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2021-09-30-accounts

Charity number: 227721

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

CONTENTS

Legal and Administrative information 1
Report of the Trustees 2 - 5
Independent Auditors’ Report 7 – 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 - 20

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2021

Trustees Roger Hough (Chair) Roger Hough (Chair)
Malcolm Reid (Treasurer)
Don Austen
Anthony Austin
Andrew Blundy
Rev’d Margaret Cave (resigned 8 March
2021)
Janet Gillman (resigned 19 October 2020)
Gregory Kirby
Cllr Denise Scott-McDonald (appointed 9
December 2020)
Helen McIntosh
Chris Melville
Richard Seton-Clements (appointed 19
October 2020)
Cllr Pat Slattery (appointed 14 June 2021)
Rev’d Simon Winn (ex-offico) (appointed 14
June 2021)
Clerk to the Trustees Linda Clayton
Grant Administrator Catherine Taylor
Charity registered number 227721
Principal address PO Box 70569
London SE9 9DT
Property manager Daniel Watney LLP
165 Fleet Street
London EC4A 2DW
Investment management Cazenove Capital Management
12 Moorgate
London EC2R 6DA
Bankers CAF Bank
25 Kings Hill Avenue
West Malling
Kent ME19 4JQ
Independent auditors Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent TN9 1BE

Page 1

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

The Trustees present their annual report together with the audited financial statements of The Greenwich Charity of William Hatcliffe and the Misses Smith (the charity) for the year ended 30 September 2021. The Trustees confirm that the report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) (Charities SORP (FRS 102)). The Legal and Administrative information on page 1 forms part of this report.

Structure, governance and management

Constitution

The Greenwich Charity of William Hatcliffe and the Misses Smith, also known as Greenwich Hatcliffe, is an unincorporated charity, which exists under a Charity Commission Scheme of 14 June 1940 as varied by Schemes of the Commissioners of 26 August 1955, 11 June 1984 and 8 January 2009.

The Charity was set up with two objectives: to provide and maintain thirteen Almshouses for needy women aged sixty years or over, of good character and living in the Ancient Parish of East Greenwich, and to pay pensions to elderly men and women with the same residence and age qualification. With increasing statutory provision for the elderly, the practice of paying pensions became redundant, and its original aim subsumed into a new grantmaking facility formalised by a scheme of the Charity Commission of 8 January 2009, though a distribution is still made to all residents every Christmas. In the amendment to the Scheme, the Charity Commission gave permission to amend the geographical area of benevolence to the area South of the River Thames within a fivemile radius of the Almshouses, and to lower the age restriction for beneficiaries, both women and men, to fiftyfive.

The Charity has the right to receive one half of the clear yearly income of The Estate Charity of William Hatcliffe in the London Boroughs of Greenwich and Lewisham.

The Charity also has the use of thirteen Almshouses, with the appurtenances, on land situated on the north side of Tuskar Street, Greenwich, subject to the payment of the yearly sum of £9 to the Trustees of The Estate Charity of William Hatcliffe.

Appointment of trustees

Under the Constitution, the body of Trustees shall consist when complete of thirteen competent persons being:

The Ex-officio Trustee shall be the Vicar for the time being of the Ecclesiastical Parish of St. Alfege with St. Peter, Greenwich.

Page 2

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Provided that during any period when there is no Vicar as aforesaid the priest for the time being in charge of the said ecclesiastical parish shall by virtue of his office be a Trustee of the Charity.

According to the requirements of the Scheme, six Trustees are nominated by the London Borough of Greenwich and six Trustees are co-opted by the board of Trustees. When co-opting new Trustees, the board consider any skills gap in the board and seek to fill that gap. All new Trustees receive a copy of the Trust Deed, the latest accounts, the minutes of the two most recent meetings, a booklet produced by the Charity Commission dealing with the duties and responsibilities of Trustees and are offered an opportunity to visit the Almshouses. All Trustees are signposted to guidance produced by both the Charity Commission and the Almshouse Association and are invited to attend relevant training for Trustees run by Greenwich Action for Voluntary Services and seminar training run by the Almshouse Association.

Trustees are bound to meet at least twice a year, but due to the volume of activity of the Trust, there have been five meetings this year.

