,206).|||| ||The market value of investments made in the UK totalled £727,896 (2024: £460,199).|||| ||There were no investments exceeding 5% of the market value of the portfolio.|||| ||Investments (neither listed nor unlisted) were as follows:|||| ||Cash held for investment||2025
£
1,418|2024
£
6,555| |**10.**|**INVESTMENT PROPERTY**|||| ||**FAIR VALUE**|||£| ||At 6 April 2024|||510,000| ||Disposals|||(300,000)| ||At 5 April 2025|||210,000| ||**NET BOOK VALUE**|||| ||At 5 April 2025|||210,000| ||At 5 April 2024|||510,000| continued... Page 10 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025** ## **10. INVESTMENT PROPERTY - continued** The properties were revalued on an open market basis by Mr G Vellam, a trustee and retired chartered surveyor in April 2025. At the year-end, the historical cost of the Investment Properties was £32,580 (2024: £54,580). ## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Managing agent
Prepayments
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**MOVEMENT IN FUNDS**
At 6.4.24
£
**Unrestricted funds**
General fund
1,323,942
**TOTAL FUNDS**
1,323,942
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
28,589
(64,779)
**TOTAL FUNDS**
28,589
(64,779)|2025
£
-
335
335
2025
£
13,720
Net
movement
in funds
£
(57,363)
(57,363)
Gains and
losses
£
(21,173)
(21,173)|2024
£
7,194
613
7,807
2024
£
15,119
At
5.4.25
£
1,266,579
1,266,579
Movement
in funds
£
(57,363)
(57,363)| |---|---|---| ## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **13. MOVEMENT IN FUNDS** continued... Page 11 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025** ## **13. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6.4.23
£
1,307,314
1,307,314|Net
movement
in funds
£
16,628
16,628|At
5.4.24
£
1,323,942
1,323,942| |---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**|Incoming
Resources
Gains and
resources
expended
losses
£
£
£|Movement
in funds
£| |---|---|---| |General fund|38,776
(62,632)
40,484|16,628| |**TOTAL FUNDS**|38,776
(62,632)
40,484|16,628| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6.4.23
£
1,307,314
1,307,314|Net
movement
in funds
£
(40,735)
(40,735)|At
5.4.25
£
1,266,579
1,266,579| |---|---|---|---| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**|Incoming
Resources
Gains and
resources
expended
losses
£
£
£|Movement
in funds
£| |---|---|---| |General fund|67,365
(127,411)
19,311|(40,735)| |**TOTAL FUNDS**|67,365
(127,411)
19,311|(40,735)| continued... Page 12 **THE RATCLIFFE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 5 April 2025** ## **14. RELATED PARTY DISCLOSURES** Included within these financial statements is an amount of £6,720 (2024: £6,120) 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. Included within cash at bank is an amount of £11,333 (2024: £22,781) held by Moore Barlow LLP on behalf of the trust. Page 13 **THE RATCLIFFE CHARITABLE TRUST** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2025** ||2025|2024| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Investment income**||| |Rents received|12,933|26,720| |Income from listed investments|15,642|11,592| |Interest received gross|14|464| ||28,589|38,776| |**Total incoming resources**|28,589|38,776| |**EXPENDITURE**||| |**Investment management costs**||| |Portfolio management|6,602|4,194| |Rent collection|2,469|3,986| |Property repairs|7,437|5,931| |Insurance|902|1,003| |**Charitable activities**|17,410|15,114| |Freehold property depreciation|2,404|2,404| |Grants to institutions|30,000|35,514| |**Support costs**|32,404|37,918| |**Management**||| |Legal fees|8,078|5,620| |**Governance costs**||| |Independent Examiner's fees|1,800|1,890| |Ind Examiner's fees - non-exam|1,500|1,590| |Legal fees|521|500| |Loss on sale of tangible fixed assets|3,066|-| ||6,887|3,980| |Total resources expended|64,779|62,632| |**Net expenditure before gains and losses**|(36,190)|(23,856)| |**Realised recognised gains and losses**||| |Realised gains/(losses) on fixed asset investments|(4,675)|4,420| |**Net expenditure**|(40,865)|(19,436)| This page does not form part of the statutory financial statements Page 14