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2021-03-31-accounts

Charity Number: 1157164

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Contents

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

LEGAL & ADMINISTRATIVE INFORMATION

FOR THE YEAR ENDED 31 MARCH 2021

Legal and administrative information

Charity number - 1157164
Trustees - L Duvall (Chair)
P Croall
W Edgerley
R Goodwin
T Mitton
G Parker (Nominated)
N Snook
Operational address - Charlton House
Charlton Road
London
SE7 8RE
Auditors - Simpson Wreford LLP
Chartered Accountants
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Message from the Chair and Chief Executive presenting the 2020/21 Annual Report

During 2020/21 we began delivery of our ten-year strategy describing our ambitions to 2029. We cannot start this report without recognising the terrible impact of the COVID 19 pandemic nationally and internationally. We close 2020 and open 2021 having to seriously refocus our activities in a truly transformed landscape for the cultural sector, and all sectors. We could not have anticipated a year ago that we would find ourselves impacted by a full year of intermittent closure of Charlton House.

We are grateful to our supporters including the Royal borough of Greenwich, the National Lottery Heritage Fund, Historic England, Arts Council England and Historic England for their continuing help and support this year.

2020/21 has been a busy year. Our report charts significant change over the last twelve months because of the pandemic. Our ten-year strategy described our ambition to improve conservation of, access to, and learning about all the cultural heritage in our care and although this strategy must now be revisited considering the global pandemic, we are still on track to deliver our charitable fundraising objectives.

Our new Patrons programme was due to launch last year, and though this has been paused by the pandemic, we are still planning to launch the scheme and are grateful for the interest local people have shown in supporting our work.

Despite the challenges of lockdown, we had several notable successes during 2020/21. At Charlton House we continued the repair of the Summer House. The exciting history and significance of the Summer House, and indeed of Charlton House is revealed more with each phase of research.

We were sadly forced to halt delivery of year 2 of ‘Meet the Collections’ a programme supported by the National Lottery Heritage Fund, Garfield Weston and the Tanner Trust. Inspired by the collections and archive of Royal Greenwich providing access to our collections at venues across the borough we drew on its success to launch Greenwich: Tales through Time, an online exhibition inviting local people to contribute to the Royal Greenwich Archive and collections with their experiences of the pandemic. Initially intended as a project in the community this was quickly moved to a digital presence once it was clear we would continue to operate under Covid restrictions.

Now, more than ever, we are facing a re-evaluation of the histories we share and the stories that connect us to our local community. The pandemic has been a time of great loss and sacrifice, as well as a great time of reflection and amazing acts of generosity.

Len Duvall, OBE AM (Chair) Tracy Stringfellow (CEO)

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report, together with the audited financial statements for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (effective 1 January 2019) and the Financial Reporting Standard FRS 102

Reference and administrative details

Royal Borough of Greenwich Heritage Trust CIO (“the Charity”) is registered with the Charity Commission of England and Wales, under registration number 1157164. The principle operating address is Charlton House, Charlton Road, London, SE7 8RE.

The Trustees who served in the period were: L Duvall P Croall W Edgerley R Goodwin T Mitton N Snook M Williams (Resigned 5[th] May 2020) G Parker A Khaireh (Nominated May 2020, resigned Feb 2021)

G Parker, M Williams and A Khaireh were nominated by Royal Borough of Greenwich to act as Trustees.

The Board of Trustees oversee the Charity which is managed day to day by the Chief Executive Officer, Tracy Stringfellow.

During 2020/21 Adel Khaireh stood down as Trustee. We thank him for his contribution.

Governance

The Charity is registered with The Charity Commission as a Charitable Incorporated Organisation (CIO). The Charity was registered on 22 May 2014 and commenced charitable activities on 1 July 2014.

The Charities Act 2011 creates the basic legal framework for the CIO and the governing document is the Charities Commission Association Model CIO Constitution.

Appointment and nomination of Charity Trustees

Appointed Charity Trustees

Apart from the first Charity Trustees, every appointed trustee must be appointed for a term no less than three years and passed by an ordinary resolution at a properly convened meeting of the Charity Trustees. In selecting individuals for appointment as Trustee, the Charity’s existing Trustees must have regard to the skills, knowledge and experience needed for the effective administration of the Charity.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Nominated Charity Trustees

Royal Borough of Greenwich may nominate two Charity Trustees. Any nomination must be made at a meeting held according to the ordinary practice of Royal Borough of Greenwich and apart from the first nominated Trustees, must be for a term of no less than one year. The appointment will be effective from the later of:

A nominated Trustee need not be a member of Royal Borough of Greenwich. He or she has the same duty under clause 9(1) as the other Charity Trustees to act in the way he or she decides in good faith would be most likely to further the purposes of the Charity.

Induction and training of Charity Trustees

Upon a Trustee’s appointment, the Trustee is invited to an induction briefing in order to give them a detailed overview of the Charity’s aims and objectives. Training is available for all board members in order to assist them in performing their duties as Trustee. This training is available on request and authorised by the Board of Trustees where a skills gap is identified.

Trustees held an informal structure review in June 2018 when it was agreed it was necessary to review the structure to better meet the needs of the next phase of our development.

HR Services Partnership completed a Trustee skills audit which was followed by a National Council for Voluntary Organisations Board review following a development day with Trustees in October. The skill gaps identified in the governance structure and any further recommendations for change will be implemented in 2020/21.

Retirement and removal of Charity Trustees

A Charity Trustee ceases to hold office if he or she:

The Chief Executive Officer (CEO)

The CEO of the Charity, Tracy Stringfellow, was appointed by the Board after serving in the post as Acting CEO during the transfer process. The post holder was appointed permanently following a decision of the Board.

