2023-03-31-accounts - Royal Borough Of Greenwich Heritage Trust

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		Page
Reference and administrative details
Trustees' report
Independent auditors'	report	14
Consolidated statement	offinancial activities	18
Balance sheets		19
Consolidated statement	ofcash flows	20
Notes to the financial statements		21

Trustees					L Duvall
					P Croall
					W Edgerley
					R Goodwin
					TMitton
					N Snook
					J Van Den Broek
					LSaldin
					H Billings
					N Fletcher
Registered		office			Charlton	House
					Charlton	Road
					London
					SE78RE
Company	Registration			No.	CE001973
Charity Registration			No.		1157164
Bankers					National	Westminster	Bank Pic
					1-7Powis	Street
					Woolwich
					SE186LE
Independent		Auditors			Saffery LLP
					71Queen	Victoria Street
					London
					EC4V 4BE

to the accoun	ts on page 31.	ts on page 31.	ts on page 31.
The principal	funding sources which are			included	within		unrestricted funds are that of a Service Level Agreement with
Royal Borough		ofGreenwich,	leases 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.
Plans for future periods
The key aims	for 2023/24 are:
Strategy							Deliver financial goals to ensure the stability ofthe Trust
						~	Strengthen general awareness of Royal Greenwich Heritage
							Trust as a brand and organisation, and profile of Charlton
							House &Gardens as a significant landmark and venue
							Develop the relationship between the House and Gardens
							and the local community, working together to celebrate the
							history ofthe borough
							Introduce Charlton House &Gardens to London and the U.K.
							as a whole as a tourist attraction, particularly as the country
							and the world returns to travel
Conservation,		repair &Maintenance			Built Assets
						o	Continue to monitor and survey-built assets to keep
							them safe and accessible and improving our ability to
							programme in conservation works.
							Explore new ways to improve the heating at Charlton
							House to be more sustainable and avoid high electrical
							bills.
							Continue with the redecorating programme throughout
							the House, focusing on a key area at a time.
						~	Continuing to develop and deliver our PPM programme
							and compliance programmes.
						~	Explore potential works to the roofs at Charlton House
							to safeguard the historic fabric.
						~	Develop our project plan for repair of the roof and re-opening
							of access to the museum and archive collections of Royal
							Greenwich

Fundraising	~	To develop a fundraising strategy to support the work ofthe	To develop a fundraising strategy to support the work ofthe
		Trust and its conservation needs.
	~	To continue to explore funding opportunities with NHLF and
		Historic England
	~	To continue to seek relevant grants to enable projects to be
		undertaken within each department.
Education	~	To continue to promote the new education programme
		to schools as the country moves on from Covid-19.
		To apply for education grants to secure funding for new
		projects.
Collections	~	Catalogue more ofthe museum collection to lead to better
		access and understanding ofit.
	~	Get more ofthe collection on display or used in workshops	so
		more people can learn from it and enjoy it.
		Work with academics at the University ofGreenwich to add	to
		our collections knowledge and display objects to increase
		access, understanding and enjoyment ofthe collection.
	~	Reorganisation ofthe photographic collection including new
		boxes and labelling. On going cataloguing project.
Programming		Collaborate with external partners to create external
		collaborations (Le.Adventure Cinema, murder mystery
		events, ghost tours)
	~	Continuing to create programming that would attract wider
		Greenwich residents to the local Charlton
		To put on events that utilise or partner with local businesses
		or by putting on showstopping events that put Charlton on
		the map.
	~	To provide opportunities for the public to engage with the
		heritage in our care.
Wellbeing		Make wellbeing in the workplace an important part of RGHT
		culture
	~	Focus on wellbeing in programme development especially
		increasing garden users
Sustainability	~	To ensure that the Trust is commercially viable into the future
		by pursuing partnerships, funding and commercial income
		generating projects.

