Richmond Parish Lands Charity Annual Report Financial Statements For the year ended 30 June 2022 Charity Number: 20006 Chal￿5 Introductlon The year ending 301h Ju￿8 2022 has seen the Charity continue to develop its chaTltable actlvilies across the 88nefit Area of SW13, SW14, TW9 and TW10 throu9h grant-making, education support, charitable housing, and capaGity building with local organisalions. Covid-19 consequen￿$ affected many rasidants along wilh the onset of the cost-of-living crisi$ which we expect to continue at least and, quit8 possibly, worsen. At a time of increasing requests for support from charitses slruggling to cope with more Complex dgmands on their seNi¢es and resources. the RPLC team and Trustees strive to ensure that RPLC'S own resources are used as effectively a5 posslble. Trustees freqLsently review the Charity's assets, to see how test they can be managed in support of RPLC'S aims and oblectives. It is worth emphasising that while there is a clear wish among Truslees for the Charity to optimise its support of local organisalions and individuals, there is also an awareness that. a8 a pemianently endowed Charity, its assets must be managed in 8 WAY that proteGt$ the ability of RPLC to continue its support over the long-term. Balancing these short- and long-tenn pressures is a￿ayS front of mind for the Charity. Following on from last yeals additional funding for emergency support l am pleased to say that over the past 12 monlh$ we have not only maintained the 8merg8ncy support funding but actually increased it. For the year ending June 2022 we have seen RPLC set another record of funding for charttable activities. During the year direct grants W8re made totalling more than £2.4M (2021 £2.3M. 2020 £1.76M). Eighty- eight organisations and 22 schools rec8ived £2.2M in total. Thirty-six individuals received grants in educational support lotalling £0.1M. Crisis grants were made to individuals in urgent need for help with household and living expenses totalling £0,2M. Additionally. a further £0.6M was distributed by way of rent subsidies to individuals, families and organisations. taking the total Gharitable 9lving by RPLC for Ihe year to clrca {£3MJ RPLC remains excellently resourced lo offer eff6Ctlve support to IoGal organisations and Indlviduals. This support is not only financlal. Capacity building, mentoring and advlGe is also offered by the RPLC team. RPLC works in partnership wilh several groups who have similar charitable obje¢tives and who are able to assist with the distribution of grants. These include Hampton Fund. oneFOchmond, London Funders, Age UK. Citizens Advice Richmond and Richmond Advice and Information on Dtsability- We are grateful for all their support. advice and the help they provide. It has been 8 year of leadership change at RPLG. On behalf of current and past Trustees, I would like to express our thanks to Jonathan Monckton who retired from hi8 Position as Exeoutive Director in June 2022. Jonathan has served the Charity, Richmond Communiiy and our benefieiaries tirelessly for the pasl le years with diligen￿, professionalism and a heartfell dedication to the Charity's purpose. The Trustees and team are immensely appreciative of hls work and unrelenting focus on RPLC'S interests. We wish him a long and enjoyable retir8m8nt. I would also like to thank my fellow Twstees who continue to dedlcate significant time and energy to overseeing the managemgnl and activities of the Charity. During the year Peter Bucthell retired as a Trustee, having served for eight years. He has been tireless In his commilm8nt to the Charity. Joanna Nakielny stepped down as Chalr in April this year, exactly as planned when she took on the role. Joanna brought a Galm and clarity to the Charity during the challenging p8riods of Covid and more. ensuring the Charity Gan move forward with Gonfidence in planning for its future. We are deltghted she wll contlnue as a fully aGlive Trust88 and member of RPLC'S sub commitiees. Turnlng to the future. w8 were pleased to announce that Phll Barron is th8 new CEO of RPLC, suc088ding Jonathan. Phil was CEO of Young Westrnin8ter Foundation, a role he filled for several years. hltps..IlvMw.youngwestminster.comlaboutlmeet-th￿te2m1. We ran a rigorous procoss to ensure we found an excellent candidate to lead RPLC through a new chapler of development and exciting change... and beyond. The Trustees were in unanimous agreement regarding the strength of his qualities and experience. Our referen￿ checks only confirmed that view. Phil started at RPLC in mid-october. I know he Is excited to begin work and lead the Charity Ihrough a period of reinvlgoration and evolution. As f(¥ new Trustees. we welcome Davld Herring who was appointed as a Trustee in June 2022. David brings a wealth of comm8r¢ial experien￿. particularly In prop8rty, g8lh8red over a long and successful areer in the sector. I would Ilke to extend gratitude to Amy. Eleanor and Emma in the RPLC team for what has been. at times. a challenging year. Each of them is personable, constructive and dynamic in managing the day-to-day operation ofthe Charity. They have been joined in the last year by Stephen Johnson as our interim Finance Director, who has Slready made a significant and posilive impact. Stephen repla￿d Karen Cadman who stepped back to spend more time with h8r family. She made a terrific conlribution to RPLC OV8r recent years and leaves with our thanks and best wshes. All Trustees are particularly graleful for the invaluable collective efforts of our team and their ability to deliver on RPLC'S tharitable ambition$ on a daily basis. Looking forward. RPLC wlll keep pursuing it8 goal of improving the quality of life of those in need wtthin the Benefit Area. Phil brings experien￿ and new ideas and approaches to RPLC that we believe can move RPLC fomard in step with societal change and enhance the delivery of our support to the community the Charity serves.11 is likely that the charity sect(w will continue to face an increase in demand for seTvlces as the cosl-of-living crisis b6gins to take hold and income levels decrease in real t￿M$. RPLC is well placed to meet this challenge and will do all it can lo maxirnise the impact of its efforts. Jerome Mlsso. RPLC Chair o￿ober 2022 Roport of the Trustees The trustees present their annual report and flnancial statements for the year ended 30 June 2022. Tha flnanclal statements have been prepared in accordanG8 wlth the accounting policies set out in Note 1 to the accounts and comply with the Charity's Scheme. ihe Charities Act 2011 and the 2019 Charities ststement of Recommended Practice (FRS 102}. Gomparaiive information in the Annual Report and the ft'nancial statements has been prepargd wth reference to the previous year end date of 30 June 2021. Objectives of tho Charlty and actlvlti•s for the publlc benpflt The objectives of the Charity under the Charity SGheme are to further all or arky of the following purposes wlthin the Benefit Area {postcodes SW13, SW14, TW9 & TW10): 1. The support of the elderly and those in need 2. The care of people suffering ill health and hardship 3. Th8 provision of re¢re8lional facilities and suppori for lelsure activities 4. The promotion of educatlon and helping peop[8 Wth funding for courses and training 5. Any other charitabl8 purposes for the benefit of the local community The activities durfng the last 12 months outlined this Report reflect RPLC Ttustees. commitment to supporting the local community and their awareness of the Gharity Commisslon's guidance on Public Benefit as reflecled In the Charities Act 2011. Grant Maklng Policy To rneèt the purposes of the charity. RPLC sUPPOrts reglstered charittes. ¢hariiable start-ups, CICS and CIOS, sports associations, sGout and guide asso¢i3lions, church asSo￿atiOnS {provided they have Inclusion policies) and other properly constituted not-for-profit organisations. It also offers dlrect support to individuals with grants for education and training and through crisis grants. RPLC funds aGiivitiès that.. Demonstrate a Glear understanding of existing or emerging need and its ¢au58s Are Informed by local consultation and local kno￿edge Encourage community involvement, volunteering, and self-help Are well-planned, realistio, and achievable 11 make a difference to people's lives. in 8 way that can be clearly demonstrated and evid8nced If feasible. Gan achieve a great deal with a relatively sm8118mount of money Working principally within the BenefitArea RPLC funding should enable.. People to be fulfilled and r6ach their full potential People lo achieve economic, social, and physical wellbeing Increased life 8xpectancy, improved mental health and employability Thriving