RICHMOND NATIONAL SCHOOLS TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2025
DAVERT BANKS & COMPANY
WOODLAND LODGE
THE WOODLANDS ESHER, SURREY KT10 8DD
RICHMOND NATIONAL SCHOOLS TRUST
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report ofthe Trustees | 2/3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Investment Income | 7/10 |
| NotestotheFinancialStatements | 11/12 |
RICHMOND NATIONAL SCHOOLS TRUST LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2025
| Status | Registered as a Charity | on |
|---|---|---|
| 8 March 2010 | ||
| number 1134701 | ||
| Trustees | J Chilcott | |
| P Henchie | ||
| E Mirrielees | - (Chair) | |
| S Routledge | ||
| C Jerwood | ||
| R Martin | -Appointed 6 March 2025 | |
| Clerk to the Trustees | D M Rawstron | |
| Bankers | C Hoare & Co. | |
| 37 Fleet Street | ||
| London | ||
| EC4P 4DQ | ||
| Independent Examiner | RT HecquetFCA | |
| 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 |
|
| InnerTemple | ||
| LondonEC4Y7BS |
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RICHMOND NATIONAL SCHOOLS TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025 - 1
The Trustees present their Report together with the Financial Statements of the Charity for the year ended 5 April 2025.
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 becamea registered charity on 8 March 2010.
On 22 March 2013, the Charity Commission madea fully regulating Scheme. The name of the charity was changed from Richmond 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:
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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
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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 the 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
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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.
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RICHMOND NATIONAL SCHOOLS TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2025 - 2
Financial Review
It is the policy of the Trustees to maintain unrestricted funds which are the free reserves of the charity at a level which allows the charity to meet its objectives. At the 5 April 2025, the Charity held unrestricted funds of £4,143,658 restricted funds of £ 86,777 and endowment funds of £ 5,813,547.
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 1 October 2025 and signed on their behalf by:
Mrs D M Rawstron
Clerk to the Trustees
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF RICHMOND NATIONAL SCHOOLS TRUST
| report on the Financial Statements for the year ended 5 April 2025, which are set out on Pages 5 to 12
Respective responsibilities of Trustees and Examiner
As the Charity’s Trustees, you are responsible for the preparation of the Financial Statements; you consider that the audit requirement of Section 145(1) 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)(b) 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 | might state to the Charity’s Trustees the matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | 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. Basis of Examiner’s Report 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 a 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, | do not express an opinion on the view given by the accounts.
Independent Examiner’s Report
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.
-
e to keep accounting records in accordance with Section 130 of the Act; and
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e 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 understanding of the Financial Statements to be reached.
