2022-12-31-accounts - Richmond Charities

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				Page
Reference and Administrative		Details ofthe Charity, its Trustees	and Advisers	1-2
Trustees' Report				3-10
Statement of Trustees'	Responsibilities
Independent Auditor's	Report	on the Financial Statements		12 - 15
Statement of Financial	Activities			16
Balance Sheet				17
Statement ofCash Flows				18
Notes to the Financial	Statements			19-43

Trustees		Mr P W C Marr, Chairmant	Mr P W C Marr, Chairmant	Mr P W C Marr, Chairmant	(until 22/03/2023)
		DrA J MHall4
		Mrs E Halfordz, s.4 (3from 21/09/2022)
		Mr SJ King (resigned		1 September 2022)kz4s
		Mr AS Lourie1,2
		Mrs M Marshall'
		Mrs K Maxwells, s
		Mrs K O'Brien4, s (5from 21/09/2022)
		Cllr R Pyne
		Revd W Roest4
		Mr M Townsint, 4 (1 from 23/11/2022)
		Mr JWilliams, Chairmanzg,			s (from 23/03/2023)
		Mr J Blythe
		Mr P Phillips (appointed		25 May 2022)1 (1 from 21/09/2022)
		" Finance Committee ' Property Committee ' Risk Management	Committee
		4 Welfare Committee
		s Safeguarding Group
Charity registered
number		200431
Principal office		95Sheen Road
		Richmond
		TW9 1YJ
Chief Executive		Ms JAmes-Lewis
Independent	auditor	MHA
		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

Solicitors		Moore Barlow
		9The Green
		Richmond
		Surrey
		TW9 1BP
Property Agents and		HML
Surveyora		9-11The Quadrant
		Richmond
		Surrey
		TW9 1BP
Investment	Fund	Sarasin & Partners
Managers		Juxon House
		100St Paul's Churchyard
		EC4M SBU
		CCLA
		One Angel Lane
		London
		EC4R 3AB

a.Constitution
The Richmond	Charities	is	administered in accordance with the following		Charity Commission	schemes:
5.8.1974			The Richmond Charities
21.8.1974			Michel's Almshouse	Charity
30.4.1987			Richmond Charities'	Almshouses
18.11.1987and	21.6.1990		Richmond Charities'	Almshouses
24.5.2004			Richmond Charities'	Almshouses
27.2.2006			Richmond Charities'	Almshouses
17.12.2008			Richmond Charities'	Almshouses
08.10.2020			Richmond Charities'	Almshouses
01.11.2021			Mortlake Almshouse	Charities

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
		Note	2022f	2022 6	2022 6	2022 6	2021
Income from:
Donations and	legacies	4	502	11,700		12,202	72,682
Charitable activities		5	1,510,935			1,510,935	1,350,727
Investments		6	2,956,576			2,956,576	2,850,523
Total income			4,468,013	11,700		4,479,713	4,273,932
Expenditure on:
Raising funds			1,142,324			1,142,324	1,008,566
Charitable activities		8	2,081,966	4,200		2,086,166	2,832,191
Total expenditure			3,224,290	4,200		3,228,490	3,840,757
Revaluation of
investments					(7,726,882)	(7,726,882)	7,371,081
Net
income/(expenditure)			1,243,723	7,500	(7,726,882)	(6,475,659)	7,804,256
Transfers between
funds		20	2,473,808		(2,473,808)
Net movement	in
funds before other
recognised gains			3,717,531	7,500	(10,200,690)	(6,475,659)	7,804,256
Other recognised
gains:
Actuarial gains	on
defined benefit	pension
schemes		26	1,000			1,000
Net movement	in
funds			3,718,531	7,500	(10,200,690)	(6,474,659)	7,804,256
Reconciliation	of
funds:
Total funds brought
forward			8,277,477		140,747,240	149,024,717	141,220,461
Net movement	in funds		3,718,531	7,500	(10,200,690)	(6,474,659)	7,804,256
Total funds carried
forward			11,996,008	7,500	130,546,550	142,550,058	149,024,717

