The Richmond Charities Annual Report and Accounts Year ended 31 December 2025 Charity Registration Number 20V431 (England and Wales)
Contents Reports Reference and administrative details of the Charity, its TrLJStees and Advisois Trustees, report Independent auditor's report 15 Accounts Slalemenl of linanciaS activities 20 Balance sheet 22 ststement ol cash flows 23 Principal accounting policies Notes lo the financial statements 24 30 The Richmond Charities
Reference and administrative details of the Charlly, its Trustees and Advlsors Trustees Mr Jeremy Williams (Chair until 23 March 2026} Mrs Kathryn O'Brien (Vice Chair until 23 March 2026, Chair from 23 March 20261 Mr Jonathan Blythe, Iresigned 26 January 20261 Mrs Emma Halford (resigned 19 February 20251 2,3,4 Mi Robert Ha114 Mr Nigel Hughes lappoinled 26 January 20261 Mr Peter Marr Mrs Katherine Maxwe113,5 Mrs Amani Orr Ewing lappoinled g July 20251 Mr Paul Phillips Mr Jeff Piclon Cllr Richard Pyne Mr Michael Townsin1.2.4 2.3,5 2,4 t Member of the Finance Comnvillee ? Member of the Property Committee 3 Membgr of the Risk Management Committee d Member of the Welfare Committee 5 Membgr of the Safeguarding ConFmillee Chair- Mr Peter Marr Chair- Mr Jeremy Williams Chair- Mr Jeremy Williams Chair- Mrs Kathryn O'Brien Ch8ir- Mrs Katherine Maxwell Chlef Executive Emma Halford Charity registratlon number 200431 {England and Wales} Reglstered address 95 Sheen Road Richmond TVV91 YJ Auditor Buzzacoll Audit LLP 130 Wood Street London EC2V 6DL The Richmond Charities 1
Reference and adminlstrative details of the Charity, its Trustees and Advisors Bankers Barclays Bank PLC 8 George Street Richmond Surrey Tvvg 1 JY HSBC 67 George Street Richmond Surrey TW91HG Property Agents and Surveyors HML LAM 9-11 The Quadrant Richmond Surrey TW91BP Investment Managers Sarasin & Partners Juxon House 100 Sl Paul's Churchyard EC4M 8BU CCLA One Angel Lane London EC4R 3AB W1M 16 Bamaes Street London SE1Y 6AH The Richmond Charities 2
Reference and adminlstrative details of the Charity, Its Trustees and Advisors Solicitors Dixon Ward 16 The Green Richmond Surrey TVWJ1QD Gullands 16 Mill Street Maidslone ME15 6XT Lee Bolton Monier-williams l The Sanctuary London SW1P 3JT Moore Barlow LLP Frameworks 2 Sheen Road Richmond TW9 1AE The Richmond Charities 3
Trustees, report Year to 31 December 2025 The Trustees present their annual report together with the audited financial statements of The Richmond Charitie5 (the 'Charily'l for the year ended 31 December 2025. The accounts have been prepared in accordance with the accounting policies set out on pages 24 to 29 and comply with the Charity's constitution, applicable laws and the requirements of Accounting and Reporting by Charities." Statement ol Recommended Piactice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. OBJECTIVES AND ACTIVITIES Overall aims and core activitles The overarching aims of the Charity are lo provide almshouse accommodation and to generatè income for the charities embraced by The Richmond Charities. The appointment lo almshouse accommodation is subject to residential and other qualilicalions. The area of benefit 18 the London Borough of Richmond-upon-Thames. The Richmond Charities originated from.. William Hickey's Almshouse Charity Bishop Duppa's Almshouse Charity Houblon's Almshouse Charity Sir George Wright's or Queen Elizabeth's Almshouse Charity Michel's Almshouse Charity (including Benn's Walk) The Almshouses of Richmond Church Charity Estate (Church Eslale Almshouses) Twickenham United Charities (Candler Almshouses) Mortlake Almshouses & Relief Charity (Juxon's and Christchurch Road Almshouse) other charities embraced by The Richmond Charities are.. Relief in Need.. Share of the Charity of Henry Smith In addition, the Trustees have responsibility for the administration of one welfare and one relief in sickness charity.. The Misses Thompson and Vvhipple Trust The Richmond Aid in Sickness Fund These charities share the objective of beneliling the London Borough of Richmond-upon- Thames. The Richmond Charities 4
Trustees. report Year to 31 December 2025 The Charity's almshouses are listed below Iwilh the number of separate dwellings).. Number of separate dwelllngs 2024 Number of separate dwellings 2025 Name of almshouse Adelaide Road Almshouses Bishop Duppa'5 Altn5houses Benn's Walk Almshouses Candler Almshous8s Church Estate Almshouses Hiokey'5 Almshouses Houblon's Almshouses Michel's Almshouses Queen Elizabeth's Almshouses Manning Place Almshouses Wright's Almshouses Juxon's Almshouses Chrislchur¢h Road Almshouses The Elizabeth Doughty Almshouses The Elizabeth Twining Almshouse TOTAL 10 10 18 44 44 17 163 151 Public benefit In reviewing our aims and objectives, and in planning our work and future aclivilies, we have referred to the Charity Commission's general guidan on public benefit. As referenced within this report, the public benefit of the Charity is in providing safe and comfortable almshouse ac¢ommodalion for those in need. Whilst many of the activities are local in nature, the Trustees do not consider this to be an unreasonable geographic reslriclion and those in need are not excluded from benefit. As a result of the above, the Trustees consider that the Charity satisfies the public benefit lesl. strategic objectives The Trustees held a Strategic Planning Meeting in October 2021 to agree the strategy and associated objectives for the financial years 2022 through to 2026. The objectives agreed were as follows.. To continue to seek opportunities to develop more almshouses. To continue the ongoing work to refurbish almshouses and to consider implications for the almshouse of the future. To maximise the benefits from the investment property porttolio. To revise the almshouse applicant qualifying criteria and to continue lo work with the Council on nominations rights issues. To continue lo build and strengthen the almshouse community. The Richmond Charities 5
Trustees, report Year lo 31 December 2025 To consider the resoLJrces needed lo implement the key objectives.. Staffing and Governance. To develop a coherent communications strategy for the Charity. To be more strategic about the Charity's Welfare Grants funding. ACHIEVEMENTS AND PERFORMANCE Rgview of activities and progress against strategic objectives Progress was achieved against each of the strategic objectives referenced earlier in this report as follows.. The Charity continued to seek opportunities for further expansion and development of more almshouses. Iobjeclive 11 The Charity purchased a piece of land off Queen's Road, Richmond, in August 2023 from Richmond Parish Lands Charity and construction of a new development of 12 almshouses started in September 2023 with completion achieved in September 2025. The new estate which is called The Elizabeth Doughty Almshouses has enabled us lo house 16 new residents. (Objective 11 A major project is underway to install photovoltaic panels at the majority of the almshouse estates is nearing completion, In 2025 panels have been installed al our largest estate, Hickey's Almshouses. The residents are benefilling directly from the electricity generated by the PV panels and this will reduce their electricity bills. (Objective 21 The Charity continued with its policy lo sell in the region of £4.75m worth of investment propeilies each year in order lo lal be able lo develop a new almshoLJse estate every 2-3 yèars and Ib} to rebalance the assets portfolio and lo move towards a 75125 split of propertylinvested funds. (Objective 31 In line with this policy investment properties were sold in 2025. Whilst we did not meet the target of £4.75m in 2025 (actual sales proceeds in year of £2.57ml, contracts were exchanged in December on the sale of four further properties which are all under offer. (Objective 31 We conducted a tender exercise for fund manager services which resulted in us retaining the services of the two existing fund managers and adding a third to our panel. Funds from our long term endowment are now invested equally between the three sets of advisors, and we continued lo hold regular meetings with all our fund managers lo ensure the protection of our long term endowment. (Objective 61 We conducted a tender exercise for accounting and audit services, resulting in the appointment of Buzzacott. (Objective 61 The Richmond Charities 6