volunlary and community-based activity. Granl requests which th8 Trustees wlll not normally support are: Applications not In the Benefit Area Anything which Is the responsibility of a statutory body Medical Research, animal welfare and projects of a political nature Retrospective funding and national general charitable appea15 Applications from organisations fu[￿ed previously that have not completed monitoring and evaluation forms Maln achlevements of the charlty, identlfying the dlfference the charity's work ha8 made to the clrcumstances of Its beneflclarles and any wlder benefits to soclety as a whole. To continue to support the recovery of the sector after the Covid19 pandemic, RPLC committed to an exceptional spend over the next three years. Thls led lo an inGf8ase in budget across all our grant making programmes in 2022 allowing us to distribute £1,006.890 (43%) lo core funded organisations, £980.465 (40%) to projects for organisations and schools, £178,108 (70k) to individuals for crisis grant5. £120,096 (5°/0) to schools for child support grants. £88.025130AI to individuals for education and courses and £40,000 (20/0) was distributed on behalf of oneRi¢hmond. After the closure of our designated Covid19 funding projramme we reflected on how the changes in process can improve our 8bility to support local groups. This has included streamlining our procedures where posslble, focusing our monitoring and evaluation requirements, and incorporating learning into our grant cycle to actively inform grant making decisions and strategies. oneRiGhmond builds momentum and this year we were pleased to distribute grants to four org8nisations who had been adversely affected by the Covid19 pandemlc. These were made possible by generous donations and match funded by RPLC and Hampton Fund. We also made progress to build insighl and understanding around projects addressing youth needs and Ihe gap5 in the borough to further build a programme of work on this in 2023. The provislon of charilable rents for Organisalions and residents continued. 69 households had subsidies reducing rents to akyjut 500kn of local housing allDwance. We were pleased lo welcome the Vineyard Community shop to Vesty House, bringing our organisational support up to six organisations with a total chariiable value of £74,624. Case study RPLC Prlmary Sehemo.. the care of people suffering ill health or hardship In June 2022, The Vineyard Community Centre was awarded £16,549 to coordinate a Ukrainian support hub in Richmond. Working in partnership with community groups Prospeiity Café, Refugees Welcome in Richmond and Barnes Communtty Association English School, the Vineyard Community Cantre coordinated a joined-up response lo help new arfivals with Social Inclusion, Skills & Education Gours8S and Support Work. RPLC were supportlve of thi8 appliGalion as it was a coordinated and rapid resFyJnse to an emerging néed and supported the grassroots networks in the borough. Charitable Actlvities Grants to organisations Core Fundlng In 2022 RPLC imp18mented a renewed core funding approach. more than doubling the previous budget and focusirvJ on the stralegio development of 34 organisalions. Unrestricted, three-year grants (conditional on monitoring at each year-end) are designed to support partner organisations to progress their strategic obj8Gtives and provide fl8xibilily to support their client groups in the way they need ￿ most. Fifty-eighl rcent of Ihe organlsattons supported through core funding have an annual income less than £250,000. The average grant size wa5 just under £30,000 a year (2021, £13,000). Seven were new to the pr￿ramme, and fve r8ceived project grants alongside core funding (2021, 17 9rants to core funded organisations). These 34 organisalions are helping nearly 13,000 people a year in the RPLC benefit area. 1413Y Pmary &heme Any other charitalk pU￿Sts lor th L*)eA ollhe local c¢mrwDty • The￿re0[peO￿È ￿[11 h*allh or hafdsl Thejyomotson ofedKabffi afid hefyrto peopltw wdertake couises and Ir31nr The ptovision of iecreabwl facd1￿"eS aml support lorleisvre actsMty"ÈS The supMollh¢ ¢lderfy and those In Dee4 1M ase study RPLC Primary Scheme: The support of the elderly and those in need In September 2021 RPLC awarded £33.918 to Richmond Advice and Infomiation on Disabiltty (RAID) in partnership with Citizen's Advlc6 Richmond (CAR) to pilot in-depth Case work for families who ac￿SS their advice services. RAID empower disabled people by providing advice and information about benefits and services. by promoting Ind&pendent livlng, and by campaigning on local and national issues which affect disablèd ople and CAR provide free, confidential, impartial advire to everyone. Through this pilot. the two organisations put in place case workers to work longer temi with families. The service off8rs a joined up. flexible approach for famllies, a clear referral route and a strong partnership to identify and respond lo th088 needing extra help. RPLC awarded thls grant because it was a great example of partnershlp working, responded lo an emerging need and looks to address Ihe rcot causes of family's issues. We were also pleased lo work closely with Hampton Fund to jointly fund the projeci, using a joint application and monitoring form. Project Fundlng th the Gore funding programme subsuming many longstanding projed grants, RPLC'S project funding refocused on new activity, Gommunity rebuilding and targeted outreach into the RPLC benefit area. 68 grants were made to 55 organisations inGluding seven multi-year projects (2021, one multFyear projecti. The average grant size was £13,600. Applicallons submitted saw themes of an Increased demand for advice and information on bgnefils & SEND support. delivery of hybrid support in person and online & progressing digitsl Indusion., building community and encouraglng clients back lo in-person activities. We have also s8en an increase In requests from local schools for non-statutory activities and capital improvements. Funding new ideas, projects and organisations addressing need in the RPLC benefit area remains a priorÉty for the Charity. in 2021-22 we made grants to six organisations we had not previously funded {2021, 11 organisations). These organisalions supported Initiative5 addre88ing a wide variety of issues including a project that supports Afghan refiJgees', one that delivers creative arts sesslons to empower young people, their famllles and the professionals who work with them to idenlrfy abuse and access the best support syslems; and a programme that rebuilds confidence, develops skllls, and reignites the potential of those in need. Child Support Grants Over £120.000 was distributed across RPLC-catchment slate schools to enable Ghildren from Iow-income famllies to access a rounded Oducation alongsid6 their poers. It subsidised class trips and club places, provided some pupils wth devices for home-learning, and supported catch-up tuition. In consullalion with local Headleachers. we will be reviewing our overall funding to schools to support the most pressing post- covid challenges for maximum impact. Case Sludy RPLC Primary Sch6m8: The provision of recreatlDnal facilities and support for lelsure activities. Achievlng for Children has responsibiltty for deliverlng children'5 seTvices In Richmond. In December 2021, RPLC committed funding lor three years towards the delivery of year-round youth sessions on Friday and Saturday evening5 when local levels Df crime and anli-soclal behaviour are at their highest. The targeted youth service for 11-19 year olds offers supeNlsed activities, aGcredited short courses, and specialist support for local young people. Grants to Indlviduals Crlsls Grants This year, we welcomed Achievlng for Children as our fourth dislribution partner to join Citizen's Advice Rlchmond, RAID and Age UK, alongside RPLC'5 Individual referral partners. Partnerships with these organisations has inGraased access for those most in need and for the grants to be part of a unlv8rsal paGkage of 6UPPOrt offered. Crisls grants continue to be a lifeline for individuals and families, and we are monitoring need following the rise In the cost of living. This year, £178,108 was collectively awarded through direct referrals to RPLG and by our four distrlbution partners. Caso Study wrth both client and wlfe out of work and wilh a new-bom son at home. they suffered the impacts of th8 pandemic with severely reduced income. Client and family desperately needed help with debts, food. clolhing, and equipment for the baby. RPLC'S grant provtded extra food. clothing, and equipment for their baby. .1 would like the Trustees to know that crisis grants to our clients contlnue to be the slngl8 mosl importanl emergency support we can offer.. Cthzen's Advice Rlchmond, (Distribulion partner). 