The Richards Education Charity
Trustee’s Report and Financial Statements for the Year Ended 31 December 2024 Registered Charity Number 306787
The Richards Educa�onal Charity, Silverton ANNUAL TRUSTEES’ REPORT for year Jan. 1[st] to Dec 31[st] 2024
Approved by Trustees at meeting on 24 October 2025
Usual Correspondent: - Dr J.M. Thomas 5, Tuns Lane, Silverton, Exeter, EX5 4HY Charity Commission Scheme as revised January 16[th] 1990
LIST OF TRUSTEES serving during 2024 & up to 24 October 2025
| NAME | APPT | ENDS | Name | APPT | ENDS |
|---|---|---|---|---|---|
| The Rev`d Prebendary | Co-opted | 04/2029 | Dr John Michael Thomas | Co-opted | 03/2028 |
| Alan Hendry MacDonald | (TREASURER) | ||||
| CHAIRMAN | |||||
| Miss Olivia Kennard | S. P.C. | 05/2027 | Mr Richard John White | Co-opted | 12/2025 |
| (Retired Jan 27 2025) | |||||
| Mrs Louise Sleep | S. P. C | 09/2026 | Mrs Sarah Self | D.C.C | 10/2029 |
| Mrs Joan Elizabeth Park | Co-opted | 01/2026 | Mr Jonathan Ayshford | D.C.C. | 07/2026 |
| (SECRETARY) | |||||
| The Rev`d. Paul Kingdom | Ex Officio | - | Mrs Emily Chanter | S.P.C | 06/2029 |
| (Retired April 30 2025) | (Appointed June 14 2025) |
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 members for co-option.
Bankers- Lloyds Bank, Exeter Branch, 234 High Street, Exeter, Devon, EX4 3NL
Solicitor- Michelmores, Woodwater House, Pynes Hill, Exeter, EX2 5WR
Financial Advisor Charles Stanley, Broadwalk House, Southernhay West, Exeter, EX1 1TS
Independent Examiner of Accounts A C Mole LLP, Chartered Accountants, Stafford House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX
Objectives and Activities
Application of Income - as specified in the Revised Scheme dated 16th January 1990:-
“The Trustees shall first defray out of the income of the Charity the cost of maintaining the property of the Charity including the repair and insurance of any buildings thereon and all other charges and outgoings payable in respect thereof and all the proper costs, charges and expenses of and incidental to the administration and management of the Charity.”
“After this the Trustees shall apply the income of the Charity in promoting the education (including social and physical training) of persons under the age of 25 years who are resident in the Parish of Silverton and who are in need of financial assistance by such means as-
a) scholarships, exhibitions, bursaries, maintenance allowances or grants tenable at any school, university college of education or other institution of further education approved by the Trustees;
b) providing financial assistance, outfits, clothing, tools, instruments or books to assist their education (including music and other arts) to undertake educational travel, or to prepare for a profession, trade, occupation or service on leaving school university etc. The Trustees have full power to make rules for these awards including the value, period of tenure, qualifications, method of ascertainment and selection of candidates.
The Trustees may consult with the local education authority over their general terms of action or on individual cases.
The Trustees may appoint two or more members as a committee to act in emergencies, but all acts shall be reported in due course to the body of the Trustees.
The Trustees may not apply income to the relief of rates, taxes or other public funds, but may supplement this relief or assistance. The Trustees may not create a tenancy of their lands lasting longer than 22 years.”
Information 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 forms are available at the village Shop/Post Office, School, book swop, doctor’s surgery and online. Applications for groups 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 quorate group of Trustees deal with applications which fall within the policy of the Trustees, but all others are discussed by all Trustee.