R T Hecquet FCA
Davert Banks & Co Woodland Lodge The Woodlands Esher, Surrey KT10 8DD
15 October 2025
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RICHMOND NATIONAL SCHOOLS TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted | Restricted | Restricted | Endowment | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Note | Fund | Fund | Fund | Total Funds | Total | Funds | ||||
| £ | £ | £ | £ | £ | ||||||
| Income Resources from: | ||||||||||
| Investments | 3 | 248 667 | 1,882 | - | 250,549 | 163,234 | ||||
| Expenditure on: | ||||||||||
| Raising Funds - Investment Management |
23,748 | - | 35,042 | 58,790 | 61,453 | |||||
| Charitable Activities | 4 | 167,967 | - | - | 167,967 | 189,763 | ||||
| Governance Costs | 5 | 16,793 | - | - | 16,793 | 14,780 | ||||
| Total | ( | 208,508 ) | - | ( | 35,042 )( | 243,550 | )( | 265,996) | ||
| (Losses) / Gains on Investment | ||||||||||
| Assets: | ||||||||||
| Realised Unrealised |
( | 67,147 111,175 )( |
- 6,102 |
)( | 51,473 37,017 )( |
118,620 154,294) |
189,942 583,082 |
|||
| (Loss ) on Foreign Exchange |
( | 340 ) | - | ( | 669 )( | 1,009 )( | 10,754 ) | |||
| ( | 252,876 )( | 6,102 | )( | 21,255 )( | 280,233 | ) | 496,274 | |||
| Net movement in Funds | ( | 4,209 )( | 4,220 | }( | 21,255 )( | 29,684 | ) | 659,508 | ||
| Movement between Funds | 6 | 41,689 | - | ( | 41,689 ) | . | - | |||
| Reconciliation offunds | ||||||||||
| Total funds broughtforward | 4,106,178 | 90,997 | 5,876,491 | 10,073,666 | 9,414,158 | |||||
| Totalfundscarriedforward | £ | 4143658 | £ | 86,777 | £ | 5,813,547 | £10,043,982 | £ | 10,073,666 |
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RICHMOND NATIONAL SCHOOLS TRUST BALANCE SHEET
AS AT 5 APRIL 2025
==> picture [475 x 336] intentionally omitted <==
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|2025|2024|
|Note|Fund|Fund|Fund|Total|Funds|Total|Funds|
|£|£|£|£|£|
|Current|Assets|
|Quoted|Investments|3,667,574|61,645|5,664,512|9,393,731|9,665,082|
|Accrued|Income|Purchased|-|-|5,118|5,118|50,061|
|Cash|at|Bank|-|Current|46,836|25,132|-|71,968|84,264|
|-|Deposit|287,095|-|-|287,095|175,783|
|Funds|held|by|Evelyn|
|Partners|156,613|-|143,917|300,530|113,121|
|4,158,118|86,777|5,813,547|10,058,442|10,088,311|
|Creditors:|
|Amounts|falling|due|
|within|one year|7|14,460|-|-|14,460|14,645|
|Net|Current Assets|£|4143,658|£|86,777|5,813,547|10,043,982|£|10,073,666|
|The|Funds|of the|Charity|£|4,143,658|86,777|5,813,547|10,043,982|£|10,073,666|
----- End of picture text -----
Approved on 1 October 2025 and signed on behalf of the Trustees
Mrs E M Mirrielees - Chair to the Trustees
Mrs D M Rawstron -Clerk to the Trustees
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RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME- 1 FOR THE YEAR ENDED 5 APRIL 2025
| United Kingdom Dividends | Dividend Paid/ |
||
|---|---|---|---|
| Accumulated | |||
| Astrazeneca PLC | |||
| 949 Shares | £ | 2,330.74 | |
| Beazley PLC 11,526 Shares |
1,636.69 | ||
| Bunz! PLC | |||
| 2,728 Shares | 1,366.73 | ||
| Diageo PLC 3,427 Shares |
1,098.35 | ||
| Experian PLC 3,529 Shares |
1,687.40 | ||
| J P Morgan Japan CAcc 24,436 Shares |
464.28 | ||
| Liontrust European Dynamic 16,895.699 Units |
|||
| London Stock Exchange Group PLC 888 Shares |
364.08 | ||
| Schroder Asian Income | |||
| 236,931 Shares | 7,872.27 | ||
| Thesis Equity Income 98,919 Accumulation Units 123,091.8682 Units |
4,641.97 879.61 |
||
| Unilever PLC | |||
| 2,639 Shares | 3,907.84 | ||
| £ | 27,333.75 |