Trustees, report Year lo 31 December 2025 We commissioned a governance review and have been working with an external consullanl. The final report has been received and Trustees are consideNng the recommendations. {ObjÈclive 61 The following almshouses were redecorated in 2025 prior lo new residents moving in.. 3 Candler, 5 Church Estate. 13 Church Eslale, 16 Hickeys, 16a Hickeys, 1 Michels, 5 Michels and ga Michels. Extensive refurbishment projects are ongoing al 1 Juxons and 19 Hickeys which became vacant in 2025. Iobjeclive 21 The Charity welcomed 22 new residents into its community. (Objective 21 The almshouse community continued to strengthen with many new activities and events being run for residents or by residents. We launched our Good NeighboLJr Awards, giving residènts the opportunity to thank neighbours who support and enhance community life. (Objective 51 The new CEO held coffee mornings across all 14 eslales lo meet residents and give them the opportunity lo provide feedback on community life. (Objective 51 Thè Charity awarded £100,000 in giant funding for 2025 lo support those in need, hardship or distress in the borough along with the £25,000 from the smaller welfare charities. (Objective 81 The Charity welcomed 2 new Scheme Managers. (Objective 61 Projects lo upgrade windows and roofs were completed within the Property Investment Portfolio at St Mary's Grove and Rosedale Road. (Objective 31 FINANCIAL REVIEW Results for the year A summary of the results for the year ended 31 Dember 2025 is provided in the statement of financial activities on page 20. Total income for the year ended 31 December 2025 amounted lo £4,931,000 12024 £5,284,000). This includes almshouse resident contributions for the year tolalling £1,874,000 12024 £1,723,000). A high level of occupancy was maintained in line with the object of providing such accommodation. In addition, income earned on the Charity's investment assets lotalled £3,045,000 12024 - £2,940,000). Income for the year ended 31 December 2024 li.e. the comparative pèriod) also included a one-off donation from the Richmond Philanthropic Society, a related party, of £612,000 (see notes 1 and 251. Total expenditure for the year ended 31 December 2025 amounted lo £3,765,00012024 £4,175,000). The largest cost for the Charity is in relation lo the maintenance and upkeep of the Charity's property portfolio both the almshouse and the investment properties let commercially. Considerable lime and expense were devoted in the year lo maintaining the almshouse accommodation to a high standard for the residents. The Richmond Charities 7
Trustees, report Year to 31 December 2025 Nel income before accounting for investment gains and losses was therefore £1,166,000 12024 £1,109,000). Aflei accounting for the net gains made on the revaluation and disposal of the charity's investment assets during the year of £581,00012024- £2,422,000), the overall net income and nel increase in funds for the year was £1,747.00012024 - £3,531,000). HML LAM continued to act as Property Managers of the investment properties. Reserves policy and financial positlon At 31 Dember 2025, the Charity held net assets lolalling £153,328,000 12024 £151,581,000), This includes nel assets represented by unrestricted funds lolalling £17,775.000 12024 - £16.609,000, and endowment funds lolalling £135,553,000 12024 £134,972,000) The endowment funds must be held permanently by the Charity lo provide an income base for future years. The major part ol the Chaiily's endowment funds reflects the carrying value of the Charity's investment assets, including investment properties with an eslimaled market value a131 December 2025 of £97,344,00012024 - £99,410,000) and listed investments with a value of £32,386,000 {2024- £31.625,0001. The unreslricled funds represent the Charity's 'free reserves, which may be used al the discretion of the Trustees in furtherance of the Charity's objectives, and lo support ongoing operational needs, manage unforeseen costs, and ensure financial stability. The Trustees have examined the requirement for free reserves and consider that the nature of the Charity's work and the heavy reliance on investments for generatin9 income necessitates that the Charity always relain a modest level of free reserves. The Tru51ees consider it prudent lo hold al least an amount equivalent to approximately six months, expenditure as free reserves, which approximates to a minimum of £1.6m. The Trustees believe that such a level of resetves enables them to plan for the future and have flexibility to cover temporary shortfalls in income and allows the charity to cope and respond to unforeseen emergencies. Investment policy and performance Funds are invested in such a manner as the Trustees think fit in order to provide an appropriate and balanced portfolio, taking into account the requirements of the law relating to the investment of charitable monies. The investment performance is measured against the objectives as laid out in the Charity's investment policy. The principal airll of the endowed funds invested in the income portfolio is to be managed on the basis of producing a regular income whilst al least maintaining its capital base in real terms. The Richmond Charities 8
