Charity number: 200431 THE RICHMOND CHARITIES TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE RICHMOND CHARtTIES CONTENTS Reference and Admlnlstr¥tive DÈta115 of the Charity. its Trustees and Atlvisers TrL15tees' Rèport 3.10 Trustees. Responslbilities Ststeinent Independent Auditorfs Roporl oil the Finaiicial Shitèments 12.15 Staternejit of Financial A¢tlvltie8 16 Balanco Sheel 17 Statem8nt of Ca¥h Flows 18 Notes to the FlnancSal Statements 19-38
THE RICHMOND CHARMES REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 'riusteos Mr Jererny Wllliams IChai¥ll&5 Mr Jonathan Btylhel Mr Rcberf Ha114 MT Peler Marr) Mrs Katherine ma[.5 Mrs Kathryn 0'Brn11.$ Mr l)aul Pbilltpsl.2 Mr Jeff Picton {appJinied 20 Novents 2024)1 Clli Rthafd Ftyne klr Michael Townsinl.4 Mr5 Emma Hallord Iresvjned 19 Febnjary 202S12.3 Mi Alexander LOUI (deased 10 September 2024112 Mrs Margarel Marshall ISIgned 22 May 202412 Revd Wilma Roest Ire¥ned 20 November 2024)4 Finance Commi¢lee 2 Proptrty Ce47)mitlee Risk Management Cornmiltee Welfare Commillee S3feguardir& commit Charlty registerèd riiimbei 2W431 Pr111elpal olllce 95 Sheèn R08d RKhm¢Jnd TW9 1YJ Chlef ExècutlvÈ Ms J Ames.LewiB Independent iudlior IAHA Charter C¢JJrt Phoenix Way Swansea EnteriSe Park S¥rdnsea. United King¢S( SA7 gFS Baiikers B8relay4 Bank pk 8 George Street Richmond Surrey TW91JY HSBC 67 George Slteet Richmond SJrrey TW9 IHG Page 1
THE RICHMOND CHARlnES REFERENCE ANO ADMINISTRATIVE DÈTAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Prop81ty Agents and Suryeyors HMLLAM 11 The auadranl Richrnond Surrey TW9 18P Iriveslmeiit Fund Managers Sarasin & Partne Juxon Hou". 100 St Paufs Chufchrdrd EC4M 83U CCLA One Angel Lane London EC4R 3A8 Solicltors Ward 16 The Green RKhmond Surrey TW9 1QO Gullands 16 Mill Slreel Maid510ne ME15 6XT LBMW 7 The SBnduary Londo SW1P 3JT MO0 Bark Framtrwoiks 2 Sheer* Road RhM0nd TW9 1AE Pag8 2
THE RICHMOND CHARITIES TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Tlie Tiuslees presenl their annual rewt together with the audit1 finan¢ial statements ol the Charty for I January 2024 to 31 December 2024. Objectives and activilles Activities undertaken to achieve oblectlves The obietls of the Charity are to provide almshouse ac¢(nmfyJ8tK)n and lo 98narate ineome for the Charities embraced by The Rthmond Charilios Js dew4bed tlow. The area ol benefit ts the LoThJon Borough of Rrth4jF>)n.Thame$. The Rtchmond Charities 0rf9inaled Irrffi". William Hickels Almshouse Charily Btshop Ouppa's Almshouse Charity Houblon's Almshouse Charity Sir George Wn9hl'$ ¢Y Queen Eliiabeth's AlmShse Chanty Michel's Almshouse Ch8rrty lilUdIng Benn's WaLkl The Almshouses gf RKhmc¥)d Church Charily Eslale (Church Estate Mmshoujesl Twckenh8m United Charilies ICarJl¢r Akn$liousés} Mortlake Almskjuses & Relief Chwity IJuxoTh'8 and Chri$lchur¢h Road Almsh¢JJsel Thè apwnlmenl lo almshoyse accc4nrrtdalKJn subjt lo rasbjential and othei qu81sfKations. Other Charilies embraced by Th8 Richmond char"5 aro.. Relief in Need.. Sh8r• ol Ihe Charity of Henry Smiih In addilh)n, lh8 TnJ618es haw re5pJns4bilrty for the adminislralicm rA one welfare and one rellef In sickne8S Chanly". The Misses Tfvnpson and Whipple TFUSI Th8 Richmond Aid in SKkngs5 Fund These ChantS share the objeclivè ol benefiling Ihe Londw of Richmond-upon-Tharne¥. The ChantS alMshj5eS are lisled t*bw Iw'lh the nvmber cl sep8rate dwetlings in panIhese8?". AdelaKle Road Atrn5house5151 Bishop Duppa's Alm$houses1101 Benn's Walk Almshouses {51 Candler Almshotsses1101 Cliurch E51ale Alm5houses118) Hichels Almshouses1441 Houblon'5 Almshouses191 Michel's Almshouses1171 Queen EIEabelh'$ Almshouses141 Manning Place Alrnshouses {91 Wrighl's Almshouse$191 Jvxon's Almshoiises131 hrislchurch Road Almshwses131 The Elizabeth Twining Altnshwse5151 Page 3
THE RICHMOND CHARITIES TRUSYEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectfves and activitses Icontinued) b. Main actlvltle8 undertaken to fllrther the Charlty's pury)oses for the publlc beneflt We have referred lo Ihe Chanty CorTrnIssic's general g(wdancè on efit when revi¢wirrfJ our hims 8nd o'ectives and In planning our lulure &lMlies. The pvblK benefil ol Ihe Charity is in providing safe and comlctsbk almshouse aCCMr)daIi0n for thtjse in n1 as de5cribe£J In the Scheme afid generating income lor Iho$e Charilies described in the ObJ"eclives and Act1wtS ol the Chanty below. Our slraleoic aims 8s slalv.d on Ihe folwIng pages link to this benefit and we are salisld that these aims do not have a delrimenlal effecl outside of th8 Charily's aclivilies. Whilst In4Y of the acl1wtS ale thal in nature, the Trusleehb do not Cons@r this to be an unreasonabk geograph restl0ft and Ihose in nee(1 are Ml excluded Irom btrnelil. A8 8 resutt ol lh& •l>w. Ihe T¥u$ltsS Ihal Ihe Charity salisftes the public ben8fil test. Page 4
THE RICHMOND CHARITIES rRUSTEES' REPORT ICONTINLIEDI FOR THE YEAR ENDED 31 OECEMBER 2024 Strategic report Achlovernents aiid pèrfomiance Review of activities The staled ¢jectives ol the CTIlY ar• d•emwJ lo have bean for Ihg year lo the best of the Ch8rrty'¥ and Ils Trustees, abilities and these le¥ementS can bt measured as fdlows.. A high level of oCcuparcY vms mwinla1id line with the objeci ol promdiiig sl 8ccommcd8liThn. Csiderabl• lima and expense was devoted in the year to main18ining the accommodation Its a hioh standard lor Ihe residents. A surplus 01 incoming rnsource5 has teen generated by ihe ChariV$ irbv¢stmenl$, incktdlng propertles. The performance of the Charrtys inveslrrenls 15 considwed by the Tnjslees to have been satisfaclory gwen the expendrture on major repair6 and Ihe currenl markel cA)nditws. Thè SrU$ on net inclyniw resour$ of Ihe Ch#rily arises ItC4n propertyand other approved inve81menl8 and, after deducting charrtable and governance expeTrdilure, is £1.107.974 12023 - surplus of t879.9861. Induded wilhln this surplus is a one•oII donat Irom Ihè Richmond Philanthropic So¢ty, a relala party, of £612,282 (see note 41. The SubUS after revalualK)n of investment5 8s shtwm in Ihe Stalement of Fnancial Adivilies Ipage 1 $1 1$ £3.530.14412023- surplus of £5.500.8421. HML LAM continued to ad as Properfy Manager$ of th¢ inve$tm8nl prcprtk%. The Trustees held a Strategic Plannlng K4Éèting in Ocittter 2021 to sel stralegic c4'ecte$ for 2022.2026. The objectives are as fcllow5". To continue ta seek opporfunilKes lo develop nKY¢ almshouw. To conllnue the Onoing wjrk lo r?furbish alntshovses and to congKler implalions for the almsfvse ol the fulurg. To rnaximise thÈ ten•fits the iiiveslment property WtfdS. To revist the almshouse qualtyng crileri8 ond to ¢Mtinué to with the Council on nominations rvJhls issues. To conlinve lo bulky and strengthen the aknghw3e ccrfnmunily. To con$thr the resoutces needed lo nement Ihe key obieclbves." Staffing and Govemart•. To develop a coherent comTrwnra1s slrategy for thè Chanly. To be mote Straleg abcJt the Chwrts Wdfare Giaiils fijndw. Prrwe58 vfds ach1 in 2024 in 811 the area5 as Idkm.. The charity c¢)ntinued to seth opportunrts for lutlher expansvjn and deveh)pment ol nwe almshlSeS. Tlie charty purcthased a ple of L8nd off Queen's Road. RthnKJnd. in August 2023 frran ftmOnd Parish Lands Charity and conslrudion of a new devel(wmer71011?. alms111Ses Starte({ in Sepletnber 2023 with completi7 scheduled foi SpJittg 2025. PrcyJress Ihrougl)out 2024 has b17 exlIent. Tlie iiew esiale be c8118d The Elizabeth Doughly Almshouses. Page 5
