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'Br￿n11.$ 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￿ (de￿ased 10 September 2024112 Mrs Margarel Marshall I￿SIgned 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 Ente￿riSe 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 R￿hM0nd 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 audit￿1 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 t*low. The area ol benefit ts the LoThJon Borough of R￿rth￿￿4jF>)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 AlmSh￿se Chanty Michel's Almshouse Ch8rrty li￿lUdIng Benn's WaLkl The Almshouses gf RKhmc¥)d Church Charily Eslale (Church Estate Mmshoujesl Twckenh8m United Charilies ICar*Jl¢r Akn$liousés} Mortlake Almskjuses & Relief Chwity IJuxoTh'8 and Chri$lchur¢h Road Almsh¢JJsel Thè apwnlmenl lo almshoyse accc4nrrtdalKJn ￿ subj￿t 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 Chant￿S share the objeclivè ol benefiling Ihe Londw of Richmond-upon-Tharne¥. The Chant￿S alMsh￿j5eS are lisled t*bw Iw'lh the nvmber cl sep8rate dwetlings in pa￿nIhese8?". 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$191 Jvxon's Almshoiises131 hrislchurch Road Almshwses131 The Elizabeth Twining Altnshwse5151 Page 3 THE RICHMOND CHARITIES TRUSYEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Objectfves and activitses Icontinued) b. Main actlvltle8 undertaken to fllrther the Charlty's pury)oses for the publlc beneflt We have referred lo Ihe Chanty CorTrnIssic￿'s general g(wdancè on ￿efit when revi¢wirrfJ our hims 8nd o*'ectives and In planning our lulure &lMlies. The pvblK benefil ol Ihe Charity is in providing safe and comlc*tsbk almshouse aCC￿Mr￿)daIi0n for thtjse in n*1 as de5cribe£J In the Scheme afid generating income lor Iho$e Charilies described in the ObJ"eclives and Act1wt￿S ol the Chanty below. Our slraleoic aims 8s slalv.d on Ihe fol￿wIng pages link to this benefit and we are salisl*d that these aims do not have a delrimenlal effecl outside of th8 Charily's aclivilies. Whilst In4￿Y of the acl1wt￿S ale thal in nature, the Trusleehb do not Cons￿@r this to be an unreasonabk geograph￿ rest￿l0ft and Ihose in nee(1 are Ml excluded Irom btrnelil. A8 8 resutt ol lh& •l>w. Ihe T¥u$ltsS Ihal Ihe Charity salisftes the public ben8fil test. Page 4 THE RICHMOND CHARITIES rRUSTEES' REPORT ICONTINLIEDI FOR THE YEAR ENDED 31 OECEMBER 2024 Strategic report Achlovernents aiid pèrfomiance Review of activities The staled ¢*jectives ol the C￿TIlY ar• d•emwJ lo have bean for Ihg year lo the best of the Ch8rrty'¥ and Ils Trustees, abilities and these ￿le¥ementS can bt measured as fdlows.. A high level of oCcupar￿cY vms mwinla1i￿d line with the objeci ol promdiiig sl￿ 8ccommcd8liThn. C￿siderabl• lima and expense was devoted in the year to main18ining the accommodation Its a hioh standard lor Ihe residents. A surplus 01 incoming rnsource5 has teen generated by ihe ChariV$ irbv¢stmenl$, incktdlng propertles. The performance of the Charrtys inveslrrenls 15 considwed by the Tnjslees to have been satisfaclory gwen the expendrture on major repair6 and Ihe currenl markel cA)nditws. Thè S￿r￿U$ 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 Su￿bUS 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$tm8nl prcprtk%. The Trustees held a Strategic Plannlng K4Éèting in Ocittter 2021 to sel stralegic c4'ect￿e$ for 2022.2026. The objectives are as fcllow5". To continue ta seek opporfunilKes lo develop nKY¢ almshouw. To conllnue the On￿oing wjrk lo r?furbish alntshovses and to congKler impl*alions for the almsfv￿se ol the fulurg. To rnaximise thÈ ten•fits the iiiveslment property Wtfd￿S. 