Annual Report 2026 - Richmond Foundation by richmondfoundation

Charity Number: 200069

Contents 3 5 11 15

Our vision, mission and values Summary from our Chair and CEO Year at a glance Our grantmaking Grant priorities

23 35 45 55 65 72 t Richmond Foundation

Strengthening the local voluntary and community sector Accessing support and advice Improving health outcomes Reducing inequalities in education Enhancing community cohesion Public benefit statement

73 77 79 84 85 88 89 91 107 113 117

Diversity, equity and inclusion Responsible investment Supporting the community through our Property Portfolio Board effectiveness Our commitments for 2026/27 Our Team 2025/26 grants awarded Financial review Independent auditor’s report Statement of financial activities Notes to the financial statements 2

Our vision, mission and values

Building healthy and fulfilling lives

We are an independent charitable foundation that has existed in Richmond since 1786. Our substantial financial endowment allows us to support local residents through our grantmaking to individuals and organisations, and through our subsidised housing.

Our vision

Our mission

Our partnerships

is that everyone in Richmond has opportunities to build healthy and fulfilling lives.

is to be a trusted and collaborative partner, embracing bold ideas and responding flexibly to change.

ensure Richmond’s residents can access high-quality support and have fair access to opportunities.

Richmond Foundation

Our values

Our values guide everything we do and shape the way we work with our community and partners.

Integrity

We are a trusted partner and do what we say we will.

Excellence

We are experts in our field and actively share good practice.

Collaborative

We embrace partnership working and make a collective impact with our partners.

Agile

We are flexible and responsive to changing needs.

Ambitious

We support innovative ideas and practice.

Summary

from our Chair and CEO

Chair

Dr Mary

Henes

CEO

Philip Barron

This year’s Annual Report showcases the work of Richmond Foundation and our funded partners, and reflects a year of progress, learning and lasting impact across Richmond’s communities. This year, we set out to deliver impactful and innovative grantmaking that responds to local needs and find new ways to strengthen our ability to support Richmond’s voluntary and community sector for the long term. Alongside supporting great organisations, we committed to improving how we collaborate, how we learn from our partners, and how we responsibly manage the resources entrusted to us. We are proud of the progress made by our Team and Trustees in achieving these goals.

Richmond Foundation

Where we have made a difference One of our most significant achievements has been the development of innovative grant programmes designed to tackle local challenges and strengthen our partnerships. This has included the launch of exciting programmes such as Catalyst Grants, Narrowing the Gap and Trustee Forward. Developing these partnership programmes has required thoughtful collaboration with trusted expert partners and a shared commitment to achieving the best results for our communities. Throughout the year, we have had the privilege of visiting many of the projects we support, including the Holly Lodge Centre, Age UK Richmond’s Rainbow Café, Richmond Mencap, and Phil’s camping trip with Man&Boy. You will find stories from many of these projects throughout this report. We have made strong progress in our commitment to strengthen the voluntary and community sector and unlock resources locally. Partnerships with Richmond CVS, the Richmond Funders group and OneRich-

mond are helping deliver on these commitments, creating stronger networks and maximising the impact of local investment. Our understanding of our 75 funded partners, the communities they support, and their impact, has continued to grow through improvements to our grantmaking processes and commitment to learning. Adoption of the DEI Data Standard and participation in IVAR’s Open and Trusting community of funders have strengthened our practice, while collaboration with funders across London has allowed us to contribute to sectorwide learning on impact and evaluation. We were pleased to present at the London Funders Research and Evaluation Network, where we shared our approach to learning and storytelling, and how these help both the Foundation and our partners evidence their impact. Sarah, our Grants Director, was appointed to Funders Together’s London Leadership Board in April 2026. The London Leadership Board brings together voices from across the funding, public and civil 6

Summary from our CEO and Chair

society sectors who share a commitment to the capital and its communities. This year also saw a refresh of our communications strategy. We have continued to place storytelling at the heart of our work, highlighting the experiences of our partners and their communities through engaging and accessible content. The introduction of an equitable approach to communications support has had a really positive response from our funded partners. We are pleased with the progress made against our Diversity, Equity and Inclusion Framework which we launched last year, delivering training for the team and Trustees and implementing inclusive recruitment practices. Our grantmaking is made possible by responsibly maximising and protecting our endowment. This year, we embedded relationships with our new investment managers, W1M and Legal and General Investment Management (LGIM), and also agreed a new responsible investment strategy. We have started to rebalance the asset mix between property and listed investments Richmond Foundation

and report an overall 8% increase in the value of the Foundation’s endowment. These developments ensure our investments can best support and sustain the Foundation. We achieved our objective to progress plans on our commercial properties, including the sale of The Vestry House and continued work with Trustees of the Cambrian Community Centre to advance plans for an exciting renovation. Our charitable rent review has resulted in a more equitable approach to supporting people with housing whilst ensuring that the Foundation is optimising the impact of its resources. We have also strengthened the Foundation’s governance. A comprehensive governance review, led by me as Chair with external support, alongside a new trustee training programme, has helped ensure we have the right policies, procedures and board culture in place to provide the strongest possible strategic support for the team and enable the Foundation to fulfil its potential. This year we have seen four brilliant Trustees step down and we would like to thank

them for their hard work and commitment to the Foundation: Carol Fletcher, Jerome Misso, Joanna Nakielny and Ruth Scott.

Navigating challenges Alongside these achievements, we have faced challenges. Managing a diverse property portfolio and implementing our new charitable rent policy required careful consideration and, at times, difficult decisions. This year’s report sees an extended Property section that reflects on this. While these decisions have not been easy, we are confident that our decisions, guided by our commitment to responsibly manage our assets, have enabled us to focus on long-term stability and ensure that we remain a strong, resilient and effective Foundation.

into local need, stronger governance and a clear understanding of how our investments and assets can support our mission. Following a successful trustee recruitment campaign, we are delighted to appoint six new Trustees who begin their terms in Summer 2026. We are also broadening the knowledge, perspectives, and expertise that supports our work through the introduction of two Non-Trustee Grants Committee members. We look forward to shaping the Foundation’s future with all our new members.

The year ahead

In the coming year, a key priority is the onboarding of our new Trustees and Committee Members and ensuring they are well equipped to contribute to the Foundation’s success. We will continue our focus on responsible grantmaking and investments, including further exploration of impact and social investing opportunities and the completion of our Net Zero policy.

As a result of the progress made this year, Richmond Foundation enters the next chapter in a stronger position. We have deeper relationships with our partners, better insight

We also plan to undertake a strategy refresh this year. In our grantmaking, we will continue to collaborate with partners to co-develop longer-term and more flexi8

Summary from our CEO and Chair

ble funding approaches. This includes progressing our new partnership health programme and building on the learning from Phase One of Narrowing the Gap. It has been another busy and productive year for our Team and Trustees, who have sustained momentum in meeting our ambitions and maintaining high standards. Their commitment, expertise and dedication have helped make the Foundation more resilient and better placed to achieve lasting impact. We would like to thank all of the Team and Trustees for their hard work. We hope you enjoy reading this report and thank you for your continued support of Richmond Foundation and the communities we serve.

Dr Mary Henes Chair

Richmond Foundation

Philip Barron Chief Executive

Our New Chair Dr Mary Henes After completing her PhD, Mary worked at a fair access education charity, helping it to grow to deliver programmes to 10,000 pupils a year. She then spent five years at a social enterprise supporting young women affected by gangs and county lines, with responsibility for fundraising and strategy. She is now back working with universities, this time tackling fair access to postgraduate degrees as Director of Operations for Martingale Foundation. She brings a wealth of experience from volunteering with Samaritans, as a School Governor with responsibility for safeguarding, and as a member of the Grants Committee of Westminster Almshouses. Having lived in Richmond almost her entire life, she’s delighted to now be raising two children in the borough, and supporting the excellent work of Richmond Foundation. Mary joined us as a trustee in 2023 and became our new Chair in February 2026.

Man&Boy

2025/26

Year at a glance

Our combined financial direct and indirect impact investment figure was

£2.6m

£3.8m

in grants to individuals and 75 funded partners

£1.1m

in rent subsidy on residential charitable properties Richmond Foundation

£92k

in rent subsidy on commercial charitable properties

By grant priority

Year at a glance

By grant stream

£183,799

£51,786

£174,984

in Catalyst grants

in Education and Voluntary Sector Catalyst grants

in Young Catalyst grants to 18 nursery and primary schools and 3 secondary schools

446 Catalyst grants ranging from £8 to £1,730

48 Education grants ranging from £145 to £4k Average: £766

Average: £6,021 (nursery and primary), £22,203 (secondary)

Average: £303

Richmond Foundation

£1,368,795 7%

£373,253 14%

in 38 Core grants

in 21 Project grants

with annual grant ranging from £11k to £60k | Average: £36,021

with annual grant ranging from £1k to £30k | Average: £17,774

£129,020

£334,236 13%

in 10 Gateway grants

in 6 Partnership grants

ranging from £6k to £20k Average: £12,902

ranging from £15k to £150k Average: £46,327 14

Grantmaking

Our grantmaking has stabilised this year at £2.62m following a growth of over 50% since 2020. (2025: £2.66m)

an overview

This stabilisation of funding ensures that we can continue supporting communities effectively and sustainably into the future. 84% of our funding was granted to 75 organisations through our Gateway, Core, Project and Partnership grant steams. 16% of funding was awarded through our Catalyst individual grant programmes. We also commissioned our Learning Partner who supports the evaluation of the Narrowing the Gap Partnership Grant (2026: £10k).

grant priorities Accessing support & advice

Improving health outcomes

Enhancing community cohesion

Reducing inequalities in education

Strengthening the local voluntary & community sector

Richmond Foundation has four grant priorities which are used to guide investment. The fifth grant priority to strengthen the local voluntary and community sector sits across our work. Current grant priorities were set in the 2023 Strategic Review and are reviewed annually, informed by evidence of need. Each of our grants are attributed to one of the grant priorities but many of our funded partners will provide support that impacts on two or more priorities. Over the last four years we have evened out our funding against each priority. In the past we had provided less to the ‘reducing inequalities in education’ priority. This was addressed by our investment from 2024 in the Narrowing the Gap Education Partnership grant. In 2025/26 each of the four priorities received between 23% and 25% of our grant funding. 16

Our grantmaking – an overview

Who our funded partners are supporting Understanding who our partners support helps us ensure our funding reaches a broad range of communities and highlights where some groups may be underrepresented. This insight enables us to make more informed grant-making decisions and ensure that no-one is missing out. To do this, we use the Diversity Equity Inclusion (DEI) Data Standard, a shared framework created by an independent working group of UK funders to help funders capture data on funding for groups who experience structural inequity. We are using the DEI data standard taxonomy to more actively inform our grant-making. Funded partners identify the categories which they anticipate that 75% or more of the people benefiting from their work will identify with. Partners can select more than one category, for example if more than 75% of the people they expect to support are both older people and disabled. Richmond Foundation

The highest number of responses (24 organisations) were under the ‘other lived experience’ category which included a range of cohorts and experiences including people with drug and alcohol issues, carers, ex-offenders, and people affected by domestic abuse. The next two top ranking categories were ‘people who are educationally or economically disadvantaged’ (21) and ‘deaf, disabled, neurodivergent people/and or people with mental health conditions’ (16). The three lowest ranking categories were ‘LGBTQI+ people’ (0), ‘faith communities’ (1) and ‘communities experiencing racial inequity’ (2). At our 2025 AGM, we held a panel session with our funded partners to highlight how they are ‘ensuring that no-one is missing out’. You can read more about Age UK Richmond’s Rainbow Café, one of the examples shared at the panel, later in this report. Age UK Richmond, like many of our funded partners, support a diverse cohort so do not identify through the DEI standard as supporting more than 75% LGBTQI people, but do deliver specific activity to reach out to that group.

We are also planning, where there is a need which cannot be covered by our current grant portfolio, to more directly reach out to potential gateway applicants who support under-represented cohorts.

Supporting new and emerging partners Our Gateway grants are designed to support partners new to us or pilot projects for a time limited period. This year, we awarded two new Gateway grants, to Brighter Together and Woman’s Trust. We awarded fewer new Gateway grants than in previous years (2026:2 and 2025:5) and had funding capacity to award more grants. We had a similar number of new applications (2026:12 and 2025:14) but our award rate was lower at 17% compared to 34% in 2025. All applications were carefully considered against our grants criteria and we provided detailed feedback to applicants. Reasons that applications were unsuccessful differed. In many cases there was insufficient evidence of demand or understanding

of how the activity would complement existing delivery. In other cases, the proposal was insufficiently developed especially when it was reliant on a partnership which had not yet been agreed. If our concerns are addressed applicants can reapply.

Woman’s Trust is providing one-to-one, trauma-informed and person centred counselling for women to address the emotional hardship caused by domestic abuse. Weekly 50-minute sessions are held with professional counsellors, trained to understand the specific dynamics and issues associated with domestic abuse. Woman’s Trust was awarded a £15,000 Gateway grant to support 11 women in Richmond with up to 18 free sessions of counselling

Our grantmaking – an overview

Multi-year commitments

Brighter Together brings together the oldest and youngest members of our communities for joyful intergenerational sessions that tackle social isolation and improve wellbeing. Through the support of Richmond Foundation, Brighter Together has developed a weekly project bringing together older adults at Castlenau Community Centre and pupils from Lowther Primary School. These meaningful activities capture the imagination, spark relationships and create magical moments of connection. The adults gain a sense of purpose through supporting the children, while the children develop their communication, language and social skills. Brighter Together was awarded a £7,300 Gateway grant to support 40 people Richmond Foundation

We continue to commit an increasing proportion of our funding to multi-year grants, and this year 76% (57) of our funded partners were in their second or third year of funding. New three-year grants were awarded to Cooking Up, Man&Boy and Ukrainian St Mary’s Trust who we had previously supported through our one-year Gateway grant stream. 85% (63) of our grants to organisations are now multi-year.

