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2025-06-30-accounts

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

Charity number: 288205

THE RICHMOND EDUCATION FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

(Formerly known as The Richmond Foundation)

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION 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
Notes to the financial statements 15 - 29

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025

Trustees

Richmond, The American International University in London, Inc[1] RU Trustee Limited[2]

1 Comprising: W G Durden (from 1 June 2022), P Deans, K Coate (from 1 September 2023), M Meissner (resigned 9 September 2024), J Eaton (from 1 January 2022), C DeLaney, M Dennis, H Futao, J Ilieva, I Leroni, Q Miao (from 1 September 2023), 2 Comprising: P Deans, K Coate (from 14 November 2023)

Charity registered number 288205 Principal office Unit 12 Chiswick Park 566 Chiswick High Road London W4 5AN Independent auditors PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CB1 2LA Bankers HSBC 67 George Street Richmond Surrey TW9 1HG Solicitors Eversheds Sutherland (International) LLP 1 Wood Street London EC2V 7WS

Page 1

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2025

The Trustees submit their report and audited consolidated financial statements of The Richmond Education Foundation ("RF" or "The Foundation") for the year ended 30 June 2025.

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).

The accounts (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 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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

Appointment of corporate trustee representatives

Corporate trustee (RU Trustee Limited, company number 12297120) representatives 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 or expenses 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 Deputy Vice Chancellor Finance and Operations.

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.

Page 2

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Related parties

The Richmond Education 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 Education Foundation that the restricted endowment capital would only be used in the event of the University having to teach out its current students.

The University is able to exercise control over the Foundation and therefore the Foundation’s accounts are consolidated with those of the University, which is considered to be its ultimate parent. 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 primary risk identified was associated with the performance of its investment and the RF Board addressed this by changing the investment fund manager to Cazenove in 2021. Since then, management engages with the fund manager on an annual basis to review and monitor fund performance. This includes regular presentations to the Board of Trustees as required.

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 primary activity is the management of its investments and the provision of grants to Richmond University. Accordingly, the costs of running the Foundation are deducted from the restricted fund before transferring the net amount to the University.

At the year-ended, the Foundation’s unrestricted reserves stood at a deficit of £59k (2024: £42k in deficit). These negative reserves will be reviewed in 2025/26 with the intention to clear the negative balances.

Investment policy and performance

Investment Objectives

The Foundation seeks to produce the best financial return within an acceptable level of risk. Its primary investment objective is to maintain the real capital value and grow above the rate 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). The portfolio is invested in the Cazenove Charity Sustainable 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. The Trustees rely on ongoing advice and knowledge of the market to monitor the fund. The performance of the fund was deemed appropriate and commensurate with expectations.

Page 3

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

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 Cazenove Charity Sustainable Multi-Asset Fund offers daily dealing with settlement taking five business days for withdrawals. Cash distributions are paid to the Foundation on a quarterly basis.

Time Horizon

This portfolio is held 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 Cazenove Charity Sustainable 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 responsible- investment-policy.pdf

Management, Reporting and Monitoring

The Finance department receives quarterly reports from Cazenove, and there is regular correspondence between the Deputy Vice Chancellor Finance and Operations and the Investment Manager. Cazenove Investment Manager made a presentation to senior management in August 2025 It is the intention of the Board to have regular updates regarding the investment performance and engage with the Investment Manager.

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.

Investment Performance

In 2021, the Trustees changed the portfolio management to Cazenove as its fund was deemed to be more ethically aligned with the objectives of the Foundation. The Cazenove Charity Sustainable Multi-Asset Fund delivered a small loss of 1% in 2024/25 due to challenging market conditions (2023/24: a gain of 7%), resulting in a cumulative two-year return of 5%. Management fees of £9k and £9k were incurred in 2024/25 and 2023/24 respectively. After accounting for a disposal and payment to the University of £300k to the University in 2024/25, the net return in the year was 4% (2023/24: 4%).

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:

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.