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$thr the resoutces needed lo ￿n￿ement Ihe key obieclbves." Staffing and Govemart•. To develop a coherent comTrwnra1￿s slrategy for thè Chanly. To be mote Straleg￿ abc*Jt the Chwrt*s Wdfare Giaiils fijndw. Prrwe58 vfds ach1￿￿ in 2024 in 811 the￿ area5 as Idkm.. The charity c¢)ntinued to seth opportunrt￿s for lutlher expansvjn and deveh)pment ol nwe almsh￿lSeS. Tlie charty purcthased a pl￿e of L8nd off Queen's Road. RthnKJnd. in August 2023 frran ft￿mOnd Parish Lands Charity and conslrudion of a new devel(wmer71011?. alms11￿1Ses Starte({ in Sepletnber 2023 with completi￿7 scheduled foi SpJittg 2025. PrcyJress Ihrougl)out 2024 has b￿17 ex￿lIent. Tlie iiew esiale be c8118d The Elizabeth Doughly Almshouses. Page 5 THE RICHMOND CHARITIES TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 DECEM8ER 2024 Strat8gic r8port Icontinu8dl Achievements and perforniance Ic0nUn￿edl Consliu¢tw)n ol a second new development slarted In (kiober 2023 on land owned by the charily in Sl Ma￿5 Grove, Rthvjnd. Cwpletion was 8chieved ahèad of schedi1￿ ￿ 25 November 2024 This is a developmenl of S wheelchair accessible almshouses to be buill lo very high energy efficient'PassivHau8' standards. New resmlents tTh)ved in during December 2024. The new estate 1$ called The Ellzabeth Twning Almshouses. A major projeci Is Unde￿aY 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 prOpert￿S each year in ordèr lo lal be able lo develop 8 ntw a1rn5htsuse eslale every 2-3 years and Ibl lo rebalance the a$S015 Wjrtlolio and lo Intsve luwwds a 75r25 s￿11 rrf propertylinvesled fund5. In line wlh tho poky. TF 47, TF & LF 51. 61 Houblw Road. 17 Adolatyye Road and 7 The Vineyard were sold In 2024. We continued lo ￿4d re9ular mèelings wlh our fund managers lo ensure Ilie proteclion ol our long4eim endowment. The loll(wiTKJ almshouses weie relurbEhed or redecoraled In 2024 pri￿ lo new ￿sid￿nIS moving in.. 4 Hickews. 1 and 98 Michel's. 1 Candler. 3 Juxon's lincludin9 extension), and 13 Church Eslale. Work wll ¢￿plete on refurbishing 16 H￿keY'S aNJ othw aknshouses whth ccme vacant In 2025 including J Mkh•l's. The charily wolccmed 12 re$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 t￿gI)lY Alinshouses and due lo I￿￿ased 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 aclivi1￿5 and events be4rvJ run for sidenls cr by TesKlent$. 12. The rnonthty Aknshouse News wa5 re¢lesKJned imwowj lo b￿Qme Your A]mshoLise Magazine. 13. The cl7arty awarded £100.OCQ ID grant funding for 2024 to suppori those in need. hardsliip or dislress in the borovyh aktyng w¢th Ihe £25.0(M) fioin the smaller Welfafe Chafilies. 14. The charilywelc(wned member of Staff". Administralor & C(mmunical￿ns Co-ordin810r. 1S. Major refurbishmenls on investrnenl pr(ytlies We￿ undertaken at 17, 22, 25 and 28 Miclieys Row. 16. Richmond Philanthicpic St Ihe goiTvJ concern basis in preparing the financial stalernenls. Further details wardin9 Ihe 8doplion of the 90Srva cort¢m basi$ ¢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 a￿d￿S ils requ1￿MentS 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 d￿ased 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 a￿1 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 Chari1*5 Michel's Almshouse Charity Richmond Charities, Alm5h￿Se$ R￿hrn0nd Charities, Almshwses Richmond Chanlies. Alrnshouses Ricl4nond Charities. ArnshcAJses Richrnor¥3 Chanties. Aknshwses Richinond cha￿t￿5. Almsh￿￿¢1 Mortlake Almshouse Charities Undei. the 18.11 1987 and 21.6.1990 