'Thank you so much for arranging my new oven. I had been without one for Iwo years and it ha5 made all the differencel. Individual in recélpl of grant. Indlvldual Education Grants Following widespread disruption to education during Ihe past year3, 43 individual educalion grants were awarded lolalling £88,025. Beneficiaries included undergraduates, local sector workers and those retraining to improve Iheir employment and salary prospects. Case Study RPLC Prlmary Scheme.. The promolion of edu¢atlon and helping people undertake courses and tralning A 23yr old unemployed care leaver left school wilh no qualification5 having been moved between numerous care homes and boarding schools. As an aspiring NHS Emergency Medical Technician, he needs five GCSE passes to be accepted on the NHS training. He researched and selected a suilable provider that indudes tutor support and RPLC was pleased to award an individual education grant of £1.525 to oover the course costg. GCSE qualifications will enable him lo move forward wtth his chosen career as a kev worker in the NHS. Flnancial Revlew {Prior year Ilgures in brackets) OveTViaW Incom During the year the RPLC re¢elved Income of £2.7m1£3.2m). Investments were the source of £1.5m (£1.5m} of thls and properties £1.2m {£1.7m) Expenditure The Charlty Incurred expenses of £4.2m (£3.8m) Within this. direck expenditure on grants amounted to £2.4m (£2.3m) Galns and Losses on Investments RPLC made a loss on stock market investments of-£3.5m (£4.3m) The perfomiance of the RPLC'S inveslments Is considered in more detail below The value of RPLC'S property assets increased to £72.Om {£68.4m} Assets RPLC'S net assets at 30 June 2022 were £115m1£115m) Pèrsonnel and Remuneratlon The Charily opeiates with a small paid staff team. supported by specialist advisors and managing agenls as requlred. The Trustees believe that this struGture is ￿s1-effeCtIve and provides a robust adminlstrative base. The Trustees consider that the Trustees. the CEO and the Finan￿ DireGtor are the Trust's kéy manag8ment personnel in charge of its govemance and day-to-day operations respectively. No Trustee remuneration was paid in the year and detalls of Trustee expenses are disclosed in note 7 to the accounts. Trustees are required annually to disdo88 all relevant intarests and register them with the Director and to deGlare su¢h interest where a conflict arises. The pay of the Charity's CEO and the office tearn is reviewed annually by Trustees who are members of the HR Commillee. Total Return Truslees approved an updated Total Return policy. It was agre8d Ihat there was no need te transfer funds from the Unapplied Tolal Return lo unrestricted funds in the year to June 2022 as there were sufficient funds in the General ReseNes. In the year £2.6M was transferred to the permanent endowment fund. Investment Pollcy Sarasin and Partners were appoinled to rnanag8 RPLC'S financial investments in 2008 and were reappointed in 2017. In November 2017 RPLC Trustees agreed to adopt a Total Return Policy. therefore enabllng the tharity to sp6nd capital rf required. This also allowed for a more diversifi8d portfolio with a better balance between capital growlh and income. The target tolal retum is UK CPI +4.5% per annum. The invesiment objective of the Main Endowment Fund is to produce long-lerm capllal and income growth from a broadly diversified porlfolio of equities. bonds. property, altemative assets and cash. The investment objective of th6 Medium-Terrn Endowmenl Fund is more conservative and 16 investsd in the Sarasin Global Sar Income Fund - where bonds and cash make up most of the portfolio. The investment objective of the Incom8 Fund is algo more conservative. Approximately 60% of the assets ar8 Invested in the well-diversified and equity-oriented Sarasin Endowments Fund. Integrated ethical. soGial and governanc% screening criteria in thes8 managed funds ensure5 that stewardship is fully embedded in these funds and atds risk management and RPLC is working to formalise Ils own ethlcal investment policy in the future. Reserves Policy The Trustees revlew the level of reserves and the reserves policy on a regular basis. Trustees seek to relain suffici8nl general. unrestricted r8serves to enable the Charity to meet expected reGurring demands, together with exceptional requests in response lo emergency need, during periods of falling investmenl income. This has been sel at £0.5M - £1.OM. The year~end balance is £1.2M owing to timings of grants. Grants VKII be made in new year that will reduce it in line with range. Rlsk Management The principal financi81 risks faced by the Charfty lie in the performance of invgslments, the net income from property, the impact of the uncertain economic climate on property and finan￿81 investment valuations. Trustees consider variability of Investment returns on the permanent endowment to constitute the charity's major financial risk. This Is miligaied by retaining expert investment managers and having a diversilied Investment portfolio. Operational risks indude those a$s￿lated with Covid19. remote working arKI the cost- of4iving crisls, delivering effective granl and other Ghariiable support In the local community and managing residential and commercial properties induding ensuring the health and safely of leaseholders. Thè risk of la¢k of Gapacity to manage the various grant-making programmes is mitigated in-house by regular oversight by Trustees on the Grants Committee. The office team are also in regular contaot with outside groups such as London Funders, the Association of Charitable Foundallons. and the Association of Chief Executlves ofvoluntary Organisations. Trustees believe that its various polides and the approved Budget to 30 June 2023 provlde sufficient resour￿8, for example in the form of liquid funds in financtal investment3. in the event of adverse conditions or unexp9cled demand on resources. Truslees are confident that the Chariiy remains a going concern. Plans for the Future Core Funding Programmg RPLC contlnues to adapt its Core Funding prograrnme to be more flexible and longer term. RPLC is increasing inveslment in thls area of grant making. Going fO￿ard core funding will be unrestricted and ommitted to three years subject to terms and conditions. Core funding contributes to the strength, sustainabilily, and resilience of a chariiy. Our alm is for RPLC'S core funding programme to help strengthen our partners organisational and Strategic development. The charities supported will be required to show they are finanGially sound, hav8 good govemanGe and are clear about their ambition5 for their seNi¢e users. They must be open to dialogue and have a leaming approach with activities that align to RPLC'S strategic priorities of improving lives. creating opportunities, and working in partnership. Education and employment Post-pandemiG, we will support individuals to get back on track with their education and ￿xplOyMent prospects. Exceptlonal Spend As th6 voluntary sector seeks to millgate the consequences of Covidlg and with the loomlng cost-of-living crisis, RPLC will conlinue to support recovery and renewal. Grant Management System {GMS) RPLC has Implemented a new GMS to simplify the application process for current arnj potential grantees, and to improve our data management and reporting to Trustees. We migrated to the new system In Autumn 2021 and continu8 to refine and enhan￿ the system. TeGhnology RPLG is working with organisatlons and schools lo narrow th8 digÉtal dI￿de. oneRichmond RPLC will continue lo work with The Hampton Fund and other local stakeholders on thls initiative to increase support for people across Richmond and the organisations that help them. Further details can be found at: www.onerichmond.or Partnershlps RPLC will be looking to establish strategic partnerships with local charities and communlty groups who are able to 8UPPOrt our work In delivering an improved service to individuals in need of support across out benefit area. Stratsglc Plan RPLC'S obleclive is to meet the needs of Richmond and its diverse Gommuniiies. Under the leadership of our new CEO, RPLC will undertake a strategic review. This will include reviewing its strategic objectives in local charitable adivilies, the impact of the charily's grant-malllng, communicalions, operalions. resources and governanee of the charity. Prlorities will be identified Including through feedback from local research and partners. RPLC'S key charitsble alms are to: 1. Improve lives - of young people, those leavlng care and those affected by ill health 2. Create opportunities - to encourage social inclusion. skills