THE RICHMOND CHARITIES TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 DECEM8ER 2024 Strat8gic r8port Icontinu8dl Achievements and perforniance Ic0nUnedl Consliu¢tw)n ol a second new development slarted In (kiober 2023 on land owned by the charily in Sl Ma5 Grove, Rthvjnd. Cwpletion was 8chieved ahèad of schedi1 25 November 2024 This is a developmenl of S wheelchair accessible almshouses to be buill lo very high energy efficient'PassivHau8' standards. New resmlents tTh)ved in during December 2024. The new estate 1$ called The Ellzabeth Twning Almshouses. A major projeci Is UndeaY lo inslall phot0viAta paneb al the m4Ofily of the aknshouse es18les. In 2024 panels We inslalw 81 Bishop Duppa's Almshouses and Houbh)n's Alrnshouses. The residenls are benelilling direclly from Ihe etectricily genera¢ed by the PV panels and Ihis will reduce Iheir eleclncily The charity conliThued wrth ils pc4i¢y lo sell in the of £4.75m worth of iiiveslmènl prOpertS each year in ordèr lo lal be able lo develop 8 ntw a1rn5htsuse eslale every 2-3 years and Ibl lo rebalance the a$S015 Wjrtlolio and lo Intsve luwwds a 75r25 s11 rrf propertylinvesled fund5. In line wlh tho poky. TF 47, TF & LF 51. 61 Houblw Road. 17 Adolatyye Road and 7 The Vineyard were sold In 2024. We continued lo 4d re9ular mèelings wlh our fund managers lo ensure Ilie proteclion ol our long4eim endowment. The loll(wiTKJ almshouses weie relurbEhed or redecoraled In 2024 pri lo new sidnIS moving in.. 4 Hickews. 1 and 98 Michel's. 1 Candler. 3 Juxon's lincludin9 extension), and 13 Church Eslale. Work wll ¢plete on refurbishing 16 HkeY'S aNJ othw aknshouses whth ccme vacant In 2025 including J Mkh•l's. The charily wolccmed 12 re$kloni$ into it5 con¥nunily. 10. We saw a ma¥ked increase In the nLimbers ol appli¢anls lor athshwse accomm(¥Jalioi) both due lo puNieily for the Elrzabeth Twnin9 Alrnshouses and the Elizabeth tgI)lY Alinshouses and due lo Iased need In the borough. malketi w35 carried ¢)ul yndely ross the bwugh and through partners and stakeholders as well as Ihrwgh evenls such as Ihe RIChnxrf May Fair. RKhinond Hill Open Gardens and Ihe CEO speaking lo various local inleresl gfOUP5. The 8lmshouse cornmunrty continued lo strengthen with many new aclivi15 and events be4rvJ run for sidenls cr by TesKlent$. 12. The rnonthty Aknshouse News wa5 re¢lesKJned imwowj lo bQme Your A]mshoLise Magazine. 13. The cl7arty awarded £100.OCQ ID grant funding for 2024 to suppori those in need. hardsliip or dislress in the borovyh aktyng w¢th Ihe £25.0(M) fioin the smaller Welfafe Chafilies. 14. The charilywelc(wned member of Staff". Administralor & C(mmunicalns Co-ordin810r. 1S. Major refurbishmenls on investrnenl pr(ytlies We undertaken at 17, 22, 25 and 28 Miclieys Row. 16. Richmond Philanthicpic S<Ktywa5 diS5L4ved and Ihe funds transferr•l lo Tl)e Richmond charits. Pag@ 6
THE RICHMOND CHARITIES TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Stratealc report Icontinuedl Achlevements and performance Icontlnuedl b. Investmènt policy and perfomiance Funds are Invested In such a manner as the Trusiees think fil in order lo yovide an appropri81e and balanced portfolio, taking inlo acccwnt the rUirementS ol Ihe L3w relating lo the ¢nve51menl of charitable monies. The investment perfcrnnc is measured 8gain51 the e¥ectwes as lahl out iTh the Chantls investment policy. The prinupal ol Ihe endowed funds invesled in the income portfolio 18 lo be managed on the basis of pduring a regular income whilst al least manlaining ils capiid base tn real terms. Flnanclal r•vl 3. Golng concèrn After making appropr18 enquiries. Ihe Truslees have a reasonable expeclalM)n Ihal Ihe Charity has adequate resources lo continue in operational StenCe the foresètsaue future. For this reason, they continua lo adq>t Ihe goiTvJ concern basis in preparing the financial stalernenls. Further details wardin9 Ihe 8doplion of the 90Srva cort¢m basi$ ¢8n ba in Ihe accouTrlry pcicaes. b. Reserves poll¢y The Charity wulady rt$ opefath?nal risks and requirements and maintains a level ol reserves considered suificienl in order lo be ab lo adS ils requ1MentS Some of the reserves a de$ignaled in accordance with this as5e95rnent and wheie necessary Iranslers are mad6 lo achieve the Charity's targets. Thè currenl aelual level ol reseNes are ¢$ered to be adequ8te based on current and pi'ojecled xlwilies and risks and are detailed bel¢yw. c. Flnanclal revlow Tlie v8lue of investmertt properties has dased lo £99.410.50012023 - £103.$58,0001. Shaw & Company (Charte SuTveyorsl undertook a desktop valualion of the pioperties for lh8 ended 2024, the rewdlualion gain on the prcFerties was £507.51K). Fixed asset inveslmenls iTbcreased in aggreg81e value in the year to t31.624.753 12023 - £28.962.1371 after addilioii$ of £2,712,282 a1 a lotal revaluation 9ain of £1.914.670. Page 7
THE RICHMOND CHARITIES TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Stiucture, governance aiid management ConstStullon Thè Rlchmond Charities Ss administered in ac¢wdanGe th the foltthwng ChaTiiy Cc#nmi6sion schern8S'. 5.8.1974 21,8.1974 30.4.1987 18.11.1987aN121.6.19 24.5.2004 27 2.2006 17.12.2008 08.10.2020 01.11.2021 The Richrrnnd Chari15 Michel's Almshouse Charity Richmond Charities, Alm5hSe$ Rhrn0nd Charities, Almshwses Richmond Chanlies. Alrnshouses Ricl4nond Charities. ArnshcAJses Richrnor¥3 Chanties. Aknshwses Richinond chat5. Almsh¢1 Mortlake Almshouse Charities Undei. the 18.11 1987 and 21.6.1990 3¢hemes, Michels Almsouse Charily was merged with The Richmond Charili8s, lo be administered as one, under the name Richmond Chati1185' Alm$h¢yJses. Under the Cl)arily Commission scheme daled 24.5 2(M14, whth amered the Iwsis of Richmond Churcli Chanly E51ales Icherily Reg. No. 2127701, lille ol the Church Eslale Almshouses was Iranslerred lo Richmond Charities, Alrnshouse5. The scheme of 27.2.20&S extended Iho area of benefil fioii) the former Boroiigh of Riclimond lo Ihe l.ondoii Borough ol Richrnond The scheme 01 17 12 2008 mefged TWckenlln Llniled Charities aiid tiicliinoiid Chaiilies, Almshotjses and updatèd the goveining Instrumenl The Sd)eme or 8 October 2020 wdened 11)e objocls ol charily lo enab Trustees lo make gianls to peoplv In need In the Richmond borough. The Scheme 011 November 2021 mèropd Mortl&ke AlhoUSe Charities and Richmond Char411es' Alinshouses. The Trusléèi. slregK re-affiim the values of the Charily lo rxMtHw•'. _ ttealg an enmronment for dder people lo INe independenlly and with dionty", siJpwtirrtJ ok1er people In remaining iThdepèrrfJonl lor as long as possiblè,. looking for ways 10 improve Ihe a8hSe5, seeking ways lo itKrease Ihe nLmber of alinsliouse5, nd ensudng Ihe prowsion of housiw lo¢ lulure clder geneialKJns. b. Methods ol ippolntment or election ol Trusto Th• manag8rnénl of the Charity cructed by Ihè Chiel ExsXUtNè, urthr daY-tdaY aulhorily delegated by the Trus18es. The major part ol Ihe ajminislralion is concerned wlh the akn574)uses, ils I'esidenls. inveslmenl properts and iThvestmenl5. The Trustees, meelii)gs lake place at regular intervals Iminimum ssx limes a year) and are attended periodically by representatives of HML. who act as Property Managers foi the Cliarily. Th< Trustees m8y consist ol an exdficK). evJht co4VatNe and Ihrne ncrfnin9t Twslees. Twr) nMinative Trustees are ncminaled by Ihe Local Aulbority and the remaining musl be appointed by Ihe vicar loi. th@ lirne being ol the ecclesu?stKal parish of Sl. Mwys Tiwcenham. Tfuslees are appointed al ordinary meetings byway ol resofution. Nely appoinled TrUte5 ve An in41eplh Irmlil)n. The TN51ees meet al regulai. iiitervals dunng the IEai lo review Ihe Chantls 51rategy and perfomiance, appme plans and monitor budgets. The Trustees ha delegaied rtIn functions to Ihe Fi1)an, Risk Managefflenl, Wellare, Pr(perty and SafegLiaTding Cotnmrttees whose composition is annotated al tlie fioiil ol Ihese accounls. New Tnislees, receive a full infomwlion pack and indlI0n from the Chtef Executwe. They are inlroduced lo all properties and residents gradualty. Trainin9 for Ttustee5 lakes 8¢e duTrng the year. Page 8