						Unrestricted	Restricted	Total	Total
						funds	funds
						2023	2023	2023	2022
						f	f		f
					Note
Income and endowments			from
Donations and legacies						6,783	60,533	67,316	138,950
Charitable activities						843,722		843,722	852,593
Other trading activities						67,040		67,040	35,150
Other
Totalincome						917,545	60,533	978,078	1,026,693
Expenditure on
Raising funds						5,243		5,243	15,167
Charitable activities						1,224,081	72,964	1,297,045	1,116,342
Governance costs						26,700		26,700	8,500
Total expenditure						1,256,024	72,964	1,328,988	1,140,009
Net (expenditure)	/	income for				(338,479)	(12,431)	(350,910)	(113,316)
the year
Other recognised	gains		and losses
Re-measurement	gains/(losses)			on	14	1,088,000		1,088,000	149,000
defined benefit pension			schemes
Remeasurement		of	indemnity		15	(1,011,000)		(1,011,000)	(66,000)
relating to pension		scheme
Net movement in	funds				18	(261,479)	(12,431)	(273,910)	(30,316)
Total funds brought		forward				376,022	45,986	422,008	452,324
Total funds carried		forward				114,543	33,555	148,098	422,008

							Group	Group	Charity	Charity
							2023	2022	2023	2022
						Note	f	f	F.
Fixed assets
Office equipment						10	2,714	4,494	2,714	4,494
Investments						11			1	1
							2,714	4,494	2,715	4,495
Current assets
Stocks							133	356		200
Debtors						12	700,171	857,990	728,267	865,463
Cash at bank		and in	hand				262,666	1,052,252	221,950	1,025,692
							962,970	1,910,599	950,217	1,891,355
Liabilities
Creditors:	Amount		falling		due	13	(750,586)	(715,084)	(737,834)	(703,063)
within one year
Net current		assets					212,384	1,195,515	212,383	1,188,292
Total assets		less current		liabilities			215,098	1,200,008	215,098	1,192,787
Defined benefit pension				liability		14	(67,000)	(778,000)	(67,000)	(778,000)
Total assets						18	148,098	422,008	148,098	414,787
Funds represented			by:
Restricted funds						16	33,555	45,986	33,555	45,986
Unrestricted		funds					114,543	376,022	114,543	368,801
Total Funds							148,098	422,008	148,098	414,787

							Group	Group
							2023	2022
						Note	f.	f
Cash (deficit)/surplus	from operating		activities			21	(788,886)	431,739
Cash flows from investing activities
Purchase oftangible	fixed assets						(700)	(6,741)
Net cash flows from	investing activities						(700)	(6,741)
Increase/(decrease)	in cash and	cash	equivalents		in the year		(789,586)	424,998
Cash and cash equivalents at the		beginning		ofthe	year		1,052,252	627,254
Total cash and cash	equivalents	at the end		ofthe year			262,666	1,052,252

Donations and legacies
		Total	Total
		2023	2022
		f	f
Concert donations		3,303	1373
Public donations		3,370	1,851
Grants for core activities		56,405	119,200
Coronavirus job retention	scheme		15,842
RGHT Friend Membership		588	684
RGHT Patron Programme		3,650
		67,316	138,950

		Total	Total
		2023	2022
		f	f
Royal Borough ofGreenwich		428,161	464,682
Hire, rental	and service charges	396,697	375,287
Recoverable	costs	9,491	6,592
Miscellaneous income		7,406	3,915
Investment	income	1,967	2,117
		843,722	852,593

	Income from	trading	trading		activities
							2023	2022
							f	f
	Turnover						67,040	35,150
	Grants received							17,328
							67,040	23,788
	Cost ofraising funds
							2023	2022
							f	f.
	Commercial	trading		operations			5,243	15,167
6.	Governance	costs
							2023	2022
							f	f
	Professional	fees					26,700	8,500
7.	Cost ofcharitable		activities
							2023	2022
								f
	Costs for staffing						592,229	619,475
	Legal, professional			and consultancy		fees	127,724	58,254
	Depreciation						2,480	5,550
	Bad debt expense						34,000	4,500
	Bank charges							86
	Costs to support		activities				540,612	428,477
							1,297,045	1,116,342
	Staff costs
							2023	2022
							f	f
	Staff salaries						425,862	447,822
	Social security costs						29,926	34,848
	Termination	costs					18,623
	Other staff costs						15,933
	Defined contribution				pension cost		24,885	10,150
	Pension service cost						77,000	96,000
							592,229	588,820

