2021-12-31-accounts - Richmond Church Charity Estates

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TRUSTEES	A E Demby	- Chairman	- Chairman
	S M Brown
	R H Dowler
	Mrs EA Fearn
	Mrs A M Khan
	A G Saunders jCStiller
PRINCIPAL ADDRESS	59Church	Road
	Richmond
	Surrey
	TW10 6LX
REGISTERED CHARITY NUMBER	212770
AUDITORS	Kreston Reeves		LLP
	2~ Boor,
	168Shoreditch		High Street
	London
	E16RA
SOLICITORS	Moore Barlow LLP
	2The Green
	Richmond
	Surrey
	TW9 1PL
BANKERS	Lloyds Bank	pic
	19-20The Quadrant
	Richmond
	Surrey
	TW9 1BP
PROPERTY MANAGERS	HML LAM Ltd
	9-11The Quadrant
	Richmond
	Surrey
	TW9 1BP

1)Make the following fixed annual appropriations amo	unting in tot
Richmond Parish Church	6700
The Vicarage ofthe Parish Church of Richmond	f100
Stjohn the Divine Church, Richmond	f200
Holy Trinity Church, Richmond	f100
St Matthias Church, Richmond	f100

The major risks	The major risks	The major risks	to which	the Charity	is	exposed, as identified by the Trustees, have been reviewed as part ofan annual	exposed, as identified by the Trustees, have been reviewed as part ofan annual	exposed, as identified by the Trustees, have been reviewed as part ofan annual
exercise and	systems are in place to				mitigate these risks. A risk register has been created and a risk management		policy
set up. The risks			with the highest assessment (considering both impact and likelihood) are shown below, together				with
actions and mitigations:
Descri tion						Miti ation(Action
Loss ofkey staff						The Clerk tothe Trustees isthe only employee. A procedures manual has	been
						re ared. The Clerk meets re ularl with the Trustees.
Investment		risk				The Charity is invested in a diversified portfolio of financial funds	and
						residential investment properties in Richmond. The Statement of Investment
						Principles (SIP) is reviewed annually. The portfolio is monitored against		the
						SIPand is rebalanced accordin I .
Sufficient	cash to make grants					The Charity holds cash equivalent to the annual grants awarded and		six
						months of other expenditure to avoid realising assets during a period		of
						sudden decline in financial markets. Financial funds are income generating		and
						the ield on the funds is reviewed b the Trustees annuall .
Changes to		property tenant rights				The residential investment properties are let on as Assured Shoithold
						Tenancies or as Regulated tenancies. Management of the properties		is
						delegated to a property management company who are responsible		for
						revisin the tenan a reements when le islative chan es are made.
Changes	to		landlord	requirements		The residential investment properties are subject to regular inspections		in
for property						accordance with regulatory requirements. Management of the properties		is
						delegated to a property management company who are responsible		for
						corn liance with re ulato r uirements.

					2021	2020
			Unrestricted	Endowment	Total	Total
			fund	funds	funds	funds
		Notes
INCOME AND ENDOWMENTS	FROM
Investment income				399344	399344	387762
Total				399,344	399,344	387,762
EXPENDITURE ON
Raising funds				176,994	176,994	56,950
Charitable activities
Distributions to PCC of Richmond			411,000		411,000	311,000
Fixed annual appropriations			1,200		1,200	1,200
Other costs				9,125	9,125	8,542
Total			412,200	186,119	598,319	377,692
Net gains on investments				946,184	946,184	485,743
Net gains on investment properties				704,750	704,750	464,267
NET INCOME/(EXPENDITURE)			(412,200)	1,864,159	1,451,959	960,080
Transfers between funds		16	412200	~I12200)
Net movement in funds				1,451,959	1,451,959	960,080
RECONCILIATION OF FUNDS
Total funds brought forward				17,679,957	17,679,957	16,719,877
TOTAL FUNDS CARRIED FORWARD				19,131,916	19131916	17679 957

