REGISTERED CHARITY NUMBER: 1160798 Report of the Trustees and Unaudited Flnancial Statements for the Year Ended 31 July 2025 for The Adrlan & Marle Francolse Randag Bequest Bullimores LLP Chartered Accountants Old Printers Yard 156 South Street DoTking Surrey RH4 2HF
The Adrlan & Marle Francoise Randag Bequest Contents of the Flnaneial Statements for the Year Ended 31 July 2025 Page Report of the Trustees I to 3 Independent Examiner's Report Statement of Flnaocial Aetlvlties Balan¢¢ Sheet Notes to the Flnaneial Statements 7 to 13 Detailed StatemeDt of FinaDclal Activities 14
The Adrian & Marie Francoise Randag Bequest Report of the Trustees for the Year Ended 31 July 2025 The trustees present their report with the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Charity is established to provide fimds for the benefit of the exclusivety Chitable pu4x)se of advancing education at Catholic schools in Great Britain. Jn setting our objectives and by funding education, the trustees have considered the Charity Commission's publi¢ benefit guidance. Signitleant activiti The main activities of the charity to utilise the income received from investsnents and the capital to further edu¢ation at Catholic schools in Great Britain for those pupils who otherwise would be UDable to att¢nd. Grantmaldng The Settlor wished to enable Roman Catholic children to benefit from a Catholic boarding education, particularly those from large families whose parents may find the fees unaffordable. He had benefited from such an education himself at Ampleforth College, and valued the Benedictine ethos. He was interested in helping good all-rounders who show early signs of leadership ability. The Trustees continue to follow his wishes and the strategy he established. Applications for financial help are put to the trustees by the Catholic school which the parents have chosen for their child. Currently, applications from Ampleforth have been awarded the funds available. An outside specialist organisation establishes the level of financial need of the family. The selection of Randag Fellows, as they are known, is made finally by the Randag Trustees who agree to fund a percentage of fees up to s/0 to the completion of their time at the sch(iol, subject to an annual check of continuing financial need. The Randag bursary offer is sent by the school to the parents, who are ked to write to the Randag Trustees acknowledging the offer, agreeing to the annual financial check, and to their Randag Fellow child joining fellow RF'S 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 progress of the RF'S, and take a contlDuing interest in them after they leave. The past RF'S are encouraged to b¢¢ome active alumni to assist future students. ACHIEVEMENTS AND PERFORMANCE Charltable activilles During the year the Charity contributed £230,741 (2024. £201,390) towards school fees for Randag Fellows. Fourteen pupils were being funded at the start of the academi¢ year. One left mid year and a further 4 pupils completed their education in July 2025. Two new students to start in autumn tern). The objectives set have therefore been a¢hieved. Investment perfomance Investment income decreased by just over 150/0 but the portfolio reported gains of £451,768 compared to gains of £925,128 the previous years. These results are in line with the investment policy agreed with Waverton. Plans for the future The Settlorfs legacy ond resulting increase in income will enable the charity to continue funding bursaries for Catholic children. Bursary offers for the terni starting in 2025 have been made to two additional pupils, bringing the number of current Randag Fellows to eleven. More late applications for mid-year enty will be considered as they are received. Page I
The Adrian & Marie Franeoise Randag Bequest Report of the Trustees for the Year Ended 31 July 2025 FINANCIAL REVIEW Financial position Due to the legacy received in previous years, the charity showed a strong financial position at the balance sheet date. Unrestricted Teserves amountsd to £8,759,449 (2024 - £8,493,208). The trnstees consider that this is sufficient to fund existing and new pupils for the foreseeable fUtte. Investment polley and objectives Investhient policies are set by the Trustees and the investment managers, Waverton. Waverton have a discretionary mandate and the charity takes a mediumllong terni approach to risk with particular focus on perfom)an¢e over 3-5 years. Reserves polficy The Trustees maintain suificient free reserves to ensure the Tnt can fund supported students for the duration of their secondary education. STRUCTURE, GOVERNANCE AND MANAGEMENT Covernlng document The charity is governed by a Trust Deed dated 30 December 2014. Recrultrnent and appolntment 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. Organl$atlonal strncture The charity is run solely by the board of trustees. Deeislon making All decisions are made by the trustees. Risk management The Trustees believe the most significant risk is a loss of capital value in the Trusvs assets, but consider the risk of it ever dropping below the level of their commitments is low. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered ChArity number 1160798 Prlnclpal address Sleadleaze House Hammerwood East GTinstead West Sussex RH19 3QD Trustees V B Tanner- Chair P G Scrope C R A Scrope S Kirby Page 2
The Adrian & Marie FraD¢oise Randag Bequest Report of the Trustees for the Year Ended 31 July 2025 REFERENCE AND ADMIIYISTRATIVE DETAILS Independent Examiner Margaret Brett Bullimores LLP Chartered Accountsnts Old Printers Yard 156 South Street Dorking RH4 2HF Solicitors Withers LLP 20 Old Bailey London EC4M 7EG The Adrian & Marie Francoise Randag Bequest is known as Th¢ Randag Tnt. Approved by order of the board of trustees on .... 3o..]/o./2.r . and $ied on its behalf by: V B Tanner- Trustee Page 3