		2023	2022
		Number	Number
Trust management		7	8
Greenwich Heritage	Trading staff
Charlton House staff
Heritage Centre staff
HLF Funded project staff
		15	15

Office equipment	Group f	Charity f
Cost
At 1April 2022	32,498	26,380
Additions	700	700
Disposals	(1,950)
At 31March 2023	31,248	27,080
Depreciation
At 1April 2022	28,003	21,885
Charge forthe year	2,481	2,481
Eliminated on disposal	(1,950)
At 31March 2023	28,534	24,366
Net book value
At 31March 2023	2,714	2,714
At March 2022	4,495	4,495

Debtors
			Group	Group	Charity	Charity
			2023	2022	2023	2022
				f		f.
Trade debtors			561,506	53,034	567,321	46,784
Amount	due from subsidiary				22,281	13,723
Prepayments		and accrued income	71,665	26,956	71,665	26,956
Pension	indemnity		67,000	778,000	67,000	778,000
			700,171	857,990	728,267	865,463

		2023	2022
Rate ofincrease	in salaries	3.90o/o	4.15o/o
Rate ofpension	increase (CPI)	2.90o/o	3.15o/o
Discount rate		4.80o/o	2 55o/o

	Analysis ofamounts recognised	in the Statement ofFinancial Activities	in the Statement ofFinancial Activities
	Costs recognised		2023 f	2022 f
	Service cost		85,000	96,000
	Net interest on defined benefit	liability	27,000	32,000
	Miscellaneous expenses		1,000	1,000
			113,000	129,000
	Defined benefit (continued)
	Actuarial gain / (loss) recognised		2023 f	2022 f
	Return on Fund assets in excess	ofinterest	(58,000)	51,000
	Other actuarial gains/ (losses) on assets		77,000
	Changes in financial assumptions		1,075,000	103,000
	Change in demographic assumptions		111,000
	Experience gain on defined benefit obligation		(117,000)	(5,000)
	Actuarial gain / (loss) recognised		1,088,000	149,000
	Value ofscheme assets and liabilities
			2023	2022
			f	f.
	Equities		628,000	625,000
	Bonds		269,000	189,000
	Property		118,000	119,000
	Cash and alternative assets		20,000	27,000
	Unitised insurance policies
	UK5overseas unit trusts		148,000	134,000
	Market value ofassets		1,183,000	1,094,000
	Present value ofscheme liabilities		(1,250,000)	(2,172,000)
	Deficit in scheme		(67,000)	(1,078,000)
	Amount indemnified on formation			300,000
	Net pension liability		(67,000)	(778,000)
15.	Movement on pension indemnity
			2023	2022
				f
	(Decrease)/increase in pension	indemnity	(1,011,000)	(66,000)

Analysis ofcharitable	funds
Restricted funds		Balance	Income	Expenses	Transfers	Balance
		1April			and other	31March
		2022			gains /	2023
					losses
		f	f	f
Summer House project		2,125	4,630	(6,755)
Crush Room exhibition		9,301			8,000	17,301
Meet the collection		18,543	47,400	(57,943)	(8,000)
Eltham War Memorial		8,256				8,256
Concert performa nces		3,074	4,128	(3,891)		3,311
Access project —	City		4,375	(4,375)
Bridge Trust
Woolwich Trail —RAWHS		4,687				4,687
		45,986	60,533	(72,964)		33,555
Unrestricted funds
Core unrestricted funds		256,022	917,545	(1,190,399)	77,000	60,168
Designated funds		120,000		(65,625)		54,375
		376,022	917,545	(1,256,024)		114,543
Total funds		422,008	978,078	(1,328,988)	77,000	148,098
Restricted funds		Balance	Income	Expenses	Transfers	Balance
		1April				31March
		2021				2022
		f	f	f		f
Summer House project		6,272	27,074	(31,221)		2,125
Charlton Roof survey		3,522	2,375	(5,897)
Celebrating Our Heritage		3,334	9,950	(13,284)
Crush Room exhibition			9,301			9,301
Festival ofArchaeology		5,000		(5,000)
Meet the collection		26,955	70,500	(78,912)		18,543
Eitham War Memorial		8,256				8,256
Concert performances		4,176	1,373	(2,475)		3,074
Woolwich Trail - RAWHS		4,687				4,687
		62,202	120,573	(136,789)		45,986
Unrestricted funds
Core unrestricted funds		245,122	989,120	(1,003,220)	25,000	256,022
Designated funds		145,000			(25,000)	120,000
		390,122	989,120	(1,003,220)		376,022
Total funds		452,324	1,109,693	(1,140,009)		422,008