Trustees, report Year lo 31 December 2025 The value of investment properties has decreased to £97,344,000 12024 £99,410,000). There were disposals of £2,665,000 in the year 12024 - £4,685,000). Shaw & Company (Chartered Surveyors) undertook a desktop valuation ol the properties lor the year ended 2025, the revaluation gain on the properties was £502,000 {2024- £508,000). The investment propeities generated income lolalling £2,557,000 for the year ended 31 December 2025 {2024 £2,483,000). Listed investments managed by Sarasin and Partners, and CCLA, increased in aggregate value in the year lo £32,386,00012024 - £31.625,0001 after additions of £8,750,00012024 £2,712.0001 and a revaluation gain of £79,000 12024 £1,914,000). The1isted investments generated income tolalling £461,000 for thè year ended 31 December 2025 12024 £441,000) The Trustees are satisfied with the performance of the Charity's investments during the year ended 31 December 2025. Golng concern After making appropriate enquiries, the Tiuslees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they conlinLJe to adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. PLANS FOR FUTURE PERIODS The Charity plans to continue with its key objectNe to expand ils almshouse provision. The Charity now has 163 almshouses. Short Term- 2026 The Charity continues to work with an external property agent to identify future potential siles and to work with the council when they identify sites for disposal. The Charity will continue lo investigate and bid for other sites when opportunities arise. Currently the Charity is actively pursuing 2 such opportunities, and expects to acquire an additional site in 2026, with a view to entering the Planning Consent process in 2027, before commencing redevelopment works. The Trustees intend lo continue their programme of major repairs and improvements to the almshouse properties, lo be funded out of income. Refurbishments will arise as and when almshouses become vacant. In 2025 there was very little movement within the almshouse portfolio, resulting in fewer voids and less opportunity lo undertake refurbishment works. Al the start of 2026 the Charity has identified 7 almshouses that will undergo extensive refurbishment works. In addition lo this, Trustees have commissioned an architect to advise on 2 Masterplan for the entire almshouse portfolio. with a particular focus on futureproofing the older properties within the portfolio, maximising the potential of land already under the Charity's control for fLJture development, and enhancing green spaces lo support community life. Conceptual ideas are The Richmond Charities 9
Trustees, report Year to 31 December 2025 expected in the early parl of 2026 and will inform the future management of the existing portfolio. The Trustees will hold a strategic planning away day in 2026. Resident satisfaction surveys and impact analysis is planned for 2026. The office accommodation will be consolidated into one location. This will have the benefit of improving efficiency and communication across the team. 11 will also enable us to turn 2 properties back into almshouse accommodation. Medium Term- 2027 and beyond Assuming that the Charity is sucsSful in ils acquisition of a new development site, plans will be drawn up and Planning Consent secured for redevelopment during 2027. The Conceptual ideas resulting from the Maslerplan review will be developed further lo create a strategy for the preservation and development of each almshouse estate. PRINCIPAL RISKS AND UNCERTAINTIES The rotectlon of the ermanent endowment and securit of investments Risk. Trustees rely on investment income lo support the delivery of the Charity's charitable objectives. Reduced income compromises the Charity's ability to deliver on those objects'ves. Miligalion / Controls.. The Trustees have an Investment Policy, investments are monitored by the Finance Committee and they priorilise diversity and prudence in investment selection, funds are managed by reputable fund managers, whose performance is reviewed regularly by the Finance Committee. Failure to malntain the focu5 on residents I beneficiaries: Risk.. The Charity loses sight of ils main objective, and in the process loses focus on residents and beneficiaries. This could result in a confused strategy, the loss of community and almshouse developments which are not fit for purpose. Mitigation / Controls.. Trustees are encouraged lo forge a close link with residents and staff. Welfare CommitteeTrustees receive Scheme Manager Reports and allend Scheme Manager Meetings, Trustees are encouraged to allend resident events, Welfare Trustees undertake resident welcome visits, staff training has a resident focus, the staff team maintain a'Lessons Learned, bible to ensuie continued improvement to the resident experience, and almshouse development specifications are regularly reviewed and modified lo adapt lo resident need. The Richmond Charities 10
Trustees, report Year to 31 December 2025 Development Project Delivery and Financial Exposure Risk.. Delays lo the build programme. cashflow pressures, contractor performance issues, or unforeseen construction problems could result in cost overruns, funding shorlfalls, or disruption lo the charity's financial stability. Milig3tion / controls . The Trustees and Finance Committee monitor this risk closely through detailed project budgeting, monthly cashllow monitoring and scenario planning, forma5 conlraclual arrangements with defined milestones and oversight by professional advisers, regular project management reporting lo Trustees, maintenance of free reserves in line with the approved Resetves Policy lo mitigate unforeseen delays or cost increases. The Trustees consider that these controls, together with the level of reserves held under the agreed policy. provide reasonable assurance that the organisation can manage potential disruption arising from the development. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Richmond Charities is administered in accordance with the following Charity Commission schemes.. Scheme date In re8pect of The Richrnond Charities Michel's Almshouse Chaiily Richmond Charities, Almshouses Richmond Charities. Almshouses Richmond Chaiilie5' Almshouses Richmond Charities, AlmshoLises Richmond Charities, Altnshouses Richmond Charities, Almshouses Mortlake Almshouse Charities 5.8.1974 21.8.1974 30.4.1987 18.11.1987 and 21.6.1990 24.5.2004 27.2.200e 17.12.2008 08.10.2020 01.11.2021 Under the 18.11.1987 and 21.6.1990 schemes, Michel's Almshouse Charity was merged with The Richmond Charities, lo be administered as one, under the name Richmond Charities, Almshouses. Under the Charity Commission scheme dated 24.5.2004, which altered the trLJsls of Richmond Church Charity Estates (Charity Reg. No. 2127701, title of the Church Estate Almshouses was transferred lo Richmond Charities, Almshouses. The scheme of 27.2.2006 extended the area of benefit from the former Borough of Richmond to the London Borough of Richmond. The scheme of 17.12.2008 merged Twickenham United Charities and Richmond Charities. Almshouses and updated the governing instrument. The Scheme of 8.10.2020 widened the objects of the charity to enable Trustees to make grants lo people in need in the Richmond borough. The Scheme of 1.11.2021 merged Mortlake Almshouse Charities and Richmond Charities, Almshouses. The Richmond Charities 11