Page 4

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

The Foundation seeks to distribute its dividend income annually to Richmond University for use at its discretion. When 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.

ACHIEVEMENTS AND PERFORMANCE

During the year, £309k was donated to Richmond University (2024: £411k).

Investment income from the Cyril Taylor Charitable Foundation endowment was £296k (2024: £327k). In addition, there was a disposal of investments of £300k during the year to provide a loan to the University, which provided support for its additional cash requirements. This loan will be repaid in the next financial period and is included as an intercompany debtor. The endowment is held for the benefit of the University. All net income generated by the endowment is remitted to the University. The cost of managing the endowment was £9k (2024: £9k). The endowment capital is held until it is needed by the University in an emergency.

The Foundation's commercial trading subsidiary, Richmond College Services Ltd, did not trade during the year. The loss incurred was £3,660 (2024: £190 loss). As the subsidiary made no profits, there were no donations to the Foundation in 2025 (2024: £nil).

Financial review

The Foundation showed a consolidated loss of £140k (2024: surplus of £363k).

The Total consolidated funds of the Foundation were £8,109k (2024: £8,249k).

At the year-end, the Foundation held total funds of £8,133k (2023: £8,269k).

The restricted endowment is held for the benefit of the University. At the year-end, the restricted endowment totaled £7,808k (2024: £7,911k).

The restricted fund represents investment income awaiting transfer to the University. At the year-end, the restricted fund totaled £359k (2024: £380k).

Unrestricted funds are held to fund the day-to-day operations of the Group. Unrestricted funds are also used to fund discretionary donations to the University. At the year-end, the consolidated unrestricted funds were £59k in deficit (2024: £42k in deficit). These historical deficits will be reviewed in 2025/26 with the intention to clear the balances.

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.

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 and will support the Trustees as they clear historic deficit balances.

AUDITOR

Our auditor Peters Elworthy and Moore transferred their audit registration and therefore that part of their business to a newly incorporated limited company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy and Moore ceased to be the Company’s auditor with the Director duly appointing PEM Audit Limited to fill the vacancy arising.

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

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:

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:

Dr W G Durden, Chair

Date: 27 November 2025

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND EDUCATION FOUNDATION

OPINION

We have audited the financial statements of Richmond Education Foundation (the 'parent charity') for the year ended 30 June 2025 which comprise the consolidated and charity Statement of financial activities, the Consolidated and charity Balance sheets 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 2019.

In our opinion the financial statements:

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 and charity 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 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 Trustee with respect to going concern are described in the relevant sections of this report.

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND EDUCATION FOUNDATION

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:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustee's 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 Trustee determines 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 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 Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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.

Page 8

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND EDUCATION FOUNDATION

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:

As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of restricted funds. We considered the risk of restricted funds recognition to be most prevalent in the classification. In response to these identified risks, we designed procedures which included, but were not limited to:

Page 9

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE RICHMOND EDUCATION FOUNDATION

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

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 noncompliance. 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 trustee 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 trustee 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 trustee, as a body, for our audit work, for this report, or for the opinions we have formed.

PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 27 November 2025

PEM Audit Limited is eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

INCOME AND
ENDOWMENTS
FROM:
Note
Investments
4
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
5,6
Charitable activities
7
TOTAL
EXPENDITURE
NET EXPENDITURE
BEFORE NET
(LOSSES)/GAINS ON
INVESTMENTS
Net (losses)/gains on
investments
11
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
14
Net movement in funds
14
TOTAL FUNDS
CARRIED FORWARD		 Unrestricted
funds
2025
£
-
-
180
17,077
17,257
(17,257)
-
(17,257)
(41,877)
(17,257)
(59,134)		 Restricted
funds
2025
£
296,946
296,946
8,620
308,997
317,617
(20,671)
-
(20,671)
380,063
(20,671)
359,392		 Endowment
funds
2025
£
-
-

-
-
-
-
(102,420)
(102,420)
7,910,829
(102,420)
7,808,409		 Total
funds
2025
£
296,946
296,946
8,800
326,074
334,874
(37,928)
(102,420)
(140,348)
8,249,015
(140,348)
8,108,667		 Total
funds
2024
£
327,140
327,140
9,280
423,131




432,411
(105,271)
468,144
362,873
7,886,142
362,873
8,249,015

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

The notes on pages 15 to 29 form part of these financial statements.