Purpose	ofdesignated fu	nds
									2023	2022
										f
Roof works
FuturePlan- Charton House conservation						&capital works			39,375	60,000
Charlton	Estate paving repair									15,000
Tudor Barn roof									10,000	10,000
Old Library ceiling										5,000
2nd floor suite - water tank replacement						and	toilet works			10,000
2nd floor suite - Newton,		tower room			&	porters store				15,000
Museum	Collection &Archive		Equipment						5,000	5,000
									54,375	120,000
Designate	d funds include	the defined			benefit		pension	scheme, for which	no balance	has been
included	above due to the indemnity			in	place.
Analysis	offunds by net	assets
Analysis	year end 31March 2023				Unrestricted			Designated	Restricted	Total
							Funds	Funds	Funds
							f	f	f	f
Tangible	fixed assets						2,714			2,714
Cash at bank and in hand						174,736		54,375	33,555	262,666
Other net current assets/(liabilities)						(117,282)		67,000		(50,282)
Defined	benefit pension	liability						(67,000)		(67,000)
							60,168	54,375	33,555	148,098
Analysis	year end 31 March 2022				Unrestricted			Designated	Restricted	Total
							Funds	Funds	Funds
							f	f		f
Tangible	fixed assets						4,494			4,494
Cash at	bank and in hand					886,266		120,000	45,986	1,052,252
Other net current assets/(liabilities)						(634,738)		778,000		143,262
Defined	benefit pension	liability						(778,000)		(778,000)
						256,022		120,000	45,986	422,008

					Group	Group	Charity	Charity
					2023	2022	2023	2022
					f		f
	Within one	year			86,023	108,993	86,023	108,993
	2 —5 years				81,605	148,712	81,605	148,712
	Over 5years				72,500		72,500
					240,128	257,705	240,128	257,705
21.	Reconciliation		ofnet movement		in funds to net cash	flow from operating	activities
					Group	Group
					2023	2022
					f	f
	Net movement		in funds		(273,910)	(47,616)
	Add depreciation				2,480	5,550
	Profit/Loss	on	disposal ofassets
	(Increase)/decrease			in stock	223	65
	(Increase)/decrease			in debtors	(553,181)	558,798
	Increase/(decrease)			in creditors	35,502	(85,058)
					(788,886)	431,739
22.	Reconciliation		of net debt
						At 1April	Cash	At 31March
						2022 flows		2023
						f	f
	Cash					1,052,252 (789,586)		262,666

23. Comparative		Statement	Statement	of Financial	Activities
					Unrestricted	Restricted	Total
					funds	funds
					2022	2022	2022
						E	f.
Income and endowments			from
Donations and legacies					18,377	120,573	138,950
Charitable activities					852,593		852,593
Other trading activities					35,150		35,150
Other					(66,000)		(66,000)
Total income					840,120	120,573	960,693
Expenditure on
Raising funds					15,167		15,167
Charitable activities					979,553	136,789	1,116,342
Governance costs					8,500		8,500
Total expenditure					1,003,220	136,789	1,140,009
Net (expenditure)	/	income for the			(163,100)	(16,216)	(179,316)
year
Other recognised	gains		and losses
Re-measurement		gains/(losses)		on	149,000		149,000
defined benefit pension			schemes
Net movement in	funds				(14,100)	(16,216)	(30,316)
Total funds brought		forward			390,122	62,202	452,324
Total funds carried		forward			376,022	45,986	422,008