development, and employability 3. Work In partnershlp- to maxiffllze soclal impact and effective grant maklng Structure, Governance and Management RPLC administers a royal grft Made In 1786 to help the community In Richmond specifically within the Ch8rity's benofit area which comwises the London postcode districts: TW9. TW10, SW13 and SWI4. The Charity was reconstituted in its current format in 1968 ond is governed by a Charlty Commission Scheme sealed on 13 May 1991 and amended on several occasions since that date. Exiernal apwintments to the Trustee Board are limited to from the London Borough of Richmond upon Thames and one from tho Richmond Society. All other Trustees are recruited through open advertisemenl and intetview. RPLC'S Trustees are listed at the end of Ihls report. Trustees are appointed for four years. followed by th8 possibility of a furthei four years. Appoinlments are made bearing in mind specific expert158 needed on the Trustee Board followng a sktlls audit of the Board. In November 2015, the Charity Commission approved the linking to RPLC, for administrative purposes, of two small local endowed Iharities: The Barn8s Relief in Need Charity {charlty no. 200069-1) and the Balley and Bates Trust (charity no. 200069-2). Durlng the year approval was given by the Charity Commission to a resolution agreed by Trusl@8s requesting perrnission to spend down on the Iwo Bames Fund5. At Trustee meellngs, typically h81d up to 6 times a year. Trustees sgr8e the strategic direction of the Charily. Committees review and input on granl applications. property managemenl. asset management and the review of polld88. governance. and perfomiance. The day-to-day adrninistratlon ofgrants or education suprMNt. and the pro￿SIng and handling of applications prior to consideration (where ne(*ssary) by the relevant Trustee Committees are de16gated to the CEO and th8 RPLC team. Fundraislng Section 162a of the Charities Act 2011 requires charities to make a statemenl regarding fundraising activitie8. The legislation defines fund raising as°soliciting or Othe￿Ise procuring money or other property for charitable purposes.. SuGh amounts recelvable are presented in the accounts as Income - Donations" and includes grants. However, RPLC does not undertake fundraising from the general publlc. In relation to the above we confinn that there is no involvement of commercial participators. professional fund-raisers, or third parties. The day-to-day management of all inoome generation is delegated to the executive team, who are accountable to the Trustees. Any solirAtallons would be man8ged intemally. The charity is not l)ound by any undertaking to any regulatory scheme and the charity does not Gonsider it necessary to comply with any voluntary fundraising codes of pracliGe. No complalnts have beell received in relation to fundraising activities. The tenns of employment require staff to behave reasonably at all times., as we do nDt approach indiwduals for funds, we do not have a particular referen￿ to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities. io Admlnlstratlve Inforniatlon TRUSTEES Jerome Misso, Chair from Apnl 2022 Joanna Nakielny. Chair unlil Apnl 2022 Owen Carew-Jone$. VIc8-Chair, Grants Committee Chair Carol Fletcher. Financ8 & Investment Committee Chair Chris Phillips, Property Cornmlttee Chair Claire O'Donnell Duncan Richford Paul Lawrence Peter Bucthell, Cllr. LBRUT {Council appointment), unlil Jun8 2022 Richard Pyne. Cllr. LBRUT (Council appoinlment). HR Committee Chair Ruth Scoti Stephen Speak. from July 2022 David Herring, from Jun8 2022 RPLC TEAM Jonathan Monckton, Director, rell￿d June 2022 Philip Barron, CEO, appointed October 2022 Amy Vogel, Education Grants Manager Eleanor Rees. Grants Manager Emma Fiorentini. Grants and Office Admlnistrator Karen Cadman, Fina￿9 DireGtor. until 30 Sept 2022 stephen Johnson. Finance Dlrector, from l May 2022 OFFICE & PRINCIPAL ADDRESS RPLC, The Vestry House, 21 Paradlse Road. ISA Telephone." 020 8948 5701 ADVISERS Auditors BDO LLP. 55 8aker Street, London W1U 7EU Bankers Bardays Bank, PO Box 385, Onslow Hall, The Little Green. Richmond TW9 1QS Invostment Manageis Sarasin & Partners, Juxon House. 100 St Paul's Churchyard. London EC4M 8BU Property Management HML Group. 1-11 The Quadrant. Richmond, TW9 1BP SolTCltors Dixon Ward, 16 The Green. Richmond. TW9 1QD Moore Barlow, Th8 Oriel, Sydenham Road, GuildfoTd GU13SR li Statement of Trustees, Responslbllitles The Trustees are responsible for preparing the Trustees, annual report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally AGcepted Accounting Practice). Charity law requires Ihe Trustee5 to prepare financial statements for each financial year that give a true and fair view of Ihe slate of affairs of the Charity and of the incoming resources and application of resource5 of the Charlty for that year. In preparing those financial statements the Trustees are required to: select suilable accounting pollcles and then apply them consistently obserye the methods and principles in the Charilies SORP make judgement$ and accounting estimates th81 are reasonable and prudent Stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the finan￿al statements prepare the finall¢ial statements on a going concern basis unless it is inappropriate to presume thal the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fsnancial position ol the Charity and to ensure that the financial slatsments comply with th8 Charities Act 2011 and regulations made there-under, and the provisions of the Charity Scheme. They are also responsible for safeguarding th8 assets of the Charity and taking reasonable steps for the prevention and deteGtion of fraud and other Irregularities. The Trustees are responslble for the maintenance and integriiy of the charity and financial Information included on the charity's webstte. Legislation In the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees on 9th November 2022 and signed on their behalf by: Jerome isso, RPLC Chair 12 Rlchmond Parlsh Land5 Chartty Financlal Statements Year Ended 30 June 2022 Registered Charity Number 200069 Richmond Parish Lands Charity statemant of flnanclal activities for the year ended 30 Jun• 2022 Incom• and Expondtturè Note Unrestricted funds Restrlcted funds Total 2022 Total 2021 Income Donations and glfts Charitablg property Inveglment prop8rty Investment Income Galn Dn diskxjsal of property 39,984 777,009 393,125 1,519,284 07,140 638,099 641,810 1.fA4,313 638,099 541.810 1,544,313 Total income 2,724,222 2,724,222 3,236,642 Expendlturg Cost of raL8lng funds.. Investment property Management fees Los8 on disposal of proprfty 325,890 325,890 178,707 3.897 186,007 163.909 178.707 3.897 325,890 182,604 508,494 349,916 Ch8rltabl& actmtles 3,082.179 589,675 3.671,854 3,424.413 Total expgndtture 3M08,089 772.279 4,180,348 3,774,329 Net èxpendlturo befor8 other re¢ognised galns and Iossgs 1683,8471 {772279) 11056,126) {S37,7871 Nel Ilossllgain on Investrnenls Unreallsed galn on waluation of prop8ty (3,479,185) 13,479,185) 4.307,341 4,612.750 4,612,750 4.103.500 Not Inwmè befora transfeTS 1683,847) 361,286 1322,561) 7￿73,054 Transfe￿ bgwn funds 128,182 {128,1821 Net movem•nt In funds 1555,665) 233,104 1322,5811 7,873,034 Total funds brought fO￿ard 12 1,774,804 113,716,424 115.491.228 107,e18,174 Total funds carrled forward 12 ,219,q39 113,949,528 115,168,667 115,491,228 All amounts rel812 to conlinulng 2CtlvlUes. All rocognised galns and IDsses are Included In the Statsmenlol fin8nd818cilvllles. The notes on pag68 4 to 21 form part of these flnanclel Stalemgnts. Richmond Parish Lands Charity Balanca sh8et aB at30June2022 Unresitlot•d fvnds RBstrtded funds Total 2022 Total 2021 Flxod aN50ts Froehold larKI 8nd ￿lIdIng5 Invastmant PTopeTlle8 55,881.500 16,089,361 55,661,5 16.089,361 66,893,750 11,589,256 other investments otherfix8d BS8ets 41,870,565 41,870,585 45,439,058 113,841,426 Iq3,841,426 113,922,063 Current assets DabtOT6 Cash at bank @nd in hand 687,082 1,320,574 538,618 880,840 538,818 988,942 lo8,1￿2 1N19,46E 108,102 1.627,560 1,987,664 Curront Ilabllltle5 Cr•dilor8 ¥nd accruals 1200.319) (200.3191 1438.4911 {200,3191 1200,3191 14380911 N?t curront assets I,￿9,139 10&102 1,327,241 1.669.186 Total ngt assgts 13 1,219.139 113,849,528 115,168.667. fj15,491,228 RePr￿Qntrd by.. Restrlctedfvnds." Endowment fund Bame8 Chariiles funds on8Hchmond lund 12 12 12 113.949,219 113,949,219 113,553,373 123,067 3S,984 309 UnrgstrictedAundy. Goneral reseNes Bamgs chafides 12 12 1,219,139 1,219,139 1.774,81J4 Totsl funds 12 1,219.139 IlJ,949,S28 116,168,667 114491,228 authorlsed lor Issue by tho TrusteE8 on 9 Novemb 20 and signed on thelr behalfby: Jerome MIS80 Chalrman lep en