# **SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP REGISTERED CHARITY 1019611**
# **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS PERIOD ENDED 31 AUGUST 2025**
**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **CONTENTS**
||**Page**|
|---|---|
|Charity information|1|
|Trustees’ report|2 – 4|
|Independent Examiner’s Report to the Trustees|5 – 6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Accounts|9 - 13|
**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **CHARITY INFORMATION**
**Trustees** Dr Roger Chapman Mr Andrew Millet Mrs Nicola Marlow Mr Antony Spencer Masie Bassingthwaite
## **Charity Number**
**Charity Number** 1019611 **Principal office** Quay House Quay Road Newton Abbot Devon TQ12 2BU **Accountants** Darnells Chartered Accountants Quay House Quay Road Newton Abbot Devon TQ12 2BU
## **Bankers**
National Westminster plc 55 The Broadway Mill Hill London NW7 3WF
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **TRUSTEES’ REPORT – PERIOD ENDED 31 AUGUST 2025**
The Trustees present their report and the financial statements for the period ended 31 August 2025.
## **Constitution**
The charity was constituted by a Trust Deed dated 10 February 1982 when 5,000 “A” Ordinary Shares in East Midland Allied Press Limited with a then value of £13,800 were transferred to the Trustees.
## **Trustees and principal officers**
The charity trustees during the year to 31 August 2025 were:-
Dr Roger Chapman Mr Andrew Millet Mrs Nicola Marlow Mr Antony Spencer Masie Bassingthwaite
## **Objects of the charity**
The Trust Deed provides that the income shall be applied in scholarships to members of Mill Hill School upon entering the sixth form for two years, who, but for the scholarship, might be unable for financial reasons to do so or where the effect might be financial hardship. The Trustees were directed to only award scholarships to a scholar who would be taking history and where possible with a personal or family non-conformist background.
By Scheme of the Charity Commissioners dated 14 November 1996, income not required to be applied as above may be applied in promoting the education of sixth form scholars studying any subject as the Trustees think fit.
## **Achievements and activities**
This has achieved its objectives by:
1. Providing funding to scholars who fulfil the criteria above.
2. Promoting the education of sixth form scholars at Mill Hill School.
## **Financial Review**
The income received for the period ended 31 August 2025 was £16,509 (2024: £34,864) and expenses totalling £1,105 (2024: £930). During the period ended 31 August 2025 no payments were due to Mill Hill School in respect of Scholarship Awards (2024: £0).
The market value of investments decreased from £812,696 to £616,946 due to a transfer of investments during the year. The overall net movement in funds during the year was a decrease of £199,202 (2024: increase of £115,512).
The charity is in the process of transferring its bank balance and investments, with other associated trusts, into a single Charitable Incorporated Organisation (CIO) named The Mill Hill Schools Trust (1201923), this was partially completed at August 2025 year end and will be fully completed by August 2026 year end. This restructuring has been undertaken to streamline governance and improve operational efficiency.
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **TRUSTEES’ REPORT – PERIOD ENDED 31 AUGUST 2025**
## **Investments Policy**
Under the Trust Deed the Trustees have wide powers of investment. The investments have been acquired in accordance with these powers.
In accordance with the Charity Commission’s latest regulations, the Trustees are satisfied that there are sufficient reserves to meet the need designated by the Charity’s Trust.
There were no investment additions during the year.
## **Reserves Policy**
It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity, at a high level in order to generate sufficient investment income to be able to pay future awards out of income, and to provide sufficient funds to cover the costs of generating funds and support costs.
## **Risk Management**
The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
## **Award of scholarships**
The Trustees seek the advice of the Head of Mill Hill School as to candidates for scholarships and then consult between themselves, bearing in mind the requirements set out above before awarding scholarships.
Charity law requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its financial activities for that period. In preparing those financial statements the trustees are required to:-
- a. select suitable accounting policies and then apply them consistently
- b. make judgements and estimates that are reasonable and prudent
- c. state whether the policies adopted are in accordance with the Charities SORP, the Regulations made under S.145 of the Charities Act, and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements
- d. prepare the financial statements on a going concern basis unless it is inappropriate to assume the charity will continue to operate
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **TRUSTEES’ REPORT – PERIOD ENDED 31 AUGUST 2025**
This report was approved by the trustees on 3 April 2026
Signed on behalf of the trustees
**…………………………………**
## **Mr A Millet**
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES**
We report on the accounts for the period ended 31 August 2025 set out on pages 7 to 13.
