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
Pa￿e 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.
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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 be￿een 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 MUs￿C 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
Pa￿e 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.
Pa￿e 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
Pa￿e 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