Registered Company No. 07954134 Registered Charity No. 1146297 RICHMOND BOROUGH MIND Report of the Trustees and Financial Statements For the year ended 31 MARCH 2024 Richmond RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Pag• Company information Report of the trustees 4-16 Independent auditorfs report 17-19 Statement of financial activities 20 Balance sheet 21 Statement of ￿3h flows Notes io the financlal statements 23-31 RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Twstees present their report with the financial statements of the Charty for the period ended 31 March 2024. Role The obje(ts foi which the Association is established are primarily, but not exdusively. within the London Borough of Richmond upon Thames: (1) to promote the preservation of good mentsl health in part￿ular by enabling and empowering everyone experiencing mentsl health problems to live with, manage and recover from their condition. (2) to relieve the needs of people wtth mentsl health problems by working to increase the Unde￿tandIng of mental health and mental health problems by gathering and disseminating infonnalw)n and working to raise awareness, promote understsnding and challenge stigma and discrimination. Offlceholders. Trustees and Management T￿￿teeS Gurjit Mahil, Chair Philip Congdon, T￿aSurer (Resigned December 2023) Kim Tasso (Resigned April 2024) Monika Waller Lisa Leonard Samuel Hopcioft Tracy Cherrington (Appointed July 2023) Sarah Talbot (Appointed Juty 2023) Reema Kotecha {Appointed July 2023) Vikram Yadav, Treasurer {Appointed November 2023) Jack Carling {Appointed November 2023) Murray Cook {Appointed November 2023) Charlty No. 1146297 Company No. 07954134 Chief Execuove Val Farn￿r Princlpal office UK House, 82 Heath Road, Twickenham, Middlesex. TW14BW Bankers CAF Bank Limited, 25 Kings Hill. Wesl Malling, Kent ME19 4JQ Audltors Goldwins Limrted, 75 Maygrove Road, West Hampst&3d, London NW6 2EG RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Structure. Governance and Management Constitution Richmond Borough Mind (RB Mind) is a charity operaling under a written constitulion. It was incorporated on 1fh February 2012. It was registered as a chaiity on 8° March 2012. The earlier Charity (number 263810) was fomEd in April 2001 from a merger of Twickenham Mind, founded in 1959, and Richmond and Bames Mind, founded in 1971, and ils assets and liabilities were transferred on 1st April 2012 to the newly incorporated Charity. Trustees Members of the Board are elected annually at the Annual General Meeting. Between Annual General Meetings new members can be appointed, with fomial tenure commencing following election at the AGM. On retirement or resignation of any Trustee. the Board reviews the skills across the existing trustees to identify any gaps and will recruit to fill those skills. Trustees are recruited through a process of advertisement and participation at local volunteer recruitment sessions, followed always by application and inteNiew ty a sub-group of the Board, wilh the aim of securing a good range of experience and skills for the Trustee board. There are no outside bodies entitled to appoint Trustees. New Trustees are inducted through visits to services, govemance documents including the charity's Memorandum and Articles and the Chanty Commission's guide The Essential Trustee,, opportunities to attend training on govemance and the Trustee role and all aspects of mental health, and policies including Risk Management, Safeguarding, Financial Procedures, Equality and Diversty, Confidentiality and Anti-Bribery. During 2023 six new Truslees were recruited following soTh tumover as the previous Treasurer reached full tsmi on his tenure and two trustees moved on lo focus on setting up their therapy practices. Rlsk Management The Trustees have ￿vieWed and updated the risk management pro￿sseS against the Charity Commission guidance. Trustees consistently review the rnaj￿ risks to which the Charity is exposed, and where practical, take steps to guard or mitigate against them. RB Mind has clear. regularly updated policies on professional g¢MI practice and on areas such as safeguarding, health and safety and financial procedures. All Trustees are required to undertake safeguarding training. One Trustee is designated the Safeguarding Lead, ensuring the Board has oversight and understanding of safeguarding issues, policy and procedures and their implementation. Slaff re￿1ve appropriale training. and compliance and standards of performance are moniloTed through the appraisal and supervision process and reported through the committee slructures. All stsff undertake training in Safeguarding, Cyber Fraud and relevant financial processes. RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 An outsourced Data Protection Officer has been appointed and an audit of all RB Mind's related policies and procedures, including training for staff and volunteers, will be undertaken during 2024. Key. rlsks Reliance on statutory funding, with two NHS contracts constituting half RB Mind's incoTh ations Investment in fundraising capacity, with an additional Fundraising Offi￿1 recruited in 2023 Expanding delivery options and funding sources foi services Cost of LNing impact on staff retention