Investing in long-term impact Our first Partnership grant, to help narrow the education attainment gap between disadvantaged children from low-income families and their peers, is in its second year of delivery. We plan to publish the Phase One Narrowing the Gap evaluation in Spring 2027. During the year we have been developing a second five-year partnership grant to help reduce health inequalities.

Devolving decision-making and funding for individual grants to expert partners Catalyst, Education and Third Sector Catalyst, and Young Catalyst are the grant types for individuals that we now brand under the ‘Catalyst’ heading. We have continued to look at ways to devolve individual grant allocation to our partners as they can better identify the needs of the people they support. This builds on the Young Catalyst model where for many years grants have been awarded to schools who have the autonomy of how they use the funding to effectively support disadvantaged pupils. June 2026 marks the end of the successful first year roll out of our new approach to Catalyst grants for people on low incomes who demonstrate a need for support. Catalyst Partners, who are experts in providing tailored advice and support, now directly award Catalyst grants to individuals, enabling more responsive and impactful support based on individual needs. Catalyst grants can fund activities and resources, provide critical support, and enhance wellbeing. We already allocate £20,000 of our Education and Third Sector Catalyst budget to Achieving for Children (AfC), who run Richmond borough’s children’s services. AfC use the majority of this budget to support Richmond care leavers, funding education and training, or equipment. In response to feedback, we have renamed our Third Sector Catalyst ‘Voluntary Sector Catalyst’. This is the latest strand where we are devolving its management, in this case awarding Richmond CVS an annual grant (£15,000) that it will use to award training grants for individuals volunteering or working in local charities.

Our grantmaking – an overview

Transparent grantmaking Our grants policy is updated annually and we are committed to transparency in our grantmaking. We have been a member of IVAR’s Open and Trusting community of funders since March 2025. Our grantmaking criteria and application success rates are published, our grant priorities are clearly communicated, and we provide detailed guidance for each of our application streams. We have further developed our Conflict of Interest policy and we now publish a statement regarding managing conflicts of interests in grantmaking on our website. Our grants are published on 360Giving, a charity that helps organisations publish and use open grants data so that people can understand the funding context, make informed decisions, and work together to support communities and good causes as effectively as possible. This year, 94% (2025: 93%) of our funded partners rated their experience of Richmond Foundation as excellent.

Richmond Foundation

Broadening our governance The Trustee Board agreed in February 2026 to recruit non-trustee committee members for all committees, starting with the Grants Committee. This aims to increase breadth of knowledge, provide different perspectives, and expand membership. We are pleased that two new non-trustee Grants Committee members joined Richmond Foundation in Summer 2026.

“Richmond Foundation is supportive and approachable and we have felt able to ask questions, share learning and seek ideas where needed. We have appreciated feeling trusted to deliver and reflect honestly on our work.” Embracing Age was awarded a second Gateway Grant of £10,000 in 2025/26 to support 100 people. Care Home Friends reduces loneliness among care home residents in Richmond through trained volunteer befriending and community initiatives.

Vineyard Community & Richmond Foodbank

Grant Priority

This priority is integral to all our work. As well as increasing the proportion of multi-year grants, we have provided £90,640 in grants to help strengthen the local voluntary and community sector.

Richmond Foundation

Strengthening the local voluntary and community sector

Partnering with Richmond CVS to support local charities

As part of our ongoing commitment to strengthening local leadership, we continued our partnership with Richmond Council for Voluntary Service (Richmond CVS) by funding a new programme to support new trustees and aspiring Chairs. Richmond Foundation

Initially for one year, Trustee Forward delivered a full schedule of tailored mentoring, peer support and training for 22 local trustees. Trustee Forward was developed in response to a recognised local need for more tailored and sustained support for trustees across Richmond’s voluntary and community sector. It aims to help new, aspiring and developing trustees build confidence, strengthen governance knowledge, feel better supported in their roles, and consider future leadership responsibilities.

The programme delivered measurable improvements in trustee confidence, knowledge and application. Participants reported progress across all key outcomes including confidence in trustee roles; feeling more supported and encouraged; and strengthening understanding of boards. Learning was not just theoretical. Some applied newly gained knowledge to board discussions, strategy or practice as a result of feeling more confident.

Mentoring from experienced trustees was identified as one of its key successes, particularly with respect to supporting people with differing needs or barriers to trusteeship more effectively. The mentor/mentee partnerships led to a 100% satisfaction rate. Both parties said they benefited from being paired with someone who might understand their professional or personal challenges around time commitments, capacity or circumstances. 26

Strengthening the local voluntary and community sector

We have allocated a further two years of funding (£60,000) to Richmond CVS to continue Trustee Forward, adapting and building on the experience of the past year and adding an alumni programme to provide ongoing support for the participants. As part of this further award, Richmond CVS will also roll out an adapted version of our successful Future Leaders programme for senior leaders in the voluntary and community sector which was first delivered in in 2024/25. To complement this programme, our CEO has delivered coaching and mentoring to another three leaders from our funded partners.

Richmond Foundation

“Trustee Forward has been exceptionally well curated and organised, and has been very valuable. The individual training sessions have been excellent and I especially enjoyed the ones on risk and fundraising. The mentorship scheme is also really impactful; I was lucky to be paired with a very experienced mentor, who is excellent and highly dedicated. This programme is very helpful for current or future trustees” 2025 participant

Trustee Forward 28

Strengthening the local voluntary and community sector

OneRichmond

Together with Hampton Fund and the City Bridge Foundation, we support OneRichmond’s operational costs. As well as providing a £46k grant to the charity in 2025/26, Richmond Foundation is represented on OneRichmond’s board of trustees, providing strategic governance and grant giving support.

Richmond Foundation

Photo: Rob Addis

The last 12 months has been pivotal for OneRichmond and we have seen fantastic progress with fundraising activities. This includes the set up of a Development Board of local corporates and philanthropists to guide fundraising, the launch of a Place Based Giving Network and landmark fundraising events including a high profile dinner raising funds to help address homelessness and a Charity Pitching Event in June.

Charity Pitching Event

thropic panellists and a public audience.

We spoke to Saoirse Byrne, Marketing and Communications Officer at OneRichmond, about the place-based giving charity and how it is bringing local people together to tackle social isolation.

The event was created to bring charitable giving to life, allowing organisations to showcase their work to the local community and find new supporters. The audience was invited to donate on the night, while the panellists allocated funding to the charities whose pitches inspired them the most.

OneRichmond acts as an advocate and a catalyst for local charities supporting people in need across the borough. By mobilising local resources and building partnerships between charities, businesses and community groups, OneRichmond works towards its mission of bringing the Richmond community together to tackle social isolation. “Social isolation can be the result of a wide range of different needs, including deprivation, mental illness, trauma, disability, language and cultural barriers, and discrimination. We support charities tackling these root causes in order to address social isolation as a whole across our borough.” OneRichmond’s Charity Pitching Event gave six local charities the opportunity to present their work to four philan-

“What made this event unique is the way charities were able to showcase their work in a creative and emotionally engaging way. It gave them the chance to connect directly with audience members and potential donors by focusing on the real human impact of their work, going beyond numbers and facts. We are hoping that participants went away with new supporters, volunteers and connections that will enable them to continue supporting people in need in our borough.” Looking ahead, OneRichmond plans to build on this momentum through new fundraising campaigns and partnerships, continuing to strengthen connections between charities, businesses, residents and community organisations across Richmond. 30

Strengthening the local voluntary and community sector

Films and storytelling Since 2023, we have worked directly with funded organisations to create a growing portfolio of photography and film assets that bring their activities to life. This offering is a key element in our work to strengthen the local sector. As demand for this support increased, we recognised that many organisations face barriers to producing high-quality visual content, often due to limited time, budget or in-house expertise. In response, we introduced a formal application process to ensure equitable access to storytelling support. Richmond Foundation

We are committed to strengthening our partners’ ability to tell their stories, engage their communities and stakeholders, and demonstrate the impact of their work.

This is underpinned by four key goals: • Less burdensome reporting by using film and photography to capture stories and impact visually • Help partners tell their stories in their own words • Prioritise opportunities for smaller and underrepresented organisations • Provide partners with high-quality assets they can use in their own communications and fundraising

Multicultural Richmond

Our support has expanded our partners’ capability to reach the people they support, engage with them in new ways, and use these visual assets to engage stakeholders and secure further funding. It has also strengthened our relationships with our partners. They feel understood, supported and confident that we have an appreciation of their work. This year we produced three films with ADHD Embrace, Man&Boy, and Multicultural Richmond. We also provided photography for Cambrian Community Centre, Age UK

Richmond (Rainbow Café), Mortlake Community Association, Middlesex Association for the Blind, Richmond Good Neighbours and Ukrainian Social Club. The continued growth in demand for this support highlights the importance of communications capacity within the voluntary sector. We have learned that helping organisations tell their own stories is a powerful way of enabling partners to build connections locally, amplify their impact and reach the people who need them most. 32

Strengthening the local voluntary and community sector

Filmmaking Workshops We recognised that organisations needed skills to empower them to create their own content. To achieve this, we launched our first Filmmaking for Charities workshop, a free half-day session designed to equip participants with practical knowledge to take video projects from concept to completion. The workshop combined strategic guidance with hands-on learning, exploring how different video formats can engage audiences and sharing practical techniques for filming impactful content using everyday equipment. Interest exceeded expectations, with the first session quickly reaching capacity and a second workshop added to meet demand. Feedback from participants demonstrated the value of this approach. Following the workshop, 100% of respondents reported feeling more confident creating video content for their charity, highlighting the impact that accessible, practical training can have on organisational capability. Richmond Foundation

Participant feedback also identified opportunities to develop the programme further, with many attendees expressing interest in more specialised sessions focused separately on filming and editing. This insight will help shape future workshops, ensuring our support continues to respond to the sector’s needs and helps organisations build sustainable communications skills.

“When I got home, I sat down and started the process from scratch using the notes I had made in the class and was able to produce a full video (and felt very accomplished for it!). Really great session!!” Workshop Participant

“The Workshop was run excellently and the information given was incredibly knowledgeable to be shared and passed on! Thanks very much” Workshop Participant

Grant Priority

with guidance from trained support workers to access benefits, grants and other support services for issues such as debt, homelessness, bereavement, food security, and special educational needs.

Richmond Foundation

We provided £646,028 of funding to help local people access support and advice. Of this, £462,229 was granted to our funded partners and £183,799 was distributed in Catalyst grants to individuals on low incomes.

Accessing support and advice

This priority includes some of our largest core grants including those to Citizens Advice Richmond, RAID (Richmond Aid), Richmond Carers Centre, and the Vineyard Community Centre, which runs Richmond Foodbank. Between them they provided advice and support to over 18,000 people, all exceeding their forecasts. They fed back that there was continued high demand for support and an increase in complexity of the issues that they were seeking advice on.

ADHD Embrace supports parents, carers and professionals living and working with children and young people with ADHD. They empower those with ADHD and their families through provision of information knowledge and practical support and advocate by raising awareness of ADHD. The charity is now in its third year of core funding from Richmond Foundation and supported over 1,500 people last year. 400 of these users benefited from their more intensive support through Parent Courses, Post Diagnosis Workshops, and One to One Advice Clinics. ADHD Embrace’s total core grant is £103,500 of which £36,500 was awarded in 2025/26.

Watch ADHD Embrace Film

Refugee Action Kingston After her asylum claim had been refused, Amina sought legal support from Refugee Action Kingston (RAK). She was experiencing significant anxiety about her immigration status and the risk of destitution, while also caring for her young child who was born in the UK. RAK’s legal adviser assessed her immigration history, family circumstances, and vulnerabilities. It became clear she had strong grounds to apply for Leave to Remain under Article 8 of the European Convention on Human Rights.

RAK provided advice throughout the application process. This included gathering evidence relating to her child’s best interests, her length of residence in the UK, her mental health, and the practical barriers she would face if required to leave the country. The application was submitted with legal representations setting out why refusal would be disproportionate and contrary to the child’s welfare. RAK’s adviser provided ongoing support, helping Amina understand each stage and reducing her stress and uncertainty. The Home Office subsequently granted Amina Limited Leave to Remain. This provided immediate security for both her and her child. With lawful status,

Amina was able to access benefits, secure stable accommodation, and begin planning for employment and longer-term integration. Her mental wellbeing improved significantly once the uncertainty around her status was resolved. Refugee Action Kingston was awarded a second Gateway Grant of £15,000 to provide tailored legal, welfare advice and wrap around support for 60 people living in the Richmond Borough. This support, staffed by IAA regulated/trained advisors, assists refugees, people seeking asylum, and their families in navigating the UK’s immigration and welfare systems. The name used is not the individual’s real name and has been changed to protect their confidentiality.

Accessing support and advice

Click to read our Learning Lab publication Richmond Foundation

Embedding Catalyst In July 2025, we replaced our Crisis Grants with Catalyst Grants following a review of our individual grant-making. Catalyst Grants are for people on low incomes who demonstrate a need for support, and provide more flexible, bespoke funding, guided by the experience and insight of case workers working alongside individuals. The grant can be used to fund anything that positively impacts the individual, enabling them to build a healthy and fulfilling life and address personal challenges. Our Catalyst Partners now have full autonomy over how their allocated annual funding is used to support their communities.

How it works Prospective Catalyst Partners submit an application which sets out the cohort that they support and how they will manage an annual grant. We provide an upfront annual budget to each of our Catalyst Partners. The first grant was equivalent to the average annual

Crisis Grant amounts they received from us in previous years. This budget allows them to allocate unrestricted Catalyst grants of any amount, based on individual needs. The majority of Catalyst Grant awards are made directly by the Catalyst Partner. Where the Partner does not have the infrastructure to make payments, they are allocated a virtual budget, with Richmond Foundation taking on the administration of paying the individual.

What has been the impact The move from the ‘Crisis’ to ‘Catalyst’ concept encouraged advisers to take a longerterm view with clients. Removing grant caps enabled more meaningful conversations about what people truly needed, resulting in more personalised support. Flexibility has allowed Catalyst Partners to fund things they couldn’t before. The speed of processing is quick and can be instant because decision making lies with them. This programme would not be possible without our partners who lead and deliver the Catalyst Grants. Together, they award40

Accessing support and advice

ed 435 grants in the year, with the average grant amount being £303. The smallest grant awarded was £8 for a radar key and the largest was £1,730 to help with a British Citizenship application. The grants supported a diverse range of needs, including household bills, essential family items such as buggies and playpens, immigration and citizenship-related applications, and health and wellbeing activities such as psychotherapy and SEND provision, demonstrating the flexibility of Catalyst.

