REGISTERED CEIAIiITY NUMBER.. 1160798 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2024 for The Adrian & Marit Fr2neotse Ralldag Bequest Bullimores LLP Chartered Accountants Old Printers Yard 156 South Street Dorking Surrey RH4 2HF
The Adriall & Marie Francoise Randag Bequest Contents of the Financial Statements for the Year Ended 31 July 2024 Page Report of the Trustees Independent Examlner's Report Statemcnt of Financial Aetlvftles Balance Sheet Notes to the Flnancial Statements 7 to 13 Detailed Statement of Financial Activities 14
The Adrian & Marie Francoise Randag Bequest Report of the TrustC¢S for the Year Ended 31 July 2024 The truste¢5 present their report with the financial statements of the clwity for the year ended 31 July 2024. The trusle¢s have adopted the pmvisions of Accounting and Reporting by Charitie5: Ststement of Recommended Practice applicable to charities preparing their aoUnts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTtVES AND ACTivrrIES Objective$ 2nd aims The Charity is established to provide fimds for the benefit of the exclusively charitable purpose of advancing education at Catholi¢ schools in Great Britain. In setting our objeclives and by funding ¢ducation, the trustees have considered the Charity Commission's public benefit guidance. Significant 2etivities The main actLVlties of the charity are to utilise the income received from investments and the capital to further education at Catholic schools in Great Britain for those pupils who otherwise would b¢ unablc to attend. Grantmaldllg The Settlor wished to enable Roman Catholic children to bcncfit from a Catholic boarding education, particularly those from large families whose parents may fmd the fees unaffordable. He had benefiied froin such an education himself at Ampleforth College, and valued th¢ Benedictine ethos. He was interested in helping good all-rounders who show early signs of leadership ability. The Trustees continue to follow bis wishes and the strategy he established. Applications for financial help are put lo the trustees by the Catholic school which the parents have cliosen for their child. Currently, applications from Amplelorth have been awarded the funds available. An outside specialist organisation establishe5 the level of financial need of the family. The seleciion of Randag Fellows, as Ihey are known, is made finally by the Randag TNstees who agree to fuod a peIcentage of fees up to s/0 to the completion of their time at the school, subject to an annual check ol continuing financial need. The Randa8 bursary offet is sent by the school to the parents, who are asked to vnite to the Randag Trustees acknowledging the offer, agreeing to th¢ annual fthallcial ¢hecL and to their Randag Fellow child joining fellow RF'5 and the Trustees at an annual outing. The Trustees hope that the RF'S will do their best to benefit from the opportunity offered, and are shown their reports.The Trnstees follow the pmgrcss of the RFS. and take a continuing intcrcst in ihem after they leave. The past RF'S are encouraged to become active alumni to assist fvture students. ACIIIEVFMENT AND PERFORMANCE Cliaritable activities During the year the Charity contributed £201,390 (2023. £154.174) towards school fees for Randag Fellows. Fourteen pupils were being funded at the start of the academic year. Two of the fourteen completed their education in July 2024, leaving twelve Randag Fellows to continue into September 2024. Th¢ objectives sei hav¢ therefore been achieved. Investment performance Investment income decreased by just over 47Vo but the portfolio reported gal$ of £925.128 ¢ompared to losses of £362,000 th¢ previous years. These results are in line with the InvetCllt policy agreed with Waverton. Plans lor the future The Settlor's lega¢y and resulting increase in income will enable the charity to fund more bursaries for Catholic children. Bursary offers for the term starting in September 2024 have bew made to two additional pupils, bringing the number of Randag Fellows to fourteen. Mor¢ late applications for mid-year entry will be considered as they are ceIved. Page I
The Adrian & Marie Fr2ncotse R2ndig Bequest Report of the Trustees for the Year Ended 31 Jllly 2024 FINANCKAL REVIEW Financial position Due to the legacy received in previous years, the ¢harity showed a strong financial position at the balance sheet date. Unrestricted reserves amounted to £8,487,208 (2023 - £7,683,728). The trustees consider that this is sufficient to fimd existing and new pupils for the foreseeable future. Investment policy and obje¢tives Investment policies are set by the Tfttees and the inveslment maDagers, Waverton. Waverton have a discretionary mandate and the charity takes a DdIUm/1008 tenn approach to risk with particular focus on perforniance over 3-5 years. Reserves policy The Trustees maintain sufficient free reserves to ensure the Trnst can fund supported students for the duration of their secondary education. STRUCTURE, GOVERNANCE AND MANAGEMENT GovernlTrg document The charity is governed by a Tnt Deed dated 30 December 2014. Recruitment And appointment of new trustees Trustees were appointed by the Settlor during his lifetime and thereafter, by the Board of Trustees. The length of their service is not limited. Organisatlonal structure The charity is run solely by the board of trustees. Decision maklng All decisions are made by the tntees. iilsk management The Trusiees believc thc most significant risk is a loss of capital value in the Trust's assets, but consider the risk of it ever dTopping below the levcl of their ¢omnLitments is low. REFEREI NCE AND ADMINISTRATIVE DETAILS Registered Charity number 1160798 Principal address Steadleaze House Hammerwood East Grinst¢ad West Sussex RH19 3QD Trustees V B Tatmer- Chair P G Scrope C R A Scrope B M O'Brien-Twoliig - resigned I l July 2023 S Kirby - appointed I l July 2023 Page 2
