Charlty No. 1115791 RICHARDSON BROTHERS FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
RICHARDSON BROTHERS FOUNDATION CHARITY INFORMATION Lrfe Patron R N Richardson Trustees M F Richardson L S Richardson N Paul R Brown H Belton (Appointed 171h January 2024) (Appointed l January 2024) (Appnted 1 January 2024) C A Richardson (Resigned 17th January 2024) Charlty Registored Number 1115791 Principal Office 4 Birchley Industrial Estate Birchfield Lane Oldbury B68 1DT Audltors Locke Williams Associates LLP clo Blackthorn House St Pauls Square Birmingham West Midlands B31RL Bankers Coutts & Co 440 Strand London WC2R OQS
RICHARDSON BROTHERS FOUNDATION CONTENTS Trustees, report Report of the Independent Audltor8 Statemènt of flnancial actlvlties Balance sheet Notes to the financlal statements
RICHARDSON BROTHERS FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their annual report together with the financial statements of Richardson Brothers Foundation (the charity) for the year ended 5 April 2024. The Trustees confimi that the annual report and financial statements of the charity comply with the Charities Act 2011, the reqUInIS of the charty's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities," applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab in the United Kingdom and Republic of Ireland (FRS 102). Objectlves and activltles The objectives of the charity are to advance for the public benefit any purpose which is exclusively charilable at law, as the Trustees see fit from the philosophical direction of the Founders. The Trustees and the Life Patron have appraised the aims and objectives of the charity and in making the considerations the Trustees have given due regard to the guidance on public benefft published by the Charity Commission. Grant making policy The Foundation has estsblished its grant making policy to achieve its objects for the public benefit. The granl making policy is reviewed annually to ensure that it reflects the charity's objectives and ensures grants are made to individuals and organisations in line with the Trustee's wishes. Achievemonts and perfomiance Re8W of actiwties The Foundation has a focus on supporting educational. amRd forces, local communities, children and young people. Amongst the many good causes it has helped, the Foundation has supported Wolverhampton Grand Theatre and Dudley Canal and Tunnel Trust by providing free coach travel for children and young people from economically challenged areas to visit bolh venues and take part in enriching activities. It has awarded funding to the RAF Museum in Cosford to support their development programme and has donated to the Diwali Basket Parade that provides food hampers to soctally deprived families from all faiths and backgrounds. During the year, the Charity made charitable donations totalling £109.512 (2023: £128,571) to organisations that are aligned to its objectives. Investmentpolicy and perfomance The Trustees continue to regularly review their investment policy to ensure that it still meets the aims of low risk investment and safeguarding of the charity's capstal. Hans for the future The Trustees are looking at organisations to which granls can be made which align to the aims of the Trust and would have a significant beneficial impact.
RICHARDSON BROTHERS FOUNDATION Financial revlew Income from investments has increased this year from £256,436 to £268,319 Totsl funds at the end of the year were £4,394,717 compared to £3,399,313 in 2023. ReseNes policy The trustees aim to maintain the free reserves in unrestricted funds at a level which will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. Risk management Trustees keep under review the major operations and strategic risks to which the charity is exposed and are satisfied that systems are in place to mitigate any such risks. The Trustees continue to assess any future impact the current economic climate may have and remain of the opinion that the Foundation is strongly positioned to handle any downturn in investment values that might arise. The Foundation has minimal operating costs and relies on investment income to fund its grant making activities. The Foundation is able to flex its grant awards in the event that investment income takes a downturn. Structure, governance and management The Charity is governed by a Trust Deed dated 1 August 2006 and is a registered charity, number 1115791. The Trust Deed was made by the first three Trustees, C A Richardson, M F Richardson and L S Richardson. The charity may have such number of Patrons as the Trustees shall determine is appropriate. One of the first Patrons of the Foundation, R N Richardson, has been appointed for life. Method of appointment or election of Twstees The managernent of the Charity is the responsibility of the Trustees who are elected and co-opled under the terms of the Trust deed. Organisational structure and decision making All matters of policy and management are determined by the Trustees who meet monthty. The Trustees are not, and have never been. remunerated for their role and no expenses are paid by the charity to or for any of the Trustees. Mr C A Richardson, M F Richardson, and L S Richardson hold legal title to property belonging to the charity at the date of this report, however, the charity retains beneficial ownership.
