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|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Charity,|its Trustees and Advisers|1-2|
|Trustees' Report||||3-9|
|Trustees' Responsibilities
Statement||||10|
|Independent
Auditor's|Report|on the Financial Statements||11-13|
|Statement of Financial|Activities|||14|
|Balance Sheet||||15|
|Statement ofCash Flows||||16|
|Notes to the Financial|Statements|||17-39|
##
##
|Trustees||Mr Peter Marr, (Chair|until|22 March 2023)t|
|---|---|---|---|---|
|||Mr Jeremy Williams,|(Chair from 23 March 2023)z,s,s||
|||Mr Jonathan
Blythe|||
|||Mr Robert Hall (appointed||20 September 2023)4|
|||Mrs Emma
Halford2, 3,4|||
|||Mr Alexander
Lourie&2|||
|||Mrs Margaret
Marshalls|||
|||Mrs Katherine
Maxwellz, s|||
|||Mrs Kathryn
O'Brien4,|s||
|||Mr Paul Phillipst|||
|||Cllr Richard Pyne|||
|||Revd Wilma Roest4|||
|||Mr Michael Townsint,|4||
|||Dr Alexander J M Hall (resigned 24 May 2023)4|||
|||" Finance Committee|||
|||t Property Committee|||
|||4 Risk Management|Committee||
|||4 Welfare Committee|||
|||s Safeguarding
Committee|||
|Charity registered|||||
|number||200431|||
|Principal office||95Sheen Road|||
|||Richmond|||
|||TW9 1YJ|||
|Chief Executive||Ms JAmes-Lewis|||
|Independent|auditor|MHA|||
|||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|||
|||Surrey|||
|||TW9 1HG|||
##
|Solicitors||Moore Barlow|
|---|---|---|
|||2 Sheen Road|
|||Richmond|
|||Surrey|
|||TW9 1AE|
|Property Agents and
Surveyors||HML
9-11The Quadrant|
|||Richmond|
|||Surrey|
|||TW9 1BP|
|Investment|Fund|Sarasin
&Partners|
|Managers||Juxon House
100St Paul's Churchyard|
|||EC4M 8BU|
|||CCLA|
|||One Angel Lane|
|||London|
|||EC4R 3AB|
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||||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|funds|
|||Note|2023|2023
F.|2023|2023f|2022
F|
|Income
from:||||||||
|Donations
and||||||||
|legacies||4|650|7,100||7,750|12,202|
|Charitable
activities||5|1,595,595|||1,595,595|1,510,935|
|Investments||6|2,965,331|||2,965,331|2,956,576|
|Total income|||4,561,576|7,100||4,568,676|4,479,713|
|Expenditure
on:||||||||
|Raising funds||7|1,661,457|||1,661,457|1,142,324|
|Charitable
activities||9|2,019,733|7,500||2,027,233|2,086,166|
|Total expenditure|||3,681,190|7,500||3,688,690|3,228,490|
|Revaluation
of||||||||
|investments|||||4,620,856|4,620,856|(7,726,882)|
|Transfers
between||||||||
|funds||20|2,617,269||(2,617,269)|||
|Net movement|in|||||||
|funds before other||||||||
|recognised
gains|||3,497,655|(400)|2,003,587|5,500,842|(6,475,659)|
|Other recognised||||||||
|gains:||||||||
|Actuarial
gains|on|||||||
|defined benefit||||||||
|pension schemes||27|||||1,000|
|Net movement|in|||||||
|funds|||3,497,655|(400)|2,003,587|5,500,842|(6,474,659)|
|Reconciliation|of|||||||
|funds:||||||||
|Total funds brought
forward|||11,996,008|7,500|130,546,550|142,550,058|149,024,717|
|Net movement|in|||||||
|funds|||3,497,655|(400)|2,003,587|5,500,842|(6,474,659)|
|Total funds carried||||||||
|forward|||15,493,663|7,100|132,550,137|148,050,900|142,550,058|
##
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|||||2023
F|2022f|
|---|---|---|---|---|---|
|Cash flows from operating
activities||||||
|Net cash|used
in operating
activities|||(1,518,600)|(1,839,720)|
|Cash flows from investing
activities||||||
|Dividends,
interests
and rents from investments||||2,972,362|2,959,976|
|Purchase|oftangible fixed assets|||(3,261,624)|(6,548)|
|Proceeds|from sale of investments|||5,091,062|4,727,240|
|Purchase|ofinvestments|||(3,998,793)|(5,994,128)|
|Proceeds|from sale of investment
property|||1,875,966||
|Net cash|provided
by investing
activities|||2,678,973|1,686,540|
|Change|in cash and cash equivalents
in|the year||1,160,373|(153,180)|
|Cash and|cash equivalents
at the beginning|ofthe year||249,253|402,433|
|Cash and cash equivalents