The Adrian & TrIarie Francoise Randag Bequcst Report of the Trllstees for the Year Euded 31 July 2024 RIFERENCE AND ADMINISTRATIVE DETAtLS Independent Examiner Margaret Brett Bullimores LLP Chartered Acoountants Old Printers Yard 156 South Street Dorking Suffey BI14 2HF Solieitors Withers LLP 20 Old Bailey London EC4M 7EG TILe Adrian & Marie Francoise Randag Bequest is known as The Randag Trust. STATEMENT OF TRUSTEESI RESPONSIBILITIES The trustees are r¢sponsible for preparing the Report of the TSteeS and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice). The law applicable to charities in England and Wales, the Chariti&8 Act 201 I, Cliarity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial staiements for each fmancial year whicli give a ttije and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those finan¢ial statements, the trustees are r¢quired to select suitable accounting policles and then apply ihem ¢onsistently- observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. preparc the financial statements on the going concern basis unless it is inapptopriate to presume that the charity will continu¢ in business. The trustees are responsible for keeping proper accounting records which dksclose with reasonable accuracy at any time the fwancial position of the Charity and to enable them to ensure that the financial statements comply wAth the Charities Act 201 I, the Charity (Accounts and Repotts) Regulations 2008 and the provAsions of the trust dccd. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and dele¢tion of fraud and other irregularAties. Z./: o i:.Z5 Approved by order of the board of trustees on .......... . and signed on its behalf by. V B Tanner- Trustee Page 3
Independent Examiner's Report to the Trustees of The AdrAan & Maric Fraucoise Ralldag Bequest Illdependent examiner's report to the trustees of The Adrian & Marie Fr2ncoise Randag Bequest I report to the clwity trustees on my examination of the accounts of The Adrian & Marie Francoise Randag Bequest (the Tnjst) foi the year ended 31 July 2024. Responsibillties thnd basis of report As the charity trustees of the Trust you are responsible for the prepardtion of the accounts in accordance with the requirements of the Charities Act 2011 ('the AGV). I report in respect of my examination of the Tn,$ accounts carried out under Sectioa 145 of the Act and in canying out my examination I have followed all applicable Directions given by the Charity ComMi10n under Section 145(5)(b) of the Act. Independent examtner's stAtetnent I have completed my examination. I confirni ihat no material matters have come to my attention in connection with the examination giving me cause to believe that in any nmlerial respect: accounting records were not kept in respect of the TNst as requiml by Section 130 of the ACL or the accounts do not accord with those records. or the accounts do not comply with Ihc applicable requirements concerning the forn] and ¢ontent of accounls set out in the Charities (Accounts and Repotls) Regulations 2(Ki8 other than any requirement that the ac¢ounts give a tNe and fair view which is not a matter considerpAI as part of an independent examination. I have no concerns and have come across no other matters in connection with the ¢xamination to vthich attention should be drawn in this report in order to enable a proper understanding olthe a¢counts to be reached. Margaret Brett Bullimores LLP Chartered Accountants Old Priaters Yard 156 South Street Dorking Surrey RH4 2HF Date.. 202f Page 4
The Adrian & Marie Francoise Randag Bequest Statement of Finallcial Activitics for the Year Ended 31 July 2024 31.7.24 Unrestricted fund 3E,7.23 Total fimds Notes INCOME AND ENDOWMENTS FROM Donalions and legacies 6,000 307 Investment income 120,993 228,357 Total 126,993 228,664 EXPENDITURE ON Raising funds 37,274 31,992 Charitjble actlvfitles Si Laurence Education Trust (for fees at Ampleforth College) Other resources expended 201,390 1.253 154.744 Other 2,724 5,869 Total 242,641 192.605 Net gainsl(losses) on investments 925,128 (362,000) NET INCOMEI(EXPENDITURE) 809,480 (325,941) RECONCtLIATION OF FUNDS Total funds brought forward 7,683.728 8,009.669 TOTAL Fuf4DS CARRIED FORWARD 8,493,208 7,683,728 CONTINUING OPERATIONS All income and expenditur¢ has arisen from continuing activities. The notes fonn part of these financial sttiements Page 5