Johnson nce Dlrectoi The notss on pages 4 to 21 form part of these financAal slatements. Richmond Parish Lands Charity statomentof cash flov for the y￿r ended 30 June 2022 Note Unrestrlcted funds Endowment funds Total 2022 Total 2021 Cash flows from operatlng at￿vItIeS Nel cash utsllsed by oporaling activtues 16 12,570,583} 1507,4971 I3,078￿60) 12,394,086) Cash flows from Investlng actlvitlo3 Rent from Inve8tment properti8S Dwldends Y￿e1ved Intere8t received Land and bu15dinos plannlng and development cost Sale of tand and bulldlftgs Purchase of Inveslm8nts Sale of knveSln￿fits 541,810 1,543,942 371 S41.810 1.543.942 871 393,125 1,518,003 1,281 (50,106) 621,103 1162.915) 207,517 150,IC6) 621,103 (162,915) 262,223 121,4331 3,252,14Q (3.494,495) 1,265,884 44.7[ Net cash provlded by Inyastlng actlvltlgs 2,130,829 815,599 2,746028 2,914,605 Cash t]ows from financing actlvltles Incrèase In cash and cash equlvalents In the year {439,734} 108,102 1331,632) 52Q,420 Cash and oash equiwdlenis at the beginnlng ofth8year 1,320,574 1,320,574 800.154 Ca6h and cash equlyalenls at the ènd of the year 880,840 108,102 988,942 1.320,574 The notes on pages 4 to 21 form part of thos8 finarKlgt 8tat8ments. Richmond Parlsh Lands Charity Not05 formlng part of the flnancial statsments for the year ended 30 June 2022 Accountlng pollcles The prfnclpal accounting poucles adopted by the Chatity. wh￿h is a publlc benefit entity, In lh8 preparadon of tho financlal statem8nts are as follws: 88sis of Ilnancial stat&m8ntpwar8lion The financial st8temenls have been prepared under the hlstorical costconvention, 88 rrvjdiffied bytha Inc5u5ion of ¢harltabie propertie5 and r￿ed asset investments and Investment properties at valuation. The flnan¢S8l sl819ments have been prepared in accordan￿ vllh Accounting and Reporting by Charfties: Slalemerst of Recomtnended Pr8Ctke 2019, effecttve 1 January 2019 (Charities SORPI and Flnan¢ia Reportln9 Standard 102. G￿ng concfjm The financlal 818t8rnents are prepared on a golng concem basis.The TN5te88 have considered. In the contsxt of the ongoing recovery from Covld-19, Increased fuel costs. inflalionand war In Ukarfane, the Gonunued approprlateness of the going con￿￿ bas15 forthese financlal statemenis. The Charlty's Investment portfollo 15 characteri88d as a l￿d asset investment on the balance 8he81 because the existlng policy Is to r8laln the Investm8Dts for the ry)nVnuing benefft't of tho Charity in terms of income and capital galn. Th8 quoted investrn8nts. in Note 8. ate hel(l in liquld securitles, tradeable dally and the Trustees do not see any problem with th? I￿uk17ty of th8s8 hokiings. Accordlngly, at 30 Jun8 2022. the Charity held £41.9m (21y21 £45.4m) of Ilquld investments and cash or cash equivalents, well in excess of 88veral years. expendllur8 £4.2m (2021 £3.8m). Additionally the value of the ChariV8 investment por￿110 has continued to recover strongty slnce th8 balance Sheet date although m8Tkets remaln volBlile. While the Charlty ha8 increa8e(l ils expendltsjfe on charitable athl1￿5 In responseto the Covid-19 sltuallon the Truglees do not currently believa that th8 Charity wlll requlre a siunilicant drawd¢Y•vn from ils investment portfolio. Accordlngly, the Trustees beltev& a materfal uncertainty doe8 not exist and h￿ce the golng concern ba818 remains appropriate. Inv6stm8nl8 Listed Ge￿[ItieS and unlitrust investrnenls have valued 21 mld-market Pric68 al the yeaT end. Any gain or loss on revaluallon and disp)sal is takon to the Statem8nt of Financial Acllvities. Dlvldends on ordlnary stocks. including spetslal dividends where appropdate, and pref8rènce shaTes, are aCcll￿d lo r8v8nue on the dates whan the investments are nrsl quoted ex4ividend. Interest on Government an(F olhw flxed interest stocks and bank deposits is accrued on a daily basls. Unit trusts are effe¢tlvely 8cGounted foron an ¥Gcrua basis with those that go ex4Jwidend shortly after the financld year end of 30 June 8re induded in the income accounts ￿ the period up to 30 June. In November 2017 Trustoes adopted a total return appTo&ch io investmen18. Investmgntprop8rties Investment propertl8s are recorded at fair value, In determlning an apwopriate valuation, Investment propertles are r8valu8d every 6 years to open marf(et value. Adv1￿ on mat8ri81 movements for re81d8nli proprI￿S Is obtalned from desktop valuatlons In th8 yeais belween. Expendilur8 whlch enhanGe5, ra￿er than maintains, the properues is capilallsed. Rents are arthunted lor as they fall due. Invosfmenl properties are held fvf long-tem rental income and caplial 8ppreeiation. No depreclatlon Is provid8d and the Tru8lees consider Ihal thls a¢C￿nting polloy re8ults In thg financlal 5tatoments giving a true and falrvigw oflha falr value of these assèts. . Frnehdd charltable prop8rti8s The Charlty has opted to recognlse freehold charftable prop&rtles al fair valu6. In daterninilng an apwoprtate valuation, fre8hold charitable properties are revalued every 5 years to open market valu8. Advice on n￿terIal movements for resldenllal propertles Is obialnad from desktop valuations In the years bè￿¥e8n. Expenditure which enhances, rather than malntaln5. the properties is ￿pitalIsed. Rents are accounted fDras they fall du8. Richmond Parish Lands Charity Nots¥ formlng part of the Ilnanclal 8t8tsm8nts for the year gndod 30 June 2022 AGcounilng pollcles (continu8d) Freehold land is not depreciated, The charlty has adopted 8 poll¢y of dep￿latIng the bulldlngs element of charitable resklenllal property on a straight-line basis over 50 years. In the vlew of the TNstees thls SQ year usefLtI econornlc Ilfe ￿preSentS the rnedlan positrfyn of all components wilhln property and any Impact of adopting 5eparale components wllh unlqua useful gGonomlc lives would be Immaterfal. Tanglble 8ssels and dow8ci8tion Below £2.500- wrlll8n off in the y88r In whtch K is Incurred. bove £2,5￿ - ¢Apllalised and depreciated using the follo%￿ng rates: 10% 5tralgh( ling 25% stralghl Ilne Furnllur8, fitting8 and fixtures Computer equiwnent IncEudNig software Debt Trade and other debtOTS are reoognlsed at the setllement amount du8 after any trade dlscount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. C8sh 8t bank gnd c8sh In hand Inoludes cash and short tsrm highty knquld Invesln%nts wllh a short maturity olthree months or le58 frorn the dale of acqulsltlon or op8nlng of the d6POSIt or slmilar aocounL Creditors andprovlslons Creditor$ provisions are recognked wherelhe charty has a ptBsent ot4h3ation resulting from 8 past event that will prob8bty result In the transfer of lunds to a thlrd party and the amount due lo settle the obligatlon can be M￿U[ed or estlmated reliably. Creditors and provlslons 8re normalty re¢ognised at their setlemenl amount after allJNlng for any trade d15counts du8. HnsnoiBI Instrufflents The charlty onty ha5 Wnancial 8S5ets and ffnancial labifities ofa klnd that quallfy as baslc flr7aneiai wistT¥ments. Basic linancial Histruments are inltlalty rec￿￿nIsed at tsansacllon value anrj 6ubsequenlty Thwsured at their settlèment value. Endowmgnl Fund The Endowment Fund r8pres¢nts the pemanenlendowmBnlof the Charity consisting of the baiance of unsold fr08hold property on the Qu88n's Road Estate and other asse18 deAvlng froEn the PFoceed8 from the Estate. A Toial Return approach had been adopted for Ihls fund. This means that it Is made up of a permanent endowment fund. whlch ￿n￿oI ￿ spenl a5 Income, and an unapplied total retum fijnd, that Gomprises that part of the return on the Chartty's pernmnanl endowrnent that has not yet been allocated to the pemanenl endowment fund or to genetal reserves. Gèn8ral Trserves The general Feserves comprise the accuThulated stjrpluses of unreslrlcted In¢0￿￿ ove¥ gxpendlture, whlch are 8vaIlab￿ ts use in furtheTance of the general objecuves of the Charity. Richmond Parish Lands Charlty Notès lomilng part of the financlal statements for the yfrar endod 30 June 2022 Aceountlng pollGles (￿ntinued) Income from donalions orgranls. Donatlons are accounted for a8 Soon a8 there 18 entiuement, and the amount is measurable and receipt is probable. Income f￿￿ charitoble acllvifles Renl Is recogn188tS over the period to whlGh it reiales. Any amounts relatlng to fi5ture perw)ds are déferred. Inveslmenl In¢om8 Dlvld8nds are Included In the Statement of Financlal ActivlUes whgn they are deGlared at an anKJunl which Includes the tax credit recoverabla from HM R8v8nue and Customs. Olhgrtrading income Rental Income from n0n￿harfIable sources Is recognised over the perknd to whlch ￿ relates. Any relallng lo future periods Is deferred. Exp8ndllure Expenditure Is I￿lL￿ted on an accnkl's basis. Grants payable ara charged In Ihe year when the offer is conveyed