at the end of||the year||1,409,626|249,253|
|The notes on pages 17to 39form part ofthese financial|||statements|||
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|||||Unrestricted|Restricted|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2023f|2023|2023|
|Donations||||650||650|
|The Charity of Henry Smith|||||7,100|7,100|
|||||650|7,100|7,750|
|||||Unrestricted|Restricted|Total|
|||||funds|funds|funds|
|||||2022|2022|2022|
|||||6|6|6|
|Donations||||502|4,600|5,102|
|The Charity|of Henry Smith||||7,100|7,100|
|||||502|11,700|12,202|
|Income from||charitable|activities||||
||||||Unrestricted|Total|
||||||funds|funds|
||||||2023|2023|
||||||6|6|
|Almshouses|- Residents'||contributions||1,595,595|1,595,595|
||||||Unrestricted|Total|
||||||funds|funds|
||||||2022|2022|
|Almshouses|-Residents'||contributions||1,510,935|1,510,935|
##
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|||Unrestricted|Total|
|---|---|---|---|
|||funds|funds|
|||2023|2023|
|||F|6|
|Rents receivable||2,534,286|2,534,286|
|Dividend|income receivable|427,608|427,608|
|Bank interest receivable||3,437|3,437|
|||2,965,331|2,965,331|
|||Unrestricted|Total|
|||funds|funds|
|||2022|2022|
|||6|F|
|Rents receivable||2,448,187|2,448,187|
|Dividend|income receivable|506,220|506,220|
|Bank interest receivable||2,169|2,169|
|||2,956,576|2,956,576|
##
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##
|Expenditure
on raising f|unds|||
|---|---|---|---|
|||2023|2022f|
|Fund management||||
|Investment
management|costs|56,777|59,308|
|||56,777|59,308|
|Property management||||
|Direct costs - Property||1,501,960|1,032,647|
|Support costs -Insurance||24,321|15,919|
|Support costs -Repairs and maintenance||14,792|17,478|
|Support costs - Legal and|professional|2,034|975|
|Support costs -Office expenses||18,726|15,958|
|Support costs -Miscellaneous||36,154|39|
|||1,597,987|1,083,016|
|||1,654,764|1,142,324|
##
##
|Grants to|Total|
|---|---|
|Individuals|funds|
|2023|2023|
|6||
|109,371|109,371|
|Grants to|Total|
|---|---|
|Individuals|funds|
|2022f|2022f|
|59,250|59,250|
##
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|||Unrestricted|Restricted||
|---|---|---|---|---|
|||funds|funds|Total|
|||2023|2023|2023|
|||F.|E|F|
|Charitable|activities|2,019,733|7,500|2,027,233|
|||Unrestricted|Restricted||
|||funds|funds|Total|
|||2022|2022
F|2022
f|
|Charitable|activities|2,081,966|4,200|2,086,166|
##
|||||Activities|Grant|||
|---|---|---|---|---|---|---|---|
|||||undertaken|funding of|Support|Total|
|||||directly
2023
F|activities
2023f|costs
2023|funds
2023
8|
|Almshouses|and|grant|funding|1,765,387|109,371|152,475|2,027,233|
|||||Activities|Grant|||
|||||undertaken|funding
of|Support|Total|
|||||directly|activities|costs|funds|
|||||2022
F|2022f|2022
6|2022|
|Almshouses|and|grant|funding|1,927,154|59,250|99,762|2,086,166|
##
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##
|||||Total|Total|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2023f|2022f|
|Staff costs||||605,195|543,963|
|Telephone||||20,672|16,532|
|Rates and water||||82,253|29,158|
|Electricity and||gas||55,263|40,941|
|Cleaning||||9,332|11,358|
|Careium||||13,242|14,190|
|Garden
and|tree maintenance|||115,196|110,079|
|Repairs and|maintenance|||210,934|236,308|
|Legal and professional|||fees|31,640|242,621|
|Miscellaneous||||10,032|764|
|Major property
repairs||||611,628|681,240|
|||||1,765,387|1,927,154|
|Analysis of|support costs|||||
|||||Total|Total|
|||||funds|funds|
|||||2023f|2022f|
|Governance||staff costs||96,534|62,208|
|Depreciation||||243,377|243,257|
|Insurance||||21,889|14,327|
|Electricity and gas||||2,505|1,630|
|Cleaning||||5,971|7,942|
|Repairs and||maintenance||7,342|7,790|
|Legal and professional|||fees|1,830|98|
|Office expenses||||14,348|12,733|
|Miscellaneous||||56,887|53,345|
|Governance||costs||52,758|51,172|
