**REGISTERED COMPANY NUMBER: 01292089 (England and Wales) REGISTERED CHARITY NUMBER: 273928**
## **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5TH APRIL 2021**
## **FOR**
**THE VIOLET M RICHARDS CHARITY**
Sinclairs Bartrum Lerner Chartered Accountants Forum House First Floor 15-18 Lime Street London EC3M 7AN
**THE VIOLET M RICHARDS CHARITY**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6 to 7|
|**Notes to the Financial Statements**|8 to 14|
## **THE VIOLET M RICHARDS CHARITY (REGISTERED NUMBER: 01292089)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5th April 2021. 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 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the Charity are the relief of the aged, the relief of sickness and the advancement of medical education to support particularly medical research and research into geriatric problems, homes for the sick, facilities for the relief of the elderly and medical education.
## **Public benefit**
The trustees have complied with the duty in s.17 (5) Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
## **Grant-making Policy**
The trustees are guided by the Settlor's wishes and by their understanding of what she would have wanted/done in response to current circumstances forty or so years later. Accordingly they prefer to be proactive with charities of their own choice, rather than react to external applications.
Historically there has been a wish to assist charities in the East Sussex/ Crowborough area, where the Founder lived. Accordingly external applications are not encouraged and to save costs are not acknowledged and only successful applicants are notified.
The Charity's policy is not to entertain applications from individuals.
## **ACHIEVEMENT AND PERFORMANCE**
During the year the trustees made grants of £35,000 (2020 - £55,000). The net surplus for the year amounted to £16,804 (2020 - deficit £596).
## **FINANCIAL REVIEW**
The financial position of the Charity is considered satisfactory. The Charity paid £35,000 in grants during the year (2020 £55,000), resulting in a net surplus (after taking into account realised gains but before unrealised gain) for the year of £58,279 (2020 - £14,954). However, when the net unrealised gains, resulting from the increase in value of the Charity's investment portfolio are considered, there was an overall increase in the net assets of £455,593 (2020 -decrease £238,992).
The total funds administered by the Charity's investment managers remained satisfactory being £2,563,942 (2020 -£2,108,349) shown on the balance sheet. The trustees' policy for investment is of a balanced return between capital and income. Regular reviews are received from the investment managers and periodic meetings are held with them as considered appropriate. Investment performance is judged over the longer term against the relevant benchmarks. The trustees delegate the investment management to Punter Southall Wealth and Sarasin & Partners LLP within certain defined parameters which are regularly reviewed.
## **PLANS FOR FUTURE PERIODS**
The trustees review their Strategic Plan periodically as appropriate. Currently rather than sponsoring/supporting longer term/larger medical research projects the trustees are proposing to incorporate a greater element of flexibility for individual trustees to nominate beneficiaries which they think are in the spirit of the Founder.
Page 1
**THE VIOLET M RICHARDS CHARITY (REGISTERED NUMBER: 01292089)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Charity was incorporated on 23rd December 1976 and is a registered charity. The Charity is governed by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee and the registered company number is 01292089.
## **Charity constitution**
## Constitution/History
The Charity was founded by the late Violet Richards as a Charitable Company limited by guarantee and registered with the Charity Commission. The Trust Capital consists of the original settled fund and her residuary estate added to the Trust on her death in 1982, a combined total of £443,000. The Company's Memorandum and Articles of Association are in the standard charitable form. The Charity has no permanent endowment. Since formation, the Charity has made grants of some £2,524,908. The net assets as at the balance sheet date were £2,563,942.
## Governance/Management
The Charity is a traditional grant-making trust originally established by a private individual as an outlet for her charitable activities. It is now managed as such by the current trustees and does not expect to receive additions to its capital (although any such are welcome). Accordingly the Policy is to maintain the capital while distributing income year by year - dipping into capital if required - perhaps making it up in later years - i.e. a policy of pragmatism.
Administration/management is effected through the trustees' solicitors, Wedlake Bell LLP, of whom one of the trustees, Charles Hicks, is a partner. Although such outsourcing is not welcomed by all in the charitable sector, the trustees have considered the matter and do not see a cost effective alternative for the time being, although the issue remains under regular review. Accounts are produced by the trustees' accountants as a risk management tool to separate production of the accounts from management of the funds.
As above, the trustees' policy is to maintain the capital as a base to generate an increasing level of income for future grants. The trustees are veering towards a "total return" definition of income available for distribution while retaining the corpus intact.