Increased inflationary pay rise to 5% in 2024 Potential introduction of pay bands Changing procurement and commissioning practices and increased competition from other providers Strengthen collaboration and parb)erships for bidding for funds Ensure qualty of services through dats management and Service User feedback Core infrast￿￿ture insufficient to support the growth in services Invested in HR, Finance and Servi￿5 management, additional fijndraising and data management Governance structure The Board meets six times a year and is responsible for the strategic direction and policy of the Charity. In 2024 the board reviewed the committee slructure and changed the remil of each commiltee. The Full Board delegates tssks to three sub committees: 1. Finance and Risk Committee meets prior to each Board meeting to review the risk registsr in detail and to review management accounts and cash flow, and ensure financial procedures are adhered to and updated as necessary. 2. Servw and Qualty Committee meets prior to each Board to review how RB Mind delNers high quality and safe seNices, and to support RB Mind's overall qualty managemenL 3. Business Development and Innovation Committee. Introduced in 2024, this committee reviews and supports fundraising strategy and income generation. The Charity's Chief Executive attends and advises each committee, with the support of levant staff, and has been delegated responsibilty for the running of the Charity and its performance. The Charity maintains a Schedule of Delegation detailing where responsibilities are held across the Board of Trustees. committees and the executive teams. RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Governance and Quality RB Mind works to the Mind Qualty Management (MQM) standard, closety aligned to the Charity Governan￿ code. A full peer review against the MQM standarts is carried out every three years, and most ￿￿ntlY over spring of 2022. RB Mind achieved suc(Ess in all standards and won an Excellence Award for provision of Effective Services. ExeGUtlve and staff pay The Chief Executive and senior staff salaries are reviewed annualty by a suwroup of the Board, benchmarking with other local Minds, the wider voluntsry sector, and referring to ACEVO'S pay suNey when available. Staff remuneration is also reviewed annually by the Board against the rate of infiation and consideration is given to a general increase laking into account the organisation's financial position. In 2023124 a general increase of 5% was given, and this was repeated in April 2024. The Board has adopted the London Living Wage. A group personal pension ￿heme is available to all staff, wilh a minimum staff contribution of 4% matched by an Employer contributH)n to a maximum of 5%. staff Development There were 56 fv11 and part4ime staff in 2023124. All staff have ac£ess lo training throughout the year, both mandatory and specialist as required. There is a regular, anonymous staff survey to measure staff well-being and happiness about various aspects of their roles and employment. The organisalion was also supported by 100 volunteers who receive relevant training and development. Statement of T￿￿tees. responsibilitles The Trustees are responsible for preparing the Annual Report and financial statements in accordance with appllcable law and United Kingdom Generalty Accepted Accounting Practice. 4 applicable to charities in England and Wales requires the Trustees to prepare finandal statements for each financial year which give a true and fair view of the Charl￿S financial activities during the year and ils financial position at the end of the year. In preparing those financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistentty, making judgements and estimates that are reasonable and prudent; and Prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will con*"nue in business. The Trustees are responsible for keeping accounting records which disclose. with reasonable accuracy at any time. the financial position of the Charity and enable them to ensure that the financial statements compty with the Charities Acts. They are also responsible for safeguarding the assels of the Charity and hen￿ for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. All Trustees have signed the new Automatic Disqualificalion declaTrtion introduced in August 2019. RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 RB Mind's local and natlonal partners RB Mind is affiliated to National Mind but is an independent organisation. Limiled funding is received from National Mind. through applications for grants. Through affilialion fees Nalional Mind provides bllxk Insuran￿ and access to outsourced HR arKI employment advice. Access to infomalion and resources is provided through a Mind intranet (Connecting Minds) run by National Mind. through an annual online Mind Conferen￿. and bi-annual Mind Leadership Conference. Bi-annual regional meetings are held belween local and nationa Mind where strategic prK)rities are exploied to enable effective implementation. RB Mind is active in Mind in London. a collaborative body of London Minds which provides opportunities for sharing resources, learning from best practice, joint fundraising and joint procurement activty where