RICHMOND NATIONAL SCHOOLS TRUST FINANCIAL STATEMENTS FOR THEYEAR ENDED 5 APRIL 2024 DAVERT BANKS & COMPANY WOODLAND LODGE THE WOODLANDS ESHER, SURREY KT10 8DD
RICHMOND NATIONAL SCHOOLS TRUST CONTENTS Page Legal and Administrative Information Report of the Trustees 213 Independent Examiner's Report ststement of Financial Activities Balance Sheet Investment Income 719 Notes to the Financial Ststements 10111
RICHMOND NATIONAL SCHOOLS TRUST LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2024 Status Registered as a Charity on 8 March 2010 number 1134701 Trustees J Chilcott P Henchie E Mirrielees S Routledge C Jerwood (Chair) Clerk to the Trustees D M Rawstron Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ Independent Examiner R T Hecquet FCA Davert Banks & Co. Woodland Lodge The Woodlands Esher Surrey KT10 8DD Principal Office 25 Sheen Lane Mortlake London SW14 8HY Solicitors Smyth Barkham LLP 1 Mitre Court Buildings Inner Temple London EC4Y 7BS
RICHMOND NATIONAL SCHOOLS TRUST RUSTEES, REPORT FO YEAR ENDED 5 APRIL 2024 - The Trustees present their Report together with the Financial Statements of the Charity for the year ended S April 2024. Legal and Administrative Information set out on page 1, forms part of this report. Objectives and Activities The Charity has its origins in a Memorandum of Lady Day 1713. The subscribers agreed to pay an annual sum at their pleasure.for setting up of a Charity School in the Parish of Richmond in the County of Surrey for teaching poor children to read and instructing them in the knowledge and practise of the Christian Religion as professed and taught in the Church of England and such other things as are suitable to their condition and capacity" The Charity became a registered charity on 8 March 2010. On 22 March 2013, the Charity Commission made a fully regulating Scheme. The name of the charity was changed from Rlchmond National Schools (St Mary's) to Richmond National Schools Trust and the area of benefit was extended from the 1713 parish of Richmond to the London Borough of Richmond upon Thames south of the river Thames. The updated objects are.. 1. To advance the education of the pupils at Christ's School Richmond,. and other Church of England Schools in the area of benefit {together the "Schools") by providing and assisting in the provision of facilities (not required to be provided by the local authority) for education at the schools., and 2. For the public benefit to promote the education (including social and physical training) of pupils at the schools by providing financial assistance, outfits, clothing, equipment, instruments or books to assist pupils to pursue their education (including th6 Study of music and other arts), to undertake travel in furtherance thereof, or to prepare for or enter a profession, trade, occupation or service on leaving school.. and 3. To make grants to other charitable organisations established in pursuance of or founded on the principles of the Christian religion as practised in the Church of England and providing support, facilities or activities for the schools, the pupils at the schools or any other school in the area of benefit. Achievements and Performance The Trustees, policy is to apply all the distributable income each year of the unrestricted fund and the endowment fund for the beneficiary schools namely Christ's School, Richmond., St Richard's Primary School, Ham., Holy Trinity Primary School, Richmond and The King's School, Kew. The four schools are invited each year in the Autumn Term to submit their funding applications for the year with an order of priority. The awards made by the Trustees have enhanced the learning environment for the pupils in the schools by enabling them to provide facilities which fall outside state funding. The Income of the restricted fund is to be applied to advance the education of pupils at Christ's School Richmond and former pupils under the age of 25 years.
