REGISTERED COMPANY NUMBER: 02020651 (England and Wales) REGISTERED CHARITY NUMBER: 327155
Report of the Trustees and
Audited Financial Statements
for the Year Ended 31 March 2025
for
The Clive Richards Foundation
The Hutchinson Partnership Limited trading as The Hutchinson Partnership Chartered Accountants and Statutory Auditor The Bull Pen Grove Farm Portway, Burghill Hereford HR4 8NF
The Clive Richards Foundation
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 7 |
| Report of the Independent Auditors | 8 | to | 10 |
| Statement of Financial Activities | 11 | ||
| Balance Sheet | 12 | ||
| Cash Flow Statement | 13 | ||
| Notes to the Cash Flow Statement | 14 | ||
| Notes to the Financial Statements | 15 | to | 23 |
| Detailed Statement of Financial Activities | 24 |
The Clive Richards Foundation (Registered number: 02020651)
Report of the Trustees for the Year Ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. 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 1 January 2019).
OBJECTIVES AND 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:
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Arts, Cultural and Heritage
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Community, Environment, and Other
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Education - Organisations and Bursaries
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Medical, Health and Wellbeing
The Clive Richards Foundation is committed to supporting charitable causes where its financial support will 'make a difference'. Success is measured by the feedback received from the grant and bursary recipients, and the difference it has 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 awarded are now restricted (in the main) to within a 50-mile radius of Hereford. Exceptional applications outside of the geographic limit, and UK-sponsored foreign 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 general guidance on public 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 Note 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 1
The Clive Richards Foundation (Registered number: 02020651)
Report of the Trustees for the Year Ended 31 March 2025
ACHIEVEMENTS AND PERFORMANCE
The financial 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 £720,713 (2024: £372,144) were made in the year to 31 March 2025, as detailed in Note 5 to the accounts.
| Analysis of grants | 31.03.25 | 31.03.24 |
|---|---|---|
| £ | £ | |
| Medical, Health, Wellbeing | 32,363 | 48,344 |
| Education - organisations | 398,325 | 117,101 |
| Education - individual bursaries | 93,000 | 18,000 |
| Community, Environment, General | 106,008 | 118,694 |
| Arts, Cultural, Heritage | 90,500 | 66,100 |
| Discounting movement > 1 year | 517 | 3,905 |
| Grants and Donations | 720,713 | 372,144 |
During the year:
o Two trustees were appointed : Karen Frost (2.5.24) and John Deutsch (6.3.25)
o Liz Deutsch resigned as a trustee (23.10.24)
The Foundation's grant-making policy is kept under review and is aligned with its reserves and investment performance.
The wider public benefited from the Foundation's donations to healthcare and medical, education, heritage and community projects.
The Foundation is not a fundraising organisation and its assets are held and/or sold to produce income to maintain the Foundation, and to meet its objectives. All of its assets have been acquired within the terms of its Articles of Association.
Page 2
The Clive Richards Foundation (Registered number: 02020651)
Report of the Trustees for the Year Ended 31 March 2025
FINANCIAL REVIEW
The Trustees review the financial position of the Foundation and its future commitments at every board meeting.
Incoming resources for the year were £866,894 (2024: £1,136,833), of which £697,915 (2024: £974,339) was in respect 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 £14,789 (2024: £626,792).
Net loss on investments totalled £24,427 (2024: net gain £92,049).
The Foundation's investment policy is to provide a real return over the longer-term, and one that maintains the capital value of the portfolio whilst delivering sufficient cashflow to contribute to the objectives of the grants and donations programme. At the year-end, the investment portfolio valuation was 4.4% higher than its cost (2024 +10.4%). The estimated income yield of 7.5% is in line with expectations.
Reserves Policy
The Foundation's policy is to hold sufficient reserves to support its funding commitments, as approved by the Trustees. The level of reserves is determined by the annual grant-making programme.
The main source of funding is from gifts made by SA Richards (plus Gift Aid).
At 31st March 2025 the level of reserves was £2,629,900 (2024 £2,639,538).
Restriction on Distribution
The Articles of Association prohibit the distribution of the income and property of the Foundation to its members. Upon dissolution or winding up of the Foundation, the assets shall be given or transferred to a similar institution or institutions that have objectives similar to the charitable company.
FUTURE PLANS
The Foundation will continue to support charitable purposes, as 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 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is controlled by its governing document, a deed of trust, and constitutes a private limited company, limited by guarantee, as defined by the Companies Act 2006.
