REGISTERED COMPANY NUMBER: 02020651 (England and Wales) REGISTERED CHARITY NUMBER: 327155 Report of the Trustees and Audited Flnaneial Statements for the Year Ended 31 Mareh 2024 for The Clive Richards Foundation The Hutchinson Partnership Limited trading as The Hutchinson Partnership Chartered Accountants and Ststutory Auditor The Bull Pen Grove Farni Portway. Burghill Hereford HR4 8NF
The Clive Richards Foundation Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees Report of the Independent Auditors 8 to 10 Statement of Financial Activities Balance Sheet 12 Cash Flow Statement 13 Not¢s to the Cash Flow Statement 14 Notes to the Financial Statements 15 to 22 Detailed Statement of Fin2neial Activities 23
The Clive Richards Foundation Oiegistered number: 02020651) Report of the Trustees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purySeS of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the Provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AIYD ACTIVITIES The objects of the Foundation are set out in its Articles of Association and involve the support of charitable purposes, Grants are made to charitable organisations which are broadly divided into the following categories: - Arts, Cultural and Heritage - Community, Environment, alld Other - Education - Organisations and Bursaries - Medical. H¢alth and WellbeiThg The Clive Richards Foundation is committed to supporting charitable causes where its fmancial support will Inake a difference,. Success is measured by the feedback received frorn the grant and bursary recipients, and the difference it bas made to them. case studies are posted on our website and progress monitoring visits by trustees are reported back to the trustee meetings. Grants and bursaries award¢d are now restricted (in the main) to within a 50-mile radius of Hereford. Exceptional applications outside of the geographic limiL and UK-sponsored forei applications will be considered by the Trustees at their sole discretion. The Trustees have complied with section 4 of the 2006 Charities Act and the Charity Commission's generaI guidance on pubEic benefit when reviewing the Foundation's aims and objectives. when planning its future activities, and when making awards. Trustees meet six times per annum to consider applications that are consistent with the guidelines and criteria identified on the Foundation's website (www.cliverichardsfoundation.com). An analysis of grants and bursaries made in the year is shown in Nok 5 to this report. The Foundation is not dependent upon unpaid volunteers other than the Trustees. Relevant policies and procedures are in place and have been approved by the Trustees. Policies are regularly reviewed. Page I
The Cliv¢ Richards Foundation (Registered number: 02020651) Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE The fmancial result of the pursuit of these objectives during the year is set out in the Statement of Financial Activities. Charitable grants to institutions and individuals amounting to £372,144 (2023.. £1.025,049) were made in the year to 31 March 2024, as detailed in Note 5 to the accounts. Analysis of grants 31.03.24 31.03.23 Medical, Health, Wellbeing Education - organisations Education - individual bursaries Community, Environment, General Arts, Cultural, Heritage Discounting movement > l year 48,344 117,101 18,000 118,694 66,100 3,905 431.901 352,700 12,000 155,905 83,000 (10,457) Grants and Donations 372,144 1,025,049 During the year: o Two trnstees were appointed . Julian Lamden (13.7.23) and Herniione Richards (16.1.24) o Penny Lovell resigned as a trustee (3.1.24) o Tyndall Investment Management replaced Canaccord as investment brokers The Foundation's grant-making policy is kept under review and is aligned with its reserves and investment perfonnance. The wider public benefited from the Foundation's donations to healthcare and medical, education, beritage and community projects. The Foundation is not a fundraising organisation and its assets are held andlor sold to produce income to maintain the Foundation, and to meet its objectives. All of its assets have been acquired within the tenns of its Articles of Association. Page 2
The Clive Richards Foundation (Registered number.. 02020651) Report of the Trustees for the Year Ended 31 Mareh 2024 FINANCIAL REVIEW The Trustees review the financial position of the Foundation and its future commiknents at every board meeting. Incoming resources for the year were £1,136,833 (2023: £1,802,247), of which £974,339 (2023: £1,696,492) was in respeot of donations received. The Foundation is registered for Gift Aid, and any such receipts are included within the donations figure. After deducting grants made. other expenses and investment valuation movements the net income for the year was £626,792 (2023: £680,253). Net gain5 on investments totalled £92,049 (2023.. net loss £164.420). The Foundation's investment policy is to provide a real retln over the longer-term, and one that maintains the capital value of the portfolio whilst delivering sufficient cashfiow to contribute