Independent Examiner's Report to the Trustees of The Adrian & Marie Frantoise Randag Bequest Independent examiner's report to the trustees of The Adrlan & Marle Franeoise Randag Bequest I report to the charity tsteeS on my examination of the accounts of The Adrian & Marie Francoise Randag Bequest (the Trust) for the year ended 31 Juty 2025. Responsibilitles and basis of report As the charity tn]ste¢s of the Trust you ar¢ responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts cTled out under Section 145 of the Act and in carying out my examination I have followed all applicable Direction5 given by the Charity Commission under Section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirni that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act. or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements conceming the forni and content of accounts set out in the Charities (Ar¢ounls and Reports) Regulations 2008 other than any requirement that the accounts give a true and fail view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in conn¢¢tion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Margaret Brett Bullimores LLP Chartered A¢¢ountants Old Printers Yard 156 South Street Dorking Surrey RH4 2HF Page 4
The Adrian & Marie Francoise Randag Bequest Statement of Finanelal Activlties for the Year Ended 31 July 2025 31.7.25 Unrestricted fund 31.7.24 Total funds Notes COME AND ENDOWMENTS FROM Donations and legacies 6,000 Investment income 102,206 120,993 Totsl 102,206 126,993 EXPENDITURE ON Raising fimds 52,644 37274 CharStgbl¢ aetlvltie$ St Laurence Education Trust (for fees at Ampleforth College) Other resources expended 230,741 560 201,390 1,253 Other 3,788 2,724 Total 287,733 242,641 Net gains on investments 451,768 925,128 IYET INCOME 266,241 809,480 RECONCILIATION OF FUNDS Total funds brought forward 8,493,208 7,683,728 TOTAL FUNDS CARRIED FORWARD 8,7$9,449 8,493 ?08 CONTINUING OPERATIONS All income and expenditur¢ has arisen from continuing activities. The notes forn] part of these financial statements Page 5
The Adrian & Marie Franeoise Randag Bequest Balance Sheet 31 July 202S 31.7.25 Unrestricted fund 31.7.24 Total funds Notes FIXED ASSETS Investments ,732,472 8,451,864 CURRENT ASSETS Debtors Cash at bank 3,590 26,233 5,872 38,182 29,823 44,054 CREDITORS Amounts falling due within one year (2,846) (2,710) NET CURRENT ASSETS 26,977 41,344 TOTAL ASSETS LESS CURRENT LIABILITIES ,759,449 8,493,208 NET ASSETS ,759,449 8,493,208 FUNDS Unrestricled fimds 8,759,449 8,493,208 TOTAL FUNDS ,759,449 8,493,208 The finan¢ial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by: A),l.10/2r V B Tanner- Truste¢ The notes forni part of these financial statements Page 6
The Adrian & Marie Francoise Rgndag Bequest Notes to the Financial Statements for the Year Ended 31 July 2025 ACCOUNTING POLICIES Basi5 of preparing the financial statements The financial statements of the charity, which 15 a public benefit entity und¢r FRS 102, have b¢¢n prepared in cordance with the Charities SORP (FRS 102) 'AOUntIng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportlDg Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard I02 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statement5 have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The presentational and fiLnctional currency of The Randag Trust is the £ The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as perniitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the rquirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the ¢harity has entitlement to the funds, it is Probable that the income will be received, and the amount ¢an be rneured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cornmitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of r¢sources. Grants offtred subje¢t to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tax9tlon The charity is exempt from tax on its charitable activities. Fund a¢eounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes wTthin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. There are currently no restricted funds. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Forelgn Currencies Assets and liabilities in foreign CuenCieS are translated into sterling at the rates of exchange n]ling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange rnling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Investments Investments are initially rerognised at th¢ii transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposal tbroughout the year. Page 7 continued..
The Adrian & Marie Francoise Randag Bequest Notes to the Finaneial Statements- continued for the Year Ended 31 July 2025 INVESTMENT INCOME 31.7.25 31.7.24 Dividends Interest 92,226 9,980 114,357 6,636 102,206 120,993 RAISING FUNDS Jnvestment management costs 31.7.25 31.7,24 Portfolio mgJ]agement 52,644 37,274 TRUSTEESI REMUNERATION AND BENEFITS There were no tru5tees' Temuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024. Trusteej, expenses There were no tntstees, expenses paid for the year ended 31 July 2025 nor for the year ended 31 July 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fimd INCOME AND ENDOWMENTS FROM Donations and l¢gacies 6,000 Investment Ancome 120,993 Total 126,993 EXPENDITURE ON Raising funds 37,274 Charitable aetlvlties St Laurence Education Trust (for fees at Ampleforth College) Other resources expended 201,390 1,253 Other 2,724 Total 242.641 Net gains on investments 925,128 Page 8 continued...