Page 11

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

Note
INCOME AND
ENDOWMENTS FROM:
Investments
4
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
6
Charitable activities
TOTAL
EXPENDITURE
NET EXPENDITURE BEFORE
NET (LOSSES)/GAINS ON
INVESTMENTS
Net (losses)/gains on
11
investments
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought forward
15
Net movement in funds
15
TOTAL FUNDS CARRIED
FORWARD

7		 Unrestricted
funds
2025
£
-		 Restricted
funds
2025
£
296,946		 Endowment
funds
2025
£
-		 Total funds
2025
£
296,946		 Total funds
2024
£
327,140
327,140

9,090
(105,081)
468,144
363,063
7,906,289
363,063
8,269,349
423,131
432,221
-

-
13,597		 296,946


8,620
308,997		 -

-
-		 296,946


8,620
322,594
(13,597)
-
13,597
(20,671)
-

(20,671)
380,063

(20,671)
359,392

317,617		 -
(102,420)
(102,420)
7,910,829
(102,420)
7,808,409
-		 (34,268)
(102,420)
(136,688)
8,269,349
(136,688)
8,132,661
331,214
(13,597)
(21,543)
(13,597)
(35,140)

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

year. The notes on pages 15 to 29 form part of these financial statements.

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025

Note
FIXED ASSETS
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
14
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 826,585
389,702		 2025
£
7,003,753		 461,399
479,157		 2024
£
7,414,965
7,003,753
1,104,914
8,108,667
7,808,409
359,392
(59,134)
8,108,667		 7,414,965
834,050
8,249,015
7,910,829
380,063
(41,877)
8,249,015
1,216,287
(111,373)		 940,556
(106,506)

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

Dr W G Durden

On behalf of Richmond, The American International University in London, Inc

27 November 2025 Date: ………………….

The notes on pages 15 to 29 form part of these financial statements.

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

FOUNDATION BALANCE SHEET AS AT 30 JUNE 2025

Note
FIXED ASSETS
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due
within one year
13
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
15
Restricted funds
15
Unrestricted funds
15
TOTAL FUNDS		 826,585
372,909		 2025
£
7,003,753		 461,399
462,185		 2024
£
7,414,965
7,003,753
1,128,908
8,132,661
7,808,409
359,392
(35,140)		 7,414,695
854,384
8,269,349
7,910,829
380,063
(21,543)
8,269,349
1,199,494
(70,586)		 923,584
(69,200)
8,132,661

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

Dr W G Durden

On behalf of Richmond, The American International University in London, Inc

27 November 2025 Date: … … … … … … … … … …

The notes on pages 15 to 29 form part of these financial statements.

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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).

The functional and presentational currency is GBP.

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 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Richmond Education 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. The Foundation qualifies as a small charity and is exempt from preparing the cash flow statements under Charities SORP (FRS102).

2.2 GOING CONCERN

These financial statements have been prepared on a going concern basis. The support of the Ultimate Parent Undertaking means that the Foundation will be able to continue to operate for the foreseeable future and the going concern basis remains appropriate. There are no material uncertainties. The historical negative unrestricted funds of the Group and Foundation will be reviewed in 2025/26 with the intention to clear the balances. The Foundation is satisfied that the income generated by the endowment will allow it to continue to operate for at least twelve months from the date of approval with the continued support of the University.

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THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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.

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 non- charitable 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.

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THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.5 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.

2.6 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.

2.7 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.

2.8 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.

2.9 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.

2.10 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.