Trustees, report Year lo 31 December 2025 The Trustees, strategic plans re-affirm the values of the Charity lo continue.. creating an environment for older people lo live independently and with dignity.. supporting older people in remaining independent for as long as possible., looking for ways to improve the almshouses., seeking ways lo increase the number of almshouses., and ensuring the provision of housing for future older generations. Trustees and management The Trustees are responsible for the overall governance and strategic direction of the Charity, ensuring that the Charity's objectives are met in accordance with ils constitution and legal requirements. The names ol the Trustees who served during the year ended 31 Decembei 2025 and up lo the dale of approval of this report are recorded on page 1. The Trustees have delegated certain functions lo the Finance, Risk Management, Welfare, Propety and Safeguarding Committees whose composition is annotated at page 1 of these accounts. The Trustees have delegated responsibility for the day-to-day management of the Charity lo the Chief Executive. The major parl of the adminislralion is concerned with the almshouses, ils residents, investment properties and inveslmenls. The Trustees consider that they, together with the Chief Executive, and the Head of Finance, Policy and Governance, are the Charity's key management personnel holding overall responsibility for directing and running the day-to-day operations of the Charity. The Trustees meet at regular intervals during the year (minimum six limes a year) to review the Charity's strategy and performance, approve plans and monitor budgets. The Chief Executive and Head of Finance also attends these meetings, and they are also periodically attended by representatives of HML. who act as Property Managers for the Charity. Appointment and Induction of Trustees The Trustees may consist of an ex-officio, eight co-oplative and three nominative Trustees. Two nominative Trustees are nominated by the Local Authority and the remaining one must be appointed by the vicar for the time being of the ecclesiastical parish of Sl. Mary's Twickenham. Trustees are appointed al ordinary meetings by way of majority re501ution. Newly appointed Trustees receive an in-depth induction. The Richmond Charities 12
Trustees, report Year lo 31 December 2025 New Trustees, receive a full information pack and induction from the Chief Executive. They are introduced lo all properties and residents gradually. Training for Trustees lakes place dLJrin9 the year. Remuneration of key management personnel All Trustees give their lime freely and no Trustee received any remunèration for their services during the year ol report. Details of Trustees. expenses and other related party Iiansaclions are disclosed within in Notes 9, 10 and 25 to the accounts. Remuneration for all employees is reviewed annually. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepaTe financial slalemenls for each financial year. Under Company law, the Trustees musl not approve the Iinancial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements. the Trustees are required to., + select suitable accounting policies and then apply them consistently,, • observe the methods and principles of the Charities SORP IFRS 1021., • make judgements and accounting estimates that are reasonable and prudent,. • slate whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., and • prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The Richmond Charities 13
Trustees, report Year to 31 December 2025 The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensLJre that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charitable company and hence for taking reasonable steps for the prevention and detection of fr2ud and other irregularities. Approved by order of the Board of Trustees and signed on ils behalf by.. Mrs Kathryn O'Brien Chair Mr Peter Marr Trustee Date.. Zo /[ /L6 The Richmond Charities 14
Independent auditor's report on the financial statements 31 December 2025 Independent auditor's report to the trustees of The Richmond Charities Opinlon We have audited the accounts of The Richmond Charities Ilhe 'charily'l for the year ended 31 December 2025 which comprise the statement ol financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes lo the account5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, inclLJding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accountin9 Praclicel. In our opinion, the accounts.. • give a true and fair view of the slate of the charity's allairs as al 31 Decembei 2025 and of its incorning resources and application of resources for the year then ended., + have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and + have been prepared in accordance with the requirements of the Charitie5 Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the accounts in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the accounts, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to conlinLJe as a going concern for a period of at least twelve months from when the accounts are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. The Richmond Charities 15
Independent auditor's report on the financial statements 31 December 2025 Other information The other information comprises the information included in the Annual Report and Accounts, including the Iruslees, report, other than the accounts and our auditor's report thereon. The Ifuslees are responsible for the other information contained within the Annual Report and Accounts. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. If we identify such m81erial inconsistencies or apparent material misslalements. we are required to determine whether this gives rise lo a material misslalement in the accounts themselves. 11, based on the work we have performed, we conclLJde that there is a materi21 misslalementof this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified maleiial misslatemenls in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. • the information given in the trustees, report is inconsistent in any material respect with the accounts", or sufficient accounting records have not been kept,. or • the accounts are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities contained within the Iruslees, report, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of accounts that are fe from material misslalemenl, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operation5, or have no realistic alternative bul to do so. The Richmond Charities 16
Independent auditor's report on the financlal statements 31 December 2025 Auditor's responslbilities for the audit of the accounts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the accounts as a whole are free from material misslatemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect material misslalements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities. in¢luding fraud, is detailed below.. Our approach to identifying and assessing the risks of material misslalement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. • The engagement partner ensured that the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise non4ompliance with applicable laws and regulations., • We identified the laws and regulations applicable lo the charity through discussions with management and from our knowledge and experience of the charity sector., * We focused on specific laws and reoulalions which we considered may have a direct material effect on the accounts or the activities of the charity. These included bul were not limited lo the Charities Act 2011, Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021., and We assessed the exlenl of compliance with the laws and regulations identified above through making enquiries with management and review of minutes of Iruslees, meetings. We assessed the susceptibility of the charity's financial statements lo material misstatement, including obtaining an understanding of how fraud Might occur, by.. • Making enquiries of management and those charged with governance as lo where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud,. and Considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. The Richmond Charities 17