io the recipient, except In those cases wher6 the offer Is condltional. Such graTrts are recognlsed as expendituTr when the conditions altsGhed are fulfilled. Grants offered subj8ct to conditions wh￿h have not begn met at the yeaTend arB noted as a commltsn8nt. bul not accrued as expenditure. Support costs IvclLtd8 Staff cosis and are Ihos8 whlch do nol produce a direct othput. staff ¢osl$ relate lo speclfic 2ctivÉties, and this is reflected in the allocation of payroll costs based C￿ the percentageoftim8 SP8nL The headlngs under which payroll costs aye alfjwated are shown in note 4. PTofe855onal fees are charg￿1 to Restrscted or Unre51rfci8d Funds as appropriate. All costs. IrKludlng gov8mariGe costs, are 8lk)¢ated betW8en the expendlture categorles of the chafkty on a basis designed lo refl8cI the us8 of the resource. Gosts relating to a particular activity are charged dlrecuy., Dlhers are apportioned on en appropriat8 basis, Support costs and ovèrheads have been calcukqled by allocating staff tin￿ to the16vel of involvement in th8 various actwltles of th8 ChaTIty. Richmond Parish Lands Charity Notes fonnlng part of the flnan¢laS statgmènts for thé ygar gndgd 30 June 2022 (contlnu8d) Accounling pollcle5 (continu8d) Penslon sch8m The Charity makes contrilyJUons io d8fined cgnlribution pension scheme ihrough auto enrolm9nl. Thes8 conlrlbuUons are charged to the income and expenditure account In the year In whiBh they b9C0￿ payable. Tax Status The company Is a charity ￿￿thIn the meanlng of Para 1 Schedule 6 Fknance Act 2010. Awrdlngty, the company is poientlally exempl from laxallon In respect Of Incorne or capital galns wilhln calegorfes covered by ChapteT 3 of Part I l of the CDrporatlon Tax Act2010 or Section 256 of the Taxatlon of Chargeabl8 Gains Act 1992. to Ihe exlenl that such Income or galn8 are applled exclushfftty to ch8rilable purposes. No tax charge aros8 in period. V8lu8 Added Tax Value added tax 15 accounted for on an accnjal's basls. Tha prlmary aC￿￿tt&s of th8 Charity, i.e. grant8 10 charitable Organ￿all0nS and fhe provi51on Df soclal housing, oonstllute exempt8uppllos. Accordingly, no Inpul tax is recoverable. For bustnos8 supplies chargeable lo tax, l.e.. renting units at Vesty House, input tax dlrecuy relating to goods and servl¢es that have enabled lh8 supply, and relating lo a falr proportlon of the cost of centrd servlces In 8UPPOrt of th8s8, is recovered from HM Révenue and Customs. C17Eical atxx)vnllng e$lln7818B and 8fftas ofiudgomenl In prepaTlng Inancial statements il is ne¢essary lo make certain judgements. estlm8tes and assump￿OnS Ihat 8ffect the amounts recognised in the financial slatemenls. The following ludgemenis and estlmaies are conslderod by the Trustees to have m05t signifiGanteffecl on amount3 [￿nIs￿ In tho finan¢kl 8latemeftts 1.Th¢ ludgemenl In th? extemal and (lesklDP valualion of properbes (Note 71 2.The F￿esUMed e¢onomlc1rfg of the propertles and the depreclation thereof (Note 7) Richmond Parish Lands Charity Ntttfrs fonning part of the flnanclal statements for the year endod 30 June 2021 (conllnu8d) Charitablg property Income Unrestrlcted funds 2022 Restrlcted funds 2022 Total 2022 T¢)tal 2021 Resldenllal Income Non-resldentlal Incom• 605,172 32,927 605,172 32,927 718,087 58,922 638,099 638,099 777,009 JI charitable property InconE 18 allocal8d to unTe51ricted fvnds for use kn support of RPLC'S charitable acttvibes. In 2022 £638,099 (2021 £777,0091 of th8 charftable activllles Incom was generated from restrlctgj funds and £Nil (2021 £Nil} was from unmstrictsd fvnds. Investment Sneome Unrestrlctéd lunds 2022 Endowmènt funds 2022 Total 2022 Total 2021 Incom from investments Money markel Intere51 1,543,942 371 1,543,942 371 1,518,1)03 1,281 1W.313 1,644,313 1,519,284 Al Investwngnl ITwme Is alk￿led lo unrestricted fvnds for sjse In 8UPPOrt of RPLC'S charitable actlvllies. In 2022 £NII12021 £52,551) of the totsl investment Incomwas from unrestricted fund8 and £1.544,313 {2021 £1,468,733) was from endowment funds. Richmond Parish Lands Charity Notes forming part of the flnancial statemgnts for tho year onded 30 June 2022 {contlnu Resource3 frxpendad Resourw expended, inclLvJlng the brBakdown of sUPPOrt oosts and the allocalion betsveen gov￿nance. charitable 8nd other aclivitias are as follows.. Unre3trlctpd funds: other expendlture 2022 staff cost5 2022 Total 2022 Total 2021 Cost of Ralslng Fund8: Investment propety cosis: Directcosts Support costs 268,958 25,220 268,958 56,832 135,909 50,098 31.712 Tolal ￿8t of ralslng funds 31,712 294,178 325,890 186,007 Charltablo actlvltles: Grants exp8ndilure'. Directgranls expenditu￿ {Th)le 6> Supp(xt costs 2,387.322 63,051 2,387.322 188.327 2,343,965 145.096 125,276 125,276 2.4SO.373 2.575,649 2,489,061 Charitable property expendllure.. Dlrect Cosls Support costs 369,507 25,220 369,507 80.270 319.110 66,979 55,060 55.050 394,727 449.777 386,089 Govemance.. Supwrt ￿)Sts 44,143 12,810 56.703 49,283 44,143 12,610 56,763 49,263 Total charitable activltles 224,469 2,867,710 3,082,179 2,924,413 Total oxpgndlture from unre8trlctsd fvnds 256,181 3,1510B8 3,408,069 3,110,420 Richmond Parish Lands Charlty Not#8 formlng part of the financlal statsments for the year ended 30 Junè 2022 Icontinued) Resources expended (Gonthued) Total 2022 Total 2021 Endowm•nt fund8: CDSt of ral8wfurvAs InveslmerEI rnanagement COBts Lo8s on dispc4al ol prop6rty Tolal 178,707 183.9(Yd Chaihalknathlty: Olrecl grants expendlur8 (tvjts S) Depredallon Toial 39.67S Total 8xpenditur8 from endowed fund$ 772,279 663,909 4,180A48 3,774,329 Total gxpenditur8 Audit fees bwne by Ihe Charty in the perlod amounted to 2022 £20,000 (2021 £19,692) inclushe ofVAT, the majority of which cannot bo recialmed by the charily. Support costs and overheads have been calculated by a]locating staff time lo the18vel of Involvement in the varlous act6vMes of the Charity. DlrBct grants expendlture Unrestricted 2022 Restricted 2022 Totsl 2022 Total 2021 Orgartl8atTons, 2022 Awards 13712021- 110) Cor8 futrfir¥d Prolecas COVID ChiEd sUPPOrt Other 419.712 e86,030 818,503 113,805 108,254 1,006.890 940.790 1.008.8 980,465 39.7es 120.096 53,413 120.096 S3.413 2.121,189 39.7&5 2,160,864 2,144.304 Indlvl(lJals. 2022 Aw4ft1$ 305 (2021-4721 Crlsis Educauon 178,108 88.025 146,275 53,380 178.108 88.026 2.387.322 39.675 2A26.997 2,343.965 iyect grants expèrKtllur In adrfitlon to Iha diiect grants expendRure al￿e RPLC £656,40012021 £4W,2121 ofrent subsidles g￿nted to ¢hartablo tsnants when 8elting Ihelr currenl charitoble rents. R8e￿￿Illa1th ofgrants payabb: Total 2D22 Totsl 2021 Cr>mmlknnenis broughl fornard Commitn￿ts madg in th8 year 76.190 2,426,997 11,266 2,34&965 2,503.187 (2.490,5301 2,355231 {2,279.041) Gr8tds pald durEng the year Commli ments ¢aTrfed foNRtd fj2￿7 76,190 In addiuon lothe amounts committed and aGGrued noted above, the Trusleas can also authorfse oertaln gwts whlch are subject lo the reolplenl ft1￿111ng certaln condltions. The total amount authorlsed bvt nol awrued as expendlluro al 30 June 2022 was £Nil12021- £NiD- io Richmond Parish Lands Charlty Notes forming part of the Ilnanclal statemgnt5 for tho year ended 30 June 2022 (contlnued) Tru8tse8' and employp08' emoluments Employoe8' omolument5 2022 2021 Wages and salartes Social security costs Pension c03ts 216,253 19,545 20,383 190.559 16,852 16,429 256,181 223.840 The full time equlvalent average numb8r of amployees wortdng for th8 Charity was 4.4 120213.8). The average number ot people employed was 6.2 {20215.0) Salary range for employees eaming £60.OOD p.a. or more 2022 2021 £70,000- £79,99g Pensk)n ￿￿tributIonS made on behalf of 8mptyees eorning over £60,1100 was £6,91412021 £6,781) Key management &moluments The key management parsonnel of the charfty are the Trustees, the Director and the Finance Dlrector who together have 8Uthorlty and responEibility for plannlng, directing and controlling tho atttivilies of the chartty. Tha total emoluments pald to Trustees of the charity were £Nil {2021 £NIII and no tru8tee received relmbur8ed expenses In the year(2021- £NII} 2022 2021 Managgmont emoluments Wages and salarf85 Social SecU￿ty cos18 Pénsion costs 120,014 14,305 11,OW2 114,146 12,972 10,163 145,411 137,282 Richmond Parish Lands Charlty Notes fomilng part of the finanelal statements for the year ended 30 Jun6 2022 (Gontlnued) Freghold land a￿d bulldlny5 All propertles were v81ued al 30 June 2022 by m￿hael Roger8 LLP. Watemiill House, Chevenlng Road, Sevenoaks. TN13 2RY, Thesa valuatlon8 took Intoa¢¢ount both Ma￿e1valU8S and tenancy detalls pertalnlng as at that dak. Residenknal propertles were valued on the basis of vacant POS8esslon wer8 held on Assured Shorthold Tenancies a¥ pos5esslon Is easily obtained