## **The Richards Educational Charity** **Trustees' Report and Financial Statements for the Year Ended 31 December 2023** **Registered Charity Number 306787** Rlchards Edueational Charity? Silverknn Registratlon No 306787 (Sometim￿* referred to as 4Tbe RILhards Trust") ANIYtIAL TRlJS,fE￿- REPOK.I lor year jan. t" to Iyec 31 202.t Apprfjv*AI by T￿l$t¢.￿ At meeting on 26 Aprfl 2024 lJ8ual forr&¥pondent: . Dr.T.M. Thomas 5, Tuns TAne, 8ilverton, F,xeter, EX.S 4HY CJwRty ft&. Levi%4dlAllu8Ly tr .1990 I,LST OF TRUSTEES serylng during 2023 & up to 26Aprfl 2024 APPT ENDS APPT Tho kwr'd Preb¢ndary Alan Hendry MacDonald cEtLlllMAN Mi85 Qlivia Ann¢ K¢n￿￿d Co-opted 04f2029 Dr Sohn kfi¢hael Thom&8 TREASUREIt Co-optcAI 0312028 0612027 Mr Ri¢hird John White C,o-opted D.C.C 0112028 G￿l¥rey S. Kl￿wIeS reslgned 28.04.2023 Mrs Joan Elizabetli Park s.p.c. Sarah Sdf lo￿024 co￿OPted 0112026 Mr Jonaihatt AysbfoTd S£cretaty Mr8 Louise Sleep D.C.C. 0712026 The Rev d. Paul Kittgdom Ex Officio s.p.c. 0912026 Struetur& CJovernaThee & Monagemenl Appoi￿.11￿g Bodies of Trusteesv S, P.C.- 8ilv¢rton Parish Coun¢il. D.C.C.- Devofi County Council. The tiill body of Trustees appTove new members for c04)ption. B&nkeYfr Exetcr Drar¢P*, 234 HiÉlt Str¢¢ F,xeter, .D¢vf)Tr, F.X4 3NL Solicltor* Michelmor4 Wi)odwater IIouse, Pynes I lill, Exeter Thnancial Advi&or Charles Stsnley, Broadwalk House, Southernhay West, Bxeter, EXI IY'S Independeot Examiiier of Actounts PFK Francis Clark, Chartered Accoutjtants, Ccnt¢nary House Peninsula Park, Rydon Imne, Exeter. EX2 7XE Application ot'Income- as speeifled In the eviL4¢d SL.home dated 16th January .1990:. "Ihe TnisÉeesJhullJJJ's'l defruy oul uf ihe i12¢thve of th¢, Chm'liy ihe co,st oJpn471Jilaliiliw ihep'DpiYtsI of the l.'Ik7rlty tiiL'ludliw the rewlr aphl InMfftJnce ofany &iiAth'ngs Ihereoip olher ch¢v¥e,s' (wdivilXOiIIgspa￿rhlg In re.y*ci lhererfth￿&ll ihepnyer c'huixTttS aihl¥y3ises r11Lw￿ ijwin (kki4liidiiig socIalth￿PhysIc￿l li￿1￿11￿) a) ,Yc.holrtr,s*liA*, exhlhllimi.w, hilp.￿rig.4, m¢.iiiileJ2ft11(,e nllowanÉ.'&s or grants l¢l￿ble al￿}Y.Yeh0Ol, iiniv8r.yily (Y￿]¥&￿e oJ¥ilric£lfiTrpi or 011￿r in,glrlii¢ion offvrlhey ipdmcalioyi approiped hy the Tni.stee,%,' h) iiroviiling,fiipah6'lcilcI.ssiJlAWKd. (uilfils, cliilhin&, Iwl.I, lii¥lriiuwiits or aisl.91 Ih¥ir (li￿11￿>￿ mii.%'ic n￿dI)I}r￿ (y'ls) lo iipthrtukv ¢duLvfioi￿I iimvl, or Iopreparefvr¥i￿￿1eSsI{W, liode, oL'aiputl&i or.seriilce on l¢ciwiig srh¢KH W￿Ve1,￿lty efc. a&L¢rluipimeiii apRiJEleclion Dlcmkli(lal&s. The Tnisl¢¢&'rnuy ¢QJLI1￿ wilh lh¢ Inc￿ ¢¢*icallwi ￿1th(VIdy o¥vr lhdlrgei￿raI i#rnAY ofudi()n or li￿li￿1￿1￿1 casYJ. Ilw liyislees may (TW(wn¢ tsvo or m¢)re pneniber,f a,y a conmilllee lo act In em*igeneie.g hil all acl,s,¥hall be reported lip thie ￿)￿￿.¥¢ Ic) ihe {!f th¥ 7)'u.s'lee.s. The Trns'(Ees m¢ry t￿1 ¢ypty inconK lo Ihe ieliefufralL>$, larÉ.