The CEO reports to the Chair, L Duvall, who, with the Board, is responsible for removal of the CEO, if appropriate.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Sub Committees

The Board meet every 2 months. Following a governance review in 2020 the committees of the Board are:

The Finance and Audit Committee

Oversees the financial reporting process to review our regular management accounts as well as our published financial information. It also reviews the Trust’s external audit function, including recommending and assessing the performance of the external auditor.

The Capital Works Committee

Oversees the capital work at Charlton House & Gardens and across our portfolio. In 2020/20 it has led on the delivery of Phase II of the Summer House programme.

The Programming Committee

Overseas the public programming including all public activities and events delivered by, or delivered in partnership with Royal Greenwich Heritage Trust. The committee is also responsible for accessions to the museum and archive collections.

The Leadership Team comprises senior staff who support the Chief Executive in fulfilling her responsibilities. The Executive Team formulates strategy for the Board of Trustees’ consideration and approval, ensures its delivery and oversees the day-to-day operation of the Trust. The Leadership team consists of:

Estates & Conservation Manager – Carolyn Ayers.

Head of Finance – Krissie Chitty. Visitor & Operations Manager – Edward Schofield. Marketing & Communication Manager – Helen Moon. (Resigned December 2020) Business Development Executive – Martin Vincent (Fixed Term contract) Head of Public Programming – Janet Denne (Fixed Term contract – appt Sept 2020)

Related parties

The Charity has an investment in a company called Greenwich Heritage Trading Limited, of which it has total control. This subsidiary operates the commercial usage within the building of Charlton House. Activities include wedding income, car parking charges and other commercial room hire. The trading company will donate all profits to the Charity at the end of its financial year.

As a result of the impact on trading of the Coronavirus Pandemic the Tea Rooms was closed in March 2020. The Board have taken the decision not to reopen the Tea Rooms but to seek alternative provision in 2021 through a formal tender process.

.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Decision making

The Charity has power to do anything which is calculated to further its objects or is conducive or incidental to doing so. In particular, the Charity’s powers include power to:

Risk management

In the current year the Trustees have focused particularly on risk management and risk register and particularly in light of the pandemic the need to emergency plan. This work has resulted in a more robust risk management process with annual review and bi-monthly review of risk by committee. This has prioritised assessment of risk and has created a greater understanding within the executive team.

Objects of the Charity

Royal Borough of Greenwich Heritage Trust CIO aims to:

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Activities of the Charity

The Trustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

The activities that have helped contribute to the achievement of the objectives of the Charity in the year to 31 March 2021 are detailed below.

Tales through Time project

Funding received from Arts Council England for ‘Festival of Archaeology’ and Historic England ‘Greenwich: Celebrating our Heritage’. Work started in October 2020 allowing some staff to return from Furlough leave. The new online exhibition went live on 8 February 2021.

Collection and Archive – The online exhibition contained 40 rarely displayed items from our collection and archive, that were professionally photographed and researched. The items were selected specifically to help stimulate dialogue around life during the pandemic in the diverse communities of Greenwich and focused on themes such as celebration, communication, food and health. Objects included:

There was an interactive game and illustration on the home page, to engage people.

Conservation - As part of the project, we were able to carry out important research and conservation work on the the Ichthyosaur fossil in the Royal borough of Greenwich museum collection.

Access – We upgraded the cataloguing system, so that we can store born-digital material.

Community Engagement – The Tales through Time exhibition launched online with stories from people in the local community who were interviewed as part of the project. Voices from the community included: a local osteopath, a working mother (who was home-schooling), a local greengrocer, a Charlton café owner, a musician and a schoolgirl (studying from home).

We developed lists of community groups and emailed them about this exhibition and started to develop contacts for when we can interact with them in person.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Learning - 13 downloadable learning resources were written and designed, based on the themes of the exhibition and linking in with KS1 and KS2. These will form the basis of the future family activities in Charlton House and the formal Education Programme. The project Outcomes were:

We have continued to communicate with schools to work on an education programme when covid restrictions allow.

Access

Charlton House & Gardens – We continued access to Charlton House and Charlton Assembly Rooms for users within COVID restrictions including Greenwich libraries, St Johns training and a variety of community groups when government guidance allowed.

The Old Library at Charlton House was selected as a Covid-19 vaccination centre by the NHS in 2020. This successful partnership continues, and the income generated from the hire of the space has supported the overheads of the Grade I Listed estate and its upkeep including the return from furlough from most RGHT staff. Charlton House was used as a convalescence hospital for returning soldiers in the first world war and its use as a vaccination centre today is a welcome addition to the Charlton House narrative.

COVID compliance - Considerable time and effort went in to ensuring the buildings in our care were and continue to be Covid secure. Enhanced cleaning routines and robust RGHT risk assessment were required in order that staff, tenants, hirers, contractors and visitors remained and felt safe when on site. We have also been vigilant in ensuring all our contractors, tenants and hirers have relevant risk assessments and procedures in place to ensure they are following government guidelines.

Museum Collection & Archive

Access to the borough’s archive is not currently possible as the research space and staff workspaces are within the same area. Due to the current levels of concern about the pn-going situation with Covid19 is it not safe to allow public access to such enclosed office spaces. RGHT are using the period of closure to carry out an essential inventory and cataloguing project of both the museum and the archive. A top-level inventory of the archive is underway.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Conservation

Summer House

Following the grant funding we received at the start of 2020 from Historic England of £47,000 to progress further strip out and enabling works in the Summer House. This work was halted by the COVID-19 pandemic. The project is led by Architect Charlie MacKeith and research continues on site. Following the lead theft from the roof in summer 2019, this has now been replaced and alarmed, preventing another attempted theft later in the year. In addition, a tree survey was undertaken to assess the impact of the trees adjacent to the Summerhouse.