RICHMOND NATIONAL SCHOOLS TRUST TR S, REPORT FOR THE YEA ENDED 5 APRIL 2024 - 2 Financial Review It is the policy of the Trustees to maintain unrestricted funds which are the free reseNes of the charity at a level which allows the charity to meet its objectives. At the 5 April 2024, the Charity held unrestricted funds of £4,106,178 restricted funds of £ 90,997 and endowment funds of £ 5,876,491. Structure, Governance and Management The Trustees usually meet on two occasions a year and at other times as required. Trustees are appointed by resolution as vacancies arise based on an assessment of the key skills required by the board of Trustees. New Trustees receive an induction pack containing background information about the charity and other relevant information. Reference and Administrative Details The Trustees delegate day to day management of the Charity to Mrs D M Rawstron. The report was approved by the Trustees on 10 October 2024 and signed on their behalf by., Clerk to the Trustees
INDEPENDENT EXAMINER, TRUST REPORT TO THE TRUSTEES OF RICHMOND NATI NAL SCHOOLS I report on the Financial Statements for the year ended 5 April 2024, which are set out on Pages 5 to 11 ctlve onsibilities of Trust 8 and Examiner As the Charity's Trustees, you are responsible for the preparation of the Financial Statements" you consider that the audit reqU1ment of Section 14511) of the Charities Act 2011 ('the Act,) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145(5)Ib} of the Act, whether particular matters have come to my attention. This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Act. My work has been undertaken so that I might state to the Charity's Trustees the matters l am required to State to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity's Trustees, as a body, for my independent examination, or for my report. mlner's Re ort My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and 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 you concerning any such matters. The procedures undertaken do not provide all the evidence that would be required by an audit and, consequently, I do not express an opinion on the view given by the accounts. Indè endent Ex mlneV Re In connection with my examination, no matter has come to my attention". - which gives me reasonable cause to believe that in any material respect the requirements. to keep accounting records in accordance with Section 130 of the Act., and to prepare Financial Statements which accord with the accounting records and to comply with the accounting requirements of the Act. have not been met" or to which, in my opinion, attention should be drawn in order to enable a proper understsnding of the Financial Statements to be reached. R T Hecquet FCA Davert 8anks & Co Woodland Lodge The Woodlands Esher, Surrey Kr10 8DD 1 Octo er 2024
RICHMOND NATIONAL SCHOOLS TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Restricted Endowment Note Fund Fund Fund 2024 2023 Totsl Funds Total Funds Income Resources from.. Investments 161390 163 234 192 970 Expenditure on.. Raising Funds Investment Management 24,164 37,289 61,453 62,297 Charitable Activities 189,763 189,763 186,000 Governance Costs Total 228,707) 37,289)< 265,996 ) ( 254,754) (Losses) l Gains on Investment Assets.. Realised Unrealised 17,768) 392,921 207,710 185,494 189,942 ( 583,082 ( 69,877) 424,042 > 4,667 (Loss ) on Foreign Exchange 10 339 }( 10754) 146 031 345 576 496 274 1 746 850) Net movement in Funds 307,421 6,511 345,576 659,508 { 553,880) Movement beeen Funds 17,577 17,577 ) Reconciliation of funds Total funds brought forward 3 781180 84 486 5 548 492 9414158 9 968 038 Total funds carried foMard 4 106 178 5876491 £ 10,073,666 £ 9414 158
RICHMOND NATIONAL SCHOOLS TRUST BALANCE SHEET AS AT 5 APRIL 2024 Unrestricted Restricted Endowment Note Fund Fund Fund 2024 2023 Total Funds Total Funds Current Assets Quoted Investments Accrued Income Purchased Cash at Bank- Current Deposit Funds held by Evelyn Partners 3,801,292 67,747 5,796,043 50,061 9,665,082 50,061 84,264 175,783 8,974,779 61,014 175,783 23,250 93,960 175,946 82 734 113121 175 930 4,120,823 90,997 5,876,491 10,088,311 9,420,615 Creditors.. Amounts falling due within one year Net Current Assets £ 4,106178 £ 90997£5876491 £ 10073666 £ 9414158 The Funds of the Charity £ 4106178 £ 90997£5876491 £ 10073666 £ 9414158 Approved on 10 October 2024 and slgned on behalf of the Trustees Mrs E M Mirrielees - Chair to the Trustees Mrs D M Rawstron -clerk to the Trustees
RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME- 1 R THE YEAR 5 APRIL 2024 United Kin do Dividends Astrazeneca PLC 1,630 1949 Shares Beazley PLC 19,952 Shares Bunzl PLC 4,710 Shares Croda International PLC 2,260 Shares Dlageo PLC 5.925 Shares Experian PLC 6.100 Shares J P Morgan Japan C Acc 42,260 Shares Legal and General Group PLC 61,590 Shares Liontrust European Dynamic I 292,336.99 Units Prudential PLC 8,937 Shares Ruffer Total Return 52,000 Shares Schroder Asian Income 411.230 Shares Thesis Equity Income 170,500 Shares Unilever PLC 4,580 12,639 Shares 2,650.78 2,693.52 2,995.56 1,378.60 4,740.00 2,671.32 722,65 12,096.28 1,204.90 934.85 867.72 13,101.79 7,918.02 6 068.75 60 044.74 ed Kin do e Distributions Supermarket Income REIT PLC 265,473 Shares 3 982.10
RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME - 2 FOR THE YEAR ENDED 5 APR Forei n Dividends 2024 Tax DividendPaid/ Accumulated Activation Blizzard Inc 1,400 Shares Air Products & Chemicals Inc 690 Shares Apple Inc 1,640 1950 Shares Bank of America 4,080 12,356 Shares Becton Dickinson & Co 775 1447 Shares Blackrock Cont Euro Flex 3,445 Shares Cisco Systems 2,745 Shares Coca Cola 1,768 Shares Coupland Cardiff Japan Inc & Gth 8,610 16,650 Shares CRH PIC 4,334 Shares Fidelity Natl Information 1,475 Shares Hermes Global Emerging Markets 93,940 Shares International Public Partnership 120,800 Shares I Shares S & P 500 27,017 115,504 Shares I Shares Core FTSE 100 45,643 124,334 Shar8S J Morgan Chase 1,125 Shares McDonalds Corporation 665 1382 Shares Microsoft Corporation 903 1522 Shares Nike 875 1502 Shares Nova Nordisk 523 Shares Pepsico Inc 875 1506 Shares Sanlam Artificial Intelligence 100,800 Shares Smurfit Kappa Group PLC 5,510 Shares Thermo Fisher 210 1315 Shares United Health 223 Shares Visa Inc 995 1575 Shares 161.74 £ 916.52 429.82 2,435.52 166.95 946.12 405.96 2,300.48 305.02 1,728.43 1,082.64 507.64 2.876.40 100.79 571.17 4,569.22 1,991.06 5,973.19 89.39 506.54 1,392.53 4,674.96 2,042.50 12,461.63 546.65 3,097.68 442.42 2,507.13 270.22 1,531.25 130.79 741.09 102.86 278.08 469.55 2,660.62 272.16 1,673.79 5,021.39 21.93 124.19 48.92 277.24 201.67 1142.72 £ 8 067.17 62 131.40
RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME- 3 FOR THE YEAR ENDED 5 APRIL 2024 Interest Paid UKS vin s Interest Artemis Corp Bond 243,970 Shares U K 0.250/0 Bonds 31.01,25 £475,860 1 £612,247.25 UK 50/0 Bonds 07.03.25 £200,000 UK 0.125°/o Bonds 30.01.26 £196,384.19 1 £299,584.19 UK 0.3750/0 Bonds 22.10.26 £116,726.30 UK 0.125 0/0 Bonds 10.08.28 £142,500 1 £165,985 UK 0.50/0 Bonds 31.01.29 £166,290 UK 4.50/0 Bonds 07.09.34 £106,567.62 Accrued Income Purchased 8,593.60 1,360.14 5,000.00 309.98 218.86 260.17 831.46 2,397.77 3 983.52 14 988.46 For Apple Inc 3.05 OA 31.07.29 £200.000 Asian Development Bank 3.875 0/0 10.02.26 £240,000 C G Absolute Return 2,725 Shares Johnson & Johnson 5.50/0 £100,000 Kreditanstalt Fur 4.125 0/0 18.02.28 £200,000 Accrued Income Purchased 3,050.00 9,350.40 7,867.80 5,500.00 8,250.00 19 913.08 14 105.12 Total Investm In Al 155 251.82 The above income arose from the Unrestricted fund and the Endowment fund Restricted Fun Dividen Dividend Paid COIF Charits'es Investment Fund 3,385.67 Income Units 1,844.41
RICHMOND NATIONAL SCHOOLS TRUST NOTES TO THE ACCOUNTS- 1 THEYEAR E ED 5 APRIL 024 1. Accounting Policies In preparing the financial statements the following accounting policies have been complied with: a) The financial statements have been prepared under the historic cost convention and in accordance with applicable accounting standards. The financial statements follow the recommendations in the Statement of Recommended Practise FRS102 (effective l January 2015) applicable in the UK and Republic of Ireland. b) Investment income by way of dividends and interest is recorded when received. c) Expenditure on grants is recorded once the charity has made an unconditional commitment to pay the grant and this has been communicated to the recipient and the grant has been paid. d) Other costs are included in the financial statements on an accruals basis and include value added tsx which is irrecoverable e) The Quoted Investments have been valued at the market value at balance sheet date. 2. Taxation The Charity is exempt from taxation (other than Value Added Tax) on its income and gains where they are applied for charitable purposes. 3. Investment income 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total Investments- pages 19121 Deposit interest 155,252 1,844 157,096 191,063 161390 163 234 £ 192 970 All Income arising in the Endowment Fund is included in the Unrestricted Fund 10-
RICHMOND NATIONAL SCHOOLS TRUST NOTES TO THE ACCOUNTS- 2 FOR THE YEAR ENDED 5 APRI 024 4. Charitable activities The Charity made donations and grants, as follows.. 2024 2023 Christ's School King's School St Richard's with St Andrew's C Primary School Holy Trinity Primary School 99,100 £ 41,904 21,684 96,000 30,000 30,000 189763 £ 186 000 Governance Costs 2024 2023 Independent Examiner's Fee Professional Charges Other administration expenses 6,360 8,285 135 5,700 757 14780 £ Movement beeen Funds The amount of £17,577 represents accrued income purchased of £23,897 on Endowment Fund investments which has been set off against income received in the year less accumulated dividends of £6,320 arising in the Endowment Fund which have been included in the Investment Income of the Unrestricted Fund Creditors - Amounts falling due within one year 2024 2023 Accruals Independent Examiner's Fee Professional Charges 6,360 5,700 757 15465 £ Related Paty Transactions None of the trustees were paid remuneration by the Charity during the year (2023 - nil) One of the Trustees received travel costs of £35 (2023 - £Nil > 11