## **Respective responsibilities of Trustees and examiner**
The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Act;
- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and,
- state whether particular matters have come to my attention.
## **Basis of Independent Examiner’s Report**
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
## **Independent Examiner’s Statement**
In connection with my examination, no matters have come to my attention;
1. which give me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 130 of the 2011 Act); or
- to prepare accounts which accord with these accounting records;
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES**
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
04/06/2026 **Louisa Lulek FCA CTA ................................................... Independent Examiner Darnells Chartered Accountants Quay House Quay Road Newton Abbot Devon, TQ12 2BU**
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT – PERIOD ENDED 31 AUGUST 2025**
|**Note**
**Incoming Resources**
Investment income
3
**Total Incoming Resources**
**Resources Expended**
Direct charitable expenses:
Awards of scholarships to Mill Hill
School
4
Management and administration:
Independent examiners fees
Bank charges
**Total Resources Expended**
**Net (Expended)/Incoming Resources**
Transfer of CCLA Funds
Transfer to unrestricted funds
Reinvestment of funds to investments
**7**
Unrealised increase/(decrease) in
investment assets value
Transfer of Investments
**Net Movement in Funds**
Funds brought forward at 1 Sept 2024
**Funds carried forward at 31 Aug 2025**|**2025**
**2025**
**2025**
**2024**
**Endowment**
**Funds**
**Unrestricted**
**Funds**
**Total**
**Total**
**£**
**£**
**£**
**£**
35,221
-
35,221
34,864|
|---|---|
||**35,221**
**-**
**35,221**
**34,864**|
||-
-
-
-
-
-
-
-
-
1,105
1,105
930
-
-
-
-|
||**-**
**1,105**
**1,105**
**930**|
||35,221
(1,105)
34,116
33,934
(18,855)
(16,366)
18,713
16,366
(18,713)
(18,855)
-
-
-
-
8,174
-
8,174
81,578
(222,638)
-
(222,638)
-|
||**(195,750)**
**(3,452)**
**(199,202)**
**115,512**|
||812,696
217,864
1,030,560
915,048|
||**616,946**
**214,412**
**831,358**
**1,030,560**|
The notes on pages 8 to 13 form part of these accounts
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **BALANCE SHEET – PERIOD ENDED 31 AUGUST 2025**
|**Note**
**Fixed assets:**
Investments
2
**Current assets:**
Short term deposits
Bank current account
Accrued Income
**Liabilities due within one year**
6
**Net current assets**
**Net assets**
**Expendable Endowment Funds:**
Capital account–Original Gift
Capital account–Realised Gains
Capital account–Unrealised Gains
**Unrestricted Funds:**
Income account|**2025**
**2025**
**2025**
**2024**
**Endowment**
**Unrestricted**
**Total**
**Total**
**£**
**£**
**£**
**£**
616,946
-
616,946
812,696
-
-
-
18,028
-
216,747
216,747
173,157
2,347
2,347
30,255|
|---|---|
||-
219,094
219,094
221,440
-
(4,682)
(4,682)
(3,576)|
||-
214,412
214,412
217,864|
||**616,946**
**214,412**
**831,358**
**1,030,560**|
||13,800
-
13,800
13,800
322,165
-
322,165
322,165
280,981
-
280,981
476,731|
||616,946
-
616,946
812,696
-
214,412
214,412
217,864|
||**616,946**
**214,412**
**831,358**
**1,030,560**|
Approved by the Board of Trustees on ..................... 3 April 2026 and signed on its behalf by
**----- Start of picture text -----**
…………………………..Trustee .................................................................................................... Trustee
Mr A Millet Mrs N Marlow
**----- End of picture text -----**
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
The notes on pages 8 to 13 form part of these accounts
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2025**
## **1. Accounting Policies**
Sir Richard Winfrey Memorial Scholarship is an unincorporated charity, constituted under a trust deed on 10 February 1982 and is a registered charity, number 1019611.
## **1.1 Accounting Convention**
The financial statements have been prepared in accordance with the 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sir Richard Winfrey Memorial Scholarship meets the definition of a public benefit entity under FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
In August 2026, the trustees intend to transfer all the assets and activities of the charity to a newly established Charitable Incorporated Organisation (CIO), following which the trusts will cease to operate.