and PrO￿rtieS coukl, If necessary. be sold wlth vacant PO88ession. Regulated te￿an￿e5. whlGh have futurè Tarils capped by regulated rent Increas8 caps and a lack of vacant possesslon due to the tenants, securfty ol lenure, were di8counted at an appropriate dbcounl rate. Non-ro8kJenbal propertleB hava been velLted based on Inwmg ylelds. th8 ex¢eplion of tho Queen's Road Devebpmenlwhkh has been valued at cost as ￿ is Gurrently an asset In the course ofc0n8tNG￿Tr Re8ldentlal other proport198 harltable Tot81 Endowment Fund: Charitshle Propertles.. Valualton At 1 July 2021 R8dasS￿lGa1l0n Dlsposal Revaluation of propartles 45,883.750 I3,8￿,0￿)) (625,000) 2,78.7,750 11,017.orx) 56,900,750 (3,895.0001 (626,0001 3,500,750 713,000 ValuaUon al 30 ju￿ 2022 44,1&1￿00 11,730,000 55,881,600 Depreclavon At1 Juty 2021 Disposal Charge fortheyear Wrltten back on revaluaUoD 7,000 540,000 (640,0001 10,000 117.000} 550,000 557.000 Dapreolatlon at 30 June 2022 Netbook value At 30 Junv 2022 44,151.500 11.730,000 5S881,500 At 30 Junè 2021 45,883,750 11,010,(rf)o 56.893,750 Mlchael Rogers LLPS esJmate that a8 DI 30 June 2022 the rents In IhB reshl8nbal ¢harttable proF*rtles were subsldlsed by a total of £488.462{30 Juna 2021 £478,54). During thg year RPLC dlsposed of charitable resldenllal property al ￿ndha￿ Road valued at£635,000 for a reJis8d loss, nat ofsales cos18, of£3,897 12 Richmond Parish Lands Charity Notes formlng part of tho financlal statements forthe year ended 30 Jun8 2022 (¢ontlnuedJ Freehold land and bulldlnB5 (contlnued) Restrletèd funds: Investment Propertles Vestry & Dlckson House¥ Resldentlal Quogn* Road Propertlès Development Totsl ValuatL)n at 1 Juty 2021 Reclassifscalion Plannlng and development Costs Additlons Dk8posals Revaluaiion 2,780,000 8,525,000 3,895,000 284,255 11,589,255 3,895,000 50,108 60.1 L {90,000) 64S,0(hJ 5S5,000 Cost and valuatkin al 30 June 2022 4690,000 13,065,000 334.361 16,089,381 V05ty House is party used as offices by the Charfty. 13 Richmond Parish Lands Charity Notes fornilng part of the finamclal statements for thB year ended 30 June 2022 (Gontinu Invgstments MOve￿nts in the Investments have been a8 foHows". 2022 2022 Unrestrlcted Rè8tr1ct 2021 Total 2022 Total 2021 UnvegtrlGted 2021 Reatrlctpd Valuatlon brought forward 44,7¢ 45.394,352 45,439,068 1.313.006 37,679,354 38,992, Unrgallsed apprEdaik)n. S￿Ory¢ar {406,7831 12.6942311 13,101,014) (9,￿2? (7.W.198) (7.319.100) Cost brought forward (34.W31 38.Q85,154 38,119,957 908.223 34,885.123 35.891.346 AddlllDnS Èt e£¢sl Dlsptss818 at cost 1tr2.916 1157,4091 62,915 {192.2q2) 9.895 (8B1,1151 3.484. 1384.789) 3194,4 11,265084) 134WI 38,111957 Cost c&rrfodforward 38,090.660 38.090.660 34,803 28,084164 7.319,1￿• Unro8llsed AN>re&alion. currant year 3.779.905 3,779,905 ,9￿2 7V.198 46,439,1)68 ValuaVon carrj foTh¥ord 41.870.KS 41,87Q 44.708 6J94.352 Inves1T￿l8 at the balance sheetdate comprlsg" 2022 2022 Unrostrict•d R¢8trfct 2022 2021 2021 Totsl Unrestslcted Restrlctsd 2021 Total 0￿￿rrIX*d Inlere&t COIF Equ￿eS 44,706 247,108 44.708 21r2,402 247,108 Uiwl trusts aThJ fund5 Cash held by jnv8slmenl m&8g8TS 41,B29.(fj1 41.5D4 41,829,Cfil 41,504 45,189,Q58 45,189,B68 2,092 2.092 Totsl investments at markot value 4107Q586 41,870￿85 44,706 45A94,352 45,439168 14 Rlchmond Parish Lands Charity Note8 forming part of the flnanclal statements for the year gnded 30 June 2022 (contlnued) 9 Other fixed assgt5 Computer and officè èqulpm&nt Furnlture, ftxtures and fittlng Total Cost Al 1 July 2021 Addlttons Disp05a18 64.900 29,390 84,290 At 30 June 2022 04,900 29R90 84,290 Depr6ciati(hry At 1 July 2021 Oisp08als Ch8rge for the year 54,000 29,390 84.290 At 30 June 2022 54,900 29,390 84,290 N6t bcx7k value At 30 June 2022 At 30 June 2021 15 Rlchmond Parlsh Lands Charity Notss formlng part of the financial statements for the yaar ended 30 June 22 (contlnuadj 10 Debtor& 2Q22 2021 Amounts duewithin one year. Unrestrfcted fuDd8 Rent and servlca charges Amounts in hands of agents Dlvidends and interest recelvable Interfund debt¢X other deblors and prepayments 62,867 114,853 305,709 82,273 60,687 303,931 180,¥25 59,274 55,189 538.618 687,090 Restricted funds Other debtors and prepayments 19,992 11 Creditor5 and occNals 2022 2021 Arrn)unts du? wtthln onè year.. UnrestrIct￿ Fund¥ Tr8de creditors Taxation and sodal Secur￿ ¢08ts Deferrga income Sundry cr&lltors and #c¢rua18 11,807 1.417 100.662 88.433 33.792 73,935 149,839 200,319 257,566 Re5trfcted Funds Inlerfund credltor Sundry ¢r8dltors and accNals 180,W25 180,925 Total 16 Richmond Parish Lands Charity Notss fornilng part of th? flDAnclal statements for the year ended 30 Juno 2022 (¢ontlnu8d) 12 Statement of funds Year gndgd 30 June 2022 UnrostriGted funds Brought Fonyard Galttsl 11088881 Transfers Carrled Forward Incoma ExpendltUT8 lrfout) Genetslfund6 General re8eNes Bame8 thaTlti88 1.774PL14 2,717.OS7 7,1&5 (3.Z12,7221 1135,2471 1219,139 128.182 1,774,804 2,724,222 (4408,069} 128.182 1,219,139 TDtal ￿)rOSt￿¢￿d 1,774,8Q4 2.724.222 13AD8,0691 128,182 ,218,139 EndowmBntlunds Pgmianent e[￿OWment fund UnapplIed lotl ￿[￿rn 88mes Charilles ￿ndS Other on8Ridwrxl fund 7￿5￿159 42.￿4,2fj4 123.C£7 2.6C#)..OCrf {2,600.Cth]I 112B,1821 71189.989 4D.760.060 (732,8Q41 1.126,450 5.1fj5 39.984 139,675 Total r881rlcted lund$ 113,716A24 1772,2791 1.133.688 1128,1821 113,949,628 Total funds 116.491.228 2.724.222 I4.180￿48> 1,133,665 116,161667 The un￿trIcted hmds oftho dt8rlty Inthde M deSIgnat￿ [￿$whIch have b86n gel a6iCte out of uNBsblcted funds by the triistee8 foT g speclfic PUfPDS09 PW21 £NIII Yearended 30 Jung 2021 Unrnslrfctéd fvnds 3rought Foffward Galnsl 1105sès) TrnngfvT¥ Carrled Forward In¢om Expenditure Gonernl fundg Gener81 reserves Bamescharf￿eS 2,D55.378 2,680.697 8,721 12,*1,271> 1149.1491 1,774,B04 5,725 79.335 2.110,746 2,669,418 13,110.4201 5,r25 79.&35 1.774.8IM Totsl unre$trfcf¢d funds 110,746 2,689.418 {?,11￿420} 5.726 79A36 1.774,804 Endowm8nt fund* PerrnBn8nl endomenl funrf UnappEknd tolal reWm B3rne8 Charilks bjnds other oneFllthrnond fund 69.869,159 3&441,788 176A81 70D.Ot (70(J,(KKI} 179,335) 70.589,f59 42.984.214 123,Cfj7 $07.140 I663,￿) 8.379.195 25,921 39,984 39,984 Total resmclod fundB 105I07,428 647.124 1663.9091 8,406,118 113.716M24 Tolal lunds 107,618,174 3.238,542 13,774.3791 8.410M41 115,494328 17 Richmond Parish Lands Charity Notès fomilng part of the financlal statgmgnts forthe year ended 30 June 2022 (continuedj Restrlctad funds.. Endowment funfl Pemianent endowment and Unappllod tota] raturn funds In NDvernbor 2017 Trustee8 adopted a Total Re￿M approach to the managemènt ol RPLC'S Endowment Funds and 30 June 2009 wa8 a9reed as an appropTrot8 date for calculallng the valu& of the orlginal Perm8nenl Endowment value as £54.5m. Sincg thi5 date, to maSntain the valu6 of this P8Tmanenl EHdowmenl fund agaln81 Inllauon. transfers have b88n made from the Unapplled iokal return fvnd basBd on an 8ppropriate rneasure of Intst]on appll8d lo the value of the permanent endowment at the start orthe year in whiGh the tJansfer Is made. Forlhe year endad 30 Jun8 2022 the TTuS1￿ approved the declslons to transfer - £2,600,00012021 £700,000) from the Unapplied Total Return fund to the Permanant EndowmBnt fund to malnt8in the value oflhe permanent endowment fund against infiaiion - £NII {2021- £Nill froTll thè Unapplied Total Return fund lo General reserves to supporithe chariiable activltses of the Charity In the current year BarnBs chaylties funds In Nov8mber 2015 the Chartty Comm1881on 8pprov8d the linklThJ ofth¢ Bames Reli8f In Need Charlty and the Balley and Bales Tw5( and the Trustegs have con5equ8nlly in¢hJded the inGome, eXp8ndItu￿ and r8seNes for these iwo enlltie8 wlthln these wunts on the basls that they were always linked. In July 2￿20 th8 Gharity Comm15slon notifled the Trustees that it concurred with thelr resolullon under section 282 01 Ihg Charitl8s Act 2011 to spend these Charlties EndowThnt funds as if they were Income. or Unrestricted fvnds. A transfer of £128.182 (2021- £79,335) was made In the year from the Barnes Chadtles endowed fvnds to thelr unr¢siriGted genera5 reseN8 reduGlng Ihe nel assets and roserv88 of theso chariti¢s lo £Nil at 30 Jun8 22, oneRi¢hmond fund Durlng the year oneRtchmond, 8 lolnt Inltlallve with Hampton Fund. raised £Nil {2021- £39.984) from Covld-19 appeal through both donations and match fundlng by RPLC and Hampton Fund and made grants of£39,675 to organlsailons who had been adversely affected by the CovÉd19 pandem 13 Analys18 of net a8s•ts b8tweBn funds Fund balsnGes at 30 June 2022 aT8 represented by: Endowrnant lunds 2022 Total iknrogtrfctad fulldB Endowment funds 2021 Totsl Funds TangIti￿ ftted 71.970,861 41.870.565 71.970,881 41,870.66S 1.