Risk management

The Trustees regularly review the major risks to which the Charity is exposed and have adopted a policy under which all areas of possible risk are regularly reviewed and necessary action taken. They are acutely aware of their obligation to ensure good governance of the Charity’s affairs through the Trustee Code of Practice adopted in 2011 and regularly review their range of policies and procedures and where necessary introduce additional ones where these are of benefit to the functioning of the Charity and the interests of the residents.

Objectives and activities

Objectives

The objects of the Charity are:

Activities for achieving objectives

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit and operate for public benefit by providing high quality housing to poor persons of good character, over the age of fifty-five, residing within the area of benefit and by providing grants to qualifying individuals to help enable them to maintain independence in their own home.

The Charity engages a Clerk and Grants Officer on a self-employed basis with an agreed fee.

Page 3

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

The small garden is maintained by a local garden business and the cleaning of the public areas and windows is currently undertaken under contract by local firms. The Charity does not use volunteers.

The Grants Officer manages the small Help at Home grant applications, of up to £600 each, to help enable individuals to live independently in their own homes. These are normally referred through agencies, such as Age UK. A Trustee is delegated to approve these applications regularly before they are paid, who also chairs a subcommittee of the Trustees to consider larger grant applications from organisations who use the funds to help qualifying individuals remain independent in their own homes.

Achievements and performance

During the year the Trustees undertook a major project to redecorate and renovate the external Almshouse building which included replacing the roof with new Welsh Slate. This was successfully completed in the early part of 2021.

Trustees place the health and safety and welfare of the residents at the forefront of their responsibilities and ensure that the Almshouses are a safe and comfortable environment for the residents to live. This has included the regular review of the additional health and safety measures introduced in 2020 to help protect the residents against Covid.

Sadly two of the residents died during the year. The vacancies created have been filled, one in the new financial year and the Almshouses are fully occupied. When making appointments of almspersons, priority is accorded to those who are identified of being in greatest need of the accommodation that is available and who meet the criteria set out in the Charity’s Scheme.

The Trustees are keen to foster a sense of community at the Almshouses. They normally hold an annual party for residents which Trustees also attend to socialise with the residents. However, Covid restrictions during the year meant that the party was cancelled.

Covid meant that the Trustees were unable to meet physically during the year. However, meetings have continued using video conference so the Trustees have been able to continue good Governance of the Charity.

Over the year a total of £13,192 was awarded in Help at Home grants. Grants to organisations includes £20,000 to Greenwich Advocacy Now, and a new grant of £3,500 to Carers’ Support.

The Trustees are continuing their plans for the development of new Almshouses and are actively seeking a plot of land on which to build.

Page 4

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Financial review

The Charity is mainly funded by annual distributions from The Estate Charity of William Hatcliffe and the Misses Smith. That charity derives its income from property and currently, and for a number of years past, its allocation to the Charity has outstripped by a considerable margin the Charity's ability to use the money. Residents also pay weekly maintenance contributions, which are used towards the costs of the provision of housing. Income for the year was £234,115 (2020: £526,977) and expenditure £250,215 (2020: £164,272). A gain on investments of £82,085 (2020: loss of £23,866) was made. At the end of the year, the surplus meant that Trustees increased their reserves by £65,985 (2020: £338,839) and had total accumulated reserves of £2,348,308 (2020: £2,282,323). Of this amount £29,875 (2020: £202,353) relates to a restricted fund for extraordinary repairs in accordance with the Trust Deed. During the year £172,478 (2020: £29,703) of costs relating to the major external redecoration project were allocated against this fund.

Reserves and investment policy

The Trustees have an agreed policy to continue to increase reserves as they have a long-term plan to build new Almshouses. Although the Trustees are accumulating reserves for this project, they have agreed not to curtail their grant giving.

The Trustees have an agreed investment policy with Cazenove Capital Management to invest in a low to medium risk, balanced, ethical portfolio, with emphasis on growth, not income, and with the understanding that funds will be required for the development project in around three to five years’ time.

Trustees' Responsibilities Statement

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

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 and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and trust deed. 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.

Page 5

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021

Auditors

The auditors, Lindeyer Francis Ferguson Limited, have indicated their willingness to continue as auditors and a resolution proposing their re-appointment will be put to the Annual General Meeting.