appropriate. Increasingty important is the abilty to work at South West London regional level to reflect the needs of the South West London Integrated Care Board. RB Mind does this through a collaboration with the other local Minds in Kingston, Croydon and Wandsworth. Localty, RB Mind is actively involved in a number of groups to ensure the Vol￿ of mental health service users ts heard across the health and social care sector. RB Mind chaits the Richmond Mentsl Health and Wellbeing Alliance, with the Local Authority providing secretariat support. other groups include the Carers Stralegy Group, Integiated Care System's involvement group Community Voices Richmond, Local Authorty's Care and Support Partnership Board, and k)cal Health and Wellbeing Network. RB Mind works in partnership with other local chafities (Age UK, Ruils, Integrated Neurological Society {INS). Richmond AID, Citizens Advice Richmond and olhers) and South West London and St George's Mentsl Health Trust in the provision of local services. Key Achievements In 202312024 The Charity develops a separate short Impacl Report every year demnstrating Ihe dlfference made to indNiduals' lives. Highlights in this year: Reaching more than 5,000 people through Services and Training. 25% of Journey Recovery Hub (also known as a Crists Café) service users would have gone to the Emergency Department had the service not been available. Implementing a new Peer Support service commissioned by South West London St George's NHS Trust to provide mentsl health Peer Support Workers across Ihe borough, subcontracting Age UK, Crossroads Care and Richmond AID for some specialist aspects. In a Heallhwatch Survey 74% of peerslcarers reported afler using the service they were able to maintain or improve their mental health and wellbeing. Developing a new Senior Leadership team and new govemance structure refiecting the needs of a charity of this size. Developing a corporate partnership with local jewellery brand Augusta and George. and LBOX distributK)n company. Chosen as one of the two I(￿1 Mayorfs charities for 2024125. RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Strategic Objectives for 2024-2026 Through a series of development meetings, seNKe user and staff surveys and feedback. the Trustees reviewed the Strategic Objectives in light of the current economy. developments in health and social care, and in line with National Mind priorities and agreed a revised set of priorities for 2024 to 2026. Sustain and Improve services by increasing reach to under-served communities Strengthen the Support Networks (family, friends, local organisations) for people wilh mental health issues Increase Influence and VBibilty of Richmond B0￿Ugh Mind for the benefft of mentsl heafth beneficiaries Ensure long-tenn sustainabilty and growth by diversfying funding sources and improving operational efficiency Future plans and conslderatlons: In 202312024 funding for youth provision came to an end. While understanding that the need for Children and Young People's support is only increasing, and that preventing mental health worsening in later years is crucial, the board agreed that consolidation and sustainability of adult seNices should be the short-tenn focus. Should there be a clear opportunty for a young persons, service this will be pursued in the future. Psychotherapy and Counselling will be expanded in the next 18 months with a view lo pn)viding more subsidised Iow-COSt sessions. RB Mind's Chief ExecLrtive is one of Iwo mentsl heafth VCSE representatlves working with the ICB at South West London level. From 2024125 the Mental Health Provider CollaboratNe plans to include the voluntary sector in a new model of decision-making on seNice delNery arKI investrnent as part of mental health Iransfonnation. The people aim to benefit The Trustees have considered the Charity Commission's guidance on public benefft when reviewing the work of the Charity and our future activities. RB Mind's client groups are young people, adults, including okler adults with mental health needs, and carers living in the borough of Richmond. Services span low to moderate to more complex needs. Our Services: Richmond Borough Mind provides services across the spectrum of mental health needs, fr low to moderate needs to more complex needs and for people in crisis. RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Services for people wlth Complex Needs I Support In Crlsls Wel1b￿ng Centr4 Local Authority and ICB funded 116 people were supported in the Wellbeing Centre. nearly 50% being new referrals. The Wellbeing Centre has existed in various forns and locations for more than 30 years. The primary client group is people who have been under statutory mental health seNices and live wtth a chronic mental health condition which they s￿k help to manage to enable them to live well in the communty. It offers a range of psychone meetings, infomTrtion, social activities, and psycho-educalional WOTkshops to inuease their understanding of mental health issues and h(￿ they can affecl their cared-for. There is a strong peei support element in the provision, with a number of well-attended carets, peer support groups across the borough. The team works extensively with the communty mental health