				2021	2020
		Unrestricted	Endowment	Total	Total
		fund	funds	funds	funds
	Notes			f
FIXEDASSETS
Investments
Investments	10		10,085,510	10,085,510	8,860,368
Investment property	11		8386 DOD	8386 OOD	7681250
			18,471,510	18,471,510	16,541,618
CURRENT ASSETS
Debtors	12		6,480	6,480	6,168
Cash at bank			660 940	660940	1 138351
			667,420	667,420	1,144,519
CREDITORS
Amounts fatling due within one year	13		(7,014)	(7,014)	(6,180)
NET CURRENT ASSETS			660 406	660406	1 138339
TOTAL ASSETSLESSCURRENT LIABILITIES			19,131,916	19,131,916	17,677,957
NET ASSETS			19131916	19131916	17677957
FUNDS
Endowment funds:
Unapplied Total Return				12,851,825	11,399,866
Original Gift				6 280 091	6 280 091
				19 131916	17679 957
TOTAL FUNDS				19131916	17679 957

INVEST
	2021f	2020
Rents receivable Dividends receivable Interest receivable	153,330 245,957 57	167,324 219,187 1 231
	399346	387 762

				2021 E	2020f
Repairs and maintenance				31,196	29,019
Property management		fees		11,629	10,289
Property valuation	and	introduction	fees	1,361	660
Survey fees				(200)	1,512
Clerks' fees				7,709	7,400
Property insurance				4,037	4,538
Liability insurance				3,179	3,086
Other investment	costs			2,024	446
Major repairs				116059
				176,994	56950
CHARITABLE ACHVITIES COSTS
				2021	2020
Grant to PCC of Richmond				411,000	311,000
Fixed annual grants				1200	1200
				412,200	312,200
Support costs —See note 7				9,125	8,542
				421 325	320 742

			2021	2020
Governance costs
Auditor's remuneration	(including	VAT)	5,820	5,520
Clerks' fees			3,305	2,992
Bank charges				30
			9 125	8 542

					2021	2020
						E
External	audit	fee	(net	ofVAT)	~4850	~4600

FIXEDASSET INVESTMENTS
	Listed
	investments
	E
MARKET VALUE
At 1january 2021	8,860,368
Additions	808,500
Disposals	(507,172)
Revaluation	823816
At 31December 2021	10085 510
NET BOOK VALUE
At 31December 2021	10085510
At 31December 2020	8860368

FAIR VALUE
At 1january 2021	7,681,250
Revaluation	704 750
At 31December 2021	8386000
NET BOOK VALUE
At 31December 2021	8386000
At 31December 2020	7681250

			2021	2020
			f
Funds held by	letting agents		1,000	1,000
Rental and maintenance		debtors	1,468	5,168
Other debtors	and prepayments		4 012
			6480	6 168
CREDITORS	AMOUNTS FALLING DUE WITHIN ONE YEAR
			2021	2020
			f	f
Accrued expenses			7014	6 180

			At	Net	Transfers	At
			1january	movement	between	31December
			2021	in funds	funds	2021
Unrestricted		funds
General	fund			(412,200)	412,200
Endowment		funds
Unapplied Total Return			11,399,866	1,864,159	(412,200)	12,851,825
Original	Gift		6 280 091			6 280091
			17679957	1451959		19131916
TOTAL	FUNDS		17679 957	1,451 959		19131916

Net movement	in funds,	in the above are as follows:
		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
		E		E	E
Unrestricted	funds
General fund			(412,200)		(412,200)
Endowment	funds
Unapplied Total Return		399,344	(186,119)	1,650,934	1,864,159
TOTAL FUNDS		399344	~598319)	1650 934	1451959

Compar	ative	s for movement in	funds
			At	Net	Transfers	At
			1january	movement	between	31December
			2020	in funds	funds	2020
Unrestricted		funds
General	fund			(312,200)	312,200
Endowment		funds
Unapplied Total Return			10,439,786	1,272,280	(312,200)	11,399,866
Original	Gift		6 280 091			6 280 091
			16719877	1272 280	~312200	17679957
TOTAL	FUNDS		16719877	960080		17679957

		Incoming	Resources	Gains and	Movement
		resources	expended	losses	in funds
Unrestricted	funds	E	E	E
General fund			(312,200)		(312,200)
Endowment	funds
Unapplied Total Return		387,762	(65,492)	950,010	1,272,280
TOTAL FUNDS		387762	~377692)	990010	960080