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|||||Page|
|---|---|---|---|---|
|Reference|and Administrative||Details ofthe Charity, its Trustees and Advisers|1 -2|
|Trustees'|Report|||3-12|
|Statement|ofTrustees'|Responsibilities||13|
|Independent
Auditor's||Report|on the Financial Statements|14-17|
|Statement|of Financial|Activities||18|
|Balance Sheet||||19|
|Statement|ofCash Flows|||20|
|Notes to the Financial||Statements||21 -45|
##
|Trustees||Mr PW C Marr,|Chairmant|Chairmant|
|---|---|---|---|---|
|||DrA J MHall4|||
|||Mrs E Halfordz, 4|||
|||Mr SJ Kinghaas|||
|||Mr AS Louriehz|||
|||Mrs M Marshallz|||
|||Mrs K Maxwellz|||
|||Mrs K O'Brien4|||
|||Cllr R Pyne|||
|||Revd W Roest4|||
|||Mr M Townsin4|||
|||Mr J Williamsz, s,s|||
|||MrJ Blythe (appointed||26 January 2022)|
|||'
Finance Committee
' 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|auditor|MHA Maclntyre|Hudson||
|||Statutory Auditors|||
|||6th Floor|||
|||2 London Wall Place|||
|||London,
United|Kingdom||
|||EC2Y 5AU|||
|Bankers||Barclays Bank pic|||
|||8George Street|||
|||Richmond|||
|||Surrey|||
|||TW9 1JY|||
|||HSBC|||
|||67George Street|||
|||Richmond|||
|||TW9 1HG|||
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|The Richmond
Charities|The Richmond
Charities|The Richmond
Charities|
|---|---|---|
|Michel's Almshouse||Charity|
|Richmond|Charities'|Almshouses|
|Richmond|Charities'|Almshouses|
|Richmond|Charities'|Almshouses|
|Richmond|Charities'|Almshouses|
|Richmond|Charities'|Almshouses|
|Richmond|Charities'|Almshouses|
|Mortlake|Almshouse|Charities|
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||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|funds|
|||Nots|2021
6|2021
6|2021
f|2021
F|2020
f|
|Income from:||||||||
|Donations
and||||||||
|legacies||4|47,482|25,200||72,682|4, 625|
|Charitable
activities||5|1,350,727|||1,360,727|1,222,328|
|Investments||6|2,860,523|||2,850,523|3,227, 883|
|Total Income|||4,248,732|25,200||4,273,932|4,454,836|
|Expenditure
on:||||||||
|Raising funds:||||||||
|Property
management|||965,085|||965,085|1,492 458|
|Fund management|||65,481|||66,481|70,708|
|Charitable
activities||8|2,784,991|25,200||2,810,191|2236,679|
|Total expenditure|||3,816,657|25,200||3,840,757|3,799,845|
|Revaluation
of||||||||
|investments||11|957,031||6,414,050|7,371,081|5,354,022|
|Nst income|||1,390,206||6,414,060|7,804,256|6,009,013|
|Transfers
between||||||||
|funds||20|(3,670,964)||3,670,964|||
|Net movemsnt|In|||||||
|funds|||(2,280,758)||10,085,014|7,804,256|6,009,013|
|Reconciliation|of|||||||
|funds:||||||||
|Total funds
brought
forward|||10,658,236||130,662,226|141,220,461|135,211,448|
|Net movement|in|||||||
|funds|||(2,280,768)||10,085,014|7,804,256|6,009,013|
|Total funds carried||||||||
|forward|||8,277,477||140,747,240|149,024,717|141,220,461|
##
##
||||Note|2021
6|2021f|2020
f|2020
8|
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible assets|||14||10,282,931||10,430,377|
|Investments|||16||18,360,711||15,014,811|
|Investment
property|||15||113,430,300||112,259,000|
||||||142,073,942||137,704,188|
|Current assets||||||||
|Debtors|||17|833,411||151,497||
|Investments|||18|5,960,793||3,171,680||
|Cash at bank and in|hand||23|402,433||391,353||
|||||7,196,637||3,714,530||
|Creditors: Amounts|falling due within one|||||||
|year|||19|(244,862)||(195,257)||
|Net current assets|||||6,951,776||3,519,273|
|Total assets less current liabilities|||||149,026,717||141,223,461|
|Defined benefit pension scheme||liability|26||(1,000)||(3,000)|
|Total net assets|||||149,024,717||141,220,461|
|Charity funds||||||||
|Endowment
funds|||20||140,747,240||130,662,226|
|Restricted funds|||20|||||
|Unrestricted
funds|||20||8,277,477||10,558,235|
|Total funds|||||149,024,717||141,220,461|
##
##
||||Note|2021
F|2020f|
|---|---|---|---|---|---|
|Cash flows from operating
activities||||||
|Net cash used
