Company Registration No. CE001973 Charity Registration No. 1157164 Royal Borough of Greenwich Heritage Trust Annual report and financial statements For the year ended 31 March 2025
Royal Borough of Greenwich Herltage Trust Contents Page Reference and administrative detai15 Trustees, report Independent auditors, report 13 Consolidated statement of financial activitie5 16 Balance sheets 17 Consolidated statement of cash flows 18 Notes to the financial statements 19
Royal Borough of Greenwlch Heritage Trust Reference and administrative detalls Trustees L Duvall (Left October 2024} P Croall W Edgerley R Goodwin (Left August 20241 T Mitton J Van Den 8roek L Saldin H Billings N Fletcher S Butler A Palamountain J White T King L Morgan Registered offlce Charlton House Charlton Road London SE7 8RE Company Registration No. CE001973 Charity Registration No. 1757164 Bankers National Westminster Bank PIC 1-7 Powis Street Woolwich SE18 6LE Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 48E Pae I
Royal Borough of Greenwich Heritage Trust Trustees, report For the year ended 31 March 2025 Message from the Chair and Chlef Executive presenting the 2024125 Annual Report This year focused on carrying out essential works at Charton House and enabling increased access to the Museum Collection and Archive, whilst continuing to focus on generating income for the Trust. Within Charlton House. several key projects were undertaken for the benefit of the public, tenants and staff. ensuring that the building was protected and accessible to the community. The lift, which had been out of action for two years, was refurbished, allowing full access to the rooms on the second floor. emergency roofworks were undertaken to preventwater ingress into the main function rooms. and the heating system throughout the House was updated. to allow for increased flexibility and reduced costs. Public events continued to be a key part of the offering at Charlton House, with Outdoor Cinema. Theatre, festivals and concerts, that were well attended by both adults and children. In December 2024, we hosted, the council's winter festival, Sporkle in the Pork, and welcomed 26,000 local residents through the House and Grounds. In january 2025, we received a grant to enable us to purchase a Sensory Room. This provides a calm, welcoming space for those with neurodivergent needs. We continue to work with Dur communities to create temporary exhibitions, using our Collections. Plumsteod Toles was developed with our local Asian Community and was on display at Charlton House from April 2024 - November 2024. This was produced In partnership with the University of Greenwich. The exhibition Ottomon Tale5. from 2023, toured through the borough libraries during the summer of 2024, with accompanying talks and craft activities. The Collections team continue to focus on cataloguing the museum and archive collections of the Borough. In May 2024, a reading room was opened at the Archives Store, sa that researchers could gain direct access to primary resources. We are supported by our volunteers, with a strong team of 45 people working on the gardens, and a further 13 supporting the archive, collections. learning, events, and concert programme. The Walled Gardens at Charlton House continue to be developed. These were entered into RHS London in Bloom competition and was awarded the Gold by the judges, for Our Community. Our Estates team undertook a full programme of work to 5UPPOrt the conservation of the Estate. Emergency works were carried out on the roof above our main function rooms, the lift was refurbished allow accessible access to the second floor and lights were replaced on the roof of Charlton House. In November 2024, Charlton House was added to Historic England's At Risk Register, primarily due to the state of the roof. A 3-year plan of emergencyworks has been developed, and we continue to work with Historic England. We have a successful partnership with the University of Greenwich. They supported our exhibitions with research and funding, and we look to work with them further on third-year student research projetts. We welcome the support of all our beneficiaries and benefactors over the last year and we continue to emphasis commercial responsibility and creativity as we develop our offer throughout our Estate, to welcome visitors and the community to enjoy the Heritage of Greenwich. PaRe 2
Royal Borough of Greenwlch Heritage Trust Trustees, report For the year ended 31 March 2025 Philip Croall Janet Denne Chair Chief Executive Officer Paqe 3
Royal Borough of Greenwich Heritage Trust Trustees, report (continuedl For the year ended 31 March 2025 The Trustees are pleased to present their annual report and financial statement5 of the charity and group for the year ended 31 March 2025. 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 2025 are detailed below. Access. Learnlng & Conservation Our broad charitable objects are access, learning and conservation, we outline below have we have achieved these charitable purposes for the beneficiaries of the charity in the past year. Mission.. To conserve the heritage and tell the stories of Greenwich and iys people. to enhance people's lives and connect the community. Access: A wider range of people involved in heritage Collections & Archive Exhibitions In summer 2024 we hosted an exhibition Plumsteod Tales in the Study at Charlton House. This was developed with the South Asian Communities in Greenwich. Outreach The exhibition Ottomun Journeys, developed with the Turkish community, had been at Charlton House in 2023. In summer 2024, This exhibition then toured the borough libraries.. Plumstead, Woolwich and Greenwich. This was accompanied by talks from Michael Talbot, from the University of Greenwich. and activity sessions for children led by the Trust's Education Lead. The team at the Trust were asked by Plumstead Library to curate and develop an exhibition to commemorate 120 years since the Carnegie Library Opened in 1904. This was installed in December 2024. Archive A Reading Room was opened at the Archive Store at Anchorage Point, May 2024, providing access to the items in the Archives and from the Museum Collection for Researchers. Art Uk The Watercolour Collection was digitalised and has been uploaded to the website ArtUK, where the public can access it. Gardens In Summer 2024, The Gardens were awarded Gold by London in Bloom, in the category'our Community and also the Judges Award for the whole category. They achieved Level 5 "Outstanding" in the "IYS Your Neighbourhood" category. The gardens are tended by a team of Volunteers. Improvements to the gardens encourage more footfall and the garden volunteers are on hand to welcome visitors and make connections at their Paoe 4
