## |||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)| ## |16.|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|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|