Independent auditor's report on the financlal statements 31 December 2025 Audltor's responsibilities for the audit of the accounts Icontinuedl How the audlt was consldered capable of detecting Irregularitles including fraud (continued) To address the risk of fraud through management bias and override of controls, we.. + Performed analytical procedures lo identify any unusual or unexpected relationships., • Reviewed journal entries lo identify unusual transactions.. and • Assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative ol potential bias. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited lo,. • Agreeing the accounts disclosures lo underlying supporting documentation., • Reading the minutes of meetings of trustees.. • Enquiring as to actual and potential liligalion and claims., and * Reviewing any available correspondence with the Charity Commission and other regulators. There are inherent Similalions in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non<ompliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslalements that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at www.frc.org.uklaudilorsresponsibilities. This description forms parl of oui auditor's report. The Richmond Charities 18
Independent auditor's report on the financial statements 31 December 2025 Use of our report This report is made solely to the charity's trustees. as a body, in accordance with Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those mallers we are iequired to state lo them in an auditor's report and loi no other purpose. To the lullesl exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity s trustee5 as a body, for our audit work, for this report. or for the opinion5 we have formed. Buzzacott Audit LLP statutory Auditor 130 Wood Street London EC2V 6DL Date.. Buzzacotl Audit LLP is eligible to act as an aLJditor in terms of section 1212 of the Companies Act 2006 The Richmond Charities 19
statement of financial activities Year ended 31 December 2025 2025 Total funds £000 2024 Total funds £000 Unrestricted funds £000 Restricted Endowment funds funds £000 £000 Notes Income from.. Donations and legacies Charitable aclivities Investments Total income 621 1,723 2,940 5,284 1,874 3,045 4,919 q,874 3,045 4,931 Expenditure on.. Raising funds Charitable aclivities Total expenditure 1,160 2,593 3,753 q,160 2,605 3,765 1,848 2,327 4,175 Net income before gain5 on Investments 1,166 1,166 1,109 Nel gain5 on the revaluation and disposal of investments 15 581 581 2,422 Net income and n8t mov8m8nt in funds 1.166 581 1,747 3,531 Reconciliation of funds Total funds brought forward Total funds carrled fornard 16,609 17,775 134,972 135,553 151,581 153,328 148,050 151,581 All recognised gains and losses are included in the above statement of financial activities. All of the charity's activities derived from continuing operations during the above two financial periods. The notes on pages 30 10 39 form part of these financial stalemenls. The Richmond Charities 20
Statement of financial activlties Year ended 31 December 2024 (comparative information) 2024 Total funds £'ooo Unrestricted funds £'ooo Resliicied Endowment funds funds £'ooo £'ooo Notes Income from.. Donations and legacies Chaiilable activities Investments Total income 621 1,723 2,940 5,284 621 1,723 2,940 5,284 Expenditure on.. Raisir)g fund5 Charitable activities Total expenditur8 1.848 2,320 4,168 1,848 2,327 4,175 Net income I lexpendSturel before gains on investment5 1,116 In 1,109 Net gains on the revaluation and disposal ol investments 2,422 2,422 Nèt Incom8 I lexpendltur81 and net movement in funds 3,531 1,116 17} 2,422 R8conclllation of funds Total funds brought forward Totsl funds carrled forward 15,493 16,609 132,550 134,972 148,050 151,581 All recognised gains and losses are included in the above statement of financial activities. All of the charity's activities derived from continuing operations during the above financial period. The notes on pages 30 to 39 form part of these financial statements. The Richmond Charities 21
Balance sheet 31 December 2025 2025 £'ooo 2025 £'ooo 2024 £'ooo 2024 £'ooo Notes Flxed assets Tangible assets Investment property Listed Investments 12 13 14 21.458 97,344 32,386 151,188 18.876 99.410 31,625 149,911 Current a$set8 Debtor5 Cash al bank and in hand 16 109 2,525 2,634 79 1,961 2,040 Creditois.. arnoLJnts falling due within one year 17 14941 13701 N8t current assets 2,140 1,670 Total net assets 153,328 151,581 The funds of the Charity Endowment funds Restricted funds Unresliicled funds 19 19 19 135.553 134.972 17,775 16,609 Total funds 153,328 151,581 The notes on pages 30 to 39 form parl of these financial statements. Approved by order of the Board of Trustees and signed on ils behalf by.. Mrs Kathryn O'Brien Chair Mr Peter Marr Trustee Date.. The Richmond Charib'es 22
statement of cash flows Year ended 31 December 2025 2025 £'ooo 2024 £'ooo Note Cash flows from operating activltles Net cash used in operating activities 11,3981 11,4101 Cash flows from investing actlvities Investment income and interest received Purchase of tangible fixed 8ssets Proceeds from sale of investments Proceeds from sale ol inve5ttnent property Purchase of investments Net cash provided by Investing activitles 3,045 12.9691 8,000 2,569 18,6831 1,962 2,940 14,9821 1,900 4,750 12,6481 1,960 Change in cash and ca8h equlvalents in the year 564 551 Cash and cash equivalents at the beginning ol the year 1,961 1.410 Cash and cash equlvalenls at the end of the year 2,525 1,961 A Reconciliatlon of net income to net cash flow from operating aetlvlties 202S £'ooo 2024 £'ooo Net income for the year las per the Statèment of financial activities) Adjusted for.. Deprecialion charge Gains on disposal of fixed assets Gains on the ievaluation and disposal of invesltnents Investment income and interest reoeivable Increase in deblors Increase in credilois Net cash used in oporatlng activities 1.747 3,530 387 271 1651 12,4221 12,9401 15811 13,0451 1301 124 11,3981 124 11,408} B Analysis of cash and cash equivalents 2025 £'ooo 2024 £'ooo Cash at bank and in hand 2,525 1,961 C Analysls of changes In net debt At1 January 2025 £'ooo At31 Decèmber 2025 £'ooo Cash flows £'ooo Cash al bank and in hand 1.961 564 2,525 The Charity held no external debt finance al any time during the year ended 31 December 2025. The Richmond Charities 23