The Adrian & Marle Francoise Randag Bequest Notes to the Financial Statements - contxnued for the Year Ended 31 JUIY 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestrictsd fund NET COmE 809,480 RECONCILIATION OF FUNDS Total funds brought forward 7,683,728 TOTAL FUNDS CARRIED FORWARD 8,493,208 FIXED ASSET INVESTMENTS 31.7.25 31.7.24 Shares Capital Accounts 8,643,838 88,634 8,434,860 17,004 8,732,472 8,451,864 Additional infonnation as follows.. Listed investments MARKET VALUE At l August 2024 Additions Disposals Revaluations 8,434,860 3,039,876 (3,017,732) 186,834 At 31 July 2025 8,643,838 NET BOOK VALUE At 31 July 2025 8,643,838 At 31 July 2024 8,434,860 There were investment assets of £5,017,519 (2024 - £4,761,693) outside the UK. There were no material investments. Page 9 continued...
The Adrian & Marie Francoise RaDdag Bequest IYote5 to the Finaneial Statements - continued ror the Year Ended 31 July 2025 FIXED ASSET INVESTMENTS- continued Cost or valuation at 31 July 2025 is represented by: Listed investments Valuation in 2024 Valuation in 2025 Cost 976,376 171,338 7,496,124 8,643,838 If the investments had not been revalued they would have been included at the following historical cost.. 31.7.25 31.7.24 Cost 7,496,124 7,458.484 The investments were valued on an open market basis on 31 July 2025 by Waverton. Investsnents (neither listed nor unlisted) were as follows: 3l.7.25 31.7.24 Waverton Capital Account 88,634 17,004 DEBTORS: AMOUNTS FALLING DUE WITHIIY ONE YEAR 31.7.25 31.7.24 Prepayments and accrued income 3,590 5,872 Page 10 continued...
The Adrian & Marie Franeoise Randag Bequest Notes to the Fingneial Statements- ¢ontlnued for the Year Ended 31 July 2025 CREDITORS: AMOUNTS FALLING DUE WITH¥ ONE YEAR 31.7,25 31.7.24 Other creditors 2,846 2,710 MOVEMENT L¥ FUNDS Net movement in funds At 31.7.25 At 1.8.24 Unrestritted funds General fund 8,493,208 266,241 8,759,449 TOTAL FUNDS 8,493,208 266,241 ,759,449 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 102,206 (287,733) 451,768 266,241 TOTAL FUNDS 102,206 (287,733) 451,768 266,241 ComparAtives for movement in fuDdJ Net movement in nds At 31.7.24 At 1.8.23 Unre5trleted funds General fund 7,683,728 809,480 8,493,208 TOTAL FUI¥DS 7,683,728 809,480 8,493,208 Pagell ontinued...
The Adrian & Marie Francoise Randag Bequest Notes to the Financlal Statements- continued lor the Year Ended 31 July 2025 MOVEMENT IN FUNDS - eontinued Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrieted funds General fund 126.993 (242,641) 925,128 809,480 TOTAL FUNDS 126,993 (242,641) 925.128 809,480 A current year 12 months and prior year 12 month$ Combined position 1$ as follows: Net movement in funds At 31.7.25 At 1.8.23 Unrestricted funds General fund 7,683,728 1.075,721 8,759,449 TOTAL FUNDS 7,683,728 1,075,721 8,759,449 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 229,199 (530,374) 1,376,896 1,075,721 TOTAL FUNDS 229,199 (530,374) 1,376,896 1,075,721 Page 12 continued..
The Adrian & Marie Francoise Randag Bequest Notes to the Financial Statements - continued for the Year EDded 31 July 2025 io. OTHER FINANCIAL COMMITMENTS At 31 July 2025 the total of other financial commitments amounted to £435,795. This relates to future fees for existing Randag Fellows and includes an allowance for potential discounts and inflationary increases. ii. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Juty 2025 12. PUBLIC BENEFIT ENTITY The Adrian and Marie Fran¢ois¢ Randag Bequest is a public benefit entity. Page 13
The Adrlan & Marie Franeoise Randag Bequest Detalled Statement of Financial Activities for the Year Ended 31 July 2025 31.7.25 31.7.24 INCOME AND ENDOWMENTS Donatlons and legacles Legaci¢s 6,000 Investment income Dividends Interest 92226 9,980 114,357 6.636 102,206 120,993 Total Ineorning resources 102,206 126,993 EXPENDITURE Investment management costs Portfolio management 52,644 37,274 Charitable activitles Sundries Grants to institutions 560 230,741 1,253 201,390 231,301 202,643 Support Costs Finance Bank charges 104 Governanee costs Accountancy Legal and professional fees 2,848 940 2,620 3,788 2,620 Total resources expended 287,733 242,641 Net expenditure (185,527) (115,648) This page does not forni part of the statutory fllwicial statements Page 14