This report was approved by the Trustees on 7th March 2022 and signed on their behalf by:

Roger Hough - Chair of Trustees

Page 6

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

Opinion

We have audited the financial statements of The Greenwich Charity of William Hatcliffe and the Misses Smith for the year ended 30 September 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis of opinion

We have conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Page 7

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out in the Trustees' Report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Page 8

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lindeyer Francis Ferguson Limited

Chartered Accountants and Statutory Auditors North House 198 High Street Tonbridge Kent TN9 1BE

Date: 14th March 2022

Lindeyer Francis Ferguson Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 9

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

Note
Income from:
Donations
3
Investment income
4
Charitable activities
5
Other income
Expenditure on:
Raising funds
6
Charitable activities
7
Net gains / (losses) on investments
10
Net Income before transfers
Transfers between funds
13
Net movement in funds
Reconciliation of funds
Funds at 1 October 2020
13
Funds at 30 September 2021
13		 Unrestricted
Funds
£
150,000
18,800
64,717
598
234,115
13,495
179,880
193,375
82,085
122,825
115,638
238,463
2,079,970
2,318,433		 Restricted
Funds
£
-
-
-
-
-
-
56,840
56,840
-
( 56,840)
( 115,638)
( 172,478)
202,353
29,875		 Total
2021
£
150,000
18,800
64,717
598
234,115
13,495
236,720
250,215
82,085
65,985
-
65,985
2,282,323
2,348,308		 Total
2020
£
450,000
14,270
62,707
-
526,977
13,149
151,123
164,272
( 23,866)
338,839
-
338,839
1,943,484
2,282,323

Page 10

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

BALANCE SHEET AS AT 30 SEPTEMBER 2021

2021
Note
£
£
£
Fixed assets:
Housing properties
9
239,490
Investments
10
1,485,882
1,725,372
Current assets:
Debtors
11
96,676
580,959
Cash at bank and in hand
544,979
494,224
641,655
1,075,183
Creditors:amounts falling due within
one year
12
( 18,719)
( 41,982)
Net current assets
622,936
Total net assets
2,348,308
The funds of the charity:
Designated funds:
Housing properties fund
13
239,490
151,563
Grant fund
13
10,000
10,000
General fund
13
2,068,943
1,918,407
Total unrestricted funds
2,318,433
Total restricted funds
13
29,875
Total Funds
2,348,308
Approved by the Board of Trustees on 7th March 2022 and signed on their behalf by:
Roger Hough
Linda Clayton
Chairman
Clerk to the Trustees		 2020
£
151,563
1,097,559
1,249,122
1,033,201
2,282,323
2,079,970
202,353
2,282,323

Page 11

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Status

The Greenwich Charity of William Hatcliffe and the Misses Smith is a charity registered with the Charity Commission in England & Wales. Its registered address is PO Box 70569, London SE9 9DT. Details of its activities are given in the Trustees' Report.

2 Accounting policies

2.1 Basis of preparation

The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at fair value. 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 (FRS 102) (effective 1 January 2019) - ("Charities SORP FRS 102"), the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102").

The accounts are presented in pounds sterling and rounded to the nearest pound.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that due to sufficient reserves being held there are no material uncertainties about the Trust’s ability to continue as a going concern.

There are no significant areas of judgement or estimation uncertainty.

2.2 Income

Income is recognised when the charity is entitled to the income, it can be reliably measured and it is probable that it will be received. Income from donations relates to income from the Estate Charity of William Hatcliffe. This is recognised when a formal offer is made in writing.

Income from lettings represents residents' maintenance contributions and is recognised when it falls due.

2.3 Expenditure

Expenditure is recognised when there is a legal or constructive obligation to transfer resources to a third party, settlement is probable and the amount can be measured reliably.

Page 12

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

2 Accounting policies (continued)

2.4 Value Added Tax

The charity is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.

2.5 Housing properties

Almshouses

The original cost of the Almshouses is not known and a nominal value of £1 was attributed to them on 11 June 1984. The remaining housing properties cost relates to improvements carried out since that date which were funded by a Housing Corporation Grant and from the Charity's own resources.

The charity has the use of the Almshouses under the terms of the Trust Deed of The Estate Charity of William Hatcliffe. Apart from that Trust Deed there is no lease or other document relating to the charity's tenure.

