2020-12-31-accounts - Richmond Charities

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			Page
Reference and Administrative		Details ofthe Charity, its Trustees and Advisers	1-2
Trustees' Report			3-13
Trustees' Responsibilities Statement			14
Independent Auditors'	Report	on the Financial Statements	15-18
Statement of Financial	Activities		19-20
Balance Sheet			21
Statement ofCash Flows			22
Notes to the Financial	Statements		23-47

Trustees		Mr PWC Marr,	Chairmant	Chairmant	Chairmant
		Dr AJ M Hall4
		Mrs E Halfordzx
		Mr SJ King134 3
		Mr A S Louriet, z
		Mrs M Marshallz
		Mrs K Maxwell3
		Mrs K O'Brien4
		Cllr R Pyne (appointed			22 January 2020)
		Revd WRoest4
		Mr M Townsin4
		Mr J Williamsz, 3,3
		" Finance Committee
		z Property Committee ' Risk Management		Committee
		4 Welfare Committee ' Safeguarding Group
Charity registered
number		200431
Principal office		95Sheen Road
		Richmond
		TW9 1YJ
Chief Executive		Ms JAmes-Lewis
Independent	auditors	MHA Maclntyre	Hudson
		Chartered Accountants
		Statutory Auditors
		6th Floor
		2 London Wall Place
		London
		EC2Y 5AU
Bankers		Barclays Bank pic
		8George Street
		Richmond
		Surrey
		TW9 1JY
		HSBC
		67George Street
		Richmond
		TW9 1HG

Solicitors		Moore Barlow
		9The Green
		Richmond
		Surrey
		TW9 1BP
Property Agents and		HML LAM
Surveyors		9-11The Quadrant
		Richmond
		Surrey
		TW9 1BP
Investment	Fund	Sarasin & Partners
Managers		Juxon House
		100St. Pauls Churchyard
		london
		EC4M BBU
		CCLA
		Senator House
		85 Queen Victoria Street
		London
		EC4V4ET

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
	Nots	2020 6	2020 6	2020 f	2020 f	2019 f
Income from:
Donations and
legacies			4,625		4,625	4,400
Charitable activities		1,222,328			1,222,328	1,156,070
Investments		3,227,883			3,227,883	3,024,068
Total income		4,450,211	4,625		4,454,836	4,164,538
Expenditure on:
Raising funds:
Property management		1,492,458			1,492,458	1,705,140
Fund management		70,708			70,708	69,817
Charitable activities		2,232,054	4,625		2,236,679	1,915,470
Total expenditure		3,795,220	4,625		3,799,845	3,690,427
Revaluation of
investments		224,003		5,130,019	6,354,022	4,784,016
Net movement In
funds before other recognised gains		878,994		6,130,019	6,009,013	5,278,127
Other recognised
gains:
Actuarial gains on
defined benefit
pension schemes	26					9,000
Net movement In funds		878,994		6,130,019	6,009,013	5,287,127

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
		Note	2020f	2020 F	2020 6	2020 5	2019
Reconciliation	of
funds:
Total funds brought forward			9,679,241		125,532,207	135,211,448	129,924,321
Net movement	in
funds			878,994		6,130,019	6,009,013	5,287,127
Total funds carried forward			10,558,235		130,662,226	141,220,461	135,211,448

			Note	2020f	2020 6	2019 5	2019f
Fixed assets
Tangible assets			14		10,430,377		5,113,007
Investments			16		15,014,811		18,212096
Investment property			15		112,259,000		110,324,750
					137,704,188		133,649,853
Current assets
Debtors			17	151,497		447,904
Investments			18	3,171,680		1,012,766
Cash at bank and in	hand		23	391,363		310,519
				3,714,630		1,771,189
Creditors: amounts	falling due within one
year			19	(196,267)		(204,594)
Net current assets					3,619,273		1,566,595
Total assets less current liabilities					141,223,461		135,216,448
Defined benefit pension scheme		liability	26		(3,000)		(5,000)
Total net assets					141,220,461		135,211,448
Charity funds
Endowment funds			20		130,662,226		125,532,207
Restricted funds			20
Unrestricted funds			20		10,558,236		9,679,241
Total funds					141,220,461		135,211,448

