**Charity number: 288205** 

## **THE RICHMOND FOUNDATION** 

## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** 

**for the year ended 30 June 2021** 



## **THE RICHMOND FOUNDATION** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Foundation, its Trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Independent auditors' report on the financial statements**|7 - 10|
|**Consolidated statement of financial activities**|11|
|**Foundation statement of financial activities**|12|
|**Consolidated balance sheet**|13|
|**Foundation balance sheet**|14|
|**Consolidated statement of cash flows**|15|
|**Notes to the financial statements**|16 - 40|





## **THE RICHMOND FOUNDATION** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS for the year ended 30 June 2021** 

## **Trustees** 

Richmond, The American International University in London, Inc1 RU Trustee Limited2 

> 1 Comprising: P Deans, A Oliviera, R King, J B Ilieva, E Robertson, C J DeLaney (appointed 1 February 2021), M Dennis (appointed 1 February 2021), A Hans (appointed 1 February 2021), F Huang, I Leroni, M Meissner (appointed 1 February 2021), A Allden OBE (resigned 26 February 2021) 

> 2 Comprising: P Deans, A Oliviera 

## **Charity registered number** 

288205 

## **Principal office** 

Queen's Road, Richmond-upon-Thames, Surrey, TW10 6JP 

## **Independent auditors** 

Peters Elworthy & Moore, Salisbury House, Station Road, Cambridge, CB1 2LA 

## **Bankers** 

Allied Irish Bank, 10 Berkeley Square, Mayfair, London, W1J 6AA 

## **Solicitors** 

Eversheds Sutherland (International) LLP, 1 Wood Street, London, EC2V 7WS 

Page 1 



## **THE RICHMOND FOUNDATION** 

## **TRUSTEES' REPORT for the year ended 30 June 2021** 

The Trustees submit their report and audited consolidated financial statements of The Richmond Foundation for the year ended 30 June 2021. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The Foundation, registered in England and Wales, is governed by a Declaration of Trust dated 25 October 1983, as amended by a Deed of Variation dated 30 May 1990 and as amended by a Section 280 resolution dated 5 November 2019. The Foundation's charity number is 288205 and the Foundation is unincorporated. 

## **Financial statements** 

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Foundation's governing document, the Charities Act 2011 and 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) second edition October 2019 (effective January 2019). 

These consolidated financial statements include the results of the Foundation's wholly-owned subsidiary, Richmond College Services Ltd. 

## **Appointment trustees** 

Trustees are normally appointed from the Trustee Board of Richmond, The American International University in London Inc. ("the University"), an independent US non-profit educational charity with tax exempt status under section 501 (c) (3) of the US Internal Revenue Code. 

## **Remuneration policy and key management personnel** 

The Foundation's Trustees comprise the key management personnel of the Foundation in charge of directing and controlling the Foundation. All Trustees give their time freely and no Trustee received any remuneration in the year. 

## **Trustee Induction and Training** 

New Trustees undergo an induction to the Foundation. This induction includes an introduction to the work of the Foundation and the Trustees' own obligations under UK charity law. The financial history of the Foundation is also covered and an explanation of the financial reporting documents is given. 

## **Organisation** 

The Trustees administer the Foundation and take all major decisions, including deciding on the donations to be made to the University. The Board also reviews the strategy and operations of the Foundation including any risks. 

The Trustees delegate day-to-day management of the Foundation to the President of the University and the Chief Finance Officer. 

## **Trustees' insurance and indemnities** 

The Trustees have the benefit of the indemnity provisions contained in the Foundation's insurance policy, and the Foundation has maintained throughout the year Directors and Officers liability insurance for the benefit of the Foundation and its Trustees. 

## **Related parties** 

The Richmond Foundation received a donation of £10 million in 2016-17 from the Cyril Taylor Charitable Foundation which required that £9 million be invested in a restricted endowment fund and the dividend income from the investment be paid each year to the University. It was agreed with the Office for Students by the Richmond Foundation that the restricted endowment would only be used in the event of the University having to teach-out its current students. 

Due to changes in the governance of the Richmond Foundation and the transition to corporate trustees, the 

Page 2 



## **THE RICHMOND FOUNDATION** 

## **TRUSTEES' REPORT (CONTINUED) for the year ended 30 June 2021** 

University is able to exercise control over the Foundation and therefore the Foundation’s accounts have been consolidated with those of the University since 2019/20. 

The charity owns 100% of the share capital of Richmond College Services Limited. 

## **Risk Management** 

The Trustees have examined the major strategic, business and operational risks that the Foundation faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The sale of the property at 23 Queen’s Road has removed the principal risk to the Foundation. Its remaining risks are associated with the performance of its investment.  The RF Board addressed this by agreeing in 2021 to change the investment fund manager to Cazenove, and to use an ethical investment package. 

## **Public Benefit** 

The Trustees confirm that, to the best of their knowledge and belief, they have complied with Section 4 of the Charities Act 2011 in respect to having due regard to public benefit guidance published by the Charity Commission. 

## **Reserves Policy** 

The Foundation's reserves are held to support financial solvency, manage uncertainty and fund future activities. The level of reserves required by the Foundation is therefore determined by reference to: 

- future operational and capital expenditure requirements; 

- potential financial risks identified; and, 

- working capital/liquidity requirements. 

Unrestricted reserves that have been designated for specific purposes will be shown in a separate designated reserve. 

The Foundation has set itself a target level of reserves of £25,000 which represents 3 years of operational costs. 

The Foundation seeks to distribute the maximum available in each year to Richmond University. After a project or requirement has been identified by the University, the funds are transferred from the Foundation, subject to any restrictions imposed by the donor. The primary expenditure by the Foundation is the cost of mortgage repayments. This is covered by the rent charged to the University for use of the building. 

The restricted endowment is held for the benefit of the University and can only be donated in times of crisis. At the year-end, the restricted endowment totalled £8,007,397 (2020: £7,707,635). 

The restricted fund represents investment income awaiting transfer to the University. At the year-end, the restricted fund totalled £34,570 (2020: £24,775). 

Unrestricted funds are held to fund the day-to-day operations of the Foundation. Unrestricted funds are also used to fund discretionary donations to the University. At the year-end, the unrestricted funds totalled £10,162 (2020: £478,093). 

The reserves policy is reviewed at least annually to ensure any amounts set aside are appropriate. At the yearend, the free reserves available to the Foundation were £10,162 (2020: £5,732). Free reserves are currently below the target level. The Trustees will meet this target by resuming its campaigning activities for unrestricted donations. 

At the year-end, the Foundation held reserves of £8,051,174 (2020: £8,202,885) and consolidated group reserves of £8,052,129 (2020: £8,210,503). 

Page 3 



## **THE RICHMOND FOUNDATION** 

## **TRUSTEES' REPORT (CONTINUED) for the year ended 30 June 2021** 

## **Investment policy** 

## _**Investment Objectives**_ 

The Foundation seeks to produce the best financial return within an acceptable level of risk and the investment objective is to maintain the real capital value ahead of inflation, over the long term. 

The Trustees can tolerate variation in the capital value of the portfolio in the short-term and are prepared to adopt a total return (income and capital growth) approach to meet their drawdown requirement of £250k per annum (to be reviewed annually). 

