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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|
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|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|||
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||||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||||||||
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||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|
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|||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|
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