in operating
activities|||22|(2,749,973)|(2, 155,192)|
|Cash flows from investing
activities||||||
|Investment
income|||6|2,860,523|3,227, 883|
|Purchase
oftangible
fixed assets|||14|(68,300)|(5,450,000)|
|Proceeds from sale of investments|||16||7,009,380|
|Purchase
of investments|||16,18|(3,744,658)|(5,006,237)|
|Proceeds from the sale of investment|properties||15|3,723,488|3,830,000|
|Purchase of investment
properties|||15||(1,375,000)|
|Net cash provided
by investing
activities||||2,761,053|2,236,026|
|Change
in cash and cash equivalents
In||the year||11,080|80,834|
|Cash and cash equivalents
at the beginning||ofthe year||391,353|310,519|
|Cash and cash equivalents
at the end of||the year|23|402,433|391,353|
|The notes on pages 21 to 45 form part ofthese financial statements.||||||
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||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2021|2021|2021|
||F|6|6|
|Donations|47,482|20,800|68,282|
|The Charity of Henry Smith||4,400|4,400|
|Total2021|47,482|25,200|72,682|
##
||Restricted|Total|
|---|---|---|
||funds|funds|
||2020f|2020
5|
|Donations|225|225|
|The Charity of Henry Smith|4,400|4,400|
|Total 2020|4,625|4,625|
##
||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2021|2021|
||||F|6|
|Almshouses|-Residents'|contributions|1,350,727|1,360,727|
||||Unrestricted|Total|
||||funds|funds|
||||2020f|2020|
|Almshouses|-Residents'|contributions|1,222, 328|1,222,328|
##
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||Unrestricted|Total|
|---|---|---|
||funds|funds|
||2021|2021|
||F|6|
|Rents receivable|2,403,123|2,403,123|
|Dividend
income receivable|447,324|447,324|
|Bank interest receivable|76|76|
|Total 2021|2,850,523|2,850,523|
||Unrestricted|Total|
||funds|funds|
||2020|2020f|
|Rents receivable|2,531,675|2,531,675|
|Dividend
income receivable|696,050|696,050|
|Bank interest receivable|158|158|
|Tl2020|3,227, 883|3,227,883|
##
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|Expenditure
on raising f|unds|||
|---|---|---|---|
|||2021|2020|
|||6||
|Fund management||||
|Investment
management|costs|65,481|70,708|
|||65,481|70,708|
|Property management||||
|Direct costs - Property||873,576|1,392815|
|Support costs - Insurance||16,888|30,884|
|Support costs - Repairs and maintenance||20,632|22 4f2|
|Support costs - Legal and|professional|6,649|6,579|
|Support costs - Office expenses||16,966|19,206|
|Support costs - Miscellaneous||33,476|20,562|
|||966,085|1,492,458|
|Total||1,030,666|1,563,166|
##
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##
||Unrestricted|Restricted|Total|
|---|---|---|---|
||funds|funds|funds|
||2021
5|2021
E|2021f|
|Almshouses|2,784,991|25,200|2,810,191|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2020f|2020
f|2020|
|Almshouses|2,232,054|4,625|2,236,679|
|Activities|||
|---|---|---|
|undertaken|Support|Total|
|directly|costs|funds|
|2021|2021|2021|
|6|5|6|
|2,357,662|452,529|2,810,191|
||Activities|Grant|||
|---|---|---|---|---|
||undertaken|funding
of|Support|Total|
||direclly|activities|costs|funds|
||2020
6|2020f|2020f|2020f|
|Almshouses|1,925, 740||306,539|2,236,679|
##
##
||||Total|Total|
|---|---|---|---|---|
||||funds|funds|
||||2021f|2020
6|
|Staff costs|||518,179|493,042|
|Telephone|||16,880|10,478|
|Rates and water|||37,151|58,902|
|Electricity and|gas||33,605|33,479|
|Cleaning|||10,840|7,645|
|LBRUT Careline|||38,363|34,988|
|Garden
and tree maintenance|||81,659|95,307|
|Repairs and maintenance|||181,988|82,266|
|Legal and professional||fees|60,801|182,026|
|Miscellaneous||||1,441|
|Major property|repairs||1,378,196|926,166|
|Total|||2,357,662|1,925,740|
##
##
||||||Total|Total|
|---|---|---|---|---|---|---|
||||||funds|funds|
||||||2021|2020|
||||||6|5|
||Governance|staff costs|||60,267|57,343|
||Depreciation||||216,746|132,630|
||Insurance||||14,300|27,796|
||Electricity and gas||||1,072|265|
