OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-04-05-accounts

RICHARDSON FOUNDATION

Charity Ref: SC026260

Accounts for the year to 5 April 2025

Contents Reference & Admin Information Report by Trustees Report by Independent Examiner Accounts Notes to the Accounts Appendices of Investments

2

RICHARDSON FOUNDATION

Reference and Administrative Information

==> picture [119 x 9] intentionally omitted <==

----- Start of picture text -----
Date/ Manner of Appointment
----- End of picture text -----

Names and Addresses of Trustees

Appointed 28.05.1997 Appointed 28.05.1997 Assumed 24.03.2009 Assumed 18.06.2010 Assumed 02.01.2019

Charity Reference No: S$C026260

Agents and Administrators for the Trust (and principal address of the Charity) Thorntons Law LLP, Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ

Investment Managers

Evelyn Partners, Atria Two Third Floor, 148 Morrison Street, Edinburgh, EH3 8EX

Principal Bankers

The Royal Bank of Scotland pic 3 High Street, Dundee DD1 9LY

Indenendant Evaminor

3

RICHARDSON FOUNDATION

Report of the Trustees for the year ended 5 April 2025

The Trustees present their report and accounts for the year ended 5 April 2025. The report and accounts have been prepared in accordance with the charity’s trust deed and with the accounting policies set out on page 10.

Structure, Governance and Management:

Origins

The Foundation was established by a Deed of Trust dated 28 February 1997 and registered in the Books of Council and Session on 4 April 1997.

Objectives, Activities and Plans for Future Periods

The purposes of the Foundation are the encouragement of education and research primarily in United Kingdom universities and primarily to support studies by people of Tibetan origin by way of scholarships, grants and bursaries or otherwise as deemed appropriate.

The Trustees are currently reviewing their strategy on how to provide the benefits required by the Deed of Trust, particularly because changing circumstances in China have made it impossible to maintain current arrangements.

Legal Status

The legal status of the Trust is a single Scottish Charitable Trust; no company or equivalent exists.

Trustees

The Trustees are selected either as independent or due to the nature of their post. Any new appointments are made by the existing Trustees taking into account the appointee’s interest in the aims and work of the Foundation. New appointments will undergo appropriate training when necessary.

Travel expenses of £252.05 (2024 - £186.95) were reimbursed to the Trustees during the year.

Risk Management

The Trustees have assessed the major risks to which the trust is exposed, in particular those relating to the operations and finances of the Trust. They recognise that turbulence in the markets brought new challenges which will impact the performance of the Trust assets for some time, but they remain satisfied that the systems in place to mitigate the Trust's exposure to the major risks remain appropriate and sufficient.

Achievements and Performance:

Income and Expenditure

Grants of £6,650 were paid in the year to 5 April 2025 (2024 — as restated £6,327.29). Income for the year was £6,820 (2024 - £7,285) and general administration costs were £8,595 (2024 — as restated £8,406) including VAT, of which £2,607 (2024 - £2,519) relate to Investment Management charges.

Financial Position:

The results for the year are set out on pages 6 & 7. Corresponding figures for the year ended 5 April 2024 are also shown.

Reserves Policy

The reserves represent the funds arising from past operations. The Trustees are satisfied these funds are sufficient for the continuation of the trust for the foreseeable future.

As shown in the Statement of Balances, the total assets of the Trust, net of liabilities, were £179,925 (2024, £194,092).

Investment policy and performance

The Trustees have issued an investment policy statement to the investment managers. Both the policy and performance are reviewed annually.

4

RICHARDSON FOUNDATION

Report of the Trustees for the year ended 5 April 2025 (cont)

Future Strategy

No significant changes are presently envisaged in the trust’s policies as outlined above.

Approved by the Trustees and signed on their behalf:

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

RICHARDSON FOUNDATION

| report on the Accounts of the Charity for the year ended 5 April 2025 which are set out on pages 6 to 10

Respective Responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act") and the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”). The charity's trustees consider that the audit requirement of Regulation 10(1)(d) of the 2006 Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the 2005 Act and to state whether particular matters have come to my attention.

