DOgn Envelope ID.. 1FC2Eo6E-DEDF486947A6S8F6747dA6 THE RECORD CHARITABLE TRUST Charity Registration Number.. 1197459 ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 Ralhbches Trnst C4mp8t)y
Do¢wwJn Envelope ID.. IFC2EDeE-DEDF4B6D447M658F67474A6 The Record Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 Aprll 2026 Index Page 1-5 Trustees, Annual Report Independent Examiner's Report statement of Financial Activitie5 Balance Sheet 9-17 Notes to the Accounts (including Accounting Policies)
DOcU9n EnvebFe10.. 1FC2E06E-DEDF4B6tk94736S8F87474A6 The Record Charltable Trust Annual Report and Unaudited Accounts for the year ended S Aprfl 2025 Trust8as' Annual Report The Trustee5 have pleasure in submrtting their Annual Report, together wi(h Independently Examined Accounts for the financial year ended 5 April 2025. OBJECTIVES AND ACTIVITIES The Trust prirnarily delivers public benefit through awaiding grants to advance such charitable purposes in accordance w¢th the law of England and Wales as the Trustees in their dL8crelion see fil. In particular. the Trustees have established an edu¢*ional arm of the charity. kn(pn a5 the Record scholarsh Trust IRST), lo advance the educab'on of young people who have proved themselves Ic be of strong acadernr ability. RST aims lo provide the equivalent of up to seven full scholarships in the form of bursaries each year, enabling bright pupils lo attend one of 15 day selective schts)Is across Engtand would otherwse not be able lo afford fees. either in part or entirety. Subject to the child retaining their place al the school, and any caps or limitations explained al the lime of eath award the Scholarship will be awarded for the duration gf the child's time in their secondary school up to a maximum of seven years from the start of Year 7. However, funding Is applied subject to the Trustees, approval. Subject lo acceptanc¢, the appropriate proportion of the bursaries will be paid to the schools before the start of each temi. The Trustees are able and willing to Cowoperale with other charf(ies and bodies and to further the purposes of the Record Charitable Trust's objects. The onty fundraising activities currenlty undertaken are those of the investment management function. The Trustees have complied with the duty in $1715} of the Charities Act 2011 to have due regard to the Charty Comm¢ssion's Pvblic Benefit guidance when exercising any relevant powers or duties. ACHIEVEMENTS AND PERFORMANCE During the Charty's third financial year, the Record Scholarship Trust ¢onlinued its relationships with ils 15 partner schools. In selecting the school partners, the Committee tried to ensure each school was committed to providing an OLtt51anding education for children from a range of backgrounds. 11 did so by circLtlating a questionnaire which required each potential school lo provide details of (for example) ils annual surplus and its commitment to prowding bursaries. School partners were deliberate chosen from the north, south. east and wesl of England lo achieve a greater geographical lange. The selecled schools were invited to Propose Suitable candidales for consideration and clearly slate what the financial needs a. The Committee asked for these lo be received during a period within January and February. 7 Record Scholars wore chosen during the year, foll¢Mng a comprehensive selection process, including reviewing their exam results. interview scores and bursary requirements. A lolal of £79,000 was pledged (£102,715 in 20241. Acceptance ol offers made by RST cannot be received before 1 March each year. Subject to acceptanee. the bursaries will be paid lo the schools before the Scholars start in September each year. Page 1
Don Envel ID.. lFC2ED6EEt4B6D-947A-36s8F67474A6 Thg Record Charltable Trust Annual Report and Unaudited Accounts for the year ended S Aprll 2025 Trust••s' Annual Report FINANCIAL REVIEW A generovs donation of expendabte endment was received during the year in the surft of £892,500 {£1.183,000 in 2024). Income generated by investrnen15 during the period lotalled £207,000 (£118,312 in 20241, together wlh bank interest of £1,2801£2,312 in 20241. The onty costs incurred lo raise funds are investment management costs, which tolalled £11.916 (£10,310 in 20241. The amount expended on the chartys activities during the financial period tolalled £287.5621£240,334 in 20241, wlh anatysis avaiLable in note 7. Tho Stslement of Finanelal Acttvities