							2022		2021
				Note			6
Fixed assets
Tangible assets				14		11,146,222			10,282,931
Investments				16		27,661,300			18,360,711
Investment property				15		102,885,250			113,430,300
						141,692,772			142,073,942
Current assets
Debtors				17	744,425				833,411
Investments				18				5,960,793
Cash at bank and	in	hand			249,253				402,433
					993,678			7,196,637
Creditors: Amounts		falling	due within one
year				19	(136,392)				(244,862)
Net current assets							857,286		6,951,775
Total assets less	current liabilities					142,550,058			149,025,717
Defined benefit pension scheme asset I
liability									(1,000)
Total net assets						142,550,058			149,024,717
Charity funds
Endowment funds				20		130,546,550			140,747,240
Restricted funds				20			7,500
Unrestricted funds				20		11,996,008			8,277,477
Total funds						142,550,058			149,024,717
The financial statements			were approved	and authorised	for issue bythe		Tru tee and	s'	d on their behalfby:
MrJWilliams					Mr A		L
Chairman					Trus	ee
Date: 24 May 2023

						2022	2021
						6
Cash flows from operating		activities
Net cash used in operating	activities					(1,839,720)	(2,749,973)
Cash flows from investing		activities
Investment income						2,959,976	2,850,523
Purchase oftangible fixed assets						(6,548)	(68,300)
Purchase of investments						(5,994,128)	(3,744,658)
Proceeds from the sale of investment			properties			4,727,240	3,723,488
Net cash provided by investing activities						1,686,540	2,761,053
Change in cash and cash		equivalents		in	the year	(153,180)	11,080
Cash and cash equivalents		at the beginning			ofthe year	402,433	391,353
Cash and cash equivalents		at the end of			the year	249,253	402,433
The notes on pages 19to 43form part ofthese financial statements

	Unrestricted	Restricted	Total
	funds	funds	funds
	2022	2022	2022
		K	5
Donations	502	4,600	5,102
The Charity of Henry Smith		7,100	7,100
Total 2022	502	11,700	12,202
	Unrestricted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
	F		F
Donations	68,282		68,282
The Charity ofHenry Smith		4,400	4,400
Total 2021	68,282	4,400	72,682

			Unrestricted	Total
			funds	funds
			2022	2022
			E	E
Almshouses	-Residents'	contributions	1,510,935	1,510,935
			Unrestricted	Total
			funds	funds
			2021f	2021 6
Almshouses	-Residents'	contributions	1,350,727	1,350,727

	Unrestricted	Total
	funds	funds
	2022	2022
	E	E
Rents receivable	2,448,187	2,448,187
Dividend income receivable	506,220	506,220
Bank interest receivable	2,169	2,169
Total 2022	2,956,576	2,956,576
	Unrestricted	Total
	funds	funds
	2021	2021
Rents receivable	2,403,123	2,403,123
Dividend income receivable	447,324	447,324
Bank interest receivable	76	76
Total2021	2,850,523	2,850,523

Expenditure on raising f	unds
		2022	2021
Fund management
Investment management	costs	59,308	65,481
		59,308	65,481
Property management
Direct costs - Property		1,032,647	873,576
Support costs - Insurance		15,919	15,888
Support costs - Repairs and maintenance		17,478	20,632
Support costs - Legal and	professional	975	5,549
Support costs - Office expenses		15,958	15,965
Support costs - Miscellaneous		39	11,475
		1,083,016	943,085
Total		1,142,324	1,008,566

	Unrestricted	Restricted
	funds	funds	Total
	2022	2022	2022
	E	8	E
Almshouses	2,081,966	4200	2086 166
	Unrestricted	Restricted
	funds	funds	Total
	2021 6	2021 f	2021 6
Almshouses	2,806,630	25,561	2,832,191

	Activities	Grant
	undertaken	funding of	Support	Total
	directly	activities	costs	funds
	2022	2022f	2022 6	2022 6
Almshouses	1,927,154	59,250	99,762	2,086,166
	Activities	Grant
	undertaken	funding of	Support	Total
	directly	activities	costs	funds
	2021	2021	2021	2021
	F	E		5
Almshouses	2,357,662	22,000	452,529	2,832,191