Royal Borough of Greenwich Heritage Trust Tru5tees' report Icontinuedl For the year ended 31 March 2025 twice-weekly sessions. Signage providing more information about plants each month is designed to engage attention of gardeners and non-gardeners alike. Events The Trust runs a full programme of events in its role as an asset for the community, to attract all ages and a wide demographic. relevant to the borough of Greenwich and its surroundings. These included.. A weekly Concert Series, hosting international performers Bunnies in the Bed.. An Easter Trail through our walled gardens. Teddy bears, picnic Plant Sales Outdoor Theatre.. Shakespeare in the square Outdoor Cinema Horn Fair Children's craft sessions Behind the Scenes Tours Ghost stories Sparkle in the Park In early December Charlton House hosted the Christmas Light Trail and festival for the council. It welcomed 26,000 people through the Estate over four days. Story telling with Mrs Claus Over the four days of the winter festival, Sparkle in the Park, Mrs Claus and her elves welcomed 400 children to a storytelling and craft experience in the House. Volunteers The Trust continues to engage volunteers in all aspects of its work and engagement. In 2024-2025, 58 volunteer roles have included supporting the folSowing= Conservation and Archives Programming and Events Concert Programme Garden project5 Conservation and Estates Museum Collection Volunteers undertake exhibition research, translation and assist with ongoing cataloguing and capture vi51tor feed back. Archive volunteer5 have worked in three key areas.. permanent project5 to catalogue the archive collection and bring it to a wider audience, digitising the watercolour collection and answering enquiries. Programming Volunteers: have supported our Learning and Outreach activities. We have a core group of 5 who support education sessions with school children and assist in object-handling events during the holidays. Concert Programme: The Tuesday concert programme 15 scheduled and hosted by a team of three volunteers. They book talented performers from around the world. PaRe 5
Royal Borough of Greenwich Heritage Trust Trustees, report lcontinuedl For the year ended 31 March 2025 Garden volunteers: Itotalling 45 volunteers) have delivered 95 sessions. amounting to 2,848 hours of garden volunteering alone. They support our Head Gardener and create beautiful displays in our walled gardens and help manage the wider estate. The group is successful in attracti ng a wide demographic.. retired, people beeen jobs or who work shifts. People use the scheme to gain confidence in spoken English or for improving social interaction skills. Volunteers range from keen amateurs to novices and are under the care of the Head Gardener. Working in teams ensures that knowledge is shared, and experience grows. Conservation and Estates: We had one volunteer this year to support the team who was doing her masteffs in building conservation at Kingston University. This volunteer supported the Eastes Officer with daily tasks and conditlon surveys Learning Education Ser41ce for KS1 and KS2. This takes the form of school ses5ion5 at Charlton House, led by an historic character in costume. There are five programmes based on the relevant period of history of the House, Jacobean, Georgian, Victorian, World War l and World War 2. These are undertaken in the first person, as real people from the history of the House. We also have a programme of Loan Box hire. Holiday Crafts During the school holidays we deliver craft activities based on our Collections and Heritage. Through these, children have gain confidence, understanding and new skills. Widening access to learning In January 2025, the Trust received a Royal Borough of Greenwich Generative Grant. This was used to fund: 1} 2 x 5en50ry SEND inclusive performances by Head 2 Head sensory theatre: Two puppet shows for children with Special Education Needs and Disabilities. 21 Items to create a sensory quiet room within Charlton House to support children who attended these shows and at ongoing events. This is a specially designed space to provide children with a calming environment to support sensory processing and emotional regulation. They help to manage stress, anxiety, and sensory sensitivities, particularly for those with neurodivergent needs. It contains elements such as controlled lighting, soft furnishings, and various sensory tools or activities to engage the senses in a soothing manner. Conservation The Trust continues to improve and conserve the assets in its care. Charlton House: The old heating system was replaced. This led to increased efficiencies and greater control of heating for the whole House, enabling flexibility in which areas to heat. PaRe 6