includes Ihg nel gain5 and losses arising on assets throughout the year. To the year ended 5 April 2025, net investment losses, including foreign exchange losse5, tolalled £263,461 {£521,205 losses in 20241. There was a net inCaSe in funds during the year of £537.841 1£531,7T5 in 20241 resulting in the Trustees holding lolal funds al the yearond of £4,264,439, of which £4,246.796 was hold as expendable endowment and £17,$43 held as unreslricled income1£3,708,673 expendable endowment and £17,925 unreslricled incorne in 20241. Reservas The Trustees do not consider the undertying capital lo be reserves since they prowde a source of ineome for the Trust. The Trustees aim lo expend each yea¢s income. nel of adminislralion expenses, through the awarding of scholarship burs8ries, wlh any vnder or over expenditure being balaneed by over or under expenditure in subsequent years, and the transler of expendable endowment capital lo income when the Trustees consider il necessary. The Trustees consider the balance of Unrestricted Income Funds held lo be free Teserves and wish for this to equate lo a minimum of one year's scholarship bursaries, however all funds remain available for application al the Trustees, discretion. Investments The Trusfs expendable eniiowmenl capital is invested in marketable investments or cash. There are no splfIe reslriclions undor the terrns ol the governing document. The Trustees have full discretion over the inveslmenls. The Trustees have delegated to Ralhbones Investment Management full discretionary day-l04ay control of the investments. Assets are 8cquired and disposed of in accordance with the powers avaIl8b to the Trustees and the Tnjslee Act 2000. Investment Objectives and Perfonnance The Trustees have agreed with the Investrnent Managers that the objeclwe is to protect and grow the value of the portrolio over the longer term. through a combination of dividend and interest income and capitsl growth. Investment decisions should be made based on the vws of a prudent person in accordance with the stsndard of investment crrteria relating to suitability and dwersfficalion. These objectives are reviewed al least once a year al a Trustees, meeting. The Trustees wish lo ensure that Ihe objectives outlined above are achwed with an acceptable risk. This implies the need for diversification of investrnent by the Trust to include a range of assets including fixed interest stocks. UK and overseas shares. Investments comprise holdings in the UK, laryer overseas listed companies. unÈt and investment trusts including those investing in major inlemalional markets and also fixed interest seeurilies. The portfolKJ can therefore include a proportion of medium-srLed or smaller UK companies and have exposure lo international markets. Page 2
DDCU5ign ErnlOpe ID.. 1FC2ED6E.DEDF486T>947k3658F67474A6 The Record Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 Aprll 2025 Trustees. Annual Report The Trustees recognised and welcome the inve5tmerit process at Ralhbones Investment Management relating to the Environmental, Social and Govemance IESGI aspects of investing. The Trustees monitor the performance of the fund and review each Individu asset ckss against its appropriate appropriate benchmark as detailed in the Policy Slalèment. The Investment Manager provides regular reports to the Twstees who review the performance of the portrolio and of the Investment Manager at least Iw1 a year. The Trustees are satisfied with the performance during the year under review. STRUCTURE GOVERNANCE AND MANAGEMENT The Record Charrtable Trust is an unincorporalad granl-making trust. It is a registered ¢harity constituted under trust deed dated 21 October 2021. The Charty was established by the first Trustees. who received a generous initial donation of capital expandable endowment funds to be invested and generate income and retums fiorn which grants will be awarded al the Trustees, discretion lo further the Charitys objects. There must be al least three Trustees. Each new Trustee must be appointed by a resolution of the Trustees which is passed at a special meeting called as required by the char5 governing dlxument. New Trustees are selected in accordance wrth their connection lo the current Trustees and the particular skills and knowledge they bring to the Charil¥s governance. to ensure that beeen them they have the appropriate experience and skills to fulfil the Charitys objeth'ves. New