3¢hemes, Michels Alms*ouse 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 TWckenl￿ln 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 Al￿￿hoUSe Charities and Richmond Char411es' Alinshouses. The Trusléèi. slr*egK re-affiim the values of the Charily lo rxMtHw•'. _ tteal￿g 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 a￿8h￿￿Se5, 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 cr￿ucted by Ihè Chiel ExsXUtNè, urthr daY-t￿daY aulhorily delegated by the Trus18es. The major part ol Ihe ajminislralion is concerned wlh the akn574)uses, ils I'esidenls. inveslmenl propert*s 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) n￿Minative 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 Tiwc*enham. Tfuslees are appointed al ordinary meetings byway ol resofution. Ne*ly appoinled TrU￿te5 ￿ve An in41eplh Irmli￿l￿)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 ￿rt￿In 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 ind￿lI0n 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 a￿OUnt$. 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 perf5ed 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 b￿11￿$$. Th8 Truslees are fespons*Jle 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 stalerr￿nls 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$8t5 01 the Charity and hence for taking reasonable slep5 lor the prtvon1￿rt arnl detection of fraud and other i￿Ularfll0$. Approved by (*der ol Ihe member¥ tsf thè board ol T￿￿tee5 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￿$, the BaLln￿ Sheel, the S181ement of Cash and the relat￿1 noles. I￿uding a summary of sKJnlr￿a￿l accounling policies. The financial reporting Iramewotk that has been applied in Iheir pr8parabon is appl￿ble aivj United Kingdoin Accounting standards. Including Financial Reporting Standard 102 'The FInar￿la1 Reporting Slanda¥d appI￿able in the UK and Rèwbh"c of Ireland, (United ￿.ngd0rn Genefally A¢Y￿ted Acx4wnting Pracllcel. Tl)e financidl slaleft)eri15 have been wepared in 2tt4)rdance wll) AcC￿NI1￿9 and Ilep)rting by Charities p￿parIng their 8c¢ounls in accordance wlh thè Finanual ReF<)rting Standards applicable in Ihe UK and Republic of Ireland IFRS 102) in preference lo Ihe Accwnling and Reportlng by Charities Slalemenl of RecommeTha•d PraclKe is$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 ￿$oUr￿S lof Ihe year Ihèfi ended. have been property prepafed in accordance with Uniled Kirydcffi Generalty Acxep18d Aceounlino PraclKe. and have been prepared in 8cc¢ydanr2 wlh the requiremen13 of the Charilies Act 2011. Basls for oplnlon We cendiicled our aydil in act0rda￿tr with Inlemaional Standards ¢)n Auditing IUKI IISAS IUKII and applicable law Our responsibilil*s undei Ihose slandard5 are further described in the Audrtor'$ re$ponsibililies for the audit ol the financial statements section of oiir rewrt. We are indeperK6ent of the clarity In acc()rdance. wlh the èthul r￿uIrementS that are relevant 10 (Mjf audit of the financial slalemenls tn the United Kingdorn. irC5￿1n0 Ihe Financial R8w)rting CouTrEifs Elhical Standard. and we have fulfilled our othBr elh￿al re6ponsibililies in accoidance wlh these requirements. We be￿e¥e that the audit evthnce %ve have obtained is 6uffiu8nl and appropriale IcTr piovide a basis lor (Kjr opini￿. Conclusions relatlng to golng ctsn¢*rn In auditing the finanrial slalemenls, we have Cl￿duded Ihal the Tru51aes' u80 ol Ihe gL¥ng ￿rIcarn basis of Unti￿ in the preparalM)n of the financial stal￿nIS Is apprcyiate. Based on the work we have pertormed. we have not idenlffied any malerial un￿rtaInlieS relating lo evenls or Cl￿dI110￿$ Ihal. IndNidually or couectivety, may casl S￿n￿￿8￿1 doubl on Ihe chaiily's ability lo continue as a Iping concern lor a pericxs ol at leasl twe￿e monlhs from ¥then Ihe finanoal 51ateiiieii16 are aulhorisa for issue. Our responsibilit￿S and the reSp￿lIN.111￿s 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 tnrom￿*lan compFi5es Ihe inlo1mal￿n 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 I￿e￿￿. 