THE RICHMOND CHARITIES TRUSTEES. RÈPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Struclure, governance and management Icontinuedl c. Pay pollcy for key rnanagernent personnel Thè Tnjslees consNler Ihe Board ol Trustees and the Chief Executive as cLNnprising the Key Management Personnel of the Charity in charge of difecling and eonlrolling the Charity and running and operating Ihe Charily on a day lo day b85is. All Trustees give Iheir time freely and no Twstee received remuneration In the year. Details ol Truslees, expenses and rdated party liansacbons are disclosed in Nolès 14 and 29 lo Ihe aOUnt$. Slèff pay wll bc roviewed annually and be increased in ac¢¢ydance wth average eai'nings. Iii view of the n81ure of the Ch8rily, the Trustees benchmark 8gainsl pay lèvols in other Charities of sirni181 size. The remuneration b8nchmark is the mid-polnt of the raffje paid for gimilqr roles adjust•d l¢x ary addrtional re5pongibiwies. Plans for future perf<Jds The thorily plans to line to ¢Mp3nd ils aknshouse FrniSKJn. The ¢harfly ncw has 150 almshouse$. When The ElYLabalh Doughty Almshouses are Clet& In Spring 2025. the charY wll have 162 almshouses. The charity continues lo Ik wlh an e•M81 propety 8gent lo idenlity lulure potentl81 siles lo work wlh the Council when Ihey idenlrfy s¢les lor dis$31. The chanty wll conlinue to invesligale and lor other siles when opwrtunrties arise. Al the start of the year the tharity is aclivefy purnuin9 4 such opwtynilte¥. The charily continu¢ with ils prc4ecl lo in$lall phj104t8 P8nds 81 Ihe majority of eBl8le5 lo halp reduc re¥idenls' eleclncily bills. In 2025 phLxovoHaic panels will be in$iall¢d at Hickarfs Aknshou8e$, the large$l eslale. helping over 50 r•sid8nls wlh their enÉY bill5. The Trustées Intend to eonlinve their progi8mme of mOr repalrn and improvernértts 10 81mshouse properties, lo be funded oul ol irce. RrShMents will arise #S and almshtyjses lle vacant. Work will cotrtinue lo slrengthen the almshou#• eommunbts.es wlh new ideas fry events ond actNllies. With tha tnv651rnenl properties. m4or wlurknshmenl woth will be undertaken when necessary and e*temal decorations wll be undertaken on a number of prCvert. WheD olher Inveslmenl propertie5 become vacant. Ihe Property Committee VAII dwde whether lo sell Ihe prr•erty or undertaktr refulbishment. One prcyerty has been sold in January 2025- 33 Kew Fool Road. Juliet Ames-Lewis, CEO. annOUed her resvanabon from her rde in Novembèi 2024, after 10 Yea in post. Re¢uilmenl was undertaken Ihrough Th1$ Graham Consuifanls. The seledion process w85 rigorws and in February 2025 Ihe TTustee$ appOted Emma HaW(vd to the poSrth of Chief Executwe She wll lake up the post in May 2025 after a handover with Juliet Ames-levM8 WSe lasl day tyi post will be 1 May 2025. Page 9
THE RICHMOND CHARITIES TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of information to auditor Each of the petsons %Jo are Tru51ees al the brne wknen this Trustees. RW is approved has confired Ihal.. so lar as that Truslee is awaie. there is ro relevant a11 informal)n of ¥Ich the charitrfs auditor is unaware, and that Trustee has lakon al the sleps Ihal ou9ht lo have been t&ken as a Trustee in ordgl Its bè aware of any relevbnl budrt in1cmtIOn and lo establish that the ¢haritls auditor is wware of that information. Aiidltor The auditor, MHA, prewusty Ird through the legal enlty Maclnlyr8 Hudson LLP. In response lo regulatory changes. MaclnW Hudson LLP caased to hokj an audit registralion wth the eng&Jernenl iransrtvjnlng to MHA Audit Servi8 LLP. Apyoved by older ol Ihe members tsl thé board ol Trusl•ès on 21 May 2025 fvlr Jeremy Wllliamg Chair Mr Peter Marr Tiuslee P8ge10
THE RICHMOND CHARITIES STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible foi preparing the Trnstees, Report and Ihe financid slalements in a¢eordan¢8 with applrAble law and United Kingdom Actounlitvj Standards (Unrted Kingdcttn Generally Accepted A¢counlirvJ pra11. The Lw 8pplicable to charitses in England & Wales requires the TnJsle8s lo prepare financial slalemenls 1 88ch financial whKh gwe a true and lair wew ol the slate of affairs of the Charity and of its incoming res0[CeS and applKalDn of resource5, including rts irKome and expeThIrtu, for that period. In preparing these finanrial slalemenls, the Trusle8S are requirad lo.. selecl suitable accounting OKies and Ihen appty lh consislenty., obsefve the melho(Js and princip$ Ihe Chanlies SORP IFRS 1021., make jué9emenls and aCCntIng eslim8les tha¢ are reasonabl8 and prudenl,. slale whether 8pplicable UK Accounting Slandatds IFRS 1021 have b88n folk¥4. subject Io 8ny material departures disck>5ed and explained In Ihe financial ststemenls.. prepare the f1nanual slaternenls on the going concèrn ba51$ unless il 16 inappropriale lo presume that the Charrty wll conlinue in b11$$. Th8 Truslees are fesponsJle lor ke¢plrrfJ adequale accounting r¢etrds that are suthenl lo show and èxplain the Charills Iransactsons and discbse with rèasonable acctsracy * any time Ihe hnanetal positi of the Charily and enable them lo ensure that th• Iinanrjal stalerrnls compty with Ihe Charitie5 Act 2011, the Charily IAccounls and Repjrtsl Regulations 2CIJ8 and the prowsions of the Will. They are also responsible for safeguarding the as$8t5 01 the Charity and hence for taking reasonable slep5 lor the prtvon1rt arnl detection of fraud and other iUlarfll0$. Approved by (der ol Ihe member¥ tsf thè board ol Ttee5 on 21 May 2025. IJcLfyJ' Mr Jererny Wllllams Chair Mr Pelor Marr Tntslee P8ge11
THE RICHMOND CHARITIES INDEPENDENT AufMTOR'S REPORT TO THE TRUSTEES OF THE RICHMOND CHARITIES Opinion We have audited lh¢ financk31 slaiemenls of The RKhmond Charities (the 'charrty'l for the year ended 31 Oecember 2024 whith comprise the Statement of FinatKi81 Activit$, the BaLln Sheel, the S181ement of Cash and the relat1 noles. Iuding a summary of sKJnlral accounling policies. The financial reporting Iramewotk that has been applied in Iheir pr8parabon is applble aivj United Kingdoin Accounting standards. Including Financial Reporting Standard 102 'The FInarla1 Reporting Slanda¥d appIable in the UK and Rèwbh"c of Ireland, (United .ngd0rn Genefally A¢Yted Acx4wnting Pracllcel. Tl)e financidl slaleft)eri15 have been wepared in 2tt4)rdance wll) AcCNI19 and Ilep)rting by Charities pparIng their 8c¢ounls in accordance wlh thè Finanual ReF<)rting Standards applicable in Ihe UK and Republic of Ireland IFRS 102) in preference lo Ihe Accwnling and Reportlng by Charities Slalemenl of RecommeTha•d PraclKe is$utyY 1 W 2005 whth is relewrtoj lo in the exlanl regulalK)ns bul has been wrfhcjrawn. This ha5 been dDne in order for the accDunls lo prowde a Irue and fair viv in accctrdance with the Generally Accepted Accolinting Pwlice effwJNe IOT reporting penods beginning on or aflw 1 January 2015. In our opinion Ihe finarKial slatemenls.. glve a Irue and fair view ol the stalè d Iha tharill5 alfairs as al 31 ember 2024 and of ils Incoming rèsources and applicalioTh ol $oUrS lof Ihe year Ihèfi ended. have been property prepafed in accordance with Uniled Kirydcffi Generalty Acxep18d Aceounlino PraclKe. and have been prepared in 8cc¢ydanr2 wlh the requiremen13 of the Charilies Act 2011. Basls for