Royal Borough of Greenwich Heritage Trust Trustees, report (continued} For the year ended 31 March 2025 Lift Works were undertaken on the lift to upgrade it. This put the lift back into use after two years, enabling full access to function rooms on the second floor, improving accessibility for all. Roof Emergency repair works were carried out on the roof. Water ingress was affecting the main large rooms, which are also available for hire. These works were effective in preventing further internal damage and thus enabling full use of the rooms. Internal Upgrades Following the completior) of the essential roof repairs, the area affected by the water ingress were upgraded. Improvements were made to the ceiling and covings of the Long Gallery and the Grand Staircase. Lights on Charlton House roof The lights were refixed on Charlton House roof. to bring them back into use to illuminate the House after dusk. Charlton House Grounds al Continuing tree surveys and maintenance to keep the estates 250+ trees in good condition. Charlton Assembly Rooms Continued testing and servicing of site to keep spaces in use for hirer5. Resilience Fundraising In March 2025. the Trust employed a permanent Fundraiser. This vvill help us secure funding opportunities for the fLJture. Tenancies The Trust hires areas of its estate to a variety of organisations to generate income that then supports the conservation work that the Trust undertakes. In October2024, Magic Words, a speech and language schools became a new tenant. We currently have the following organisations as 51te partners: Montessori Moments, The Greenwich Carers Centre, Greenwich MUsC School and Greenwich Waldorf School. New Hire Space At the end of November 2024, the Toy Library moved from the ground floor of Charlton House to purpose-built premises in the Housing Development opposite. This enabled the Trust to hire thi5 space Dut to paying users. Commerclal income The Trust continued to raise income from room hire. This is generated by room hire for weddings, event5, parties, meetings at both Charlton House and the Assembly Rooms. Wedding Fayre In September2024, we hosted a Wedding Fayre to promote our venue for hire. Pale 7
Royal Borough of Greenwich Heritage Trust Trustees, report Icontinuedl For the year ended 31 March 2025 Event5 programme To raise awareness of the Trust, engagement, education and income generation Café A café operates at Charlton House. to generate income and provide a welcoming space for the comrnunity. Cataloguing and digltlslng By pursuing the aim to digitise the image collection both for preservation and cataloguing purposes, we will be able to further promote the images. This is an important revenue stream for the Trust as it helps to go towards the preservation needs of the archive collection. Relationships with suppliers Developing the many aspects of this yearfs projects enabled us to work with a wide range of professionals.. photographer, designer, artists. communities, printers etc. and these relationships will be useful to RGHT in the future. Sustainabillty Continued our carbon literate journey, with recycling paper, LED bulb5 Fundlng Grants were achieved to support our exhibition programme, and diversity programme for children. Flnanclal review The Trust made a loss of £92,114. However. excluding the designated 2014 RBG Fund expenditure of £98.868, for which the monies were received in 2023124. there was a small surplus of £6,754, which helped free reserves reach £49,926. The principal funding sources which are included within unrestricted funds are that of a Service Level Agreement with Royal Borough of Greenwich, leases and room hire. £129,182 was raised bythe Trading Company, a large increase on the previous yearfs £44,401. 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 to raise funds, and covering any incidental cost5 related to the buildings. Plans for future periods The key aims for 2025126 are.. Strategy Deliver financial goals to ensure the stability of the 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 PaRe 8
Royal Borough of Greenwich Heritage Trust Trustees, report Icontinuedl For the year ended 31 March 2025 Develop the relationship between the House and Gardens and the local community, working together to celebrate the history of the borough Introduce Charlton House & Gardens to London and the U.K. as a tourist attraction, particularly a5 the country and the world returns to travel. Enhance the experience of our online channels Ensure our processes and structures are fit for purpose and enhance the effective use of our resources. Conservation. repair & Maintenance Built Assets Continue to monitor and survey-built assets to keep them safe and accessible and improving our ability to programme in conservation works. 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. Fundralslng To develop a fundraising strategy to support the work of the Trust and its conservation needs. To continue to explore funding opportunitie5 Wlth NHLF and Historic England To continue to seek relevant grants to enable projects to be undertaken within each department. Educatlon To develop the education programme for KS1 and KS2. To apply for education grants to secure funding for new projects. Collections Catalogue more of the museum collection to lead to better access and understanding of it. Cataloguing and digitising the watercolour collection to upload to ArtUK, bringing it to a wider audience. Get more of the collection on display or used in workshops so more people can learn from it and enjoy it. Work with academics at the University of Greenwich to add to our collections knowledge and display PaRe 9