During the year, the Trustees elected to change the portfolio management provider to Cazenove as its fund was deemed to be more ethically aligned with the objectives of the Foundation. 

The portfolio intends to be invested in the Responsible Multi-Asset Fund which has a target of inflation (CPI) plus 4% per annum, net of fees, over rolling ten-year periods. The Fund targets a stable and sustainable total return distribution of 4% per annum. 

## _**Assets**_ 

The Foundation's assets can be invested widely and should be diversified by asset class, by manager and by security. Asset classes could include cash, bonds, equities, property, hedge funds, structured products, private equity, commodities and any other asset that is deemed suitable for the Foundation. 

## _**Risk**_ 

The key risk to the long term sustainability of the Foundation is inflation, and the assets should be invested to mitigate this risk over the long term. The Trustees understand that this is likely to mean that investment will be concentrated in real assets and that the capital value will fluctuate. Therefore, the Foundation is willing to adopt a ‘medium to high' risk profile. 

## _**Liquidity Requirements**_ 

The Responsible Charity Multi-Asset Fund offers daily dealing with settlement taking five business days for withdrawals. Cash distributions should be paid to the Foundation on a quarterly basis. 

## _**Time Horizon**_ 

This portfolio is as a long-term fund. 

## _**Ethical Investment**_ 

As a charity concerned with education and students we are mindful of our stakeholders and so have selected a fund that adopts a responsible investment approach. 

The Charity Responsible Multi-Asset Fund adopts a responsible investment approach seeking sustainable long term returns, using exclusions, the integration of environmental, social and governance considerations in equities and engagement throughout share ownership. 

The full particulars of the policy are available at 

https://www.cazenovecapital.com/sysglobalassets/wmmediaassets/uk/charities/documents/rmaf-responsibleinvestment-policy.pdf" 

## _**Management, Reporting and Monitoring**_ 

Quarterly reporting and a meeting with the investment manager (at least annually). 

## _**Approval and Review**_ 

This Investment Policy Statement was prepared to provide a framework for the management of its investment assets. It will be reviewed on an annual basis to ensure continuing appropriateness. 

Page 4 



## **THE RICHMOND FOUNDATION** 

**TRUSTEES' REPORT (CONTINUED) for the year ended 30 June 2021** 

## _**Information on fundraising practices**_ 

The Foundation does not currently rely on fundraising as a major source of income nor does it employ or engage professional fundraisers. 

## **OBJECTIVES AND ACTIVITIES** 

The objective of the Foundation is to further the education of the students of Richmond, The American International University in London Inc. by provision of: 

- facilities and equipment; 

- restricted and unrestricted cash donations; and, 

- scholarship, endorsements and special educational programmes. 

Grants are awarded by Richmond, The American International University in London Inc. on behalf of the Foundation. These scholarships are awarded on the basis of need and academic ability, subject to the restrictions imposed by the original donor of the funds. 

## **ACHIEVEMENTS AND PERFORMANCE** 

During the year, the Foundation donated £1,512,457 (2020: £184,000) unrestricted funds and £124,424 (2020: £355,793) restricted funds to the University. These donations improve the quality and accessibility of education at the University. 

The Foundation continued to lease the student residential property at 23 Queen's Road (programme related investment) to the University until its sale in March 2021. Mortgage repayments to Allied Irish Bank in respect of 23 Queen's Road totalled £1,292,535 (2020: £197,060). Income generated from letting 23 Queen's Road to the University was £135,000 (2020: £200,000). 

Proceeds from the sale of 23 Queen’s Road, which amounted to £2,956,457, were donated to Richmond University during the year. 

Investment income from the Cyril Taylor Charitable Foundation endowment was £134,219 (2020: £234,137). The cost of managing the endowment was £nil (2020: £31,670). The endowment is held for the benefit of the University. All income generated by the endowment is remitted to the University; the capital is withheld until it is needed by the University in an emergency. 

The Foundation's commercial trading subsidiary, Richmond College Services Ltd, was dormant in the year. Profits were £nil (2020: £12,495). All profits are gifted to the Foundation. As the subsidiary made no profits, profits were not donated to the Foundation in 2020/21. 

## **Financial review** 

The Foundation showed a consolidated deficit of £158,374 (2020 : £681,477). 

The consolidated reserves of the Foundation totalled £8,052,129 (2020: £8,210,503). No reserves were in deficit. 

The Foundation continued to distribute the maximum available to Richmond University. The Trustees believe that the remaining reserves are sufficient to fund the Foundation's activities for the foreseeable future. 

## **PLANS FOR THE FUTURE** 

In association with the Alumni Office at Richmond University, the Foundation aims to increase philanthropic donations from UK donors in order to support the continued work of the University. 

Page 5 



## **THE RICHMOND FOUNDATION** 

**TRUSTEES' REPORT (CONTINUED) for the year ended 30 June 2021** 

## **GOING CONCERN** 

The Trustees consider that the Foundation will continue to operate for the foreseeable future due to the restrictions on the endowments and current levels of funds. The University remains to be the chief beneficiary of the Foundation's charitable activities 

## **Auditor** 

Peters Elworthy & Moore has indicated its willingness to continue in office. 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. 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. 

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Approved by order of the members of the board of Trustees and signed on their behalf by: 

**Roger King, Chair** 

Date: 8 March 2022 

Page 6 



## **THE RICHMOND FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND FOUNDATION** 

## **OPINION** 

We have audited the financial statements of The Richmond Foundation (the 'parent charity') and its subsidiary (the 'group') for the year ended 30 June 2021 which comprise the consolidated statement of financial activities, the Foundation statement of financial activities, the consolidated balance sheet, the Foundation balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

In our opinion the financial statements: 

- give a true and fair view of the state of the Group's and of the parent charity's affairs as at 30 June 2021 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **BASIS FOR OPINION** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **CONCLUSIONS RELATING TO GOING CONCERN** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

Page 7 



## **THE RICHMOND FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND FOUNDATION (CONTINUED)** 

## **OTHER INFORMATION** 

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- the parent charitable Foundation has not kept sufficient accounting records; or 

- the parent charitable Foundation financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **RESPONSIBILITIES OF TRUSTEES** 

As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so. 

Page 8 



## **THE RICHMOND FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND FOUNDATION (CONTINUED)** 

## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our knowledge of charity and company law and experience; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, and data protection, anti-bribery and employment legislation; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; and 

- we reviewed the minutes of Trustees' meetings to identify any references to non-compliances with laws and regulations. 

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

To address the risk of fraud through management bias and override of controls, we; 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

Page 9 



## **THE RICHMOND FOUNDATION** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND FOUNDATION (CONTINUED)** 

- we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias; and 

- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

- reviewing correspondence with relevant regulators such as the Charity Commission. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report. 

## **USE OF OUR REPORT** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

## **Peters Elworthy & Moore** 

Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA Date: 1. Manol. 