Charlton House

Historic England also funded an investigative report into the condition of the Charlton House roof. Throughout 2020 water ingress through the long gallery and into the Old Library became increasingly problematic, risking damage to the plaster ceilings and loss of the decorative finishes. This deterioration also impacts our ability to utilise the second floor rooms, which are of greatest historical significance. The findings of the report were shared in May and we are in the process of providing a final detailed cost plan which will allow us to tackle this significant problem to protect the historic fabric of the House.We appointed Structural Engineers to report on the condition of the Oak Stair at Charlton House. The result was that the stair, whilst showing some evidence of previous structural shift was stable. We have installed markers and our Estates team continue to monitor any future movement as part of the programmed maintenance plan.

Charlton Gardens

Our garden volunteers have continued to work throughout 2020 when lockdown would allow. In partnership with members of Charlton & Blackheath Amateur Horticultural Society, and Head Gardener Jason Carty the Pond Garden has been transformed, weeded, and replanted, with the installation of a beautiful new bird bath inspired by the original pond. Greenwich Neighbourhood Growth Fund generously supported the work of CABAHS in the Pond Garden. The benefits to the volunteers for health and wellbeing, and the increased enjoyment of the greenspaces within the Charity estate during the pandemic have been noticeable.

Charlton Assembly Rooms

Lead was stolen from the roof of the Grade II Assembly Rooms and damage sustained to the cupola and tiles. We are looking into alarm options and will replace the roof with the money received from the insurance claim.

Memorials

In partnership with RBG we continue to commemorate all those from the borough who are remembered on the memorials for which we act as custodian. We continue to carry out our annual condition surveys on the memorials: Ha Ha Road; Maze Hill; Greenwich Peninsula; Eltham and the Victoria Cross commemorative paving stones in Woolwich; Charlton; Greenwich and Greenwich Park.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

London Living Wage

We are proud to remain a London Living Wage employer.

Volunteers

The trust has worked with 63 volunteers on projects in 2020/21. Roles have included supporting the following:

We are developing opportunities for volunteering across the trust, revising our strategy and exploring future opportunities for apprenticeships and other none vocational less traditional routes into the cultural heritage and charity sector to ensure we are providing opportunities for young people and more people from diverse backgrounds to be a part of our plans

Tenants

Where possible the charity has looked to help and support our current tenants through the pandemic through rend reductions and deferrals. As we begin to open up Charlton House we are working with tenants and regular hirers to open where restrictions allow and where is financially sustainable for the charity.

Service Level Agreement Funding

Royal Borough of Greenwich (“the Council”, “RBG”) transferred the Charity’s assets and employees from the Council to the Charity, with effect from 1 July 2014.

The Council fund some of the activities of the charity under a Service Level Agreement (SLA). The current Service Level Agreement covers the period of 1 April 2020 to 31 March 2023. The total price for the service to March 2023 was £1,394,046 plus VAT, in which £501,203 was the first annual instalment for 2020/21.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Grant funding received

The Charity accounted for £272,536 of donations and grant funding and other financial support in 2020/21. Of this, £117,549 was restricted.

The £117,549 restricted funds received during the year were made up of:

The £155,016 Unrestricted grants & donations were made up of:

Financial review

The Statement of Financial Activities on page 18 shows an unrestricted surplus of £390,122 at the year end. There are six designated funds totalling £145,000 which are unrestricted as per note 14 to the accounts on page 34.

The principle funding sources which are included within unrestricted funds are that of a Service Level Agreement with Royal Borough of Greenwich and room hire. These funds have been utilised in support of the main objectives of the Charity by generally maintaining the building and grounds, employing staff to continue operations and covering any incidental costs related to the buildings.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

The table below identifies achievements in the 2020/21 accounting period clearly the Covid-19 pandemic has had a significant impact on our ability to engage with audiences The sustained visit numbers to Charlton House are a direct result of the use of the house as a Covid -19 vaccination centre.

Measure of Success
2019/20 Actual
2020/21 Actual		 Measure of Success
2019/20 Actual
2020/21 Actual		 Measure of Success
2019/20 Actual
2020/21 Actual
Education and learning about the history of the borough for the general public
Percentage of RBG schools reached
0%1
0%2
Number of learning events for families
8
0
Number of activities delivered
53
0
Promotion of the assets for the benefit of the inhabitants of the Royal Borough of Greenwich
Number of visits to web site
113,391
61,871
Attainment of Visitor Attraction Quality
Assurance Mark (VAQAS)
Retain VAQAS at
Charlton House
Retain VAQAS at
Charlton House
Event user numbers to Charlton House
42,002
22,873
Visitor numbers to museum & archive
115
0
Number of users of Outreach Programme
453
0
Number of public enquiries dealt with per
annum: in person, via email/in writing
2,212
461
Care and conservation of the historic buildings and assets in the care of the Trust
Retain Museum Accreditation standard Deliver Collections
Development Strategy
within current Business
Plan		 Deliver Collections
Development Strategy
within current Business
Plan

1 2019/20 was due to the Heritage Centre Museum being closed and the Education Officer post vacant.

2 The pandemic was the major factor after delayed recruitment we appointed a new Learning Officer in November 2020 and have been engaging with schools how to reach them when restrictions allow.