to the objectives of the grants and donations programrne. At the year-end, the investnkent portfolio valuation was 10.4% higher than its cost (2023 +5.41/tro). The estimated income yield of 7.00/0 As in line with expectations. Reserves Poliey The Foundation's policy is to hold sufficient reserves to support its funding commitments, approved by the Tntees. The level of reserves is deterniined by the annual gfdnt-making programme. The main 50urc¢ of lldIng is from gifts made by SA Richards. At 3 1st March 2024 the level of reserves was £2,639.538 (2023 £1,920,697). Restriction on Distribution The Articles of Association prohibit the distribution of the income and propety of the Foundation to its members. Upon dissolution or winding up of the Foundation, the 18sets shall be given or transferred to a similar institution or institutions that have objectives similar to the charitable company. FirfuRE PLANS The Foundation will continue to support charltable PUTposes. &$ set out in the Articles of Association. and as shown on its website. The Trustees are focussed on developing the future of the Foundation to both continue the scale of its work, and as a fitting tribute to Clive Richards. Page 3
The Clive Richards Foundation (Registered number: 02020651) Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The Foundation is controlled by its governing documenL a deed of trust, and constitutes a private limited company, limited by guarantee, as defmed by the Companies Act 2006. The power to appoint new TnteeS rests with the existing Trustees. No-one outside the Foundation can appoint Trusfres. All Trustees are also directors of the company. The Trustees have the power to invest in any freehold land and other investments, such as stocks and shares and other instruments. The Trustees meet fonnally six times per annum to consider applications for funding. There ha5 been nine independent trustees during the year. The trustees have granted SA Rtchards the discretion to award small grants and bursaries. New Trustee onboarding is overseen by the Chair, and includes a mentorn)uddy trustee. A welcome pack contains details on how the Foundation works, and inforn)ation on the Foundation's history and policies and procedures. resources folder is available to all Trustees in a dedicated Dropbox folder. The board undcrtakes an annual review of its effectiveness and performance, and the allocation of roles to individual trustees. The Foundation does not have any direct employees. but its administration is carried out by staff employed by Lower Hope Investments Ltd, for which an agreed management fee is charged. Day-to-day management and advice to the Trustees is provided by the Chief Executive. Policies and pr()cedures are regularly reviewed and updated. Risk Management The Trustees have a duty to identify and review the risks to which the Foundation is exposed and to ensure appropriate controls are in pLace to provide reasonable assurance against fraud and error. The Trustees have examined the major strategic, business and operation31 risks which the Foundation faces and confmn that Systems have been established to enable these risks to be managed. The TnteeS have considered the risks associated with the going concern position of the Foundation but do not consider there to be a significant risk in view of the ongoing support from one of the Trustees who provides funds as Tequired. In managing the Foundation's assets, the Trustees have a risk tolerant attitude, by investing in a widely diversified portfolio. They require that their chosen investment manager actively manages currency, credit and counter-policy risks. Going concern Cashflow is carefully monitored and future income and expenditure predictions are reported and discussed at every Trustee board meeting. It is against this background that grant applications are considered, and payment dates time-tabled. Identified tllre cash shortfalls will be met by donations (plus gift aid) from SA Richards. The longer-tenn fancial ture of the charity is assured, based on the provisions of WSC Richards, will. The Trustees confimi that the Foundation is a going concern and that it will be in existence in 12 months time, and indeed for the long-ternl. Page 4
The Clive Richards Foundation (Registered number: 02020651) Report ofthe Trustees for the Year Ended 31 March 2024 Post-balance sheet events o A payment of £38,424 was received from the Clive and Sylvia Richards Grandchildren's settlement o Karen Frost was appointed as a trustee (2.5.24) o Professor Liz Deutsch resigned as a trustee (23.10.24) Tim Dutton has been appointed to strengthen the Administration and Finance team, following a review of resilience and succession planning by the Chief Executive during the summer. Appointment commences 18.11.24. Fund-raising standards The Foundation does not engage in any fimdraising activities. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02020651 (England and Wales) Registered Charity number 327155 Registered office Lower Hope Estate Ullingswick Hereford Herefordshire HRI 3JF Page 5