Trustees will be provided wrth an induction pack con18ining infomiation such as a copy of the Charit8 governing document, minutes of the last Tru5tees' meeting, lalesl sel of approved Annual Report and Accounts. New Trustees 11 be asked to read the Charity Commission guidance 'The Essential TNstee', and other helpful irformalion available on the Charty Commission websrte. Two Trustees present throughout a meeting foms a quorum. Minutes must be kept by the Trustees, recording decisions m8de. The Trustee5 must hold al least tsvo ordinary meetings each year, of which one musl be in person. Meetings provide the opportunty to foimalty discuss grant applications, strategy and governance matters. In addition, the Charity's Investment Managers are required to attend al least one meeting. The Twstees have established a Fund known as the Re¢ord Seholarship Trust IRSTI. They have engaged a cornmittee who advise on and administer the Scholarship Trust. The Committee members are the Director of RST, Andrew Halls. former Head of King's College School. Alex Frazer (Head al Bancroft's School) and Sue Woodroofe (former Head of The Grammar School at Leeds). Juli¢ Robinson (CEO of the Independent &hools Council} resigne(l as a committee member in JU 2024. The committee members have been selected for their wide ranging knowleége and experience in the educational seclor. In addition, an AdminislTalor continues ID be engaged lo provide the necessary support to enable the charty to achieve ils aims. Rlsk management The Charty Trustees have given consideration lo the major risks to which the Charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. F¥ye 3
DotAtsign Envelope ID.. 1FC2EO6E-DEDF4B6[g4736s8F6?474A6 The Record Charltable Trust Annual Report and Unaudlted Accounts for the year ended S April 2025 Trustees. Annual Report After considering the areas of governance, operational, financial. environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk lo the Charitls funds. In order to miligale this risk and in accordance wrth s15 Trustee Act 2000 the Trustees are establishing a PoIY Statement to be adhered lo by the Investment Manager, which wll be reVVd in line with investment performance. REFERENCE AND ADMINISTRATION DETAILS Other working namo: The Record Scholarship Trust Charity Registration Number: 1197459 Principal Office.. Rathbones Trust Company Limited. Port of Liverpool Building, Pier Head, Liverpool, L31NW Trustees who served durlng Neil Peter Record Ichaimianl the year and on the date Katy Alison Weallhall Carver the Report was approved: Robert William Record Committee membets who seryed during the year and on the date the Report was approved: Andrew Halls Alex Fraxer Sue Woodroofe Julie Robinson- resigned July 2024 Accountants: Ralhbones Trust Company Limited, Port of LNerpLxl Buikling, Pier Head, Liverpool, L3 1NW Independent Examiner: Jarnes Hurrell, 30 Gresham Street. London, EC2V 7QN SollcitoTs- Ralhbones Legal Services, 30 Gresham Street, London, EC2V 7QN Bankers: Lloyds Bank plc. 25 Gresham Street. London, EC2V 7HN Investment Managers: Rathbones Investment Management Ltd. 30 Gresham Street, London, EC2V 7QN PLANS FOR THE FUTURE The Charty will continue lo develop its working th koy organisations lo maximise the delivery of publi¢ benefft, including.. Learning from the experiences of previous years and adjust the scholarship process as necessary. Considering how to raise awareness of the Record Charrtable Trust and the Record Scholarship$. Developing the monitoring process as necessary Enhance the scholarship experience by establishing an annual celebration, enabling individuals to share experiences, and prwde opportunities lo attend events such as leadership training or universty preparation talks. Page 4
Dorjjsign EnvelopÈ ID.. 1FC2ED6E-DEDF4B6D-947A-3658F67474A6 The Record Charttable Trust Annual Report and Unaudited A¢¢ounts for the year ended 5 Aprll 2025 Trustees, Annual Report TRUSTEES. RESPONSIBILTIES The Trustees are Tesponsible for preparing the fruslee5' Annual Report and Accounts in accordance with applKable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales qUireS the Twstees lo prepare accounts for each financial year which give a true and fair view of the state of affair5 of the charty and of the incoming resources and application of resources of the charity for that year. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the incoming resources and applications of resources, including the income and expenditure of the charity for the pefiod. In preparing Ihese accoursts, the Trustees are required to.. seleet suitable accounting polices and then apply them consistently.. obsetve the methods and principles in the Charities SORP IFRS 1021,. make judgements and estimates that are reasonable and prudent-, - slate whether applicable UK accounting slandards IFRS1021 have een followed, subject lo any material departures disclosed and explained in the financial 51alemenls'. arid prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are suffieienl lo show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable Ihern lo ensure that the accounts comply wi(h the Charities Act 2011. the Charty (Accounts and Reports) Regulations 2008 and the provisions of the eharitls governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. As approved and signed on behalf of the Board of Trustees: 08 JanLJary 202613.'52 PM GMT eE93MIIThI3._ Neil Peter Record Ichairman) Date Page 5
Docwgn Envdope ID.. lFC2EfE-DEDF4BGD.947&3GseF67474A6 The Record Charitable Trust Annual Report and Unaudited Accounts for the year ended 6 April 2026 Independent Examlnef$ Report Independent examlnerfs report to the Trustees of the Record Charitable Trust- charity no: 1197459 I report on my examination of the accounts of the above charity I'lhe Trust") for the financial year ended 5 April 2025. which are Set out on pages 7 10 17. RpOnsibl11t1es of the Trustees and Independent Examiner As the Charws Trustees. you are responsible for the preparation of the accounts in accordance wf(h the requirements of the Charities Act 20111"Ihe Act"). You consider that an audit Is not required undef $144 of the Act and that an independent examination is needed. I report in respect of my examination of the Tru51'5 accounts carried out under section 145 of the Act and in carrying out my examination. I have followed all the applicable Directions gwen by the Charity Commission under section 14515llbl of the Act.11 is my responsibilty 10 5ts1e whether particular matters have come lo my attention. Basis of Independènt Examine5 Report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a eompari50n of the accounts presented with those records. It also includes consideration of any unusual item5 or disc105ures in the accounts and seeking explanations from the Iruslees concerning any such rnallers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a'true and fairf wew. The report is limited to those matters sel out in the statement below. Independent Examiner's statement l am a member of an approved body subject to the provisions of the Revised Ethical Standard 2024 issued by Ihe Financial Reporting Council IFRCI. Ralhbones Trust Company Ltd has provided book keeping services in accordance wilh the lernis of engagement signed by thè Trustees and I do not report lo the b(xik-keeper in any respert I give due consideralior¢ to the FRC'S Revised Ethical Standard 2024 al all limes. I have completed my examination and Confi that no matters have come to my attention which gwe me cause to believe that in any material respect.. the accounting records were not kept in accordance wi(h section 130 of the Charities Act, or the accounts did not accord with the accounting records. Of the accounts did not comply wi(h the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'lrue and fairf Mew which is not a matter considered as part of an independent examination. I have no concems and have eome across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. James Hurrell ACA, cfA 30 Gresham Street. London. EC2V 7QN Date Page 6
Do(1gn Envelope ID.. IFC2ED6E-DEDF4B6D47A-j6saF67474A6 The Record Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 statement of Flnancial Aclivities Unrestrlcted General Funds 202S Expendable Endowrnent Fund5 2025 Total FLEnds 2025 Total Funds 2024 Notes Income and Endowments from: Donations Inveslmenls Other income 892,500 892,500 207,000 1,280 1. 183,000 118,312 2,312 207.000 1,280 Total 208.280 892,SOO 1,100,780 1,303.624 Expenditure on: Raising funds Charitable activities 11.916 79.000 11,916 287.562 10,310 240,334 208,562 Total 208,562 90,916 299,478 250,644 Net gainslllossesl on investments Nel gainsll105ses) on foreign excttange 12 13 1262,9641 1262.9641 14971 14971 {521,205J Net movement in funds 282 538,123 537,841 531,775 Reconciliation of funds: 18 Balance as at 6 April 2024 17,925 3.708,673 3,726,598 3, 194,823 Balancg as at 5 Aprfl 2025 17,643 4,246,796 4.264,439 3.726.598 The notes on pages 9 to 17 form part of these accounts. Page 7