Peters Elworthy & Moore are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 10 



## **THE RICHMOND FOUNDATION** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 June 2021** 

|**Note**<br>**INCOME AND**<br>**ENDOWMENTS**<br>**FROM:**<br>Charitable activities<br>4<br>Other trading activities<br>5<br>Investments<br>6<br>Other income<br>8<br>**TOTAL INCOME AND**<br>**ENDOWMENTS**<br>**EXPENDITURE ON:**<br>Raising funds<br>9,10<br>Charitable activities<br>11<br>**TOTAL**<br>**EXPENDITURE**<br>**NET (EXPENDITURE)/**<br>**INCOME BEFORE**<br>**NET GAINS/(LOSSES)**<br>**ON INVESTMENTS**<br>Net gains/(losses) on<br>investments<br>16<br>**NET (EXPENDITURE)/**<br>**INCOME BEFORE**<br>**TAXATION**<br>Taxation<br>15<br>**NET MOVEMENT IN**<br>**FUNDS**<br>**RECONCILIATION OF**<br>**FUNDS:**<br>Total funds brought<br>forward<br>22<br>Net movement in funds<br>22<br>**TOTAL FUNDS**<br>**CARRIED FORWARD**|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**135,000**<br>**-**<br>**54**<br>**1,026,700**<br>**1,161,754**<br>**4,289**<br>**1,623,022**<br>**1,627,311**<br>**(465,557)**<br>**-**<br>**(465,557)**<br>**(2,374)**<br>**(467,931)**<br>**478,093**<br>**(467,931)**<br>**10,162**|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>**-**<br>**134,219**<br>**-**<br>**134,219**<br>**-**<br>**124,424**<br>**124,424**<br>**9,795**<br>**-**<br>**9,795**<br>**-**<br>**9,795**<br>**24,775**<br>**9,795**<br>**34,570**|**Endowment**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**299,762**<br>**299,762**<br>**-**<br>**299,762**<br>**7,707,635**<br>**299,762**<br>**8,007,397**|**Total**<br>**funds**<br>**2021**<br>**£**<br>**135,000**<br>**-**<br>**134,273**<br>**1,026,700**<br>**1,295,973**<br>**4,289**<br>**1,747,446**<br>**1,751,735**<br>**(455,762)**<br>**299,762**<br>**(156,000)**<br>**(2,374)**<br>**(158,374)**<br>**8,210,503**<br>**(158,374)**<br>**8,052,129**|Total<br>funds<br>2020<br>£<br>200,000<br>71,225<br>234,392<br>1,747<br>507,364<br>90,087<br>576,769<br>666,856<br>(159,492)<br>(521,985)<br>(681,477)<br>-<br>(681,477)<br>8,891,980<br>(681,477)<br>8,210,503|
|---|---|---|---|---|---|



The Consolidated statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 16 to 40 form part of these financial statements. 

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## **THE RICHMOND FOUNDATION** 

## **FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30 June 2021** 

||**Unrestricted**<br>**funds**|**Restricted**<br>**funds**|**Endowment**<br>**funds**|**Total funds**|Total funds|
|---|---|---|---|---|---|
||**2021**|**2021**|**2021**|**2021**|2020|
|**Note**|**£**|**£**|**£**|**£**|£|
|||||||
|**INCOME AND**<br>**ENDOWMENTS FROM:**||||||
|Charitable activities<br>4|**135,000**|**-**|**-**|**135,000**|200,000|
|Investments<br>7|**54**|**134,219**|**-**|**134,273**|246,887|
|Other income<br>8|**1,026,700**|**-**|**-**|**1,026,700**|1,747|
|||||||
|**TOTAL INCOME AND**<br>**ENDOWMENTS**|**1,161,754**|**134,219**|**-**|**1,295,973**|448,634|
|||||||
|**EXPENDITURE ON:**||||||
|Raising funds<br>10|**-**|**-**|**-**|**-**|31,670|
|Charitable activities<br>11|**1,623,022**|**124,424**|**-**|**1,747,446**|576,769|
|||||||
|**TOTAL EXPENDITURE**|**1,623,022**|**124,424**|**-**|**1,747,446**|608,439|
|||||||
|Net gains/(losses) on<br>investments<br>16|**-**|**-**|**299,762**|**299,762**|(521,985)|
|||||||
|**NET MOVEMENT IN FUNDS**|**(461,268)**|**9,795**|**299,762**|**(151,711)**|(681,790)|
|||||||
|**RECONCILIATION OF**<br>**FUNDS:**||||||
|Total funds brought forward<br>23|**470,475**|**24,775**|**7,707,635**|**8,202,885**|8,884,675|
|Net movement in funds<br>23|**(461,268)**|**9,795**|**299,762**|**(151,711)**|(681,790)|
|||||||
|**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>23<br>**9,207**<br>**34,570**<br>**8,007,397**<br>**8,051,174**<br>8,202,885||||||



The Foundation statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 16 to 40  form part of these financial statements. 

Page 12 



## **THE RICHMOND FOUNDATION** 

## **CONSOLIDATED BALANCE SHEET as at 30 June 2021** 

||||**2021**|**2021**||2020|2020|
|---|---|---|---|---|---|---|---|
||**Note**||**£**|||£||
|**FIXED ASSETS**||||||||
|Investments|16||**7,507,397**|||7,707,635||
|Social investments|17||**-**|||3,200,000||
||||**7,507,397**|||10,907,635||
|**CURRENT ASSETS**||||||||
|Debtors|18|**460,541**|||22,668|||
|Cash at bank and in hand||**221,103**|||402,642|||
|||**681,644**|||425,310|||
|Creditors: amounts falling due within one||||||||
|year|19|**(136,912)**|||(579,231)|||
|**NET CURRENT ASSETS / LIABILITES**|||**544,732**|||(153,921)||
|**TOTAL ASSETS LESS CURRENT**||||||||
|**LIABILITIES**|||**8,052,129**|||10,753,714||
|Creditors: amounts falling due after more||||||||
|than one year|20||**-**|||(2,543,211)||
|**TOTAL NET ASSETS**|||**8,052,129**|||8,210,503||
|**CHARITY FUNDS**||||||||
|Endowment funds|22||**8,007,397**|||7,707,635||
|Restricted funds|22||**34,570**|||24,775||
|Unrestricted funds|22||**10,162**|||478,093||
|**TOTAL FUNDS**|||**8,052,129**|||8,210,503||



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

## **Roger King** 

Richmond, The American International University in London, Inc 

## Date: 8 March 2022 

The notes on pages 16 to 40 form part of these financial statements. 

Page 13 



## **THE RICHMOND FOUNDATION** 

## **FOUNDATION BALANCE SHEET as at 30 June 2021** 

||||**2021**|**2021**||2020|2020|
|---|---|---|---|---|---|---|---|
||**Note**||**£**|||£||
|**FIXED ASSETS**||||||||
|Investments|16||**7,507,399**|||7,707,637||
|Social investments|17||**-**|||3,200,000||
||||**7,507,399**|||10,907,637||
|**CURRENT ASSETS**||||||||
|Debtors|18|**449,402**|||9,228|||
|Cash at bank and in hand||**174,150**|||330,578|||
|||**623,552**|||339,806|||
|Creditors: amounts falling due within one||||||||
|year|19|**(79,777)**|||(501,347)|||
|**NET CURRENT ASSETS / LIABILITES**|||**543,775**|||(161,541)||
|**TOTAL ASSETS LESS CURRENT**||||||||
|**LIABILITIES**|||**8,051,174**|||10,746,096||
|Creditors: amounts falling due after more||||||||
|than one year|20||**-**|||(2,543,211)||
|**TOTAL NET ASSETS**|||**8,051,174**|||8,202,885||
|**CHARITY FUNDS**||||||||
|Endowment funds|22||**8,007,397**|||7,707,635||
|Restricted funds|22||**34,570**|||24,775||
|Unrestricted funds|22||**9,207**|||470,475||
|**TOTAL FUNDS**|||**8,051,174**|||8,202,885||



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

## **Roger King** 

Richmond, The American International University in London, Inc 

## Date: 8 March 2022 

The notes on pages 16 to 40 form part of these financial statements. 

