THE ROBERTSON BURSARY TRUST
Registered Charity No. 1096708
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

THE ROBERTSON BURSARY TRUST
GENERAL INFORMATION FOR YEAR ENDED 31 AUGUST 2024
TRUSTEES
Melissa Mary Gay (Chair)
Paul Kenneth Parry
Ali50n Burrows
Rlchard Jones
Simon Holmes
REGISTERED OFFICE
St Chr15topher School
Barrington Road
Letchworth Garden City
Hertfordshlre
SG6 3JZ
REGISTERED CHARTfY NUMBER
1096708
BANKERS
Barclays Bank plc
Hitchin Branch
516 High Street
Hitchin
Hertfordshlre SG5 IBJ
INVESTMENT MANAGERS
Smlth & Wllllamson Investment Management LLP
25 Moorgate
London EC2R 6AY

THE ROBERTSON BURSARY TRUST
TRUSTEES, REPORT FOR YEAR ENDED 31 AUGUST 2024
The Trustees have pleasure In submittlng thelr report and accounts for the year ended 31
August 2024.
ORGANISATION
The Trust Is a registered charlty and Is governed by trust deed dated 19th August 2002.
A supplemental Deed was established to the Definltlve Trust dated 2nd March 2003 and
19 November 2008.
The trustees who served throughout the year were as follows:
Melissa Mary Gay
Paul Kenneth Parry
Alison Burrows
RSchard Jones
Slmon Holmes
TRUSTEE RECRUITMENT AND TRAINING
The Trustees are appolnted In accordance with the founding trust deed. The trustee body
conslsts of two Robertson Trustees, appointed by Neil Robertson, and three school
Trustees, appolnted by St Chrlstopher School (Letchworth) Ltd.
New Trustees are inducted into the workings of the Trust as a reglstered charlty, Including
Board's pollcy and Procedures, by the Secretary and Treasurer.
PRINCIPAL ACTIVITIES
The Trust vias establlshed to award bursarles at St Christopher School, Letchworth,
Hertfordshlre to persons who are in need of financial assistsnce to attend the School.
To advance the education (Includlng social and physlcal tralnlng) of puplls attending the
School and generally to promote and support the charltable objetts of the School.
To advance education withln the Unlted Klngdom.
REVIEW OF AcfIviTIES
Bursarles totalllng £21,711 were awarded In the year to 31 August 2024. These have
been rnade from accumulated dlvldends and Interest from investments.
GRANT MAKING POLICY
The Trustees must use the Income and may use the capital of the Trust In promotlng the
Objects.

THE ROBERTSON BURSARY TRUST
TRUSTEES. REPORT FOR YEAR ENDED 31 AUGUST 2024
INVESTMENT POLICY
The Trustees hold the Trust assets In cash and shares and similar securities. The majority
of the charity's investrnents are In shares. The shares and simllar other securlties were
held under a portfolio managed on a discretionary basis by Evelyn Partners Investment
Management. The share portfollo has a performance target to at least match the FfsE
APCIMS BALANCED Index. Thls year the portfollo's perforrnance was 6.80/0 prlmary return
wlth a portfolio capital return of 2.8 % compared to 2023.
RESERVES POLICY
At the balance sheet date, the Trust held unrestrlcted fund5 totalllng £221,783
At current actlvity levels, the Trustees consider that the assets held in these funds are
available and adequate to fulfil the obligations of the Trust.
The maln funds of the charlty take the form of an expendable endowment which
generates the Income which is used to make the grants. The charity does not need to
hold any free reserves and any free reserves at the end of the financial year to 31 August
2024 will be spent durlng the flnancial year ended 31 August 2025. This policy is revlewed
annually.
Thls report was approved by the board on;
Signed on behalf of the board of Trustees
Trustee
&Ar￿ Ah

THE ROBERTSON BURSARY TRUST
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The Trustees are responslble for preparing the Annual Report and the financlal
statements in accordance with applicable law and United Klngdom Generally Accepted
Accountlng Practi￿.
Charlty law requires the Trustees to prepare accounts ft>r each financial year or perlod,
which give a true and fair view of the charity's stste of affalrs at the end of the year or
period and of Its surplus or deficit for that perlod. In preparing the accounts the
Trustees are required to:
Select sultable accounting policles and then apply them consistentlyi
Make Judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to
any material departures dlsclosed and explalned In the accounts.
Prepare the accounts on the golng concern basis unless It is inapproprlate to
assume that the charity will contlnue in business,
The Trustees are responslble for keeplng proper accountlng records whlch disclose wlth
reasonable accuracy at any time the flnanclal posltlon of the organisation and enables
It to ensure that the accounts comply wlth the Charities Act 2011. The Trustees are
also responsible for safeguarding the assets of the organisation and hence for taklng
reasonable steps for the prevention and detection of fraud or other Irregularities.