The trustees have it in mind at the appropriate time to broaden the trustee base by recruiting younger representatives to the trustee body.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
01292089 (England and Wales)
## **Registered Charity number**
273928
## **Registered office**
c/o Wedlake Bell LLP 71 Queen Victoria St London EC4V 4AY
## **Trustees**
G R Andersen Retired Solicitor Dr J A Clements Retired University Lecturer Mrs M E Burt Retired Occupational Therapist C Hicks Solicitor Dr P J Marriott Medical Practitioner
## **Company Secretary**
C Hicks
Page 2
**THE VIOLET M RICHARDS CHARITY (REGISTERED NUMBER: 01292089)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Independent Examiner**
Sinclairs Bartrum Lerner Chartered Accountants Forum House First Floor 15-18 Lime Street London EC3M 7AN
## **Solicitors**
Wedlake Bell LLP 71 Queen Victoria Street London EC4V 4AY
## **Investment Managers**
Punter Southall Wealth 11 Strand London WC2N 5HR
Sarasin and Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
Bankers: Royal Bank of Scotland 1 Fleet Street London EC4Y 1BD
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 11[th] November 2021 and signed on its behalf by:
C Hicks - Trustee
Page 3
**INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE VIOLET M RICHARDS CHARITY (REGISTERED NUMBER: 01292089)**
## **Independent examiner's report to the trustees of The Violet M Richards Charity ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 5th April 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection 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.
Simon Kinna FCCA Sinclairs Bartrum Lerner Chartered Accountants Forum House First Floor 15-18 Lime Street London EC3M 7AN
Date: 11[th] November 2021
Page 4
## **THE VIOLET M RICHARDS CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2021**
|**Notes**
**INCOME AND ENDOWMENTS FROM**
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Grants Payable
Other expenditure
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|**2021**
**Unrestricted**
**funds**
**£**
**72,840**
**1,595**
**74,435**
**5,638**
**35,000**
**16,993**
**57,631**
**438,789**
**455,593**
**2,108,349**
**2,563,942**|**2020**
**Total**
**funds**
**£**
79,760
1,650
81,410
7,542
55,000
19,464
82,006
(238,396)
(238,992)
2,347,341
2,108,349|
|---|---|---|
The notes form part of these financial statements
Page 5
## **THE VIOLET M RICHARDS CHARITY (REGISTERED NUMBER: 01292089)**
## **BALANCE SHEET 5TH APRIL 2021**
|**Notes**
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Debtors: amounts falling due within one year
7
Investments
8
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds:
Capital fund
Income Fund
**TOTAL FUNDS**|**2021**
**Unrestricted**
**funds**
**£**
**2,429,248**
**26,224**
**37,824**
**88,189**
**152,237**
**(17,543)**
**134,694**
**2,563,942**
**2,563,942**
**2,547,138**
**16,804**
**2,563,942**
**2,563,942**|**2020**
**Total**
**funds**
**£**
1,970,595
-
65,650
128,794
147,312
(9,558)
137,754
2,108,349
2,108,349
2,108,349
-
2,108,349
2,108,349|
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5th April 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 5th April 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 6
**THE VIOLET M RICHARDS CHARITY (REGISTERED NUMBER: 01292089)**
## **BALANCE SHEET - continued 5TH APRIL 2021**
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 11[th] November 2021. and were signed on its behalf by:
C Hicks - Trustee
The notes form part of these financial statements
Page 7
**THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements 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 significant accounting policies applied in the preparation of the financial statements are set out below and have been consistently applied to all years presented unless otherwise stated. The financial statements have been prepared under FRS102. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
## **Preparation of the accounts on a going concern basis**
Funding for the Charity's day to day operations is secure and there are no material uncertainties and on this basis the Charity is a going concern.
## **Debtors**
Prepayments are valued at the amount prepaid net of trade discounts due.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid deposits or similar accounts held directly by the Charity.
## **Creditors and provisions**
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing 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 resources.
continued...
Page 8
**THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Expenditure**
Grants are accounted for at the point at which the trustees consider that they are under a moral obligation to make the grant. This may occur sometime after a grant has been agreed in principle by the trustees and at the point when the proposed recipient has demonstrated to the trustees' satisfaction that they are in a position to undertake the agreed project of research or otherwise utilize the funds for purpose for which the grant application was originally made.
Where the trustees consider an application for a longer term project which may require funds over two or more years, the trustees' consider that their moral obligations will normally only occur at the point at which the recipient has demonstrated to the trustees' satisfaction that the continued funding is justified based on the original terms of the grant application. In these circumstances the Statement of Financial Activities records the amount payable in the year but any further amounts that may have been agreed in principle are reported in the notes and quantified based on the trustees' best estimate of the amounts that may become payable in the future.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Other Expenditure represents legal and professional costs in administering the affairs of the charity.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
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 within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
The Charity's investments, which are shown as fixed assets, are disclosed in the financial statements at their market value at the end of the year rather than at cost.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
|Income from investment
Deposit account interest|**2021**
**£**
**72,822**
**18**
**72,840**|**2020**
**£**
79,248
512|
|||79,760|
## Investment Income
Dividend income and interest receivable are accounted for according to the date the income becomes payable to the Charity. With equity investments this will be the date the dividend is payable to the investment manager account rather than any later date when it is transferred to the Charity's bank account. Interest income is credited to the Charity's bank account and accounted for at that point.
continued...