This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that | might state to the trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permittec by law, | do not accept or assume responsibility to anyone other than the charity and the trustees for my work or for this report.

Basis of Independent Examiner's Statement

My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or cisclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.

independent Examiner's Statement

In the course of my examination no matter has come to my attention:-

  1. which gives me reasonable cause to believe that in any material respect the requirements:. to keep accounting records in accordance with Section 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and

  2. ° to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Regulations have not been met, or

  3. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached

==> picture [63 x 93] intentionally omitted <==

----- Start of picture text -----
Date: |;
----- End of picture text -----

5

6

RICHARDSON FOUNDATION

Receipts and Payments Account for the year ended 5 April 2025

==> picture [435 x 284] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Schedule/|2025|2024| |Appendix|As|restated| |E|£| |Receipts| |Investment|income|Sch|1|6,820.24|7,285.33| |Proceeds|from|investment|sales|App 2|49,173.40|16,399.57| |Total|receipts|55,993.64|23,684.90| |Payments| |Investment|purchases|App 2|37,995.78|7,476.27| |Charitable|activities|Sch 2|8,810.00|8,487.29| |Governance|Ser 7|5,988.05|5,886.95| |Costs|of generating|funds|Sch|4|2,606.75|2,518.94| |Total|payments|55,400.58|24,369.45| |Surplus/(Deficit)|for year|593.06|(684.55)|

----- End of picture text -----

All funds are unrestricted.

7

RICHARDSON FOUNDATION

Statement of Balances as at 5 April 2025

Schedule/ 2025 2024
Appendix As restated
£ £
Cash on deposit and on hand
Opening balance 2,317.28 3,001.83
Surplus/(Deficit) for year 593.06 (684.55)
Closing balance 2,910.34 2,317.28
Reserves
Unrestricted Funds 2,910.34 2,317.28
Investments as valued at 05.04.25 App2 186,745.02 207,470.22
189,655.36 209,787.50
Estimated Liabilities as at 05.04.25
Commitments falling due within one year 6,000.00 6,000.00
Commitments falling due in more than one year 3,000.00 9,000.00
Henderson Black, Independent Examination fee 730.00 696.00
9,730.00 15,696.00

Approved by the trustees and signed on their behaif:

8

RICHARDSON FOUNDATION

2025 2024
Schedule 1 As restated
£ £
Income Received
Dividends and Interest, per Appendix 1 6,820.24 7,285.33
6,820.24 7,285.33
2025 2024
Schedule 2 As restated
£ £
Charitable Activities
Grantspaid in year - 6,650.00 6,327.29
SupportCosts (Schedule 3) 2,160.00 2,160.00
8,810.00 8,487.29
Schedule 3
Support Costs Charitable 2025
Activities Governance Total
Thorntons Law - administration fees
Trustees expenses forattending meeting
2,160.00
-
5,040.00
252.05
7,200.00
252.05
Henderson Black— independent examination fee - 696.00 696.00
2,160.00 5,988.05 8,148.05
2024
Charitable
Activities
Governance As restated
Total
Thorntons, administration fees 2,160.00 5,040.00 7,200.00
Trustees expenses for attending meeting - 186.95 186.95
Henderson Black—independent examination fee < 660.00 660.00
2,160.00 5,886.95 8,046.95
2025 2024
Schedule 4 As restated
£ £
Costs ofgenerating funds
Evelyn Partners -InvestmentManagement fees
Evelyn Partners - LEI renewal fee
2,534.75
72.00
2,446.94
72.00
2,606.75 2,518.94

9

RICHARDSON FOUNDATION

Schedule 5

Reconciliations on adoption of receipts and payments basis

Reconciliation of equity

Balance Sheet as reported under FRS102 accruals basis Add: liabilities

05/04/24 £ 194,091.50 15,696.00

Statement of balances as reported under receipts and payments basis

209,787.50

Reconciliation of surplus/(deficit) for the financial year

Deficit for the year to 5 April 2024 reported under FRS102 accruals basis Add: Creditors Sale of investments Less: Purchase of investments Gains on investments