Page 14 



## **THE RICHMOND FOUNDATION** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 30 June 2021** 

|Note<br>**CASH FLOWS FROM OPERATING ACTIVITIES**<br>Net cash used in operating activities<br>28<br>**CASH FLOWS FROM INVESTING ACTIVITIES**<br>Dividends, interests and rents from investments<br>Proceeds from the sale of programme related investment<br>Withdrawal from endowment<br>**NET CASH PROVIDED BY INVESTING ACTIVITIES**<br>**CASH FLOWS FROM FINANCING ACTIVITIES**<br>Repayments of borrowing<br>Interest paid<br>**NET CASH USED IN FINANCING ACTIVITIES**<br>**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**<br>Cash and cash equivalents at the beginning of the year<br>**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**<br>29|**2021**<br>**£**<br>**(3,745,680)**<br>**129,976**<br>**4,226,700**<br>**500,000**<br>**4,856,676**<br>**(1,283,159)**<br>**(9,376)**<br>**(1,292,535)**<br>**(181,539)**<br>**402,642**<br>**221,103**|2020<br>£<br>79,534<br>282,250<br>-<br>-<br>**282,250**<br>(175,443)<br>(21,617)<br>**(197,060)**<br>**164,724**<br>237,918<br>402,642|
|---|---|---|



The notes on pages 16 to 40 form part of these financial statements 

Page 15 



## **THE RICHMOND FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **1. GENERAL INFORMATION** 

The Richmond Foundation is an unincorporated charity registered in England and Wales. Its registered and principal office is disclosed on the Reference and Administrative Details section of this report (page 1). 

## **2. ACCOUNTING POLICIES** 

## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS** 

The financial statements 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) second edition October 2019 (effective January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The Richmond Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking, Richmond College Services Limited. The results of the subsidiary are consolidated on a line by line basis. 

## **2.2 GOING CONCERN** 

These financial statements have been prepared on a going concern basis. The Trustees believe that the Foundation is able to continue operating for at least 12 months from the date these financial statements were authorised and that no material uncertainties exist. 

Page 16 



**THE RICHMOND FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **2. ACCOUNTING POLICIES (CONTINUED)** 

## **2.3 INCOME** 

All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## _**Grants and donations**_ 

Cash donations, gifts and legacies are recognised in full in the Statement of Financial Activities when the Foundation is entitled to the income, the amount is measurable and receipt is probable. 

## _**Activities for generating funds (conference room hire and catering)**_ 

Income from commercial trading operations represents the invoiced value, net of Value Added Tax, of services provided to customers. No fundraising takes place in these activities. 

## _**Charitable activities**_ **(r** _**ental income**_ **)** 

Rental income is recognised on an straight line accruals basis. 

## _**Investment income**_ 

Dividend income, including any recoverable tax, is recognised from the date it becomes receivable. 

Interest income is recognised using the effective rate of interest. 

## _**Gift aid income**_ 

Gift aid income is recognised on an accruals basis when the receipt is both probable and measurable. 

## **2.4 EXPENDITURE** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities based on the expenditure on each activity. 

Expenditure on raising funds represents investment management fees and expenditure on noncharitable trading. 

Direct expenditure on charitable activities represents the costs of directly undertaking the activities which further the Group's objectives. 

Support costs associated with charitable activities are allocated to activities in proportion to the direct costs incurred on each activity. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.5 INTEREST RECEIVABLE** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

Page 17 



**THE RICHMOND FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **2. ACCOUNTING POLICIES (CONTINUED)** 

## **2.6 TAXATION** 

The Foundation is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Foundation is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **2.7 INVESTMENTS** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the consolidated statement of financial activities. 

Investments in subsidiaries are valued at cost less provision for impairment. 

## **2.8 SOCIAL INVESTMENTS** 

Programme related investments are held at fair value if this can be measured reliably. If fair value cannot be measured reliably, they are held at cost less impairment. 

## **2.9 DEBTORS** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.10 CASH AT BANK AND IN HAND** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.11 LIABILITIES AND PROVISIONS** 

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Foundation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost. 

Page 18 



**THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **2. ACCOUNTING POLICIES (CONTINUED)** 

## **2.12 FINANCIAL INSTRUMENTS** 

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.13 FUND ACCOUNTING** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. 

Endowment funds comprise the donation from the Cyril Taylor Charitable Foundation (CTCF). The income generated from these funds is payable to Richmond, The American International University in London. The Foundation can only draw on the capital of the endowment fund with the express permission of the CTCF. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 

## **4. INCOME FROM CHARITABLE ACTIVITIES - GROUP AND FOUNDATION** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Rental income from social investments<br>135,000<br>TOTAL 2020<br>200,000|**Total**<br>**funds**<br>**2021**<br>**£**<br>**135,000**<br>200,000|Total<br>funds<br>2020<br>£<br>200,000|
|---|---|---|
||||



Page 19 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **5. INCOME FROM OTHER TRADING ACTIVITIES - GROUP** 

**Income from non charitable trading activities** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Catering and conference room hire<br>-<br>TOTAL 2020<br>71,225|**Total**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>71,225|Total<br>funds<br>2020<br>£<br>71,225|
|---|---|---|
||||



## **6. INVESTMENT INCOME - GROUP** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Dividends<br>-<br>Interest<br>54<br>54<br>TOTAL 2020<br>255|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>133,519<br>700<br>134,219<br>234,137|**Total**<br>**funds**<br>**2021**<br>**£**<br>**133,519**<br>**754**<br>**134,273**<br>234,392|Total<br>funds<br>2020<br>£<br>232,943<br>1,449|
|---|---|---|---|
||||234,392|
|||||



## **7. INVESTMENT INCOME - PARENT** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Distribution from subsidiary<br>-<br>Dividends<br>-<br>Interest<br>54<br>54<br>TOTAL 2020<br>12,750|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>-<br>133,519<br>700<br>134,219<br>234,137|**Total**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>**133,519**<br>**754**<br>**134,273**<br>246,887|Total<br>funds<br>2020<br>£<br>12,495<br>232,943<br>1,449|
|---|---|---|---|
||||246,887|
|||||



Page 20 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **8. OTHER INCOMING RESOURCES** 

|Quilter Cheviot compensation<br>Gain on disposal of 23 Queen's Road<br>TOTAL 2020|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>-<br>1,026,700<br>1,026,700<br>-|**Endowment**<br>**funds**<br>**2021**<br>**£**<br>-<br>-<br>-<br>1,747|**Total**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>**1,026,700**<br>**1,026,700**<br>1,747|Total<br>funds<br>2020<br>£<br>1,747<br>-|
|---|---|---|---|---|
|||||1,747|
||||||



