The Richards Educational Charity Financial Statements Year Ended 31 December 2020 Registered Charity.. 306787
Richards Educational Charity, SilverÉon Registration No 306787 (Sometimes referred Éo as"The Richard5 Trusl") ANIYUAL TRIISTEES, REPORT for year Jan. 1° to Dec 31" 2020 Approved by Trustee5 by email on 10 Sepiember 2021 Usual Correspondent:. Dr J.M. Thomas 5, Tuns Lane, Silverton. Ex¢ter. EX5 4HY Charity Commission Scheme as revised J¥dnu8ry 16 1990 LIST OF TRIISTEES serving during 20211 & up lo 10 September 2021 APPT ENDS NAME Name APPT ENDS The Rev d Prtbendary an Hendry MacDonaid CHAIFiMAN Mrs Jennifer Payne Co-opied 0112024 Dr John Michael Thoma5 TREASURER Co-opted 0312023 s. p.c 0512022 Mr Richard John White Co-opted 0312023 Mr Geoffrey S. Knowle5 SECRETARY Mrs Joan Elizabeth Park. 0512022 Mrs Sarah Se]f D.C.C 1012024 Co-opt¢d 0112026 Mr Jonathan Ayshford D.C.C. 0712022 The Rev d. Paul Kin8dom Rx OtTicio from 16 3.2020 Structure, Governance & Management Appointing Bodies of Trustees- S. P.C. - Silverton Parish Council; D.C.C. - Devon County Council The full body of Trustees approve new meinbers for co-oplion. Bankers- Lloyds Bank. Exet¢r Branch, 234 High Street, Exeter. Devon, EX4 3NL Solicitor- Miclielinores. Woodwater House, Pynes Hill. Ex¢ter Financial Advisor Charles Stanley, Broadwalk House. Southernhay West, Exeter, EX I I TS Independent Examiner of Accounts PFK Francis Clark. Chartered Accountants, Centenary House Peninsula Park, Rydon Lane, Exeler. EX2 7XE Objectives and Activities Application of Income- as speeified ID the Revised Scheme dated 16th Janugry 1990:. 'llie li.li.fieé.s.s11lfIr.1F deft(y oiii of ihe iiicc)nFe of ihe ( IrIty ihe cn.¥l iK(7iiiiaiJpiiig lhei1r3}eI.O1 i)tihe ( knrily ikpcliidiiig fhe It'imirai iii.%iiiaiLe (!1¢711y biiildiiixJ ihtrr¥c)Fi ai1/01heP. chaige.s di{}111%¥}1l1"y0b/# iii r¢.¥ixc¢ iheiYofapttl(711 ihe pi'oijer cosl.s. churge.s aiid L?xrLiiI,se.i aild iiiLidc'iilal io ihe uthiiipiisli'alinii 1•11xellIgliN ihe Ch(7rity. ' AfiLpr ihi.s ihe liii.flee.¥.tholl ai)ply ihe iiicome c)f ihe ('17¢3rity ipii)roppFolipw ediicaliojp (iiicliidipw.¥ncialmidiJhysicul iiviJiiiiO nfpep.w)ii.s 1¢1. lh¢ axe of 2) whv are residepil iii the Pari.%h i)f SiliYrl(v1fji whi) ale iii iieedoffiikTiKioI LT.k%i.¥luJRcty by.l¢h nieoii.f o.s- ).fcholai'.thFp,¥. exhihFll¢)pi.f, biir.wrie., moiii¢epFfflFce allnwaiice.% orgrupil.¥ leFhle al aiiy.¥chMI. Ivii)Fer.Yity' college of L.diicali¢)ii oiher iii.siilsiiiOii (Jffiiriher vdiiLcilifiii )pr(VedbY ihe 7i'u.%lee.%,' b)l?F'oiiidipigfiiI1CIll1r.1.¥IU1lLL 141fiiJ, cluihiii¥, loo15, iFish'iiipFepils or books lo lls.iisi iheij. ediicaiioii (iiicliidiFigmiisiC ai niheri7F't.%) lo iip7deriokÉ ethicoiional travel, or i()prepare lor apraJe,Esirppi, tree. occiiimiioFp or.gi'rvice lethiiiig.sclNml iiipiver5ilJ' L'IL. The TriislL'L's hL7veAiillpowJei' io niake nileJfor ihesv aw'ai'ds iiiLlikliiig the 15¢, pe1.1Of ieiiuF¥, q1}ifiCall(Vi. ni¥¢h¢klof afceriLTiiFmeipl aMd.fele¢linii nfculidaie.. llie 7rii.siee.% mtsy coki.siili iijiih ihe Ivcol euiicaiioii aiiihorily (JiEI' IheirgenL'ral ierm.T i)faclFOn or i11111dli(1I Ga.se5. ThL. Tnis/ee.5 iPFay t¥)i)i}jiii IMJO or more meNibeF'& as ÉE C(JnFmille¥ lo acl iii Lmergepicies hul L711 L7c1S.T11 h¢ repf)i'lLd TPI di1¢ ctsiir.sL' ihe W, ihe JNI.viee.¥. 7h¥ Inisige.s n117y ii()i L7iJpIy iii¢ome li) Ihe reliefoAraiÈ& loxes or oihei'yuljlic fiithl.s. hill .$11p1)legl1l ihis relief. 71ie 7rii.Flge.s nol crguie a tenaiKy ofil11. la1$ 1£7siing longer ihapF 22year.i. l of2