|(Profft)/loss|on disposal||offixed asset investments|(350,966)|(354,740)|
|||||152„475|99,762|
##
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|11.|Governance|costs|||||||
|---|---|---|---|---|---|---|---|---|
||||||||2023
F|2022f|
||Auditor's
remuneration||||||20,250|20,250|
||Auditor's
remuneration||- non audit work||||20,200|19,182|
||Other governance
costs||||||9,726|11,740|
||||||||50,176|51,172|
|12.|Revaluation|ofinvestments|||||||
||||||||2023|2022|
||||||||E||
||Revaluation|gains/(losses)||on investment|property|16|2,227,750|(5,072,550)|
||Revaluation|gains/(losses)||on fixed asset|investments|17|2,393,106|(2,117,918)|
||Revaluation|loss on current||asset investments||||(536,414)|
||||||||4,620,856|(7,726,882)|
|13.|Staff costs||||||||
||||||||2023|2022|
|||||||||L'|
||Wages and|salaries|||||564,160|499,665|
||Social security costs||||||55,274|41,517|
||Contribution|to defined|contribution
pension schemes||||82,295|64,989|
||||||||701,729|606,171|
||The average|number|ofpersons employed||by the Charity during|the year was|as follows:||
||||||||2023|2022|
||||||||No.|No.|
||Staff||||||14|13|
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|2023|2022|
|---|---|
|No.|No.|
|1|1|
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|||Office|Assets|Assets||
|---|---|---|---|---|---|
||Freehold|freehold|under|||
||property
6|property
f|construction|f|Total
F|
|Cost or valuation||||||
|At 1 January 2023|10,793,829|1,100,000|||11,893,829|
|Additions|||3,261,624||3,261,624|
|At 31 December 2023|10,793,829|1,100,000|3,261,624||15,155,453|
|Depreciation||||||
|At 1 January 2023|720,107|27,500|||747,607|
|Charge for the year|215,877|27,500|||243,377|
|At 31 December 2023|935,984|55,000|||990,984|
|Net book value||||||
|At 31 December 2023|9,857,845|1,045,000|3,261,624||14,164,469|
|At 31 December 2022|10,073,722|1,072,500|||11,146,222|
##
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|Fixed asset Investments||
|---|---|
||Listed|
||Investments|
|Cost or valuation||
|At 1 January 2023|27,661,300|
|Additions|3,998,793|
|Disposals|(5,091,062)|
|Revaluations|2,393,106|
|At 31 December 2023|28,962,137|
|Net book value||
|At 31 December 2023|28,962,137|
|At 31 December 2022|27,661,300|
##
|Debtors||||
|---|---|---|---|
|||2023f|2022f|
|Due within one year||||
|Trade debtors||113,821|21,110|
|Prepayments|and accrued income|59,092|723,315|
|||172,913|744,425|
##
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##
|||||||2023|2022|
|---|---|---|---|---|---|---|---|
|||||||6|6|
|Trade creditors||||||50,412|19,038|
|Other taxation
and||social security||||18,671|13,989|
|Other creditors||||||987|6,263|
|Accruals|and deferred|||income||176,175|97,102|
|||||||246,245|136,392|
|||||||2023f|2022|
|Deferred|income|||||||
|Deferred|income at||1|January||72,334|71,693|
|Resources deferred|||during the year|||63,206|72,334|
|Amounts|released|from previous|||periods|(72,334)|(71,693)|
|||||||63,206|72,334|
##
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|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at 1|||||31|
||January
2023f|Income
f|Expenditure
6|Transfers
In/out
F|Gains/
(Losses)
6|December
2023
6|
|Unrestricted|||||||
|funds|||||||
|General
Funds|11,996,008|4,561,576|(3,681,190)|2,617,269||15,493,663|
|Endowment|||||||
|funds|||||||
|Endowment
Fund|130,546,550|||(2,617,269)|4,620,856|132,550,137|
|Restricted|||||||
|funds|||||||
|Henry Smith|7,500|7,100|(7,500)|||7,100|
|Total offunds|142,550,058|4,568,676|(3,688,690)||4,620,856|148,050,900|
##
|Statement offu|nds - prior year|||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||Balance at||||||31|
||1 January
2022f|Income
6|Expenditure|f|Transfers
in/out
8|Gains/
(Losses)f|December
2022
6|
|Unrestricted||||||||
|funds||||||||
|General Funds|8,277,477|4,468,013|(3,224,290)||2,473,808|1,000|11,996,008|
|Endowment||||||||
|funds||||||||