* ￿, olkeFpi4blicfiiiKl4' b#t niay ￿IpPleA￿Al ihis pell*f ￿. ass1￿￿￿ 7h¢ Ihi.Yl¢¢.s itt)I crea1¢ u lenajicy of theli, land.s laA*ng. lollger ikn122 veth'.F. - Intonnation about the Charity, still freqiiently known as the "Richards Trust", is made known widely in the Parisll cspecially through the places of ducation of Silv¢rton children. Application forms are available at the village Shop/Post Oftice, School. book swop, doctor's surgery and online. Applications for groups l>u¢h as Youth Organizations and the14imary School are related to a list of Silverton individuals in need of help. ¢1 ()e2 Riehards li ducation￿ Charltyg Sllverton kuid funds are allocated to ben¢fit thes¢ individuals. A quorate gTOUP of Trust¢¢s d¢al with applications whi¢b fall within the policy of the Tn]st'ees, but all others are disciissed by all Tn]stees. The Trustees only hold records on computer as are necessary for the knowledge of previ.oiis grant history to make decisions OL) individiial applicntions. This infonnation is kept confidential to the Trustees. Aeliievements & Perfoi'mance The Trustees have taken regard of the guidance on public benefit issued by the ch￿ltY Conimission, and this has beeii considered in affiving at the distributioll of grants to the benefit of the young people of Silv¢rton. The Jargest total suin of grants was allocated to Students of Higher Education followed by Primary and Secondary ¢liildTen being hclped with the fecs for out of school hou￿ classes siwh as instrumental Mi￿1¢ and school residential visits, and then by Students undertaking Vocational Training. Smaller total amounts went to thoups. GTants inade in 2023 13 to University students,. £19,500. 65 to School age Children,. £13,833. J O for Vocational Training'£lO,640. 4 to Groups." £1,624: Total Awarded £4S,597 The Trustees considered the level of tamily income in &rriving at the scale of grants given. In many cases, ¢specially for school class visit costs. the full a]nount of the request has continued to be met. The scale of grants for university students has continued. The number of applications received and awarded was slightly higher than that of the prcvl0i￿ yc&r. riinancial Review The charity is dependent on income from its p¢rn]anent endowmenL which is now wholly in the forni of investments. The Invcstment Managers, Charles Stalll¢y, use their discretionary powers to deal activ¢ly in these mediumljow risk investments on our behalf and have produL'ed marginally less income for the charity compared with the previous yeEW. Payments exceeded receipts due to a substsntial increase in grants made. This was covered by a drawdown from reserves. The position WAII be kept under review by the Trustees. The only property still held by thc Trustees is the 'littl¢ Recreation Fiel(i" previously used by the pupils of the original s¢bool. Thks is let to Silverton Parish Council which administ¢TS and inaintains it for th¢ use of th¢ village. Changes In 2023 The tnL8t¢cs record their sorrow at the dcath of Mr Geoffrey Knowles the long serving