## **9. EXPENDITURE ON RAISING FUNDS - GROUP** 

## **Subsidiary fundraising trading expenses** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Bank charges<br>89<br>Auditor's remuneration<br>2,000<br>Auditor's remuneration - non audit services<br>2,000<br>Management charge<br>-<br>Bad debt write off<br>-<br>HMRC filing penalties<br>200<br>4,289<br>TOTAL 2020<br>58,417|**Total**<br>**funds**<br>**2021**<br>**£**<br>**89**<br>**2,000**<br>**2,000**<br>**-**<br>**-**<br>**200**<br>**4,289**<br>58,417|Total<br>funds<br>2020<br>£<br>2<br>2,000<br>2,000<br>53,184<br>1,231<br>-|
|---|---|---|
|||58,417|
||||



Page 21 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **10. INVESTMENT MANAGEMENT COSTS - GROUP AND FOUNDATION** 

|Investment management fees<br>TOTAL 2020|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>-<br>11,974|**Endowment**<br>**funds**<br>**2021**<br>**£**<br>-<br>19,696|**Total**<br>**funds**<br>**2021**<br>**£**<br>**-**<br>31,670|Total<br>funds<br>2020<br>£<br>31,670|
|---|---|---|---|---|
||||||



## **11. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP AND FOUNDATION** 

## **Summary by fund type** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Provision of facilities and equipment<br>8,978<br>Provision of donations<br>1,614,044<br>1,623,022<br>TOTAL 2020<br>220,976|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>-<br>124,424<br>124,424<br>355,793|**Total**<br>**funds**<br>**2021**<br>**£**<br>**8,978**<br>**1,738,468**<br>**1,747,446**<br>576,769|Total<br>funds<br>2020<br>£<br>21,684<br>555,085|
|---|---|---|---|
||||576,769|
|||||



## **12. ANALYSIS OF EXPENDITURE BY ACTIVITIES - GROUP AND FOUNDATION** 

|Provision of facilities and equipment<br>Provision of donations<br>TOTAL 2020|**Activities**<br>**undertaken**<br>**directly**<br>**2021**<br>**£**<br>8,896<br>1,722,526<br>1,731,422<br>560,879|**Support**<br>**costs**<br>**2021**<br>**£**<br>82<br>15,942<br>16,024<br>15,890|**Total**<br>**funds**<br>**2021**<br>**£**<br>**8,978**<br>**1,738,468**<br>**1,747,446**<br>576,769|Total<br>funds<br>2020<br>£<br>21,684<br>555,085|
|---|---|---|---|---|
|||||576,769|
||||||



Page 22 



**THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **12. ANALYSIS OF EXPENDITURE BY ACTIVITIES - GROUP AND FOUNDATION (CONTINUED)** 

## **ANALYSIS OF DIRECT COSTS** 

|Mortgage interest payments<br>Legal and professional fees<br>Maintenance<br>Richmond University donation: dividends<br>Richmond University donation: building<br>TOTAL 2020|**Provision of**<br>**facilities**<br>**and**<br>**equipment**<br>**2021**<br>**£**<br>8,896<br>-<br>-<br>-<br>-<br>8,896<br>21,086|**Provision of**<br>**donations**<br>**2021**<br>**£**<br>-<br>77,821<br>7,824<br>124,424<br>1,512,457<br>1,722,526<br>539,793|**Total**<br>**funds**<br>**2021**<br>**£**<br>**8,896**<br>**77,821**<br>**7,824**<br>**124,424**<br>**1,512,457**<br>**1,731,422**<br>560,879|Total<br>funds<br>2020<br>£<br>21,086<br>-<br>-<br>355,793<br>184,000|
|---|---|---|---|---|
|||||560,879|
||||||



## **ANALYSIS OF SUPPORT COSTS** 

|Bank charges<br>Audit and accountancy fees<br>Legal and professional fees<br>Insurance<br>TOTAL 2020|**Provision of**<br>**facilities**<br>**and**<br>**equipment**<br>**2021**<br>**£**<br>1<br>65<br>-<br>16<br>82<br>598|**Provision of**<br>**donations**<br>**2021**<br>**£**<br>283<br>12,535<br>-<br>3,124<br>15,942<br>15,292|**Total**<br>**funds**<br>**2021**<br>**£**<br>**284**<br>**12,600**<br>**-**<br>**3,140**<br>**16,024**<br>15,890|Total<br>funds<br>2020<br>£<br>45<br>14,200<br>1,645<br>-|
|---|---|---|---|---|
|||||15,890|
||||||



Page 23 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **13. AUDITORS' REMUNERATION** 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Fees payable to the Foundation's auditor in respect of:|||
|Audit of the Foundation's financial statements|**8,000**|8,000|
|Preparation of the Foundation's financial statements|**2,500**|2,500|



## **14. TRUSTEES' REMUNERATION AND EXPENSES** 

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL). 

During the year ended 30 June 2021, no Trustee expenses have been incurred (2020 - £NIL). 

## **15. TAXATION** 

|Richmond College Services 2019/20 corporation tax|**2021**<br>**£**<br>**2,374**<br>**2,374**|2020<br>£<br>-<br>-|
|---|---|---|



## **16. FIXED ASSET INVESTMENTS** 

|**GROUP**<br>**COST OR VALUATION**<br>At 1 July 2020<br>Revaluations<br>Cash withdrawal<br>AT 30 JUNE 2021<br>**NET BOOK VALUE**<br>AT 30 JUNE 2021<br>AT 30 JUNE 2020|Listed<br>investments<br>**£**<br>**2,235,401**<br>**299,762**<br>**-**<br>**2,535,163**<br>**2,535,163**<br>2,235,401|Investment<br>cash<br>**£**<br>**5,472,234**<br>**-**<br>**(500,000)**<br>**4,972,234**<br>**4,972,234**<br>5,472,234|Total<br>**£**<br>**7,707,635**<br>**299,762**<br>**(500,000)**|
|---|---|---|---|
||||**7,507,397**|
|||||
||||**7,507,397**|
||||7,707,635|



Page 24 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **16. FIXED ASSET INVESTMENTS (CONTINUED)** 

|**FOUNDATION**<br>**COST OR VALUATION**<br>At 1 July 2020<br>Revaluations<br>Cash withdrawal<br>AT 30 JUNE 2021<br>**NET BOOK VALUE**<br>AT 30 JUNE 2021<br>AT 30 JUNE 2020|Investments<br>in subsidiary<br>companies<br>**£**<br>**2**<br>**-**<br>**-**<br>**2**<br>**2**<br>2|Listed<br>investments<br>**£**<br>**2,235,401**<br>**299,762**<br>**-**<br>**2,535,163**<br>**2,535,163**<br>2,235,401|Investment<br>cash<br>**£**<br>**5,472,234**<br>**-**<br>**(500,000)**<br>**4,972,234**<br>**4,972,234**<br>5,472,234|Total<br>**£**<br>**7,707,637**<br>**299,762**<br>**(500,000)**<br>**7,507,399**<br>**7,507,399**<br>7,707,637|
|---|---|---|---|---|



Page 25 



## **THE RICHMOND FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **16. FIXED ASSET INVESTMENTS (CONTINUED)** 

## **PRINCIPAL SUBSIDIARIES** 

The following was a subsidiary undertaking of the Foundation: 

**Name Company Charity Registered office or principal Principal activity Class of Holding number registration place of business shares number** Richmond College Services Limited 02234479 N/A Queen's Road, Richmond-uponRoom hire and Ordinary 100% Thames, Surrey, TW10 6JP catering The financial results of the subsidiary for the year were: **Name** Expenditure Profit/(Loss) Net assets **£** for the year **£ £** Richmond College Services Limited **(6,663) (6,663) 957** 

The financial results of the subsidiary for the year were: 

During the year, Richmond College Services Limited did not generate profits to donate to the Foundation (2020 - £12,495). 