$27,EfAJ 1200,3191 68,4BIOOS 45.394.352 19,g92 1180.W251 68.483,005 46,439.058 2.007.6S6 1438N91) Inv8sln*nL c￿￿ent assets Ilablmks 44,7 1,987.664 (2SI,668} 1A19A58 t2DO.319) 1,774.804 113,71&424 115,491.228 Totsl neta88ets 1,219,139 113.949,528 111168,867 18 Rlchmond Parish Lands Charity Notes fomiing parl of the financlal Statements foi the yèar ended 30 June 2021 (Gontlnued) 14 Capltal commttment Capitd commitmenEs agreed bul not Gontracted for amounted to £NU (2￿21- £Nill. 15 Contlngent assèts The Gharity has loan agre8mentsliegal charges on Queen ChÉrlotie's Hall, Park8hot dated 7 February IS83 and the Vlneyard CongregaliDnal Church dated 1 Febntsry 1991. The current marketvalue of RPLC'S Interest In these prop8rlies as at 30 Jun 22 is £Nil <2021 £Nil) Funds are repayable If the propertl88 8re Sold or cease to b8 used for chariiable purpose 16 Gash Unr98trictod funds Endowment funds 2022 Total 2021 Total Net eash provlded by oporatlng activltles Net income l{expendlture) Deprgcialion PrOpetyI￿ss (gelnl on disposal Rent from Investment properttes Divldends recelvable Inlergsl receivable IG8insll losse5 on investmt)nts (Gainsy losses on revaluation of fixed asseL8 Ilncreasey decrease in debtors Increasel Idecreasel in cr8ditLW8 (556,666) 233.104 1322.581) 550,000 3.897 {541,810) (1,543.942) (371) 3,479.186 (4,812.750) 7,873,054 S00,QC (507.14 1393,12• {1.518.003) 11,281) (4,218,0671 14,1DS,S00) 3,8g7 (541,810) 11.543.942) (371) 3,479.188 (4,612.7501 128.4r2 (57,247) 1P,9V2 (180.925> 148.464 123B,1721 (226,727) 200,724 Net ca8h provided by operatlng actlvltles 12.570,5831 (507N97) 13,078.0601 12.394,085} 17 Anatysls of changes In funds At start ol Ga$h-flows year Atemd of year Cash 1,320.574 (331.632) 988.942 19 Richmond Parlsh Lands Charlty Not•s formlng partof thè flnanelal stat•mont8 for the year ended 30 June 2022 (con£lnued) 18 Rèlat8d paty transactlon# Some of the trustee5 are connected vAth one or more voluntary organisations whlch receive grants from th8 Charlty. When the p058ibility of awardlng a grant to such an oroanisation Is being considered, the TfUSte8 d#lares an interest and does not takB part in the final deo151on A Tegisfyr is k8pt of all Trusl8es' Interests andls updÈt8d annualty. Grants for the previous ffnanclal year are In bTackels. Richmond Borough Mlnd Joanna Nakielny is a Trust¢8 £50,000 Core fundlng~ lo develop the m8ntal health agenda thrl￿gh aollve p8rtlcipation and partnershlp work The Rlverbank Twst Pete¥ Buckwell's spouse Is 8 Trusts8. £43.810 CoTe funding - to provide Intensive emollonal and pract￿al long-term SUPiKrtto predomlnantly vulnerable single mothers and thelr deP￿dentS The Roy81 BotaniG Gardens, Kew Carol Flelcher, Chrls Phlllip5, Stephen Speak, Owen Carew-Jones and Ricthard Pyne are Frfends ol Kew Gardens or volunl8er there. £14,850 Natur8 School pro1￿t- To develop engaging and insplring eaTty year5 nabjre sesslons and resourGes whlch can brlng the wonder of nature to the hardest to reach chlldren £27,OIJO Dls¢overy and Access Leamlng programme proj8GI- To dellver a programme of accesslb ieamlng aclSvlli8s for disabled people and those wllh health condttions ond sensory impalrment SPEAR Houslng A8socialion Duncan Rlchford Is a Truste8 £35,000 Gore funding- to en8ble homeless pwple in South and West London find secure accommodation & address Isolatlon. hopelessness, or 5elf4oub1£31.900 Rerit support- Pr¢vlded ai RPLC proport18s18as¢d io SPEAR to sUPPOrt tenants movlng trfy new tenancles. Richrmnd Good Neighbours Stsphen SpèaKs spouse Is a paid employee and organiser £15,O¢X) Core fvndlng- to provide help to around 150 eldady and housBbound tesidents wllh shoppi￿, b8fr5eTrding or driving ¢lients to medKal appointments or to soclal aGti¥ittgS. 20 Rlchmond Parlsh Lands Charlty Notes fomiing part of the flnanclal stat8m6nts for the year ended 30 Jung 2021 Icontlnued) 19 Statementof Flnanelal AetiYltle8, Year ended 30 June 2021 Incomo and Exp•ndRurè Unrestrlcted fundo Rostrlctèd funds Total 2021 Total 2020 Income Donations 3nd giftg Charitablè propety Investment property Investrnent Income G8ln on dlspDsal of property 39,984 39,984 777,009 393,125 1.519,284 507.140 777,009 393.125 1,619,284 780,579 456,963 1,507,109 507,140 Total IDCOm& 2,6B9.448 547,124 3,236,542 2,744,615 Expondlture Cost of raslng funds.. Investment property Managoment fees Loss ctn disposal of piopety 186,007 186,007 183.909 219.857 154,622 2,492 163.909 186,007 163,909 349,916 376,971 Charitable activwes 2,924,413 500,0(YJ 3,424,413 2,931.515 Total expendlture 3.1fj0,420 683,909 3,774,329 3,308A86 Nel expendltuie bgfore othBr cognlBed galns and losses Net g3lnl(loss) on investments Unrea115ed galn on revaluation of property 1421,002} 1116,7851 1537,787) 1563,8361 6.725 4,301,616 4,307.341 1,182.323 4.103.500 4,103,500 7,554.300 Ne£ Income before transfers (415,277) B,288,331 7,873,064 8,172,788 Transfers belween lunds 79,335 179,338) Net movgment in fuTrd8 1335,942 8.208,996 7,873,054 8,172,788 Total funds (%rfled fornard 1 July 2020 2,110,T46 105.507.428 107.618,174 99,445,386 Total funds carrled forwaTd 30 June 2024 1,774,804 143,716N24 I q6,491,22B 107,618,174 21 **INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF RICHMOND PARISH LANDS CHARITY** ## **Opinion on the financial statements** In our opinion, the financial statements: - give a true and fair view of the state of the Charity’s affairs as at 30 June 2022 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011 We have audited the financial statements of Richmond Parish Lands Charity (“the Charity”) for the year ended 30 June 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). ## **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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## _Independence_ We remain independent of the Charity in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. ## **Conclusions related 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 Charity’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 & Financial Accounts, other than the financial statements and our auditor’s report thereon. The other information comprises: Introduction and Report of the Trustees. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent 24 ## **INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF RICHMOND PARISH LANDS CHARITY (CONTINUED)** 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion; - the information contained in the financial statements is inconsistent in any material respect with the Trustees’ Annual Report; or - adequate accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Trustees** As explained more fully in the statement of trustees’ responsibilities, the Trustees 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 determines 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 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 Charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 an auditor’s report 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. ## _Extent to which the audit was capable of detecting irregularities, including fraud_ Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 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 is detailed below: Based on our understanding of the Charity and the industry in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be Charities Acts, 24 ## **INDEPENDENT AUDITOR’S REPORT TO TRUSTEES OF RICHMOND PARISH LANDS CHARITY (CONTINUED)** UK GAAP, Charities SORP, and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any. Audit procedures performed by the engagement team included: - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Reading minutes of meeting of those charged with governance; - Reviewing on a sample basis income transactions recognised in the year to confirm existence and accuracy of the underlying transaction, in addition we have for all material income streams performed specific cut-off procedures to ensure income has been recognised in the correct period; - Challenging assumptions made by management in their significant accounting estimates in particular in relation to the assumptions related to property valuations and depreciation; and - In addressing the risk of fraud through management override of controls; testing the appropriateness of journal entries and other adjustments, in particular any journals posted to cash and material journal adjustments. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the Charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s 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 Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. BDO LLP, statutory auditor London, UK Date 06 December 2022 BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). 25