teams, with ward staff and other voluntary sector organisalK)ns. A regular surgery with social services is provided to increase caiers. access to support they are entilled to re￿1Ve. Filling in fonns becomes overwhelming as a c8rer, h8ving the Carers in Mind T8am to help with this is so valuable. Carers Survey 2024 Outreach Service* Funded by Local AudThity and ICB Gaining visibility and reaching more twple is one of RB Mind's key ptiOFilies as outlined above. The reach has been greatly enhanced by growing the Outreach leam with skilled 10 RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 workers who can provide interventions in the communty while raising awareness of rrÈntsl health and signposting to services. Buikling on the successful set up of 3 community hubs supported by RB Mind's Peer oUt￿Ch worker, Richmond Council agreed funding for a further Outreach Worker to reach people with rn0￿ complex needs possibly stemming from food povety. homelessness or alcohol arml substance misuse. This team has attracted atHI supported many more people from a range of diverse communities, including Asian, Ukrainian, other East Europeans and the LGBT+ communities. The team continues to build opportunities for people to access mental health support in the communty, offering sessions in many new settings including Peter and Paul Community Centre in Teddington, St. James Church in Hampton Hill, Spear offices, Mortlake Community Centre, Richmond's al￿tn-one hub for walk-in clients and at the foodbank on Heathfield Recreation Ground. Psychotherapy and Counselling 131 serviek users attended therapy, with an average of 20 volunteer counsellors each week. The servlce offers a range of one to one and group psychotherapy and counselling models, providing a safe confidential space to explore and talk with a professional therapist. Clinical supervisors provide weekly supervision to the therapy team ensuring the service usets are receiving a high qualty service meeling the BACP ethical standards. The service is self-funding, with 30% of clients offered the lowest cost sessions, and 15 clients were subsidised by funds from The Richmond Charities. RB Mind remains one of the few I¢y•V- cost options for longer te￿ counselling in the borough. The team of diverse group of Iherapisls enables RB Mind to provide a service for a more diverse group of clients. Cost of living challenges have meant more clients being unable to afford therapy and RB Mlnd is very grateful to The Richmond Chai"rties for increasing their grant fund this year. Mind'n Mortlake is a satellite service of the Wellbeing Centre meeting on a Friday for a range of activities including art, cooking and discussion. The aim behind the social, educational and recreational actNities is to assist those with a lack of support, low self-esteem and confidence, helping them make steps towards their goals. The Positive Liw"ng Group on Wednesdays in Bames is well attended and focusses on food and nutrition, learning how to choose and cook heafthy foods, and how diet can impact on mental and physical hea￿h. Youth and Schools Services Our Youth Wellbeing projects engaged 599 people. mostly young people aged eight to twenty five, but also parents. carers and school staff. Finding sustsinable funding for youth projects continues to be a real challenge, and funding ended in January 2023 for all projects. RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Highlights in this year included Joint delivery with Creative Youth in the new youth hub. in central Kingston. This has consisted of creative art sessions delivered by RB Mind and Creative Youth staff. Brandon Centre and local Minds. Parents Course has had positive feedback from participants, with parents feeling more confident in their support and young people's mental health becorning more manageable, requiring fewer GP appointments. Volunteering 100 volunteers provided more than 5,000 hours of support across the organisation. Our Volunteer Coordinator, funded in part by Hampton Fund, provides specific support for both voluntee￿, many of whom have experience of mental health problems, and for the staff who support the volunteers within our projects. Volunteers run peer groups. delNer counselling sessions in the Psychotherapy and Counselling Service, support the Carers in Mind and Wellbeing Centre service activilies, support the finance function and support communications through social media and events. Business Developmen( Training and Communlcatlons The Charity does not engage any extemal fundraising support. We have received rK) complaints about our fundraising activty and are pleased to receive regular comments on the value of our work from the people who fundraise for us. A new Fundraiserjoined in October 2023, and a number of successful fundraising events have been held including the annual quiz and The Senior Street Sextet playing a blinding jazz We were delighted to have been chosen as Charity ofthe Year by August and George. a local jewellery brand. Training dients have included London Boroughs of Richmond and Wandsworth, Yamaha and Kingston Technologies. Mindful Memo provides regular tips and insights in managing mental hearth and directing people to relevant services. This newsletter reaches 1,800 people bi-monthly. RB Mind has been chosen as one of the two local Mayorfs charities in 2024125 which will give great opportunity to raise the charty's visibility and raise funds. 