RICHARDSON BROTHERS FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 ststement of Trustees, responslbllities for the financial ststements The trustees are responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charty and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 {FRS 102); 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 financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial ststements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 2025 and signed on their behalf, by: This report was approved by the Trustees on ardson Trustee
RICHARDSON BROTHERS FOUNDATION REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RICHARDSON BROTHER FOUNDATION Opinion We have audited the financial ststements of Richardson Brothers Foundation (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the charty's affairs as at 5 April 2024 and of ts incoming reSoUrS and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going conrn basis of accounts'ng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's abilty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial ststements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not express any fonn of assurance conclusion thereon.
RICHARDSON BROTHERS FOUNDATION REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RICHARDSON BROTHER FOUNDATION (CONTINUED) In connection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and retums" or we have not received all the information and explanations we require for our audit. Responslbllities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going COnM basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financlal statsments Vve have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the Charity and the sector in which it operates and considered the risk ofacts by the Charity that were contrary to applicable laws and regulations, including fraud. We designed our detailed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
RICHARDSON BROTHERS FOUNDATION REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RICHARDSON BROTHER FOUNDATION (CONTINUED) We focussed on those laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of Ihird parties where appropriate. As in all our audits, we also addressed the risk of management override of internal controls, including testing joumals and checking the authorisation of expenditu as part of our substantive testing, using analyb'cal review to identify any significant or unusual transactions and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and. the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial ststements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors. Use of our report This report is made solely to the charty's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charty's trustees as a body, for our audit work, for this report, or for the opinions we have ft)rmed. llL kJJL a Locke Williams Associates LLP Chartered Accountants Registered Auditors Blackthom House St Pauls Square Birmingham West Midlands B31RL Date.. 31 January 2025
RICHARDSON BROTHERS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2024 Endowment funds 2024 Unrestricted funds 2024 Total funds 2023 Note Total 2024 Income from: Donations Investments 1,300 267,019 1,300 267,019 256,436 Total income 268,319 268,319 256,436 Expenditura on: Charitable activities 133,063 133,063 154,405 Totsl •xpenditure 133,063 133,063 154,405 Gainl(loss) on investment assets 888,161 (28,013) 860,148 10,054 Net (expenditurev income 888,161 107,243 995,404 112,086 Reconciliatlon of funds: Total funds brought forward 2,783,973 615,340 3.399,313 3,287,227 Total funds carried forward 3,672,134 722,583 4,394,717 3,399,313 The notes on pages 7 to 12 form part of these financial statements.
RICHARDSON BROTHERS FOUNDATION BALANCE SHEET AS AT S APRIL 2024 2024 2023 Note Fixèd a8s•ts Investments 3,249,364 2,835,940 Current assets Debtors Cash at bank and in hand 2,844 1,229,003 642.810 1,235,447 645.654 Creditors: amounts falling due within one year (90.0941 (82.281) Net current assets 1,145.353 563.373 Net assets 4.394.717 3,399.313 Charity Funds Endowment funds Unrestricted funds 10 10 3,672,134 722,583 2.783,973 615,340 Total funds 4,394,717 3,399,313 The financial statements were approved by the Trustees on 14 .w.w. 20¥ and signed on their behalf, by- hardson Trustee The notes on page 9 to 16 fomi part of these financial statements.
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Accounting pollcles Basis of preparation of financial statements The charity constitutes a public benefit entty as defined by FRS 102. The financial statements have been prepared in accordan with Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s} to the accounts. Critical accounting Judgements and koy sources of estlmatlon uncertainty In preparing the Financial Statements, the trustees are required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. Investment ro The trustees have revalued the propety to fair value at the year end. They have based their valuation on a valuation carried out by RCL Partners Ltd on 10 April 2024. Shares in unlisted com nies The trustees have revalued holdings of shares in unlisted private companies to fair value at the year end. They have based their valuation by reviewing the latest financial and management information available to them. The trustees consider that there are no significant areas of key judgement or estimation UnrtaInty other than those identified in the accounting policies above. Going Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The trustees have assessed the impact of the current economic climate on the Foundation and are confident that the Foundation has sufficient resources to continue to operate for a period of at least 12 months from the date of signing these financial ststements. Accordingly, the financial statements have been prepared on a going concern basis as no material uncertainties exist.