Prlncipal accounting policies 31 December 2025 General information The Richmond Charities is an Unincorporated Charity registered with the Charity Commission in England and Wales (Charity Registration Number 2004311. The address of the principal office is given in the Charity information on page 1. The nature ol the Charity's operations and principal activities are detailed in the Trustees, Report. Basis of preparation The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Richmond Charities meets the definition of a public benefit entity under FRS 102. These financial statements are presented in sterling which is the functional currency of the Charity and are rounded to the nearest thousand pounds. Golng concern The Trustees have assessed whether the use of going concern is appropriate and have considered possible even15 or conditions that might cast significant doubl on the ability of the Charity lo continue as a going concern. The Trustees have made this assessment for a period of al least one year from the dale of the approval of these accounts. In particular, the Trustees have considered the Charity's forecasts and projections and have taken account of pressures on income. After making appropriate enquiries, the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing ils accounts. Critlcal accounting estimates and areas of judgements Preparation of the accounts requires the Trustees lo make significant estimates and judgements. These eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjuslmenl to the carrying amounts of assets and liabilities within the next financial year are discussed below.. Useful life of tanglble fixed assets and the depreciation rates applied The key judgement in this area relates to the useful life ol almshouse properties and this is based on standard practice within the sector updated for any specific knowledge the Trustees are aware of. The Richmond Charities 24
Prlncipal accounting policies 31 Dernber 2025 Crltical accounting estimates and areas of Judgements Iconlinuedl Investment property valuations: These are updated each year as informed by the assistance of a qualified chartered surveyor, with the Trustees agreeing appropriate and consislenl assumptions in advance of any formal valuation being undertaken. Income All income is recognised once the Charity has entitlement lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Rental income is recognised evenly over the period il relates. Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due Interest on funds held on deposit is included when rèceivable and the amount can be measured reliably by the Charity,. this is normally upon notification ol the inleiesl paid or payable by the bank. Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged bul not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and il is probable that those conditions will be fulfilled in the reporting period. Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo that category. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allribulable to a single activity are allocated directly lo that activity. Shared costs. including support costs, which contribute lo more than one activity are apportioned between those a¢livilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. The Richmond Charities 25
Principal accounting pollcles 31 December 2025 Expenditure Iconlinuedl Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, principally the operation of almshouses, and grants awarded lo individuals in need. as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is Conditional, such grants being recognised as expenditure when the conditions allaching are fulfi'lled. Grants offered subject lo conditions whh have not been mel al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Taxation As a charity registered with the Charity Commission in England and Wales, the Charity is not liable lo income lax or corporation tax on income derived from ils charitable activities, as it falls within the vaiious exemptions available lo registered charities. Tangible flxed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assèts are measured at cost less accumulated depciall0n and any accumLJlated impairment losses. All costs lincluding professional fees) incurred lo bring a tangible fixed asset into its intended working condition are included in the measurement of cost. No value for accounting purposes has been placed on the historic almshouse properties held by the Charity as inalienable and with conditions allached for their use. The original cost of these assets is not available. bul would be immaterial lo these accounts. Subsequent capital costs relating lo almshouse properties have been included under fixed assets al cost. Al each reporting dale the Charity assesses whether there is any indication of impairmenL If such indication exists, the recoverable amount of the asset is determined lo be the higher of its fair value less costs to sell and ils value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold property.. Almshouse5 Freehold properly.. Office Photovoltaic panels Office equipment Assets under construction 2.O¥v per annum 2.5Q/o per annLJm 5.0 /0 per annum" 25.00/0 per annum Photovoltaic panels installed al almshouses are depreciated at a rale of 5.OQkn, but grouped together with 'Freehold properly.. AlmshoLJses' within note 12 to the accounts. The Richmond Charities 26
Principal accounting policies 31 December 202S Tangible fixed assets and depreciation Iconlinuedl Assets undei construction are not depreciated until they are available for their intended use. Investments Investment properties are included in the accounts at fair value which is the eslimaled current market value of the properties based on open market value. The valuation has been determined by the Iruslees with the assistance of a qualified chartered surveyor. Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured al their fair value as atthe balance sheet date using the closing quoted market price. The charity does not acquire pul options. derivatives or other complex financial inslrumenls. Realised gains {or losses) on investment assets are calculated as the drfference between disposal proceeds and their opening carrying value or their purchase value where the investment is acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value al the year end and their carrying value al that date. Realised and unrèalised investment gains lor losses) are combined in the slalemenl of financial activities and are credited lor debiledl in the year in which they arise. Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered, and any provision for non-recoverability. Prepayments are valued at the amount prepaid net of any trade discounts due. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly Siquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Liabilities and provisions Liabilities are recogni5ed when there is an obligation al the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in setllemenl, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales it will pay to settle the debt or the amount il has received as advanced payments for the goods or services il must provide. They have been discounted lo the present value of the future cash payment where such discounting is material. The Richmond Charities 27