The Adrian & Maric Francoise Randag Bequest Balance Sheet 31 July 2024 31.7.24 UDrestricted fjjnd 31.7.23 Total funds Notes FIXED ASSETS Investnnts 8,451,864 7,567,207 CURRENT ASSETS Debtors Cash at bank 5,872 38,182 80,386 38,805 44,054 119,191 CREDITORS Amounts falling due wiLhin one year (2,710) (2,670) NET CURRENT ASSETS 41,344 116,52E TOTAL ASSETS LESS CURRENT LIABILITIES 8,493,208 7,683,728 NEI T ASSETS 8,493,208 7,683,728 FLTrIDS Unrestricted funds 8,493,208 7,683,728 TOTAL fuNDS 8,493,208 7,683.728 The financial statements were approved by the Board of Tnlee$ and authorised for issue on and were signed on ils behalf by: V B Tanner- Tnlstee The not&8 forni part oFth&s¢ financial statements Page 6
The Adrian & Marie Francoise Randag Bequest Notes to the FÉnancial Statements for the Year Ended 31 July 2024 ACCOUNTING POLICIES Basi5 of preparing the financial ststements The fillala1 statements of the cbarity, which is a public benefit eniity under FRS 102, have been prepared in accordance with thc Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Statem¢nt of Recommended Practice applicable to charities pr¢paring thetr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eFEective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applirAble in the UK and Republic of Ireland, and the Clwities Act 2011. The financial slalements have been pr¢pared under the historical cost Gonv¢ntion, with the exception of investments which are iThcluded at mark¢t value. as modified by the r¢valuation of certain assets. The presentatÈonal and fvn¢tional cuffency of The Randag Tt Is the £ The charity has taken advantage of the following disclosure exemption in preparing thes¢ financial statements, as pertni¢led by FRS 102 The Financial Reporting Standard applicable in the UK and Rcpublic of Ircland,; the requirements of Section 7 Ststement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fijnds, it is probable that the income will be received. and the amount ¢an be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligalion Gommitting the charity to tliat expenditure. xt is probable that a transfer of e¢onomic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendi¢ur¢ is accounted for on atL accruals basis and has been classÉfied under headings that aggregate all cost related to th¢ category. Where costs cannot be directly attributed to particular h¢adin8S they have been allocaied to actLVllies on a basis consisteni with the use of resources. Grants offered subject to conditions wlllch have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tllxation The charity is exempt from tax on its charitsble activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Reslricted funds Gan only be used for particular restricted purposes within the objects of the charity. Restrictions arise whcn specified by the donor or when funds are raised for particular restrEcted putposes. There are currcnlly no restricted funds. Further explanation of the natsre and purp¢xse of each fund is included in the notes to the financial statements. Foreign currencies Assets and liabilities in foreign cutrencies are translated into sterling at the rdfrs OF exchange rnling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchan0¢ ruling at the date of transaction. Ex¢liange differences are taken into a¢counl in arriving at the operating result. Investments Investments are initially recogni5ed at their transaclion value and subsequenily measured al tlieAr fair value as at the balallce sheet date using the closing quoted market price. The Statement of Financial A¢tivities includes the net gains and losses arising on revaluation and disposal throutshout the year. Page 7 continued...
Tbe Adrian & Marie Francoise Ralldag Bequest Notes to the Financial Statemcnts - eontinued for the Year ETrdcd 31 July 2024 INVESTMENT INCOME 31.7.24 31.7.23 Dividends Interest 114,357 6.636 214,993 13,364 120,993 228,357 RAISING FUNDS Investmeut management Costs 31.7.24 31.7.23 Portfolio management 37,274 31.992 TRUSTEESI REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. Tru$tee5' expenses There were no trustecs, expe paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 307 Investment income 228,357 Total 228,664 EXPE( NDITURE ON Raising funds 31,992 Charitable activitie8 St Laurence Education Trust (for fees at Ampleforth College) 154,744 Other 5,869 Total 192.605 Net gainsl(losses) on investments (362,000) Page 8 continued...
The Adrian & Marie Fraueoise Randag Bequest Notes to the Financial Statements- continued for the Year Ellded 31 July 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund NET INCOMEI(EXPENDITURE) (325.941) RECONCILIATION OF FUNDS Total ndS brought fonvard 8,009,669 TOTAL FUNDS CARRIED FORWARD 7,683,728 FIXED ASSET INVESTMENTS 31.7.24 31.7.23 Shares Capital Accounls 8,434.860 17,004 7.566,116 1,091 8,451,864 7,567,207 Additional infornkation as follow5: Listed investments MARKET VALUE At l August 2023 Additions Disposals Revaluations 7,566,116 2,351,874 (2,379.198) 896,068 At 3 l July 2024 8.434,860 NEI T BOOK VALUE At 31 July 2024 8,434,860 At 31 July 2023 7,566,116 There were investtnent assets of £4,761,693 (2023 - £3,995,737) outside the UK. There were no material investments. Page 9 continued..