“Our clients are often frustrated with the system, and often mistrustful. It can take time for us to build rapport and trust. Being able to offer a grant offers a practical and immediate result for a client. This not only takes some of the pressure off them, but it helps to build trust as we have delivered something quickly that makes a difference. It is a rewarding experience for staff and helps them to stay motivated in roles that are stressful and emotionally draining.”

Ruils, Catalyst Partner Richmond Foundation

What support helped Catalyst Partners implement the change Prospective Catalyst Partners attended a Q&A webinar in April 2025, supported by Riverbank Trust and Ruils who piloted the programme. In November 2025, we met with Catalyst Partners to gather feedback and support implementation. These conversations highlighted a need for further reassurance around the flexibility of the funding and their freedom to use it creatively to meet client needs. In response, our Grants Manager met with teams of advisers to provide further guidance and share examples of how other organisations were offering support and building confidence. Our Catalyst Café in April 2026 brought partners together to share ideas, discuss challenges and identify opportunities to strengthen delivery. This was a valuable opportunity to connect, build relationships and learn from one another’s experiences.

Catalyst

Key Learnings

• It takes time to embed change, especially when cascading to staff and volunteers. • Advisers sometimes say, ‘anything will help’ but Catalyst helps identify ‘what’ will help most. • Catalyst Partners quickly adapted or set up effective grant management processes, including good approval processes. • Catalyst Partners tended to be more conservative in using the grant budget than under the previous Crisis arrangement, especially in the first six months of the roll out. • Catalyst Partners who had more in-depth relationships with their users and smaller caseloads found it easier to agree more bespoke Catalyst Grants.

Looking forward We are confident that the Catalyst approach is now fully embedded across our partner network. We plan to strengthen the programme through further training and capacity building for partners managing Catalyst, to maximise the impact of the grants they deliver. We have published a ‘Learning Lab’ to share how we developed and embedded Catalyst. 42

Mortlake Community Association Richmond Foundation

Nina’s Story Nina was admitted to a Mother and Baby Unit for four months. During that time, she was diagnosed with PTSD, depression, anxiety, and ADHD/autism. The hospital started therapy, and her Community Outreach Worker stayed in regular contact with her. When she was allowed to leave the unit for visits, Nina joined a Riverbank community group. After she was discharged, and while therapy was continuing, she found out that her passport and naturalisation certificate had been lost during her stay. At the same time, her home had been burgled. This was a huge setback.

She felt that the progress she had made had slipped away and that she was back at square one. She needed these documents to apply for PIP but after having to replace essential items stolen in the burglary, she did not have the money to replace them. Nina cried when she heard that, through a Catalyst Grant, she would be able to apply for replacement documents. This helped her feel more able to move forward with her PIP application and start thinking about the future for herself and her son.

Riverbank Trust Catalyst Partner

The name used is not the individual’s real name and has been changed to protect their confidentiality.

Grant Priority

to reduce inequalities and encourage good mental and physical health for everyone Richmond Foundation

We awarded

£623,554

funding to organisations that provided support to improve health outcomes.

We continued to fund a wide range of support under this priority. This includes addiction support, neurological services, end of life care, cancer care, dementia support, sight loss services, targeted mental health services, support for carers, domestic violence and healthy eating. Our grant funding supports early intervention and preventative services which raise awareness as well as targeted responsive support.

Over the past year, we have been developing a new partnership grant to help address health inequalities using a dedicated budget of Improving health outcomes for adults with learning disabilities

£500k over a five-year period. During our discussions with health, voluntary and community sector and local authority colleagues we emphasised that we needed to understand what difference the grant can make, how it can attract match funding and how it can be sustainable after our funding period. We have invested time into understanding the current landscape of support and into understanding the evidence and data around need. The introduction of new governance around neighbourhood health is an opportunity, with the place-based person centric approach fitting well with our objectives.

Feedback included: • The importance of developing an outcome and impact framework, and the need to align with neighbourhood health priorities. • The need to build on what is in place and wariness around unsustainable pilots. • The need to identify a population to ensure the grant is targeted and effective. • Recognition of the voluntary sector’s key role in supporting health outcomes, alongside recognition of challenges related to capacity, funding and integration. We tested our proposed grant outcomes and the population that we wanted to support in later discussions. Informed by data on hospital admittance and readmittance, we are focusing this grant on supporting people with learning disabilities.

Our agreed outcomes are: • Reduced preventable hospital admittance and readmittance for adults with learning disabilities. • Increased confidence among adults with learning disabilities and their carers to manage their own health. • Improved integration between voluntary sector and health services, enabling more effective identification of needs, coordination of support and improved outcomes for adults with learning disabilities.

We have invited expressions of interest to help us identify organisations interested in the opportunity, with the plan to award a grant in Spring 2027.

Learning disability is the long term condition with the highest rate of readmission. 9% of people with a Learning Disability were readmitted to hospital within 30 days, compared to 2% of all people registered with a Richmond GP. 48

Improving health outcomes

Our grant, alongside that from local funders, enabled SPEAR to fund their Mental Health Access Worker (MHAW). A new role, the MHAW is supporting people experiencing homelessness to develop the skills, coping strategies and tools to manage and improve their mental wellbeing, and to connect to relevant mental health services and further support. They provide one-toone support sessions, deliver workshops and therapeutic activities, and provide drop-ins across community venues. SPEAR had anticipated that the MHAW would primarily support people to engage with mental health services and talking therapies. However, they’ve also found much of their work has involved supporting people’s social inclusion. Richmond Foundation

“Building social connections has given people a greater sense of belonging and trust, and it has opened up conversations with staff and peers, which is fundamental for people’s mental health and wellbeing. A multitude of interrelated factors contribute to clients’ apprehensions around seeking mental health and wellbeing support, including trauma, mistrust of services, and substance misuse. Focusing on persistent and consistent collaborative engagement with clients has been the most effective approach to support.”

Steve’s Story Before becoming homeless, Steve had worked running several delivery franchises. The workload was intense up to 18-hour days - while also caring for his family. The pressure was unsustainable and in early 2021 he suffered a heart attack. “I’d always been the one who kept going no matter what,” he explains. “But after that, I couldn’t keep up, and everything started to fall apart.” He lost his accommodation following an eviction and, without a stable base or income, began moving from place to place, at times sleeping outdoors, self-medicating with alcohol and cannabis.

When SPEAR’s Outreach Team found him in Richmond, they took the first step in helping him turn things around. He was found a room and referred to their Mental Health Access Project. Sam, SPEAR’s Mental Health Access Worker, worked with him to focus and build on his strengths and creativity, and to work step-by-step on the practical things he could do to stabilise his mental health. Through regular drop-ins and workshops, Steve has begun to rebuild his confidence and found a sense of purpose and belonging. He is now developing a digital project that aims to connect people facing homelessness directly with

local services and support. “The idea is to help people get the right help quickly. If you’ve been through homelessness, you know how easy it is to get lost in the system. I want to change that. SPEAR gave me the chance to rebuild - not just my situation, but my confidence. I used to think I had to do everything alone. Now I know asking for help can be the first step to real change”. SPEAR completed the first year of a three-year project grant in June 2026. In this first year the MHAW supported 122 people, exceeding their target. Their three-year grant totals £52,459 of which £17,217 was awarded in 2025/26. 50

Improving health outcomes

Man&Boy After two successful years of delivering a Gateway grant, Man&Boy was awarded a three-year Project grant in June 2026. Their Stronger Families project supports boys and men that have experienced separation, so relationships can be built and rebuilt and can thrive. They work alongside families by encouraging men to be a mentor to the boys in their life. The diverse 12-month programme offers opportunities for men and their boys to have fun, bond, take part in adventurous activities together and enhance their own and wider family relationships. The families they work with are regularly from low-income backgrounds, may be struggling with a wide range of additional challenges, and many have children with Special Educational Needs or Disabilities (SEND).

Richmond Foundation

Recent impact reporting captured that over 95% of families said that relationships had significantly improved and over 95% reported feeling “more” or “significantly more” hopeful about their future. Man&Boy was awarded a £48,000 Project Grant to support 124 Richmond residents, of which £15,000 was in awarded in 2025/26.

WAT CH F I L M

Man&Boy 52

Improving health outcomes

Middlesex Association for the Blind Once a month, a lively community gathers at Duke Street Church in Richmond. The VIP Social Club, run by Middlesex Association for the Blind (MAB), offers people with a visual impairment the chance to connect, share experiences and build friendships that take on a life of their own, beyond the club meeting times. Living with sight loss can be isolating, and opportunities to meet others who truly understand the challenges are limited. The VIP Social Club fills that gap and provides a welcoming space where members can exchange advice, share practical solutions and support one another. At a meeting in April, conversations ranged from accessibility aids and sunflower lanyards to the growing role of Artificial Intelligence. Richmond Foundation

Members discussed how tools such as Gemini and ChatGPT can help interpret the world around them, providing greater independence and privacy in everyday life. Fostering an ongoing community is central to MAB’s purpose. The Charity works alongside people over time, recognising that sight loss isn’t a single moment, but something that evolves. It’s an organisation people can return to again and again, as their lives and needs change.

Through relationship led support, Middlesex Association for the Blind supports visually impaired people to live independently and stay connected across Richmond and eight other London boroughs. Middlesex Association for the Blind has a three-year project grant award of £41,100. They had their third annual award in June 2026 (£13,700). In 2025/26, they supported people in the Richmond Borough through fortnightly home visits, weekly rapid response counselling, home based IT training and support sessions, and the VIP Social Club.

“From the moment I met the Support Worker, she has done quite a bit for me in sorting out my problems. Most of all, I find her interventions reassuring. She helps me with my mail, which I cannot read. An example of this is that my housing association sent me a whole lot of documents. I was so worried about what they contained. The Support Worker was able to reassure me that it was an annual communication that they send out to everyone and that it wasn’t anything that I needed to worry about. Without the Support Worker, I would have spent days feeling anxious about what the envelope could have contained. She read through it and made it all clear for me. I feel very safe with MAB.” 54

Grant Priority

for better outcomes for disadvantaged children and young people, and low-income adults.

Richmond Foundation

In 2025/26, we awarded £662,166 in grants

to help reduce inequalities in education. Our funding included that for our Narrowing the Gap Partnership, Young Catalyst and Catalyst Education grants. We also funded 10 organisations and schools who deliver a range of activities to inspire and support children and young people. This includes mentoring, access to cultural activities including the Barnes Children Literature Festival and the Orange Tree Theatre’s Shakespeare in Schools programme, therapeutic support, and support for children at risk of exclusion. 56

Reducing inequalities in education

Narrowing the Gap Narrowing the Gap takes a holistic approach to reducing inequalities by embedding family support in schools, enhancing teacher training and strengthening community partnerships. Phase One of this five-year £1m partnership grant is being delivered between January 2025 and December 2026. During this phase, ImpactEd, our Learning Partner, has supported the lead schools to develop their Theories of Change and data collection methodology. The findings will inform the design of Phase Two. A full evaluation will be published once Phase One is complete. Richmond Foundation

Darell Primary and Nursery School is leading work to integrate dedicated family support services across six primary schools. Their new Family Support Team of three, known as the Richmond Family Support Service, runs drop-in sessions and workshops. They build relationships with individual families, assisting with wide-ranging issues, including housing and parental mental health.

Barnes Primary School has expanded its staff training offer around early intervention and Special Educational Needs and Disabilities to all 18 East Richmond primary schools. It addresses the growing need to develop expertise within schools for skilled intervention on-site to support vulnerable and disadvantaged children. This is building a local skillset that can be refined and cascaded, including through crossschool and cross-locality collaboration.

LIFT Richmond Park

(previously named Richmond Park Academy)

has trialled activities to improve family support in a secondary school setting. Their partnership with Football Beyond Borders is showing improvements in attendance, reduced behavioural issues and increased staff confidence in handling emotional dysregulation. Football Beyond Borders staff also connect directly with parents which has helped to create a bridge between families and the school.

WAT CH F I L M

Narrowing the Gap at LIFT Richmond Park

Reducing inequalities in education

RE N-GAGE Isaac was referred to the RE N-GAGE programme in September 2024. At this point in his life, he was regularly being excluded from school for bad behaviour and could not control his feelings. He was quiet at first, often sitting with his hood up and not fully participating. Now, through his hard work and a visible change in his attitude and self-confidence, he has started a two-year Apprenticeship with RE N-GAGE, supported through their partners Coach Core and Lifetime training. Isaac has delivered workshops which he created, and led staff meetings. He’s presented to Trustees, City corporates, to school assemblies and at the RE N-GAGE awards day.

Richmond Foundation

After receiving two Gateway Grants, RE N-GAGE was awarded a 3-year project grant of £60,000 in June 2025, with £20,000 in 2025/26. They provide alternative provision using mentoring and sport for young people aged 12 to 17 at risk of exclusion from school. RE N-GAGE engages with schools, parents and local services using a wraparound approach with the young person at the centre of everything they do. They supported 16 people from the Richmond Borough over the last 12 months, exceeding their forecast.

Young Catalyst helped 21 schools in our benefit area to subsidise activities for pupils from the lowest income families. We awarded Young Catalyst Grants totalling £174,984. Subsidising residentials and day trips continued to be the category that most of the funding was used for, with 33% of the total funding spent in this area (2025: 45%). The next two most used categories of spend were for school meals (23%) and breakfast/after school/summer clubs (17%). RE N-GAGE 60

Reducing inequalities in education

Young Catalyst helped 21 schools in our benefit area to subsidise activities for pupils from the lowest income families. We awarded Young Catalyst Grants totalling £174,984.