|Endowment||||||||
|Funds|140,747,240||||(2,473,808)|(7,726,882)|130,546,550|
|Restricted||||||||
|funds||||||||
|Restricted||||||||
|Funds||11,700|(4,200)||||7,500|
|Total offunds|149,024,717|4,479,713|(3,228,490)|||(7,725,882)|142,550,058|
##
##
|Summary
|of|funds - current yea|r|||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
|||Balance at 1|||||31|
|||January
2023f|Income
8|Expenditure
8|Transfers
in/out
6|Gains/
(Losses)f|December
2023f|
|General funds||11,996,008|4,561,576|(3,681,190)|2,617,269||15,493,663|
|Endowment||||||||
|funds||130,546,550|||(2,617,269)|4,620,856|132,550,137|
|Restricted||||||||
|funds||7,500|7,100|(7,500)|||7,100|
|||142,550,058|4,568,676|(3,688,690)||4,620,856|148,050,900|
|Summary|of|funds - prior year||||||
||||||||Balance at|
|||Balance at|||||31|
|||1 January
2022|Income|Expenditure|Transfers
in/out|Gains/
(Losses)|December
2022|
|||F|F|F|5|||
|General funds||8,277,477|4,488,013|(3,224,290)|2,473,808|1,000|11,996,008|
|Endowment||||||||
|funds||140,747,240|||(2,473,808)|(7,726,882)|130,546,550|
|Restricted||||||||
|funds|||11,700|(4,200)|||7,500|
|||149,024,717|4,479,713|(3,228,490)||(7,725,882)|142,550,058|
##
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##
|Analysis ofnet assets between funds|-current year||||
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|funds|funds|
||2023
6|2023
f|2023
F|2023
6|
|Tangible fixed assets|14,164,469|||14,164,469|
|Fixed asset investments|||28,962,137|28,962,137|
|Investment
property|||103,588,000|103,588,000|
|Current assets|1,575,439|7,100||1,582,539|
|Creditors due within one year|(246,245)|||(246,245)|
|Total|15,493,663|7,100|132,550,137|148,050,900|
|Analysis of net assets between funds|-prior year||||
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|funds|funds|
||2022f|2022
F|2022
6|2022f|
|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)|
||11,996,008|7,500|130,546,550|142,550,058|
##
##
|||||||||||2023|2022f|
|---|---|---|---|---|---|---|---|---|---|---|---|
||Net
income/expenditure
for
Activities)|the||year|(as|per|Statement|of|Financial|5,500,842|(6,475,659)|
||Adjustments
for:|||||||||||
||Depreciation
charges|||||||||243,377|243,257|
||(Gains)/losses
on investments|||||||||(4,650,856)|7,726,882|
||Dividends,
interests
and rents|from||investments||||||(2,972,362)|(2,959,976)|
||(Profit) on the sale offixed assets||||||||||(354,740)|
||(Profit) on disposal ofinvestment||property|||||||(350,966)||
||Decrease
in debtors|||||||||571,512|88,986|
||Increase/(decrease)
in creditors|||||||||139,853|(108,470)|
||Net cash used in operating|activities||||||||(1,518,600)|(1,839,720)|
|24.|Analysis ofcash and cash|equivalents||||||||||
|||||||||||2023|2022f|
||Cash in hand and at bank|||||||||1,409,626|249,253|
||Total cash and cash equivalents|||||||||1,409,626|249,253|
|25.|Analysis ofchanges
in net|debt||||||||||
||||||||||At 1||At 31|
||||||||||January||December|
||||||||||2023|Cash flows|2023|
||||||||||6|6||
||Cash at bank and in hand||||||||249,253|1,160,373|1,409,626|
||||||||||249,253|1,160,373|1,409,626|
##
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##
|Capital com|mitment|s||||
|---|---|---|---|---|---|
|||||2023
6|2022f|
|Contracted|for but|not provided|in these financial statements|||
|Almshouses|assets|in course of construction||5,695,920|238,051|
|Photovoltaic|projects|||681,884|34,230|
|Other||||183,467|69,401|
|||||6,561,271|341,682|
##
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||||||o/o|
|---|---|---|---|---|---|
|Discount|rate||||11.9|
|Expected|return|on|scheme|assets|7.1|
##
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|Actuarial|gains|||
|---|---|---|---|
|Closing|defined|benefit|obligation|
##
||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E||
|Not|later|than|1|year|1,857|1,646|
|2023|2022|
|---|---|
|6|2|
|1,713|1,646|
##