The Adrian & M2rie Francoisc Randag Beqllest Notes to the Financial Statements - colltiuued for the YeAr Ended 31 July 2024 FIXED ASSET INVESTMEf4TS - continued Cost or valuation at 31 July 2024 is represented by: Listed investments Valuation in 2024 Cost 976,376 7,458.484 8,434,860 If the investments had not been rev8lued they would have been included at the following historical cost.. 31.7.24 31.7.23 Cost 7.458,484 7,485,731 The investrnents were valued on an open market b&sis on 31 July 2024 by Waverton. Investrnents (neither listed nor unlisted) were as follows: 31.7.24 31.7.23 Waverton Capital Account 17,004 1,091 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.24 31.7.23 Piepayments and accrued income 5,872 80,386 Page 10 continued...
Tbe Adrian & Marie Frantoise R2nd2E Bequest Notes to the Financial Statements - continued for the Year Ended 31 July 2024 CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.7.24 31.7.23 Other creditots 2,710 2.670 MOVEMENT IN FUNDS Net m0vellnt in ndS At 31.7.24 At 1.8.23 Unrestricted funds General fund 7.683,728 809,480 8,493,208 TOTAL FUNDS 7,683,728 809,480 8,493,208 Net movement in fvnds, included in the above are as follows: Encoming rcsources Resources expended Gains and losses Movement in ndS Unrestricted funds General fund 126,993 (242,64L) 925,128 809,480 TOTAL FUNDS 126,993 (242.641) 925,128 809,480 Comparatives for movemenl In funds Ne¢ movement in funds At 31.7.23 At 1.8.22 Unrestricted funds General fund 8.009.669 (325.941) 7,683,728 TOTAL FUNDS ,009,669 (325,941) 7,683,728 Page 11 continued...
The Adrian & Marie Francoise R2ndag Bequest Notes to the Financial Statements - continued lor the Year Ellded 31 July 2024 MOVEMENT IN FUNDS - contillued Comparative net movement in funds. included in the above as follows: Incoming resources R¢sources ¢xp¢nded Gains and losses Movement in funds Unrestricted funds General fvnd 228,664 (192,605) (362,000) (325,941) TOTAL FUNDS 228.664 (192.605) (362.000) (325,941) A current year 12 months and prior year 12 months combkned position is as follows: Net movetncnt in fisnds At 31.7.24 At 1.8.22 Unrestricted funds General futLd 8,009,669 483,539 8,493,208 TOTAL fuNDS 8,009,669 483,539 8,493,208 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming rcsources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 355,657 (435.246) 563,128 483,539 TOTAL FUNDS 355.657 (435,246) 563,128 483,539 Page l2 COTktinued...
The Adrian & Marie Francoise Randag Bequest Notes to the Financial Statements - continued for the Year Ended 31 July 2024 10. OTHER FINANCIAL COMMITMENTS At 31 July 2024 the total of other financial commitments amounted to £344.493. This r¢lates to tUre fexs for existing Randag Fellows and includes an allowance for potential discounts and infiationary increases. ii. RELATED PARTY DISCLOSURES During the year the charity received £6000 (2023 £307) in relation to the legacy without condition from A G Randag, the settlor and fornier tnÉee.ThjS legacy includes a beneficial interest in the G B Alexander WIEI Trust. 12. PUBLIC BENEFIT ENTITY The Adrian and Marie Frdncoise Randag Bequut is a publi¢ benefit entity. Page 13
Thc Adrian & Marie Francoise Randag B¢qllt D¢tailcd Statemellt of Fiuan¢ig1 Aetivitics for the Year Ended 31 July 2024 31.7.24 31.7.23 INCOME AND ENDOWMENTS Donations 2nd legacies Legacies 6,000 307 Investment income Dividends Interest 114,357 6,636 214.993 13.364 120.993 228,357 Total incoming resource5 126.993 228,664 EXPENDITURE Investment mAnaEement ¢o$t8 Portfolio manag¢m¢nt 37.274 31,992 Cliaritable activities Sundries Grants to institutions 1,253 201.390 570 154,174 202.643 154,744 Supporl Costs Ilnance Bank char8es 104 315 Governance costs Accountancy Legal and pro£e8sional fees 2,620 3,054 2,500 2.620 5.554 Total resources expended 242,641 192,605 r4et (expenditure)lincome (115,648) 36,059 This page do not fo part of the statutory fLnancial statements Page 14