The Richards Educational Charity Trustees. Report and Financial Statements for the Year Ended 31 December 2022 Registered Charity Number 306787 Richards Educational Charity, Silverton Registration No 306787 (Sometimes referred to as "The Ricbards Trust") ANNUAL TRUSTEES, REPORT for year Jan. I" to Dec 315t 2022 Approved by Trustees at meeting on 28 April 2023 Usu¥l Correspondent: . Dr J.M. Thomas 5, Tuns Lane. Silverton, Exeter. EX5 4HY Charity Commission Scheme as revised January 16th 1990 LIST OF TRUSTEES serving during 2022 & up lo 28 April 2023 APPT ENDS NAME Nanie APPI. ENDS 'lThc Rev d Prebendary Alan Hendry MacDonald CFIAIRMAN Mrs Jennifer Payne (retired 05r22) Co-opted 0112024 Dr John MiLhael 11)omas TREASURER CO￿oPled 0312028 s. p.c. 05r2022 Mr Richard John White Co-opted 0312028 Mr GeotTrey S. Knowles 8E.CRETARY Mrs Joan Eli7abeth l'ark s.p.c. 0512026 Mrs Sfjrah Self D.C.C 1012024 Co-opted 0112026 Mr Jonathan Ayshford D.C.C. 0712026 'I'hc R￿'d. Paul Kingdom F.x Officio MTS LOUI￿ Sl¢¢p s.p.c. 0912026 Structure, GovernaDce & Management Appointing Bodies of Trustees- S. P.C.- Silverton Parish Council. D.C.C.- Devon County Council. The full body of Trustees approve new members for co-option. Bankers- l.loyds Bank. Exeter Branch. 234 High Street, Exeter, Devon, EX4 3NL Solieitor- Michelmores, Woodwater House. Pynes Hill, Exeter Financial Advisor Charles Stanley. Broadwalk House, Southernhay West, Exeter, EXI ITS Independent Examiner of Accounts PFK Francis Clark, Chartered Accountants, Centenary House Peninsula Park, Rydon Lane, Ixeter, EX2 7XE Objectives and Activities Application of Income - as specified in the Revised Scheme dated 16th January 1990:_ 'The Trn51evJ' 3hallfirs1 defr(ry oui ofihe income nfihe L'hai'ity L'usi vfmainiaining iheproperty the Charity iiFcluding the repair Insura￿L'e ufciny buildinRS ihere(In andall oiher charge5 aF7d vulguinK.siMyahle in respEcI thereojand all ihe propÉr cosl.f, chuygé's (l￿d ¢xpenseJ vfand inc'idenrgS hmrfyllpvwep. lo make riiles for ihESe uwardb including ihe vultse, pep'iod oftenure, qucilFficafiurt*, meihod nf asct'rluinmenl undielLciiOn ofcandidales. The Trusltt's muy cvrtsuli wilh Ihe loLiil edu¢alion uuihorily uver IhEirge￿gr￿l rerms ofaclion or on individual eases. The TruslcL'J moy uppuinl Iiv(p (Ar More membcjrs ds a Lommillee lo u£'t in emergenc'ieJ bui all acl.f shall bE reported due ctpurs'e io ¢he hvdy uJ'ihE TruslL'L'5. The fYii.%l¥ets' may nol apply incumc io the relie]'oJ'raics. i(L¥es or oiherpuhlicJuMds. bui may supplemeni ihis reliefor a5.￿lsIanCe. The Trustg¢s may not crefjle u tenancy vfrhi'ir lundJ laslirtg longer ihan 22years. After lemiination of the regulations during the Covid19 pandemic the usual regular meetings of TrLiStees resumed. Infonnation about the Charity, still frequently known as the "Richards Trust" is made known widely in the Parish, especially through the places of education of Silverton children. Application fonns are available at the village ShoplPost Office, School, book swap, doctor's surgery and online. Applications for groups such as Youth Organtzations and the Primary School are related to a list of Silverton individuals in need of help. and t.unds are allocated to benefit these individuals. A group of Trustees deal with applications which fall within the policy of the Trustees, but all others are discussed by all Trustees. page l of 2 Richards Educational Charity, Silverton The Trustees only hold records on computer as are necessary for the knowledge of previous grant history to make decisions on individual applications. This inforn]ation is kept confidential to the Trustees. Achievements & Performance The Trustees have taken regard of the guidance on public benefit issued by the Charity Commi&sion, and this has been consider¢d in arriving at the distribution of grants to the benefit of the young people of Silverton. Income from investments increased from that of the previous year. Of the Expenditure the largest total sum was allocated to Primary and Secondary children being helped with the fee5 for out of school hours classes such as in8trumental music and school residential visits, followed by Sthdents in Higher Education and then by Students undertaktng Vocational Training. Smaller total amounts went to children attending Pre-school and After-school classes and to Groups. Grants made in 2022 59 to School age children.. £17,353,. 8 to University sthdenls.. £12,000,. 6for Vocational Training.. £4, 716,. 