Page 26 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **17. SOCIAL INVESTMENTS** 

## **GROUP AND FOUNDATION** 

|**COST OR VALUATION**<br>At 1 July 2020<br>Disposals<br>**IMPAIRMENT PROVISION**<br>**NET BOOK VALUE**<br>At 30 June 2021<br>At 30 June 2020<br>Social investments comprise:<br>**PROGRAMME RELATED INVESTMENTS**|Programme<br>related<br>investments<br>**£**<br>**3,200,000**<br>**(3,200,000)**<br>**-**<br>**-**<br>**-**<br>**3,200,000**|
|---|---|



Total 2020 £ 3,200,000 23 Queen's Road 

The programme related investment represented the land and buildings at 23 Queen's Road, Richmondupon-Thames, TW10 6LA. The building was let as student accommodation to Richmond The American International University in London. The investment was held specifically to enable the University to undertake activities that furthered the Foundation's charitable objectives. Any rental income generated from letting the building was incidental. 

During the year, the programme related investment was sold. The gain on disposal amounted to £1,026,700 and is disclosed as other incoming resources in the Statement of Financial Activities. All proceeds arising from the disposal were donated to Richmond University. 

Page 27 



**THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **18. DEBTORS** 

## **19.** 

|Group<br>Group<br>**2021**<br>2020<br>**£**<br>£<br>**DUE AFTER MORE THAN ONE YEAR**<br>Amounts owed by group undertakings<br>**279,259**<br>-<br>**279,259**<br>-<br>**DUE WITHIN ONE YEAR**<br>Trade debtors<br>**-**<br>13,440<br>Amounts owed by group undertakings<br>**156,618**<br>-<br>Other debtors<br>**11,139**<br>-<br>Prepayments and accrued income<br>**13,525**<br>9,228<br>**460,541**<br>22,668<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Group<br>Group<br>**2021**<br>2020<br>**£**<br>£<br>Bank loans<br>**-**<br>183,948<br>Trade creditors<br>**-**<br>480<br>Amounts owed to group undertakings<br>**120,276**<br>319,362<br>Other taxation and social security<br>**-**<br>1,880<br>Other creditors<br>**-**<br>480<br>Accruals and deferred income<br>**16,636**<br>73,081<br>**136,912**<br>579,231<br>Group<br>Group<br>**2021**<br>2020<br>**£**<br>£<br>Deferred income at 1 July 2020<br>**50,000**<br>68,265<br>Resources deferred during the year<br>**(50,000)**<br>50,000<br>Amounts released from previous periods<br>**-**<br>(68,265)<br>**-**<br>50,000|Foundation<br>**2021**<br>**£**<br>**279,259**<br>**279,259**<br>**-**<br>**156,618**<br>**-**<br>**13,525**<br>**449,402**<br>Foundation<br>**2021**<br>**£**<br>**-**<br>**-**<br>**67,177**<br>**-**<br>**-**<br>**12,600**<br>**79,777**<br>Foundation<br>**2021**<br>**£**<br>**50,000**<br>**(50,000)**<br>**-**<br>**-**|Foundation<br>2020<br>£<br>-<br>-<br>-<br>-<br>-<br>9,228<br>9,228<br>Foundation<br>2020<br>£<br>183,948<br>-<br>247,874<br>-<br>480<br>69,045<br>501,347<br>Foundation<br>2020<br>£<br>50,000<br>50,000<br>(50,000)<br>50,000|
|---|---|---|



Page 28 



**THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** 

|Bank loans<br>Other creditors|Group<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**|Group<br>2020<br>£<br>1,099,211<br>1,444,000<br>2,543,211|Foundation<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**|Foundation<br>2020<br>£<br>1,099,211<br>1,444,000|
|---|---|---|---|---|
|||||2,543,211|



The balance in other creditors represented an accrual for the donation of the property at 23 Queen's Road to Richmond University. In the prior year, the bank loan represented the mortgage attached to the same property. 

The property was sold in March 2021. The proceeds from the sale were used to settle the mortgage and the other creditors balance before the year-end. 

Included within the above are amounts falling due as follows: 

|**BETWEEN ONE AND TWO YEARS**<br>Bank loans<br>**BETWEEN TWO AND FIVE YEARS**<br>Bank loans<br>**OVER FIVE YEARS**<br>Bank loans<br>Due to parent company > 5 yrs||Group<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**||Group<br>2020<br>£<br>185,761<br>569,086<br>344,364<br>1,444,000|Foundation<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**|Foundation<br>2020<br>£<br>185,761<br>569,086<br>344,364<br>1,444,000|
|---|---|---|---|---|---|---|
||||||||



The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is: 

|Payable or repayable by instalments<br>Payable or repayable other than by<br>instalments|Group<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**|Group<br>2020<br>£<br>344,364<br>1,444,000<br>1,788,364|Foundation<br>**2021**<br>**£**<br>**-**<br>**-**<br>**-**|Foundation<br>2020<br>£<br>344,364<br>1,444,000|
|---|---|---|---|---|
|||||1,788,364|



Page 29 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **21. FINANCIAL INSTRUMENTS** 

|**FINANCIAL ASSETS**<br>Financial assets measured at fair value<br>through income and expenditure<br>**FINANCIAL LIABILITIES**<br>Financial liabilities measured at amortised<br>cost|Group<br>**2021**<br>**£**<br>**7,728,500**<br>Group<br>**2021**<br>**£**<br>**(330,098)**|Group<br>2020<br>£<br>8,110,277<br>Group<br>2020<br>£<br>(3,070,562)|Foundation<br>**2021**<br>**£**<br>**7,681,547**<br>Foundation<br>**2021**<br>**£**<br>**(272,963)**|Foundation<br>2020<br>£<br>8,038,213<br>Foundation<br>2020<br>£<br>(2,994,558)|
|---|---|---|---|---|



Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents and investments in listed shares. 

Financial liabilities measured at amortised cost comprise trade creditors, accruals, loans and amounts due to group undertakings. 