12 RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Financial Revievr. In the year to 3151 March 2024, income increased by 14.4% to £1,972,421. This growth is due mainty to additional funding for the SWLStG Peer Support project. In the year, expenditure rose by 15.3% to £1,956,280. Much of the additional expenditure is driven by the first year Peer Support direct costs and partner payments. These together with the costs in the 2nd half year of the agreed establishment infrastructure uplift and across the board staff and se￿[Ce staff pay tises increased the cosl base. The principle of Full Cost Recovery has b￿n applied to our projects. based on Full Time Equivalenl Staffing of the projects. An overall surplus of £16,141 results in a positNe movement of funds to £685,433 {as Sho￿ in the Statement of Financial Activities in the accounts and Note 13 - Funds Analysis). As ever we are grateful for the support of oui l(tsl funders and supporters: Bames Workhouse, By Yellow Richmond, Hampton Fund. Richmond Charities and Richmond Parish Lands Charity and new local corporate partner TLKE. Legacies, in memriam donations. other local organisations and other donalions are valuable in the support of our services. Income by Project Area: Income by Projert Area IX4% 2.8% 3,6% 14.1% ..0.7% 1.2% 12% C•rers . Theraple5 Ythrth Rlthmornl Parlsh lands 13 RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Income Breakdown by Funding Source: Income Breakdown 1.58% 1.31% 1 0.03%... 0.81% 0.11% 31. 41.86% • Restrlcted NoTrStstutory6rantslFundl . Restrl¢ted DwtlonslFundratslry UMestslcW Inc(xne.TTrlnl￿IQthv R¢strlcthd lftciwM-Tr*lnlngloth•r 14 RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Inveslment pollcy Interest rates have increased during the course of the year. Cash balances ate automatically managed belween the interest-bearing CAF Gold account and the CAF Current Account to meet cash flow requirements. The sum invested in the CAF Platinum Account remains at the same level. Transfers of cash which had been made from the CAF Gold Account in 202212023 into the Hampshire Trust Bank, Cambridge Building Society, and Monmoulhshire Building Socw, were recalled during the year to assist with smoothing out cash flow, where a significant ouffiow of deferred income release was experienced year on year and to manage contract cash flow requirements. It is planned to reinvest significant funds during 202412025 to take advantage of continuing high savings rates available in the market. Reserves Pollcy RB Mind holds reseNes to increase resilience in times of uncertainty, to provide a temporary buffer if funding is lost, and to cover any future potential liabilities that are not provided for in the accounts. RB Mind's funding model is a mixed one, with substantial funding coming from statutory bodies such as the London Borough of Richmond and the NHS, and the majority of the rest from non- statulory grants. Through building fundraising activity. we are trying to increase the level of income generated from donations and other sources in order to provide funds for new projects as well as ensuring that all overheads are covered. The Board is setting up a new Business Development and Innovats'on Committee to create a new fundraising strategy in 2024-2025. Some projects are funded by a sole funder, Othe￿ may be funded by a mixture of funders. If funding for a particular project is lost, reserves may be used while altemative funding is sough( but rf this is not possible the profflect would generalty be terminated. In some cases, a project may be taken ovei by a different operalor. The Board reviews risks to fvnding on a regular basis and has contingency plans for Ihe loss of funding. At Ihe balance sheet date, free reserves (after deducting the value of fixed assets and restricted reserves) was £495.233 which is fraclionalty less than 3 months of fulure budgeted operating costs. The Board agreed additional expenditure on cole infrastructure to enable gr(r￿h in capacty and sustainability. The Board's target is to hold a minimum 3 mnths of operating costs as reserves, which based on the current fvll budget for 2024-2025. equates to approx. £538,500. The aim is to rebuild reserves to the minimum level over the period of the next strategic plan to 202612027. 