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Fund Accountlng General Funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Expendable Endowment Funds were established in 2006 by a gift from the Richardson family. Further gifts were made in 2007. The terms of the fund allow the income to be accumulated and the capital to be spent as the trustees determine. Incoming Resources All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the funds, after any performance conditions have been met, the amount can be measured reliably, and it is probable the income will be received. Income trom property rentsls is deferred where this is demanded and received in advance of the period of let. Resources Expended Expenditure is accounted for on an accruals basis and classified by activity. Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. The wsts of each activity are made up of a total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Investments Fixed asset investments are a fom of financial instrument and are initially recognised at their transactions cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, where realised or unrealised. are combined and shown in the heading 'Gainsl(losses) on investments in the Statement of Financial Activities Investment properties Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in 'net gainsl(losses) on investments. in the SOFA. No depreciation is charged on investments properties in accordance with the Charities SORP. Cash at bank Cash at bank and in hand includes cash and short tem highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account 10
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1.10 Debtors and creditors receivable I payable withln one year Debtors and credilors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.11 Taxation Richardson Brothers Foundation meets the definition of charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charity for UK corporation tax purposes.
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Investment Income Endowment Unrestricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Dividends received, bank and other interest Investment propety rental income 24,258 242,761 24,258 242,761 10,865 245,572 267,019 267.019 256,436 In 2024, all investment income related to unrestricted funds. Charitsble activitles To institutions To indivlduals Donatlons 2024 2023 Armed Forces related Local community Children and young people Medical Other 10,250 16.050 5.000 9.500 61.712 10.250 16,050 5,000 9,500 68,712 1,450 62,479 26,550 2,600 35,492 7,000 102,512 7,000 109,512 128,571 Support costs Repairs 9,383 14,168 9,856 15,978 133,063 154,405 In the year three grants were made to individuals (2023.. one grant)- 12
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Charitable actlvlties (continued) 2024 2023 Slgnificant Institutional grants include= Rees Foundation Newlife Charity Brighter Futures Give Us Time LandAid Charitable Trust The Mockingbird Trust 10,000 5,452 5,000 5,000 10,000 5,000 Support costs Total 2023 Totsl 2023 Governance Audit Other governance costs 3,960 5,423 3,960 5.423 3,840 6,016 9,383 9,383 9.856 Remuneratlon of key management personnel The Foundation considers its key management personnel to be the trustees. During the year, no Trustees received any remuneration, benefits or reimbursement of expenses (2023: £Nil). 13
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Auditor's fee The Auditor's fee includes the cost of preparation of accounts and a fee for the audit totalling £3.960 (2023. £3,840). Fixed assot Investments L18ted securitie8 Investment other property Investments Total Market value At 6 April 2023 602,490 2,181,483 51,967 2,835,940 Revaluations 128,014) 888,161 860,147 Realisations 1446,723) (446,723) At 5 April 2024 127,753 3,069,644 51,967 3,249,364 Historlcal cost 600.254 2,287,308 64,967 2.952,529 Investments at market value comprise: 2024 2023 Investment propety Listed investments Other fixed asset investments 3,069,644 127,753 51,967 2,181,483 602,490 51,967 Total market value 3,249,364 2,835,940 All the fixed asset investments are held in the UK. The investment propety was subject to an independent professional valuation at 10 April 2024. The valuation was undertaken by RCL Partners Ltd. Debtorn 2024 2023 Trade debtors 14
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income VAT Other creditors 69,568 14,546 5,980 58,902 12,279 11,100 90,094 82,281 10. Statement of funds Brought Forward 06104123 Income Expendlture Galnsl Carried (Losses) Forward 05104124 Unrestrlcted funds General funds 615,340 268,319 (133,063) (28.013) 722,583 Endowment funds Endowment funds 2,783.973 888,161 3,672,134 Total funds 3,399,313 268,319 (133,0631 860,148 4,394,717 11. Analysis of net assets between funds - current year Endowment Unrestrlcted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 3,197,397 474,737 51,967 760,710 (90,094) 3,249,364 1,234,447 {90,094) 3,672,134 722.583 4,394,917 15
RICHARDSON BROTHERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Analysis of net assets between funds - prior year Endowment Unrestricted funds funds 2022 2023 Total funds 2023 Fixed asset investments Current assets CredfcoTS due within one year 2,783.973 51.967 645.654 (82.281) 2,835,940 645.654 (82,2811 2,783,973 615,340 3.399,313 12. Related PartSes There were no related party transactions for the year ended 5 April 2024 (2023: £Nil). 16