Subsidising residentials and day trips continued to be the category that most of the funding was used for, with 33% of the total funding spent in this area (2025: 45%). The next two most used categories of spend were for school meals (23%) and breakfast/after school/ summer clubs (17%). St Richard’s CE Primary School Richmond Foundation

“The majority of those children that have been supported by the grant have experienced anxiety, early trauma, or are young carers by virtue of their parents' mental health. Parental mental health, particularly those from our disadvantaged community, is low and we signpost families to appropriate services. The majority of spend has been used to support these pupils to access emotionally enriching opportunities, so that they feel safe, happy and confident in their abilities and in accessing curriculum teaching in the school day.” East Sheen Primary School was awarded a £5,888 Young Catalyst Grant

“We have seen an increase in the number of children who are just about managing. These families are really struggling. We have always been committed to ensuring that those on the lowest incomes have the same opportunities as their peers but this is increasingly hard to achieve without grant funding.” St Elizabeth’s Catholic Primary School was awarded a £1,656 Young Catalyst Grant

“More and more families are struggling financially, not just for big ticket items like trips, but especially for essential devices for home learning, down to providing food and uniform. We still feel that the need is under reported by families.” Lift Richmond Park Secondary School was awarded a £18,768 Young Catalyst Grant

Reducing inequalities in education

Education and Voluntary Sector Catalyst

50% in the previous year. We will revisit education grants and how they are communicated in 2026/27. There are indications that some people who may have applied for this grant in the past have been funded instead through grants from Catalyst Partners.

These are grants to adults who cannot afford to pay the full cost of courses of study or training, and grants for staff or volunteer training for local charities.

Achieving for Children (AfC) used much of their £20,000 Education Catalyst budget to support Richmond care leavers. These are vulnerable young people who have navigated or are still navigating through the care system while building an independent life for themselves.

Grants can include course fees and costs associated with study, such as equipment, books, transport, childcare, clothing and other living expenses.

Young people often use the education Grants to part fund courses and pay for essential equipment such as laptops. AfC awarded 41 grants.

Grants totalling £51,786 were awarded in 2025/26. £16,786 was awarded through seven education grants from applicants who applied directly to Richmond Foundation (2024/25: 13). Although fewer awards were made than the previous year, a higher percentage were successful. 78% of in-house applications were awarded compared to

This year we had no applicants in-house from local charities for staff or volunteer training.

Richmond Foundation

In view of this, we awarded a £15,000 Voluntary Sector budget to Richmond CVS who can more effectively reach out to local charities who will benefit from this grant.

Carmen is in her final year studying for her BSc in Occupational Therapy. As part of her degree, she completes an annual 10-week unpaid placement. During this period, she doesn’t have time to also work in her normal part-time job. The Education Catalyst Grant goes towards her childcare and living costs during the placement. This final grant will support Carmen to complete her degree, after which she’ll have good career prospects and will be well-placed to provide for herself and her disabled son. The name used is not the individual’s real name and has been changed to protect their confidentiality.

Photo: Cally (Grants Manager) at the Catalyst Café 64 64

Grant Priority

to reduce isolation and loneliness by providing inclusive community spaces and activities

Richmond Foundation

In 2025/26, we awarded £593,485 in grants to enhance community cohesion

FiSH Neighbourhood Care

Grant awards under this priority include Core grants supporting local centres such as the Cambrian Community Centre and Castelnau Community Centre, as well as support for older people through Age UK Richmond and our local network of Neighbourhood Care Groups. We also fund a range of inclusive activities for children and adults with special educational needs and disabilities including that delivered by Richmond Mencap, Skylarks, Otakar Kraus Music Trust and TAG Youth Club. FiSH Neighbourhood Care and the Ukrainian Social Club echoed comments from many of our funded partners, where they emphasised the impact of long-term consistent support.

“What we have learned most of all is that small, consistent acts of kindness, whether a lift to an appointment or a friendly conversation, have a profound impact. This is something we believe is valuable for others across the sector: community-based, person-centred support truly makes a difference.” FiSH Neighbourhood Care are in their first year of a three-year core grant totalling £60,000 (2025/26: £20,000) and supported 629 people over the year. They provide community services to combat loneliness and isolation among older and vulnerable adults in Barnes, Mortlake, and East Sheen. 66

“Consistent, culturally sensitive community support remains essential for displaced individuals, even several years after arrival. Regular, structured programme of activities combined with trusted partnerships has worked particularly well. One key success has been strong engagement of participants, many of whom attend regularly and transition from beneficiaries into volunteers, contributing to a sustainable and community-led model.” Ukrainian Social Club are in their second year of a three year core grant totalling £60,000 (2025/26: £20,000). They deliver inclusive cultural, educational and wellbeing activities for displaced Ukrainians to reduce isolation, improve mental health, and strengthen community cohesion and supported over 1,000 people during 2025/26.

Richmond Foundation

Daniel’s Story Richmond Mencap supports adults, children and young people with learning disabilities through activities, advising and advocating for their members and carers. Their support reached 1,000 people in 2025/26.

Daniel was experiencing social isolation following the pandemic and the bereavement of his mother who was his primary caregiver, and he’d recently moved from his family house to independent living. He was referred by his care provider, who identified that he would benefit from building social connections and confidence. He began attending two social activity groups, where he was initially quiet and reserved. With consistent support and encouragement from staff and peers, he has grown in confidence and engagement. He actively participates in sessions, communicates more openly, and has developed positive relationships with group members. Importantly, this progress has extended beyond our sessions.

Feedback from his carer highlights meaningful changes in his day-to-day life. He is more independent, now going out to do his shopping more frequently, and has started making healthier lifestyle choices. He is communicating more with his carers and has increased confidence in social situations. Daniel shared that prior to attending Richmond Mencap he rarely spoke to others but now feels happier and less anxious that he can talk, connect, and make new friends. As he lives alone, the group is often his only form of social connection outside of his carers. The name used is not the individual’s real name and has been changed to protect their confidentiality.

Age UK Richmond

Rainbow Café Age UK Richmond are in Year 2 of their three-year core grant which totals £150,000 (2025/26: £50,000). As well as the Rainbow Café, Age UK Richmond provides information and advice, a wide range of social and wellbeing groups, activities and events, Connect to Tech digital skills development, Dementia Friendly Richmond, Mental Health Peer Support, the Nightingale hospital discharge service and handyperson, gardening and housekeeping support. They supported 4,683 people in 2025/26.

Richmond Foundation

Once a month, older LGBTQ+ residents gather at the Eel Pie Pub for Age UK Richmond’s Rainbow Café. Now in its third year, the café has become a welcoming space where people can connect with others who share similar experiences, build friendships and enjoy a sense of belonging. For many members, the café offers something increasingly important in later life: a safe and inclusive community. One attendee described it as “a lovely feeling of safety and comfort”, adding that the Rainbow Café had given them the confidence to be themselves and the opportunity to make new friends. As the group has grown, it has also become a place for important conversations.

Through initiatives such as Rainbow Retirement Day, members have explored the challenges many LGBTQ+ people face when planning for later life and care. Discussions have highlighted the importance of services that recognise, respect and affirm people’s identities, experiences and support networks. The café has also helped drive positive change locally. Working with community partners, Age UK Richmond has raised awareness of LGBTQ+ inclusion, supported events across the borough and helped create opportunities for people to stay connected and engaged. The impact is felt in both significant milestones and everyday moments. One member shares that, through the Rainbow Café, they had

discovered new activities and met people they would never otherwise have known. “Age UK Richmond gave me the opportunity for encouragement. It’s given me the key to many doors that I didn’t know were there. Through the café, I’ve tried rowing, joined a bridge group, taken cookery classes, and met lots of new people along the way.” More than a coffee morning, the Rainbow Café has become a thriving community where older LGBTQ+ people can be themselves, share their experiences and know they belong. Through this simple but powerful initiative, Age UK Richmond is helping to reduce isolation and build confidence, connection and pride in later life.

Watch Film

Multicultural Richmond

Programmes, including English classes, social clubs, and cultural events, aim to empower vulnerable groups, foster inclusivity, and create lasting positive change for a resilient community.

aims to address mental health inequalities, social isolation, health inequalities, and educational barriers in the Richmond Borough.

They supported 750 people over the year. They are in their second year of a three year core grant totalling £45,000, with £16,000 in 2025/26.

Public Benefit Statement We exist and operate for the public benefit. The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities. The aims of our organisation continue to be charitable. Through our grantmaking strategy, provision of charitable rents and partnership initiatives the Foundation is focused on creating positive social impact. The work creates identifiable benefits for the charitable sector and both indirectly and directly benefits individuals in need. Our grantmaking is based on transparent, published criteria with robust assessment and monitoring procedures. Decision making is consistent with our grant priorities and purpose. The public benefit created by the Foundation’s grantmaking and other activities is detailed through this report.

Diversity, Equity and Inclusion

Diversity, Equity and Inclusion Our DEI Commitment We recognise that there are intersecting inequalities in our community. These are shaped by layers of structural disadvantage and discrimination, which lead to financial hardship and social exclusion. As an organisation distributing resources, we are aware of the power imbalances in grantmaking and are committed to ensuring our funding empowers people with opportunities and support them to unlock their full potential. We are committed to ongoing learning and inclusive governance internally, through DEI training and resources, and by listening to our partner organisations and the communities they serve. We strive towards embedding DEI in all our work and partnerships, guided by our values. We uphold our value of “integrity” by doing what we say we will and by making our DEI action plans and progress, as well as all our grant data, accessible to the public. We drive external change by supporting our partners through sharing good practice.

Richmond Foundation

One of our key strategic priorities is to enact our values by embedding diversity, equity and inclusion (DEI) in all our work and in our partnerships. Our DEI Commitment and Framework provides the foundation for this approach and guides our ongoing efforts. The framework is structured around the ACF’s 2019 report on Diversity, Equity and Inclusion: The Pillars of Stronger Foundation Practice. Within the framework, we have committed to: investing time and resources in understanding and defining DEI; producing and reviewing strategies that will implement DEI in our practices and funding activities; collecting, tracking, and publishing DEI data on our practices and performance; working towards a diverse trustee board and staff team, both in terms of demographics and experience; expressing our DEI commitment, policies and practises publicly and making ourselves accountable to others; and using our influence to collaborate, advocate for and advance DEI practices.

What we have done Over the last year, all staff members and trustees have undergone DEI training to ensure the full team understand best practice in this area. While we recognise that everyone’s knowledge and experience differ, we aim to ensure our team and trustees are well equipped to foster an inclusive environment and work equitably with partners. This has enabled an increased awareness and understanding of DEI and how this relates to the work that we do. Throughout our DEI journey, we have collected resources which have helped inform some of our actions. We have shared a curated resource list with partners through our newsletter and have published these on our website for others to learn from and make use of. The ‘Overview of Grantmaking’ section of this report explains how we understand which communities our funded partners are supporting and actions taken to help ensure our funds reach those in need. As part of our commitment to being a transparent funder, we annually publish data on 74

Diversity, Equity and Inclusion

360Giving about all the grants we award. We also contributed to 360Giving’s anniversary blog, sharing how the platform helps support our work. On our website, we publish aggregated demographic data about our Trustees, collected through a biannual DEI survey, to promote openness and insight into the makeup of the organisation’s leadership. We have improved our recruitment practices by embedding DEI into our recruitment processes for Team and Trustee vacancies. We now share interview questions in advance with applicants and collect DEI data from applicants to monitor the reach of our vacancies and to highlight any potential bias in the recruitment process. We offered reasonable adjustments to applicants who this may benefit. Our experience of implementing these changes has been really positive and has led to some excellent team and trustee appointments. Our colleagues at Hampton Fund hosted a series of participatory grant-making sessions, which we attended to help understand the needs of our community and to learn more about how these sessions are facilitated. Richmond Foundation

What we are working towards To further strengthen our transparency, we will be working towards publishing DEI data on 360Giving about the cohorts our funded partners support, as well as whether organisations are led by individuals with lived experience of the challenges they are addressing. We have experienced some issues capturing DEI data from partners and recognise that not all responses capture all the lived experience in partner leadership teams. We conservatively estimate that around 19 partners are equity led. We are working with partners to improve their understanding of what we are asking for to ensure data is accurately captured in line with the DEI Data Standard. We will welcome new Trustees and Committee Members in Summer 2026, who will all undertake further DEI training. In addition, to align with changes to whistleblowing legislation and to promote a proactive culture, we will be providing whistleblowing training for the Team.

Richmond Good Neighbours

Responsible Investment

Responsible Investment This year we formed a Responsible Investment Working Group to review the Foundation’s approach to responsible investment. Richmond Foundation has considerable assets and Trustees recognise the importance of ensuring that the investment of our assets is aligned with our mission. We have worked closely with our investment managers and advisors to produce an improved and ambitious responsible investment section of our Investment Policy. We are committed to following responsible investment practices. Environmental, Social and Governance (ESG) factors can be financially beneficial to long-term risk and return. ESG considerations were a key part of our decision making in selecting our investment managers and ESG factors are incorporated into investment manager decision making and monitoring. Climate change disproportionately harms disadvantaged groups in the community; alignment with our mission therefore includes supporting a fair transition to net zero. Disadvantaged communities in Richmond are negatively impacted by climate change by increased vulnerability with the impact of heatwaves, poorer housing less equipped to deal with rising temperatures, worse air quality, flooding risks and worsened health inequalities. Our approach includes combining targeted exclusions with robust stewardship to influence behaviour change with the companies we invest in. Our exclusions include tobacco, alcohol, gambling, adult entertainment, armaments – controversial weapons, targeted exclusions for the worst issuers around fossil fuels and companies with recognised harmful social practices. Richmond Foundation

Impact Investing Impact investments are investments made with the intention to generate positive, measurable social or environmental impact alongside a financial return. This year we worked with the Impact Investing Institute to build awareness and understanding within the Team and Trustees of how Richmond Foundation can expand our own impact investment strategy. We have reviewed best practice on how peer funders and foundations are taking a different approach in recognition that their endowments are their largest lever for long-term impact, yet most conversations focus on the grants budget.