Royal Borough of Greenwich Heritage Trust Trustees, report {contlnuedl For the year ended 31 March 2025 objects to increase access, understanding and enjoyment of the collection. Programming Collaborate with external partners to create external collaborations Continuing to create programming that would attract new audience5 Build a new team and strategy to increase commercial activity To develop fours of our exhibition5 around the Borough Wellbeing Make wellbeing in the workplace and important part of RGHT culture. Improve the working environment for staff Sustainablllty To ensure that the Trust is commercially viable into the future by pursuing partnerships, funding and commercial income generating projects. To promote room hire for weddings, events, celebrations and meetings Implement changes across the organisation to reduce our environmental impact such as recycling, buying local and working with local suppliers Implement changes across the organisation to reduce our environmental impact such as recycling, buying local and working with local suppliers 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.. to provide a 5evel of working capital that protects the continuity of our work to provide a level of funding for unexpected opportunitie5 to provide cover for risks such as unforeseen expenditure or unanticipated loss of income. The Trustees would consider that the ideal level of free reserves as at March 2025 would be in the region of £125,000. It is the Charity5 policy to have sufficient cash reserves to cover three months of employee salarie5. Unrestricted funds held by the Charity amount to £495,60812024.' £588,722) at the year end. This allows sufficient cash reserves to cover three months of operational costs. particularly employee salaries, and the rising costs of living. Restricted funds held by the Charity amount to £48.08512024-. £47,294). The free reserves of the Charity are defined as unrestricted reserves, excluding designated reserves, fixed assets and defined benefit pensions. The total free reserves available to the Charity are £49,926 12024.. £39,797). Paae 10
Royal Borough of Greenwich Herltage Trust Trustees, report Icontinuedl For the year ended 31 March 2025 Fundraising The trustees have carefully considered the requirements of the Charities (Protection and Social Investmentl Act 2016. Since the 9th March 2020 the Charity has been a Small charity member of the Fundraising Regulator and complies with the Regulatorfs code of practice. The Charity works with a fundraising consultant to support our team in making grant requests to trusts and foundations, and strategising our fundraising approach. A contract is in place with our consultant. There are no direct approaches made to members of the public via cold calling, approaches are only made at events or through literature available at our sites. We are committed to good fundraising practice, to follow the Code of Fundraising Practice. Any complaints about fundraising are referred to the CEO in the first instance. During the year the charity received no complaints regarding its fundraising practices. Paoe IL
Royal Borough of Greenwich Heritage Trust Trustees, report (continued) For the year ended 31 March 2025 Statement of Trustees, responslbllities The trustees are responsible for preparing the trustees, repart and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounti ng Practice) and applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to-. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP IFRS 1021., make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitvs web51te. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by trustees of the charity on behalf by.. 2025 and signed on its P Croall Trustee Pae 12
Royal Borough of Greenwich Heritage Trust Independent Auditors, Report For the year ended 31 March 2025 Opinion We have audited the financial statements of Royal Borough of Greenwich Heritage Trust (the 'parent charityl and its Subsidiary Ithe 'group'l for the year ended 31 March 2025 which comprise the consolidated statement of f inancial activities, balance sheets, consolidated statement of cash flows and notes to the financial staternents, including significant accounting policies. The financial reportin8 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 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the affairs of the group and the parent charity as at 31 March 2025 and of the group's incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those st3ndard5 are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 In auditing the financial statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant dr)ubt on the group or the parent charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 With respect to going concern are described in the relevant sections of this report. 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 auditorfs 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. PaRe 13
Royal 8orough of Greenwich Heritage Trust Independent Auditors, Report For the year ended 31 March 2025 Our responsibility 15 to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the aLJdit or othenNise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information,. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in respect of which the Charities IAccount5 and Reports1 Regulations 2008 require us to report to you if, in our opinion: the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statements,. or the parent charity has not kept proper and sufficient accounting records,. or the parent charity'5 financial statements are not in agreement with the accounting records and returns- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on page 12, the trustees are responsible for the preparation of the financial statements and for being satisf led that they give a true and fair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of financi31 statement5 that are free from material misstatement. whether due to f raud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the parent cha rity'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 group or the parent charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an aLsditor's report that inclLJdes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below PaRe 14