Doawn En¥tpe ID.. lffc2EE.DEDF4B6D-94736S8F67474A6 The Record Charltable Trust Annual Rgport and Unaudited Accounts for th8 year ended 5 April 2025 Balance Sheet Unrestricted General Funds 2025 Expendable Endowment Funds 2025 Total Funds 2025 Total Funds 2024 Notes Flxed Assets Inveslmenls 12 4.231,543 4,231,543 3, 708. 760 Total Fixed Assets 4,231,543 4,231.543 3,708.760 Current Asset$ Debtors Cash al bank and in hand 14 15 4,583 57,419 4.583 151,759 5,428 186,993 94.340 Total Current Assets 62,002 94,340 156,342 192,421 Llabllltles". Creditors,. Arnounls falling due within one year 16 44,359 79.087 123,446 174,583 Net Current Assets 17.643 15,253 32,896 17,838 Total Net Asset5 17.643 4.246,796 4,264,439 3.726,598 Funds of the Charlty 18 Total Funds as at S April 2025 17,643 4,246.796 4,264,439 3,726,598 Approved by the Board of Trustees and signed on its behaW".- 08 January 202613'.52 PM GMT Neil Peter Record {Chaimianl Date The notes on pages 9 10 17 form part of these accounts. Page 8
Dovjstgn Envelope10.. 1FC2EfKE-DEDF486D-947M658F67474A6 The Record Charitablo Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Notes to the Accounts 1 Accounting Policies Charlty Infomiation The Record Charitable Trust is gISte in England and Wales {reg no-. 11974591. Its goveming body are the Twstees of a seluemenl deed dated 21 October 2021. Its principal office is clo Rathbone5 Trust Company. Port of Liv8TPC>O Building, Pier Head, Liverpool, L3 1 NW. The charity is a Public Beneffi Entity as defined by FRS 102. Accountlng Conventlon The financial slalernents have been Prepared in accoTdance with the Charitys governing document. the Charities Act 2011, FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS102"1 and the Charities SORP "Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Isecond edition - October 2019- effective 1 January 2019}. The accoun15 have been prepared lo give a Irue and fairf wew and so have departed fomi the Chariknes (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a Irue and fair vievl. Th departure consists of adopting the current version of the SORP IFRS 1021. The accounts are prepared in sterling, which is the functional currency of the charty. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The accounts have been prepared on the historical cost convention, modrfied to include the revaluation of investrnents at fair value. The principal accounting policies adople(l are sel out below. The Charity has taken advantage of the provisions in the SORP for Charities applyin9 FRS 102 Update BUltin 1 not lo prepare a Stslement of Cash Flows in respect of the financial year. Going Concern The Trustees have assessed whether the use of Going Concern is appropriate and have coneluded that the Charrty has adequate resources and reserves to enable il lo continue in operational existence for the foreseeable future and there are no materHI uncertainties about the charitys abilty to continue as going concem and thus the Trustees continsje lo adopt the 'going concern, basis of accounting in preparing the financial statements. Charitable Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the Charitys purposes. unless the funds have been designated for other purposes. Expendable Endowment funds represent donations received with the intention they be invested by the Trustees or retained lo further the Charitls purposes. The Trustees have discretion to apply capital for the chartys PUTPOSes or convert tho lunds into income for appIallOn in furtherance of Ih05e purposes. Income generated from expendable endowment funds must be applied lo further the Charrtys purposes and is credited to unrestricted funds unless the donor has specffieil restrictions. Paye 9