Considering our total carbon footprint We made a commitment at the beginning of the year to develop a net zero policy. We have reviewed the full impact of our carbon footprint through our assets and operations. In addition to our responsible investment strategy our approach to managing sustainable properties is detailed in the next section. We are also committed to reducing emissions in our team’s operations. This includes reducing energy consumption in our office, reducing waste, increasing recycling and encouraging sustainable procurement.

We plan to develop our strategy articulating existing social impact through our investments and looking at a spectrum of capital and considering unlocking new approaches to help meet our mission. 78

Our property portfolio

Supporting the community through our property portfolio Housing Richmond Foundation supports people who are most in need. Housing is one of the ways we deliver that support, alongside our wider programme of grants and charitable assistance. As part of our responsibility to manage our resources effectively, Trustees made a commitment to ensure our approach to offer reduced rents is fair, transparent, and financially sustainable. Over the year we carried out a detailed review of charitable rents and tenancy arrangements. The aim was to ensure that support is provided fairly, consistently and in a way that remains sustainable for the future. Over time, different rent arrangements had developed across our housing portfolio, Richmond Foundation

meaning that households in similar circumstances could be receiving different levels of support. The review was undertaken to address this and to ensure that charitable assistance is targeted towards those who need it most. The review found that around one-third of tenants were no longer eligible for charitable subsidies because of household income, savings or property ownership. They remained on their reduced rent for six months, giving them time either to find alternative accommodation or to stay in the property and prepare for the move to a market rent. Our Charitable Housing Rent Policy places greater emphasis on affordability. Under the policy, eligible tenants pay up to a Standard Charitable Rent, which is set at 70% of the

property’s Agreed Market Value. The Agreed Market Value is calculated using a range of recognised rental indicators, including the Local Housing Allowance, which is based on private market rents in the local area and is used in determining housing support for private renters. This provides a consistent and transparent basis for setting charitable rents.

We remain committed to listening to residents, treating people fairly and ensuring that Richmond Foundation can continue supporting local people who need help with housing and financial hardship, both now and in the future. Our tenants benefit from a high quality service via our managing agent, Jackson-Stops.

Where tenants cannot afford this rent level, they can apply for an additional charitable subsidy. Some households were assessed as being able to afford a higher rent than they had previously paid, however others had increased subsidies resulting in lower monthly rents. This approach ensures that rents remain fair, affordable and proportionate to tenants’ individual circumstances.

Implementing this policy has been challenging for the Foundation with complaints from tenants, media coverage and scrutiny from local politicians. The policy is robust and was developed carefully with consultation and advice secured as part of the process, which enabled the Team and Trustees to respond consistently and confidently. We have remained focused on ensuring the Foundation’s housing subsidies support those most in need whilst continuing to assist all tenants affected by the changes.

A small number of our tenants hold regulated tenancies, for which rents are not set by Richmond Foundation. The Foundation delayed implementing the latest fair rent increases by eight months to give tenants time to prepare for the new rent. The current fair rents for all these properties are below 70% of their respective market rents.

The Foundation is not a social housing provider and our review of charitable rent has re-affirmed to Trustees that the Foundation is not best placed to make decisions and assessments on need for housing in the borough.

Our property portfolio

When our charitable housing becomes vacant houses are not being re-let to new eligible tenants. Instead the Foundation undertakes a financial assessment of whether it is in our best interests to let them on an investment basis or sell them to invest the funds in listed investments. This is with the overarching aim of seeking financial returns to invest into grantmaking and other support offered by the Foundation. At the year end, nine property units were vacant. Four of these will be or are being rented in 2026/27: three at market rent and one to a charitable tenant. On the Queens Road Estate, we have further developed our close working relationship with L&Q Housing and the Richmond Council Housing Team to ensure that we can direct those most in need to housing on the estate. As part of our wider commitment to address homelessness we have worked closely with SPEAR providing two residential properties at reduced rents to support individuals moving on from homelessness.

Richmond Foundation

Commercial Space Our wider property portfolio includes commercial space and through the year we have worked on our commitment to develop plans for the future of our commercial assets. Our plans to enhance the community of the Queens Road Estate came together over the last year. Following a sale of land to The Richmond Charities, the Elizabeth Doughty Almshouses were recently completed comprising 12 flats for older Richmond residents. This has been complemented with a new community space between the almshouses and the Cambrian Community Centre, comprising a garden, courtyard, chess board and table tennis table. To further enhance the community facilities we have taken forward plans to redevelop the Cambrian Community Centre. We established a Steering Committee formed of Richmond Foundation Trustees, Cambrian Community Centre Trustees and led by our CEO to co-produce the project. This approach has proved successful in steering the project. Significant investment has been secured

which includes funding from Richmond Foundation and Richmond Council’s Community Fund (derived from the Community Infrastructure Levy). The project includes an ambitious layout refurbishment, improvements to energy efficiency and a small extension. The committee has overseen the development of plans for the building, secured planning permission and instructed a contractor to start the works. Works have begun and will be completed over the coming year. We provided reduced commercial rents at The Vestry House and Dickson House for charity partners including the Cambrian Community Centre, Vineyard Community Centre and Richmond Foodbank and Home-start Richmond, Kingston and Hounslow. Richmond Foundation’s offices have been based at The Vestry House since 1980. Over the last four years the Foundation explored development options for the building. Trustees recognised that continuing ownership of the building would require significant capital expenditure to bring it up to a suitable standard for use and to meet new legisla-

tive requirements. A preferred development scheme was considered, however Trustees deemed that it was not economically viable and not the best use of the Foundation’s funds. A decision was made to sell and a buyer was found, the sale completed in June 2026. The Foundation has moved its operations to office space at The Poppy Factory on a temporary basis whilst we finalise a longerterm base. We have made progress in assessing the carbon footprint and sustainability of our property portfolio. We are committed to improving the energy efficiency of our properties where financially and legally feasible. We maintain a register of Energy Performance Ratings (EPC) for our properties and use it to target improvements to those with the lowest ratings. We also ensure that our managing agents are aware of, and support, sustainability objectives and new legislation.

Board Effectiveness and the Charity Governance Code The Board uses the Charity Governance Code as the benchmark for its governance arrangements. In 2025/26, in line with the Code’s recommended practice, we commissioned an independent external review of our governance. The review covered all eight principles of the Code and drew on the Foundation’s governing documents and policies, an audit of board and committee minutes, and confidential interviews with every trustee and with the Chief Executive. It found Richmond Foundation’s arrangements sound and made recommendations for continued improvement sequenced over three years. We have already acted on the first of these through review of the Trustee Handbook, including ensuring an annual trustee appraisal cycle, and review of our Governance Framework. The committee structure is being reorganised, bringing the Property Commit-

tee and Finance Committee together into a single Investment Committee from July 2026. A new Conflicts of Interest Policy is in use. The Board will report progress against the remaining recommendations in next year’s report and intends to commission the next external evaluation in three years’ time. Trustees are recruited through open advertising under the Trustee Recruitment Policy approved in February 2026. The most recent round attracted 30 applicants for trustee vacancies and 11 applicants for non-trustee membership of the Grants Committee, a route we have introduced to bring wider experience into grant-making. The new trustees and committee members take up their roles in September 2026 with a robust and improved induction. Training is offered through the year. During 2025/26 this included trustee safeguarding training delivered by the NSPCC, diversity, equity and inclusion training, and cyber security training. Trustees are also encouraged to attend partner events and site visits and funded partners present an overview of their work at most Board meetings. 84

Our commitments

Our commitments for 2026/27

We have six core objectives which remain the same as last year. We held our annual review day where we evaluated progress against our objectives and refined our strategic priorities for the new year.

Be an effective values-led organisation

Deliver impactful and innovative grant giving

• Enact our values and commitment to Diversity, Equity and Inclusion. • Embed and update our AI Framework • Onboard our new Trustees and ensure an effective Board. • Adopt principles of the Charity Governance Code.

• Engage with funded partners, identifying opportunities, risks and issues, and work with them to identify how they can support under-represented cohorts. • Attract Gateway applicants to fill gaps and support under-represented cohorts. • Embed and support our Catalyst Individual Grants Programme. • Evaluate Phase One of the Narrowing the Gap partnership grant and launch a new partnership grant to help address health inequalities. • Strengthen impact reporting in order to measure the impact of our grants.

Richmond Foundation

Responsibly maximise and protect our endowment • Monitor the performance of our Investment Managers. • Embed our new Investment Committee. • Use our total returns approach to ensure inter-generational fairness. • Assess the asset mix between property and listed investments in our endowment. • Finalise our net zero policy. • Develop an Impact Investment Strategy.

Strengthen the local voluntary and community sector • Provide multi-year grant funding to strengthen local VCS organisations. • Bring partners together to share skills, knowledge, and resources. • Grant fund Richmond CVS to deliver Trustee Forward and develop a new Future Leaders programme. • Provide equitable opportunities of communications support for partners.

Influence locally and unlock resources • Investigate opportunities for co-funding from local and regional funders. • Advocate and influence, using our position as a funder to set standards. • Support OneRichmond’s development and sustainability. • Raise the profile of the Foundation and share good practice.

Actively manage our property portfolio • Implement plans to maximise use of our property assets. • Review the state of our property portfolio, including the fabric of buildings. • Ensure our managing agent operates according to our values. • Embed our Charitable Housing policy and continue to support tenants through the changes. • Collaborate with strategic partners to address homelessness. • Ensure we are prepared for new legislation. 86

Richmond Foundation

our team

Phil Barron

Sarah Wilkins

Amy Vogel

Cally Ballack-Naudé

Chief Executive Officer

Elizabeth Oliva-Hauxwell Finance & Operations Director

Grants Manager

Grants Director

Grants Manager

Learn more on our website

Uzoma Davis

Property Manager

Alex Powell

Communications Manager

2025/26 Grants awarded

2025/26 Grants awarded Action Attainment

£30,000

Home-Start Richmond, Kingston and Hounslow

£50,000

Addiction Support and Care Agency

£15,200

ImpactEd (commissioned Learning Partner)

£9,946

ADHD Embrace

£36,500

Integrated Neurological Services

£60,000

Age UK Richmond upon Thames

£50,000

Kew Neighbourhood Association

£20,000

Art and Soul

£12,000

Knots Arts CIC

£18,100

Barnes Children's Literature Festival CIC

£8,000

Learn English at Home

£30,000

Barnes Common Limited

£20,000

LIFT Richmond Park

£45,000

Barnes Primary School

£38,650

Lowther Primary School

£13,000

Brighter Together

£7,300

LVA Trust

£51,000

Cambrian Community Centre

£30,000

Man&Boy

£15,000

Castelnau Centre Project

£45,000

MiD Mediation and Counselling

£20,500

Citizens Advice Richmond

£58,000

Middlesex Association for the Blind

£13,700

Cooking Up

£25,000

Mortlake Community Association

£41,610

Crossroads Care

£60,000

Multicultural Richmond

£13,000

Darell Primary School

£150,000

Off The Record (Twickenham) Ltd.

£60,000

Dose of Nature

£40,000

OneRichmond

£45,640

Embracing Age

£10,000

Orange Tree Theatre Ltd

£15,000

FiSH Neighbourhood Care

£20,000

Oxygen

£15,000

Friends of Anstee Bridge

£30,000

Princess Alice Hospice

£27,035

Glass Door Homeless Charity

£20,000

RAKAT CT

£11,900

Ham and Petersham SOS

£20,000

RE N-GAGE

£20,000

Richmond Foundation

Refugee Action Kingston

£15,000

The Good Gym Ltd

£8,720

Richmond Advice and Information on Disability (RAID)

£60,000

The Holly Lodge Centre

£19,800

Richmond Borough Mind

£60,000

The Mulberry Centre

£20,000

Richmond Carers Centre

£59,740

The Otakar Kraus Music Trust

£35,000

Richmond CVS

£30,000

The Purple Elephant Project

£20,000

Richmond Good Neighbours

£15,000

The Real Junk Food Project - Twickenham C.I.C.

£36,345

Richmond Furniture Scheme

£18,000

TW Money Advice Service

£14,000

Richmond Mencap

£35,000

Ukrainian St Mary's Trust Ltd

£15,000

River Thames Boat Project

£11,000

Ukrainian Social Club

£20,000

Riverbank Trust

£51,000

Vineyard Community Centre

£50,000

Room for Work

£12,855

VISOR

£2,500

RUILS

£47,500

Voices of Hope

£30,000

RUILS

£15,000

Woman’s Trust

£15,000

SEEN

£6,000

Skylarks Charity

£45,000

Sub-total of grants to organisations

Southwark Diocesan Welcare

£25,144

Catalyst Grants

£183,799

Space2grieve

£22,000

Education and Third Sector Catalyst

£51,786

SPEAR Housing Association

£17,217

Young Catalyst

£174,984

St Richard’s CE Primary School

£20,000

Sub-total of grants to individuals

£410,569

TAG Youth Club

£31,500

The Cassel Hospital Charitable Trust

£902

Total Grants

£2,615,873

£2,205,304

Richmond Foundation

Overview Richmond Foundation is a permanently endowed charity that derives income from property and listed investments. This income together with amounts released under the total return approach enable the Foundation to make grants to individuals and organisations in the London Borough of Richmond upon Thames. The Foundation also provides private rental accommodation at subsidised rents. Total income for the year was £2.1m (2025: £2.3m) a reduction of 8% from the previous year. This decrease was expected following the restructure of our investment portfolios to 100% listed equities that yield lower income than mixed asset portfolios. Strong performance from listed investments contributed to net investment gains of £9.6m, while the property portfolio recorded revaluation gains of £1.6m. Together, these produced total gains of £11.2m (2025: £0.8m). Total funds increased by 8%, from £117.8m at 30 June 2025 to £126.7m at 30 June 2026.

Grants awarded remained broadly stable, at £2.6m in 2026, compared with £2.7m in 2025.

The year in figures The Foundation’s ongoing financial objective is to generate a stable and sustainable return from its permanent endowment. The year’s specific financial objectives were to implement the recommendations from our property review and set a three-year rolling grants budget using a sustainable spend model.