2024 E (9,339.75) 9,036.00 16,399.57 (7,476.27) (9,304.10)

Deficit for the year to 5 April 2024 reported under receipts and (684.55) payments basis

10

RICHARDSON FOUNDATION

Notes to the Accounts

1. Accounting Policies

1.1 Basis of Accounting

These Financial Statements have been prepared on a receipts and payments basis in accordance with the Charities Accounts (Scotland) Regulations 2006 (as amended). This method is permitted for charities with gross income under £250,000 in the financial year.

For the year to 5 April 2025, the charity changed its accounting policy from preparing its financial statements on the accruals basis in accordance with the Charities Statement of Recommended Practice (SORP), to the receipts and payments basis, as permitted under the Charities Accounts (Scotland) Regulations 2006. This change was made because the charity's gross income for the year fell below the £250,000 threshold, and the Trustees considered the receipts and payments basis to be more proportionate and cost effective for the charity's size and complexity.

As a result of this change, comparative figures from the previous year’s Accounts, which were prepared on an accruals basis, have been restated. The restatement schedule can be found in Schedule 5.

1.2 Taxation

The charity is exempt from tax on income and gains under applicable legislation to the extent that these are applied to its charitable objectives.

1.3 Cash Flow Statement

The charity is entitled to the exemptions available in the Charities Accounts (Scotland) Regulations 2006 (as amended) and is not required to prepare a Cash Flow Statement.

1.4 Fund accounting

All of the charity’s funds are unrestricted. Unrestricted funds are those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives.

2. Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

3. Investment managers

The Trustees approve the continued appointment of the Investment Managers as detailed in the Report of the trustees in these Accounts, and on the same basis as contained in the Investment and Financial Services Terms of Business Agreement currently in force.

4. Independent Examiner

The Trustees approve the appointment of the Independent Examiner as detailed in the Report of the trustees in these Accounts.

5. Employees, Trustees and their Remuneration

The charity had no employees during the year (2024 — none). No remuneration was paid to Trustees (2024 — none). Travel and accommodation expenses were re-imbursed to 2 Trustees, as supported by receipts, as set out in Schedule 3.

RICHARDSON FOUNDATION

APPENDIX 1 Investment Income from 06/04/24 to 05/04/25

Date Paid Company

==> picture [66 x 8] intentionally omitted <==

----- Start of picture text -----
Holding Dividend
----- End of picture text -----