6 to Preschool andAfter.gchool.. £2, 716..b 2 to Groups.. £973.. Tolal Awarded £37,758 The Trustees 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 amount of the request has continued to be met. The scale of grants for university students has continued. Many rnore applications were received for school age children, but the number of other applications received and awarded was similar to that of the previous year. Financial Review The charity is dependent on incorne from its pernianent endowment. which is now wholly in the fonn of Ènvestments. The Investment Managers, Charles Stanley, use their discretionary powers to deal actively in these mediumllow risk investments on our behalf and have produced a higher level of income for the charity compared with the previous year. The position will be kept under review by the Trustees. The only property still held by the Trustees is the "Little Recreation Field" previously used by the pupils of the original school. This is let to Silverton Parish Council which administers and maintains it for the use of the village. Changes in 2022 Following the reduction of the effects of Covidl 9 the level of applÉcations has r¢turned towards pre- pandemic levels with the resumption of educational activities. One trustee has retired and a new t￿stee ¢o- opted. Reserves Poliey 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 2022 amount to £30,000 and will be available to meet any reductton olthe income from investments. an increase in demand of educational needs of the young peopl¢ of Silverton and any contingency which may arise from the ownership of th¢ Little Recreation Field. Signed on behalf of th¢ Trustees:_ A rf page2of2 Independent examlner's report to the trustees of The Richards Educational Charlty I report to the trustees on my examination of the accounts of the Richards Educational Charity (the Charity) for the year ended 31 December 2022. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in ac￿rdance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charities accounts carried out under section 145 of the 2011 Act and in carying out my exarnination I have followed all the applicable Directions given by th8 Charity Comrnission under section 145(51{b) of the Act. Independent examiner's statement I have completed rny examination. I confirm that no material matters have come lo my attention in connection with the examination giving me cause to believe that in any material respecL' 1. accounting records were nol kept in respect of the Charity as required by section 130 of the Act. or 2. the accounts do not accord with those records. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Tim Lannin FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE Date: 27 October 2023 RICHARDS EDUCATJONAL CHARITY Reg.No. 306787 Receipts and Payments Account for the year ended 31 D¢¢ember 2022 2022 ?022 2022 2021 Ilnrestricted Endowinent Funds Fund$ Total Funds Tatal Funds RECEIPTS Inv¢stment Incomc Miscellaneous 38,568 40 38,608 311 38,879 40 38,919 33,971 31 34,002 311 Proceeds trom sale ot Investments 121.886 121.886 338,914 Totsl Receipts 38,608 122,197 160,805 372.916 PAYMENTS Grants 37.758 37,758 37,872 Management and Administration Independent Examiners Fees Trustees Expenses Insurance Repairs lo wall 900 93 214 330 900 93 214 330 816 55 179 39,295 39,295 38,922 Inveslmenls Purchased Invcstmcnt Managcrs Fcc5 Investment Managers Custody Fees 110,980 12,029 14 110.980 12,029 14 339,478 12,058 30 Total Payments 39,295 123,023 162.318 390,488 Eycess Receipls over Payments Exeess P¢Jinienis over Receipls Monetary Balances As at 1st January -687 -826 -1,513 -17,572 47,970 28,038 76,008 93.580 As at 31 st December 47,283 27,212 74,495 76,008 RICHARDS EDUCATIONAL CHARITY Reg. No. 306787 Statements of Assets 2nd Liabilities as at 31st December 2022 2022 2022 Unrestricted Perm9Dent FuDds Endowment 2022 Total Funds 2021 Totsl Funds C*sh Funds Deposit Account Current Account Investment Managers A¢¢ounl 30,000 15,722 1.561 30,000 15,722 1,561 30.000 16,642 1,328 InYe5tment Managers, Portfolio Account 27.212 27,212 27,?12 74.495 28.038 76,008 47.283 Investment Assets Investment Managers Portfolio at valuation 1,226.776 1,226.776 1.390,702 Other Assets Little ReLreation b ield (estimated value) i.000 1.000 1,000 Total Assets 47,283 l J54,988 1.302.271 1,467,710 The Charity has no liabilities at the Balance Sheet Date The Receipts and Payments Account for the Financial year ended 3 1st December 2022, and the Statement of Assets and Liabilities as at 31st December 2022, are approved by the Trustees. Signature....... .. .......... ...... Date...... Full Namc in Block Capitsls ..Alan Hendry Macdonald.. ... For and on behalf of the Trustees