Doe51gn Envthpe ID.. 1FC2EE.0EDF4BSo-o47A-36S8F674T4A6 The Rocord Charitable Trust Annual Report and Unaudited Accounts fortho year ended 5 Aprfl 2025 Notes to the Accounts Income Income is recognised when the Charity is legalty entitled lo it after any performance conditions have been met, the amounts can be measured relk?bly and rt is probable that income wll be recenied. Cash donations are recognised on receipt Other donations are e0niSed once the Charity ha5 been nolffied of the donation, unless performance Conditions require deferral of the amount. Income Tax recoverable in relation lo donations ceiVed under Grft Aid or deeds of covenant 15 recognised 81 the lime of the donation once this can be quantified with reasonable certainty. Legacies are recognised on receipt or otherwise if the Charity has been nolrfied of an impending distribution, the amount is known and receipt Is expected. If the amount is not knowr5, the legacy is treated as a conlingenl asset. All dividend income is accrued when the shareholderfs right lo receive payment is established. It is recorded net and includes lax deducted only when il is repayable lo the charity. All donations received in-specie are recognised al market value as at the dale of the gift. Expondlture Expenditure is recognised when paid or when there is a legal or con¥truclive obligation for which it is more likety than not that a transfer of economic benefit will be req5Jired in selllement and the amount can be reliably measured as at the reporting dale. A ¢on5truGlive obligation exists where the Charty has communicated the Commitment lo provide particular goods, service5 or funding lo the recippnl by the reporting date and there are no eondilions attached lo its payment falling due after the reporting date. PrO$10nS for liabililres must be recognised when etther the limlng or the amount of future expenditure required to settle the oblFgalion is uncertain. These are distinguished separalety on the balance sheet. If a transfer of resources is no longer required. pn)vssions are reversed and charged lo the SOFA. Governance and Support Costs Support costs have been allocated between governanee costs and other support. Govemance costs comprise of all costs involving public accountability of the Charity and ils compliance wlh regulation and good pfftctice. Support costs include central functions and have been allocated to actswty costs categories on a basis consislenl with the use of resources, for example. by the time spent. Investments Investments held in the fund are incfuded * their market value as fdlows.. la) Listed Securities are valued al the mid market value ruling al the balance sheet dale. Ib)Lisled securrties held in foreign cUrnCle5 have been valued at the mid market value and translated into their sterling equwalents at the rates ruling al the balance sheet dale. Ic)Gilts a valued al the mid market value ruling at the Balanee Sheet dale and include interest that has accrued up to Ihat date. Investments are classified as a fixed asset except when classrfied as a Current asset vthere the inlenknn of the Trustees is to dispose of the asset and not reinvest the proeeeds. Pagp10
DorAJ*gn Envelope ID". 1FC2ED6E-DEDF486tk947A-3658F67474A6 The Record Charttsble Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Notes to the Accounts Other rgcognised Gains and Losses Realised gains and losses on investrnents are calculated as the difference betsyeen sales pro¢eeds and their market value at the start of the year, or their subsequent cost and are charged OT credited to the Stslemenl of Financial AclivitEs in the year of disposal. Unrealised gains and losses represer)I the movement in market values during the year and are credited or charged lo the Statement of Financial Activities resutting from revaluing investments lo market value al the Balance Sheet dale. Taxation The Charity is not li8ble lo income lax or capital galns tax on its charifable actiVTties. Irwoverable VAT 1$ included in the asset cost or the expense lo which il Telale5. Cash and cash equivalents Cash al bank and in hand 15 held lo meet short-lemi cash commitments as they fall due rather than for investment purposes. Cash and cash èqUNalents include cash in hand, depossts held at call with banks. other short-lerm liqvid investments with 0ri9inal malurrties of three months or less. Financial Instruments The Ghartty has elected to apply the provi510ns of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charty's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financral statements. when there is legally enforceable Tight to sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liabilty 5imullaneousty. Basic financial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are inf(ially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unles5 the arrangement conslitules a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as re1vable within one year are not amortised. Basic financial liabilitles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the