			Total	Total
			funds	funds
			2022	2021
			6	6
Staff costs			543,963	518,179
Telephone			16,532	16,880
Rates and water			29,158	37,151
Electricity arid	gas		40,941	33,605
Cleaning			11,358	10,840
Careium			14,190	38,363
Garden and tree maintenance			110,079	81,659
Repairs and maintenance			236,308	181,627
Legal and professional		fees	242,621	60,801
Miscellaneous			764	361
Major property	repairs		681,240	1,378,196
Total			1,927,154	2,357,662

					Total	Total
					funds	funds.
					2022	2021
					F.	E
	Governance	staff costs			62,208	60,267
	Depreciation				243,257	215,746
	Insurance				14,327	14,300
	Electricity and gas				1,630	1,072
	Cleaning				7,942	6,571
	Repairs and	maintenance			7,790	11,998
	Legal and professional			fees	98	4,994
	Office expenses				12,733	13,296
	Miscellaneous				53,345	29,399
	Governance	costs			51,172	51,374
	(Profit)/loss	on disposal		offixed asset investments	(354,740)	43,512
	Total				99,762	452,529
10.	Governance	costs
					2022	2021
					F
	Auditor's remuneration			-Audit and accountancy	20,250	16,200
	Governance	staff	costs		62,208	60,267
	Other governance		costs		9,290	35,174
					91,748	111,641

Revaluation	of investmen	ts
					2022	2021
					8	E
Revaluation	(losses)/gains	on investment	property	15	(5,072,550)	4,938,300
Revaluation	(losses)/gains	on fixed asset	investments	16	(2,117,918)	1,629,844
Revaluation	(losses)/gains	on current asset investments		18	(536,414)	802,937
					(7,726,882)	7,371,081
Staff costs
					2022	2021
					F	6
Wages and	salaries				499,665	474,809
Social security costs					41,517	45,282
Pension costs					64,989	58,591
					606,171	578,682
The average	number ofpersons employed		by the Charity during the year was		as follows:
					2022	2021
					No.	No.
Staff					13	14

		Office
	Almshouses	property.	Total
	E	F	E
Cost or valuation
At 1 January 2022	10,787,281		10,787,281
Additions	6,548		6,548
Transfers between classes		1,100,000	1,100,000
At 31 December 2022	10,793,829	1,100,000	11,893,829
Depreciation
At 1 January 2022	504,350		504,350
Charge for the year	215,757	27,500	243,257
At 31 December 2022	720,107	27,500	747,607
Net book value
At 31 December 2022	10,073,722	1,072,500	11,146,222
At 31 December 2021	10,282,931		10,282,931

	Investment
	property f	Mitre Pub E	Total E
Valuation
At 1 January 2022	112,705,300	725,000	113,430,300
Disposals at carrying value	(4,372,500)		(4,372,500)
Surplus/(deficit) on revaluation	(5,072,550)		(5,072,550)
Transfers between classes	(1,100,000)		(1,100,000)
At 31 December 2022	102,160,250	725,000	102,885,250

	Listed
	investments
	F.
Cost or valuation
At 1 January 2022	18,360,711
Additions	5,984,536
Revaluations	(2,117,918)
Transfers between classes	5,433,971
At 31 December 2022	27,661,300
Net book value
At 31 December 2022	27,661,300
At 31 December 2021	18,360,711

Debtors
		2022	2021
		E
Due within	one year
Rent receivable		21,110	102,107
Prepayments	and accrued income	723,315	731,304
		744,425	833,411

Current asse	t investments
		2022	2021
Extraordinary	repair funds	5,433,971	5,960,793
Transfer to fixed asset investments		(5,433,971)
			5,960,793

Creditors	: Amounts		falling due within one year
				2022	2021
					6
Trade creditors				19,038	31,001
Other taxation and		social security		13,989	12,355
Other creditors				6,263	5,362
Accruals	and deferred		income	97,102	196,144
				136,392	244,862
				2022	2021
				F	6
Deferred	income
Deferred	income at 1		January	71,693	73,985
Resources deferred		during the year		72,334	71,693
Amounts	released	from previous pedods		(71,693)	(73,985)
Deferred	income	at	31 December	72,334	71,693