Property Richmond Foundation has a diverse property portfolio across Richmond Borough. Its income generating assets comprise two commercial buildings, residential properties and the freehold of a social housing estate on Richmond Hill. The total property income for the year was £1.4m (2025: £1.2m). At the year-end, our surveyors, Michael Rogers, completed a Red Book valua92

Financial review

tion of the property portfolio. Where possible, they inspected the properties to inform their valuations. Excluding properties sold during the year, the portfolio’s overall value increased by 2%. This was below the rate of inflation and reflects the challenges affecting property values in the area. Charitable residential properties were the only asset class to decrease in value, falling by 1%. These findings have informed our objective for the coming year to focus on the overall condition of the property portfolio.

Commercial property During the year, the Foundation completed the sale of The Vestry House and recognised an accounting loss on disposal of £148,477. Trustees nevertheless considered the sale to represent a positive outcome in the context of prevailing market conditions. The property would have required significant capital investment to realise its future potential, and Trustees concluded that selling the asset was in the Foundation’s best interests. Richmond Foundation

Our other commercial property is Dickson House where most units were let or had their leases successfully renewed at current market rents. It was fully occupied by June 2026.

Residential property Our residential property is split between investment and charitable tenancies where the charitable tenancies receive rent subsidies effectively reducing their rent to below market value. The ten investment tenancies provide the Foundation with a strong income, although maintenance costs remain relatively high at 28% of income in 2026 (2025: 32%). Many of these are large Georgian properties that, because of their age, can require significant repairs and ongoing investment. Preparatory work undertaken by the Team and Jackson-Stops, our managing agents, also ensured that the changes introduced by the Renters’ Rights Act 2025 on 1 April 2026 were implemented without issue. The new charitable rent policy was imple-

mented during the year, although its full financial effect will be reflected in next year’s figures. Rental income is expected to increase because, overall, some households were assessed as being able to afford a higher rent than they had previously paid, while ineligible households will transition to a market rent. The Foundation also incurred additional costs in implementing the policy.

Listed Investments At the year-end our listed investments were valued at £55.8m (2025: £46.3m) while the Cash Deposit account held £1.9m (2025: £1.4m). Together these assets were valued at £57.7m (2025: £47.7m). This was the first full year of the Foundation’s new investment arrangements: a passive fund with Legal and General Investment Management (LGIM) and an actively managed discretionary fund with W1M. W1M invests our portfolio in a manner consistent with the values of Richmond Foundation as detailed in its Investment Policy. The main portfolio has a long-term objective

to achieve a total return, net of costs, of 5% above inflation. There is also a short-term portfolio that is invested in a liquidity fund. As of 30 June 2026, total assets were £28.6m. The main portfolio had a market value of £26.7m, compared with £22.8m in 2025. The strong performance of world equity markets, particularly in North American and Japan, drove the 18.9% gain over the year. The short-term portfolio had a market value of £1.9m. W1M aims to create long term value for clients while also contributing to better corporate behaviours and positive change. Assessment of ESG factors is an integral part of the W1M’s research and acquisition strategy. Stewardship is key to understand the sustainability strategies of companies with an element of managing climate related risk and capturing opportunities for the transition to a net zero economy. Engagement encourages positive behaviours and W1M exercise voting rights to influence positive outcomes, this includes participating on collaborative engagements.

Financial review

LGIM is one of the largest global managers and can create substantial impact through its stewardship, voting and overall practices. LGIM is one of the best ranked global managers on their ESG policies, process and voting records Richmond Foundation’s holding sits within the L&G Future World ESG Tilted and Optimised Development Index Fund. LGIM’s Climate Action Strategy focuses on setting companies’ clear objectives to reduce carbon dioxide emissions and seeking opportunities to help companies reach or contribute to the transition to Net Zero. Responsible investing and stewardship is core to their approach, engaging with companies with the aim of raising market standards and driving long-term value creation.

Total Returns Under the total return approach, £2.9m (2025: £3.5m) was transferred from the Endowment Fund to the Income Fund. Of this amount, £2.1m (2025: £2.3m) represented endowment income accrued during the year. To maintain the real value of the Trust for Investment, Trustees approved a transfer of £2.4m (2025: £3.3m) from the Richmond Foundation

Unapplied Total Return, based on CPIH inflation of 2.8% for the year to June 2026.

Reserves policy The Foundation’s free reserves at the year-end were £1.0m (2025: £1.1m). The trustees set the required level of free reserves by reference to the budgeted cash requirement for the six months following the year-end. This requirement was £1.1m. The trustees will keep the level of free reserves under review as part of their regular financial monitoring.

Risk Management The overall responsibility for risk management is with the Board of Trustees. Each Committee reviews relevant risks and reports to the Board. During the year a revised set of risk registers were introduced to help this process with risks monitored by the CEO and Directors at their Strategy Meetings. A summary of key risks and their mitigations are shown in these tables. Key Risk

Mitigation(s)

Grants

Grant-holder safeguarding incident and grant-holder procedures or policy were inadequate or not followed

Safeguarding Policy reviewed with additional information on the allegations against people working and volunteering with children or adults at risk procedure. Grant holders submit Safeguarding Policies annually which are reviewed against our Safeguarding Policy Checklist. Monitoring Reports require information on serious incidents and Visits ask about policies, procedures and safeguarding incidents.

Personal Data Breach

Privacy Notice published, thorough update of Data Protection Policy and Data Retention Policy. Two-step authentication on Grant Management System.

Low impact of grantmaking

Assessment criteria to ensure applications from organisation’s address our priorities. Funded partners report on their impact; and we support their collection of qualitative data through film-making and other case studies. We have appointed a Learning Partner to inform the delivery of and evaluate our first large partnership grant ‘Narrowing the Gap’.

Grant commitments exceeding charity income and impact on endowment

Effective budget monitoring in place with six-year financial forecasting. Modelling undertaken to establish an appropriate sustainable spend range taking into account forecast income from our endowment.

Financial review Key Risk

Mitigation(s)

Organisational, Operations and Finance Reputation of Foundation impacted by adverse publicity

Professional advice provided by lawyers and PR Agency. See Media provided steer and guidance on responding to journalists and helped produce public statements.

Lack of office space for team to work in following sale of The Vestry House

Temporary space secured at The Poppy Factory, negotiations taking place to secure longer term office space.

Data protection breach or investigation by the ICO with several Subject Access Requests

Data protection policy updated, external advice on responding to SARs.

Hacking of RF or partner data and cyber security

Back up of data on cloud based system with multi-factor authentication and support by outsourced IT provider.

Trustees’ Liability – responsibility for assets and incidents

Insurance covers trustee liability and plans in place to progress with a corporate trustee structure.

Charity Commission review and reporting of serious incidents

RF has twice made serious incident reports in the year. Strong governance and communication with Trustees on incidents

Ineffective Board and trustee succession

New Chair in place and successful trustee recruitment. Governance review complete with external advisor.

Loss of employees

All role responsibilities documented along with internal process manuals to allow business continuity. Employee retention through training, development and wellbeing.

Temporary falls in value of investments/property

Fluctuations of property and investments uncorrelated so each can act as a buffer for the other. Cash reserves equal to 18 months trading requirements held for short term liquidity.

Richmond Foundation

Key Risk

Mitigation(s)

Property Conditions of buildings – Health & Safety and changing legislation

Management of properties delegated to property managers who are informed of up-coming legislation requirements.

Charitable rent policy not implemented well

Robust legal advice and Trustees consulted on complex cases and decisions.

Safeguarding of tenants

New safeguarding policy in place covering our tenants. Ensure managing agents adhere to policy. Mental health training took place for the team and managing agents.

Properties vacant for long periods

Ensure managing agent are ahead of curve and good marketing of vacancies.

Insurance – not fully covered

Regular review with our broker on changing aspects of portfolio

Build-up of arrears

Regular monitoring meetings with the managing agent, fortnightly meetings to check on progress.

Financial review

Future financial plans In 2026/27 we will continue to implement our charitable housing policy and work with tenants under-occupying their housing to find appropriately-sized alternative accommodation. This may result in vacant residential properties which the Trustees will need to consider for sale or investment rentals. Work on the sustainable spending model will continue and will be integrated into the Foundation’s financial planning and decision-making. Trustees will also continue to review the balance between listed investments and property within the endowment. The asset mix changed from 60:40 in 2025 to 54:46 at 30 June 2026, principally because of gains in the listed investment portfolios.

Structure, Governance and Management Richmond Foundation is a registered charity with charity number 200069 (England and Wales). The Charity was created by a gift of land made by King George III and Queen Charlotte in 1786. King George granted Pesthouse Common on Richmond Hill to the Richmond Vestry in perpetuity and instructed that the land be used for the ‘employment and support’ for the poor of Richmond Parish. The Richmond Vestry was, up until 1890, the equivalent of today’s Council and acted as the original Trustees of the Charity. The Charity was reconstituted in its current form in 1968 and is governed by a Charity Commission Scheme sealed on 13 May 1991 and amended on several occasions since that date. In October 2024, the charity’s name was changed with the Charity Commission from Richmond Parish Lands Charity to Richmond Foundation.

Richmond Foundation

The current Charity Scheme includes the following objects: • The relief of the inhabitants of the London Borough of Richmond upon Thames who are poor or otherwise in need by reason of their youth, age, ill-health, disability, financial hardship or other disadvantage. • The relief of distress and sickness among the said inhabitants. • The provision and support (with the object of improving the conditions of life for the said inhabitants in the interests of social welfare) of facilities for recreation or other leisure-time occupation. • The provision and support of educational facilities for the said inhabitants.

charitable purposes for the public benefit. The Board includes nominated trustees, with two trustees nominated by Richmond Borough Council and one nominated by The Richmond Society. Through a scheme of delegation, the trustees delegate day-to-day responsibilities to the team. The Board retains approval responsibility for all strategic decisions, budgets and CEO remuneration. During the year the Trustee approved a remuneration policy to enable the charity to attract, retain and motivate individuals with the skills and experience necessary to fulfil its charitable purposes whilst ensuring that remuneration remains proportionate and consistent with the charity’s resources and values.

• Any other charitable purposes (whether or not of a nature similar to any of those hereinbefore specified) for the benefit of the said inhabitants. The trustees are responsible for the overall governance, strategic direction and control of the charity and are collectively responsible for ensuring that the charity pursues its 100

Financial review

Statement of Trustee Responsibilities

Trustees are responsible for the preparation of this Annual Report including the financial statements in accordance with applicable law and UK Accounting Standards. They are required to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation. 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 (statement of recommended practice) • Make judgements that are reasonable and prudent • State whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business

Richmond Foundation

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Charity Scheme. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks. Each Trustee confirms that:

This Annual Report including financial statements will be published on the Foundation’s website in accordance with UK legislation governing the dissemination of financial information, which may differ from legislation in other jurisdictions. Trustees are responsible for the maintenance and integrity of the Foundation’s website and of the financial information published on it. Adopted and signed for on behalf of the Trustees

Mary Henes Chair of Trustees

1. So far as the Trustees are aware, there is no relevant audit information that the Foundation’s auditors are unaware of; and 2. The Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Owen Carew-Jones Vice-Chair of Trustees

102

Reference and administrative details

Visit our website for more Trustee information

Our Trustees Jerome Misso

Mary Henes

Chair

as the Richmond Council nomination, Chair from Nov 2025

until Oct 2025, resigned Feb 2026

Carol Fletcher

Owen Carew-Jones

Finance Committee Chair

Vice-Chair

Chris Phillips Property Committee Chair

Richmond Foundation

Ruth Scott Grants Committee Chair (resigned July 2026)

Joanna Nakielny

Claire O’Donnell

(resigned July 2026)

Councillor Richard Pyne

David Herring

Duncan Richford

(as the Richmond Council nomination)

Sarah Franke

Stephen Speak (as the Richmond Society nomination)

From September 2026: Gary Clements, Giselle Cory, Kamna Muralidharan, Mark O’Kelly, Rosemary Watt-Wyness, Tatyana Mursalimov

104

Reference and administrative details

Richmond Foundation Team CEO Philip Barron Grants Director Sarah Wilkins Grants Manager Amy Vogel Grants Manager Cally Ballack-Naudé Digital and Communications Manager Alex Powell Finance & Operations Director Elizabeth Oliva-Hauxwell Property Manager Ashlee Lumley (until October 2025) Property Officer Uzoma Davis (from November 2025)

Richmond Foundation

Registered office and operational address The Vestry House 21 Paradise Road RICHMOND TW9 1SA Registered charity number 200069 Website richmondfoundation.org.uk

Independent Auditors Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street OXFORD OX1 1JD Bankers Barclays Bank PLC 8 George Street RICHMOND TW9 1JU Property Valuations Michael Rogers LLP Chapter House 33 London Road REIGATE TN2 9HZ Residential Property Management Jackson-Stops Swan House 203 Swan Road HANWORTH TW13 6LL Commercial Property Management Dexters Central House 124 High Street HAMPTON HILL TW12 1NS

Solicitors (Residential sales) Perry Hay 25 The Green RICHMOND TW9 1LY Solicitors (Charity Governance) Russell Cooke 8 Bedford Row LONDON WC1R 4BX Solicitors (Commercial leases and sales) Moore Barlow 60 Cheapside LONDON EC2V 6AX Investment Managers Legal & General Investment Management Ltd One Coleman Street LONDON EC2R 5AA Investment Managers W1M Wealth Management Ltd 16 Babmaes Street LONDON SW1Y 6AH

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Independent auditor's report

Independent auditor’s report to the Trustees of Richmond Foundation Opinion We have audited the financial statements of Richmond Foundation (the ‘Charity’) for the year ended 30 June 2026 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: Richmond Foundation

• give a true and fair view of the state of the charity’s affairs as at 30 June 2026 and of its incoming 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 Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 to provide a basis for our opinion. Conclusions relating to going concern Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report,

including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

108

Independent auditor's report

We have nothing to 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 its environment obtained in the course of the audit, we have not identified material misstatements 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 require us to report to you if, in our opinion: • the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records; or • we have not received all the information and explanations we require for our audit. Richmond Foundation