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Plans for future periods - The key aims for 2021/22 are

----- Start of picture text -----
-
Strategy Review the strategy and deliver on the 3 year Business Plan following on from
Coronavirus pandemic
-
Conservation, Complete the Charlton Summer House enabling works programme.
repair &
Maintenance - Planning will restart on our project work, the conservation and repair of Charlton
House capital project, initially focusing on the roof
-
Fundraising Utilising our appointed fundraising consultant we are focusing Essential repair
works to the roof
-
launching our Patrons scheme locally to provide new opportunities for donations
and support
Education - Deliver a new Schools program, designed with local teachers to meet their needs
during the current period of restrictions.
-
Our Meet the Collection outreach programme, generously supported by the
National Lottery Heritage Fund, will restart in 2021 once restrictions are relaxed
-
Restart the holiday programme for families – Charlton House Explorers
Collections - Focus on cataloguing the museum and archive collection to fully meet the
standards of Arts Council England Museum Accreditation and National Archives
Accreditation.
-
Programming Restart the Music Concert series and programme events for Halloween and
Christmas
-
Beginning planning for 2022/23
Income - Review the activities within the charity and trading subsidiary
generation
-
Review the operational hours of Charlton House to allow cost savings to be made
but balance with the needs of the users of the building
-
Wellbeing Make wellbeing in the workplace an important part of RGHT culture and focus on
supporting our staff through remote working
-
Continue with annual staff surveys for all to contribute
-
Implement individual Wellness Action Plans
----- End of picture text -----

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021

Statement of responsibilities of the Trustees

The Trustees should prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the surplus or deficit of the Charity for that period. The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with the Charities Act 2011.

In preparing those financial statements the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. 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.

Reserves policy

Reserves are needed to bridge the gap between spending and receiving of resources. The Trustees annually review the reserves policy and agree free unrestricted reserves are needed:

The trustees would consider that the ideal level of reserves as at March 2021 would be £245,000. It is the Charity’s policy to have sufficient cash reserves to cover three months of operational costs, particularly employee salaries.

Unrestricted funds held by the Charity amount to £390,122 at the year end. These funds are held for future charitable activities and taking into account the prudent reserve needed specified above it has been agreed to designate £145,000 to a variety of funds including £100,000 for essential roof repairs works. Restricted funds held by the Charity amount to £62,202.

Approved by the Board of Trustees on 20[th] July 2021 and signed on its behalf by:

….……………

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

Opinion

We have audited the financial statements of Royal Borough of Greenwich Heritage Trust CIO (the ‘Charity’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Consolidated Cash Flow Statement and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

We have nothing to report in this regard.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 14, 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 they 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.

Our responsibilities for the audit of the financial statements

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. 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

Audit response to risks identified

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 noncompliance with laws and regulations to enquiry of the directors 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.

Use of our report

This report is made solely to the Charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charityʼs members those matters we are required to state to them in an auditorʼs 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 Charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Broder BSc FCA (Senior Statutory Auditor) for and on behalf of Simpson Wreford LLP, Statutory Auditor

Wellesley House Duke of Wellington Avenue Royal Arsenal London SE18 6SS

Dated: …………………...

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ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other
6
Total income
Expenditure on:
Raising funds – cost of trading activities
Charitable activities
Governance cost
Total expenditure
7
Net (deficit)/surplus before transfers
Transfers
Gross transfers between funds
Net (deficit)/surplus before other
recognised gains and losses
Other recognised gains and losses
Re-measurement (losses)/gains on defined
benefit pension schemes
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 Unrestricted
Restricted
Funds
Funds
Total
Total
2021
2021
2021
2020
£
£
£
£
154,987
117,549
272,536
87,637
697,767
-
697,767
831,663
23,788
-
23,788
130,454
514,000
-
514,000
(83,000)
1,390,542
117,549
1,508,091
966,754
(34,547)
-
(34,547)
(79,167)
(804,974)
(98,721)
(903,695)
(1,063,183)
(30,466)
-
(30,466)
(26,265)
(869,987)
(98,721)
(968,708)
(1,168,615)
520,555
18,828
539,383
(201,861)
-
-
-
-
520,555
18,828
539,383
(201,861)
(432,000)
-
(432,000)
170,000
88,555
18,828
107,383
(31,861)
301,567
43,374
344,941
376,802
390,122
62,202
452,324
344,941

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

18

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed assets
Office equipment
8
Investments
9
Current assets
Stocks
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: Amounts falling due within
one year
11
Net current assets
Net assets excluding pension liability
Defined benefit pension liability
13
Total assets
Funds represented by:
Restricted funds
Unrestricted funds
Total funds
14		 Group
2021
£
3,304
-		 Group
2020
£
8,393
-
8,393
1,433
555,531
414,954
971,918
(305,370)
666,548
(330,000)
344,941
43,374
301,567
344,941		 Charity
2021
£
3,304
1		 Charity
2020
£
7,004
1
3,304
421
1,482,788
627,254		 3,305
200
1,492,508
624,492		 7,005
200
561,582
377,589
2,110,463
(817,443)		 2,117,200
(811,421)		 939,371
(309,904)
1,293,020 1,305,779 629,467
(844,000) (844,000) (330,000)
452,324 465,084 306,472
62,202
390,122		 62,202
402,882		 43,374
263,098
452,324 465,084 306,472

The financial statements on pages 18 to 38 were approved by the Trustees on 20[th] July 2021 and signed on their behalf by:-

…………..