Statement	offun	ds - current	yea	r
								Balance at
		Balance at	1					31
		January 2022		Income	Expenditure	Transfers in/out	.Gains/ (Losses)	December 2022
			F	E	5	E	E	E
Unrestricted
funds
General Funds-
all funds		8,277,477		4,468,013	(3,224,290)	2,473,808	1,000	11,996,008
Endowment
funds
Endowment
Funds - all	funds	140,747,240				(2,473,808)	(7,726,882)	130,546,550
Restricted
funds
Restricted	Funds
- all funds				11,700	(4,200)			7,500
Total offunds		149,024,717		4,479,713	(3,228,490)		(7,725,882)	142,550,058

Statement o	ffund	s - prior year
							Balance at
		Balance at					31
		1 January 2021 F	Income 6	Expenditure 5	Transfers in/outf	Gains/ (Losses) E	December 2021 5
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)	3,504,232	957,031	8,278,477
Pension reserve		(3,000)		2,000			(1,000)
		3,383,039	4,248,732	(3,815,557)	3,504,232	957,031	8,277,477
Total
Unrestricted
funds		10,558,235	4,248,732	(3,815,557)	(3,670,964)	957,031	8,277,477
							Balance at
		Balance at					31
		1 January 2021	Income	Expenditure	Transfers in/out	Gains/ (Losses)	December 2021
		E	E	5			6
Endowment
funds
Almshouse	fund
-General		130,662,226			3,670,964	6,414,050	140,747,240

Analysis ofnet assets between fund	s -current year
	Unrestricted	Restricted	Endowment	Total
	funds	funds	funds	funds
	2022	2022	2022	2022
	F	F	6	E
Tangible fixed assets	11,146,222			11,146,222
Fixed asset investments			27,661,300	27,661,300
Investment property			102,885,250	102,885,250
Current assets	986,178	7,500		993,678
Creditors due within one year	(136,392)			(136,392)
Total	11,996,008	7,500	130,546,550	142,550,058

Analysis ofnet assets between	funds -prior yea	r
		Unrestricted	Endowment	Total
		funds	funds	funds
		2021	2021	2021
		6	6	6
Tangible fixed assets			10,282,931	10,282,931
Fixed asset investments		601,702	17,759,009	18,360,711
Investment property		725,000	112,705,300	113,430,300
Current assets		7,196,637		7,196,637
Creditors due within one year		(244,862)		(244,862)
Defined benefit pension scheme	liability	(1,000)		(1,000)
		8,277,477	140,747,240	149,024,717

22.	Reconciliation of net	movement	movement	in funds to	in funds to	net	cash flow	from	operating	activities
										2022 5	2021f
	Net income/expenditure Activities)	for	the	year	(as	per	Statement	of	Financial	(6,475,659)	7,804,256
	Adjustments for:
	Depreciation charges									243,257	215,746
	Gains/(losses) on investments									7,726,882	(7,328,655)
	Dividends, interests and rents		from	investments						(2,959,976)	(2,850,523)
	Loss/(profit) on the sale offixed assets									(354,740)	43,512
	Decrease/(increase) in debtors									88,986	(675,344)
	Increase/(decrease) in	creditors								(108,470)	43,035
	(Decrease) in defined benefit		pension scheme								(2,000)
	Net cash used in operating		activities							(1,839,720)	(2,749,973)
23.	Analysis ofcash and	cash	equivalents
										2022	2021
										E	5
	Cash in hand									249,253	402,433
	Total cash and cash	equivalents								249,253	402,433
24.	Analysis ofchanges	in net	debt
							At 1			Other non-	At 31
							January			cash	December
							2022	Cash flows f		changes 6	2022 6
							E
	Cash at bank and in hand						402,433		(153,180)		249,253
	Liquid investments						5,960,793		(526,822)	(5,433,971)
							6,363,226		(680,002)	(5,433,971)	249,253

Capital com	mitment	s
					2022	2021
					E	F
Contracted	for but	not provided	in these financial statements
Repairs, maintenance		or enhancements		to Almshouses	341,682	70,906

		2022	2021
		8
Other:
Not later than	1 year	1,646	1,646
Later than 1 year and not later than 5 years			549
		1,848	2,195

2022	2021
8
1,646	1,646