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 kn￿￿edge 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•ir*J 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$iees' Report inconsislsnt in any material resp￿1 wlh the financial slatemenls., or sufficient accounling records have not been kepl.. oi the financial statements are not in agreemenl wrth the 4cwunltTra records 8nd relums.. or we have not received all the informalion and e4)Lqn8lM￿S require fot our a¢JJil. Respon$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 preparat￿n of hna￿l81 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 ab11￿Y 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 liqU￿￿ale Ihe charity 01 to cease Operat￿Tr$. or have no alislic allemalive t￿t to ¢So so. Page13 THE RICHMOND CHARITIES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RICHMOND CHARITIES ICONTINUEDI AudIt0￿$ 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 whell*r Ihe financial stalemenls as a whole are frèe rrorn mal8rial mi¥s18lemenl. wlElher due lo fraud or e￿Or. 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 IUIJnised at historul cost ¢y Iran$ad￿Tr v41ua unlesk clheTh￿￿ stated In Ilie rekvaiil accounliiig policy. These h"nancK81 $18tem¢nls are presented In st8tthNJ Wh￿ 15 Ihe fund￿n81 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¢ cons￿￿tre￿ 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 prqeCt￿Ins 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 rec￿niSed once Ihe Charly has entilfemeni to the incoine, il is prLa)able thal tha income be re￿￿j and the amwnl of inc£m8 rec￿able can b8 measured reliably. Rental Ir￿ne is re￿￿nISed eventy over Ihe pericd it relale5 lTrcotlle frLYn investrnenls is accounted for￿en 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 OCC￿￿ted 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 obl*Jalion 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$15 ￿Sis1tnI wlh the use of reswrces. Cenlral Staff costs are allocated on the basis of lime spent. and deprecialKJn charges aKoGaled on Ihe porti￿ of the assel's u5t. Expenditure wai5ing funds Includes atl expenditure incurred by Ihe Charity lo raise funds Irir ils charitable pup)ses include5 costs of am fundraising acliwlies events and non-eh3iilable Iiading. Expenditu￿ on tharitab￿ aclNIkn"es is incvrrèd op direclty undertaking thè aeliwiies vthich lurtl)er Ihe Charilvs obje¢lives. as well as any aSs￿BIed support cosls. Gr8nls pa￿ble are chafged In 11?e year ￿1) the offer is rn&Je except ii) those ￿58& wh¢r¢ Ihe ofler is Condit￿lia1. such giants being iecognised as exFEnditure when Ilie condilioii$ 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$. Accordingty. Ihe Charity 15 poienlially exempl from laxaliors In respect ol incoine or capital gaing received wilhin Categ￿e$ 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 ts￿ent 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 rev*Jnition. under Ihe cosl Inodel. tangibb fixed assets are measured al cosl less accumulated d¢)re¢iaU'on and any accumvlaled npairinenl 108se$. All costs incvN&J lo brng a iarvjlb￿ fixed asset into ils intended working