## **THE ROBERTSON BURSARY TRUST**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2025**
## **THE ROBERTSON BURSARY TRUST**
## **GENERAL INFORMATION FOR YEAR ENDED 31 AUGUST 2025**
## **TRUSTEES**
Melissa Mary Gay (Chair) Paul Kenneth Parry Aash Bansal (Appointed 12 January 2026) Richard Jones Alison Burrows
## **REGISTERED OFFICE**
St Christopher School Barrington Road Letchworth Garden City Hertfordshire SG6 3JZ
## **REGISTERED CHARITY NUMBER**
1096708
## **BANKERS**
Barclays Bank plc Hitchin Branch 5/6 High Street Hitchin Hertfordshire SG5 1BJ
## **INVESTMENT MANAGERS**
Evelyn Partners Group Ltd 4th Floor, 111 Victoria Street Bristol, BS1 6AX
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**THE ROBERTSON BURSARY TRUST**
## **TRUSTEES' REPORT FOR YEAR ENDED 31 AUGUST 2025**
The Trustees have pleasure in submitting their report and accounts for the year ended 31 August 2025.
## **ORGANISATION**
The Trust is a registered charity and is governed by trust deed dated 19th August 2002. A supplemental Deed was established to the Definitive 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 Richard Jones Alison Burrows Aash Bansal Appointed (12/01/26)
## **TRUSTEE RECRUITMENT AND TRAINING**
The Trustees are appointed in accordance with the founding trust deed. The trustee body consists of two Robertson Trustees, appointed by Neil Robertson, and three school Trustees, appointed by St Christopher School (Letchworth) Ltd.
New Trustees are inducted into the workings of the Trust as a registered charity, including Board's policy and Procedures, by the Secretary and Treasurer.
## **PRINCIPAL ACTIVITIES**
The Trust was established to award bursaries at St Christopher School, Letchworth, Hertfordshire to persons who are in need of financial assistance to attend the School.
To advance the education (including social and physical training) of pupils attending the School and generally to promote and support the charitable objects of the School.
To advance education within the United Kingdom.
## **REVIEW OF ACTIVITIES**
Bursaries totalling £21,554 were awarded in the year to 31 August 2025. These have been made from accumulated dividends and interest from investments.
## **GRANT MAKING POLICY**
The Trustees must use the income and may use the capital of the Trust in promoting the Objects.
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**THE ROBERTSON BURSARY TRUST**
## **TRUSTEES' REPORT FOR YEAR ENDED 31 AUGUST 2025**
## **INVESTMENT POLICY**
The Trustees hold the Trust assets in cash and shares and similar securities. The majority of the charity's investments are in shares. The shares and similar other securities were held under a portfolio managed on a discretionary basis by Evelyn Partners Investment Management. The share portfolio has a performance target to at least match the FTSE PIMFA BALANCED Index. This year the portfolio's performance was 5.36% primary return with a portfolio capital return of 1.41% compared to 2025.
## **RESERVES POLICY**
At the balance sheet date, the Trust held unrestricted funds totalling £234,140
At current activity levels, the Trustees consider that the assets held in these funds are available and adequate to fulfil the obligations of the Trust.
The main funds of the charity 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 2025 will be spent during the financial year ended 31 August 2026. This policy is reviewed annually.
This report was approved by the board on:
12/03/2026
Signed on behalf of the board of Trustees
Trustee
MELISSA MARY GAY
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## **THE ROBERTSON BURSARY TRUST STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Charity law requires the Trustees to prepare accounts for each financial year or period, which give a true and fair view of the charity's state of affairs at the end of the year or period and of its surplus or deficit for that period. In preparing the accounts the Trustees are required to:
Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
Prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the organisation and enables it to ensure that the accounts comply with the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the organisation and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
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## **THE ROBERTSON BURSARY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025**
|Notes
Unrestricted
Funds
**£**
**INCOME AND EXPENDITURE ACCOUNT**
INCOMING RESOURCES
Income on investments
34,552
Interest receivable
-
34,552
CHARITABLE EXPENDITURE
Grants payable for the advancement of
education
3
21,554
Governance costs
4
7,688
TOTAL RESOURCES EXPENDED
29,242
NET INCOMING RESOURCES/(EXPENDED)
5,310
OTHER RECOGNISED GAINS AND LOSSES
Gain/(Loss) on investment assets
7,047
**12,357**
Funds brought forward at 1 September 2024
221,783
Funds carried forward at 31 August 2025
**234,140**|Notes
Unrestricted
Funds
**£**
**INCOME AND EXPENDITURE ACCOUNT**
INCOMING RESOURCES
Income on investments
34,552
Interest receivable
-
34,552
CHARITABLE EXPENDITURE
Grants payable for the advancement of
education
3
21,554
Governance costs
4
7,688
TOTAL RESOURCES EXPENDED
29,242
NET INCOMING RESOURCES/(EXPENDED)
5,310
OTHER RECOGNISED GAINS AND LOSSES
Gain/(Loss) on investment assets
7,047
**12,357**
Funds brought forward at 1 September 2024
221,783
Funds carried forward at 31 August 2025
**234,140**|Endowment
Fund
**£**
-
-|**Total**
**2025**
**£**
**34,552**
**-**|Total
2024
£
35,129
-|
|---|---|---|---|---|
||34,552|-|**34,552**|35,129|
||21,554
7,688|-
-|**21,554**
**7,688**|21,711
9,765|
||29,242|-|**29,242**|31,476|
||5,310
7,047|-
12,665|**5,310**
**0**
**19,712**|3,653
98,690|
||**12,357**
221,783|**12,665**
726,932|**25,022**
**948,715**|102,343
846,373|
||**234,140**|**739,597**|**973,737**|948,715|
The notes on pages 7 to 9 form an integral part of these accounts.