15 RICHMOND BOROUGH MIND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Thank you to our funders and fundraisers We of course could not offer the services or have the same impact without the support of our funders and fundraisers. and those who give their support in kind. They are acknowledged below. and we thank them all most sincerely. In addition, we would like to thank those funders who wish to remain anonymous. Age UK Richmond Carer5 Centre Big Yellow Richmond Richmond Charities Hampton Fund Richmond Parish Lands Charity London Borough of Richrrrf)nd Upon Thames Richmond Voluntary Fund Masonic Charitable Foundation South Wesl London & St Georges NHS Trust Mind in Btenl, Wandsworth and Wesbninster Soulh West London Integrated Care Board Mind in Enfield & Bafnet St Michaels and All Angels Church National Mind The Barnes Fund Richmond Active Fund TLKE Statement as to Dlsclosure of Inforniation to Auditors The Trustees in olTice at the date of approval of this report have confirmed that, as far as they are aware, there is no relevant audit inf0m￿tIOn of which the auditors are unaware. Each of the Trustees has confimied that they have tsken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit infonnation and to estsblish that it has been communicated to the auditors. The Trustees, Report was approved by the Trustees on 11th November 2024 and signed on their behalf by: Guiiit Mahil Chair of Trustees 16 RICHMOND BOROUGH MIND INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Richmond Borough Mind (the 'Charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Shee( statement of cash flows and notes to the financtal statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards. including Financial Reporting Stsndard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Charty's affairs as at 31 March 2024 and of its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act Basls for oplnlon We conducted our audit in accordance wth Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of OUT report. We are independent of the Charity in accordance with the ethical requirements thal are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial ststements. we have conduded that the Trustees, use of the golng concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identtfied any material uncertainties relating to events or Conditions thal. individualty or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Other Infomiatlon The Trustees are responsible for the other infomiation. The other inf0m￿tIOn comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomwtion and. except to the extent otherwise explicitly stated in our report, we do not express any fotm of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the olher infomBtion and, in doing so. consider whether the other information is materialty inconsistent with the financial ststements, or our knowledge obtained in the audit or otherwbse appears to 17 RICHMOND BOROUGH MIND INDEPENDENT AUDrfoR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 be rnaterially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a Tnat￿la1 misststement of the other information. If. based on the work we have perfomed, we conclude that there is a material misst*ment of this other information, we are requi￿d to report that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companles Act 2008 In our opinion, based on the work undertaken in the course of the audil: the infonnation given in the Trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistenl wilh the financial statements; and the Trustees, report {incorporating the directors. report) have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Chanty and its environrnnl obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relalion to which the Companies Acl 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us; the financial statements are not in agreement with the accounting records and r￿uM$. certain disclosures of trustees, remuneration specified by law are not made; or we have not obtained all the information and explanalions necessary for the purposes of our audit. Responslbllitles of the T￿￿tse5 As explained more fully in the Trustees, responsibilities ststement, the Trustees are responsible forthe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal control as they 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 Charity's abilty to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic altemative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audilorfs report thal includes our opinion. Reasonable assurance is a high level of assuran￿. but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when rt exists. Misstaterrents Gan arise from fraud or error and are 18 RICHMOND BOROUGH MIND INDEPENDENT AUDrroR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 3considered material if, individualty or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design prO￿dureS in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud are set out below. In identifying and assessing risks of material misstatement in respect of irregUlar￿eS, induding fraud and non-compliance with laws and regulations, our procedures included the following: We enquired of management, which included obtaining and reviewing supporting docurnentation, conceming the charivs policies and procedures relating to: The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We reviewed the financial statement disck)sures and tested these to supporting documentation to assess compliance with applicable laws and regulations. In addressing the risk of fraud through management override of controls, we tested the appropriateness of joumal entries and other adjustments, assessed whether the judgements made in making accounling estimates are indicative of a potential bias and tested significant tranSaCt￿nS that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will nol delect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or misrepresentation. 