condIt￿n shLwkl be induded in the rn808urem¢nl of cost. Al each 16Wting dale Ilie Charity 35>tsses whether there 1$ 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¢>veraI￿e ai)Kiunt. No v81iit lor accounting puFposes has L￿n pl￿d on rhe historic alrn$hou58 properties as the original cost ol thèse assels W￿ld be immaterial lo Ihe58 Iinancki151alemenls. Subsequent ¢apilal eosts relating to 8lrr@hw￿ proptrties have be￿ ￿Cluded un(kr fixed Assats at CArySt. Costs lincludirvJ pr0fÈs5ronal lees) rdalw lo prg'9¢ts thal are atsc￿t io c(¥nmence 8fe capit8li5ed as a nxed asset. DepreualKJn is charpy so as to al￿te the C￿1 of tangible hxed assels les8 their residual valu? over thtrir èslimated usefvl INe6. thè slraKJM4ine meth¢Jd. D•pr•clallon is pro￿￿ed on the fdlu*wJ bAseg'. Ath$h￿Se$ ott￿e property Officè equipment -2% 2.5% 25% 2.7 Investment prO￿rtIeS 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 AclMI*s. 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 measu￿d 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. Cur￿nt assel invesimenls are shcKI term high￿ IKIUKI In￿slIDentS 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 se1t1￿en1 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 h*ahty inveslments wrth a short matufily ol Ihiee months or le55 from the dale of acqui$ilion or opening ol Ihe deposit or ￿MIlar account. 2.11 Uzbilllies aiid provislons Liabilities a￿ recognised then the￿ is an obligatv)n al ihe Bala￿ Sheet dale as a result of a past eveni. il is probable that a IraThsfer of econ¢)mic benefil w￿1 be req111￿d in sellleinenl, and Ihe amount ol Ihe selllemenl can be eslimaled reliabty. Liabilities are (ecogniseil al Ihe amount Ihal the Charty anlicipates il wll pay lo sellle Ibe debl or Ihe amoLinl il has recthved as ad¥anc4d payment5 lor the goc*Js ￿ servrEs il rnu81 provide. Provisions are rneasured al Ihe besl eslimale ol Ihe amounls required 10 5ellle tlie ob1rgat￿n Where the eflecl of Ilie lime value ol moiiey is material. the provisi￿ is based on the piesenl value ol those amounts. discounled al the prè4ax iJiscoJnl rate Ihal ref￿¢1$ the risks speuhc lo the l￿bilitY. The unwnding of Ihe discounl is recognised In (he Slatemenl ol Fiiiancial Aclwities a5 a finan￿ cost. 2,12 Fiiiancial in$trui*ènts Tht Charily holds ba￿¢ linanrial in$livmanls as d￿4n￿d 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 detai￿d in Note 18 Prepaymenls are nol11nanaal inslwmenl$. Cash zl bank is das5ilied as a basic fiThan¢ial iThslfumenl and is measured al lace value. Finanrial lthilits.es - tr* credrtors. aeeruak and olhby uedilcrfs are f#78ncial illslwments, aiid are measured at amorfised cost as detai￿d sn Nole 19 8nd laxalK)n and social security are not included in Ihe fin8ntial instruments di5cbsure definit￿n. Deferred 1￿c￿ne is not deemed to be a Iinan¢ial liability. 85 Ihe c8sh 5elllemenl has al￿adY laken place and there is an oN*galion lo deliver seNi¢es rather than cash cw anLkner financial instrument. 2.13 Operallng leases Renlals pahj under cyerating leases are Charged lo the S181emenl ol FinencA81 AclMtie5 on a stiaighl-line basi5 over the le85e lerm. 2.14 Pensions The ch￿•tY opera1¢5 a defined contrilwtKJn pensK)n sclienw and the pens#)n charge r8preseiitS tlie amoiinls payable by Ihe Chairty lo the fvnd tn respecl ol the year. The as5els ol the 5¢heme are held Separate￿ Irotn Ub)se of the Employer. The annu81 conlribulions payab￿ afe charged to the Slalernenl of Fine￿￿al AclNitEs. The Charrty also ¢ontnbutes to the Church ol EngLqnd defined benefrt pension scheme in I'especl of one rn￿nbe[ ol