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## **THE ROBERTSON BURSARY TRUST BALANCE SHEET**
## **AS AT 31 AUGUST 2025**
||Notes|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
|**FIXED ASSETS**||||
|Investments|5|**914,494**|**902,470**|
|**CURRENT ASSETS**||||
|Cash at bank and in hand||**59,243**|**67,956**|
|Creditors|6|**-**|**(21,711)**|
|**NET CURRENT ASSETS**||**59,243**|**46,245**|
|**TOTAL NET ASSETS**||**973,737**|**948,715**|
|**REPRESENTED BY:**||||
|FUNDS||||
|Unrestricted||**234,140**|**221,783**|
|Expendable endowment|7|**739,597**|**726,932**|
||8|**973,737**|**948,715**|
For the year ended 31 August 2025, the Trust was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 their responsibilities for complying with the requirements 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: 12/3/26
Signed on behalf of the Trustees
## Trustee MELISSA MARY GAY
The notes on pages 8 to 10 form an integral part of these accounts.
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## **THE ROBERTSON BURSARY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1. ACCOUNTING POLICIES**
- (a) The accounts are prepared under the historical cost convention, with the exception of investments which are included at market value, and in accordance with the Statement of Recommended Practice (FRS 102) and applicable accounting standards and the Charities Act 2022.
- (b) (1) Donations and legacies are accounted for when received or notified.
(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.
- (d) Listed investments are included in the balance sheet at their mid market quotation at the year end.
- (e) The nature and purpose of the expendable endowment fund is explained in note 7 to the accounts.
## **2. TRUSTEES' REMUNERATION**
The Trustees received no remuneration or other benefits for the year, and no reimbursement of expenses during the year.
## **3. GRANTS PAYABLE FOR THE ADVANCEMENT OF EDUCATION**
Bursaries of £21,554 in total were awarded to 2 pupils attending the Sixth Form at St Christopher School during the year.
## **4. GOVERNANCE COSTS**
|Includes:
Investment Management fees|**2025**
2024
**£**
£
**7,688**
**9,765**|
|---|---|
**2025**
7
## **THE ROBERTSON BURSARY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **5. INVESTMENTS**
## **£**
|**5.**
**INVESTMENTS**|||**£**|
|---|---|---|---|
|Listed investments:
Market value as at 1 September 2024
Acquisitions at cost
Disposals at carrying value
Gain/Loss in the period
Cash held by investment managers
Market value of investments at 31 August 2025|||902,470
41,488
-48,583
12,665
**908,040**
**6,454**|
||||**914,494**|
|||||
|Historical cost as at 31 August 2025
Listed investments|||**708,498**|
|Listed investments are represented by:
Equities
Alternative Investments
Bonds|**UK**
**Overseas**
364,418
274,061
126,322
-
110,879
32,360||**Total**
638,479
126,322
143,239|
||601,619
306,421||908,040|
## **6 Creditors**
|**Creditors**
Bursary funding owing to St Chris
**EXPENDABLE ENDOWMENT FUND**|**2025**
2024
**£**
£
**0**
**-21,711**
Balance at
1 September
2024
Investment
gains/
(losses)
**Balance at 31**
**August 2025**
£
£
**£**
726,932
12,665
**739,597**|**2025**
2024
**£**
£
**0**
**-21,711**|
|---|---|---|
## **7 EXPENDABLE ENDOWMENT FUND**
The expendable endowment fund arose from a gift of £542,000 by the Robertson Family.
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## **THE ROBERTSON BURSARY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **8 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Unrestricted Funds
Endowment Funds|Investments
Net Current
Assets
**Net Assets**
£
£
£
174,897
59,243
**234,140**
739,597
-
**739,597**|
|---|---|
||**914,494**
**59,243**
**973,737**|
9