Royal Borough of Greenwich Heritage Trust Independent Auditors, Report For the year ended 31 March 2025 Identifying and assessing risks related to irregularities.. We assessed the susceptibility of the group and parent charity's financial statements to material mi55tatement and how fraud might occur, including through discussions with the trustees, discussions within our aLsdit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible irscentives and opportunities for fraudulent manipulation of the financial statements. We identif led laws and regulations that are of significance in the context of the Eroup and parent charity by discu55ion5 Wlth trustees and updating our understanding of the Sector in which the 8roup and parent charity operates. Laws and regulations of direct significance in the context of the group and parent charity include The Charities Act 2011, the Charities (Accounts and Reportsl Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with these laws and regulations a5 part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent chariV5 record5 of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material m isstatements arising. We discussed the parent charity's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. Ouring the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transaction5 that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a P055ible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transartions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at- www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. PaRe LS
Royal Borough of Greenwich Heritage Trust Independent Auditors, Report For the year ended 31 March 2025 Use of our report This report is made solely to the parent charity's trustees, a5 a body, in accordance with Part 4 of the Charitie5 IAccounts and Report51 Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity's trustees those matters we are reqLtired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charitvs trustees as a body, for our audit work, for this report, or for the opinions we have formed. Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date: 2025 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 Paae 16
Royal Borough of Greenwich Heritage Trust Con501idated statement of financlal activities For the year ended 31 March 2025 Unrestricted funds 2025 Restricted funds 2025 Total Total 2025 2024 Note Income and endowments from Donations and legacies Charitable activities Other trading activities Investment income Total income 598 812,553 135,279 7,297 955 727 20,934 21,532 812,553 135,279 7,297 976 661 21,274 1,252,328 141,731 4,951 1420 284 Expenditure on Raising funds activities Charitable activities Governance costs Total expenditure cost of trading 5,097 1,028,965 15,290 1,049,352 5,097 1.048,388 15,290 1,068,775 10,752 955,858 19,050 985,660 19,423 19,423 Net (expenditure) / income for the year 193,6251 1,511 192,1141 434,624 Other recogni5ed gains and losses Re-measurement gains/llossesl on defined benefit pension schemes Remeasurement of indemnity relatin8 to pension scheme Net movement in funds 14 11,0001 11,0001 73,000 15 167,0001 440,624 18 194,6251 1,511 193,1141 Total funds brought forward 541,428 47,294 588,722 148,098 Total funds carried fornvard 446,803 48,805 495,608 588,722 All of the charity's activities derive from continuing operations during the above two periods. A comparative statement of financial activities showing the split by fund is shown on page 34. PaRe 17
Royal Borough of Greenwich Heritage Trust Balance sheets As at 31 March 2025 Group 2025 Group 2024 Charity 2025 Charity 2024 Note Fixed assets Tangible assets Investments io li 1,311 233 1,311 233 1,311 233 1,312 234 Current assets Stocks Debtors Cash at bank and in hand 133 128,556 585,119 133 186,296 781,889 12 300,220 442,537 211,231 727,362 713,808 968,318 742,757 938,593 Liabilities Creditors.. Amount falling due within one year 13 1219,5111 1379,8291 1248,4611 1350,1051 Net current assets 494,297 588,489 494,296 588,488 Total asset5 Se55 current liabilities 495,608 588,722 495,608 588,722 Defined benefit pension liability 14 Total assets 18 495,608 588,722 495,608 588,722 Funds represented by: Restricted funds 16 48,805 47,294 48,805 47,294 Unrestricted funds 16 446,803 541,428 446,803 541,428 Total Funds 495.608 588,722 495,608 588,722 Approved by the Board of Trustees on 2025 and signed on its behalf bv: Philip Croall Trustee The notes on pages 20 to 34 form part of these financial statements. Paae 18
Royal Borough of Greenwich Heritage Trust Consolidated statement of cash flows For the year ended 31 March 2025 Group 2025 Group 2024 Note 21 Cash Ideficit)Isurplus from operating artlvltles 1194,8031 519,223 Cash flows from investing activities Purchase of tangible fixed assets Proceeds f rom sale of tangible assets Net cash flows from investing activities 11,9661 11,9661 Net cash flows from financing activities Increase/ldecreasel in cash and cash equivalents in the year 1196,7691 519,223 Cash and cash equivalents at the beginning of the year 781,888 262,666 Total cash and cash equivalents at the end of the year 585,119 781,889 PaRe 19
Royal Borough of Greenwich Heritage Trust Notes to the financial statements For the year ended 31 March 2025 Accounting policies Accounting convention The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless Otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared 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 IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The functional currency is sterling. Monetary amounts in these financial statements are rounded to the nearest £. The Trustees have reviewed the financial position of the Trust and, considering this yearfs small surplLJS after repairs that had already been funded, and with c80¥0 of the income being fairly secure through our Service Level Agreement with the Royal Borough of Greenwich and the property leases, and the access the Charity has to a fund provided by the Royal 8orough of Greenwich for capital projec15 and property repairs, that the Charity will with careful financial management be able to continue as a going concern for at least twelve months from when the statemerTrts are authorised tor issue. Group accounts The group financial statements consolidate the financial statements of the charity and its subsidiary for the year ended 31 March 2025. The statement of financial activities and the balance sheet consolidate the financial statements on a line by line basis where appropriate. Details concerning the 5ub5idiary company are set out in note 11. A separate statement of financial activities for the charity is not presented a5 the Trustee5 do not believe it to be a material value to the users of the accounts. Income arnd endowments 1.3.1 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 1.3.2 Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Parte 20