oplnlon We cendiicled our aydil in act0rdatr with Inlemaional Standards ¢)n Auditing IUKI IISAS IUKII and applicable law Our responsibilils undei Ihose slandard5 are further described in the Audrtor'$ re$ponsibililies for the audit ol the financial statements section of oiir rewrt. We are indeperK6ent of the clarity In acc()rdance. wlh the èthul ruIrementS that are relevant 10 (Mjf audit of the financial slalemenls tn the United Kingdorn. irC51n0 Ihe Financial R8w)rting CouTrEifs Elhical Standard. and we have fulfilled our othBr elhal re6ponsibililies in accoidance wlh these requirements. We bee¥e that the audit evthnce %ve have obtained is 6uffiu8nl and appropriale IcTr piovide a basis lor (Kjr opini. Conclusions relatlng to golng ctsn¢*rn In auditing the finanrial slalemenls, we have Clduded Ihal the Tru51aes' u80 ol Ihe gL¥ng rIcarn basis of Unti in the preparalM)n of the financial stalnIS Is apprcyiate. Based on the work we have pertormed. we have not idenlffied any malerial unrtaInlieS relating lo evenls or CldI110$ Ihal. IndNidually or couectivety, may casl Sn81 doubl on Ihe chaiily's ability lo continue as a Iping concern lor a pericxs ol at leasl twee monlhs from ¥then Ihe finanoal 51ateiiieii16 are aulhorisa for issue. Our responsibilitS and the reSplIN.111s ol the Tfuslees wlh respecl g(MlW CA)ncern are de5rJibed in Ihe relevanl sections of this report. Page 12
THE RICHMOND CHARinES INI)EPENDENT AUDI'foR'S REPORT TO THE TRUSTEES OF THE RICHMOND C14ARITIES ICONTINUEDI Otl)er Snfoimation The other tnromlan compFi5es Ihe inlo1maln iKJuded in the Annual Report other Ihan the financial slalemenls and our AtKlitorfs Report Ihereon. The Truslees are responsiNe for the other Information contained wlhin Ihe Annual Report. Our opinion on th8 fin8nckg1 slalemenls does not cover the other infortnation and, except lo the extent olherwise 8xplicilty staled in report. we do not express ai)y lom) of assurance conclusion Ie. Our responsitrylily is lo read the elher Inlom)alion in d¢yng 50. consider whell)er the olher information 1$ maleri81ty incon51slenl with the fin8nci81 slatements or our knedge obtained in Ihe course .laled If ¥Je klenlify such mateiial inconsislenci( (Y of the audK. ur olhewse appears to be malerlalty mis- apparent material m15slatemenls, are required to delemiine vthelher this gives r158 to a materk31 misstatement in the linancial st8lemenls themsetves 11. b8sed Ihe work we have perfomied, Condude that there malerial ny6slalemenl of this olher Trnformal)n. w6 are required lo report Ihat lad. We have nothiny lo repori in this regar(J. Pllatt•Ys on whlch we are requlred to report by exceptlon W• have nolhing lo r¢wt in fespect ol Ihe fdly•irJ maltgrs wherè th& Chathi8s IAccoun¢B and Reportsl RegvlalK)ns 2008 reouifes u6 lo report lo sfju rf. In (¥Jropinion. the informat gNen in the TnJ$iees' Report inconsislsnt in any material resp1 wlh the financial slatemenls., or sufficient accounling records have not been kepl.. oi the financial statements are not in agreemenl wrth the 4cwunltTra records 8nd relums.. or we have not received all the informalion and e4)Lqn8lMS require fot our a¢JJil. Respon$lbllitl•s of trustees As explained morè ILIIty Tn the Twslees. ResFts)slbihlies Slatement, Ihe TnJstee5 ats fèsponsibl8 for Iha prep8rallon ol Ihe lip)ancial stalèmenls which give a true and lair view, 3nd lor such internal Control as the Trustees determi Is necessary lo enable Ihe preparatn of hnal81 sialements that a free from material misslalemenl, whether due lo fraud Lw error. In preparing the Iin8ncial slalernents, Ihe Tnjsiees a responsok lor assessino Ihe charitls ab11Y lo continue as a going concern, disclosng, as appliGqble. mallers relaled lo gtyng C(cern and using the going concern b83is ol accounting unles5 Ihe Tiusiees either inlend to liqUale Ihe charity 01 to cease OperatTr$. or have no alislic allemalive tt to ¢So so. Page13
THE RICHMOND CHARITIES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RICHMOND CHARITIES ICONTINUEDI AudIt0$ resporisibllilles lor the audit ol the finan¢lal statements We have been appointed as audilor under seclK)n 144 01 the Charities Aci 2011 and ieport in accordan wlh the Act and relevant gu18110ns ma(le or having effecl IhereuThSer. Oui objectives are lo oblain reasonab as5uiance aly)ul whellr Ihe financial stalemenls as a whole are frèe rrorn mal8rial mi¥s18lemenl. wlElher due lo fraud or eOr. and lo issue an Audilc¢s RepoFI that Includes our opin#)n. Reasonable assurance Is a hwJh le¥d ol assurance. bul is not 8 guarantee that an audit conduc18d in 8ccordanLe wlh ISAS IUI<I will aayS deled a merki1 misstsiemenl when il exists Nlis¥lalEments cali ari$¢ from fraud error and are COnSKJerèd malefial if. indNSualty or In the aggreoate, they wuld reasonat4y be expecled lo inlluence Ihe ecc¥)omic deusions ol users taken on Ihe basis of these financial slalements. Iriegulaiilies. including fraud, a inslances ol non-cornpliante wlh laws and re9vlalions. We design procedures in line wlh our responsibilil)es. oullii)ed above. lo deled material mi$sialements in respect ol irre9ularilie5, inrJudin9 fraud. The extenl to whth tr prc£edures are capable ol d?leciirtq irr6oularitie$, Incl(Iding fmud is delailed belrm. Enquiry ol managemeni and Iliose charged wlh govemance arouThJ actual, polenlkql Or suspecled 1itigallon. claYn$, In¥CoMPliance with applicable laws and regula1)nS 3nd fraud. Review ol legal and professional fees for evidce ol al work underiaken or fineslpenallies incurred. Enquiry ol enlily slall In coinplBnce functnS and extern aclvisois lo entIty any insiances of non- Compliaiice with laws an(J regiJlal¢ons. Reviewing of financial slalemenls di8closures and testing lo suppo¢1ing dcLymenlalion lo assess compliance with applicable lth¥s and regulalKxhs. P8rtorming audit work over Ihe risk of managemenl override. including lesling of joum81 enli)es and olhei. adjuslmenls for appropri8lenes5. Ai) assessment ol Ihe melhodologie5 used in order to cakulate the eslirnal•J lalr valu8 01 investment properties at Ihe year end lor evHJence ol bias. - The accounting polKy was checked lo the financial rewlhrs standards whero nossary and conlimied lo b6 appropriate. Reviewing accounling eslimales foi bias. Discussion5 among51 the onga9emenl team felalvJn lo and where fra1 niighl ¢xcur In the Iiiiancial slalemenls and any polenlial indKators of fraud.. - Diseussions with management over any polenlial or suspected fraud. - Perfomiing subslanlive lesls of detail ovef Ihe complelenesslexistence ol income within the financial system". - Perloiming subslanlive analytical review P{(lre$ re¢oTKiling expected inccffie from corroborats'ng evidei)ce to that which had been recorded in the finawal slaiemenls lo ensu that irthme wa5 complet8. Because of th• infierenl linilalions ol an a11, the is a risk lttal we not det8Ct all Irularr11e$, induding Ihose leading lo a maten31 rTU5slalemenl in the financ1 51alement5 01 n[4[p118nce with gUlatIOn. Tl)is risk increèses the more Ihal compliantè wrth a law or regulalion is remov fr(Mn the events and Iraiis8cIi0115 iefleiled In the financial sialeinents. as we wll less Iikety to bpcome aware of instances of iioi)-conwliance. The I'isk i8 also greater regarding irregvlariti2s ottufflng dve to fraud ralhet Uian error. as fraud 11)volves intenlional conce8lmenl, forgery. collusKJn. L¥ni5SK)n misrepiesentalion. A further desulp.DTr of our responsilitieS for the audfl of the financial stalements is l(Kated en thè Financial Reporting Couiicifs wbsite 8L' www.Ir¢.or .vklaudilors¥ sibilils. This depIlon loms part of OLir Auditor's Repo(l. Page 14