||Cleaning||||6,571|3,316|
||Repairs and|maintenance|||11,996|16,854|
||Legal and professional|||fees|4,994|5,921|
||Office expenses||||13,296|17,019|
||Miscellaneous||||29,399|18,505|
||Governance|costs|||51,374|26,890|
||Loss on disposal offixed asset investments||||43,612||
||Total||||452,529|306,539|
|10.|Governance|costs|||||
||||||2021|2020|
||||||6|6|
||Auditor's
remuneration|||-Audit and accountancy|16,200|15,800|
||Auditor's
remuneration|||- Other services||1,126|
||Governance|staff|costs||60,267|57,343|
||Other governance||costs||35,174|9,964|
||||||111,641|84,233|
##
##
|Revaluation|of In|ves|tments|||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
|Revaluation|gains|on|investment|property|15|4,938,300|4,389,250|
|Revaluation|gains|on|fixed asset|investments|16|1,629,844|783,671|
|Revaluation|gains|on|current asset investments||18|802,937|181,101|
|||||||7,371,081|5,354,022|
##
|Staff costs|||
|---|---|---|
||2021|2020|
|Wages and salaries|474,809|462,644|
|Social security costs|46,282|45,352|
|Pension costs|68,691|44,688|
||678,682|552,684|
||2021|2020|
|---|---|---|
||No.|No.|
|Staff|14|12|
||||||2021|2020|
|---|---|---|---|---|---|---|
||||||No.|No.|
|In|the|band|680,001|- F90,000|1|1|
##
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##
||Almshouses|
|---|---|
||8|
|Cost||
|At 1 January 2021|10,718981|
|Additions|68,300|
|At 31 December 2021|10,787,281|
|Depreciation||
|At 1 January 2021|288,604|
|Charge for the year|215,746|
|At 31 December 2021|604,350|
|Net book value||
|At 31 December 2021|10,282,931|
|At 31December 2020|10,430,377|
##
##
||||Investment|||
|---|---|---|---|---|---|
||||property
6|Mitre Pub
F|Total
6|
|Valuation||||||
|At 1 January 2021|||111,524,000|735,000|112,269,000|
|Disposals at carrying||value|(3,767,000)||(3,767,000)|
|Surplus/(deficit)|on revaluation||4,948,300|(10,000)|4,938,300|
|At 31 December|2021||112,705,300|725,000|113,430,300|
##
||Capital|||
|---|---|---|---|
||endowment|Development||
||funds|fund|Total|
||F||F|
|Cost or valuation||||
|At 1 January 2021|14,782,637|232,174|15,014,811|
|Additions
at cost|25,111|1,733,371|1,758,482|
|Revaluations|1,433,324|154,094|1,687,418|
|At 31 December 2021|16,241,072|2,119,639|18,360,711|
|Net book value||||
|At 31 December 2021|16,241,072|2,119,639|18,360,711|
|At 31December 2020|14,782,537|232,174|15,014,811|
##
##
|Debtors||||
|---|---|---|---|
|||2021|2020|
|||6||
|Due within|one year|||
|Rent receivable||102,107|115,417|
|Prepayments|and accrued income|731,304|36,080|
|||833,411|151,497|
##
|2021f||2020f|
|---|---|---|
|6,960,793|3,|171,680|
##
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##
|Creditors|: Amount|s|falling due|within one year|||
|---|---|---|---|---|---|---|
||||||2021f|2020
5|
|Trade creditors|||||31,001|32,455|
|Other taxation
and||social security|||12,365|12,988|
|Other creditors|||||5,362|5,362|
|Accruals|and deferred||income||196,144|144,452|
||||||244,862|f95,257|
||||||2021
6|2020f|
|Deferred|Income||||||
|Deferred|income at 1||January||73,985|78,935|
|Resources deferred||during the year|||71,693|73,985|
|Amounts|released|from previous||periods|(73,985)|(78,935)|
|Deferred|income at||31 December||71,693|73,985|
##
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##
|Statement offu|nds - current ye|ar|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at 1|||||31|
||January
2021|Income
6|Expenditure
5|Transfers
in/out
5|Gains/
(Losses)
E|December
2021
F|
|Unrestricted|||||||
|funds|||||||
|Designated|||||||
|funds|||||||
|Almshouse|||||||
|property
fund|4,184,587|||(4,184,587)|||
|Extraordinary
repair fund|1,193,867|||(1,193,867)|||
|Development
reserve|696,742|||(696,742)|||
|Major repairs
reserve|1,100,000|||(1,100,000)|||
||7,175,196|||(7,175,196)|||
|General funds|||||||
|Almshouse
fund|3,386,039|4,248,732|(3,817,557)|3,604,232|957,031|8,278,477|
|Pension|||||||
