## 



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||||Page|
|---|---|---|---|
|Reference and Administrative||Details ofthe Charity, its Trustees and Advisers|1-2|
|Trustees'<br>Report|||3-13|
|Trustees'<br>Responsibilities<br>Statement|||14|
|Independent<br>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<br>Committee<br>' Risk Management||Committee||
|||4 Welfare Committee<br>' Safeguarding<br>Group||||
|Charity registered||||||
|number||200431||||
|Principal office||95Sheen Road||||
|||Richmond||||
|||TW9 1YJ||||
|Chief Executive||Ms JAmes-Lewis||||
|Independent|auditors|MHA Maclntyre|Hudson|||
|||Chartered<br>Accountants||||
|||Statutory<br>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<br>& Partners|
|Managers||Juxon House|
|||100St. Pauls Churchyard|
|||london|
|||EC4M BBU|
|||CCLA|
|||Senator House|
|||85 Queen Victoria Street|
|||London|
|||EC4V4ET|





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|||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
|||funds|funds|funds|funds|funds|
||Nots|2020<br>6|2020<br>6|2020<br>f|2020<br>f|2019<br>f|
|Income from:|||||||
|Donations<br>and|||||||
|legacies|||4,625||4,625|4,400|
|Charitable<br>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<br>on:|||||||
|Raising funds:|||||||
|Property<br>management||1,492,458|||1,492,458|1,705,140|
|Fund management||70,708|||70,708|69,817|
|Charitable<br>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<br>of|||||||
|investments||224,003||5,130,019|6,354,022|4,784,016|
|Net movement<br>In|||||||
|funds before other<br>recognised<br>gains||878,994||6,130,019|6,009,013|5,278,127|
|Other recognised|||||||
|gains:|||||||
|Actuarial<br>gains on|||||||
|defined benefit|||||||
|pension schemes|26|||||9,000|
|Net movement<br>In<br>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<br>F|2020<br>6|2020<br>5|2019|
|Reconciliation|of|||||||
|funds:||||||||
|Total funds brought<br>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<br>forward|||10,558,235||130,662,226|141,220,461|135,211,448|





## 

## 

||||Note|2020f|2020<br>6|2019<br>5|2019f|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible assets|||14||10,430,377||5,113,007|
|Investments|||16||15,014,811||18,212096|
|Investment<br>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<br>funds|||20||130,662,226||125,532,207|
|Restricted funds|||20|||||
|Unrestricted<br>funds|||20||10,558,236||9,679,241|
|Total funds|||||141,220,461||135,211,448|





## 

## 

||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
|||||||Note|E||
|Cash flows from operating<br>activities|||||||||
|Net cash|used<br>in operating<br>activities|||||22|(2,155,192)|(2,755,396)|
|Cash flows from Investing<br>activities|||||||||
|Investment||income||||6|3,227,883|3,024,068|
|Purchase||oftangible<br>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<br>properties||||15|(1,376,000)||
|Net cash||provided<br>by investing<br>activities|||||2,236,026|2,349,557|
|Change|in cash and cash equivalents|||in|the year||80,834|(405,839)|
|Cash and||cash equivalents<br>at the beginning|||ofthe year||310,519|716,358|
|Cash and||cash equivalents<br>at the end||of|the year|23|391,353|310,519|





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|||||Restricted|Total|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2020f|2020<br>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<br>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<br>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<br>income receivable|602279|602279|
|Bank interest receivable|1,169|1,169|
|Ttl2019|3,024,066|3,024,068|





## 

## 

|Expenditure<br>on raising|funds|||
|---|---|---|---|
|||2020<br>E|2019f|
|Fund management||||
|Investment<br>management|costs|70,708|69,817|
|||70,708|69,817|
|Property<br>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<br>6|2019<br>f|2019<br>f|
|Almshouses|1,900,389|15,081|1,915,470|



## 

||||As restated|Original|
|---|---|---|---|---|
||||2019<br>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<br>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<br>ol|Support|Total|
|directly|activities|costs|funds|
|2019<br>5|2019<br>9|2019f|2019f|
|1,648, 124|4,400|262,946|1,915,470|





## 

## 

## 

## 

||||Total|Total|
|---|---|---|---|---|
||||funds|funds|
||||2020<br>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<br>6|2019f|
||Auditor's<br>remuneration|||-Audit ofthe financial statements|14,000|12,500|
||Auditor's<br>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<br>f|Mitre Pub<br>f|Total<br>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<br>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<br>f|fund<br>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<br>8|2019f|
|Trade creditors|||||32,455|36,606|
|Other taxation<br>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<br>6|Income<br>E|Expenditure|f|(Losses)<br>6|2020<br>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<br>2019f||income<br>f|Expenditure|f|Transfers<br>inroutf|Gains'<br>(Losses)f|December<br>2019f|
|Unrestricted|funds|||||||||
|Designated|funds|||||||||
|Almshouse<br>fund|property|4,195,784|||||(11,19T)||4,184,587|
|Extraordinary<br>fund|repair|T65,045|||||81,703|166,018|1,012,766|
|Development||||||||||
|reserve||353,577|||||343,165||696,742|
|Major repairs<br>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<br>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<br>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<br>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<br>of|ne|t movem|ent<br>In funds|to|net cash Row|from|operating|activities||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||2020<br>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<br>in hand|||||||||391,363|310,519|
||Total cash|and cash equivalents||||||||391,363|310,519|
|24.|Analysis ofchanges|||in net|debt|||||||
||||||||At 1|||Changes<br>in|At 31|
||||||||January|||market|December|
||||||||2020|Cash|flows<br>6|value<br>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<br>6|2019<br>f|
|---|---|---|---|---|---|---|
|Contracted|for but not provided<br>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<br>as a '/0 ofpensionable<br>stipends|||
|---|---|---|---|
||||0/|
|1 January 2021 to 31|December 2022||11.9|
|1 January 2021 to 31|December 2022||7.1|
|Ililovement<br>in defined|benefit pension scheme liability|||
|||2020<br>E|2019f|
|Balance at 1 January||5,000|16,000|
|Deficit contribution<br>paid||(2,000)|(2,000)|
|Actuarial<br>(gain) Iloss|||(9,000)|
|Balance at 31 December||3,000|5,000|
|Sensitivity<br>analysis|(per annum)|||



|Sensitivity<br>analysis<br>(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|





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## 

|||||2020<br>f.|2019<br>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<br>f|2019<br>f|
|Operating|lease rentals|||30,688|31,651|



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