THE RICHMOND CHARITIES INDEPENDENT AUDITOR'5 REPORT TO THE TRUSTEES OF THE RICHMOND CHARinES ICONTINUEOI Uso of our I'eport This report is made solety to the ¢haritVs tru51ees. as a body, in accordance Part 4 CTrf Ihe Clièrilies IAccoun15 and Reports) Regulat$ 2C#)8. Our audil work has undertaken so Ihal we migl)I slate lo the charitws tru51ee5 those mallers we are required lo slate lo them in an Audrtofs Report and for ntt other purpose. To Ihe fullest exlenl p8rmilted ty W, we do not accep¢ or assume responsibilily lo anyone other thai? the chaThly and ils trustees, as a body. for ovr audrf Wk. for this report. of lor the opiniong we hw lomied. MHA Sialulory Auditor Swanaea, Llniled Kingdom D8te'. MHA 15 the trading name of MHA Audit Seryices LLP, a linited Ikqbilily partnership in England and Wales Ir•gislered number OC4555421 MHA are elig¢ble to ad as auditors in temis ol secltyx 1212 clthe Ccffip£ThheS Ad 2Cth. Page15
THE RICHMOND CHARITIES STATEIAENT OF FINANCIAL AcnwTIES FOR THE YEAR ENDED 31 DECEMBER 2024 unlStrIcted fund5 2024 Restrlcted Endowment funds funds 2024 2024 Total funds 2024 Totsl funds 2023 Note Income Irom.. Donations anij acies Charilal)le actmties Inveslmenls 620,$60 1,722.949 2,939.597 620,560 1,722,949 2,939,597 7,750 1,595.595 2.96S,331 Toi81 income 5,283.106 5,283.106 4,568,676 Exp8ndllure on.. Raising fund¥ Charitablè acli¥ili85 1.848.266 2,319,766 1,848.266 2,326.866 1,661,457 2,027,233 7.100 Total expenditure 4,168,032 7,100 4,475,132 3,688,690 RevalUa1)n ol Inv6simeniJ 12 2,422,170 2.422,170 4,620,856 Net movginent In fiinds 1,115.074 17.1001 2.422,170 3.530,144 5,500.842 Reconclliatloii of runds.. Total lunds bfoughl fwiard 15,493,663 7.100 132,$50,137 148,050.900 142,550,058 Nel Inovement in f(Inds 1,115.074 17,1001 1422,170 3,$30,144 5,500,842 Total funds carried fotward 16,608.737 134,972,3D7 151,S81,044 148.050,900 The Slatwnenl of Financial Aclivilies indvde5 all gains losses reccsnised in Uie ye¥. The notes on page.$ ig 10 38 form part of these financial slatemenls. Page 16
THE RICHMOND CHARITIES BALANCE SHEET AS AT 310ECEMBER 2024 2024 2023 Note Flxed assets T&ngible assels lllveskn)enls Investsnenl propatty 15 17 16 18,876.130 31.624.753 99,410.500 14,164,469 28,2,137 103,588,ODO 149,911,383 146,714,6C Current 8$sots Oebtors Cash 81 bank and in hand 18 79,1104 1.961.366 172.913 1,409.626 2,040.370 1,582,539 CredEtors.' Émounls falling due wilhin one yè8r 19 1370,7091 1246,2451 Nat eurrent assets 1.669.661 1,336,294 Total noi assets 151,581.044 t48.0$0,0 Charlly funds Endowment lunds Reslricl¢d funds Unrestrl¢l•d hjftds 21 21 21 134,972.307 132.550,137 7,100 15.493,663 16.608,737 Total lunds 161,581,044 148.OSO,900 Approved by order of Ihe members ol Ihe board ol TnJstee5 on 21 May 2025. Mr J8r•my Wllliams Chair Mr Peter Marr Trustee The twles on pages 19 10 38 frn part of these finartial stalemenis. Page 17
THE RICHMOND CHARITIES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating actlvitiss Nel cash used in Op11ng xtiwlies (see nc4e 241 11,407,541) 11,518.6001 Cash flows Iroin Investing acuvitles Dividends, inierèsls and fenls from inveslmonts Purchase of langibk fixod ass¢ls Proceeds from sale ol iavestmonts Purchase ol invesiiTEn15 Prowds from sale ol InStMent property 2.939,597 2,972,362 14,982,441) 13.261,6241 1,900,000 5.091,062 12,647,946) 13,998,793) 4,7$0,071 1,875,966 Net cash provid by liive5ting aciivillès f.959.281 2,678,973 Chaiig• in Cash and eash •qulvalents In the year Cash and e•$h EquivolentS 81 lh¢ beginning ol Iha yaar S51,740 1,160.373 249.253 1,409,626 CB8h and cash •qulvalents at the end of the year 1,961.366 1,409.826 rhe rKJles on pag•5 19 to 38 lomi part of Ihese linala1 statements Page 18
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Inforrnatlon The Richmond Charrties is an Uninccwrated Charity tered with the Chanty Cfxnmission Icherity Reglstered Number 2004311 in England and Wales. The address of the prinupal ofhrts 15 gwen IN Ihe Chwiiy in1tIOn on p40 1 of these linancjal slaternenls. Tlie n81uie ol the Ch81ity's ratS and prinGip81 xli¥iies we del8ilÈd in Ihe Tru3tee$' Rawl. Accountlng poli¢l•s 2.1 Basis of proparatlon of financlal slatements Th8 financial slalements have been prepared in accorrlance vthh Iha charit SORP IFRS 1021- Accounlin9 and Reporting by Ch3nties." Slalemenl of RÉ%ommended Prad8 aFpli¢able lo charities preparing their a¢unIs in accordarKe with the Financial Reporting Standard applicable in the UK and RepuUic ol Ireland IFRS 1021. the Financial Réwjrting SlaTrJard appkable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The RichrTrJnd chat$ m¢els thè delinilh)n ol a b•nelit entily undar FRS 102. Assets and lialitIeS are iniiiaNy rec¢>Jnised at historul cost ¢y Iran$adTr v41ua unlesk clheTh stated In Ilie rekvaiil accounliiig policy. These h"nancK81 $18tem¢nls are presented In st8tthNJ Wh 15 Ihe fundn81 cunpTrw ol the Charty and are round8d to Ihe Dearest pound. 2.2 Golng concern The Trustees have assessed ¥knelher Ihg usé of gcMrMJ 8ppropriate end h8v¢ constre possible evenls or condittons Ihal mvJhl casl svjnificant doubl on the ability of the Charity lo continue as a going concem. The Trustees have made this assessmeiil for a peri(xJ of al le851 one yeai from the dale of the approval of these financial slalemenls. In particular. the Trusiees have r)nsIdered the Charity's lorecasls and prqeCtIns afid have taken account ol pressures on income. After making enquiries, Ihe Trusl8es have c4)ncluded thal there is 8 rgasonable expeclalioii Ihal the Charity lias adequate resources lo continue in operatN?nal ext51ence for the foreseeable lulure. The Charity Ihèrelore Continuès lo adopt I1 going cc*Kem basis in prep81ing ils financial Slalements. 2.3 Income All income is recniSed once Ihe Charly has entilfemeni to the incoine, il is prLa)able thal tha income be rej and the amwnl of inc£m8 recable can b8 measured reliably. Rental Irne is renISed eventy over Ihe pericd it relale5 lTrcotlle frLYn investrnenls is accounted foren it is recwbk. P89e19
THE RICHMOND CHARITIES NofES TO T14E FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ALcounting policies l¢ontinuedl 2.4 Expendltuit l e¥ndilure is OCCted for ¢)Th 8Tr acuuals basva and ha8 been dassified under hèadings that aggfe9ale all cos15 rd31ed to Ihal category. Expenditure is recoyni5ed ui)ce Ihei'e is a legal 01 conslruclive oblJalion lo transfer benefit to 8 third party. it s probable th813 Iransler tsl economic benelrts wll be required wi selllemenl and the ainount of the obligauon can be measured rdiabty. Expenditure Is d355rfied by actiwly. Tho cosls of eath adiwly are tnade up ol the lolal ol irec.I costs tnd thai'ed Cosis, Iiidudw)g support cost8 invc4ved In unrtertakiiwj frach aclNily. Uii'ecl costs altributab to a r¥jIe aElivily are alkncaled direclty lo Ihai activity. Shared cosls which conliibule lo mole than one activity and support cosls which are not allributable lo a single activity are apportioned between Ih05e aelivilies ¢M a ba$15 Sis1tnI wlh the use of reswrces. Cenlral Staff costs are allocated on the basis of lime spent. and deprecialKJn charges aKoGaled on Ihe porti of the assel's u5t. Expenditure wai5ing funds Includes atl expenditure incurred by Ihe Charity lo raise funds Irir ils charitable pup)ses include5 costs of am fundraising acliwlies events and non-eh3iilable Iiading. Expenditu on tharitab aclNIkn"es is incvrrèd op direclty undertaking thè aeliwiies vthich lurtl)er Ihe Charilvs obje¢lives. as well as any aSsBIed support cosls. Gr8nls pable are chafged In 11?e year 1) the offer is rn&Je except ii) those 58& wh¢r¢ Ihe ofler is Conditlia1. such giants being iecognised as exFEnditure when Ilie condilioii$ allaching are fulfilled. Grants offered sutr4.ed lo conditions whKh have rrf)I been mel Bl Ihe ye8r end 8re i)oled as 8 cominilmenl, bill nc4 accfued as eyndltu. All expendilufe is indusive of irre¢overnbkn VAT. 2.5 Taxation The Charity is coTr$idered lo pas8 the tests yel oul in P¥ra9raph 1 Sthdule 6 of th FinancE Act 2010 and Iherelore rt meets ihe definili¢)n ol a charitable company lor UK corporation lax purpo$e$. Accordingty. Ihe Charity 15 poienlially exempl from laxaliors In respect ol incoine or capital gaing received wilhin Catege$ covered by Chaptei 3 Part 11 of the Corpor*h)n Tax Acl 2010 or Seclion 256 of Ihe TaxalioTh of Chargeai4e Gains Aci 1992. lo thè tsent Ihai such Incomè or gains ara ppl exdusNety lo ¢harilable rAFrp¢%e8. Page 20