The Clfive Richards Foundation (Registered number: 02020651) Report of the Trustees for the Year Ended 31 Marcb 2024 Trustees SA Richards PM Dtnes BA(Hons) (Chair) DJ Iddon BA(Hons) MEd GJ Davies C.Chem., MRSC Professor L Deutsch (resigned 23.10.24) PA Lovell BA, PCIAM (resigned 3.1.24) JF Kemp Bsc (Hons) JG Lamden Bsc (Hons) (appointed 13.7.23) HG Richards Bsc (appointed 16.1.24) KE Frost (appointed 2.5.24) Chief Executive: PJ Adams Website.. https:/lwww.cliverichardsfoundation.com Email: admin@cliverichardsfoundation.com Company Secretary Lower Hope Investments Limited Lower Hope Estate Ullingswick Hereford Herefordshire HRI 3JF Auditors The Hutchinson Partnership Limited trading as The Hutchinson Parthership Chartered Accountants and Statutory Auditor The Bull Pen Grove Fann Portway, BurghÉll Hereford HR4 8NF Bankers Coutts & Co 440 Strand London WC2R OQS Investment Managers Tyndall Investment Management 5A Museum Street York YOI 7DT Solicitors Higgs LLP 3 Waterfront Business Park Brierley Hill Dudley DY5 ILX Page 6
The Clive Richards Foundation (Registered nutnber: 02020651) Report of the Trustee5 for the Year Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAIJ Legal Status The Foundation is a company limÈted by guarantee and has no share capital, In the event of the charity being wound UP* the liability in respect of the guarantee is limited to £1 per member of the charity. STATEMEIYT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of The Clive Richards Foundation for the purposes of company law) are responsible for preparkng the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law require5 the trustees to prepare fancIal statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incomtng resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them Consistently. observe the method5 and principles in the Charity SORP. make judgements and estimates that are reasonable and prndent: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in busine&s. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the fanCIal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking re&sonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant infonnation (as defmed by Section 418 of the Companies Act 2006) of which the charitable ¢ompan)Ps auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit inforn]ation and to estsblish that the charitable company's auditors are aware of that inforniation. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ... . and signed on its behalf by: PM Dines BA(Hons) (Chair) - Tntee Page 7
Report of the Independent Auditors to the Members or The Cllve Richards Foundation {Registered number: 02020651) Opinion We have audited the fmancial statements of The Clive Richards Foundation (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow sthtement and notes to the financial statements, including a summary of significant accounting policies. The fanCIal reporttng framework that ha5 been applied in their preparation is applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounling Practice). including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the flliancial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incotning resources and application of resources, including its income and expenditure. for the year then ended. have been properly prepared in accoidance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the fmancial statements in the UK. including the FRC'5 Ethical Standard, and the provisions available for small entittes, in the circumstances set out in note 17 to the flnancial statements, and we have lfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the ttees, e of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perf0mle we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable companys ability to Continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tnteeS with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other inforniation. The other infornlation comprises the inforniation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors theTeon. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurdnce conclusion thereon. In connection with our audit of the flllancial statements, our responsibility is to read the other inforniation and, in doing so. consider whether the other inforniation is materially inconsistent wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfom)ed, we conclude that there is a material misstatement of thts other infonnation. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the fmancial Statements are prepared is consistent with the financial statements. and the Report of the Trustees h&$ been prepared in accordance with applicable legal requirements. Pag¢ 8