Accordingly, the trustees do not consider the trusts to be going concerns beyond the point of transfer. However, the financial statements have been prepared on a going concern basis as the trustees have a reasonable expectation that the trusts will continue to operate and meet their obligations up to the date of transfer, and that the transfer of assets will be completed in an orderly manner.
The trustees are not aware of any material uncertainties that may cast significant doubt on the ability of the trusts to continue as operational entities until the planned transfer date.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2025**
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Investments**
Investments on a recognised stock exchange are valued at market value at the period end. Other investment assets are included either at the value shown on the statement or at trustees’ best estimate of market value.
## **1.5 Incoming resources**
Any income from donations or grants would be included in incoming resources in the Statement of Financial Activities when they are receivable.
Investment income and any associated tax credits are included in the accounts when receivable.
Any unrealised gain on the annual revaluation of the investments is included in the accounts as an increase in the Endowment Funds.
## **1.6 Resources expended**
Resources expended are included in the Statement of Financial Activities on an accrual’s basis, inclusive of any value added tax which cannot be recovered.
Costs relating to the management and administration of the charity are separately analysed within charitable expenditure.
Any unrealised loss on the annual revaluation of the investments is included in the accounts as a decrease in the Endowment Funds.
## **1.7 Liability recognition**
Generally, liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure.
## **1.8**
## **Cash and Cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Allocation of costs**
Costs are allocated between direct charitable and other expenditure according to the nature of the cost. Where items involve more than one category, they are apportioned between the categories according to the nature of the cost.
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2025**
## **2. Investments**
|**Holding**
451.42
M & G Charifund
29,398.17
Blackrock Charishare
11,021.71
COIF Charity Funds
-
Schroders Equity Fund|**Cost**
£
85,357
75,367
126,755
94,325
381,804|**2025**
**2024**
**Market**
**Market**
**Value**
**Value**
£
£
167,705
137,234
232,540
228,130
216,701
224,694
-
222,638|
|---|---|---|
|||616,946
812,696|
## **Shareholdings: -**
||**2025**|**2024**|
|---|---|---|
||**Holding**|**Holding**|
|M & G Charifund|451|8,911|
|Blackrock Charishare|29,398|29,398|
|COIF Charity Funds|11,021|11,021|
|Schroders Equity Fund|-|44,706|
## **3. Investment income**
|**vestment income**|||
|---|---|---|
|M & G Charifund
Blackrock Charishare
COIF Charity Funds
Schroders Charity Equity Fund
Deposit interest|**2025**
**£**
3,475
7,570
9,200
14,150
826|**2024**
**£**
9,633
9,143
6,050
9,142
896|
||35,221|34,864|
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2025**
## **4. Awards of scholarships to Mill Hill School**
|Pupil
N/A|**2025**
**£**
**2024**
**£**
-
-
-
-|
|---|---|
## **5. Trustees’ Remuneration and Expenses**
No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.
No reimbursement of expenses has been made or is due to be made to any of the trustees in respect of the year.
## **6. Liabilities within one year**
|Mill Hill School
Darnells Chartered Accountants|**2025**
**£**
**2024**
**£**
3,907
775
2,975
600|
|---|---|
||4,682
3,576|
## **7. Endowment Fund**
The Endowment Fund is represented by the fixed asset investments.
The movement during the year relates to the increase in the value of the investments of £8,175, the transfer of investments to The Mill Hill Schools Trust 1201923 of £222,638 and the transfer of CCLA Deposit account of £18,855.
During the year the following movements occurred between the endowment and unrestricted funds: -
£16,366 investment income was transferred from endowment to unrestricted funds.
£18,713 unpaid dividend cheques were reinvested into additional M&G shares.
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**SIR RICHARD WINFREY MEMORIAL SCHOLARSHIP**
## **NOTES TO THE ACCOUNTS – PERIOD ENDED 31 AUGUST 2025**
## **8. Post Balance Sheet Event (PBSE)**
Following the year end, and in line with the trustees’ plans described in Note 1.2, the remaining assets and investments of the trust, including cash balances, were transferred to a newly established Charitable Incorporated Organisation (CIO) as part of a planned reorganisation.
This transfer is expected to be completed before the next financial year end in August 2026. The event is considered a post balance sheet event not adjusting for conditions existing at the year end, but is material due to the value of the assets transferred.
Upon completion of the transfer, the trust will cease operations and will be formally wound up. No assets or liabilities are expected to remain in the trust following the completion of this process.
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