THE RICHMOND CHARITJES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 2.6 Tangible fixad assets and depreciatbon Tèng fixed assets are recognised al cosL Afler revJnition. under Ihe cosl Inodel. tangibb fixed assets are measured al cosl less accumulated d¢)re¢iaU'on and any accumvlaled npairinenl 108se$. All costs incvN&J lo brng a iarvjlb fixed asset into ils intended working condItn shLwkl be induded in the rn808urem¢nl of cost. Al each 16Wting dale Ilie Charity 35>tsses whether there 1$ any intsicat)n of Inipaim)enl. If such indicatkjn exists, the Verable ernounl of the assel Is determlned lo be the hvJher of ils lair valué less costs lo sell and its value In use. An smpw'rrnenl 1085 is retognis•d %there the carryiry amount exceeds the reC¢>veraIe ai)Kiunt. No v81iit lor accounting puFposes has Ln pld on rhe historic alrn$hou58 properties as the original cost ol thèse assels Wld be immaterial lo Ihe58 Iinancki151alemenls. Subsequent ¢apilal eosts relating to 8lrr@hw proptrties have be Cluded un(kr fixed Assats at CArySt. Costs lincludirvJ pr0fÈs5ronal lees) rdalw lo prg'9¢ts thal are atsct io c(¥nmence 8fe capit8li5ed as a nxed asset. DepreualKJn is charpy so as to alte the C1 of tangible hxed assels les8 their residual valu? over thtrir èslimated usefvl INe6. thè slraKJM4ine meth¢Jd. D•pr•clallon is proed on the fdluwJ bAseg'. Ath$hSe$ otte property Officè equipment -2% 2.5% 25% 2.7 Investment prOrtIeS Investment properties are record al lèir v8lu8 al feportin9 dale wth ¢hanges ) lair valu8 Cognised in Revalualion ol inveslmen¢s in the St8lem8nl of Finanoal AclMIs. 2.8 Investments Fixed 8s5el Irwestmenls a a fowm of Iinan¢+al instrument and are Initialty recogiiised 8t their transaction ¢osl and subsequently measured ai far value al the Balan Sheet dale. unkss the valiie cannot be measured rdiabty in whKh case il t5 measud al cosl less impaim)ei)l. The Statemenl of Fin8nual Aejrvrties ThKludes all nel gains and toBse5 arising on revaluation and dlswsals during the year. As investmen18 revalued lo lair vak coThtinucAJ3ly no 8115ed gains or 5S85 arise. Curnt assel invesimenls are shcKI term high IKIUKI InslIDentS and a hekl al fair vahie. These include cash on deposil and casli eqvivalents wlh a maturity ol less than one year. 2.9 Deblors Trade and other debtors are recojnised al the se1t1en1 amount altw any trade discwnl offered. Prepayments are vakned at the arMunl pTepaKI of any trade discounls due. Page 21
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policles l¢ontlnue(11 2..10 Cash at b8nk and bn hand Cash at bank and in hand indudes cash short-lerrn hahty inveslments wrth a short matufily ol Ihiee months or le55 from the dale of acqui$ilion or opening ol Ihe deposit or MIlar account. 2.11 Uzbilllies aiid provislons Liabilities a recognised then the is an obligatv)n al ihe Bala Sheet dale as a result of a past eveni. il is probable that a IraThsfer of econ¢)mic benefil w1 be req111d in sellleinenl, and Ihe amount ol Ihe selllemenl can be eslimaled reliabty. Liabilities are (ecogniseil al Ihe amount Ihal the Charty anlicipates il wll pay lo sellle Ibe debl or Ihe amoLinl il has recthved as ad¥anc4d payment5 lor the gocJs servrEs il rnu81 provide. Provisions are rneasured al Ihe besl eslimale ol Ihe amounls required 10 5ellle tlie ob1rgatn Where the eflecl of Ilie lime value ol moiiey is material. the provisi is based on the piesenl value ol those amounts. discounled al the prè4ax iJiscoJnl rate Ihal ref¢1$ the risks speuhc lo the lbilitY. The unwnding of Ihe discounl is recognised In (he Slatemenl ol Fiiiancial Aclwities a5 a finan cost. 2,12 Fiiiancial in$truiènts Tht Charily holds ba¢ linanrial in$livmanls as d4nd In FRS 102. Th8 finartcial asset$ and linaDrAal liabilities ol the Charity and Iheir measyremenl bases are as lolkws. Finanual assets - Irade and oiher debl¢xs are basic financi81 instrumenls and are debt instruments measured a¢ amortised cost as detaid in Note 18 Prepaymenls are nol11nanaal inslwmenl$. Cash zl bank is das5ilied as a basic fiThan¢ial iThslfumenl and is measured al lace value. Finanrial lthilits.es - tr credrtors. aeeruak and olhby uedilcrfs are f#78ncial illslwments, aiid are measured at amorfised cost as detaid sn Nole 19 8nd laxalK)n and social security are not included in Ihe fin8ntial instruments di5cbsure definitn. Deferred 1cne is not deemed to be a Iinan¢ial liability. 85 Ihe c8sh 5elllemenl has aladY laken place and there is an oN*galion lo deliver seNi¢es rather than cash cw anLkner financial instrument. 2.13 Operallng leases Renlals pahj under cyerating leases are Charged lo the S181emenl ol FinencA81 AclMtie5 on a stiaighl-line basi5 over the le85e lerm. 2.14 Pensions The ch•tY opera1¢5 a defined contrilwtKJn pensK)n sclienw and the pens#)n charge r8preseiitS tlie amoiinls payable by Ihe Chairty lo the fvnd tn respecl ol the year. The as5els ol the 5¢heme are held Separate Irotn Ub)se of the Employer. The annu81 conlribulions payab afe charged to the Slalernenl of Fineal AclNitEs. The Charrty also ¢ontnbutes to the Church ol EngLqnd defined benefrt pension scheme in I'especl of one rnnbe[ ol staff. Page 22
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR FNDED 31 DECEMBER 2024 Acl-ovnting policies Icontinuedl 2.15 Fund accountlng General funds are unrestricl&J funds which are available use al the discretion ol the Trustees IA furtherance ol the general c4"eclives ol the Chatty afid ¥¥hrh have not been de$ign8led lor other purposes Restricted lunds are funds whh • lo be used in aeeordance with specik reslridions imposed by donols or which have been r&sed by Ihe Charity ror parttcular pui'poses. The COSIS of raising and a(Jministenng such fund$ are chafged againsl Iht fund. Tha aim and use of each reslricled fund Is sel oul in Iho notes to the financi slatements. EThJowment funds represent those assets which must be hehl permanently by the Charrty. principally Ihe investments used to generale funds. Income arising oli Ilie endoThen1 funds can be used in accordance wfth the objects of Ihe Charity is irtISe as vnreslncled inc(Mre. Any capilal gains or losses arising on Ihe Investments from part of the fund. Investment rnaThagent charg85 and leg81 advKe reling to thè fund ale char9ed against the lund. 1nvèseTht irKonx, gains and losw art alk(ated to the 8r¥Iale lund. Crltlcal accountlng estimat85 and areas of ludgèment Estimates and judgements are conlirnwlty evalv8led and ore based on historic&1 e¥perience and other 18clor$, indvding ee¢t8110ns ol future evenl$ Ih81 bel¥11 to be r¥asonab under the ircumslances. Critical accounting estlmates and a6surrylts. Th8 Charily mak88 estimates and assurnplina eonceming the futurè. The resulling aecounling eslimale$ and assumptions 11. by definflin, sethn &]ual Ihè related adual Tesulls. The eslimales and a8$umplion5 that have a swJn"rficanl risk ol causing a Mater81 adjustment lo the carrying amounts of assets and liabilities within Ihe ne financial year are diacvssed bel(Av. Useful lrfe of tangibk fix¢d assets and Ihe deptecialilyi rates applied." the key iudgeinenl in Ihis arèa rdates to the useful life of akn$tSe prcpertse5 and this Is b85ed on slandaifj practice within thè 5ecl¢x updaled lor any speUr knedge Ihe Trusiees are aw8re ol. Iiwe¥tment prcperfy vast10n.. Ihese updated each year by a qualtfied chartered sutveyor ¥th the Tru$¢ees agreeing appropriate consi81enl a5sunptin8 in thfvance ol the valuation. Income froffl donatlons and legacie5 Unrestricted Restricted tunds lunds 2024 2024 'l-otal fLind5 2024 DonatFOnS 620.560 620,560 Page 23