Report of the Independent Auditors to the Members of The Clive Richards Foundation (Registered number: 02020651) Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified material misstatements in the Report of th¢ Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires u5 to report to you if, in our opinion: adequate accounting r¢¢ords have not been kept or returns adequate for our audit have not been received from branches not visited by us- or the fmancial statements are not in agreement with the accountlng records and returns. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we requRre for our audit. or the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Tnlstees. Responsibilitie5 of truste As explained n]ore fiLlly in the Statement of Tntees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the fanCIal statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of Fmancial statements that are free from material misststemenL whether due to fraud or eOr. In preparing the financial statements, the tntee$ are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materkal misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable asswance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can aTRse from fraud or error and are considered material il, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We deterniined that the following laws and regulations were most significant including Charities SORP (FRS102), Companies Act 2006, Charities Act 201 l and taxation laws. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Discussions with managementltrustees including consideration of known or suspected instances of non-compliance with laws and regulations and fraud, and review of reports made by management. We assessed the susceptibility of the entiws fmancial statements to material mÉsstatement, including how fraud might occur. Audit procedures perfornied include.. identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. understanding how those charged with governance considered and addressed the potential for oveIde or other inappropriate influence over the financial reporting process. - identifying and testing journal entries, in particular any journal entrie5 with unusual account combinations. - reviewing relevant meeting minutes. - perfornied analytical procedures to identify any unusual or unexpected relationships. A rther description of our responsibilities for the audit of the fllwi¢ial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditot3responsibilities. This description forms part of our Report of the Independent Auditors. Page 9
Report of the Independent Auditors to the Members of The Clive Richards Foundation (Registered number: 02020651) Use of our report This report 15 made solely to the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable compan)Hs members those matters we are required to state to them in an auditors, report and for no other purpose. To th¢ lIest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit worL for this reporL or for the opinions we have fonned. ennett Bsc FCA (Senior Statutory Auditor) for and on behalf of The Hutchinson Partnership Limited trading as The Hutchinson Partnership Chartered Accountants and Statutory Auditor The Bull Pen Grove FaTEn Portway, Burghill Hereford HR4 8NF Date: . Page 10
The Clive Richards Foundation Statement of Financial Activities (Incorporating an Income and Expenditure Aecount) for the Year Ended 31 March 2024 2024 Unrestricted fund 2023 Total funds Note5 INCOME AND EI¥DOWMENTS FROM Donations and legacies 974,339 1,696,492 Inv¢sttnent income 162.494 105.935 Total 1,136,833 1,802,427 EXPENDITURE ON Charitable activities Grants and donations 372,144 1,025,049 Other 137,897 97,125 Total 510,041 1,122,174 Net gainsl(losses) on investments 92,049 (164,420) NET INCOME 718,841 515,833 RECONCILIATION OF FUNDS Total funds brought forward 1,920,697 1,404,864 TOTAL FUNDS CARRIED FORWARD 2.639,538 -1,920.697 The notes fonn part of these financial statements Pagell
The Clive Riehards Foundation (RegRstered number: 02020651) BalAnce Sheet 31 March 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Tangible assets io 26,991 28.045 CURRENT ASSETS Debtors Investtnents Cash at bank 135,671 2,273,522 725,979 82,436 1,553,852 1,167,206 12 3,135,172 2,803,494 CREDITORS Amounts falling due within one year 13 (434,812) (763,334) NET CURRENT ASSETS 2,700,360 2,040,160 TOTAL ASSETS LESS CURRENT LIABILITIES 2.727,351 2,068,205 CREDITORS Amounts faEling due after more than one year 14 (87,813) (147,508) NET ASSETS 2.639,538 1,920,697 FUNDS Unrestricted funds 15 2,639,538 1,920,697 TOTAL FUNDS 2,639,538 1,920,697 These financial statements have been prepared Tn accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved for issue by the Board of Trustees and authorised for issue on and were signed on its behalf by.. PM Dines BA(Hon5) (Chair) - Trustee The notes form part of these financial slatements Page 12
The Clive Richards Foundation Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 23.900 914,109 Net cash provided by operating activities 23,900 914,109 Cash flows from investing activities Purchase of current asset investments Sale of current asset investments Interest received Dividends r¢ceived (918,484) 290,863 30.616 131,878 (381,541) 277,987 41,737 64,198 Net cash (used inyprovided by investing activities (465, 127) 2,381 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (441,227) 916,490 1,167,206 250,716 Cash and cash equivalents at the end of the reporting period 725,979 1,167,206 The notes forn) part of these financial statements Page 13