10/04/2024 Dodge & Cox Worldwide Fds US Stock 295 22.16
11/04/2024 Vanguard Investment Series Plc US Gov Bd 48 43.12
18/04/2024 FIL Investment Svs UK Global 4363 103.11
30/04/2024 NinetyOne Series - Diversified Inc Fd 6343 22.35
30/04/2024 TBEveniode Global Income 5168 48.72
30/04/2024 Blackrock UK Income Fund 1692 131.36
30/04/2024 Blackrock Continental Europe 4894 11.67
30/04/2024 Liontrust Monthly IncomeBond Fund 6008 21.03
07/05/2024 Threadneedle Investment Funds ICVC 4606 93.65
10/05/2024 Schroder Oriental Income Fund Ltd 2225 44.50
10/05/2024 Supermarket Income REIT Plc 4030 48.84
31/05/2024 Liontrust Monthly IncomeBond Fund 6008 21.03
31/05/2024 Ninety One Series - Diversified Inc Fd 6343 23.18
31/05/2024 GreencoatUK Wind Plc 6600 165.00
24/06/2024 Shell B Ord Euro 0.07 251 67.62
26/06/2024 Vanguard S&P 500 UCITS 130 26.69
28/06/2024 BP Ord USD 0.25 1145 65.06
28/06/2024 Vontobel Fund TwentyFourAbs rtn Fd 43 41,83
28/06/2024 Ninety One Series - Diversified Inc Fd 6343 27.93
28/06/2024 Renewables Infrastructure Group 3333 62.24
28/06/2024 HICL Infrastructure Ord 0.01p 4060 84.05
01/07/2024 INVESCO Perpetual Tactical Bond Fund 4593 184.40
01/07/2024 Morant Wright Nippon Yield Fund 1235 86.82
01/07/2024
02/07/2024
Liontrust Monthly IncomeBond Fund
SPDR S&PUS DivAristocrats UCITS
6008
150
21.03
50.65
10/07/2024 Dodge& Cox Worldwide Fds US Stock 295 21.86
12/07/2024 Vanguard Investment Series Plc US GovBd 48 44.60
12/07/2024 31 Infrastructure OrdNPV 2482 147.68
18/07/2024 FIL Investment Svs UK Global 4363 63.27
19/07/2024 Experian Pic 95 30.43
26/07/2024 Templeton Emerging Markets InvTrPic 3460 103.80
31/07/2024 Liontrust Monthly Income Bond Fund 6008 21.03
31/07/2024 Blackrock Continental Europe 4894 237.81
31/07/2024 Blackrock UK Income Fund 1692 60.02
31/07/2024 Guinness Global Equity Inc 291 103.77
31/07/2024 Ninety One Series - Diversified Inc Fd 6343 25.89
31/07/2024 TB Eveniade Global Income 5168 43.22
01/08/2024 Tr Property InvTstOrd 25P 1580 158.79
02/08/2024 Schroder Oriental Income Fund Ltd 2225 44.50
07/08/2024 Threadneedle InvestmentFunds [CVC 4606 98.46
16/08/2024 GemCap Investment AtlanticHouse Defined Return 6184 75.40
30/08/2024 Fundsmith Equity Fund 1419 12.50
30/08/2024 Greencoat UK Wind
Plc
6600 165.00
02/09/2024 Liontrust Monthly IncomeBond Fund 6008 21.03
20/09/2024 BP Ord USD 0,25 1145 69.27
23/09/2024 Shell BOrd Euro 0.07 251 65.64
25/09/2024 Vanguard S&P 500 UCITS 130 27.72
30/09/2024 HICL InfrastructureOrd 0.01p 4060 83.63
30/09/2024 Renewables Infrastructure Group 3533 62.24
30/09/2024 Vontobe! Fund TwentyFour Abs rtn Fd 43 42.69
30/09/2024 Liontrust Monthly Income Bond Fund 6008 21.03
01/10/2024 SPDR S & P US Div Aristocrats UCITS 150 41.27
07/10/2024 Henderson Smatller Companies Trust Pic 475 92.63
09/10/2024 Dodge& Cox Worldwide Fds US Stock 295 21.27
15/10/2024 Vanguard Investment Series PicUSGov Bd 48 44.37