Page 9
**THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021**
## **3. RAISING FUNDS**
## **Raising donations and legacies**
|**Raising donations and legacies**|||
|---|---|---|
|Investment management costs
**GRANTS PAYABLE**
Grants Payable
The Countess Mountbatten Hospice
Cavernoma Alliance UK
Camphill Village Trust
British Liver Trust
Prostate Cancer UK
Thinking Well- East Sussex-Southdown Housing Association
Dyscover Limited|**2021**
**2020**
**£**
**£**
**5,638**
7,542
**2021**
**2020**
**£**
**£**
**35,000**
55,000
**2021**
**2020**
10,000
15,000
-
5,000
10,000
5,000
10,000
10,000
-
10,000
-
5,000
5,000
5,000
-----------
------------
35,000
55000
------------
-----------|**2020**
**£**
7,542
**2020**
**£**
55,000|
||
-
--||
## **4. GRANTS PAYABLE**
Grants are accounted for at the point at which the trustees consider that they are under a moral obligation to make the grant. This may occur sometime after a grant has been agreed in principle by the trustees and at the point when the proposed recipient has demonstrated to the trustees' satisfaction that they are in a position to undertake the agreed project of research or otherwise utilize the funds for purpose for which the grant application was originally made.
Where the trustees consider an application for a longer term project which may require funds over two or more years, the trustees' consider that their moral obligations will normally only occur at the point at which the recipient has demonstrated to the trustees' satisfaction that the continued funding is justified based on the original terms of the grant application. In these circumstances the Statement of Financial Activities records the amount payable in the year but any further amounts that may have been agreed in principle are reported in the notes and quantified based on the trustees' best estimate of the amounts that may become payable in the future.
continued...
Page 10
**THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5th April 2021 nor for the year ended 5th April 2020.
## **Trustees' expenses**
During the year nil expenses were paid to the trustees or persons connected with them, for travel costs (2020 £55).
## **6. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 6th April 2020
Additions
Disposals
Revaluations
At 5th April 2021
**NET BOOK VALUE**
At 5th April 2021
At 5th April 2020|**Listed**
**investments**
**£**
**1,970,595**
**246,256**
**(184,917)**
**397,314**
**2,429,248**
**2,429,248**
1,970,595|
|---|---|
There were no investment assets outside the UK.
continued...
Page 11
## **THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021**
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**7.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
|---|---|---|---|---|
|Other debtors
**8.**
**CURRENT ASSET INVESTMENTS**
Cash held with Investment managers
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
Accruals and deferred income
**10.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
Capital fund
Income Fund
**TOTAL FUNDS**|**At 6/4/20**
**£**
**2,108,349**
**-**
**2,108,349**
**2,108,349**||||
||||||
||||||
continued...
Page 12
## **THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021**
## **10. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Capital fund
Income Fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
**-**
**74,435**
**74,435**
**74,435**|**Resources**
**expended**
**£**
**-**
**(57,631)**
**(57,631)**
**(57,631)**|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
**438,789**
**438,789**
**-**
**16,804**
**438,789**
**455,593**
**438,789**
**455,593**|
|---|---|---|---|
## **Comparatives for movement in funds**
|**Unrestricted funds**
Capital fund
**TOTAL FUNDS**|**At 6/4/19**
**£**
2,347,341
2,347,341|**Net**
**movement**
**in funds**
**£**
(238,992)
(238,992)|**At**
**5/4/20**
**£**
2,108,349
2,108,349|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Capital fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
81,410
81,410|**Resources**
**expended**
**£**
(82,006)
(82,006)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
(238,396)
(238,992)
(238,396)
(238,992)|
|---|---|---|---|
continued...
Page 13
**THE VIOLET M RICHARDS CHARITY**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2021**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
Capital fund
Income Fund
**TOTAL FUNDS**|**At 6/4/19**
**£**
2,347,341
-
2,347,341
2,347,341|**Net**
**movement**
**in funds**
**£**
199,797
16,804
216,601
216,601|**At**
**5/4/21**
**£**
2,547,138
16,804
2,563,942
2,563,942|
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Capital fund
Income Fund
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
81,410
74,435
155,845
155,845|**Resources**
**expended**
**£**
(82,006)
(57,631)
(139,637)
(139,637)|**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
200,393
199,797
-
16,804
200,393
216,601
200,393
216,601|
|---|---|---|---|
The Trustees seek to utilise the income that is generated from the Capital Fund as a basis for making donations, while recognised gains or losses on the investments are transferred to the Capital Fund. However, they are not precluded from applying the Capital Fund for this purpose and accordingly while the separate funds are designated as either capital or income, they are not restricted as to their use. Where the Income Fund accumulates a deficit, a transfer is made from the Capital Fund which may be reversed at the Trustees' discretion at such time as the Income Fund returns to credit.
## **11. RELATED PARTY DISCLOSURES**
The Charity is under the control of the trustees. Mr. C A Hicks, a trustee, is a partner in Wedlake Bell LLP who act as solicitors to the Charity. This firm provided professional services during the year amounting to £9,582 plus VAT (2020 - £12,046).
Page 14