							2020	2019
						Note	E
Cash flows from operating activities
Net cash	used in operating activities					22	(2,155,192)	(2,755,396)
Cash flows from Investing activities
Investment		income				6	3,227,883	3,024,068
Purchase		oftangible fixed assets				14	(6,460,000)	(73,938)
Proceeds		from sale of investments				16	7,009,380	4,000,118
Purchase		of investments				16,18	(6,006,237)	(5,521,501)
Proceeds		from the sale of investment	properties			15	3,830,000	920,810
Purchase		of investment properties				15	(1,376,000)
Net cash		provided by investing activities					2,236,026	2,349,557
Change	in cash and cash equivalents			in	the year		80,834	(405,839)
Cash and		cash equivalents at the beginning			ofthe year		310,519	716,358
Cash and		cash equivalents at the end		of	the year	23	391,353	310,519

				Restricted	Total
				funds	funds
				2020f	2020 E
	Donations			225	226
	The Charity of Henry	Smith		4,400	4,400
	Total 2020			4,625	4,626
				Restncted	Total
				funds	funds
				2019f	2019 6
	The Charity of Henry	Smith		4,400	4,400
5.	Income from charitable		activities

			Unrestricted	Total
			funds	funds
			2020	2020
			E	8
Almshouses	-Residents'	contributions	1,222, 328	1,222,328
			Unrestricted	Total
			funds	funds
			2019f	2019f
Almshouses	-Residents'	contributions	1,156,070	1,156,070

	Unrestricted	Total
	funds	funds
	2020	2020
	E	E
Rents receivable	2,531,675	2,631,675
Dividend income receivable	696,050	696,050
Bank interest receivable	158	158
Total 2020	3,227,883	3,227,883
	Unrestncted	Total
	funds	funds
	2019f	2019f
Rents receivable	2,420, 620	2,420, 620
Dividend income receivable	602279	602279
Bank interest receivable	1,169	1,169
Ttl2019	3,024,066	3,024,068

Expenditure on raising	funds
		2020 E	2019f
Fund management
Investment management	costs	70,708	69,817
		70,708	69,817
Property management
Direct costs - Property		1 392815	1,634,013
Support costs -Insurance		30,884	13,776
Support costs - Repairs and maintenance		22,412	12,617
Support costs - Legal and	professional	6,579	1,031
Support costs - Office expenses		19,206	18,198
Support costs - Miscellaneous		20,662	25,505
		1,492,458	1,705,140
		1,563,156	1,774,957

	Unrestricted	Restricted	Total
	funds	funds	funds
	2020	2020	2020
	6	6	6
Almshouses	2,232,054	4,625	2,236,679
	As restated		As restated
	Unrestricted	Restricted	Total
	funds	funds	funds
	2019 6	2019 f	2019 f
Almshouses	1,900,389	15,081	1,915,470

			As restated	Original
			2019 6	2019f
Insurance			12,399	13,777
Cleaning			2,183	2,426
Repairs and	maintenance		9,173	10,192
Legal and professional		fees	928	1,031
Office expenses			20,607	22,354
Miscellaneous			22,966	25,506
Audit				25,457
Postage and	stationary			572
Governance	costs		33,070
			101,316	101,315

Activities	Grant
undertaken	funding of	Support	Total
directly	activities	costs	funds
2020	2020	2020	2020
6	6	6	6
1,925,740	4,400	306,539	2,236,679

Activities	Grant
undertaken	funding ol	Support	Total
directly	activities	costs	funds
2019 5	2019 9	2019f	2019f
1,648, 124	4,400	262,946	1,915,470

			Total	Total
			funds	funds
			2020 6	2019f
Staff costs			493,042	456,312
Telephone			10,478	11,638
Rates and water			58,902	51,745
Electricity and	gas		33,479	23,775
Cleaning			7,645	6,562
LBRUT Careline			34,988	13,350
Garden and tree maintenance			96,307	87,321
Repairs and maintenance			82,266	167,730
Legal and professional		fees	182,026	102,259
Miscellaneous			1,441	4,128
Major property	repairs		926,166	723,304
			1,925,740	1,648,124

						As restated
					Total	Total
					funds	funds
					2020f	2019
	Governance	staff costs			67,343	57,349
	Depreciation				132,630	104,024
	Insurance				27,796	12,399
	Electricity and gas				266	258
	Cleaning				3,316	2,183
	Repairs and	maintenance			16,864	9,173
	Legal and professional			fees	6,921	928
	Office expenses				17,019	20,607
	Miscellaneous				18,505	22,955
	Governance	costs			26,890	33,070
	Total 2020				306,639	262946
10.	Governance	costs
					2020 6	2019f
	Auditor's remuneration			-Audit ofthe financial statements	14,000	12,500
	Auditor's remuneration			- Other services	2,926	12,957
	Governance	staff	costs		67,343	57,349
	Other governance		costs		9,964	7,613
					84,233	90,419

2020	2019
No.	No.