The Trustees are satisfied that the charity has sufficient claim to include the Almshouses as a fixed asset.

Housing Association Grant

A Housing Association Grant of £322,987 was paid by the Housing Corporation towards the cost of development and has been recognised as income and added to reserves. The grant is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to the net proceeds of sale.

In view of the constitution of the charity, and of the tenure of the properties, there is no significant likelihood of a disposal of the properties.

Depreciation is provided on improvements to the housing properties at rates determined to write down such improvements over their estimated useful economic lives. Major components are treated as separable assets and depreciated over their expected useful economic lives, as follows:

Main structure - 50 years straight line Roof - 50 years straight line Windows and doors - 35 years straight line Kitchens and bathrooms - 15 years straight line Internal heating systems - 10 years straight line

2.6 Fixed asset investments

Fixed asset investments are shown at market value. Any gains or losses on the disposal or revaluation of the investments are taken to the Statement of Financial Activities.

Page 13

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

2 Accounting policies (continued)

2.7 Financial instruments

The charity's financial instruments, excluding investments, are classified as basic financial instruments. Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in income and expenditure.

2.8 Funds

Restricted funds include amounts received for specific activities and expenditure on those activities is set against those amounts.

Unrestricted funds comprise distributions and income received for general use of the Charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial statements.

3 Donations

Distributions from the Estate Charity of William Hatcliffe
4
Investment Income
Income on quoted Investments
Interest on bank and other deposits
5
Income from charitable activities
Residents' Maintenance Contributions		 2021
£
150,000
2021
£
18,764
36
18,800
2021
£
64,717		 2020
£
450,000
2020
£
14,224
46
14,270
2020
£
62,707

Page 14

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

6
Expenditure on raising funds
2021
£
Investment management fees
13,495
7
Expenditure on charitable activities
2021
£
Property letting costs
134,646
Property management fees
11,962
Legal fees
-
Christmas benevolence
1,567
Grants to organisations
24,591
Grants to individuals
13,192
Depreciation of improvements to properties
23,101
Loss on disposal of fixed asset
8,000
Gains on foreign exchange
( 968)
Support costs
Note 8
20,629
236,720
Detail of grants to organisations are given in the Trustees' Report.
In the previous year expenditure of £29,703 was from restricted funds.		 2020
£
13,149
2020
£
59,960
11,900
5,628
1,100
15,000
13,984
23,351
-
-
20,200
151,123

8 Support costs

Clerk's fee, Bonus & Grant Administration
Other costs
Governance costs:
Fees payable to auditor
Fees payable to auditor for other services- accountancy		 2021
£
13,489
2,890
3,200
1,050
20,629		 2020
£
12,160
2,034
3,100
2,906
20,200

Page 15

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

9 Tangible fixed assets Housing Properties - Almshouses

Cost
At 1 October 2020
Additions during the year
Disposals
At 30 September 2021
Depreciation
At 1 October 2020
Charge for the year
Eliminated on disposal
At 30 September 2021
Net Book Value:
At 30 September 2021
At 30 September 2020		 £
727,739
119,028
( 101,000)
745,767
576,176
23,101
( 93,000)
506,277
239,490
151,563

Page 16

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

10
Fixed asset investments
UK Listed
investments
£
Market value at 1 October 2020
1,013,627
Additions at cost
263,374
Disposals at carrying value
( 226,562)
Movement in cash balances
-
Unrealised gains on revaluation
83,422
Market value at 30 September 2021
1,133,861
Disposals include realised losses of £1,337 (2020: £nil).		 Cash held
in
investment
portfolio
£
83,932
-
-
268,089
-
352,021		 Total
£
1,097,559
263,374
( 226,562)
268,089
83,422
1,485,882
11
Debtors
Accrued income
Service charges receivable
12
Creditors: amounts falling due within one year
Trade creditors
Grants payable
Accruals and deferred income
Other creditors		 2021
£
90,000
6,676
96,676
2021
£
269
5,000
8,952
4,498
18,719		 2020
£
575,000
5,959
580,959
2020
£
983
10,000
30,999
-
41,982

Accruals and deferred income includes resident contributions received in advance of £891 (2020: £Nil)