THE RICHMONO CHARITIES NOTfS ro THE FINAP#CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 Iiicomt from donallons and legdLW Icontinuedl During the year 8Th Inveslin8nl FQrtfolio donation VAS receiv Irorn Rthmond PhilanlliropK S<Kiely for £612,282. This dOnatn ha5 been inve$leLI ifi Ihis yearfs inveslmenls bance per Note 37. Unrestridtd funds 2023 Reslrided funds 2023 Total fLinds 2023 Donation5 6SO 7,100 7.750 Incoine from charitable activities Uiirestrlcted liinds 2024 rotnl fyrids 2024 Aknshou8e¥- Rès¢denls' coniAMIIioi?s 1,722,949 1,722,949 Unreslricled funds 2023 Total funds 2023 AlMShSe5- Rèsidents. conlribulws 1.595,595 1.595,595 Investmont Incom8 Unrèstricled Funds 2024 Total fuiids 2024 Rents recivJk Dmdend itKotne re£*N8b Bank interest re1vable 2,482.92B 440.734 15.935 2,482,97.11 440,134 15,93S 2,939.597 2.939.597 Page 24
THE RICHMOND CHARITIES NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 liivestment Income IcontinU8dl untricted funds 2023 -rotal fund5 2023 Rents receNab Dividend c(mi)e rable Bank interest receivab 2.534.286 427,808 3.437 2.534,286 427.608 3.437 2,965,331 2,965,331 Expeiidlture on ralslng funds 2024 2023 Fund managemènt InvestsneTrl m?nagemenl cod5 65.377 56,777 65.377 56,777 Property maiiagoment ct co$t5- Property Support costs- Insurante Support costs- Rep?irs and mainlenanc• Svpport cosl8- Legal and prolesjional Support costs- Qlfice expense Support costs- Miscellaneous 1,696,164 24,694 15,049 7,906 23,052 16.024 1.533,227 24,321 14,792 2,034 18.726 11.580 1,782,889 1,604.680 1.848.266 1,661.457 Analysls of gr8Trts Grants to Individuals 2024 Total funds 2024 Grants lo individuals in need 106,452 106,452 Page 25
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECÉMBER 2024 Artalysls of grants Icontinuedl Gran15 10 lTrdithduals 2023 Total funds 2023 Grants lo IlIvu$ in need 109,371 109.31 1 Analysls of expendlture on chatable actfvltle$ Surnmary by fuitd Iyp8 Unrestrici•d Restricted funds lunds 2024 Total 2024 charitab aclmlw 2.319.766 7,1(M) 2,326,866 Unrestrided lunds 2023 R6slrtcled funds 2023 Tolal 2023 Charrtable 8c11vit8 2.019,733 7.500 2,027,233 10. Analyslg of •xp•ndlture by 8ctl¥ities AclNities undertaken directly 2024 Grdiit funding of ac¢lvlties 2024 Support cost5 Total funds 2024 2024 Almshse5 and granl lurnding 1,752,100 106.452 468,314 2.326,866 Page 26
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analys15 of expenditure by 8¢tivitie5 Icontlnuedl ACIMI undertaken direclty 2023 Giant lunding of INilies Supwjrt cosls 2023 Tdal fund$ 2023 2023 Almshouses and grnnl fundin9 1,765.387 109,371 152.475 2.027,233 A detailed bre8kdMt ol expenditure on thari18bK8 acli¥it*5 15 gNen in below and in the folkw'ng pages. Analysls of direcl costs Total fujids 2024 Total lunds 2023 Slaff c051s Telephone Rale6 and waler Ele¢lri¢ily and ga$ Cleaning caM Garden and tree mainlenance Repair5 and maintenance Leg81 and professional lees MiscelLaneous Major property repairs 661,607 20.173 44,282 605.19S 20,672 82.253 55.263 9,332 13,242 115,196 210,934 31,640 10,032 611,628 10.486 17.f22 109.616 282,911 19,319 2,524 52D,9S 1,752,10Q 1,765.387 Page 27
THE RICHMOND CHARlnES NOTES TO THE FIIIANCIAL STAfEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysls of expendlture by activlties l¢ontinuedl Aiialy5is of sijpport costs Total ftsnds 2024 Tdal funds 2023 Governance stall cosls Depreciation Insutance Electricity and gas Cleanin9 Repairs and maint8nan¢e Legal and profèssK)n81 lees Office expenses Miscellaneous Governance cosls IProfillnoss on dlsp05al ol invesim8nl prcp*1y 95,552 270,780 22,224 4.785 5.525 8,Ot9 7,116 15,962 73,173 30.249 165,0711 96.534 243,377 21.889 2.505 5.971 7,342 1,830 14,348 52,758 1340,9661 468,314 152.475 l. Gov•rnance c051s 2024 2023 Audilorfs nj17er8I¢0n AlIor'S remuneralKJn- non audrt work Olher goveman¢e cnsls 21,000 1,500 7,749 20.250 1,51XI 9,726 30,249 31.476 Page 28
THE RICHMONDCHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Revaluatioll of investments 2024 2023 Rev8lualkJn gasns1110sses1 on inveslmenl ptLWy Revaluat gainslllossesl on fixed 858d in¥&$lments 16 17 507,500 1.914.670 2,227,750 2,393.106 2,422.1'TO 4,820,8 13. Stair costs 2024 2023 Wages and salaries Social securily costs Conldbulion lo delined conlribution pension Orj?¥ 614,131 60,681 97,247 564.160 55.274 82.295 762,059 701,729 The average number of pernons Wfoltsyed by the Charily dunn9 the ytarwa6 as foll(y.. 2024 No. 2023 Staff 14 14 The numbei of employees l)ose wnployeè benefits {eXcdIng •mpWr pensth costs) excee£Jed £60.000 was.. 2024 No. 2023 No. In the band £60.C(11- £70.CIJO In the band £80,001- £,1K) The ChaTily coMtders its Key M8nagwnenl Personnd lo conwrise th8 Truslees the Chief ExecutNe aiid lh8 Head ol Finance. PoIY and GovematKe. The iotal p10eThI benefils liiicludiThJ employer pension contributions and employer nalsonal insurance contriAlonsI of Ihe Key Managwnenl Personnel weie 19.63312023- L121.7221. 14. Trustees. remiineration and expenses During Ihe year, rKI TSlee$ re¢ewed any ranunerat or other beDefits12023- £NILI. Page 29
THE RICHMOND CHARIMES NOTES TO THE FINANCIAL STAfEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Trustees. remLinefation aiid expenses Iconliniigdl DuriDg the year ended 31 December 2024. eyn.%es iolallthg £239 were Teirnbursed or pabj direclly lo 1 Tru5tee12023- £222 10 1 Trusieel. 15. Taii9ible flxed assets Office froehold property Assets Ollice undèr equlpmènt construction Freehold property Total Cost or valuation Al 1 JanLiary 2024 Addillons Tran$lèrs b¢lween classes 10.793.829 1.100.000 3.261,624 4.981,152 14,464,442) 15,Ib5,4Jf3 4,9112,441 1,289 30,828 4.433,614 Al 31 December 2024 15.227.443 1,100,000 32.117 3,778,334 20.137,894 Dèpreclation Al 1 Januaiy 2024 Charge lor the year Transfers between dasses 935.984 23S,713 11.8501 55.000 27.500 990,984 270,780 7,$67 1,850 At 31 December 2024 1,169.847 82,500 9,417 1,281,764 Net book value Al 31 Oecember 2024 14.057.596 1,017,500 22.700 3,778,334 18,876.13Q Al 31 2023 9,857.845 I.5,0( 3,261,624 14.164.469 The Almshouse pioperties a nors investmelll woper(ies, held by the Charily as Inalnable, with tondilions alla¢hed for Iheii use. For accounling purposes. valiie is placed on Ihe Mglnal Almshoiise pioperties as il is considered by the Tru51ees khal the original hislotrc cost ol Ihe properties would nol bE malerk81 lo the finanoal slalemenls. The Trustees do not wnsider that ihe fair value of the Almshouses can be rneasud reliablv, given the condilK)ns specified lor Iheir use. Any costs of valuation lo thè Charily woukj t1 be cotnmensurate %*ilh any be.111 oblained Irom the illlormalion to the useis ol the acr.oun15 or lo tlie C1181ily for ils stewardslij) i)urpose5. Reco91)ilion of Ihe Alrns110115es 31 lair value is not pradiGgbl8. With respect lo Ihe Almshouses tianslerred from RCCE. if al any time any of Ihe Alrnshoiises CEase lo be used permanentty as Almshouses. haK of Ihe value ol Ihal land s11311 be paid to Ihe Trnislees of RCCF to be hekj as pemianei)l end(AVmll and the income used for ils general purposes. piovided 11)at thn8 dause wll appty onty il the land in question 15 Ihe proceeds of sale are used lo puitha5e plameDI la for the provision of AlmsFwses wthin a reasonable tyne. Page 30
