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.s1￿1lfIr.1F deft(y oiii of ihe iiicc)nFe of ihe ( I￿rIty ihe cn.¥l iK(7iiiiaiJpiiig lhei1r￿3}eI.O1 i)tihe ( knrily ikpcliidiiig
fhe It'imirai￿ iii.%iiiaiLe (!1¢711y biiildiiixJ ihtrr¥c)Fi ai￿￿1/01heP. 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￿•￿￿11￿xellIgliN 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.¥ leF￿hle 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'oiiidipigfii￿I1CIll1￿r.￿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, tre￿e. occiiimiioFp or.gi'rvice lethiiiig.sclNml
iiipiver5ilJ' L'IL.
The TriislL'L's hL7veAiillpowJei' io niake nileJfor ihesv aw'ai'ds iiiLlikliiig the ￿15*¢, pe1.1￿Of ieiiuF¥, q1￿}ifiCall(Vi￿. ni¥¢h¢klof
afceriLTiiFmeipl aMd.fele¢linii nfcul￿idaie.￿.
llie 7rii.siee.% mtsy coki.siili iijiih ihe Ivcol euiicaiioii aiiihorily (JiEI' IheirgenL'ral ierm.T i)faclFOn or i1￿1111dli(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 ￿￿.$11p1)le￿gl1l ihis relief￿.
71ie 7rii.Flge.s nol crguie a tenaiKy ofil￿11. la1￿$ 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. eS￿CIallY 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 cOn￿rn$ 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 M￿lage￿5 Fees
Investment Managers Custody Fees
232.226
11,449
30
232,226
11,449
30
285,994
13,583
49
Total pa￿DentS
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 JanU￿Y
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