Page 30 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **22. GROUP STATEMENT OF FUNDS** 

## **STATEMENT OF FUNDS - CURRENT YEAR** 

|||Balance at 1<br>July 2020<br>**£**<br>**144,529**<br>**333,564**<br>**478,093**<br>**7,707,635**<br>**24,775**<br>**8,210,503**||Income<br>**£**<br>**1,161,754**<br>**-**<br>**1,161,754**<br>**-**<br>**134,219**<br>**1,295,973**||Expenditure<br>**£**<br>**(1,629,685)**<br>**-**<br>**(1,629,685)**<br>**-**<br>**(124,424)**<br>**(1,754,109)**||Transfers<br>in/out<br>**£**<br>**333,564**<br>**(333,564)**<br>**-**<br>**-**<br>**-**<br>**-**||Gains/<br>(Losses)<br>**£**<br>**-**<br>**-**<br>**-**<br>**299,762**<br>**-**<br>**299,762**||Balance at<br>30 June<br>2021<br>**£**<br>**10,162**<br>**-**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|**UNRESTRICTED**|||||||||||||
|**FUNDS**<br>Unrestricted<br>funds<br>Revaluation<br>reserve<br>**ENDOWMENT**<br>**FUNDS**<br>Endowment<br>Fund<br>**RESTRICTED**<br>**FUNDS**<br>Restricted Fund<br>**TOTAL OF**<br>**FUNDS**|||||||||||||
|||||||||||||**10,162**|
|||||||||||||**8,007,397**<br>**34,570**<br>**8,052,129**|
||||||||||||||
||||||||||||||
||||||||||||||



Page 31 



**THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **22. STATEMENT OF FUNDS (CONTINUED)** 

## **GROUP STATEMENT OF FUNDS - PRIOR YEAR** 

|**UNRESTRICTED FUNDS**<br>Unrestricted funds<br>Revaluation reserve<br>**ENDOWMENT FUNDS**<br>Endowment Fund<br>**RESTRICTED FUNDS**<br>Restricted Fund<br>**TOTAL OF FUNDS**|Balance at<br>1 July 2019<br>£<br>152,442<br>333,564<br>486,006<br>8,247,569<br>158,405<br>8,891,980|Income<br>£<br>271,480<br>-<br>271,480<br>1,747<br>234,137<br>507,364|Expenditure<br>£<br>(279,393)<br>-<br>(279,393)<br>(19,696)<br>(367,767)<br>(666,856)|Gains/<br>(Losses)<br>£<br>-<br>-<br>-<br>(521,985)<br>-<br>(521,985)|Balance at<br>30 June<br>2020<br>£<br>144,529<br>333,564|
|---|---|---|---|---|---|
||||||478,093|
||||||7,707,635|
||||||24,775|
||||||8,210,503|



## **Restricted endowment fund** 

The restricted endowment fund was created in 2016/17 using the £9,000,000 donation from the Cyril Taylor Charitable Foundation (CTCF). The endowment is invested with Quilter Cheviot in a fund comprising listed investments and property. 

Investment income generated by the endowment is remitted to Richmond The American International University in London. In the event of an emergency situation affecting the University's finances, part of the endowment can be released with the consent of both The Richmond Foundation and CTCF. 

## **Restricted fund** 

The restricted fund houses investment income generated by the endowment and restricted donations received from donors. 

## **Unrestricted funds** 

Unrestricted funds can be used by the Foundation as it wishes. 

## **Revaluation reserve** 

The revaluation reserves balance is from the revaluation of 23 Queen's Road on 1 July 2014. As the property was sold during the financial year, the balance has been transferred to unrestricted funds. 

Page 32 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **23. FOUNDATION STATEMENT OF FUNDS** 

## **STATEMENT OF FUNDS - CURRENT YEAR** 

||Balance at 1<br>July 2020|Income|Expenditure|Transfers|Gains/<br>(Losses)|Balance at<br>30 June<br>2021|
|---|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**UNRESTRIC-**<br>**TED FUNDS**|||||||
||||||||
|Unrestricted<br>funds|**136,911**|**1,161,754**|**(1,623,022)**|**333,564**|**-**|**9,207**|
|Revaluation<br>reserve|**333,564**|**-**|**-**|**(333,564)**|**-**|**-**|
||||||||
||**470,475**|**1,161,754**|**(1,623,022)**|**-**|**-**|**9,207**|
||||||||
|**ENDOWMENT**<br>**FUNDS**|||||||
|Endowment<br>Fund|**7,707,635**|**-**|**-**|**-**|**299,762**|**8,007,397**|
||||||||
|**RESTRICTED**<br>**FUNDS**|||||||
|Restricted<br>Fund|24,775|134,219|(124,424)|-|-|34,570|
|**TOTAL OF**<br>**FUNDS**|**8,202,885**|**1,295,973**|**(1,747,446)**|**-**|**299,762**|**8,051,174**|



Page 33 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **23. FOUNDATION STATEMENT OF FUNDS (CONTINUED)** 

## **STATEMENT OF FUNDS - PRIOR YEAR** 

||Balance at 1<br>July 2019|Income|Expenditure|Gains/<br>(Losses)|Balance at<br>30 June<br>2020|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|**UNRESTRICTED FUNDS**||||||
|Unrestricted funds|145,137|212,750|(220,976)|-|136,911|
|Revaluation reserve|333,564|-|-|-|333,564|
|||||||
||478,701|212,750|(220,976)|-|470,475|
|||||||
|**ENDOWMENT FUNDS**||||||
|Endowment Fund|8,247,569|1,747|(19,696)|(521,985)|7,707,635|
|||||||
|**RESTRICTED FUNDS**||||||
|Restricted Fund|158,405|234,137|(367,767)|-|24,775|
|**TOTAL OF FUNDS**|8,884,675|448,634|(608,439)|(521,985)|8,202,885|



Page 34 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **24. CONSOLIDATED SUMMARY OF FUNDS** 

## **SUMMARY OF FUNDS - CURRENT YEAR** 

|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||Transfers|Gains/|30 June|
||July 2020|Income|Expenditure|in/out|(Losses)|2021|
||**£**|**£**|**£**|**£**|**£**|**£**|
|General funds|**478,093**|**1,161,754**|**(1,629,685)**|**-**|**-**|**10,162**|
|Endowment|||||||
|funds|**7,707,635**|**-**|**-**|**-**|**299,762**|**8,007,397**|
|Restricted funds|**24,775**|**134,219**|**(124,424)**|**-**|**-**|**34,570**|
||**8,210,503**|**1,295,973**|**(1,754,109)**|**-**|**299,762**|**8,052,129**|
|**SUMMARY OF FUNDS - PRIOR**||**YEAR**|||||
|||||||Balance at|
|||Balance at|||Gains/|30 June|
|||1 July 2019|Income|Expenditure|(Losses)|2020|
|||£|£|£|£|£|
|General funds||486,006|271,480|(279,393)|-|478,093|
|Endowment funds||8,247,569|1,747|(19,696)|(521,985)|7,707,635|
|Restricted funds||158,405|234,137|(367,767)|-|24,775|
|||8,891,980|507,364|(666,856)|(521,985)|8,210,503|



Page 35 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **25. FOUNDATION SUMMARY OF FUNDS** 

## **SUMMARY OF FUNDS - CURRENT YEAR** 

||Balance at 1<br>July 2020|Income|Expenditure|Gains/(Losses)|Balance at<br>30 June<br>2021|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|||||||
|General funds|**470,475**|**1,161,754**|**(1,623,022)**|**-**|**9,207**|
|Endowment funds|**7,707,635**|**-**|**-**|**299,762**|**8,007,397**|
|Restricted funds|**24,775**|**134,219**|**(124,424)**|-|**34,570**|
|||||||
||**8,202,885**|**1,295,973**|**(1,747,446)**|**299,762**|**8,051,174**|