THE ROBERTSON BURSARY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 AUGUST 2024
Unrestricted Endowment
Funds
Fund
Total
2024
Total
2023
Notes
INC014E AND EXPENDrruRE ACCOUNT
INCOMING RESOURCES
Income on Investments
35,129
35,129
32,145
Interest receivable
CHARJTABLE EXPENDITURE
Grants payable for the advancement of
educatlon
21,711
21,711
30,722
Governance costs
TOTAL RESOURCES EXPENDED
NET INCOMING RESOURCESIIEXPENDED)
3,653
3,6S3
(5,283)
OTHER RECOGNISED GAINS AND LOSSES
Galnl(Loss) on investment assets
23,144
198,639
79.198
647,734
102,342
846,373
(18,428)
864,801
Funds brought forward at I September 2023
Funds carrled forward at 31 August 2024
The notes on pages 8 to 10 ftirm an Integral part of these accounts.

THE ROBERTSON BURSARY TRUST
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes
2024
2023
FIXED ASSETS
Investments
902 470
813 $45
CURRENT ASSETS
Cash at bank and In hand
67,956
32,828
Debtors and prepayments
Credltors
(21,711)
NET CURRENT ASSETS
TOTAL t4ET ASSETS
948 715
846,373
REPRESENTED BY:
FUNDS
Unrestrltted
221,783
726 932
198,639
647 734
Expendable endowment
948 715
846,373
For the year ended 31 August 2023, the Trust was entitled to exemption from audit under section 477
of the Companies Att 2006 relatlng to small companles,
The members have not required the Trust to obtain an audit of Its accounts for the year in question In
accordance with section 476.
The directors acknowledge thelr responsib11itles for complying wlth the requlrements of the Act with
respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject
to the small companies, regime.
Approved by the Trustees on:
20
Slgned on behalf of the Trustees
Twstee
The notes on pages 8 to 10 form an Integral part of these accounts.

THE ROBERTSON BURSARY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
ACCOUNTING POLICIES
la) The accounts are prepared under the historical cost convention, wlth the exception of
investments which are included at market value, and in accordance with the Statement of
Recommended Practice by Charities issued in 2005 and applicable accounting standards and
the Charities Act 2011.
(b) (l) Donatlons and legacies are accounted for when received or notifled.
(2) Investment Income, other Interest receivable and similar income are accounted for on a
receivable basis.
{c) Expenditure is accounted for on an accruals basis.
(dl Llsted Investments are Included in the balance sheet at thelr mid market quotation at the
year end.
(e) The natu￿ ènd purpose of the expendable endowment fund is explained In note 7 to the
accounts.
TRUSTEES, REMUNERATION
The Trustees received no remuneration or other benefits for the year, and no reimbursement
of expenses durlng the year.
GRANTS PAYABLE FOR THE ADVANCEMENT
OF EDUCATION
Biirsarie< of E21,71.I In total were awarded to 2 puplls attendlng the Sixth Form at St
Chrlstopher School during the year.
GOVERNANCE cosrs
2024
2023
Includes,.
Investment Management fees

THE ROBERTSON BURSARY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2024
XNVEsfMENTS
Listed investments:
Market value as at I September 2023
Acquisitions at cost
Disposals at carrying value
Galn/Loss In the period
813,545
(125,701)
130,928
897,970
Cash held by investment managers
Market value of Investments at 31 August 2024
902 470
Hlstorlcal cost as at 3 1 August 2024
Listed investments
675 962
Listed Investments are represented by:
Equities
Alternatlve Investments
UK
Ov•rse46
Total
376,396
110,320
111 156
267,098
643,494
110,320
144 156
Bonds
597 872
300 098
897 970
DEBTORS
2024
2023
Prepayments - accrued divldends & Interest
Credltors
2024
2023
Bursary fundlng owlng to St Chrls
EXPENDABLE ENDOWMENT FUND
Balance at Investment
I Septsmber
gains/ Balan¢• at 31
2023
(losses) Au9418t 2024
726 932
The expendable endowment fund arose from a gift of £542,000 by the Robertson Famlly.

THE ROBERTSON BURSARY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
9 ANALYSIS OF NET ASSETS 8£TWEEN FUNDS
Net Current
Assets Net Assets
Investments
Unrestricted Funds
175,538
726 932
46,245
221.783
726 932
Endowment Funds
902 470
948 715