The power to appoint new Trustees rests with the existing Trustees. No-one outside the Foundation can appoint Trustees. 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 formally six times per annum to consider applications for funding. There has been nine independent trustees during the year. The trustees have granted SA Richards the discretion to award small grants and bursaries.
New Trustee onboarding is overseen by the Chair, and includes a mentor/buddy trustee. A welcome pack contains details on how the Foundation works, and information on the Foundation's history and policies and procedures. A resources folder is available to all Trustees in a dedicated Dropbox folder.
The board undertakes 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. With effect from August 2025 (following the departure of the Chief Executive) there is an enhanced role for the Charity Administrator who is now employed directly by the Foundation. The administrator will report directly to the Board of Trustees.
Policies and procedures 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 operational risks which the Foundation faces and confirm that systems have been established to enable these risks to be managed.
The Trustees 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 required.
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 future cash shortfalls will be met by donations (plus gift aid) from SA Richards. The longer-term financial future of the charity is assured, based on the provisions of WSC Richards' will.
The Trustees confirm that the Foundation is a going concern and that it will be in existence in 12 months time, and indeed for the long-term.
Fund-raising standards
The Foundation does not engage in any fundraising activities.
Page 4
The Clive Richards Foundation (Registered number: 02020651)
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02020651 (England and Wales)
Registered Charity number
327155
Registered office
Lower Hope Estate Ullingswick Hereford Herefordshire HR1 3JF
Trustees
SA Richards PM Dines BA(Hons) (Chair) DJ Iddon BA(Hons) MEd GJ Davies C.Chem., MRSC Professor L Deutsch (resigned 23.10.24) JF Kemp BSc (Hons) JG Lamden BSc (Hons) HG Richards BSc KE Frost (appointed 2.5.24) J Deutsch (appointed 6.3.25)
Chief Executive: PJ Adams (left office 7.8.25) Website : https://www.cliverichardsfoundation.com
Email : admin@cliverichardsfoundation.com
Company Secretary
TR Dutton
Auditors
The Hutchinson Partnership Limited trading as The Hutchinson Partnership Chartered Accountants and Statutory Auditor The Bull Pen Grove Farm Portway, Burghill Hereford HR4 8NF
Page 5
The Clive Richards Foundation (Registered number: 02020651)
Report of the Trustees for the Year Ended 31 March 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
Coutts & Co 440 Strand London WC2R 0QS
Investment Managers
Tyndall Investment Management 5A Museum Street York YO1 7DT
Solicitors
Higgs LLP 3 Waterfront Business Park Brierley Hill Dudley DY5 1LX
Legal Status
The Foundation is a company limited 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.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Clive Richards Foundation for the purposes of company law) are responsible for preparing 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 requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming 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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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 financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable 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 information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's 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 information and to establish that the charitable company's auditors are aware of that information.
Page 6
The Clive Richards Foundation (Registered number: 02020651)
Report of the Trustees for the Year Ended 31 March 2025
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
18/11/2025
Approved by order of the board of trustees on ............................. and signed on its behalf by:
peter dines
peter dines (Nov 24, 2025 10:55:57 GMT)
........................................................................
PM Dines BA(Hons) (Chair) - Trustee
Page 7
Report of the Independent Auditors to the Members of The Clive Richards Foundation (Registered number: 02020651)
Opinion
We have audited the financial statements of The Clive Richards Foundation (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis 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 financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 19 to the financial statements, and we have fulfilled 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's 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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with 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 determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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 financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 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 audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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 Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' 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 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, 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 material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 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 arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We determined that the following laws and regulations were most significant including Charities SORP (FRS102), Companies Act 2006, Charities Act 2011 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.
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Discussions with management/trustees including consideration of known or suspected instances of non-compliance with laws and regulations and fraud, and review of reports made by management.
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We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed include:
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identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.
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understanding how those charged with governance considered and addressed the potential for override or other inappropriate influence over the financial reporting process.
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identifying and testing journal entries, in particular any journal entries with unusual account combinations.
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reviewing relevant meeting minutes.
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performed analytical procedures to identify any unusual or unexpected relationships.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. 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 is 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 company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted 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 work, for this report, or for the opinions we have formed.
Simon Bennett
Simon Bennett (Nov 24, 2025 11:23:30 GMT)
Simon Bennett 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 Farm Portway, Burghill Hereford HR4 8NF 24/11/2025 Date: .............................................