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RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME - 2 FOR THE YEAR ENDED 5 APRIL 2025
| Foreign Dividends | Tax | Dividend Paid/ Accumulated |
|||
|---|---|---|---|---|---|
| Alphabet Inc 1,220 Shares |
£ | 112.53 | £ | 637.62 | |
| Apple Inc 950 Shares |
111.21 | 630.05 | |||
| ASML Holdings NV 118 Shares |
67.02 | 379.79 | |||
| Bank ofAmerica | |||||
| 2,356 Shares | 277.55 | 1,572.78 | |||
| Becton Dickinson & Co | |||||
| 447 Shares | 97.48 | 552.37 | |||
| Blackrock Cont Euro Flex | |||||
| 1,992 Shares | 471.46 | ||||
| Cisco Systems 1,596 Shares |
299.45 | 1,696.86 | |||
| Coca Cola | |||||
| 1,768 /2,086 Shares | 419.07 | 2,374.81 | |||
| Chakara Japan Inc & Gth 5,420.233 Units |
2,431.35 | ||||
| CRH Plc | |||||
| 2,502 Shares | 676.52 | 2,029.53 | |||
| Fulcrum Diversified Abs Rtn | |||||
| 2,390 Shares | 2,213.38 | ||||
| Shares S & P 500 | |||||
| 15,504 Shares | 765.89 | ||||
| Shares Core FTSE 100 | |||||
| 24,334 Shares | 7,156.63 | ||||
| J Morgan Chase 650 Shares |
364.42 | 2,065.13 | |||
| Mastercard | |||||
| 93 / 120 Shares | 36.56 | 207.17 | |||
| McDonalds Corporation 404 Shares |
320.26 | 4,814.26 | |||
| Microsoft Corporation 522 Shares |
190.73 | 1,080.76 | |||
| MSCI World Healthcare | |||||
| 1,613 Shares | 884.77 | ||||
| Nova Nordisk | |||||
| 934 Shares | 320.24 | 865.83 | |||
| Nvida Corp 1,060 Shares |
5.09 | 28.68 | |||
| Pepsico Inc 506 Shares |
316.80 | 1,795.09 | |||
| Sanlam Artificial Intelligence 100,800 Shares |
80.64 | ||||
| SSGA S & P 500 | |||||
| 340 Shares | 1,229.79 | ||||
| Stryker Corporation 246 Shares |
24.93 | 141.23 | |||
| Carry Forward | 3,639.86 | 33,105.87 | |||
| -8- |
RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME - 3 FOR THE YEAR ENDED 5 APRIL 2025
| Foreign Dividends - continued Brought Forward |
3,639.86 | 33,105.87 | ||
|---|---|---|---|---|
| Thermo Fisher | ||||
| 179 /210 Shares | 36.96 | 209.43 | ||
| United Health | ||||
| 259 Shares | 249.52 | 1,413.90 | ||
| Visa Inc | ||||
| 575 Shares | 147.55 | 836.09 | ||
| £ | 4073.89 | £ | 35,565.29 | |
| UK Savings Interest | ||||
| BG Energy Capital 5.125% 01.12.25 £200,000 |
10,250.00 | |||
| Compass Group PLC 3.85% 26.06.26 £200,000 |
7,700.00 | |||
| GlaxoSmithKline Capital PLC 3.375% 20,12.27 £200,000 |
6,750.00 | |||
| UK 0.625% 07.06.25 | ||||
| £179,062.57 | 559.57 | |||
| UK 0.125% 30.01.26 | ||||
| £359,317.47 | 224.57 | |||
| UK 0.375% 22.10.26 | ||||
| £123,590.55 | 463.46 | |||
| UK4.125% 29.01.27 | ||||
| £305,000 | 6,290.63 | |||
| £175,000 | 7,218.76 | |||
| UK4.125% 07.12.27 | ||||
| £150,000 | 6,375.00 | |||
| UK 0.125 % 10.08.28 |
||||
| £165,985 | 143.65 | |||
| UK6% 07.12.28 | ||||
| £170,000 /£200,000 | 11,100.00 | |||
| UK 0.5% 31.01.29 | ||||
| £131,908.91 | 329.77 | |||
| UK4.125% 22.07.29 | ||||
| £121,500 | 2,505.94 | |||
| £100,000 /£240,000 | 5,879.26 | |||
| UK4.125% 22.07.30 | ||||
| £66,560 | 3,926.31 | |||
| UK 0.875% 31.07.33 | ||||
| £157,000 | 686.88 | |||
| UK4.625% 31.01.34 | ||||
| £120,000 | 2,775.00 | |||
| UK4.5% 07.09.34 | ||||
| £106,567.62 | 4,795.54 | |||
| Accrued Income Purchased | ( | 9,342.32 | ||
| £ | 68,632.02 |
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RICHMOND NATIONAL SCHOOLS TRUST INVESTMENT INCOME - 4 FOR THE YEAR ENDED 5 APRIL 2025
Foreign Interest
