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 reqU1￿ment 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 be￿een 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 be￿een 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