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.uklauditorsresponsibililies]. This dexription fomis part of our audbtorfs report. This report is made solety to the Charity's membern, 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 Chaiity's members those matters we are required to state to them in an auditorfs port and for no other purpose. To Ihe fullest extent pennitted by law, we do nol accept or assume responsibility to anyone other than the Charity's members as a body, for our audit work, for this report. or for the opinions we have fomied. {Se for and on behalf of . Goldwins Limited ststutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG or Ststutory Auditor) 12th November 2024 19 RICHMOND BOROUGH MIND STATEMEKf OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024 2024 Totsl fvnds 2023 Totsl Funds Unrestricted Restrictsd fvnds Note3 Income from: Charrtable activth'es: Other trading activities Investment income Total income 840,748 16,497 1.102,373 2,166 526 1,105.065 1,943,121 18,663 10.637 1,972,421 1.706.822 10.780 6.161 1.723.763 867,356 Expenditure on: Raising funds Charitable activitie5 T¢)tal gxpgndlturg 44,186 822.438 44,186 1,912.094 1,956,280 48,672 1,647,586 1,696,258 1.089.656 1,089.656 Net income before fund transfers 732 15,409 16,141 27,505 Tran8fers between funds {15,655) 15,655 Not movoment In funds 14 (14,923) 31.064 16,141 27.505 Tolal funds brought foThvar(I 610,603 58,689 669,292 641,787 Total funds carried fomard 595.680 89.753 685.433 669,292 The attached notes form part of these financial ststements. 20 RICHMOND BOROUGH MIND BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 100,447 105.285 CURRENT ASSErs 203,672 593.290 796,962 164.488 734,566 899.054 Cash at bank arKI in hand CREDITORS: Amounts falling due within one year <190.921) (314,372) Net currnnt assots 606.041 684,682 CREDITORS: Amounts falling due after more than one year 10 (20,675> {21.055) 564,007 Total a880ts less curnnt liabllltles 685 669 292 FUNDS 11 Unrestricted funds Restricted funds 595.680 89.753 610.603 58.689 669,292 The accounts were approved by the board of directors on 111h November 2024 arKI signed on their behaff by Guiiit Mahil (Chair) Company Registration No. 7954134 The attached notes fom) part ofthese financial statements. 21 RICHMOND BOROUGH MIND CASH FLOW STATEMENT AS AT 31 MARCH 2024 2024 2023 Notes Cash flows from opordting activilies: Net cash provided by l (used in) operattng activities 14 <151.3871 12.761 Cash flows from invosting activities: Interesv renv dividends from investments 10.011 6,161 Sale l (purchase) of fixed assets Cash providod by l (used In) Investing activities 6,161 Change In cash and cash equivalents in thg year (141.276) 18,922 Cash and cash equivalents at the beginning of the year 734566 715,644 Cash and cash equlvalonts at the end of tho year 15 593.290 22 RICHMOND BOROUGH MIND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES al Basis of preparation The financial statements have been prepared in accordance wtih Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland (FRS 102- effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006. The charitable company meets the deffinrtion of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transactton value unless otheTh¥i8e stated in the relevant accounting policy or note. b) Going concem The Trustees consider that there are no material uncertainties about the charitable company's abilty to continue as a going concem. The Truslees do not consider that there are any sources of estimation uncertainty at the reporting date that have a signifKant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the nexi ￿￿tIng period. c) Incomo Income is recognised when the charlty has entitlement to the funds, any performance conditions attached to the income have been met. it B probable that the income will be recelved and Ihat the amount can be measured reliably. Income from govemment and other grants, whether'capital. grants or'revenue, grants. 18 recognised hen the charsty has entitlement to the funds, any pefft)miance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. For legacles, entitlement Is taken as the earlier of the date on ￿lch elther.. the charty is aware Ihat probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution wll be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only consldered probable when the amount can be measured reliably and the chanty has been notified of the executorf8 intention to make a distribution. Where legacie5 have been notified to the charity, or the charity is aware of the granting of probate. and the crileria for income recognition have not been met. Ihen the legacy is a treated as a contingent asset and disclosed rf material. d) Donations of gifts, 8ervlce9 and f4cllitles Donated professional Services and donated facilities are recognised a5 income when the charity has control over the item or re￿iVed the serlice. any condrtions associated wth the donation have been met. the receipt of economic benefit from the use by the charity of the item is probable and that economic benefft can be measured reliabty. In accordance with the Charities SORP (FRS 102). volunteer time is not recognised so refer to the Trustees, annual report for more irrfomation ab