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 pury￿SeS 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 retl￿n 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 Tn￿tees.
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 Tn￿teeS 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 Tn￿teeS 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 f￿ancial
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 f￿ancIal 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 f￿anCIal 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) - Tn￿tee
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 f￿anCIal
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 t￿￿tees, ￿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 tn￿teeS 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 Tn￿tees, 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 f￿anCIal 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 e￿Or.
In preparing the financial statements, the tn￿tee$ 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 ove￿Ide 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
cU￿ent 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 a￿ed 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 acc￿￿lS 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 sta￿tOry requirements.
Tangibl¢ fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated use￿1
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 r￿ed 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 tn￿teeS 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 f￿ancial 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 fi￿ds, 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 fi￿ds, 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 Su￿ound1ng 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