Richards Educational Charity, Silverton Owing to the regulations during the Covid19 pandemic the usual reglilar meetings of Trustees have not been able to take place. The circulation of infornialion and decisions has taken place by ematl. Information about the Charity, slill frequently known as the "Rtchards Trust" is made known Mridely in the Parish. eSCIallY through the places of education of Silverton children. Application fornis are available at ihe village ShoplPosl Otytce, School and on line. Applications tor Group5 such as Youth Organisations and the Primary School are related to a list of Silverton individuals in need of help. and funds are allocated to benefit these individuals. A group of Trustees deal by email with applications which fall within the policy of the Trustees, but all others are discussed by all Trustees. The Trustees only hold records on Computer as are necessary for the knowledge of previous grant history to make decisions on individual applicatiOT]s. This information is kepl confidential to the Trustees. Achievements & Performallee The Trustees have taken regard of the guidance on public benefit issued by the Charity CommTssion and this has been Considered in arriving at the distribution of grants to the benefit of the young people of Silv¢rton. Owing to the restrictions imposed during the Covid19 pandemic school and preschool activities have been greatly curtailed and ihe income from inveslments also reduced. Currently the largest lotal sum was allocaled to Students in Higher Education followed by Primary and Secondary children being helped wilh the fees for out of school hours classes such as instrumental music and school residential visits. Further Education Studenls and by Students undertaking Vocational Training. Smaller tolal amounts went to children attending Pre-school and After-school classes and to Groups. lirant.¥ made in 2020- 11 lo Ilniver.iily,fludenl.1.' £16,500,. 26 ¢0 School age children.. £8,849.. 3 tc) Furtlier Educalioii.. £2955.. 3for Vocolional Ip'oining.. £2,927,. 5 10 Preschool andAIiL>r.s'c'hool.' £2.101.- 1 lo tirot4P.5.'£208,. Totol Awnrded £33,540 The Truste¢s considered the level of family income in arriving at the scale of grants given. In many cases, especially for school Class visit costs, the full amounl of the request has continued to be met. The scale of grants for university students has continued. The nuinber of Grant applications received and awarded was much less shan for the previous year. Financial Review The charity is depend¢nl on income from its pennanent endowment, Ivhich is now wholly in the forni of investments. The Jnvestment Managers, Charles Stsnley, use their discretionary powers to d¢al actively in these mediumllow risk investinents on our behalf and have produced a lower level of income for the charity ihis year. This position will be kept under review by the Trustees. The only property still held by Ihe Trustees is the "Little Recreation Field" previously us¢d by the pupils of the OriLTknal school. Thi5 is let to Silverton Parish Council wlll'¢h administers and mainÉains it tor the use of the village. Changes in 2020 Due to the effect5 of the Covid19 pandemic in 2020 the Trust¢es have r¢ceiv¢d a much reduced income but also the calls for fjnancial help to support of the education of th¢ ¢hildr¢n