Royal Borough of Greenwich Heritage Trust Notes to the financial statements Icontinuedl For the year ended 31 March 2025 1.3.3 Voluntary 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 contribution of volunteers, time is not included in the financial statements in accordance with the Charities SORP IFRS 1021. 1.3.4 Charitable activities Incoming resources from the Service Level Agreement, and 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. Expenditure 1.4.3 Raising funds Costs of raising funds comprise the costs of commercial trading. 1.4.4 Charitable activitie5 Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes the costs for the running and rnaintenance of facilities in accordance with the Service Level Agreement and their support costs. 1.4.5 Irrecoverable VAT Irrecoverable VAT 15 charged as a cost against the activity for which the expenditure was incurred. Support costs Support costs include central functions and have been allocated to activity cost categories on basis consistent with the use of resources. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charities activities. Governance costs These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees, meetings and reimbursed expenses. Investments The investment in the subsidiary undertaking is showrs at C05t on the charity balance sheet. Tanglble flxed assets Individual fixed assets Costing £1,000 or more are initially recorded at cost and subsequently depreciated. On disposal the gain or loss arising on the disposal 15 determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss. Assets purchased will incur a f ull yearfs depreciation in the year of purchase and none in the year of disposal. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Office equipment 3 years straight line Pa4e 21
Royal Borough of Greenwich Heritage Trust Notes to the financial statements Icontlnuedl For the year ended 31 March 2025 Heritage fixed assets Heritage assets used by the Charity compromise leases donated to the Charity over historical properties. The heritage assets have not been capitalised as the Trustees consider the costs involved in valuation of the leases to be disproportionate to the value obtained for the users of the accounts. Accordingly, the costs of conservation have been written off to the Statement of Financial Activities as they were incurred. i.io Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and Sell, after due regard for ob501ete and slow-movin8 Stocks. Cost Is determined using the first-in, first-out IFIFOI method. 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. i.io Trade debtors Trade debtor5 are amounts due from customers for services performed and merchandise sold in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. i.ii Cash and cash equivalents Cash and cash equivalent5 comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 1.12 Trade creditors Trade creditor5 are obligations to pay for goods or seNices that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non- current liabilities. Trade creditors are recognised initially at the transaction price,. and subsequently measured at amortised cost using the effective interest method. 1.13 Funds Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds earmarked by the management committee for particular purposes as indicated at the time that the funds are received. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purposes. PaRe 22
Royal 8orough of Greenwich Heritage Trust Note5 to the financial statements (continued) For the year ended 31 March 2025 1.14 Employee beneflts The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the c05t of Stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.15 Retirement benefits Payment5 to defined contribution retirement benefit schemes are charged as an expense as thev fall due. The assets of this scheme are held separately from those of the charity in an independently administered fund. 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 5traight-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. 1.16 Estimates and judgements In application of the charity'5 accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical estimates relate to the assumptions used by the actuary in calculating the defined benefit pension scheme liability. These have been compared with industry standards. In addition, the Trustees are required to make a judgement about future renewals of the Service Level Agreement with the Royal Borough of Greenwich Council. In preparing these accounts they have concluded that it will continue for at least three year5. Pae 23
Royal Borough of Greenwich Heritage Trust Note5 to the financial statement5 (continued) For the year ended 31 March 2025 Donations and le8acies Total 2025 Total 2024 Concert donations 7,500 4,217 Public donations 7,202 1,814 Grants for core activities 5,038 12,431 RGHT Friend Membership 292 512 RGHT Patron Programme 1,500 2,300 21,532 21.274 Income from Charitable activities Total Total 2025 2024 Royal Borough of Greenwich 428,161 428,000 Hire, rental and service charges Recoverable costs 333,656 295,696 23,967 19,607 M iscellaneous income 26,769 16,910 2014 R8G Fund5 492,115 812,553 1,252,328 Total amount received from all government sources in the year was £428,16112024'. £920,115). The Charity has access to a fund that was set up by the Royal Borough of Greenwich on the inception of the Charity and held by the Royal Boroiugh, known as the 2014 RBG Funds. The fund is for property repairs and so the cash for any major repairs will not therefore come from the operating budget. In the prior year, the council approved a drawdown of £492,115 which was pa id over the to charity to fund works on the building Income from trading activitie5 2025 2024 Commercial hire 135,279 141,732 Cost of raising funds 2025 2024 Commercial trading operations 5,097 10,752 PaRe 24