|reserve|(3,000)||2,000|||(1,000)|
||3,383,039|4,248,732|(3,815,557)|3,604,232|957,031|8,277,477|
|Total|||||||
|Unrestricted
funds|10,658,235|4,248,732|(3,816,557)|(3,670,964)|957,031|8,277,477|
|Endowment|||||||
|funds|||||||
|Almshouse
fund - General|130,662,226|||3,670,964|6,414,050|140,747,240|
|Restricted|||||||
|funds|||||||
##
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##
|Statement|offunds|- prior y|ear||||||
|---|---|---|---|---|---|---|---|---|
|||||||||Balance at|
||||Balance at|||||31|
||||1January
2020f|Income
f|Expenditure|f|Gainer
(Losses)|December
2020f|
|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|7,175,196|
|General funds|||||||||
|Almshouse|fund||2,690, 146|4,450,211|(3,797,220)||42902|3,386,039|
|Pension reserve|||(5,000)||2,000|||(3,000)|
||||2,685, 146|4,450,211|(3,795,220)||42,902|3,383,039|
|Total Unrestricted||funds|9,679,241|4,450,211|(3,795,220)||224,003|10,558,235|
|Endowment|funds||||||||
|Almshouse|fund - General||125,532207||||5,130,019|130,662,226|
|Restricted|funds||||||||
|Welfare charities||||4,625|(4,625)||||
|Total offunds|||135,211,448|4,454, 836|(3,799,845)||5,354,022|141,220,461|
##
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##
|Analysis
of net assets between|funds - current year||||
|---|---|---|---|---|
|||Unrestricted|Endowment|Total|
|||funds|funds|funds|
|||2021
E|2021
f|2021
6|
|Tangible fixed assets||10,282,931||10,282,931|
|Fixed asset investments|||18,360,711|18,360,711|
|Investment
property||725,000|112,705,300|113,430,300|
|Current assets||(2,494,592)|9,691,229|7,196,637|
|Creditors due within one year||(244,862)||(244,862)|
|Defined benefit pension scheme|liability|(1,000)||(1,000)|
|Difference||10,000|(10,000)||
|Total||8,277,477|140,747,240|149,024,717|
|Analysis
of net assets between|funds - prior year||||
|||Unrestricted|Endowment|Tote/|
|||funds|funds|funds|
|||2020f|2020|2020f|
|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||3,714,530|
|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|
##
|22.|Reconciliation
of net|movem|en|t
in fund|s to net cash flow from|operating|activities||
|---|---|---|---|---|---|---|---|---|
||||||||2021
6|2020f|
||Net income for the year (as per|||Statement|of Financial Activities)||7,804,266|6,009,013|
||Adjustments
for:||||||||
||Depreciation
charges|||||14|215,746|132,630|
||Revaluation
of investments|||||11|(7,328,655)|(5,354,022)|
||Investment
income|||||6|(2,850,623)|(3,227,883)|
||Loss on disposal of investment|||property||15|43,512||
||(Increase)/decrease
in|debtors||||17|(675,344)|296,407|
||Increase/(decrease)
in|creditors||||19|43,035|(9,337)|
||(Decrease)
in defined|benefit|pension scheme|||26|(2,000)|(2,000)|
||Net cash used
in operating||activities||||(2,749,973)|(2, 155,192)|
|23.|Analysis
ofcash and|cash equivalents|||||||
||||||||2021|2020|
|||||||||5|
||Cash in hand||||||402,433|391,353|
||Total cash and cash|equivalents|||||402,433|391,353|
|24.|Analysis
ofchanges|in net|debt||||||
||At 1||Changes
In|At 31|
|---|---|---|---|---|
||January||market|December|
||2021|Cash flows|value|2021|
|||F||8|
|Cash at bank and in hand|391,363|11,080||402,433|
|Current asset investments|3,171,680|1,986,176|802,937|5,960,793|
||3,563,033|1,997,256|802,937|6,363,226|
##
##
##
##
##
##
##
|Movement
in defined benefit pension scheme liabili|ty||
|---|---|---|
||2021
6|2020
f|
|Balance at 1 January|3,000|5,000|
|Deficit contribution
paid|(2,000)|(2,000)|
|Balance at 31 December|1,000|3,000|
##
|Sensitivity
analysis (per an|num)|||
|---|---|---|---|
|||2021|2020|
|||0/|9o|
|Discount rate||0.0|0.2|
|Price inflation||NIA|3.1|
|Increase to total pensionable|payroll|(1.6)|1.6|
##
##
||||2021|2020|
|---|---|---|---|---|
||||6||
|Other:|||||
|Not later than||1 year|1,646|1,588|
|Later than|1 year and not later than 5years||649|1,985|
||||2,196|3,573|
|2021
6|2020f|
|---|---|
|1,646|30,588|
##