Page 10
The Clive Richards Foundation
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Grants and donations Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 697,915 168,979 866,894 720,713 131,392 852,105 (24,427) (9,638) 2,639,538 2,629,900 |
2024 Total funds £ 974,339 162,494 |
|---|---|---|
| 1,136,833 | ||
| 372,144 137,897 |
||
| 510,041 | ||
| 92,049 | ||
| 718,841 1,920,697 |
||
| 2,639,538 |
The notes form part of these financial statements
Page 11
The Clive Richards Foundation (Registered number: 02020651)
Balance Sheet 31 March 2025
| Notes FIXED ASSETS Tangible assets 10 Investments Investments 11 Progamme Related Investments 12 CURRENT ASSETS Debtors 13 Investments 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 16 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
2025 Unrestricted fund £ - 2,219,001 26,991 2,245,992 150,079 - 690,718 840,797 (408,579) 432,218 2,678,210 (48,310) 2,629,900 2,629,900 2,629,900 |
2024 Total funds £ 26,991 - - 26,991 135,671 2,273,522 725,979 3,135,172 (434,812) 2,700,360 2,727,351 (87,813) 2,639,538 2,639,538 2,639,538 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
18/11/2025
The financial statements were approved for issue by the Board of Trustees and authorised for issue on ............................. and were signed on its behalf by:
peter dines (Nov 24, 2025 10:55:57 GMT)peter dines
.............................................
PM Dines BA(Hons) (Chair) - Trustee
The notes form part of these financial statements
Page 12
The Clive Richards Foundation
Cash Flow Statement for the Year Ended 31 March 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Purchase of current asset investments Sale of fixed asset investments Sale of current asset investments Interest received Dividends received Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ (234,334) (234,334) (776,383) - 786,468 20,009 67,890 101,089 199,073 (35,261) 725,979 690,718 |
2024 £ 23,900 23,900 - (918,484) - 290,863 30,616 131,878 (465,127) (441,227) 1,167,206 725,979 |
|---|---|---|
The notes form part of these financial statements
Page 13
The Clive Richards Foundation
Notes to the Cash Flow Statement for the Year Ended 31 March 2025
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| OPERATING ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Losses/(gain) on investments Interest received Dividends received Increase in debtors Decrease in creditors Net cash (used in)/provided by operations |
2025 £ (9,638) - 24,427 (67,890) (101,089) (14,408) (65,736) (234,334) |
2024 £ 718,841 1,054 (92,049) (30,616) (131,878) (53,235) (388,217) |
| 23,900 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Liquid resources Deposits included in cash Current asset investments Total |
At 1.4.24 £ 725,979 725,979 - 2,273,522 2,273,522 2,999,501 |
Cash flow £ (35,261) (35,261) - (2,273,522) (2,273,522) (2,308,783) |
At 31.3.25 £ 690,718 |
|---|---|---|---|
| 690,718 | |||
| - - |
|||
| - | |||
| 690,718 |
The notes form part of these financial statements
Page 14
The Clive Richards Foundation
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company have been prepared in accordance with '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 the Republic of Ireland (FRS 102) (effective 1 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 agreed finance facilities for the next 12 months. The directors consider there are no material uncertainties about the charity's ability to continue and therefore prepare the accounts on the going concern basis.
The charity constitutes a public benefit entity as defined by FRS 102.
Income
All income is recognised 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 accruals basis 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 basis consistent with the use of resources.
Grants payable are payments to third parties in the furtherance of the charitable objects of the charity. Grants are accrued once the recipient has been notified of the grant award as this gives the recipient a reasonable expectation that they will receive the amount stated. Where settlement is due over more 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 charity's grant making activities.
Governance costs
Governance costs include those costs incurred in the governance of the charity's assets and are associated with constitutional and statutory requirements.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost
continued...
Page 15
The Clive Richards Foundation Notes to the Financial Statements - continued for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES - continued
Programme related investments
Programme related investments are assets held primarily to further the charitable aims of the charity. These assets are held for the long-term use of beneficiaries and are stated at cost on the balance sheet.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
No restrictions apply to the assets of the charitable company and all are accounted for as part of a single unrestricted fund. All unrestricted funds are expendable at the discretion of the trustees in the furtherance of the objectives of the charity.
Investments
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 gains and losses are combined in the Statement of Financial Activities.
Investments are used to fund grant commitments as they fall due and so are categorised as current investments.
Loan debtors
Loans made to recipients, in furtherance of its charitable 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 financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Deposit account interest Other interest Dividends and interest on investments |
2025 £ 697,915 2025 £ 7,215 1,655 160,109 168,979 |
2024 £ 974,339 |
|---|---|---|
| 2024 £ 4,785 210 157,499 |
||
| 162,494 |
continued...