Royal Borough of Greenwich Heritage Trust Notes to the financial statements (contlnuedl For the year ended 31 March 2025 Governance costs 2025 2024 Professional fees 15,290 19,050 Cost of charltable activitie5 2025 2024 Costs for staffing Legal, professional and consultancy fee5 Depreciation Bad debt expense Bank charges Costs to support activities 424,801 23,764 889 447.363 44,951 2,480 334 598,600 1,048,388 559 460,506 955,858 Staff costs 2025 2024 Staff salaries Social security Costs Termination costs Other staff costs Defined contribution pension c05t Pension Service c05t 367,490 25,283 380,130 28,813 6,085 8,242 17,701 424,801 8,010 11,302 19,108 447,363 There was I staff employed with emoluments in the year between £60,000 and £70,00012024: None). Key management personnel received emoluments in the year of £68,65612024= £59,375). 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 headcount, wa5: 2025 Number 2024 Number Trust management Charlton House staff Heritage Centre staff 15 16 PaRe 25
Royal Borough of Greenwich Heritage Trust Notes to the financlal statements Icontinuedl For the year ended 31 March 2025 Herltage Assets Charlton House Built around 1610 during the reign of James l. 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 Trustwas granted a 125-year lease by The Royal Borough of Greenwich for no charge. Oue 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 pirtures 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. Assembl Rooms This red brick building dates f rom 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 acce55 to this historical building while ensuring that the building is well preserved for future generation5. The Royal Borough of Greenwich Heritage Trust 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 irreplaceable nature of the asset, the Trustees have chosen not to undertake a valuation of the donated lease. Other assets The Heritage Trust 15 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 capitali5e these as assets of the Heritage Trltst. PaRe 26
Royal Borough of Greenwich Heritage Trust Notes to the financlal statements Icontinuedl For the year ended 31 March 2025 io. Tanglble Flxed Assets Office equipment Group Charity Cost At l April 2024 Additions Disposals At 31 March 2025 31,248 1,966 27.080 1,966 33,214 29,046 Depreciation At l April 2024 Charge for the year Eliminated on disposal At 31 March 2025 31,015 889 26,847 889 31,903 27,735 Net book value At 31 March 2025 1,311 1,311 At March 2024 233 233 ii. Investments The Charity holds I share of £1 in its wholly owned trading subsidiary company, Greenwich Heritage Trading Limited which is incorporated in the United Kingdom (company number 090214861. This is the only share allotted, called up and fully paid. 12. Debtors Group 2025 Group 2024 Charity 2025 Charlty 2024 Trade debtors Amount due from subsidiary Prepayment5 and accrued income Other debtors Other tax and social security 60,493 103,866 97,036 84,398 44,402 82,431 64,617 2,410 1,036 128,556 82,430 196,209 6,975 300,220 186,296 211,231 Pae 27
Royal Borough of Greenwich Heritage Trust Notes to the financial Statements {contlnuedl For the year ended 31 March 2025 13. Credltors: amounts falling due within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors Accruals and deferred income Other creditors 109,742 71,804 37,965 119,260 91,816 89,978 109,732 70,564 68,165 119,251 90,816 61,263 Other Taxation and Social Security 78,775 78,775 219,511 379,829 248,461 350,105 14. Penslon costs Deflned contribution 2025 2024 Contributions payable by the Charity for the period 8,242 10,424 Deflned 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 charity. As from l July 2014, a number of employees were transferred from the Royal Borough of Greenwich to the charity. 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 2027. 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 2025 which has been updated to reflect conditions at the balance sheet date. The major assumptions used by the actuary were.. 2025 3.85Y. 2.85% 5.90Y, 2024 3.85% 2.85Yo 4.95% Rate of increase in salaries Rate of pension increase ICPII Discount rate The return on the fund is estimated to be 4.47%12024: 7.7Yo Paqe 28
Royal Borough of Greenwich Herltage Trust Notes to the financial statements (continued) For the year ended 31 March 2025 Analysis of amounts recognlsed in the Statement of Financial Activities Costs recognised 2025 2024 Service cost Net interest on defined benefit liabilitv Miscellaneous expenses 18,000 12,0001 1,000 17,000 19,000 3,000 1,000 23,000 Defined benefit {continued) Actuarial galn / (loss) recognlsed 2025 2024 Return on Fund assets in exce55 of interest Other actuarial gains/ Ilossesl on assets Changes in financial assumptions Change in demographic assumptions Experience gain on defined benefit obligation Actuarial cap Actuarial gain / Ilossl recognised 16,0001 35,000 243,000 3,000 11,0001 56,000 17,000 11,0001 134,0001 73,000 239,000 Value of scheme assets and liabilities 2025 2024 Equities Bond5 Propertv Cash and alternative assets Unitised insurance policies UK & overseas unit trusts 753,000 426,000 145,000 42,000 692,000 295,000 125,000 27,000 152,000 Market value of assets Present value of scheme liabilities 1,366,000 1,092,000 1,291,000 11,257,000) Net defined benefit liability lassetl 1274,0001 134,0001 Ceiling 274.000 34,000 Net pension liabilitv PaEe 29