secretary to the trust, subsequently Miss Olivia Kennard became a represeiitative of the Silverton Parish Council and Mr Jonathan Ayshford the s¢cretary. Rcjervts Policy Reserve Funds 2we held al a level considered to be appropriate, to accominodate the variations of incom¢ and outgoings that may arise, and are continually being reviewed by the Trustee& In 2023 £10,000 was drawn froin reserves to cover tbe exceptional illcrease in grants inade, reducing the £uYiount held on deposit at the end of the year to £20,000 Signed on behalf of the Trustees:_ i%igu 2 lif2 Independent examiner's report to the trustees of The Richards Educational Charity I report to Ihe trustees on my examination of the accounts of the Richards Educational Charity (the Charity) for the year ended 31 December 2023. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Charilies accounls carried out under section 145 of the 2011 Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. l (x)nfirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not 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: 25.09.2024 IUCHARDS LDUC,ATIONAL CYIARI'fY R¢g•No. 31k5787 Reeeipts Payments A¢cow)t for Ihe year ended 31 Dee¢mber 2023 2023 2023 2023 2022 Unre5tii¢ted Endowment Total Fi¥ttds Total RECLTrTS ivestment In￿m0 MAs¢¢Ilat￿lls 38.509 81 38.59Q 221 38,730 81 38,811 38,879 40 Proc#¢ds from s￿ts of Illveslmeiits 210243 210,243 121,886 Total Receipts 38,590 210,464 249,054 160,805 PAYfvfEKTS 43,597 i7.758 Managemqnt and AilminisiY&h'on 1nd￿t)ndP,￿t. F.xamin¢r8 fees Administixtive expense8 ItLmJMee Repairs to wall QAn 560 o() 93 214 330 560 47,117 47,117 39,295 1tt¥th*¥4¢Dts PuKlias¢d Iiiv¢stsn¢nt Managers Fe¢s Inv¢sthient Mana8th3 Lknstody Fees 173,045 11.230 173.045 11,230 110,980 12,029 14 Totsl.PayJnents 47,117 184,275 231,392 162,318 xce.¥J Rec'eipts oiler Paymexls ExL¢s$ P¢7ytsi¢iiits' oi?¢r Itec¢lp¥ Mon•tary Bal*n¢ As at I st January 26,189 26,189 -8,527 -8,527 -1,513 47.283 27,212 74,495 76,008 As at 3 1st Do¢￿b 38.756 53,40.1 92,157 74,495 ]UCBARDS.ILDIJCA'rtONAL CHARITY Reg• No. 3 Statements of A88¢ts ond LIAblllrfeJ AS at 31 St De¢ember 2023 2023 ?.023 UnYestri¢t¢d PerniaThent nds JaidovJJJ¥ellt 2023 2022 I'ot41 44ind$ C.08h Funds Deposit A¢count Cu¥￿t Awunt Inv¢slm¢nt Manaw's. Account 20.000 16.749 2,Q07 20.oc 16.749 1007 30.000 15,722 1,561 Investment MAnag¢rs' Portfolio Acwunt 53.401 53,401 53,401 27,212 74,495 knve&tmentAJsets ]nv¢sthMtt Portfolio at valuation 1,217,747 1,217.747 1,226,776 Little Recreatloll Fi¢ld (¢sLimated value) I,O(M) 1.000 Total Assets 3&756 1,272.148 1.310,904 1.302,271 Th* Chorfty has Jho liabilities st the BalAnee Sh¢¢t Dats The Receipts and Payments A￿Ollnt for the Financiol y¢ar ended 3 1st D￿nber 2023. and the Slatemew of Assets artd Liabilities as at 3 1st Dryxmbtt21)27.arfftopDrovBd.by.tlie..Trustee J141 26. I-￿2< Full Name in Block Capitals Alan Hendry Mwdonala,.. .. Eor.2lld.oll.￿hal£ of.the TFU8teos