The Clive Richards Foundation Notes to the Cash Flow S14tement for the Year Ended 31 March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Finaneial Activities) Adjustments for: Depreciation charges (Gatn)/losses on investments Interest received Dividends received Increase in debtors (Decreaseylncrease in creditors 718,841 515,833 1,054 (92,049) {30,616) (131.878) (53,235) (388.217) 1,054 164,420 (41,737) (64,198) (53,389) 392,126 Net cash provided by operations 23,900 914,109 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank 1,167,206 (441,227) 725,979 1,167,206 (441,227) 725,979 Liquid resources Deposits included in cash cUent asset investments ,553,852 719,670 2,273.522 1,553,852 719,670 2.273,522 Total 2,721,058 278,443 2,999,501 The notes fonn part of these financial statements Page 14
The Clive Richards Foundation Notes to the Ffinancial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the fjnancial statements The financial statements of the charitable company have been prepared in accordance with 'Accounting and Reporting by CharÉties: Statement of Recommetkded Practice applicable to chaTities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK aThd the Republic of Ireland (FRS 102) (effective l January 2019), (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The directors have considered the financial requirements of the company and consider that it will be able to operate within its aed fmance facilities for the next 12 months. The directors consider there are no mateTial uncertainties about the charlty's ability to continue and therefore prepare the accounts on the going concern basis. The charity constitutes a public benefit entity &8 defmed by FRS 102. Income All income is recogni5ed in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations are recognised (including Gift Aid reclaimable thereon, where appropriate) when the charity has been notified of both the amount and the settlement date. Interest receivable on interest bearing investments is recognised on an acclS basi5 whilst dividend income is recognised when received. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a b&sis consisteTht with the use of resourc¢s. Grants payable are payments to third parties in the filltherdnce of the Charitsble objects of the charity. Grants are accrued once the recipient has been notified of the grant award &8 this gives the recipient a reasonable expectation that they will receive the amount stated. Where settlement is due over tnore than one year from the date of the award then the grant is recognised at its present value, where the effect of discounting is material, The discount rate used is the average rate of investment yield in the year in which the grant award is made as the trustees feel this best reflects the time value of money to the charity. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Charitable activities Charitable activities includes all costs associated with the charitys grant making activities. Governance costs Governance costs include those costs incurred in the governance of the charitys assets and are associated wtth constitutional and statOry requirements. Tangibl¢ fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated use1 life. Page 15 continued...
The Clive Richards Foundation Notes to the Financial Statements- continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Tangible red assets Freehold propety Computer equipment not provided 330/0 on cost Taxation The charity is exen]pt from corporation tax on its clwitable activities. Fund aeeounting No restrictions apply to the assets of the Charitable company and all are accounfrd for as part of a single unrestricted fvnd. All unrestricted funds are expendable at the discretion of the tnteeS in the furtherance of the objectives of the charity. Investment5 Investments are stated at market value at the balance sheet date which may give rise to unrealised gains and losses which are shown in the Statement of Financial Activities. Realised and unrealised investment gain5 and losses are combined in the Statement of Financial Activities. Investments are used to fimd grant commitsnents as they fall due and so are categorised as Current investments. an debtors Loans made to recipients, in furtherance of its charitsble objectives, are initially recognised at the transaction value plus interest Charge (where applicable) less any repayments made. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic fmancial instruments. Basic fancial instnllnents are initially recognised at tra]]saction value and subsequently measured at their settlement value. DONATIONS AND LEGACIES 2024 2023 Donation5 974,339 1,696,492 INVESTMENT INCOME 2024 2023 Deposit account interest Other interesl Dividends and interest on investments 4.785 210 157,499 I,ioi 115 104,719 162,494 105,935 Page 16 continued...