19

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

STATEMENT OF CASH FLOWS AND CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash surplus /(deficit) from
operating activities
21
Cash flows from investing activities
Purchase of tangible fixed assets
Increase/(decrease) in cash and cash
equivalents in the year
Cash and cash equivalents at the
beginning of the year
Total cash and cash equivalents at
the end of the year		 Group
2021
£
212,300
-
212,300
414,954
627,254		 Group
2020
£
20,829
(9,909)
10,920
404,034
414,954		 Charity
2021
£
246,902
-
246,902
377,590
624,492		 Charity
2020
£
(5,543)
(9,909)
(15,452)
393,042
377,590

20

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies

a. Basis of accounting

The accounts have been prepared under the historical costs convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

b. Income

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. The value of services provided by volunteers has not been included as the value of their contribution cannot be reasonably quantified in financial terms. Donations are recognised in the financial statements upon receipt.

Incoming resources from the Service Level Agreement are included in the Statement of Financial Activities on an accruals basis.

Incoming resources from other charitable activities are included in the Statement of Financial Activities on an accruals basis.

Income is deferred to the next period where the invoice has been raised in advance and is included in the relevant period.

Unrestricted grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable. Designated grants are recognised only to the extent of current year expenditure.

Donated services and facilities are recognised as an incoming resource where the provider of the service has incurred a financial cost. The contribution of volunteers’ time is not included in the financial statements in accordance with the Charities SORP (FRS 102).

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

c. Expenditure and irrecoverable VAT

Resources expended are recognised on an accruals basis as the liability is incurred. Support costs are allocated to each activity based on employee time spent. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

21

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

d. Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Charity’s activities. These costs have been allocated to expenditure on charitable activities, unless where stated separately in note 7.

e. Fund accounting

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the Charity without further specified purpose and are available as general funds.

Designated funds are unrestricted funds earmarked by the management committee for particular purposes as indicated at the time that the funds are received.

f. Heritage and fixed assets

Heritage assets used by the Charity are related to leases over historical properties which were donated. Heritage assets have not been capitalised as the Trustees consider the costs involved in valuing the leases to be out of proportion to the value of the results of such an exercise to users of the accounts. Accordingly, the costs of conservation have been written off to the Statement of Financial Activities as they were incurred.

Other assets used by the Charity were not purchased by the Charity and have been determined to have no cost value and no depreciation charge is included in the accounts. Individual fixed assets costing £1,000 or more are capitalised at cost and depreciated over their estimated useful economic life as follows:

Office equipment 3 years straight line

Assets purchased will incur a full year’s depreciation in the year of purchase and none in the year of disposal.

Investments are included in the accounts at cost with interest receivable being credited to investment income in the statement of financial activities.

g. Stock

Stock is held at the lower of cost or net realisable value. Cost is determined on a first in first out basis. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale. Provisions are made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Donated items of stock are recognised at fair value which is the amount the Charity would have been willing to pay for the items on the open market.

22

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting policies (continued)

h. Debtors

Trade and other debtors are recognised at the settlement amount due after any discounts offered. Prepayments are valued at the amount prepaid net of any discounts due.

j. Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k. Pension schemes

For defined benefit schemes, the pension costs are assessed using the projected unit method, the cost of providing pensions is charged to the Statement of Financial Activities so as to spread the regular costs over the service lives of the employees. The pension obligation is measured at the present value of the estimated future cash flows using interest rates on government securities that have terms to maturity approximating the terms of the related liability.

When the benefits of a scheme are improved, past service costs are recognised as an expense on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits are already vested, following the introduction of, or changes to, a defined benefit plan, the past service cost is recognised as an expense immediately.

The Charity also operates a defined contribution pension scheme. The assets of this scheme are also held separately from those of the Charity in an independently administered fund. Contributions are charged to the Statement of Financial Activities as they become payable.

23

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

2. Financial performance of the Charity

The consolidated statement of financial activity includes the results of the Charity’s wholly owned subsidiary which operates the café at Charlton House. The summary financial performance of the Charity alone is:

Income
Gift aid from subsidiary company
Expenditure on charitable activities
Re-measurement (losses)/gains on
defined benefit pension schemes
Net surplus/(deficit)
Funds brought forward
Total funds carried forward
Represented by:
Restricted income funds
Unrestricted income funds		 2021
£
1,484,303
38,469
1,522,772
(932,161)
(432,000)
158,611
306,472
465,083
62,202
402,881
465,083		 2020
£
836,300
-
836,300
(1,079,447)
170,000
(73,147)
379,619
306,472
43,374
263,098
306,472

24

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

3. Donations and legacies

Concert donations
Public donations
Grants receivable for core activities
RGHT Friend Membership		 Unrestricted Restricted
funds
funds
Total
Total
2021
2021
2021
2020
£
£
£
£
-
700
700
8,980
10,592
-
10,592
9,750
143,828
116,849
260,677
68,270
567
-
567
637
154,987
117,549
272,536
87,637

4. Income from charitable activities

Unrestricted
Restricted
funds
funds
Total
Total
2021
2021
2021
2020
£
£
£
£
501,203
-
501,203
501,203
59,197
-
59,197
155,614
75,701
-
75,701
112,543
22,967
-
22,967
33,700
(83)
-
(83)
4,146
1,097
-
1,097
323
24,380
-
24,380
17,421
342
-
342
852
1,931
-
1,931
3,264
11,032
-
11,032
2,597
697,767
-
697,767
831,663
Local authority service contracts
Royal Borough of Greenwich
Room hire
Rental charges
Service charges
Civil ceremonies and weddings
Recoverable staff costs
Other recoverable costs
Research fees
Bank and other interest
Miscellaneous income

25

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

5. Commercial trading operations

The wholly owned subsidiary Greenwich Heritage Trading Limited is incorporated in the United Kingdom (company number 09021486) and pays all of its profits to the Charity as a distribution under the gift aid scheme. Greenwich Heritage Trading Limited mainly provides catering, wedding and function services for events at Charlton House.

