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 De￿mber 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 De￿mber 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 suc￿sSful 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 f￿e 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