18/10/2024 FIL Investment Svs UK Global 4363 65.01
31/10/2024 BlackrockContinentalEurope 4894 34.64
31/10/2024 Blackrock UK Income Fund 1692 60.09
31/10/2024 Liontrust Monthly Income Bond Fund 6008 21.03
31/10/2024 TB Eveniode Global Income 5168 43.22
07/11/2024 Threadneedle Investment Funds ICVC 4606 92.24
13/11/2024 GemCap Investment Atlantic House Defined Return 6184 75.42
29/11/2024 Schroder Oriental Income Fund Ltd 2225 133.50
29/11/2024 Greencoat UKWind Plc 6600 165.00
02/12/2024 Liontrust Monthly IncomeBond Fund 6008 21.03
19/12/2024 Shell B Ord Euro 0.07 251 67.85
20/12/2024 BP Ord USD 0.25 1145 72.09
27/12/2024 Vanguard S&P S00 UCITS 130 31.76
31/12/2024 INVESCO Perpetual Tactical Bond Fund 4593 164.57
31/12/2024 Morant Wright Nippon Yield Fund 1235 93.07
31/12/2024 Vontobel Fund TwentyFour Abs rtn Fd 43 47.38
31/12/2024 Liontrust Monthly Income Bond Fund 6008 21.03
31/12/2024 HICLInfrastructure Ord 0.01p 4060 83.64
31/12/2024 Renewables Infrastructure Group 3333 62.24
31/12/2024 SPDRS&P US Div Aristocrats UCITS 150 42.05
07/01/2025 Dodge & Cox Worldwide Fds US Stock 295 19.50
10/01/2025 Tr Property Inv TstOrd 25P 1580 89.27
13/01/2025 31 InfrastructureOrd NPV 2482 156.99
15/01/2025 Vanguard Investment Series PicUS GovBd 48 47.46
20/01/2025 FIL Investment Svs UK Global 4363 65.01
31/01/2025 TB Evenlode Global Income 5168 43.22
31/01/2025 Guinness Global Equity Inc 291 86.41
31/01/2025
31/01/2025
Liontrust Monthly Income Bond Fund
TempletonEmerging Markets Inv Tr Pic
6008
3460
46.54
69.20
31/01/2025 Blackrock Continental Europe 4894 33.80
31/01/2025 Blackrock UK Income Fund 1692 62.04
07/02/2025 Threadneedle Investment FundsICVC 4606 92.24
13/02/2025 GemCap Investment Atlantic House Defined Return 6184 76.21
14/02/2025 Schroder Oriental Income Fund Ltd 2225 44.50
28/02/2025 GreencoatUKWind Pic 6600 165.00
28/02/2025 Artemis UK Select Fund 1148 281.20
28/02/2025 Fundsmith Equity Fund 1419 16.68
28/02/2025 Liontrust Monthly IncomeBond Fund 6008 21.03
07/03/2025 Henderson Smaller Companies Trust Pic 475 35.63
31/03/2025 Renewables Infrastructure Group 3333 62.24
31/03/2025 Liontrust Monthly Income Bond Fund 6008 21.03
31/03/2025 HICL InfrastructureOrd 0.01p 4060 83.64
01/04/2025 SPDR S& P US Div Aristocrats UCITS 150 49.15
02/04/2025 Vanguard S&P 500 UCITS 130 32.12
05/04/2025 Accumulated Dividends 15.75
30/04/2024 Interest to 30/04/24 8.15
31/05/2024 Interestto 31/05/24 9.39
28/06/2024 Interest to 30/06/24 14.38
31/07/2024 Interest to 31/07/24 12.17
30/08/2024 Interestto 31/08/24 14.65
30/09/2024 Interest to 30/09/24 10.60
31/10/2024 Interest to 31/10/24 7.48
29/11/2024 Interestto 30/11/24 16.24
31/12/2024 Interestto 31/12/24 10.60
31/01/2025 Interestto31/01/25 9.47
28/02/2025 Interestto28/02/25 10.80
31/03/2025 Interestto 31/03/25 8.28
Intereston USD Deposit 0.01
15/05/2024 CMS Interest 3.32
15/11/2024 CMS Interest 3.12
6,820.24