Page 1 of 2
The Rlchards Educatlonal tharlty. Sllverton Thc TnL8t¢(s only hold rrfords WJ cornp as are nece&sary for knowledge of previo8 grant history to mak¢ d¢¢isions on individual aN)li¥ali0Th8. This infornjation is kept confidcntial to thc TnLStCCS. A¢hleveme•ts & Performince Thc TnLe¢5 havc taken regard of the guidance on publil nefi[ iSSULd by the Charity Comrnission: and this h&5 bccn Consided in arrivmg * th¢ distrIblOn of grants to the benefit of thc young pcoplc of Silverton. On Teing thc accounts of rcccni years. the reLidered the criieria for making grant5 and Teduccd the level of grnnts aW&Tded as aAYopngte. reIlIng in toul income MarnallY morc than expendiwrc. Of thc Expcnditure. the lar8eM to1 sum was all(Kated w Students of 'Sh¢[ Education followed by Primary and S¢condary children being hLI*d with the fccs for out of school hours cla5 such as inslrumcntal music and sch1 resid¢niial visits. and then by students undcrtaking V(Kational Trainin8. Smaller total amounts went ¢0 children 4twMlin8 Further Educati Pre4chool and After-school classes and to (iroups. Granu nde in 2024 l J io Univer3io' sthdents 1£13. 250).. 55 to &hool age children (£12.870).. 9for Yth71ional Training 1£5.0 72).. J io Preschool and After3choolfe¢s (£82) ald J io Further Educaiion (£200). 2 10 Groups f£1288). roial Awarded £JJ.JO& The total nurnbcr of appkncatsons rtreived and awarthd was slighdy lower than that of the prc%ious ycar. Flnanciil Revlew The cljan'ty is Ikp¢ndcn¢ on income fnxn ils P¢rnl<inen( endowmen( which is now wknlly in thc fonn of inwestments. The Invc3th1cnt M4na¥¢TS. Charl¢) Swiley, use their dAscrellonary wcrs to dcal actively the ndiUn]0W risk ini'¢sthi¢nts on ow behalf and have Prluced marginally morc income for thc charily ¢ompAred with the previous yewr. Inwm¢ exc¢ed¢d payments largely due to a small increa6e in income Ind a substhniial reduction in grants giV¢D. The w)sition will be kept under reiiew by the TTUSt¢es. The only property still h¢ld by thc TnLSlC is ihe "Liitle Retreaiion Field- previously uscd b) thc pupil& of the original sch(x)l. This is Icl to Silv¢rton Pansh Council w.Ch admll and mamtsins It for th¢ of the villaBe. Chan%a from 01.•1.2•Z4 to 24.102025 The retwemeni of '(hard IVhit¢, Yd lun¥-standin¥ Tnlet t)k plaLe on January 2Th 2025, and R¢v P Kingd(. Rector, rctired 31.04.2025. Mrs Emily Chantrr become Silverton P C rcprcscntativc on 14,06.2025. Reserves Pollcy The TnL8tces airn to maintsin free resm'es at a l¢v¢l 'hICh is appropriatc to accommodatc varianccs in inLome and out8ouig& that may aris¢. Free r¢sL'Th'¢s suffiLient to covcr approximatcl) 12 month5 of outgoings is considcrcd approprialc. which is tn the re8ion of £40.(XIO to £45.IXKI. Th¢ balanc¢ on unrestricted funds at thc end of thc yc4r wa6 £42.818. The Lknity's investmcrts compri5c prnnently endowed funds. whi¢h are held g¢nerat¢ inc(Mn< thl do nLX form pan of th¢ fr¢e re¢5. Th¢ current level of free reserves is thcrcforc ¢oosid¢r¢d Sl8ntd on beh[ of the Trustees: prf¢lof2
The Richards Educa�onal Charity, Silverton
Independent examiner’s report to the trustees of The Richards Educational Charity
I report to the trustees on my examination of the accounts of The Richards Educational Charity (the Charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance 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 carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 to believe that in any material respect:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
(2) the accounts do not accord with those records.
I have no concerns 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.
Sarah Twist FCA DChA A C Mole LLP Chartered Accountants Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX
……………………………….2025
RICHARDS EDUCATIONAL CHARITY Reg.No. 306787
Receipts and Payments Account for the year ended 31 December 2024
| RECEIPTS Investment Income Miscellaneous Insurance re wall damage Proceeds from sale of Investments Total Receipts PAYMENTS Grants Management and Administration Independent Examiners Fees Administrative expenses Insurance Repairs to wall Investments Purchased Investment Managers Fees Total Payments Excess Receipts over Payments Excess Payments over Receipts Monetary Balances As at 1st January As at 31st December |
2024 2024 2024 £ £ £ Unrestricted Endowment Total Funds Funds Funds 40,489 71 40,560 141 141 1,725 1,725 42,355 71 42,426 0 131,140 131,140 42,355 131,211 173,566 33,368 33,368 1,080 1,080 0 0 337 337 3,508 3,508 38,293 38,293 0 149,537 149,537 0 11,527 11,527 38,293 161,064 199,357 4,062 4,062 -29,853 -29,853 38,756 53,401 92,157 42,818 23,548 66,366 |
2023 £ Total Funds 38,730 81 38,811 210,243 249,054 45,597 960 560 0 0 47,117 173,045 11,230 231,392 26,189 -8,527 74,495 92,157 |
|---|---|---|
ThE IUCILIRD5 EDUCATIONAL CHARITY Rry N 306717 2024 2023 T•lal CAlb 20.IMKI 1&749 i( Curr¢•l AcuNDI 2Ql72 16 20.172 23.548 23.548 23J48 53,401 92.157 41818 Invu¢m¢nl AM¢il 1291.194 l291.l94 1217.747 l irtle Re¢re10Th Field (e4iD¥t¢d Wal} T•1 AJ•rts 41118 IJIS.742 lJ3&500 iJio The Re¥elp and PA)Th¢llts ..l¢coun¢ for the Finltml yar J l Decenkn 21Y24. Ihe Swernl of and 31rt DrcaDbu 2024 K¢ by th¢ Tnwt ou b¢Wfof& Trn*