	Almshouses
Cost or valuation
At 1 January 2020	6,268,981
Additions	5,450,000
At 31 December 2020	10,718,981
Depreciation
At 1 January 2020	165,974
Charge for the year	132,630
At 31 December 2020	288,604
Net book value
At 31 December 2020	10,430,377
At 31December 2019	5,113,007

	Investment
	property f	Mitre Pub f	Total f
Valuation
At 1 January 2020	109,689,760	735,000	110,324,750
Additions	1,375,000		1,376,000
Disposals	(3,830,000)		(3,830,000)
Surplus on revaluation	4,389,250		4,389,250
At 31 December 2020	111,624,000	735,000	112,269,000

	Capital	Designated
	endowment	development	Short term
	funds f	fund f	fundf	Totalf
Cost or valuation
At 1 January 2020	16,014,637	696,772	2,500,787	18,212,096
Additions	27,367		3,001,067	3,028,424
Disposals	(1,000,000)	(500,055)	(6,609,324)	(7,009,380)
Revaluations	740,743	35,458	7,470	783,671
At 31 December 2020	14,782,637	232,174		16,014,811
Net book value
At 31 December 2020	14,782,637	232,174		16,014,811
At 31December 2019	15,014,537	696,772	2,500,787	18,212,095

Debtors
		2020f	2019f
Due within	one year
Rent receivable		116,417	100,831
Prepayments	and accrued income	36,080	34T,073
		151,497	447,904

2020f	2019f
3,171,680	1,012,766

Creditors	: Amount	s	falling due	within one year
					2020 8	2019f
Trade creditors					32,455	36,606
Other taxation and		social security			12,988	14,739
Other creditors					5,362	6,112
Accruals	and deferred		income		144,462	147,137
					196,257	204,594
					2020f	2019f
Deferred	Income
Deferred	income at 1		January		78,936	74,548
Resources deferred		during the year			73,985	78,935
Amounts	released	from previous		periods	(78,935)	(74,548)
Deferred	Income at		31December		73,985	78,935

Statement	offunds	- curren	t year
								Balance at
			Balance at 1					31
			January				Gains/	December
			2020 6	Income E	Expenditure	f	(Losses) 6	2020 6
Unrestricted	funds
Designated	funds
Almshouse	property	fund	4,184,587					4,184,587
Extraordinary	repair	fund	1,012,766				181,101	1,193,867
Development	reserve		696,742					696,742
Major repairs reserve			1,100,000					1,100,000
			6,994,095				181,101	7,176,196
General funds
Almshouse	fund		2,690,146	4,460,211	(3,797,220)		42,902	3,386,039
Pension reserve			(6,000)		2,000			(3,000)
			2,685,146	4,450,211	(3,796,220)		42,902	3,383,039
Total Unrestricted		funds	9,679,241	4,450,211	(3,795,220)		224,003	10,558,236
Endowmentfunds
Almshouse	fund - General		125,532,207				5,130,019	130,662,226
Restricted	funds
Welfare charities				4,625	(4,625)
Total offunds			136,211,448	4,454,836	(3,799,846)		6,354,022	141,220,461

Statement	offunds	- prior year
									Balance el
		Balance al							31
		1January 2019f		income f	Expenditure	f	Transfers inroutf	Gains' (Losses)f	December 2019f
Unrestricted	funds
Designated	funds
Almshouse fund	property	4,195,784					(11,19T)		4,184,587
Extraordinary fund	repair	T65,045					81,703	166,018	1,012,766
Development
reserve		353,577					343,165		696,742
Major repairs reserve		1,100,000							1,100,000
		6,414,406					413,671	166,018	6,994,095
General funds
Almshouse	fund	2,033,613	4,178,138		(3,675,346)		38,862	114,879	2 690,146
Pension reserve		(16,000)		2,000				9,000	(5,000)
		2,017,613	4,180,138		(3,675,346)		38,862	123,879	2 685,146
Total Unrestricted
funds		8,432,019	4,180,138		(3,675,346)		452,533	289,897	9,679,241
Endowment	funds
Almshouse	fund-
General		121,481,621					(452,533)	4,503,119	125,532,207
Restricted	funds
Welfare charities		10,681		4,400	(15,081)
Total offunds		129,924,321	4,184,538		(3,690,42T)			4,793,016	135,211,448