Responsibilities of Trustees As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements 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 thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to 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 (UK) will always detect a material misstatement when it exists. Misstatements 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 financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our knowledge and experience; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including Charities Act 2011. • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and • identified laws and regulations were communicated within the audit team regularly and the team 110

Independent auditor's report

remained alert to instances of noncompliance throughout the audit. We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; • assessed whether judgements and Richmond Foundation

assumptions made in determining the accounting estimates were indicative of potential bias; and • investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; • reviewing relevant correspondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware

of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect 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 financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Gravita Audit Oxford LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Use of our report This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Gravita Audit Oxford LLP Statutory Auditor First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: 112

Statement of financial activities

Statement of financial activities (incorporating an Income and Expenditure account)

Year ended 30 June 2026

Richmond Foundation

2026 Note

2025

Income Fund Unrestricted

Income Fund Restricted

Trust for Investment

Total funds

Income Donations

50,500

19,811

Charitable property

791,989

723,555

Investment property

558,958

519,858

Investments

727,008

1,059,215

Total return allocation to income

2,077,955

(2,077,955)

Other

5,832

6,510

2,083,787

50,500

2,134,287

2,328,949

Total income Expenditure Investment property

266,433

364,511

Investment costs

233,047

205,031

Loss on disposal of property

148,477

54,673

Charitable activities

3,034,996

50,500

702,063

3,787,559

3,571,963

3,034,996

50,500

1,350,020

4,435,516

4,196,178

Net gain/(loss) on investments

9,643,307

394,270

Net (expenditure)/income before other gains/(losses)

(951,209)

8,293,287

7,342,078

(1,472,959)

Net gain/(loss) on property

1,586,169

455,000

Net (expenditure)/income

(951,209)

9,879,456

8,928,247

(1,017,959)

Transfers between funds

865,000

(865,000)

Net movement in funds

(86,209)

9,014,456

8,928,247

(1,017,959)

Total expenditure

Reconciliation of funds Total funds brought forward

1,090,321

116,695,838

117,786,159

118,804,118

Total funds carried forward

1,004,112

125,710,294

126,714,406

117,786,159

All amounts relate to continuing activities. All recognised gains and losses are included in the financial activities. Notes 1-19 below form part of these financial statements.

114

Statement of financial activities

Balance Sheet as at 30 June 2026 2026

2025

Total funds

57,943,000

57,675,000

Note Fixed assets Freehold land and buildings Investment property

10,800,000

12,200,000

Other investments

55,764,975

46,255,068

Other fixed assets

22,041

26,593

124,530,016

116,156,661

Total fixed assets Current assets Debtors Cash investments

238,110

298,488

1,911,006

1,375,739

Cash at bank

249,874

70,487

2,398,990

1,744,714

(214,600)

(115,216)

Total current liabilities

(214,600)

(115,216)

Net current assets

2,184,390

1,629,498

Total net assets

126,714,406

117,786,159

125,710,294

116,695,838

General reserves

1,004,112

1,090,321

Designated funds

Total current assets Current liabilities Creditors and accruals

Represented by: Endowment fund Unrestricted funds:

Total funds

126,714,406

117,786,159

Approved and authorised for issue by the Trustees on 20 October 2026 and signed on their behalf by: Mary Henes, Chair of Trustees

Notes 1-19 below form part of these financial statements.

Richmond Foundation

Elizabeth Oliva-Hauxwell, Finance & Operations Director

Statement of cash flows Year ended 30 June 2026 2026

2025

Total Funds

(2,879,860)

(2,575,289)

Dividends and interest from investments

727,008

1,059,215

Rent from investment properties

292,525

155,347

Investment Management fees

(233,047)

(205,031)

Movement in fixed assets

(3,310)

Cash deposit account

(500,000)

(150,000)

Sale of land and buildings

2,596,523

1,370,327

98,132

165,588

Net cash provided by investing activities

2,977,832

2,395,473

Increase/(decrease) in cash in the year

179,387

(179,816)

Net cash resources at start of accounting period

70,487

250,303

249,874

70,487

Notes Cashflows from operating activities:

Cashflows from investing activities:

Sale of investments

Net cash resources at end of accounting period

Notes 1-19 below form part of these financial statements.

116

Notes to the financial statements

Notes to the financial statements 1. Accounting policies The principal accounting policies adopted by the Charity, which is a public benefit entity, in the preparation of the financial statements are included in this note. Legal status The Charity is an unincorporated charitable trust registered with the Charity Commission of England and Wales, number 200069. The Charity is governed by the Charity Scheme dated 1991. Basis of accounting The financial statements have been prepared under the historical cost convention, modified to include freehold chariRichmond Foundation

table properties, investment properties and fixed asset investments at fair value. The financial statements have been prepared in accordance with the Charities SORP (FRS 102), second edition, applicable to reporting periods beginning before 1 January 2026, and FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. Presentation currency and rounding The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements and notes are rounded to the nearest pound (£). Going concern The Trustees have assessed the Charity’s ability to continue as a going concern for a period of at least 12 months from the date on which the financial statements are authorised for issue. In making this assessment, they considered forecast investment income, property rental income, available liquid

resources, committed grant expenditure and the Charity’s total return and reserves policies. Having considered these factors and reasonably possible downside scenarios, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the assessment period. The financial statements have therefore been prepared on a going concern basis. Income Income is recognised in the Statement of Financial Activities when the Charity has entitlement to the income, receipt is probable and the amount can be measured reliably. Donations are recognised when these criteria are met and are allocated to restricted funds where the donor has imposed a specific restriction. Investment income is recognised when receivable and is accrued to the reporting date where appropriate. Property income is recognised over the period to which it relates. Interest income is recog-

nised using the effective interest method. Expenditure Expenditure is recognised when a present legal or constructive obligation exists as a result of a past event, it is probable that settlement will be required and the amount can be measured reliably. Expenditure is classified under the appropriate heading in the Statement of Financial Activities. Costs attributable directly to an activity are charged to that activity, while support costs relating to more than one activity are apportioned on a reasonable, justifiable and consistently applied basis, principally by reference to staff time. Allocation of expenditure Support costs are allocated to the activity to which they relate on an agreed percentage basis – see note 3a below. Governance costs are the costs associated with the constitutional and statutory requirements and strategic management of the Charity’s activities.

118

Notes to the financial statements

Pension The Charity contributes to a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the Charity in independently administered funds. The contributions and administrative fees due in respect of this scheme for the financial year are charged to the Statement of Financial Activities. Irrecoverable VAT All irrecoverable VAT is included in the Statement of Financial Activities within the expenditure to which it relates. Fund accounting Permanent endowment – Permanent endowment comprises the Trust for Investment and the Unapplied Total Return. The Trust for Investment represents the value of the original permanent endowment and subsequent allocations made to preserve its value; it must be retained in accordance with the governing documents and applicable law. Richmond Foundation

Investment return arising on the permanent endowment is credited to the Unapplied Total Return. The Trustees may allocate part of the Unapplied Total Return to income in accordance with the Charity’s total return policy and the applicable regulations. Restricted Funds – are funds which must be used in accordance with specific restrictions imposed by the donor. General Funds – are unrestricted funds that are available to be used at the discretion of the Board of Trustees to further the charitable objectives of the charity. Designated funds – are general funds that have been set aside by the Board of Trustees for a particular purpose. Where applicable these are explained in the notes of the financial statements. Investments Listed investments are initially recognised at transaction price and subsequently measured at fair value at the reporting date, using quoted market prices where available.

Realised and unrealised gains and losses are recognised in the Statement of Financial Activities. Dividend income is recognised when the Charity’s right to receive payment is established, and interest income is recognised using the effective interest method. Current Asset Investments The liquidity account managed by W1M is classified as a current asset investment because it is held to meet short-term cash requirements. It is initially recognised at transaction price and subsequently measured in accordance with the applicable financial-instrument requirements of FRS 102. Amounts that qualify as cash equivalents are included within cash and cash equivalents for the purposes of the statement of cash flows. Investment Properties Investment properties are held to earn rentals and for capital appreciation. They are initially recognised at cost and subsequently measured at fair value at each reporting date where fair value can be measured reliably without undue cost or effort. Fair value

is determined by reference to independent professional valuations, supported by updated desktop valuations where appropriate. Changes in fair value are recognised in the Statement of Financial Activities. Expenditure that enhances an investment property is capitalised; repairs and maintenance expenditure is charged as incurred. Freehold charitable properties Freehold properties held for the Charity’s own charitable purposes are classified as tangible fixed assets rather than investment properties. They are measured using the revaluation model, with sufficient regularity to ensure that their carrying amount does not differ materially from fair value at the reporting date. Revaluation gains and losses are recognised in accordance with FRS 102 and the Charities SORP. Expenditure that enhances the asset is capitalised, while repairs and maintenance are charged as incurred.

120

Notes to the financial statements

Capitalisation and depreciation of tangible fixed assets The charity capitalises fixed assets over £1,500 at the following rates. Expenditure under £1,500 is written off in the period incurred. Computer equipment – 25% straight line Furniture, fixtures and fittings – 10% straight line Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Basic financial assets Trade and other debtors are recognised at the settlement amount ue after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts. Accrued income and tax recoverable is included at the best estimate of the amount’s receivable at the balance sheet date. Richmond Foundation

Basic financial liabilities Creditors are recognised as soon as there is legal or constructive obligation committing the charity to pay out resources. Grants Grant expenditure is recognised when the Charity has communicated an award to the recipient and has created a legal or constructive obligation that is unconditional, or where any conditions attaching to the grant are outside the Charity’s control. Grants subject to conditions within the Charity’s control are recognised when those conditions are satisfied. Liabilities for multi-year grants are recognised for the full amount of the obligation and measured in accordance with FRS 102. Related party transactions Transactions with related parties are disclosed in the notes of these financial statements. The Trustees and Executives of the Charity are required to declare any interests and recuse themselves from discussions and decisions which may involve

a transaction with a related party or in which they have a conflict of interest.

Significant judgements made by management in the financial statements

Total Returns

The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure. The key estimates relate to the valuation of freehold charitable properties, investment properties and unlisted investments, and to the assessment of grant liabilities where applicable. These estimates are based on experience, professional valuations and other factors considered relevant, and are reviewed on an ongoing basis. Actual results may differ from those estimates.

A total return approach was adopted for the permanent endowment in 2017. The Trust for Investment represents the amount that is held as permanent endowment and cannot be expended as income. The Unapplied Total Return represents accumulated investment return that has not yet been allocated either to the Trust for Investment or to income in accordance with the Charity’s total return policy. The value of the trust for investment was established on 30 June 2009 as being £54.5m. For the year ended 30 June 2026 the Trustees approved the decision to transfer £2.4m (2025: £3.3m) from the Unapplied Total Return fund to the Trust for Investment to maintain its value against inflation.

The estimates and underlying assumptions are reviewed on an ongoing basis. The principal areas of estimation uncertainty are described above and in the relevant notes to the financial statements.

122

Notes to the financial statements

2. Income a. Donations There were no donations made by Trustees during the year. Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Other donations– Cambrian Community Centre

50,500

Other donations – The David King Charitable Trust

19,811

50,500

19,811

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Residential income

743,892

678,519

Non-residential income

48,097

32,927

791,989

711,446

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Residential property income

409,681

360,767

Non-residential income

149,277

159,091

558,958

519,858

b. Charitable property

c. Investment property

Richmond Foundation

d. Investments Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Income from investments

703,652

1,033,876

Money market interest

23,356

25,339

727,008

1,059,215

All investment income is allocated to unapplied total returns in our endowment fund and then allocated to our Income Fund for use in support of Richmond Foundation’s charitable activities. Management charges are taken from the capital by our investment managers and are therefore from the endowment fund.

e. Other

Bank interest

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

5,832

6,510

124

Notes to the financial statements

3. Expenditure a. Analysis of support costs i. Allocation basis for support costs

2026

Staff costs

Other costs

Investment properties

20%

Investment properties

2025

Staff costs

Other costs

15%

20%

Charitable properties

34%

20%

Charitable properties

25%

20%

Grants

42%

50%

Grants

45%

50%

Governance

16%

10%

Governance

15%

10%

ii. Allocation basis for support costs 2026 Staff costs

Investment properties

Charitable properties

Grants

Governance

Total

43,746

185,918

229,664

87,491

546,819 24,057

IT costs

3,614

15,022

1,807

Office costs

13,493

33,732

6,746

67,464

Legal and professional

8,648

21,621

4,325

43,242

Auditors

18,716

Total

69,501

211,673

300,039

119,085

700,298

Our auditor, Gravita, was paid a statutory audit fee of £18,716 (2025: £16,716) and £3,600 for corporation tax services. Total paid to auditors during the year was £22,316 (2025: £16,716). 2025

Investment properties

Charitable properties

Grants

Governance

Total

Staff costs

83,664

136,000

235,512

77,768

532,944

IT costs

3,288

10,665

1,644

18,885

Office costs

10,776

26,941

5,388

53,881

Legal and professional

97,033

2,760

6,900

1,380

108,073

Auditors

16,716

Total

194,761

152,824

280,018

102,896

730,499

Richmond Foundation

b. Investment property and investment management costs and losses on disposal Endowment 2026

Endowment 2025

Direct costs

196,932

169,750

Support costs allocation

69,501

194,761

266,433

364,511

Endowment 2026

Endowment 2025

Management fees

221,047

180,443

Investment consultant fees

12,000

24,588

Total Investment fees

233,047

205,031

Endowment 2026

Endowment 2025

148,477

54,673

Cost of raising funds: Investment property costs:

Loss on disposal of property

126

Notes to the financial statements

c. C haritable Activites Note

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Grants

2,915,912

2,935,840

Charitable properties

50,500

702,063

752,563

533,227

Governance

iii

119,085

102,896

3,034,996

50,500

702,063

3,787,559

3,571,963

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Total

i. Grants £

Direct costs

2,615,873

2,655,822

Support costs allocation

300,039

280,018

Total

2,915,912

2,935,840

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

50,500

490,389

540,889

380,403

ii. Charitable properties

Charitable property expenditure: Direct costs Support costs allocation

211,674

152,824

Total

50,500

702,063

752,563

533,227

The calculated rent subsidy on our residential charitable properties based on Market Value rents from Michael Rogers LLP is £1,063,390 for 2026 (2025: £1,121,789). iii. Governance

Support costs allocation

Richmond Foundation

Unrestricted

Restricted

Endowment

2026 Total

2025 Total

119,085

102,896

d. Grants i. Grants analysis Unrestricted

Restricted

Endowment

2026 Total

2025 Total

Core funding

1,368,795

1,302,759

Project

373,253

352,519

Gateway

129,020

171,090

Partnerships

334,236

310,290

Rent subsidy

1,408

2,205,304

2,138,066

Catalyst

183,799

283,169

Education and Voluntary Sector Catalyst

51,786

59,204

Young Catalyst

174,984

175,383

410,569

517,756

2,615,873

2,655,822

Funding to organisations

Funding to individuals

Direct grants funding total

In addition to direct grants the charity has subsidised rents to organisations of £92,000 in 2026 (2025: £98,507).

iii. Grant Reconcilliation 2026 Total

2025 Total

Grant commitments b/f

48,513

44,310

Grants awarded during the year

2,615,873

2,654,763

Grants paid in the year

(2,630,206)

(2,650,560)

34,180

48,513

Commitments c/f

128

Notes to the financial statements

4. Staff a. Staff costs 2026 Total

2025 Total

Wages and salaries

431,913

426,208

Social security costs

58,474

39,185

Pensions costs

42,817

39,849

Employee benefits

294

533,498

505,535

Total

The full time equivalent average number of staff was 7 (2025: 6). The average number of staff employed was 7 (2025: 7).

b. Salary levels The number of employees receiving emoluments (salary, allowances and benefits in kind, excluding pension contributions) greater than £60,000 p.a. are as follows:

£60,001 - £70,000

2026 Total

2025 Total

No.