THE RICHMOND CHARinES OTkS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 io. Ii)vestment property Lony term leasehold investment property Freehold investinent property Total Valiiatlon A¢ 1 January 2024 Disposals Surplus on revaluation 102,838,000 14,68s,0001 507,500 7SO,O¢Y) 103,588,000 14,685,000) S07,500 Al 31 December 2024 98,660,500 750.000 99,410,500 Inveslmenl property On 31 De¢ember 2024. Shw & Company (Chart1 SuNaml undertoc* a desklop valuatn ol th8 properties lor the year ending 31 Dttanber 2024. 11 was their opinion that thèrè had been an overnll gain oil revaluation of £507.500. 17. Flxod 8sget Investments Llsted iiivestmeiits Cost oi valiialion Al 1 January 2024 AddilioThs Disp0s81s Revaluations Manageinenl fees 28.962,137 2,712.282 11.900,cM)01 1,914,670 164,3361 At 31 Dècèmber 2024 31.624,763 Net book value At 3.1 t)e£embe¢ 2024 31,624,753 Al 31 December 2023 28.962,137 Page 31
THE RICHMOND CHARIMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Oebtors 2024 2023 Due witlilii one y•ar Trade debtors Prepayments arsd oc¢nd income 31,888 47,116 113,821 59,092 IB,004 172,913 19. Creditors.. Arnoiinls falling diie wlthln one yoar 2024 2023 Tradè CditorS Oth8r taxation and social sewily Other credilo AcGfud15 and dalerrd incc4me 19,534 20,045 J1.822 299,308 50,412 18,671 987 178,175 370,709 246,24J 20. A¢crual$ aiid defèrrèd Income 2024 2023 Deferred incL¥ne al 1 Januwy 2024 Resourees deferred during Ihe year Amounts rdeased from preOu8 wcJs 63,206 67.239 163.2061 72,334 63,206 172,3341 Deferrèd ii?come at 31 Decernber 202 67,239 63.206 Deferred Incc*ne relleds rental irt(¥ne recewabie in advaThce from inbtslmenl Pfoperties. Page 32
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21. Statement of funds Statement of funds- current year Balance at 31 Gaiiisl Decembe¥ (Losses) 2024 Balance at 1 Januaiy 2024 In¢om¢ Expèndllur? UnrE¥trlct¢d fuiids Gener•1 Funds 15.493.863 5,283,106 14.168,0321 16.608.737 Endowment l(Inds Efidowmeiil Fund 132,550,137 2.422,170 134,972,307 R•strlcted fuiid5 Hwry Smith 7,100 17,1001 Total of fundy 148,050,900 5,283,106 14,175,132) 2,422,170 161.581,044 Page 33
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS roR THE YEAR ENDED 31 DECEMBER 2024 21. Statemenl of funds l¢ontinuedl Statement of fuiids. pdor year Balance al 31 Balance at 1 January 2023 TrSIerS Inkyjl Gainsl IL0s8esl Oecembef Income Expendilure 2023 Unr¢$trfcted funds Genèral Funds 11.996,( 4,561.576 I3,681,1) 2.617.269 15.493,663 Endowment funds En(J(yNrnenl Fund 130.$46.550 12,617,269) 4,620,856 132,550,137 Restrictèd funds Henry Smllh 7.500 7.IC (T.5} 7,100 Total of fuiids 142.550,058 4.568.676 13,688.6901 4.620.856 148,050,900 The AlmshoLSS¢ fvnds arè unr•stricied and we us8d to fund 8ctiwtias in furtliéiancè ol lh• Charity's objeclives alOngse 11)e inatiagemenl *lministralion. Included vmlhin this fuiid is Ilie Mitre pub originally purchased ai £550,(KKJ. Reslricleil fvnds are amoun1$ recei frcwn Henry Smith Charity Imth the $[ed purpose of supportiiig welfare. Page 34
THE RICHMOND CHARITIES NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 22. Suminary of funds Summary of lunds- current year Balance at 31 Balance at 1 January 2024 Gainsl Dec8fflber (Losseg) Inc0rn8 Expendoture 2024 Geneial funds Endowment fund8 Resiricled funds 15.493.663 132,550,137 7,100 6.283.106 14,168.0321 16.fJ08.737 2.422,170 134,972,307 17.1001 148,050.90D 5.283,106 14.175.132) 2,422,170 151,581,044 summary ol lunds- prlor year B8lane• al 31 Oecember 2023 BaL4nce al 1 January 2023 Transfers inlout Gainsl ILosse51 11me Expendilu General funds Endowinent funds Reslricled fufid5 11,996,008 4,).578 13.681,1901 2,617.269 15,493,e63 130,Y6,SSO 12.617,2691 4,620.856 132,SSO.137 7.5CKJ 7.lQJ (7.SOOI 7.100 142,550,058 4,W,676 (3,688,6901 4.620.856 148.050,900 23. Analysis of net agsets between funds AiiAlysls of n•t assels botween fund5- current p•riod Unrestricted Endowmènt fvnds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed as5el investments 14.939.016 3.937.054 18.876,130 31.624,753 31.624.7S3 99,410,500 99,410,500 2,040,370 1370,7091 Investment prow1y Current assels 2,040.370 1370,7091 re(lrtors due wilhin one year Total 16.608,737 134.972.307 151,581,044 Page 35
THE RICHMOND CHARITIES IqOTES TO THE FINANCIAL STATENIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 23. An&lysis of net assets beell funds Icontinuedl Analysis of net assèts between fuiids- prior period Unrèslricled runds 2023 Reslficaed Endowment Ivnds funds 2023 2023 Total fund5 2023 Tangible fixed assets Fixed a$5el inveslmenls Investment property Current asseis Cfedilors due wlhin Or year 14.164,469 14,164,469 28,962,137 28,%2,137 lo3,588.0 103,fJ88,000 1,582,539 1246,2451 1,575.439 (246,24SI 7,100 Total 15,493,663 7,1CK1 132.550,137 148,050,90n 24. Re¢on¢illallon of net inoveinèiit Iii liinds to net cash flow froin operalliig activltiès 2024 2023 Nel income lor the per las Stalemeni ol Financial AcIMI$> 3,630,144 5.500,842 Adjiistments for.. Deprecialion charges (Gainslllosses on inveslmenls Dividend5. inl8r8s1s and rents fr investmenls (Prolrtl on disposal ol inveslmenl property Oeciease in debtors Increase In credrtors 270,780 243.377 12,422,170) 14,620,856) 12,939,5971 12,972,362) I$S,0711 1350,9661 93.909 571.512 124.464 109.853 Nèt cash used In operatlng a¢ttvlties 11,40Y,$411 11.fo18.6001 Page 36
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DÉCEMBER 2024 25. Analy81s ol cash and cash equFvalonts ?.024 2023 Cash in hand and 81 bank 1.961,3S6 1.409.628 Totsl cash and cash equlvalonts 1.961,366 1,409,626 26. Analysls of chanqos In net debt At 1 January 2024 Cash flows At31 December 2024 Cash al bank in hand 1809.626 551,740 1.961.366 1.409,626 551,740 1,961,366 27. Capltal commitments 2024 2023 Contracled for but iiot provlded ift these flnanclal ststements Almshouses assels In ¢t[st of conslnJcl¥)n Photovollar prgeds Other 2.134.471 15,067 77,385 5,695,920 681,8B4 183.467 2,226.923 6.561,271 Pa9e 37
THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 28. OperatiThg Igase commitments Ai 31 December 2024 the Charily had ccThnilmenl$ to make fulur8 minimum lease pawnents under non- eancèlbblo op¢raliag leases as Tdlows. 2024 2023 Not laier Ihan 1 al Later than l year and KJI laler S years 1.665 2,913 1,665 4,578 4,578 6,243 The lolkhw'ng lease payments have been rwx8nil 85 èn expense in the Slalemenl of Financial Imlies.. 2024 2023 Operating lease renlals 1,66S 1,713 29. Post Bzlance Sheel Ev¢ni¥ 33 Kew Foot Ro>J was dispos ol on 1S January 2025 lor £1.115,c(J. Th16 8mounled lo thè Fair value aNwng amount 8131 December 2024 ¥Alhin Inveslmeol properties. 1 The VinÈy8rd was disposed of on 24 A1 2025 lor £1,475,(K)O. The lair value carrwng amouiil al 31 Oecember 2024 was £1,550,000 wlhin Investmenl propWts. 30. Related party Iransactions A £612,282 doTran was Ie1ved in Ihe year Irom RthtrKJnd Philanlhropic SoGieiy, a Charily bmth common Trustees. Key Management Perscfflnel Bnd Trustee Irans8Ctions 3re delailed in Noles 13 and 14. Page 38