The café trade at Charlton House by the subsidiary has been suspended since March 2020 due to Covid-19 restrictions and Trustees made the decision in October 2020 to cease this activity and to investigate outsourcing the café function for the future.

The summary financial performance of the subsidiary alone is:

Turnover
Grants received
Costs of sales and administrations costs
Net (loss)/profit
Gift aid donation to the Charity
Movement in reserves
The assets and liabilities of the subsidiary were:
Fixed assets
Current assets
Current liabilities
Total net assets
Aggregate share capital and reserves		 2021
£
6,460
17,328
(36,547)
(12,759)
(38,469)
(51,228)
-
3,196
(15,954)
(12,758)
(12,758)		 2020
£
130,454
-
(89,167)
41,287
-
41,287
1,390
46,808
(9,728)
38,470
38,470

6. Other income

Unrestricted
Restricted
funds
funds
Total
Total
2021
2021
2021
2020
£
£
£
£
(Decrease)/ increase inpension indemnity 514,000
-
514,000
(83,000)

Royal Borough of Greenwich provided an indemnity equivalent to the pension deficit at the end of the year.

26

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

7. Total resources expended

. Total resources expended
Cost of
Costs of
Governance
Raising funds
Commercial trading operations
Charitable activities
Agency staff
Staff salaries and social security costs
Redundancy cost
Defined contribution pension cost
Pension service cost
Staff training
HR and recruitment costs
Project - Resilient Heritage
Cleaning, refuse and pest control
Insurance and security
Premises repairs and maintenance
Rates, light and heat
Advertising, events and exhibition costs
Concert expenses
Telephone and broadband
Printing, postage and stationery
Books, publications and artwork
Equipment rental
Small equipment and repairs
IT costs
Subscriptions
Learning materials
Legal and professional fees
Consultancy fees
Cash collections
Audit and accountancy fees
Travel and subsistence
Bank service charges
Net interest on the defined pension liability
Miscellaneous expense
Partial VAT exemption charge
Depreciation
Bad debt provision		 generating
charitable
costs
Total
Total
funds
activities
2021
2021
2021
2021
2020
£
£
£
£
£
34,547
-
-
34,547
79,167
-
19,343
-
19,343
10,469
-
468,557
-
468,557
490,849
-
677
-
677
-
-
30,538
-
30,538
10,307
-
70,000
-
70,000
105,000
-
1,295
-
1,295
7,407
-
9,923
-
9,923
12,471
-
-
-
-
3,562
-
18,936
-
18,936
59,843
-
28,482
-
28,482
28,333
-
87,959
-
87,959
102,824
-
56,742
-
56,742
88,849
-
32,385
-
32,385
26,511
-
-
-
-
3,652
-
6,618
-
6,618
7,776
-
1,770
-
1,770
4,464
-
45
-
45
199
-
792
-
792
1,130
-
4,725
-
4,725
7,742
-
9,982
-
9,982
9,365
-
8,111
-
8,111
9,733
-
-
-
-
2,213
-
10,514
-
10,514
7,938
-
32,475
-
32,475
31,392
-
37
-
37
1,208
-
-
7,695
7,695
7,865
-
90
-
90
2,322
-
-
271
271
400
-
-
15,000
15,000
17,000
-
-
1,000
1,000
2,485
-
-
-
-
22,439
-
3,700
-
3,700
3,700
-
-
6,500
6,500
-
-
903,696
30,466
934,162
1,089,448

27

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

8. Heritage and tangible assets

Charlton House

Built around 1610 during the reign of James I, Charlton House is regarded as the finest and best preserved Jacobean Mansion in London. The estate has extensive grounds which are open to the public as well as parts of the mansion. Some areas of the mansion and associated buildings are rented out mainly to local interest groups.

The Royal Borough of Greenwich Heritage Trust CIO was granted a 125-year lease by The Royal Borough of Greenwich for no charge. Due to the costly nature of obtaining a valuation for the property and the irreplaceable nature of the asset, the Trustees have decided that obtaining a valuation of the donated lease would not be in the best interests of the charity or the users of the accounts.

The mansion does contain a number of historical artefacts and pictures which are on display for the public. The ultimate ownership of these assets remains with the Royal Borough of Greenwich and have been lent to the Heritage Trust for display purposes only. As such, no valuation has been placed on these within the accounts.

The Stable Block

Located within the grounds of Charlton House this is, as its name suggests, where the horses were kept when Charlton House was used as a residence. It has now been leased to The Greenwich Carers Centre to establish an improved base of operations in which to undertake their charitable work.

Assembly Rooms

This red brick building dates from 1881 and is part of the Charlton House estate. Having fallen into disrepair there was strong local opposition to its demolition and it is now a focal point for the community, hosting many clubs and organisations.

Tudor Barn

Build around 1525 this building is set in thirteen acres of beautiful award winning gardens and is connected historically to nearby Eltham Palace. The Tudor Barn is currently leased out and used as a Bar and Restaurant allowing the local residents access to this historical building while ensuring that the building is well preserved for future generations.

The Royal Borough of Greenwich Heritage Trust CIO was granted a 30-year lease by The Royal Borough of Greenwich for no charge. Due to the costly nature of obtaining a valuation for the property and the irreplacable nature of the asset, the Trustees have chosen not to undertake a valuation of the donated lease.