## **SUMMARY OF FUNDS - PRIOR YEAR** 

||Balance at 1<br>July 2019|Income|Expenditure|Gains/(Losses)|Balance at<br>30 June<br>2020|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|||||||
|General funds|478,701|212,750|(220,976)|-|470,475|
|Endowment funds|8,247,569|1,747|(19,696)|(521,985)|7,707,635|
|Restricted funds|158,405|234,137|(367,767)|-|24,775|
|||||||
||8,884,675|448,634|(608,439)|(521,985)|8,202,885|



## **26. CONSOLIDATED ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Fixed asset investments<br>-<br>Debtors due after more than one year<br>-<br>Current assets<br>147,074<br>Creditors due within one year<br>(136,912)<br>**TOTAL**<br>10,162|**Restricted**<br>**funds**<br>**2021**<br>**£**<br>-<br>-<br>34,570<br>-<br>34,570|**Endowment**<br>**funds**<br>**2021**<br>**£**<br>7,507,397<br>279,259<br>220,741<br>-<br>8,007,397|**Total**<br>**funds**<br>**2021**<br>**£**<br>**7,507,397**<br>**279,259**<br>**402,385**<br>**(136,912)**<br>**8,052,129**|
|---|---|---|---|



Page 36 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **26. CONSOLIDATED ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)** 

## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR** 

|Fixed asset investments<br>Social investments<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**TOTAL**|Unrestricted<br>funds<br>2020<br>£<br>-<br>3,200,000<br>194,742<br>(373,438)<br>(2,543,211)<br>478,093|Restricted<br>funds<br>2020<br>£<br>-<br>-<br>230,568<br>(205,793)<br>-<br>24,775|Endowment<br>funds<br>2020<br>£<br>7,707,635<br>-<br>-<br>-<br>-<br>7,707,635|Total<br>funds<br>2020<br>£<br>7,707,635<br>3,200,000<br>425,310<br>(579,231)<br>(2,543,211)<br>8,210,503|
|---|---|---|---|---|



## **27. FOUNDATION ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** 

||**Unrestricted**<br>**funds**|**Restricted**<br>**funds**|**Endowment**<br>**funds**|**Total funds**|
|---|---|---|---|---|
||**2021**|**2021**|**2021**|**2021**|
||**£**|**£**|**£**|**£**|
||||||
|Fixed asset investments|**2**|**-**|**7,507,397**|**7,507,399**|
|Debtors due after more than one year|**-**|**-**|**279,259**|**279,259**|
|Current assets|**88,982**|**34,570**|**220,741**|**344,293**|
|Creditors due within one year|**(79,777)**|**-**|**-**|**(79,777)**|
||||||
|**TOTAL**|**9,207**|**34,570**|**8,007,397**|**8,051,174**|



Page 37 



**THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **27. FOUNDATION ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)** 

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR 

||Unrestricted<br>funds|Restricted<br>funds|Endowment<br>funds|Total funds|
|---|---|---|---|---|
||2020|2020|2020|2020|
||£|£|£|£|
||||||
|Fixed asset investments|2|-|7,707,635|7,707,637|
|Social investments|3,200,000|-|-|3,200,000|
|Current assets|109,238|230,568|-|339,806|
|Creditors due within one year|(295,554)|(205,793)|-|(501,347)|
|Creditors due in more than one year|(2,543,211)|-|-|(2,543,211)|
||||||
|**TOTAL**|470,475|24,775|7,707,635|8,202,885|



## **RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 28. ACTIVITIES** 

|Net expenditure for the year (as per Statement of Financial Activities)<br>**ADJUSTMENTS FOR:**<br>Interest charges<br>(Gains)/losses on endowment investments<br>(Gains)/losses on programme related investments<br>Dividends, interests and rents from investments<br>(Increase)/decrease in debtors<br>(Decrease)/increase in creditors<br>Quilter Cheviot non-cash transactions<br>**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**|Group<br>**2021**<br>**£**<br>**(158,374)**<br>**8,896**<br>**(299,762)**<br>**(1,026,700)**<br>**(134,273)**<br>**(433,576)**<br>**(1,701,891)**<br>**-**<br>**(3,745,680)**|Group<br>2020<br>£<br>(681,477)<br>21,086<br>521,985<br>-<br>(234,392)<br>4,303<br>430,080<br>17,949<br>79,534|
|---|---|---|



Page 38 



## **THE RICHMOND FOUNDATION** 

## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **29. ANALYSIS OF CASH AND CASH EQUIVALENTS** 

|Cash in hand<br>Cash at investment broker<br>**TOTAL CASH AND CASH EQUIVALENTS**|Group<br>**2021**<br>**£**<br>**200,059**<br>**21,044**<br>**221,103**|Group<br>2020<br>£<br>387,095<br>15,547|
|---|---|---|
||||
|||402,642|



## **30. ANALYSIS OF CHANGES IN NET DEBT** 

|Cash at bank and in hand<br>Debt due within 1 year<br>Debt due after 1 year|**At 1 July**<br>**2020**<br>**£**<br>**402,642**<br>**(183,948)**<br>**(1,099,211)**<br>**(880,517)**|**Cash flows**<br>**£**<br>**(181,539)**<br>**183,948**<br>**1,099,211**<br>**1,101,620**|**At 30 June**<br>**2021**<br>**£**<br>**221,103**<br>**-**<br>**-**|
|---|---|---|---|
||||**221,103**|



## **31. RELATED PARTY TRANSACTIONS** 

## **Transactions with Richmond College Services Limited** 

During the year, Richmond College Services did not donate profits to the Foundation (2020: £12,495). At the year-end, £67,177 was due to Richmond College Services (2020: £42,081 due to). 

## **Transactions with Richmond University** 

During the year, The Richmond Foundation donated £1,636,881 to the University (2020: £539,793). The Foundation received rent amounting to £135,000 (2020: £200,000) for leasing 23 Queen's Road to the University. At the year-end, £435,877 was due from the University (2020: £1,645,793 due to). 

## **Transactions with Cyril Taylor Charitable Foundation (CTCF)** 

At the year-end, the CTCF endowment totalled £7,507,397 (2020: £7,707,635). 

During the year, there were no other transactions or balances with CTCF (2020: £nil). 

Page 39 



## **THE RICHMOND FOUNDATION** 

**NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June 2021** 

## **32. CONTROLLING PARTY** 

The ultimate controlling party of the Foundation is Richmond, The American International University in London, Inc, an independent US non-profit educational charity with tax exempt status (US company registration No. 722450; UK company registration No. FC8955). The University's registered office is The Corporation Trust Company Corporation Trust Centre, 1209 Orange Street, Wilmington, Delaware 19801, United States. 

The principal purposes and activities of Richmond, The American International University in London, Inc is to provide university education to UK and international students, giving them the opportunity to obtain both a UK and a US degree. 

Richmond, The American International University in London, Inc is able to exert control over the Foundation by virtue of its power to appoint and remove the majority of the Trustees. 

The consolidated accounts of Richmond, The American International University in London, Inc can be obtained from Queen's Road, Richmond-upon-Thames, London, TW10 6JP. 

Page 40