The Clive Richards Foundation Notes to the Financial Statements - continued ror the Year Ended 31 March 2024 CHARITABLE AcrIvtTtES COSTS Grant funding of activities (see no 5) Grants and donations 372,144 GRANTS PA YABLE 2024 2023 Grants and donations 372,144 1,025,049 Analysis of grants Grants to institutions Grants to individuals Medical, Health and Wellbeing Education Environment, Community and General Arts, Cultural and Heritage Discounting movement of the balances due > l year 48.344 117.101 118,694 66,100 3,905 18.000 354,144 18,000 Analysis of major institutional grants City of Birn)ingham Symphony Orchestrd Ulysees Trust Orthopaedic Institute We Are Farniing Minds Other instithtions < £30,000 60,000 40,000 35,000 30,000 207,144 372,144 Page 17 continued...
The Clive Richards Foundation Notes to the Financial Statements - eontinued for the Year Ended 31 March 2024 SUPPORT COSTS Governance costs Management Totals Other resources expended 127,757 10,140 137,897 NET INCOMEI(EXPENDITURE) Net incomel(¢xpenditure) is stated after chargingl(crediting): 2024 2023 Auditors, remuneration Auditors, remuneration for non audit work Depreciation - owned assets 7,140 3,000 1,054 4,600 2,900 1,054 TRUSTEES, REMUNERATION AND BENEFrrs There were no trust¢es' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. The tNstees all give freely their time and expertise. No staff are employed by the Foundation. Trustees, expense5 Expenses foi travel and accommodation totalling £541 (2023: £nil) were reimbursed to trustees during the year to 31 March 2024 of which £nil (2023: £nil) was outstanding at the year end. One trustee (2023: 0) was reimbursed during the year STAFF NUMBERS There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. No employees received emoluments in excess of £60,000. There were no employees during the year (2023: nil). Page 18 continued...
The Clive Richards FoundatjOD Notes to the Finaneial Ststements- continued for the Year Ended 31 March 2024 io. TANGIBLE FIXED ASSETS Freehold propety Computer equipment Totals COST At l AprÉl 2023 and 31 March 2024 26,991 3.162 30,153 DEPRECIATION At l April 2023 Charge for year 2,108 1,054 2,108 1,054 At 31 March 2024 3,162 3,162 NET BOOK VALUE At 31 March 2024 26,991 26.991 At 31 March 2023 26,991 1.054 28,045 Freehold property comprises freehold land that is used by the Bromyard Sports Foundation in rtherallCe of the Foundation's objectives. Th¢ directors have considered the valuation of the freehold land which has been reflected in the fll)ancial statements at its original c05t since its acquisition. The directors consider that the residual value of the land to be in excess of its historical cost and therefore no depreciation is considered necessary. DEBTORS li. 2024 2023 Amounts falling due within one year: Other debtors Loans 67,305 3,000 18,930 3,000 70,305 21,930 Amounts falling due after more than one year: Loans 65,366 60,506 Aggregate amounts 135,671 82,436 Loans are made to individuals or institutions for charitable reasons. Interest is applied to these loans in the range from interest free to 20/0 per annum. Loans of £4,650 had been committed to at the year end but not paid out. Page 19 continued...
The Clive Richards Foundation Notes to the Financial Statements- continued for the Y¢ar Ended 31 March 2024 12. CURRENT ASSET INVESTMENTS Current asset investments comprise: Market Value 2024 Market Value 2023 UK - fIxed interest UK - preference shares UK - equities Non UK- equities UK . property alternativehnixed 550,289 559,407 41,727 952,718 1,370.330 136,730 92,690 123,483 2,273,522 1,553,852 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Grants and donations AccnEed ¢xpenses 425.812 9,000 747,207 16,127 434,812 763.334 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN OIYE YEAR 2024 2023 Grants and donations due 1-5 years 87,813 147,508 15. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 1,920,697 718,841 2,639,538 TOTAL FUNDS 1,920,697 718,841 2,639,538 Net movement in fids, included in the above are as follows: Incoming resources Resource5 expended Gains and losses Movement in fijnds Unrestricted funds General fimd 1,136,833 (510,041) 92,049 718,841 TOTAL FUNDS 1.136.833 (510.041) 92,049 718,841 Page 20 continued...