Page 16
The Clive Richards Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|
| Grants and donations GRANTS PAYABLE Grants and donations |
2025 £ 720,713 |
Grant funding of activities (see note 5) £ 720,713 2024 £ 372,144 |
||
| Analysis of grants | Grants to | Grants to | ||
| institutions | individuals | |||
| £ | £ | |||
| Medical, Health and Wellbeing | 32,363 | - | ||
| Education | 473,325 | 18,000 | ||
| Environment, Community and General | 106,008 | - | ||
| Arts, Cultural and Heritage | 90,500 | - | ||
| Discounting movement of the balances due >1 year | 517 | - | ||
| 702,713 | 18,000 | |||
5. GRANTS PAYABLE
Analysis of major institutional grants
| £ | |
|---|---|
| Royal Welsh College of Music and Drama | 150,000 |
| Three Counties Academy Trust | 100,000 |
| Courtyard Theatre | 50,000 |
| Lady Hawkins School Kington | 44,500 |
| Wildgoose Rural Training | 40,201 |
| Orleton Recreation Association | 40,000 |
| Welsh National Opera | 35,000 |
| Ex Cathedra | 35,000 |
| Other institutions < £30,000 | 208,012 |
| 702,713 | |
continued...
Page 17
The Clive Richards Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 121,672 | 9,720 | 131,392 |
7. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 6,620 | 7,140 |
| Auditors' remuneration for non audit work | 3,100 | 3,000 |
| Depreciation - owned assets | - | 1,054 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
The trustees all give freely their time and expertise. No staff are employed by the Foundation.
Trustees' expenses
Expenses for travel and accommodation totalling £698 (2024: £541) were reimbursed to trustees during the year to 31 March 2025 of which £nil (2024: £nil) was outstanding at the year end. One trustee (2024: 1) was reimbursed during the year
9. STAFF NUMBERS
There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.
No employees received emoluments in excess of £60,000.
There were no employees during the year (2024: nil).
continued...
Page 18
The Clive Richards Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
10. TANGIBLE FIXED ASSETS
| Freehold Computer property equipment £ £ COST At 1 April 2024 26,991 3,162 Reclassification (26,991) - At 31 March 2025 - 3,162 DEPRECIATION At 1 April 2024 and 31 March 2025 - 3,162 NET BOOK VALUE At 31 March 2025 - - At 31 March 2024 26,991 - |
Totals £ 30,153 (26,991) 3,162 3,162 - 26,991 |
|---|---|
Freehold property comprises freehold land that is used by the Bromyard Sports Foundation in furtherance of the charity's objectives. This has been reclassified in the year as a Programme Related Investment (see note 12).
11. FIXED ASSET INVESTMENTS
| MARKET VALUE Additions Disposals Unrealised gains/losses Reclassification/transfer At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Listed investments £ 776,383 (826,486) (4,418) 2,273,522 2,219,001 2,219,001 - |
|---|---|
All investments are listed investments.
Fixed asset investments comprise:
| Market Value | Market Value | |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| UK - fixed interest | 671,830 | 550,289 |
| UK - equities | 1,009,389 | 1,370,330 |
| Non UK - equities | 132,839 | 136,730 |
| UK - property | 250,923 | 92,690 |
| UK - alternative/mixed | 154,020 | 123,483 |
| 2,219,001 | 2,273,522 | |
continued...
Page 19
The Clive Richards Foundation Notes to the Financial Statements - continued for the Year Ended 31 March 2025
11. FIXED ASSET INVESTMENTS - continued
The investment type listed above were previously classified as current asset investments. Due to the length of time that the majority of the investments are likely to be held it is felt that fixed asset investment is now a more appropriate classification.
12. PROGAMME RELATED INVESTMENTS
| MARKET VALUE Reclassification/transfer NET BOOK VALUE At 31 March 2025 At 31 March 2024 |
Freehold land £ 26,991 26,991 - |
|---|---|
The programme related investment comprises 12 acres of land just outside Bromyard that is used by the Bromyard Sports Foundation. Use of the land for sporting purposes is considered to be in furtherance of the charity's objectives.
Previously the land was categorised as freehold property within tangible fixed assets, but after considering its usage it is felt that programme related investments is a more appropriate classification.
As the use of the land make it difficult to value reliably the directors consider it should be carried at its acquisition cost in 1992 of £26,991.
Cost or valuation at 31 March 2025 is represented by:
| Cost 13. DEBTORS Amounts falling due within one year: Other debtors Loans |
2025 £ 38,350 59,000 97,350 |
Freehold land £ 26,991 2024 £ 67,305 3,000 70,305 |
|---|---|---|
continued...