staff. Page 22 THE RICHMOND CHARITIES NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR FNDED 31 DECEMBER 2024 Acl-ovnting policies Icontinuedl 2.15 Fund accountlng General funds are unrestricl&J funds which are available use al the discretion ol the Trustees IA furtherance ol the general c4"eclives ol the Chatty afid ¥¥hrh have not been de$ign8led lor other purposes Restricted lunds are funds wh￿h *• 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 endo￿Then1 funds can be used in accordance wfth the objects of Ihe Charity is irtI￿Se￿ as vnreslncled inc(Mre. Any capilal gains or losses arising on Ihe Investments from part of the fund. Investment rnaThag￿ent charg85 and leg81 advKe re￿ling to thè fund ale char9ed against the lund. 1nvès￿eTht irKonx, gains and losw art alk(ated to the 8￿r¥I￿ale 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$, indvding e￿e¢t8110ns ol future evenl$ Ih81 bel￿¥*11 to be r¥asonab￿ under the ircumslances. Critical accounting estlmates and a6surrylt￿s. 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$umplion5 that have a swJn"rficanl risk ol causing a Mater￿81 adjustment lo the carrying amounts of assets and liabilities within Ihe ne￿ financial year are diacvssed bel(Av. Useful lrfe of tangibk fix¢d assets and Ihe deptecialilyi rates applied." the key iudgeinenl in Ihis arèa rdates to the useful life of akn$t￿Se prcpertse5 and this Is b85ed on slandaifj practice within thè 5ecl¢x updaled lor any speUr￿ kn￿￿edge Ihe Trusiees are aw8re ol. Iiwe¥tment prcperfy va￿st10n.. Ihese updated each year by a qualtfied chartered sutveyor ¥￿th the Tru$¢ees agreeing appropriate consi81enl a5sunptin8 in thfvance ol the valuation. Income froffl donatlons and legacie5 Unrestricted Restricted tunds lunds 2024 2024 'l-otal fLind5 2024 DonatFOnS 620.560 620,560 Page 23 THE RICHMONO CHARITIES NOTfS ro THE FINAP#CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 Iiicomt from donallons and legdLW Icontinuedl During the year 8Th Inveslin8nl FQrtfolio donation VAS receiv￿ Irorn Rthmond PhilanlliropK S 3,630,144 5.500,842 Adjiistments for.. Deprecialion charges (Gainslllosses on inveslmenls Dividend5. inl8r8s1s and rents fr￿ investmenls (Prolrtl on disposal ol inveslmenl property Oeciease in debtors Increase In credrtors 270,780 243.377 12,422,170) 14,620,856) 12,939,5971 12,972,362) I$S,0711 1350,9661 93.909 571.512 124.464 109.853 Nèt cash used In operatlng a¢ttvlties 11,40Y,$411 11.fo18.6001 Page 36 THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DÉCEMBER 2024 25. Analy81s ol cash and cash equFvalonts ?.024 2023 Cash in hand and 81 bank 1.961,3S6 1.409.628 Totsl cash and cash equlvalonts 1.961,366 1,409,626 26. Analysls of chanqos In net debt At 1 January 2024 Cash flows At31 December 2024 Cash al bank in hand 1809.626 551,740 1.961.366 1.409,626 551,740 1,961,366 27. Capltal commitments 2024 2023 Contracled for but iiot provlded ift these flnanclal ststements Almshouses assels In ¢t￿[st of conslnJcl¥)n Photovollar prgeds Other 2.134.471 15,067 77,385 5,695,920 681,8B4 183.467 2,226.923 6.561,271 Pa9e 37 THE RICHMOND CHARITIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 28. OperatiThg Igase commitments Ai 31 December 2024 the Charily had cc*Thnilmenl$ 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 rwx8ni￿l 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 A￿1 2025 lor £1,475,(K)O. The lair value carrwng amouiil al 31 Oecember 2024 was £1,550,000 wlhin Investmenl propWt￿s. 30. Related party Iransactions A £612,282 doTra￿n was I￿e1ved 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