The Clive Richards Foundation Notes to the Finaneial Statements- continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 1,404,864 515,833 1,920,697 TOTAL FUNDS 1,404,864 515,833 1,920,697 Cornparative nel movement in nds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 1,802,427 (1,122,174) (164,420) 515,833 TOTAL FUNDS 1,802,427 (1,122,174) (164.420) 515,833 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.24 At 1.4.22 Unrestrieted funds General fund 1,404,864 1,234,674 2,639,538 TOTAL FUNDS 1,404,864 1,234,674 2,639,538 A cutrent year 12 months and prior year 12 months combined net movement in fids, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in fimds Unrestricted funds General fijnd 2.939,260 (1.632,215) (72,371) 1,234,674 TOTAL FUNDS 2,939,260 (1,632,215) (72,371) 1,234,674 Page21 continued..,
The Clive Richards Foundation Notes to the Financial Statements- continued for the Year Ended 31 March 2024 16. RELATED PARTY DISCLOSURES During the year the Foundation incurred a management fee of £60,000 (2023: £60,000) from Lower Hope Investments Ltd. The management fee is calculated to cover the cost of staff and administration provided. Lower Hope Investments Ltd is a company IOOO/ts controlled by SA Richards and the executors of WSC Richards. WSC Richards had a long association with the Bromyard Sports Foundation. The freehold land on the balance sheet is utilised by the Bromyard Sports Foundation for a peppercorn rent of £1 per annum. SA Richards and the estate of WSC Richards donated £775,711 (2023: £1,438,500) to the charity in the year to 31 Maich 2024 including amounts from other entities they control. If a trustee has an association with any institution or person applying to the Foundation for ndIng then this must be disclosed at the trustees meeting. Additionally the trustee must withdraw from the trust¢es meeting when discussions Suound1ng possible grant approval is given. D Iddon has an association with Worcester University. Its medical school was awarded a grant in earlier years which was paid in the year (2023: £250,000 oulstanding). Professor L Deutsch has an association with the University of Birniingham. The university did not need £19,676 of grant previously awarded (2023.. grant of £28.096) for a continuing research project Tn which Professor L Deutsch was involved, of which £nil (2023.. £56,607) was outstanding at the year end. Professor L Deutsch is also involved in a project run by Coventry University which was awarded a grant of £nil (2023: £105,019). At the year end £70,019 (2023: £105,019) was outstanding. D Iddon and P Dines are connected to Bishop Vesey Grammar School which was awarded a grant of £nil (2023: £250,000). At the year end £250,000 (2023: £250,000) was outstanding. 17. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other entities of our size and nature we use our auditors to prepare and submit returns to the tax authorities, when require(L and assist with the preparation of the fmancial statements. Page 22
The Clive Richards Foundation Detailed Staternent of Financial Activities for the Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 974,339 1,696,492 Investtnent income Deposit account interest Other interest Dividends and interest on investments 4,785 210 157,499 I,ioi 115 104,719 162,494 105,935 Total incoming resources 1,136.833 1,802,427 EXPENDITURE Charitable activities Grants to institution5 372,144 1.025,049 Support costs Management Insurance Management fees Sundries FT costs Depreciation of tangible assets 1,166 104,049 21.148 340 1,054 1,166 63,752 7,571 364 1,054 127,757 73,907 Governanee costs Auditors, rernuneration Auditors, remuneration for non audit work Professional fees Legal fees 7,140 3,000 4.600 2.900 10,800 4.918 10,140 23,218 Total resources expended 510,041 1,122,174 Net income before gains and losses 626.792 680,253 Realised recognised gains and losses Current asset investments (37,784) 25,059 Net income 589,008 705.312 This page does not fom] part of the statutory financial statements Page 23