Analysis of net assets between	funds -current year
		Unrestricted	Endowment	Total
		funds	funds	funds
		2020	2020	2020
			f.	E
Tangible fixed assets		6,076,931	4,353,446	10,430,377
Fixed asset investments		230,031	14,784,780	15,014,811
Investment property		735,000	111,524,000	112,259,000
Current assets		3,714,530		3,714,630
Creditors due within one year		(195,257)		(195,257)
Defined benefit pension scheme	liability	(3,000)		(3,000)
Total		10,558,235	130,662,226	141,220,461
Analysis of net assets between	funds -prior year
		Unrestricted	Endowment	Total
		funds	funds	funds
		2019f	2019 5	2019f
Tangible fixed assets		4,185,087	927,920	5,113,007
Fixed asset investments		3,197,559	15,014,537	18,212,096
Investment property		735,000	109,589,750	110,324,750
Current assets		1,771,189		1,771,189
Creditors due within one year		(204,594)		(204,594)
Defined benefit pension scheme	liability	(5,000)		(5,000)
		9,679,241	125,532,207	135,211,448

22.	Reconciliati	on of	ne	t movem	ent In funds	to	net cash Row	from	operating	activities
										2020 6	2019f
	Net income	for the	period (as		per Statement	of	Financial Activities)			6,009,013	5,278,127
	Adjustments	for:
	Depreciation	charges							14	132,630	104,024
	Revaluation	ofinvestments							11	(6,364,022)	(4,784,016)
	Investment	income							6	(3,227,883)	(3,024,068)
	Decrease/(increase)			in debtors					17	296,407	(350,675)
	(Decrease)/increase			in creditors					19	(9,337)	23,212
	(Decrease)	in defined		benefit	pension scheme				26	(2,000)	(2,000)
	Net cash used in		operating		activities					(2,155,192)	(2, 755,396)
23.	Analysis ofcash		and cash		equivalents
										2020	2019
										F	5
	Cash in hand									391,363	310,519
	Total cash	and cash equivalents								391,363	310,519
24.	Analysis ofchanges			in net	debt
							At 1			Changes in	At 31
							January			market	December
							2020	Cash	flows 6	value f.	2020f
							E
	Cash at bank and		in	hand			310,619		80,834		391,363
	Current asset investments						1,012,766	1,977,813		181,101	3,171,680
							1,323,285	2,068,647		181,101	3,663,033

					2020 6	2019 f
Contracted	for but not provided in these financial			statements
Repairs, maintenance		or enhancements	to Almshouses		82,670	109,1Of
Purchase,	construction	or development	ofAlmshouses			286,250
Repairs, maintenance		or enhancements	to investment	property		f61,122
					82,670	556,473

Deficit repair contrib	utions as a '/0 ofpensionable stipends
			0/
1 January 2021 to 31	December 2022		11.9
1 January 2021 to 31	December 2022		7.1
Ililovement in defined	benefit pension scheme liability
		2020 E	2019f
Balance at 1 January		5,000	16,000
Deficit contribution paid		(2,000)	(2,000)
Actuarial (gain) Iloss			(9,000)
Balance at 31 December		3,000	5,000
Sensitivity analysis	(per annum)

Sensitivity analysis (per an	num)
		2020	2019
		0/	ohio
Discount rate		0.2	1.1
Price inflation		3.1	2.8
Increase to total pensionable	payroll	1.6	1.3

				2020 f.	2019 f
Land and	buildings:
Not later than		1 year			29,000
					29,000
Other:
Not later than		1 year		1,688	1,646
Later than	1 year and not later		than 5years	1,986	3,841
				3,673	5,487
Total				3,573	34,487
The following		lease payments	have been recognised as an expense	in the Statement ofFinancial
Activities:
				2020 f	2019 f
Operating	lease rentals			30,688	31,651