Royal Borough of Greenwich Heritage Trust Notes to the financial statements {continuedl For the year ended 31 March 2025 15. Movement on pension indemnity 2025 2024 IDecreasel/increase in pension indemnity 167,0001 This is the net change in pension liability, which is underwritten by Royal Borough of Greenwich under the Service Level Agreement. 16. Analysis of charitable funds Restricted funds Balance l April 2024 Income Outgoing Transfers and other gains1 losses Balance 31 March 2025 Crushed Room Exhibition Eltham War Memori31 Concert performances Woolwich Trail- RAWHS Museum London (Plumstead Talesl Heating Grant Ottoman Stone Plumstead Library Reading Room Project Sensory Room Project Garden Total Restrlcted funds 17,301 8,256 6,082 4,687 17,301 8,256 9,667 4,687 6,480 12,8951 674 10,294 11981 110,2941 18671 15061 12,8011 {1,1541 17081 119,4231 476 3,200 1,800 2,808 2,000 4,646 20,934 2,333 1,294 846 3,938 48,805 47,294 Unrestrlcted funds Core unrestricted funds Designated funds 39,797 501,631 936.304 {926,1751 1104,754 49,926 396,877 Total Unrestrlrted funds 541,428 936,304 11,030,929) 446,803 Total Funds 588,722 957,238 11,050,352) 495,608 PaRe 30
Royal Borough of Greenwich Herltage Trust Notes to the financial statements Icontinuedl For the year ended 31 March 2025 Restricted funds Balance l April 2023 Income Expenses Transfers Balance 31 March 2024 Crushed Room Exhibition Eltham War Memorial Concert performances Woolwich Trail - RAWHS Museum of London (Plumstead Tales) Heating Grant 17,301 8,256 3,311 4,687 17,301 8.256 6,082 4,687 674 4,217 11,4461 2,000 11,3261 10,294 16,511 10,294 47,294 33,555 12,7721 Unrestricted funds Core unrestricted funds Designated funds 60,168 54,375 911,658 492,115 1938,0291 144,8591 6,000 39,797 501,631 Total Unrestricted funds 114,543 1,403,773 1982,8881 6,000 541,428 Totsl Funds 148,098 1,420,284 1985,6601 6,000 588,722 17. Purpose of designated funds FuturePlan - Charlton House conservation & capital works Tudor Barn roof Museum Collection & Archive Equipment 2014 RBG Fund 39,375 io.ooo 15,8861 33,489 10,000 5,000 447,256 5,000 348,388 198,8681 Deslgnated funds 501,631 1104,7541 396,877 Designated funds include the defined benefit pension scheme, for which no balance has been included above due to the indemnity in place. FuturePlan provide5 funds for conservation and capital works at Charlton House The Tudor Barn roof has funds set aside for costs towards repairs of the roof. The 2014 RBG Fund has funds set aside for costs towards repairs and compliance issue5. The Museum Collection & Archive Equipment has funds set aside for costs toward5 improving access. PaRe 31
Royal Borough of Greenwich Heritage Trust Notes to the financial statements Icontinuedl For the year ended 31 March 2025 18. Analysis of funds by net assets Analysls year end 31 March 2025 Unrestricted Funds Deslgnated Funds Restricted Funds Total Tangible fixed assets Cash at bank and in hand Other net current a55ets1lliabilitiesl Defined benefit pension liability 1,311 139,436 190,8211 1,311 585,118 190,8211 396,877 48,805 49,926 396,877 48,805 495,608 Analysis year end 31 March 2024 Unrestricted Funds Designated Funds Restricted Funds Total Tangible fixed assets Cash at bank and in hand Other net current a$5etsllliabilitiesl Defir)ed benefit pension liability 233 232,964 1193,4001 233 781,889 {193,4001 501,631 47,294 39,797 501,631 47,294 588,722 19. Related party transactions During the current and prior year there were no expenses paid to Trustees. Greenwich Heritage Trading Limited made a charitable donation of £129,18212024= £44,401) to the charity, based on the performance in the current and the prior year. The charity recharged £Nil 12024.. £Nill for administration and financial support, and £Nil12024: £Nill for advertising and promotion to Greenwich Heritage Trading Limited. At the year-end Greenwich Heritage Trading Limited owed £129,18212024: £44,411) to the charity. During the year £25012024.. £2,876) was received as a donation from a Trustee. During the year £1812024-. £Nill was received from trustees through the anchorage point search fees through the Friend of RGHT scheme and £93312024.. £2,066) was received from trustees via the patron scheme. PaRe 32
Royal Borough of Greenwich Heritage Trust Notes to the financial statements {continuedl For the year ended 31 March 2025 20. Operating leases At the year end, the charity has expected future income under operating leases. These represent leases for the use of buildings to third parties. Group 2025 Group 2024 Charity 2025 Charity 2024 Within one year 2-5years Over 5 years 171,527 592,036 343,349 113,132 313,563 62,500 171,527 592,036 343,349 113,132 313,563 62,500 1,106,912 489,195 1,106,912 489,195 21. Reconciliation of net movement in funds to net cash flow from operating activltles Group 2025 Group 2024 Net movement in funds Add depreciation Profit/Loss on disposal of assets Ilncreasel/decrease in stock Ilncreasel/decrease in debtors Increase/ldecreasel in creditors 193,1141 889 440,624 2,481 57,740 1160,3181 1194,8031 446,875 1370,7571 519,223 22. Reconciliatlon of net debt At l Aprll 2024 Cash flows At 31 March 2025 Cash 781,889 1196,7711 585,118 PaRe 33
Royal Borough of Greenwich Heritage Trust Notes to the flnanclal statements Icontinuedl For the year ended 31 March 2025 23. Comparative Statement of Financial Activities Unrestricted f unds 2024 Restricted funds 2024 Total 2024 Income and endowments from Donations and legacies Charitable activities Other trading activities Other 4,763 1,252,328 141,731 4,951 16,511 21,274 1,252,328 141,731 4,951 Total income 1,403,773 16,511 1,420,284 Expenditure on Raising funds Charitable activities Governance costs 10.752 953,086 19,050 10,752 955,858 19,050 2,772 Total expenditure 982,888 2,772 985,660 Net lexpenditurel / income for the Year 420,885 13,739 434.624 Other reco8nised gains and losses Re-measurement gains/llossesl on defined benefit pension schemes Remeasurement of indemnity relating to pension scheme 73,000 73,000 167,0001 167,0001 Net movement in funds 426,885 13,739 440,624 Total funds brought forward 114,543 33,555 148,098 Total f unds carrled forward 541,428 47,294 588,722 PaRe 34