DO￿gn Envelope ID.. 1FC2Eo6E-DEDF486￿947A￿6S8F6747dA6
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)

DOcU￿9n EnvebFe10.. 1FC2E06E-DEDF4B6tk947￿36S8F87474A6
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(p￿n 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

D￿￿on Envel￿ ID.. lFC2ED6E￿Et￿4B6D-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 end￿ment 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 inC￿aSe 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 sp￿lfIe
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 Ern￿lOpe 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 char￿￿5 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 be￿een 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 Charit￿8 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[￿g47￿36s8F6?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 PoI￿Y Statement to be
adhered lo by the Investment Manager, which wll be reV￿V￿d 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.. lFC2Ef￿E-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.
R￿pOnsibl11t1es 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 Examine￿5 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-DEDF4B6D￿47A-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¥t￿pe ID.. lffc2E￿E.DEDF4B6D-947￿36S8F67474A6
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 BUl￿tin 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 appI￿allOn 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

Doe￿51gn Envthpe ID.. 1FC2E￿E.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 ￿e0￿niSed 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 cUr￿nCle5 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 re￿1vable 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-DEDF4B6f￿847￿o58FG7474A8
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-DEDF4Bs￿947A-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
ComModit￿S
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

D0cJ￿gn Envetope ID.. IFC2Ef￿E-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-DEDF4B6t￿7A-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 S￿th 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-DEDF4B6￿g47￿36s8F67474A6
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 a￿yS 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 d￿S 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