RICHARDSON FOUNDATION Appendix2

RICHARDSON FOUNDATION Appendix22
INVESTMENTTRANSACTIONS FOR THE YEAR TO 5 APRIL 2025
Holding
06/04/24
Cost
06/04/24
Additions Disposals
(at cost)
Proceeds Gairy
(Loss)
Cost
05/04/25
Units (so'd)/
purchased
Holding
05/04/25
MarketValue
05/04/25
iShares 11 PLCCoreUKGilts
Vanguard InvestmentSeries PicUSGov Bd
MultiunitsLuxembourg US TipsGov
M&G UK Inflation linked Corp Bond
INVESCOPerpetual TacticalBond Fund
Uontrust Monthly Income Bond Fund
VontodelFund TwentyFourAbs rtnFd
BP PlcOrd USD 0.25
Shell BSharesEURO.07
Experian Pt
ArtemisUKSelectFund
BlackrockUKIncome Fund
CTUK Equity
mengerson smaiierCompanies trust Pic
48.01
4,593.59
6,008.739
42.687
1,145
251
95
1,148.038
1,692.622
4,606.2413
475
5,360.39
9,249.59
5,786.41
4,308.74
5,776.65
3,229.22
2,948.35
7,751.46
7,646.11
8831.12
5/099
6,038.41
3,819.67
7,098.68
9,249.59
5,786.41
4,308.74
5,776.65
3,229.22
2,998.35
3,445.22
9,886.54
4761.75
4,244.43
4,343.30
6,378.40
3,994.24
4,007.98
636.95
1,024.66
64.31
1,433.35
3,149.18
495.89
562.76
8,038.41
5,350.39
3,819.67
7,098.68
0.00
0.00
0.00
0.00
0.00
0.00
7,751.46
7,696.11
5,385.90
5,P0919
800
35
6,302.244
= -4,593.59
-6,008.739
42.687
“1,145
251
95
1,797
800
48.01
35
6,302.244
0.00
0.000
0.000
0
0
0
1,148.038
1,692.622
2,809.2413
4h
8,094.00
5,058.37
3,809.05
7,098.85
9,098.55
7,950.85
5,687.03
3,510.79
BNY MellonUS EquityInc
Dodge&CoxWorldwideUSStock Inc
Premier MitonUSOpportunitiesFund
Natixis InvFdsLoomis SaylesUSEquity
SPDRS& PUSDivAnstocratsUCITS
VanguardS&P 500UCITS
Blackrock ContinentalEurope
MorantWright Nippon Yield Fund
Schroder Oriental Income Fund Ltd
Templeton Emerging MarketsInv Tr Pic
FIL Investment Services(UX) Ltd Global
Fundsmith Equity Fund
GuinnessGlobal Equity Inc
TBEvenlodeGlobal Income
3i InfrastructureFund OrdNPV
Greencoat UKWind PicOrd Ip
HICLInfrastructureCoOrd0.0001
SupermarketIncome RFITPic
Renewables InfrastructureGroup
Tr Property Investment TrustPicOrd 25p
NinetyOneSeries - Diversified Inc Fd
GemCap Investment Atlantic House Defined Return
295.443
1,867.803
150
130
4,894.013
1,235,235
2,225
3,460
4,363.32
1,418.5
290.83
5,168.243
2,482
6,600
4,060
4,030
3,333
1,580
6,342.524
5,725.00
7,476.27
6,874.52
5,885.16
7,774.00
4,542.00
5,701.16
5,448.95
6,281.39
5,578.21
7,623.91
6,006.19
3,861.30
7,761.69
4,800.75
4,271.30
4,399.56
1,604.14
6,472.08
7,373.12
15.75
4,156.05
7,494.10
1,818.20
4,271.80
6,472.08
3,396.42
3,043.00
$5,667.34
1,578.22
+1,228.80
804.74
7,373.12
5,725.00
7,492.02
4,156.05
6,874.52
5,885.16
7,774.00
4,592.00
$,701.16
5,498.95
4,463.19
5,578.21
7,623.91
6,006.19
3,861.30
7,761.69
4,800.75
0.00
4,399.56
1,604.14
0.00
7,494.10
3,922.292
551268
2,362
-4,030
6,342.52
6,183.5857
—3,922.292
295.443
1,867.803
551.268
150
130
4,894,013
1,235,235
2,225
3,460
6,724.98
1,418.5
290.830
5,168.243
2,482
6,600
4,060
f)
3,333
1,580
0.000
6,183.5857
6,259.19
9,646.21
7,437.59
3,394.76
8,250.00
9,860.50
9,184.64
5,601.79
5,629.25
5,494.48
7,975.83
8,313.69
8,586.73
7,878.46
7,656.97
6,930.00
4,376.68
2,506.42
4,589.90
7,264.48
_172,745.91 37,995.78 47,306.26 49,173.40 1,867.14 163,435.43 186,745.02