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THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. ACCOUNTING POLICIES (CONTINUED)

2.11 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 or in the event that the ultimate controlling party, Richmond, The American International University in London, Inc, enters a teachout with permission from the Charity Commission.

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. INVESTMENT INCOME - GROUP

Dividends
Interest
TOTAL 2024		 Restricted
funds
2025
£
296,423
523
296,946
327,140		 Total
funds
2025
£
296,423
523
296,946
327,140		 Total
funds
2024
£
302,447
24,693
327,140

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

5. EXPENDITURE ON RAISING FUNDS – GROUP

Subsidiary fundraising trading expenses

Bank charges
TOTAL 2024		 Unrestricted
funds
2025
£
180		 Total
funds
2025
£
180
180
190		 Total
funds
2024
£
190
180 190
190

6. INVESTMENT MANAGEMENT COSTS - GROUP

Restricted
funds
Endowment
funds
2025
2025
£
£
Investment management fees
8,620
-
TOTAL 2024
9,090
-		 Total
funds
Total
funds
2025
2024
£
£
8,6209,090
9,090

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES - GROUP

Summary by fund type

Unrestricted
funds
20245
£
Charitable activities
17,077
TOTAL 2024
-		 Restricted
funds
2025
£
308,997
423,131		 Total
Total
2025
£
2024
£
326,074
423,131
423,131

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. ANALYSIS OF EXPENDITURE BY ACTIVITIES – GROUP

GROUP AND FOUNDATION

Charitable activities
TOTAL 2024		 Grants
awarded
2025
£
308,997
411,140		 Support
costs
2025
£
17,077
11,991		 Total
funds
Total
funds
2025
2024
£
326,074
£
423,131
423,131

ANALYSIS OF DIRECT COSTS

Richmond University donation: grants
TOTAL 2024
ANALYSIS OF SUPPORT COSTS
Bank charges
Audit and accountancy fees
TOTAL 2024		 Grants
awarded
2025
£
308,997
411,140
Provision of
donations
2025
£
97
16,980
17,077
11,991		 Total
funds
2025
£
308,997
411,140
Total
funds
2025
£
97
16,980
17,077
11,991		 Total
funds
2024
£
411,140
Total
funds
2024
£
51
11,940
11,991

Page 20

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

9. AUDITORS' REMUNERATION

Fees (inclusive of VAT) payable to the Foundation’s auditor 20252024
££
in respect of:
Audit of the Foundation's financial statements 13,50011,940
Audit of Richmond College Services financial statements 3,4805,376

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). As disclosed in note 5d of their financial statements, Richmond, The American International University in London, Inc, is the ultimate controlling party of the Foundation. P Deans, a trustee of the Foundation, was paid for his role as President and Vice Chancellor of the University.

During the year ended 30 June 2025, no Trustee expenses have been incurred (2024 - £nil).

11. FIXED ASSET INVESTMENTS

GROUP
VALUATION
At 1 July 2024
Disposals
Revaluations
Cash movement
AT 30 JUNE 2025
FOUNDATION
COST OR VALUATION
At 1 July 2024

Disposals
Revaluations
Cash movement
AT 30 JUNE 2025		 Listed
investments
£
7,401,885
(300,000)
(102,420)
-
6,999,465
Investments
in
subsidiary
companies
Listed
investments
£
£
-
7,401,885
-
(300,000)
-
(102,420)
-
-
-
6,999,465		 Investment
cash
Total
£ £
13,080 7,414,965
- (300,000)
- (102,420)
(8,792) (8,792)
4,288 7,003,753
Investment
cash
Total
£
£
13,080
7,414,965
- (300,000)
-
(102,420)
(8,792)
(8,792)
4,288
7,003,753		 Investment
cash
Total
£ £
13,080 7,414,965
- (300,000)
- (102,420)
(8,792) (8,792)
4,288 7,003,753
Investment
cash
Total
£
£
13,080
7,414,965
- (300,000)
-
(102,420)
(8,792)
(8,792)
4,288
7,003,753