Trangemenl constilules a financing Iransaclion. where the debt instrument is measured at the Present value of the future receipts discounted al a matl(et rale of interest. Financial liabilrties cL4ssified as payable within one yea¥ are not amortised. Trade creditors aTe oblig81ions lo poy for goods or seNices that have been a¢quiTed in the ordinary course of operations from suppliers. Amounts payable are classified a5 current liabilities rf payment is due wbthin one ye8r or less. If not. they are presented as non-currenl liabilities. Trade creditors are recognised initially al tran$aclion prKe and subsequenlw measured at amortised cost using the effedive interest method. Pag&11
Doutsign Enydope ID.. 1Fc2E06E-DEDF4B6f847o58FG7474A8 Tho Record Charftable Trust Annual Report and Unaudlted A¢count$ for the year ended 5 Aprll 2025 Note9 to the Accounts Cancellation of financial liabilitie3 Financial liabilities are dereccgnised when the Charity's ¢ontraclual obligalKJns expire or are discharged or cancelled. 2 Critical accountlng estlrn*es and Judgements In the application of the Ch8rity's accounting policies, the Trustees a required to make judgements, eslimales and assumptions about the carrying amount gf assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are Considered ID be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting g51imale5 ar8 cognised in the period in which the estimate 15 revised where the revision affects only that period. or in the period of the revision and future periods where the revision 3ffects both Current and future periods. 3 Income from Donations 2025 2024 Investments oceived 892.500 1, 183.000 892,500 1, 183,000 The donation of investments is held as expendable endowment funds. The donation was made wf(houl conditions atta¢hed which required the ChaTity lo alter ils activities in any way or influence the Chartys activities or use of resources. 4 Investments Income 2025 2024 UK Eqvities and Income Unrt Trust Interest Unil Trust Income Fixed Interest Overseas Income Overseas Interest Overseas lax deducted at source Aecrued Interest rebate Excess Reportable Income 180,192 1,163 5,545 4.604 6,075 8,113 14431 12141 1,965 101,973 1, 725 3.899 3. 730 &523 4,285 (236) (7.987) 207,000 118,372 S Other Income 2025 2024 Bank Interest 1,280 2.312 1.280 2,372 Page12
Do(1gn Envdope ID.. 1FC2ED6E-DEDF4Bs947A-36s8F67474A8 Th8 Record Charitable Trust Annual Report and Unaudited Accounts for the year gnded S Aprfl 2025 Notes lo the Accounts 6 Raising Funds 2025 2024 Rathbones Investment Management fees linc VATI 11,916 10,310 11,916 10,310 7 Charitable Activities Grnnt making.. Bursarie5 pledged and paid Committee costs Inote 81 Support and office costs Inole 91 Governance costs (note 101 2025 2024 232,888 22,910 18,743 13,021 102. 715 102. 166 2Ql 20.077 287.562 225. 159 8 Committee Costs 2025 2024 Chairman fees ember remuneralion12 members) Travel expenses 20,833 2,000 77 99, 166 3.000 22,91 D 102. 166 9 Support Costs 2025 2024 Administration support Web511e expenses Printing Bank charges 16.467 1.931 180 165 15,050 125 201 18,743 201 Page 13
Do¢LOlyn Envelo ID.. 1FC2ED6E-DEDF4B6D.947A-3658F67474A6 The Record Charltable Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 Notes to the Accounts 10 Governance Costs 2025 2024 Legal fèes Cornpliance fee Accountancy fee Independent Examination fee Independent Exarninalion fee prior year Insurance Meetings 8,647 960 T,200 2, 100 300 870 990 7,200 2,400 300 911 1,220 13,021 20,OT7 11 Disclosure of Remuneration and Beneflts The Charity had no employees during the financial year ended 5 April 2025 {none in 20241. None of the Trusteès were paid any remuneration or received any benefits by way of efnployment with the Charity or relaled entity during the financial year ended S April 20251£O in 20241. No amoun15 were reimbursed lo any Trustees for expenses incurred during the financial year ended 5 April 2025 (£0 in 20241. 12 Investments Value at Purchase costs Sales proceeds Realised Unrealised GainllLossl Gainl{Lossl Value al 05104r25 Listed". UK Bonds and Fixed Interest Overseas Equities and Bonds UK Equities ComModitS 398, 661 680, 618 2,574,846 ,910 738,776 305,675 1,077.527 1628,2561 1130.4191 1573,8311 4,734 266 48,606 7,641 521,556 139,9161 816,224 1297,795} 2.829,353 13,500 64,410 3, 705.035 2,121,978 1.332,506 53,606 316.570 4,231,543 Cash for investmet)I 3,725 94,340 3, 708, 760 2,121,978 1.332,5081 53,606 316.570 4.325.883 13 Net Galn (Loss) on Forelgn Exchang8 2025 2024 Unrealised gain Ilossl on foreign currency exchange 14971 4971 Pag8 14