Aegon Sht Climate Transaction 2,750 / 17,203.98 Units £ 11,879.41 Apple Inc 3.05 % 31.07.29 £200.000 6,100.00 Asian Development Bank 6.125% 15.08.25 £240,000 14,700.00 Asian Development Bank 3.875% 10.02.26 £235,000 9,106.25 Asian Development Bank 5.125% 24.10.28 £300,000 17,733.00 C G Absolute Return 1,575 Shares 5,810.29 European Inv Bank 5.5% 15.04.25 £200,000 11,000.00 European Inv Bank 3.75% 07.12.27 £200,000 7,500.00 Kreditanstait Fur 5.5% 18.06.25 £200,000 11,000.00 Kreditanstalt Fur 4.125 % 18.02.26 £200,000 8,250.00 Kreditahstait Fur 3.75% 30.07,.27 £200,000 7,500.00 Kreditanstait Fur 4.875% 10.10.28 £250,000 12,187.50 Nestle Holdings Inc 5.25% 21.09.26 £200,000 10,500.00 Pepsico Inc 3.2% 22.07.29 £200,000 6,400.00 Walmart Inc 5.75% 19.12.30 £200,000 / £225,000 12,218.75 Accrued Income Purchased ( 40,718.48 £ 111,166.72 Total Investment Income 242,697.78
The above income arose from the Unrestricted fund and the Endowment fund
Restricted Fund UK Dividends COIF Charities Investment Fund 3,385.67 Income Units
| Dividend Paid | |
|---|---|
| £ | 1,881.42 |
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RICHMOND NATIONAL SCHOOLS TRUST NOTES TO THE ACCOUNTS- 1 FOR THE YEAR ENDED 5 APRIL 2025
1. Accounting Policies
In preparing the financial statements the following accounting policies have been complied with:
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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 1 January 2015) applicable in the UK and Republic of Ireland.
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b) Investment income by way of dividends and interest is recorded when received.
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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.
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d) Other costs are included in the financial statements on an accruals basis and include value added tax which is irrecoverable
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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.
- Investment income
| 2025 | 2025 | 2025 | 2024 | ||
|---|---|---|---|---|---|
| Unrestricted £ |
Restricted £ |
Total £ |
Total £ |
||
| Investments — pages 7/10 | 242,698 | 1,882 | 244,580 | 157,096 | |
| Deposit interest | 5,969 | - | 5,969 | 6,138 | |
| £ | 248,667 | 1,882 | 250,549 £ | 163,234 | |
| All Income arising in the | |||||
| Endowment Fund is | |||||
| included in the Unrestricted | |||||
| Fund |
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RICHMOND NATIONAL SCHOOLS TRUST NOTES TO THE ACCOUNTS - 2 FOR THE YEAR ENDED 5 APRIL 2025
4. Charitable activities
The Charity made donations and grants, as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Christ's School | £ | 89.470 | £ | 99,100 | |
| King’s School | 20,700 | 41,904 | |||
| St Richard’s with StAndrew’s C Primary School | 29,073 | 21,684 | |||
| Holy Trinity Primary School | 28,724 | 27,075 | |||
| £ | 167,967 | £ | 189,763 | ||
| 5 | Governance Costs | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Independent Examiner’s Fee | 7,500 | 6,360 | |||
| Professional Charges | 9,000 | 8,285 | |||
| Other administration expenses | 293 | 135 | |||
| £ | 16,793 | £ | 14,780 |
6 Movement between Funds
The amount of £41,689 represents accrued income purchased of £50,061 on Endowment Fund investments which has been set off against income received in the year less accumulated dividends of £8,372 arising in the Endowment Fund which have been included in the Investment Income of the Unrestricted Fund
7 Creditors - Amounts falling due within one year
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Accruals :- | ||||
| Independent Examiner's Fee | 7,500 | 6,360 | ||
| Professional Charges | 6,960 | 8,285 | ||
| g | 14,460 | £ | 14,645 |
8 Related Party Transactions
None of the trustees were paid remuneration by the Charity during the year (2024 - nil)
Two of the Trustees received travel costs of £293 (2024 - £35 )
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