Page 17

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

13
Funds
Curent year
Unrestricted funds
Designated funds:
Housing
properties fund
Grant fund
General funds
Total unrestricted
funds
Restricted fund
Total funds
Prior year
Unrestricted funds
Designated funds:
Housing properties
fund
Grant fund
General funds
Total unrestricted
funds
Restricted fund
Total funds		 Balance
01.10.20
£
151,563
10,000
1,918,407
2,079,970
202,353
2,282,323
Balance
01.10.19
£
174,914
10,000
1,527,554
1,712,468
231,016
1,943,484		 Incoming
resources
£
-
-
316,200
316,200
-
316,200
Incoming
resources
£
-
-
503,111
503,111
-
503,111		 Resources
expended
£
( 23,101)
( 37,783)
( 132,491)
( 193,375)
( 56,840)
( 250,215)
Resources
expended
£
( 23,351)
( 28,984)
( 82,234)
( 134,569)
( 29,703)
( 164,272)		 Transfers
£
111,028
37,783
( 33,173)
115,638
( 115,638)
-
Transfers
£
-
28,984
( 30,024)
( 1,040)
1,040
-		 Balance
30.09.21
£
239,490
10,000
2,068,943
2,318,433
29,875
2,348,308
Balance
30.09.20
£
151,563
10,000
1,918,407
2,079,970
202,353
2,282,323

Designated Funds

Housing properties fund

The housing properties fund represents the net book value of leasehold housing properties held for charity use as included in Note 9.

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

13 Funds (continued)

The annual charge for depreciation is allocated to this fund. For any additions to the cost of buildings there is a transfer to this fund from the general fund, unless considered extraodrinary repairs (see below).

Grant Fund

The grant fund represents funds set aside from the general fund in order to help those in need in the local community, with the aim of keeping them in their homes. Transfers against General Funds have been made in both the current and prior year to ensure the level of reserves kept in the grant fund remains at £10,000.

Restricted Fund

Extraordinary repair fund

The Extraordinary repair fund is established under the Trust Deed and is maintained for the purpose of providing for the extraordinary repair, improvement or rebuilding of the Almshouses.

The fund is maintained by an annual transfer of not less than £1,040 out of the unrestricted funds of the charity. During the current and previous year the charity incurred costs for a major external decoration project, including the replacement of the roof. These costs are considered extraordinary and have been allocated against the restricted fund. £56,840 of the decoration costs which are included in repairs have been expensed. In addition to this a transfer of £115,638 has been made which represents the addition for the roof in in fixed assets, less the £1,040 annual transfer.

14 Analysis of net assets between funds

Current year
Fixed assets
Current assets
Current liabilities
Net assets		 Designated
£
239,490
10,000
-
249,490		 General
£
1,456,007
631,655
( 18,719)
2,068,943		 Restricted
£
29,875
-
-
29,875		 Total
£
1,725,372
641,655
( 18,719)
2,348,308

Page 19

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

14 Analysis of net assets between funds

Prior year
Fixed assets
Current assets
Current liabilities
Net assets		 Designated
£
151,563
10,000
-
161,563		 General
£
895,206
1,065,183
( 41,982)
1,918,407		 Restricted
£
202,353
-
202,353		 Total
£
1,249,122
1,075,183
( 41,982)
2,282,323

15 Related Party Transactions

The Estate Charity of William Hatcliffe is considered by the trustees to be a related party.

This charity is entitled to receive one half of the yearly income of that charity, and the amounts receivable are included in distributions as shown in Note 3. Amounts due at the end of the year are included in accrued income in Note 11.

This charity also has the use of thirteen almshouses, with the appurtenances, on land situated on the north side of Tuskar Street, Greenwich. The freehold title of these properties is held by that charity and the tenancy is subject to the payment of the yearly sum of £9 to The Estate Charity of William Hatcliffe.

The trustees are the charity's key management personnel. During the year, no trustees, nor any person connected to a trustee received any remuneration or benefits within the year (2020: Nil). No trustees were reimbursed for expenses during the year (2020: £nil).

16 Capital commitments

At 30 September 2021 the charity had capital commitments as follows:

2021 2020
£ £
Contracted for but not provided in these financial statements - 197,185

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