£70,001 - £80,000 £80,001 - £90,000

£90,001 - £100,000

£100,001 - £110,000

Total remuneration received by key management personnel being the CEO and two Directors, was £328,786 (2025: £367,440). The Trustees did not receive remuneration or received benefits in respect of their position as Trustees of the Charity (2025: nil). No expenses were claimed by Trustees during the year.

Richmond Foundation

5. Fixed Assets All fixed asset properties were valued at 30 June 2026 by a RICS qualified surveyor (Michael Rogers LLP) using market valuation as the basis of valuation. Fixed assets non-residential properties have been valued based on income yields, local property rents and conditions and lease details. The historic cost of the charitable properties has not been disclosed as a number of the properties were gifted to the Foundation many years ago and complete historic cost records are therefore not available. As a result, the original cost of these properties cannot be reliably determined. No depreciation is charged on the revalued charitable properties as management considers the residual value of the properties to be equal to their carrying amount. Accordingly, there is no depreciation amount to allocate over the properties’ estimated useful lives.

a. Freehold land and buildings - charitable properties Residential properties

Other charitable

Total

Valuation at 1 July 2025

44,940,000

12,735,000

57,675,000

Sales

(900,000)

Reclassification from investment property

90,000

Revaluation

(577,000)

1,655,000

1,078,000

43,553,000

14,390,000

57,943,000

Valuation at 30 June 2026

130

Notes to the financial statements

b. Other fixed assets Computer and office equipment

Furniture, fixtures and fittings

Total

Cost At 1 July 2025 Additions Disposals As at 30 June 2026

19,723 3,310 23,033

21,494 21,494

41,216 3,310 44,527

Depreciation At 1 July 2025 Additions Disposals As at 30 June 2026

10,748 5,713 16,461

3,876 2,149 6,025

14,624 7,862 22,486

NBV at 30 June 2026 NBV at 30 June 2025

6,572 8,975

15,469 17,618

22,041 26,593

6. Investment properties Vestry & Dickson House

Residential properties

Total

Valuation at 1 July 2025

2,875,000

9,325,000

12,200,000

Sales

(1,845,000)

Reclassification to charitable property

(1,845,000)

(90,000)

Revaluation

140,000

395,000

535,000

Valuation at 30 June 2026

1,170,000

9,630,000

10,800,000

The Vestry House was partly used as the Charity’s offices before being sold on 30 June 2026. All investment properties were valued at 30 June 2026 by by a RICS qualified surveyor (Michael Rogers LLP) using market valuation as the valuation basis. Richmond Foundation

7. Investments a. Movements in the investments have been as follows: Equities

Liquid Assets

2026 Total

2025 Total

Opening market value at start of accounting period

45,437,783

817,285

46,255,068

46,070,711

Purchases at cost

3,596,041

(3,591,534)

4,507

46,886,874

Sale proceeds

(4,043,318)

4,043,318

(46,871,607)

6,418

Realised gains/(losses) on investments

2,723,567

8,886,377

Unrealised gains/(losses) on investments

6,905,914

(8,717,287)

(130,499)

54,626,405

1,138,570

55,764,975

46,255,068

Book cost adjustments

Other cash movements Closing market value at end of accounting period

b. Investment portfolio 2026 Total

2025 Total

Equities

54,626,405

45,437,783

Liquid assets

1,138,570

817,285

Total

55,764,975

46,255,068

The historical cost of the investments at the Balance Sheet date was £46,749,603 (2025: £46,072,163).

132

Notes to the financial statements

8. Statement of investment total return The Trustees have adopted a policy of total return accounting for the Charity’s endowment investment returns from July 2017. The Trustees review annually how much unapplied total return should be applied to the permanent endowment, to maintain its value using CPIH, and the income fund to be used as unrestricted funds for our charitable activities. Trust for investment

Unapplied total return

2026 Total

2025 Total

Trust for investment

84,887,470

81,544,159

Unapplied total return

31,808,368

36,659,851

84,887,470

31,808,368

116,695,838

118,204,010

Investment return: total investment income

2,077,955

2,302,628

Investment return: realised and unrealised gains and losses

11,080,999

794,597

Less: investment property and management costs

(499,480)

(569,543)

Other

(702,063)

(533,227)

Total

11,957,411

1,994,456

Transfer of Endowment income to Income Fund

(2,077,955)

(2,302,268)

Transfer from Endowment to Income Fund

(865,000)

(1,200,000)

Other transfers

2,376,850

(2,376,850)

Net movements in reporting period

2,376,850

6,376,606

9,014,456

(1,508,172)

Trust for investment

87,264,320

84,887,470

Unapplied total return

38,445,974

31,808,368

87,264,320

38,445,974

125,710,294

116,695,838

Endowments

At the beginning of the year:

Total Movements in the reporting period:

At end of reporting period:

Total

Richmond Foundation

9. Debtors Amounts due within a year:

2026 Total

2025 Total

Debtors

22,044

17,607

Rent and service charges due

28,270

9,604

Amounts held by property agents

98,845

175,250

Dividends and interest receivable

70,000

82,894

Other debtors and prepayments

18,950

13,133

Total

238,110

298,488

2026 Total

2025 Total

Balance b/f

1,375,739

1,181,415

Cash deposit account transfers in

2,400,000

500,000

Cash deposit account transfers out

(1,900,000)

(350,000)

Net accrued interest

386

Management fees

(234)

(2,094)

Realised gains during period

39,548

55,914

Unrealised gains/(losses) during period

(4,434)

(9,496)

Total

1,911,005

1,375,739

Unrestricted funds

10. Current asset investments

This is a cash deposit account held with W1M Wealth Management Ltd. It is valued at market value as at 30 June 2026. 134

Notes to the financial statements

11. Creditors and accruals Amounts due within a year

2026 Total

2025 Total

Trade creditors

45,213

10,704

Taxation and social security

13,433

11,169

Deferred income

9,150

17,980

Sundry creditors and accruals

146,804

75,363

Total

214,600

115,216

Unrestricted funds

12. Statement of funds 2026

Gains on Transfers investments between funds

Funds c/f

Funds b/f

Income

Expenditure

Trust for investment

84,887,470

2,376,850

87,264,320

Unapplied total returns

31,808,368

2,077,955

(1,350,020)

11,229,476

(5,319,805)

38,445,974

116,695,838

2,077,955

(1,350,020)

11,229,476

(2,942,955)

125,710,294

50,500

(50,500)

1,090,321

5,832

(3,034,996)

2,942,955

1,004, 112

1,090,321

5,832

(3,034,996)

2,942,955

1,004,112

117,786,159

2,134,287

(4,435,516)

11,229,476

126,714,406

Permanent Endowment

Restricted funds General reserves

Unrestricted funds General reserve

Total Funds

Richmond Foundation

2025

Gains on Transfers investments between funds

Funds c/f

Funds b/f

Income

Expenditure

Trust for investment

81,544,159

3,343,311

84,887,470

Unapplied total returns

36,659,851

2,302,628

(1,102,769)

794,597

(6,845,939)

31,808,368

118,204,010

2,302,628

(1,102,769)

794,597

(3,502,628)

116,695,838

General reserve - undesignated

521,508

26,321

(3,038,736)

3,581,378

1,090,321

Designated funds

78,750

(78,750)

600,108

26,321

(3,038,736)

3,502,628

1,090,321

118,804,118

2,328,949

(4,141,505)

794,597

117,786,159

Permanent Endowment

Unrestricted funds

Total Funds

136

Notes to the financial statements

13. Analysis of net assets between funds Unrestricted funds

Restricted funds

Permanent Endowment

Total

Tangible fixed assets

22,041

57,943,000

57,965,041

Investment property

10,800,000

2026

Investments

55,764,975

Current assets

1,196,671

1,202,319

2,398,990

Current liabilities

(214,600)

Total net assets

1,004,112

125,710,294

126,714,406

Unrestricted funds

Restricted funds

Permanent Endowment

Total

2025

Tangible fixed assets

26,593

57,675,000

57,701,593

Investment property

12,200,000

Investments

46,255,068

Current assets

1,178,944

565,770

1,744,714

Current liabilities

(115,216)

Total net assets

1,090,321

116,695,838

117,786,159

14. Capital commitments There are no capital commitments.

15. Contingent assets The Charity has a legal charge dated 1 February 1991 on the Vineyard Congregational Church, Richmond. As at the Balance Sheets date, this interest has a nil market value, unchanged from last year. The Charity has covenant dated 7 February 1983 with London Borough of Richmond upon Thames regarding the use of Queen Charlotte’s Hall, Parkshot. As at the Balance Sheet date, this interest has nil market value, unchanged from last year.

Richmond Foundation

16. R econciliation of net expenditure to net cash flow from operating activities 2026 Net (expenditure)/income from SoFA

Total £

8,928,248

Adjusted for: Depreciation

7,862

Rent from investment properties

(292,526)

Dividends and interest receivable

(727,008)

Investment management costs

233,047

(Gains)/losses on investments

(9,643,307)

(Gains)/losses on revaluation of investment properties

(535,000)

(Gains)/losses on revaluation of charitable properties

(1,078,000)

Loss on sale of property

148,477

(Increase)/decrease in debtors

60,378

(Decrease)/increase in creditors

99,383

Net cash used in operating activities

2025 Net (expenditure)/income from SoFA

(2,798,444)

Total £

(1,017,959)

Adjusted for: Depreciation

5,609

Rent from investment properties

(155,347)

Dividends and interest receivable

(1,059,215)

Investment management costs

205,031

(Gains)/losses on investments

(394,270)

(Gains)/losses on revaluation of fixed assets

140,000

(Gains)/losses on revaluation of charitable properties

(595,000)

Loss on sale of property

54,673

(Increase)/decrease in debtors

275,321

(Decrease)/increase in creditors

(34,132)

Net cash used in operating activities

(2,575,289)

138

Notes to the financial statements

17. Reconciliation of net debt At start of year

Cash-flow

At 30 June 2026

70,487

179,387

249,874

Cash

18. Related party transactions Some of the Charity’s trustees are connected with one or more voluntary organisations which receive grants from the Charity. When the possibility of awarding a grant to such an organisation is being considered, the Trustee declares the interest and does not take part in any final decision making. No Trustee receives any remuneration or expenses reimbursed from the charities Richmond Foundation supports. Grants for the previous financial year are shown. Charity

2026 Funding

2025 Funding

• Project grant for a dedicated Mental Health Access Worker to support people experiencing homelessness to develop the skills, coping strategies and tools to manage and improve their mental wellbeing, and to connect to relevant mental health services and further support.

£17,217

£17,536

• Rent subsidy (unpaid)

£48,000

£46,600

£36,345

£44,019

£45,640

SPEAR Housing Association

Duncan Richford is a Trustee. The Real Junk Food Project • Core grant for The Real Junk Food Project provides healthy and affordable food using surplus food at venues in Richmond to support individuals and families who are experiencing food insecurity and isolation. Claire O’Donnell is a Volunteer. OneRichmond • OneRichmond is the place-based giving charity for the borough Stephen Speak was the chair of Trustees until April 2026. Sarah Wilkins is a Trustee.

Richmond Foundation

19. Statement of financial activities, year ended 30 June 2025 Unrestricted funds

Permanent Endowment

2024 Total

19,811

Charitable property

723,555

Investment property

519,858

Investments

1,059,215

2,302,628

(2,302,628)

Income Donations

Total return allocation to income Other Total Income

6,510

2,328,949

Expenditure Investment property

364,511

Investment costs

205,031

Loss on disposal of property

54,673

Charitable activities

3,038,736

533,227

3,571,963

Total Expenditure

3,038,736

1,157,442

4,196,178

394,270

Net expenditure before other gains/losses

(709,787)

(763,172)

(1,472,959)

Unrealised gain on revaluation of property

455,000

Net expenditure/income

(709,787)

(308,172)

(1,017,959)

Transfers between funds

1,200,000

(1,200,000)

Net movement in funds

490,213

(1,508,172)

(1,017,959)

Total funds brought forward

600,108

118,204,010

118,804,118

Total funds carried forward

1,090,321

116,695,838

117,786,159

Net gain/(loss) of investments

Reconciliation of funds

140

Notes to the financial statements

2026 Annual Report and Financial Statements Charity No: 200069

richmondfoundation.org.uk