7,003,753
Total
£
7,414,965
(300,000)
(102,420)
(8,792)
7,003,753

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the Foundation:

Name Company Charity Registered office or Registered office or Registered office or principal
number registration
place of		 business
number
Richmond College Services Limited
02234479		 N/A
 Building 12, 566 Chiswick High
Road, London W4 5AN
Principal activity
Class of		 Holding
shares
Room hire and Ordinary 100%
catering
The financial results of the subsidiary for the year
were:
Name Expenditure Loss for the Net
£ year liabilities
£ £
Richmond College Services Limited (3,660) (3,660) (23,995)
During the year, Richmond College Services Limited did not generate profits to donate to the
Foundation (2024 - £nil).
2. DEBTORS
Group Group Foundation Foundation
2025 2024 2025 2024
£ £ £ £
DUE AFTER MORE THAN ONE YEAR
Amounts owed by group undertakings - 279,259 - 279,259
- 279,259 - 279,259
DUE WITHIN ONE YEAR
Amounts owed by group undertakings
826,585		 182,140 826,585 182,140
826,585 461,399 826,585 461,399

12. DEBTORS

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2025
£
Amounts owed to group undertakings
92,334
Accruals
19,039
111,373
14.
GROUP STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
July 2024
£
Income
£
UNRESTRICTED FUNDS
Unrestricted funds
(41,877)
-
ENDOWMENT FUNDS
Endowment Fund
7,910,829
-
RESTRICTED FUNDS
Restricted Fund
380,063
296,946
TOTAL OF FUNDS
8,249,015
296,946		 Group
Foundation
Foundation
2024
£
2025
£
2024
£
86,957
55,042
55,042
19,549
15,544
14,158
106,506
70,586
69,200
Balance at
30 June
Expenditure
£
(Losses)
£
2025
£
(17,257)
-
(59,134)
-
(102,420)
7,808,409
(317,617)
-
359,392
(334,874)
(102,420)
8,108,667		 Group
Foundation
Foundation
2024
£
2025
£
2024
£
86,957
55,042
55,042
19,549
15,544
14,158
106,506
70,586
69,200
Balance at
30 June
Expenditure
£
(Losses)
£
2025
£
(17,257)
-
(59,134)
-
(102,420)
7,808,409
(317,617)
-
359,392
(334,874)
(102,420)
8,108,667
7,808,409
359,392
8,108,667

Page 23

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. GROUP STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
Unrestricted funds
ENDOWMENT FUNDS
Endowment Fund
RESTRICTED FUNDS
Restricted Fund
TOTAL OF FUNDS		 Balance at
1 July 2023
£
(41,687)
7,442,685
485,144
7,886,142		 Income
£
-
-
327,140
327,140		 Expenditure
£
(190)		 Gains
£
-		 Balance at
30 June
2024
£
(41,877)
-
(432,221)
(432,221)		 468,144
-
468,144		 7,910,829
380,063
8,249,015

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 and Cazenove in a fund comprising listed investments.

Investment income generated by the endowment is remitted to Richmond The American International University in London net of costs. 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 not yet paid over to Richmond, the American International University in London, Inc.

Unrestricted funds

Unrestricted funds can be used by the Foundation as it wishes. Unrestricted funds are currently in deficit. The Trustees will return the funds to surplus by resuming its campaigning activities for unrestricted donations.

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

15. FOUNDATION STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
July 2024
£
UNRESTRICTED
FUNDS
Unrestricted
funds
(21,543)
ENDOWMENT
FUNDS
Endowment
7,910,829
Fund

RESTRICTED
FUNDS
Restricted
380,063
Fund

TOTAL FUNDS 8,269,349		 Balance at 1
July 2024
£
UNRESTRICTED
FUNDS
Unrestricted
funds
(21,543)
ENDOWMENT
FUNDS
Endowment
7,910,829
Fund