28

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

8. Heritage and tangible assets (continued)

Other assets

The Heritage Trust is also custodian of a number of memorials in the borough. Given their nature and ownership the Trustees do not believe that it would be appropriate to capitalise these as assets of the Heritage Trust.

Tangible Fixed Assets – Fixtures, fittings and equipment

Cost
At 1 April 2020
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
On disposal
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Group
£
46,884
(2,735)
44,149
38,491
(2,735)
5,089
40,845
3,304
8,393		 Charity
£
40,766
(2,735)
38,031
33,762
(2,735)
3,700
34,727
3,304
7,004

9. Investments

The Charity holds 1 share of £1 in its wholly owned trading subsidiary company, Greenwich Heritage Trading Limited which is incorporated in the United Kingdom (company number 09021486). This is the only share allotted, called up and fully paid. The activities and results of this company are summarised in note 5.

29

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

10. Debtors

Trade debtors
Other debtors
Amount due from subsidiary
Prepayments and accrued income
Pension indemnity		 Group
2021
2020
£
£
611,399
195,453
-
843
-
-
27,389
29,235
844,000
330,000
1,482,788
555,531		 Charity
2021
2020
£
£
611,186
201,504
-
843
9,933
-
27,389
29,235
844,000
330,000
1,492,508
561,582

11. Creditors: amounts falling due within one year

Group Group Charity Charity
2021
£
74,721
631,869
110,583
817,443		 2020
£
59,329
194,976
51,065
305,370		 2021
£
74,721
630,769
105,931
811,421		 2020
£
73,402
192,579
43,923
309,904
Trade creditors
Accruals and deferred income
Other creditors

12. Deferred income – charity (also comprising that of the group)

Royal Borough of Greenwich Service Level Agreement income of £464,682 (2020 £44,224 ), Meet the Collection £82,500 (2020 £82,500), community fee £2,000 (2020 £1,900), summerhouse project £6,076 (2020 £0), Tales through Time £9,950 (2020 £0), rental income £10,639 (2020 £22,249), Crash Room exhibition project £9,301 (2020 £9,301), delayed bookings £779 (2020 £1,745) and other income of £0 (2020 £100) have been deferred as these relate to the 2021/22 year and they will be recognised as income in that period.

13.Pension costs

Defined contribution

Total pension contributions are detailed below and there were no payments outstanding.

Contributions payable by the Charity for the period 2021
£
30,538		 2020
£
10,307

30

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

13. Pension costs (continued)

Defined benefit

The Charity operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the Charity. The scheme forms part of the Royal Borough of Greenwich Pension Fund, however separate valuations are undertaken to segregate the liabilities and assets relating to the Royal Borough of Greenwich Heritage Trust CIO (the Charity).

As from 1 July 2014, a number of employees were transferred from the Royal Borough of Greenwich to the Charity.

Following the transfer of employees from the Royal Borough of Greenwich to the Charity on 1 July 2014, the Charity became liable for the net pension liability due to the Royal Borough of Greenwich Pension Fund at this date.

The Royal Borough of Greenwich has agreed to indemnify the Charity against the initial pension liability of £300,000 on transfer plus any additional deficit that arises for the duration of the service level agreement, which runs until 31 March 2023. This additional deficit is covered by other income received.

The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31 March 2021 which has been updated to reflect conditions at the balance sheet date. The major assumptions used by the actuary were:

At At
31/03/21 31/03/20
Rate of increase in salaries 3.80% 2.80%
Rate of increase in pensions in payment 2.80% 1.80%
Discount rate 2.05% 2.35%
Inflation rate 2.80% 1.80%

The return on the Fund is estimated to be 24.13%.

Mortality assumptions:
The assumed life expectations on retirement at age 65 are:
Retiring today Males 20.5 20.8
Females 23.3 23.5
Retiring in 20 years Males 21.9 22.3
Females 24.9 25.1

31

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

13. Pension costs (continued)

Analysis of amounts recognised in the Statement of Financial Activities

Service cost
Net interest on defined benefit liability
Miscellaneous expenses
Value of scheme assets and liabilities
Equities
Bonds
Property
Cash and alternative assets
Unitised insurance policies
UK & overseas unit trusts
Market value of assets
Present value of scheme liabilities
Deficit in scheme
Amount indemnified on formation
Net pension liability		 2021
£
70,000
15,000
1,000
86,000
2021
£
91,000
164,000
87,000
12,000
382,000
243,000
979,000
(2,123,000)
(1,144,000)
300,000
(844,000)		 2020
£
105,000
17,000
1,000
123,000
2020
£
71,000
148,000
87,000
13,000
290,000
170,000
779,000
(1,409,000)
(630,000)
300,000
(330,000)

32

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

13. Pension costs (continued)

Analysis of actuarial loss recognised in the Statement of Financial Activities

Return on Fund assets in excess of interest
Other actuarial (losses) on assets
Changes in financial assumptions
Change in demographic assumptions
Experience gain on defined benefit obligation
Actuarial (loss)/gain recognised
Movements in present value of defined benefit obligations:
Liabilities as at 1 April 2020
Current service cost
Benefits paid
Contributions from scheme members
Change in financial assumptions
Change in demographic assumptions
Experience gain on defined benefit obligation
Past service costs, including curtailments
Interest cost
At 31 March 2021		 2021
£
171,000
-
(638,000)
21,000
14,000
(432,000)
2021
£
1,409,000
70,000
(7,000)
f15,000
638,000
(21,000)
(14,000)
-
33,000
2,123,000		 2020
£
(84,000)
(117,000)
268,000
62,000
41,000
170,000