Page 20
The Clive Richards Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
13. DEBTORS - continued
| DEBTORS - continued | ||
|---|---|---|
| Amounts falling due after more than one year: Loans Aggregate amounts |
2025 £ 52,729 150,079 |
2024 £ 65,366 |
| 135,671 |
Loans are made to individuals or institutions for charitable reasons. Interest is applied to these loans in the range from interest free to 2% per annum.
Loans of £8,750 (2024: £4,650) had been committed to at the year end but not paid out.
14. CURRENT ASSET INVESTMENTS
| 2025 £ Listed investments - CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £ Grants and donations 399,519 Accrued expenses 9,060 408,579 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 £ Grants and donations due 1-5 years 48,310 MOVEMENT IN FUNDS Net movement At 1.4.24 in funds £ £ Unrestricted funds General fund 2,639,538 (9,638) TOTAL FUNDS 2,639,538 (9,638) |
2024 £ 2,273,522 |
2024 £ 2,273,522 |
2024 £ 2,273,522 |
|
|---|---|---|---|---|
| 2024 £ 425,812 9,000 434,812 2024 £ 87,813 At 31.3.25 £ 2,629,900 |
2024 £ 425,812 9,000 |
|||
| 434,812 | ||||
| 2024 £ 87,813 |
||||
| 2,629,900 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
17. MOVEMENT IN FUNDS
continued...
Page 21
The Clive Richards Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 866,894 TOTAL FUNDS 866,894 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are a Incoming resources £ Unrestricted funds General fund 1,136,833 TOTAL FUNDS 1,136,833 |
Resources expended £ (852,105) (852,105) At 1.4.23 £ 1,920,697 1,920,697 s follows: Resources expended £ (510,041) (510,041) |
Gains and losses £ (24,427) (24,427) Net movement in funds £ 718,841 718,841 Gains and losses £ 92,049 92,049 |
Movement in funds £ (9,638) (9,638) At 31.3.24 £ 2,639,538 2,639,538 Movement in funds £ 718,841 718,841 |
|
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 1,920,697 1,920,697 |
Net movement in funds £ 709,203 709,203 |
At 31.3.25 £ 2,629,900 |
|---|---|---|---|
| 2,629,900 |
continued...
Page 22
The Clive Richards Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 2,003,727 (1,362,146) TOTAL FUNDS 2,003,727 (1,362,146) |
Gains and Movement losses in funds £ £ 67,622 709,203 67,622 709,203 |
|---|---|
18. RELATED PARTY DISCLOSURES
During the year the Foundation incurred a management fee of £60,000 (2024: £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 100% controlled by SA Richards and the executors of WSC Richards.
WSC Richards had a long association with the Bromyard Sports Foundation. The programme related investments 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 £536,666 (2024: £775,771) to the charity in the year to 31 March 2025 including amounts from other entities they control.
If a trustee has an association with any institution or person applying to the Foundation for funding then this must be disclosed at the trustees meeting. Additionally the trustee must withdraw from the trustees meeting when discussions surrounding possible grant approval is given.
Professor L Deutsch is involved in a project run by Coventry University which was awarded a grant in earlier years. At the year end £35,019 (2024: £70,019) was outstanding. D Iddon and P Dines are connected to Bishop Vesey Grammar School which was paid £250,000 in the year for a grant awarded in an earlier year. No further amounts are owed at the year end (2024: £250,000).
19. 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 required, and assist with the preparation of the financial statements.
Page 23
The Clive Richards Foundation
Detailed Statement of Financial Activities for the Year Ended 31 March 2025
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Deposit account interest Other interest Dividends and interest on investments Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Management Insurance Management fees Sundries IT costs Depreciation of tangible assets Governance costs Auditors' remuneration Auditors' remuneration for non audit work Total resources expended Net income before gains and losses Realised recognised gains and losses Fixed asset investment Current asset investments Net (expenditure)/income |
2025 £ 697,915 7,215 1,655 160,109 168,979 866,894 720,713 1,166 105,523 14,586 397 - 121,672 6,620 3,100 9,720 852,105 14,789 (20,009) - (5,220) |
2024 £ 974,339 4,785 210 157,499 162,494 1,136,833 372,144 1,166 104,049 21,148 340 1,054 127,757 7,140 3,000 10,140 510,041 626,792 - (37,784) 589,008 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 24
Clive Richards Foundation - final accounts 31.03.25
Final Audit Report
2025-11-24
Created: 2025-11-24 By: The Hutchinson Partnership (admin@hutchpartners.co.uk) Status: Signed Transaction ID: CBJCHBCAABAACuG0ei43pJLoqTSkLsHJDIxfiBzrIo6y
"Clive Richards Foundation - final accounts 31.03.25" History
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