RESTRICTED
FUNDS
Restricted
380,063
Fund

TOTAL FUNDS 8,269,349		 Income
£		 Expenditure
£
(13,597)		 (Losses)
£

-		 Balance at
30 June
2025
£
(35,140)
7,808,409
359,392
8,132,661
7,910,829

380,063

8,269,349		 -
296,946
296,946		 -
(317,617)
(331,214)		 (102,420)


-

(102,420)

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

15. FOUNDATION STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR


UNRESTRICTED
FUNDS
Unrestricted
funds
ENDOWMENT
FUNDS
Endowment
Fund
RESTRICTED
FUNDS
Restricted

Fund
TOTAL OF
FUNDS		 Balance at 1
July 2023
£

(21,543)
Balance at
30 June

Income
Expenditure
Gains
2024

£
£
£
£

-
-
-
(21,543)
-
- 468,144
7,910,829


327,140
(432,221)
- 380,063


327,140
(432,221) 468,144
8,269,349
Balance at
30 June

Income
Expenditure
Gains
2024

£
£
£
£

-
-
-
(21,543)
-
- 468,144
7,910,829


327,140
(432,221)
- 380,063


327,140
(432,221) 468,144
8,269,349
Balance at
30 June

Income
Expenditure
Gains
2024

£
£
£
£

-
-
-
(21,543)
-
- 468,144
7,910,829


327,140
(432,221)
- 380,063


327,140
(432,221) 468,144
8,269,349
7,442,685

485,144

7,906,286		 -
327,140
327,140		 -
(432,221)
(432,221)		 468,144

-

468,144

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Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

16. CONSOLIDATED ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
Restricted
funds

2025
2025
£
£
Fixed asset investment
-
15,446
Current assets
50,021
346,164
Creditors due within one year
(109,155)
(2, 218)
TOTAL
(59,134)
359,392
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fixed asset investments
15,446
Debtors due after more than one year
-
-
Current assets
62,411 366,635
Creditors due within one year
(104,288)
(2,218)
TOTAL
(41,877) 380,063		 Endowment
funds
Total funds
2025
2025
£
£
6,988,307
7,003,753
820,102
1,216,287
-
(111,373)
7,808, 409
8,108,667
Endowment
funds
Total funds
2024
2024
£
£
7,399,519
7,414,965
279,259
279,259
232,051
661,297
- (106,506)
7,910,829
8,249,015

Page 27

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. FOUNDATION ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2025
£
Fixed asset investments
2
Current assets
33,402
Creditors due within one year
(68,544)
TOTAL
(35,140)		 Restricted
funds
2025
£
15,446
345,988
(2,042)
359,392		 Endowment
funds
Total funds
2025
2025
£
£
6,988,305
7,003,753
820,104
1,199,494
-
(70,586)
7,808,409
8,132,661

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Fixed asset investments
Debtors due after more than one
year
Current assets
Creditors due within one year

TOTAL
 Unrestricted
funds
Restricted
funds
2024
2024
£
£
2
15,446
-
-

45,437
366,835
(66,982)
(2,218)
(21,543)
380,063		 Endowment
funds
Total funds
2024
2024
£
£
7,399,517
7,414,965
279,259
279,259
232,051
644,325
-
(69,200)
7,910,829
8,269,349

Page 28

Docusign Envelope ID: ED16D5F6-C5D0-46AC-9721-2379C51013DC

THE RICHMOND EDUCATION FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

18. RELATED PARTY TRANSACTIONS

Transactions with Richmond College Services Limited (subsidiary)

Richmond College Services paid £nil on behalf of the Foundation (2024: £nil) during the year. At the year-end, £55,042 was due to Richmond College Services (2024: £55,042 due to).

Transactions with Richmond University (trustee)

During the year, donations of £308,997 were made to the University (2024: £327,140) and a loan was made for £300,000. At the year-end, £826,585 was due from the University (2024: £461,400 due from).

19. 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 Unit 12, Chiswick Park, 566 Chiswick High Road, London, W4 5AN.

Page 29