2020
£
1,627,000
86,000
(7,000)
16,000
(268,000)
(62,000)
(41,000)
19,000
39,000
1,409,000

33

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

13. Pension costs (continued)

Movements in the fair value of plan assets:

Fair value of assets at 1 April 2020
Interest on assets
Return on assets less interest
Other actuarial (losses)
Administration expenses
Benefits paid
Contributions by the employer
Contributions by scheme members
At 31 March 2021		 2021
£
779,000
18,000
171,000
-
(1,000)
(7,000)
4,000
15,000
979,000		 2020
£
914,000
22,000
(84,000)
(117,000)
(1,000)
(7,000)
36,000
16,000
779,000

14. Analysis of charitable funds

Balance at
Balance at
1 April
Incoming
Outgoing
Gains and
Fund
31 March
2020
resources
resources
losses
transfers
2021
£
£
£
£
£
£
8,256
-
-
-
-
8,256
3,476
700
-
-
-
4,176
4,687
-
-
-
-
4,687
26,955
-
-
-
-
26,955
-
8,537
(5,015)
-
-
3522
-
39,801
(36,467)
-
-
3,334
-
34,831
(29,831)
-
-
5,000
-
10,000
(10,000)
-
-
-
-
23,680
(17,408)
-
-
6,272
Restricted Funds
Eltham War Memorial
Concert performances
Woolwich Trail - RAWHS
Meet the collection
Charlton Roof survey
Celebrating Our Heritage
Festival of Archaeology
Monuments, Statues, Artefacts
and the Public Realm
Charlton Summer House
Total Restricted Funds
Unrestricted Funds
Designated funds
Core Unrestricted Funds
43,374
117,549
(98,721)
-
-
62,202
-
514,161
(82,161)
(432,000)
145,000
145,000
301,567
876,381
(787,826)
-
(145,000)
245,122
Total Unrestricted Funds 301,567
1,390,542
(869,987)
(432,000)
-
390,122
Total Funds 344,941
1,508,091
968,708
(432,000)
-
452,324

34

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

14. Analysis of charitable funds (continued)

Purpose of the designated funds

Pension
Roof works
Old Library Ceiling
Grounds trees felling (from risk survey)
Staff offices move to Stables
Brand Refresh & Website
Museum Collection & Archive Equipment		 2021
2020
£
£
-
-
100,000
-
15,000
-
10,000
-
5,000
-
10,000
-
5,000
-
607,103
-

Designated funds contain the defined benefit pension scheme, although no closing balance is required due to the indemnity in place.

Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Cash at bank and in hand
Other net current assets/(liabilities)
Defined benefit pension liability
Total		 Core
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Total
£
£
£
£
3,303
-
-
3,303
420,052
145,000
62,202
627,254
(178,233)
844,000
-
665,767
-
(844,000)
-
(844,000)
245,122
145,000
62,202
452,324

15. Trustee expenses

During the year, £0 (2020 £97) was paid to a Trustee, who lives outside of the Borough, for travel expenditure incurred.

16. Staff costs

Staff costs were as follows:
Salaries and wages
Social security costs
Redundancy costs
Defined contribution pension cost
Pension service costs
Staff training		 2021 2020
£ £
450,355
36,427
677
48,415
70,000
1,229
607,103		 437,323
43,526
-
10,307
105,000
10,125
606,281

35

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

16. Staff costs (continued)

There were no staff employed with emoluments in the year above £60,000.

The above analysis includes staff costs that were allocated to specific restricted projects as part of their ongoing duties.

The average number of staff employed during the year, based on a full time equivalent, was as follows:-

Trust management
Greenwich Heritage Trading staff
Charlton House staff
Heritage Centre staff
HLF Funded project staff		 2021
7
1
3
1
1
13		 2020
7
2
4
2
1
16

Agency staff were paid within the year to assist with charitable activities where a skills gap was identified. The cost of agency staff amounted to £19,343 (2020 £10,470).

17.Net income for the period

This is stated after charging:

Accountancy fee
Auditors remuneration - audit fee
Depreciation		 2021
£
4,370
4,375
8,745
5,089		 2020
£
4,540
4,375
8,915
5,089

18. Ultimate controlling party

The Charity is under the control of the Board of Trustees.

36

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

19. Related party transactions

Other than disclosed in note 15, there were no further related party transactions with Trustees.

At the beginning of the year 2021, Greenwich Heritage Trading Limited made a charitable donation of £38,469 (2020 £0) to the Charity based on 2020 performance.

During the year £0 (2020 £1,096) gross room hire fees have been charged to The Charlton Society. One of the directors of The Charlton Society is Roden Richardson, a former Trustee of the Charity.

20. Other professional services provided by Auditors

In common with many other entities of our size and nature, we use our auditors to assist with the preparation of financial statements and ongoing accountancy advice.

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds
Decrease/(increase) in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Add back depreciation charge
Increase in defined benefit pension
liability
Net cash surplus/(deficit) in operating
activities		 Group
2021
2020
£
£
107,383
(31,861)
1,012
6,315
(927,257)
549,129
512,073
(424,844)
5,089
5,090
514,000
(83,000)
212,300
20,829		 Charity
2021
2020
£
£
158,611
(73,148)
-
-
(930,926)
562,321
501,517
(415,416)
3,700
3,700
514,000
(83,000)
246,902
(5,543)

37

ROYAL BOROUGH OF GREENWICH HERITAGE TRUST CIO

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

22. Financial commitments

At the reporting end date, the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Within one year
After one year		 Group
2021
2020
£
£
-
2,866
-
-
-
2,866		 Charity
2021
2020
£
£
-
320
-
-
-
320

38