Principal accounting policles 31 December 2025 Liabilities and provisions Iconlinuedl Provisions are measured al the best estimate of the amounts required to settle the obligation. Vvhere the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Slalement of Financial Activities as a finance cost. Financial instruments The Charity holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement bases are as follows.. Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash al bank is classified as a basic financial instrument and is measured al face value. trade creditors, 2ccrua5s and other creditors 2re financial instruments, and are measured al amorlised cost and taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deerned to be a f1nancial liability, as the cash selllement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Operating leases Rentals paid under operating leases are charged to the Slalemenl of Financial Activities on a straight-line basis over the lease tèrm. Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the 3mounls payable by the Charity to the fund in respect of the year. The assets of the scheme are held separately from those of the Employer. The annual contributions payable are charged to the Statement of Financial Activities. The Charity also contributes to the Church of England defined benefit pension scheme in respect of one member of staff. Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Fund accounting Icontinuedl Reslricled funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. The Richmond Charities 28
Prlncipal aceounting pollcies 31 December 2025 Endowment funds represent those assets which must be held permanently by the Charity, principally the investments used to generate funds. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unreslricled income. Any capital gains or losses arising on the investments from part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Investment income, gains and losses are aSlocaled lo the appropriate fund. The Richmond Charities 29
Notes to the Flnancial Statements Year to 31 December 2025 Income from donations and legacles 2028 Total funds £'ooo Unrestrlcted Restrlcted funds funds £'ooD £'ooo Unr&stricled Restricted funds funds £'ooo 2024 Total funds £'ooo £'ooo General donallons 621 621 Included within general donations for the year ended 31 December 2024 was the donation of an investment portfolio valued al £612,282 received from the Richmond Philanthropic Society- 2 Income from charitable activities Unrestricted funds 2025 2024 £'ooo £'ooo Almshouses- r8s1denls' c0ntiibulnS 1,B74 1,723 3 Income from investments Unre5tricled funds 2025 2024 £'ooo £'ooo Rents receivable- investment properties Dividend incorne reTrivable Bank Inl8rÈsl rec&ivable 2,657 461 27 3,045 2,483 441 2.940 4 Expendlture on raislng funds Unrestrfct8d funds 2025 £'ooo 2024 £'ooo Fund management Inveslmentmanagement sts 64 64 65 65 Property management Direct costs- Property Support C05ts- In5ur3DGe Support Gos15- Repairs andmalntenanc8 Support costs- Le9al and profe55ional Support costs- Oftiee expenses Support C05ts- MISlIaneOUS 1,034 1,696 25 24 25 23 1.096 1,783 1,160 1,848 The Richmond Charities 30
Notes to the Financial Statements Year to 31 December 2025 5 Expenditure on charitable activitles Analysis by fund type 2025 2024 Total fund5 £'ooo Unrestricied Restrlcted funds funds £'ooo Total Unreslricted Restricted fund5 funds funds £'ooo £'ooo £'ooo £'ooo OpeialioTr of almshouses Grant5 to ]ndjUa15 in need 2,4B3 110 2,593 2,483 122 2,221 2,221 12 2,605 2.320 2.327 Analysis by nature of expenditure DlreGt Support cost C05t (note 61 InDte 71 £'ooo £'ooo 2025 Total cost £'ooo Dirfrcl Support cost cost Inole 81 Inole 71 £,0 £'ooo 2024 Total cost £'ooo Operation of 31mshouses Gran15 to Individuals in nÉ8d 1,7B9 122 1,911 694 2.483 122 2,605 1.753 106 1.859 468 2,221 106 2,327 6 Analysis of direct costs 202$ £'ooo 2024 £'ooo OperatloTh of altnshouses Staff Gosls (note 91 Major pioperty repairs Garden and tr8e maintenance other repair5 and maintenance Telephonp Rates and water Electricity and gas Cleaning Careium Legal and professional fees Miscellaneous 689 357 135 310 25 77 45 14 46 89 882 529 283 20 44 55 10 19 1,7B9 1.753 Grants to indlvlduals in neèd Hardship grant5 awarded 122 122 106 106 1,859 The Richmond Charities 31
Notes to the Financial Statements Year lo 31 December 2025 7 Analysis of support costs 2025 £'ooo 2024 E'OOO Staff costs (note 91 D8precialion Insuranc8 El8clricity and gas Cleaning Repairs and maintenance Legal and prgfessional fees Office expense5 Miscellaneous Govefnance c0515 Inole 81 L055 1 Iprofitl on disposal of fixed assets 95 3B8 45 96 271 22 16 14 85 42 16 72 30 1851 468 694 All support costs are allocated towards the cost of charitable activities almshouses, which is the major activity undertaken by the Charity. operation of 8 Governance costs 2025 £'ooo 2024 £'ooo Audilorfs remunerallon statutpry audit services Avditor's remuneratlon- non-audit service5 Other govemanGÈ costs 19 21 20 42 30 9 Staff costs 2025 £'ooo 2024 £'ooo Wages and s812ries Social security costs Pension ¢osls Id8fined Gontribulbon srhemesl 647 73 64 614 51 97 762 784 The average number of persons employed by the Charity during the year was as follows: 2025 2024 Staff 15 14 The number of employees whose employee benefit5 (excluding employer pension costs} exceeded £60,000 was as follows.. 2025 2024 In the band £60,001- £70,000 In the band £70,001 £80,000 In the band £8D.001 - £90,000 The Richmond Charities 32
Notes to the Financial Statements Year to 31 December 2025 9 Staff costs Iconlinuedl The Trustees consider that they, together with the Chief Executive, and the Head of Finance, Policy and Governance, are the Charity's key rllanagemenl personnel holding overall responsibility for directing and running the day-lo-day operations of the Charity. The lolal employment benefits (including employer pension contributions and employer national insurance contribulionsl of the key management personnel for the year ended 31 December 2025 was £211,33712024.. £219,633) 10 Trustees, remuneration and expenses During the year ended 31 Dember 2025, no Trustee received any remuneration or other benefits for their services lo the Charity12024". £nill. During the year ended 31 December 2025, expenses lolalling £1,661 were reimbursed or paid directly lo two Trustees for IT software and miscellaneous expenses 12024 £239 10 one Trustee for Iravell. 11 Net incorne I lexpenditurel before investment gains I Ilossesl This is stated after charging I Icreditingl.. 2025 £'ooo 2024 £'ooo Staff costs (note 91 Audilofs remuwralion Slalutory audit seNices (Xher setViGe5 Depreciation (note 121 Operating lease rental$ 784 762 19 21 387 271 The Richmond Charities 33
Notes to the Financial Statements Year to 31 December 2025 12 Tangible fixed assets Freehold property.. Almshouses £'ooo Freehold property.. Office £'ooo Of[8 Assets under equipment con5trudlon £'ooo £'ooo Total 2025 £'ooo C05t or valuatlon Al 1 January 2025 Additi0Tr5 Transfer5 between classes Disposal Al 31 Decemb8r 2025 15.228 210 5,598 1.100 32 3,778 2,759 15,59BI 20,138 2,969 21.036 1.100 31 939 23,106 D8preciation Al 1 J3nuary 2025 Charge for the year Tr¥n5fers beeen classes Disposals Al 310eGember 2025 1,170 352 83 27 1,262 387 1.522 110 1,648 Net book value At 31 December 2025 At 31 Decemb8r 2024 19,514 14.058 990 1.017 939 3,778 21,458 18,876 23 The almshouse properties are non-inveslment properties, held by the Charity as inalienable, with conditions attached for their use. For accounting purposes, no value is placed on the original almshouse properties as il is considered by the Trustees that the original historic cost of the properties would not be material to the financial statemènts. In addition, the Trustees do not consider that the fair value of the almshouses can be measured reliably, given the conditions specified for their use. Any costs of valuation lo the Charity would not be commensurate with any benefi't obtained from the information lo the users of the accounts or to the Charity for its own stewardship purposes. Vvilh respectto the almshouses transferred from Richmond Church Charity Eslales IRCCEI, if at any lime any of the almshouses cease lo be used permanently as almshouses, half of the value of that land shall be paid lo the Trustees of RCCE to be held as permanent endowment and the income used for ils general purposes, provided that this clause will apply only if the land in question is sold and the proceeds of sale are used to purchase replacement land for the provision of almshouses Wlthin a reasonable time. The Richmond Charities 34