D0cJgn Envetope ID.. IFC2EfE-DEDF4B6o-947A46S8F67474A6 The Record Charitablo Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 Notes to the Accounts 14 Current Assets Debto Gift Aid Investment income receivable 2025 2024 2.500 2,083 2,928 4,583 5,428 15 Cash at Bank and In Hand 2025 2024 Cash 81 bank 151.759 190, T19 151,759 190, 719 16 Liabilities: Amounts falling dug wilhin one year Grants payable Ralhbones Trust Company Ltd Ralhbones Trust Company Ltd - prior year Accruals 2025 2024 84,676 10,590 22,260 5,920 152,536 21,960 87 123.446 174,583 17 Financial Instruments 2025 2024 Carrying amount of financial assets Debt instruments receivable within one year Debtors - Cash 2,083 151,759 2.928 190,719 153,842 193,647 Carrying amount of financial liabilities Payable within one year Creditors and Accruals 123.446 174,583 Instruments measured at fair value through SOFA Investments at value 4,325,883 3. 708, 760 Page15
Drxu8ign Etwekjpe ID.. 1FC2Eo6E-DEDF4B6t7A-36s8F67474A8 Tho Record Charitablo Trust Annual Report and Unaudited Accounts for the year ended S April 2025 Notes to the Accounts 18 Mov9m•nts Between Fund$ Balance at OW04rI4 Gainsl Transfer Balance at (Lossesl bet4¥e•n fund¥ 05104125 Income Expendlture Expendable Endowment Investrnenls 3, 708,673 892.500 190.9161 1263,4611 4.246.796 Unrostricted funds: General funds 17,925 208,280 1208,5621 17,643 Total funds 3, 726,598 1,100,780 1299.4781 263,4611 4.264.439 In accordance with Clause 4 of the Charty's governing document, the Irustegs musl apply the incom8 and, al their discretion, all or part of the capital to further the Charity's objects. 19 Contingent Liabilities As at S April 2025 Total Scholar fee for remaining school year 25126 2.6% 26127 3.20 increase 27128 3.20 increase 28129 3.2% increase 29130 3.2PA increasa 30131 3.2•A 31132 3.2% Increase increase increa8e Awarded as al year ended., 05.04.2023 126.192 05.04.2024 121,193 05.04.2025 130.230 80,365 81,528 134,397 82,937 64,966 138,698 85,591 67.045 143,136 88,330 69,191 91,156 71,405 73,690 Total Awarded as al year ended.. 05.04.2023 05.04.2024 05.04.2025 672.654 549,573 427,826 1.650,053 The first group of 12 students were selected as ScholaTS in February 2023 and started al their new schools in September 2023. 3 of the students started in Sth forrn and 9 began in year 7. The second cohort of 10 students were selected in February 2024 and started Ot thetr new schools in September 2024. 6 of the students are in year 7 and 4 are in sNih form. Th8 third cohort of 7 students We selected in Febru8ry 2025. who start their new schools in September 202S. 5 of the students are in year 7 and 2 are starting sixlh form. Page 18
Docusign Envelope ID.. lFC2ED6E-DEDF4B6g4736s8F67474A6 The Record Charitable Trust Annual Report and Unaudited Accounts for the year ended 5 April 2025 Notes to the Accounts 20 Confli¢ts of Interest and Related Party Trnnsactior15 Other charitable organisations of which a Trustees of this Charty has an interest in are ayS property declared. If such situation arises where a TnJ5tees may be in conflict btheen their duty to act solely in the interest of the Charty and a personal interest Ihen that Trustee dS not participate in decision making process other than lo clar'fy fads. The Trustee musl absent Ihernsetves and will not be counted as part of the quorum. A generous donation ol investments was given lo the eharity by Neil Record, Trustee. As disclosed In Note 3, no conditions were attached to the donation requiring the chaTity to aller the nature of its aclivf£ies in any way. No other related party Iransactioris require disclosure in respect of the reporting period ended 5 April 2Q25 or S April 2024. 21 Comparative Statement of financial activities Unrestricted Expendable General Endowment Funds Funds 2024 2024 Total Funds 2024 Income and Endowments from: Donations Investments Other Income 1,183,000 1.183.000 118.312 2,312 118,312 2.312 Total 120,624 1,183,000 1,303.624 Expenditure on- Raising funds Charitable oclivilies 10,310 10,310 240,334 240.334 Total 240,334 10,310 250,644 Net gainslllossesl on investments 1521,2051 1521.2051 Net movement in funds 119,710 651,485 531,775 Balance as al 6 April 2023 137,635 3,057.188 3,194,823 Balance as at S April 2024 17,925 3.708,673 3,726,598 Page 17