of Silverton have been much lower compared with the previous year resulting in the funds held at th¢ end of the year being only £2.01 I lower. The future in 2021 on both applicalions and income still remains uncertai Reserves Policy Reserve Funds are kept in a deposit account, at a level considered to be appropriate by the Trustees. to accommodate the variations of income and outgoings that may arise. The reserves held at the end of 2020 amount to £30.000 and will be available to meet any reduction of the income from investments. an increase in demand of educational needs of the young people of Silverton and any contingency which may aris¢ from the ownership ofthe Little Recreation Field. Signed on behalf of the Trustees:_ 8c2of2
Independent examiner's report to the truslees of The Richards Educational Charity I report to the trustees on my examination of the accounts of the Richards Educational Charity Ilhe Charity} for the year ended 31 December 2020. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respecl of my examination of the Chartties accounts carried out under section 145 of the 2011 Act and in carrying out My examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kepl in resped of the Charity as required by section 130 of the Act., or 2. the accounts do not accord with those records. I have no cOnrn$ and have come across no other rnalters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Dale.. 29 October 2021
IUCHARDS EDUCATIOIYAL CHARITY Re&No. 306787 Receipts and Paymenls Account for the yeAr ended 31 December 2020 2020 2020 2020 2019 Unrestricted Endowment Funds Fund5 Total Funds Tot81 Funds RECEIPTS Inves1m¢ni Income Miscellaneous 32,152 531 32.152 531 41,692 31 41.723 Procceds from sale of Investsnents Miscellaneous Total Receipts 216,125 216,125 334,931 72 376,726 32,683 216,125 248,808 PAYMENTS Grants 33,540 33,540 49,394 ManagF¢ment and Athninistration indepeiident Ex&niners Fees Trustees Expenses Insuran¢¢ 792 130 178 792 130 178 768 383 189 34,640 34,640 50,734 Inv¢shn¢nts PuT¢has¢d Investtnent Mlage5 Fees Investment Managers Custody Fees 232.226 11,449 30 232,226 11,449 30 285,994 13,583 49 Total paDentS 34.640 243.705 278.345 J50,J60 Exce.s,i R¥c¥iplJ over Paynienis .Yce.i.s Paymen1.¥ oiler IleLgipLI Monetary Balances As at 1st JanUY 35,377 -9,011 -1.957 -27.580 -29,537 54,847 68,270 123,117 96.751 As at 31st December 52,890 40,690 93,580 123,117
RICHARDS EDUCATIONAL CHARtrY Re& No. 306787 Statements of Assets and Liabilities as At 31st Dtcember 2020 2020 2020 2020 Total Fund$ 2019 Total Funds Unrestrif ted Pernianent Funds Endowment Cash Funds Deposil Account Current Account Investtnent M8na8ers Account 30.000 20,742 2,148 30,000 20,742 2,148 30,000 22,753 2.094 Investtnent Manag¢rs Portfolio A¢¢ount 40,690 40,690 40,69) 91.580 68,270 123,117 52.890 Inves¢ment Assets Investtnent Managers Portfolio at valuation 1,286.147 1,286.147 1.277,244 Other Assets Little Re¢r¢ation Field (estiinated value) i.o(x) l.O(N) 1,000 Total Assets 52,890 1,327,837 1.380.727 1.401,361 The Charity has no liabilities at the B*l&nce Sheet Date The Receipts and Payments Account for the Financial year ended ) I st December 2020, and the Statement of Assets and Liabilities as at 31 st D¢c¢mber 2020, are approved by th¢ Trnst¢ts. Signature.......................................... Full Name in Block Capitals ..Alan Hendry Macdonald...... For and on behalf of the Twstecs