Note$ to the Flnancial Statements Year to 31 December 2025 13 Investment property Long leasehold Invest 4n8nt Long leasehold invest -m8nl Freohold Investment property £'ooo Freehokl InV8slm8nl properly property £'(KJO £'ooo 2025 Total £'ooo 2024 Total £'O(M) Property £'ooo Valuation al 1 January 2025 Addition5 al Gosl Disposal proceeds NÈI gains on the revalualioll and disposal of investtrEnls Inole 151 Valuation al 31 Decernber 2025 98,661 750 99,411 102,838 750 103,588 12,5691 12.5691 14.6851 14.6851 502 96,594 502 508 98,661 508 750 97,344 750 99.411 The trustees of The Richmond Charities commissioned Shaw & Company (Chartered Surveyors) lo undertake a desktop valuation of the charity's investment properties lor the year ending 31 December 2025. The carrying value recorded above has been informed by the results of that valuation. 14 Listed investments 2025 £'ooo 2024 £'ooo Valuation at fj January 2025 Additions al cost Disposal proceed5 Manag8ment fees Nel gains OD the revaluatlon and disposal of investments (note 151 Valuation al 31 December 2025 31,625 8,750 18.0001 1681 79 28.962 2.712 11,9001 1831 1,914 31.625 32,386 15 Investment gains and losses 2025 £'ooo 2024 £'ooo Nel gains on the revaluallon and disposal of investment property Inote 131 Net gains on the revaluation and disposal of Ited investment (note 141 502 79 581 508 1.914 2,422 16 Debtors 2025 £'ooo 2024 £'ooo Due wlthln one year Trade d8blors Prepayment and accrued Inc(Mn8 53 56 109 32 47 79 The Richmond Charities 35
Notes to the Financial Statements Year lo 31 December 2025 17 Creditors: amounts falling due wlthin one year 2025 £'ooo 2024 £'ooo Trade creditors Other tax8tion and soGi81 security Other ciedilors Accruals DefÈrr8d income (note 181 228 21 24 158 66 494 20 32 231 67 370 18 Deferred income 2025 £'ooo 2024 £'ooo Deferred income a11 January 225 Resource5 defèrred during the yèar Amounts released frotn previous periiKIs Deferred incorne al 31 Dernber 2025 67 66 63 67 1631 67 66 Deferred incom8 relates to investment property Tental income receivable in advance. The Richmond Charities 36
Notes to the Financial Statements Year to 31 December 2025 19 Statèment of funds Reconciliation of current year movements lyear ended 31 December 20251 Balance at 31 December 2025 £'ooo Balancè al 1 January 2025 £'(M)o Gainsl (Losses) £'ooo Income Expendilure £'ooo £'ooo UtLTestrl¢ted funds General funds 16,6 4,919 13,7531 17,775 Endowment funds Endowment fund 134,972 581 135,553 Restrlcted funds Henry Smith 12 Totsl funds 151,581 5,046 13,7651 581 153,328 R8concillatlon of comparatlve year movements (year ended 31 D8c&mber 20241 Balance at 31 OeGernber 2024 £'ooo BalanGe at 1 J3nuary 2024 £'ooo Gainsl (Losses) £'ooo Incotne £'ooo Exp8nditure £'ooo Untsstrlct8d fund$ General funds 15,494 5.283 14,1681 16,609 Endowmentfunds Endowment fund 132.550 2,422 134.972 Restrlcted funds Henry Stnilh Total funds 148.051 5,283 14,1751 2,422 151.581 The Almshouse funds are unreslricled and are used to fund activities in fuitherance of the Charity's objectives alongside the management and adminislralion. Included within this fund is the Mitre pub originally purchased at £550,000. Endowment funds represent those assets which must be held permanently by the Charity, principally the investments used to generate funds. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Reslricled funds are amounts received from Henry Smith Charity with the restricted purpose of supporting welfare. The Richmond Charities 37
Notes to the Financial Statements Year lo 31 December 2025 20 Analysis of net assets between funds Current perfod analy818 las at 31 DeGernber 20251 Resliicted Endowmenl funds funds £'ooo Unrestricted funds £'ooo Total 2025 £'ooo £'ooo Tangible fixed assets 1llvesl(nent property Listed inve51menls Current assets Cr8ditors due within on& year 15,635 5,823 97,344 32,386 21,458 97.344 32,386 2.634 14941 153.328 2,634 14941 17,775 135,553 Comparatlve period analy515 las at 31 December 20241 Re51riGled Endovémenl fund5 fund5 £'ooo £'ooo Unreslricled funds £'ooo Total 2024 £'ooo Tangibl& fixed assets Investment prop8rty Listed Investments Current a55e15 Creditors due within one year 14.939 3.937 99,410 31.625 18,B76 99,410 31,62S 2,040 13701 151,581 13701 16.609 134.972 21 Capital commitments 2025 £'ooo 2024 £'ooo Contracteil for but not provlded in these flnanelal staternents Altnshous8s assets in course of construction Pholovollai¢ projects Other 138 129 2.fj34 78 2,227 272 The Richrmnd Charities 38
Notes to the Financial Statements Year lo 31 December 2025 22 Operating leases - commitments payable Al 31 December 2025 the Charity had commitments lo make future minimum lease payments under non- cancellable operating leases as follows.. 2025 £'ooo 2024 £'ooo Amounts falling due.. Within one year - Aft8r one, but wlhill five years 23 Operating leases- rents receivable Al 31 December 2025 the Charity had the following future minimum receivables under non- cancellable operating leases in respect of rental income from investment properties.. 202S £'ooo 2024 £'ooo Amounts falling due.. Within one year - After one, bul within fwe years 524 2,671 3,205 442 2.210 2.652 24 Post Balance Sheet Events 33 Houblon Road was disposed of on 9 January 2026 for £1,100,000. This amounted to the fair value of the property as al 31 December 2025 and thus reflected as parl ol the carrying value of investment properties within these accounts. 30 Sl Mary's Grove had an offer accepted on g January 2026 for £1,085,000. The fair value in the accounts amounted lo £1,150,000 as at 31 December 2025 within Investment properties. 31 Kew Foot Road had an offer accepted on 23 February 2026 for £1,197,000. The fair value in the accounts amounted lo £1,185,000 as al 31 Dember 2025 within Investment properties. 25 Related party transactions The remuneration payable lo the Charity's key management personnel is disclosed within note and Trustee transactions are detailed in Notes g and 10. During the year ended 31 December 2024 li.e. the comparative period), a donation of £612,282 was received from Richmond Philanthropic Society, a Charty with common Trtjstees. Further details are provided within note 1 to the accounts. There were no such transactions in the year ended 31 December 2025. The charity procured services at a cost of£11.23412024'. 17,6401 from Moore Barlow, a firm of solicitors in which Katherine Maxwell Ilrusleel is a Partner. £56412024.. £nil} of this was outstanding al year end and was included in creditors. other than the aforementioned, there were no other related party transactions during the year ended 31 December 202512024- none). The Richmond Charities 39