OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-09-30-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 2022

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 6 – 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 2022

Trustees Roger Hough (Chair)
Malcolm Reid (Treasurer)
Donald Austen
Anthony Austin (resigned 13 June 2022)
Andrew Blundy
Gregory Kirby
Cllr Denise Scott-McDonald
Helen McIntosh
Chris Melville
Richard Seton-Clements
Cllr Patricia Slattery
Rev’d Simon Winn (ex-offico)
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
Handelsbanken
1 Cresswell Park, Blackheath
London SE3 9RD
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 2022

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 2022. 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 people in need over the age of fifty-five, with a preference for women, of good character and living in the Ancient Parish of East Greenwich, and to pay pensions to 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 grant-making 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 five- mile radius of the Almshouses, and to lower the age restriction for beneficiaries, both women and men, to fifty-five.

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 2022

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 2022

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 Charity celebrated 400 years since the gift of its founder, William Hatcliffe. A reception was held in the Royal Naval College to which all residents, Trustees, members of the related Hatcliffe charities and other connected people were invited. All residents and Trustees were presented with a book, produced by the Estate Charity of William Hatcliffe on the history of the Hatcliffe charities, and also a framed print of a watercolour of the almshouses.

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 included the instruction to proceed with replacing all internal front doors and other doors opening onto communal hallways with certified fire doors, which was carried out soon after the financial year end.

There were two vacancies during the year and the Trustees were pleased to appoint new residents. 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.

Covid had meant that the Trustees were unable to meet physically during the previous year, but the lifting of restrictions meant that face-to-face meetings resumed.

Over the year a total of £7,854 was awarded in Help at Home grants. There was one large grant paid to 999 Club, which was the last tranche of a three year grant.

The Trustees are continuing their plans for the development of new Almshouses and during the year started negotiations with a potential partner to redevelop a plot of land in Greenwich. A feasibility study was started during the early part of the next financial year. The Trustees have also agreed to incorporate before any process is started and are considering options for incorporation.

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 £308,195 (2021: £234,115) and expenditure £131,532 (2021: £250,215). A loss on investments of £118,755 (2021: gain of £82,085) was made. At the end of the year, the surplus meant that Trustees increased their reserves by £57,908 (2021: £65,985) and had total accumulated reserves of £2,406,216 (2021: £2,348,308). Of this amount £30,915 (2021: £29,875) relates to a restricted fund for extraordinary repairs in

Page 4

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

accordance with the Trust Deed. The only movement during the year was the annual transfer of £1,040, as per the Trust Deed. During the prior year, £172,478 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.

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 2023 and signed on their behalf by:

Roger Hough - Chair of Trustees

Page 5

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 2022 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 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

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 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

We obtained an understanding of the legal and regulatory framework applicable to the charity, and the procedures that management adopt to ensure compliance. We have considered the extent to which noncompliance might have a material effect on the financial statements, and in particular we identified:

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charity’s operations and to avoid material penalties, including General Data Protection Regulation and health and safety regulations.

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

The audit has been planned and performed in in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or

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

misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it. 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:

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 2022

Note
Income from:
Donations
3
Investment income
4
Charitable activities
5
Other income
Expenditure on:
Raising funds
6
Charitable activities
7
Net (losses)/gains on investments
10
Net Income before transfers
Transfers between funds
13
Net movement in funds
Reconciliation of funds
Funds at 1 October 2021
13
Funds at 30 September 2022
13		 Unrestricted
Funds
£
220,000
20,910
67,285
-
308,195
14,287
117,245
131,532
( 118,755)
57,908
( 1,040)
56,868
2,318,433
2,375,301		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
1,040
1,040
29,875
30,915		 Total
2022
£
220,000
20,910
67,285
-
308,195
14,287
117,245
131,532
( 118,755)
57,908
-
57,908
2,348,308
2,406,216		 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

Page 10

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note
Fixed assets:
Housing properties
9
Investments
10
Current assets:
Debtors
11
Cash at bank and in hand
Creditors:amounts falling due within
one year
12
Net current assets
Total net assets
The funds of the charity:
Designated funds:
Housing properties fund
13
Grant fund
13
General fund
13
Total unrestricted funds
Total restricted funds
13
Total Funds
Approved by the Board of Trustees on …..............
….........................
Roger Hough
Chairman		 2022
£
£
£
215,570
1,673,434
1,889,004
68,910
96,676
461,459
544,979
530,369
641,655
( 13,157)
( 18,719)
517,212
2,406,216
215,570
239,490
10,000
10,000
2,149,731
2,068,943
2,375,301
30,915
2,406,216
........... and signed on their behalf by:
….........................
Linda Clayton
Clerk to the Trustees		 2021
£
239,490
1,485,882
1,725,372
622,936
2,348,308
2,318,433
29,875
2,348,308

Page 11

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 2022

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 2022

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		 2022
£
220,000
2022
£
20,598
312
20,910
2022
£
67,285		 2021
£
150,000
2021
£
18,764
36
18,800
2021
£
64,717

Page 14

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

6
Expenditure on raising funds
2022
£
Investment management fees
14,287
7
Expenditure on charitable activities
2022
£
Property letting costs
45,001
Quinquennial survey
3,540
Property management fees
11,998
Christmas benevolence
1,300
Grants to organisations
-
Grants to individuals
7,854
Depreciation of improvements to properties
23,920
Loss on disposal of fixed asset
-
Gains on foreign exchange
-
Support costs
Note 8
23,632
117,245
Detail of grants to organisations are given in the Trustees' Report.
In the previous year expenditure of £56,840 was from restricted funds.		 2021
£
13,495
2021
£
134,646
-
11,962
1,567
24,591
13,192
23,101
8,000
( 968)
20,629
236,720

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		 2022
£
14,188
3,314
4,980
1,150
23,632		 2021
£
13,489
2,890
3,200
1,050
20,629

Page 15

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

9
Tangible fixed assets
Housing Properties - Almshouses
Cost
At 1 October 2021
At 30 September 2022
Depreciation
At 1 October 2021
Charge for the year
At 30 September 2022
Net Book Value:
At 30 September 2022
At 30 September 2021		 £
745,767
745,767
506,277
23,920
530,197
215,570
239,490

Page 16

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

10
Fixed asset investments
UK Listed
investments
£
Market value at 1 October 2021
1,133,861
Additions at cost
668,845
Disposals at carrying value
( 441,052)
Movement in cash balances
-
Unrealised gains on revaluation
( 101,144)
Market value at 30 September 2022
1,260,510
Disposals include realised losses of £17,611 (2021: £1,337).
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		 Cash held
in
investment
portfolio
£
352,021
-
-
60,903
-
412,924
2022
£
60,000
8,910
68,910
2022
£
1,955
-
11,202
-
13,157		 Total
£
1,485,882
668,845
( 441,052)
60,903
( 101,144)
1,673,434
2021
£
90,000
6,676
96,676
2021
£
269
5,000
8,952
4,498
18,719

Accruals and deferred income includes resident contributions received in advance of £2,055 (2021: £891)

Page 17

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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
01.10.21
£
239,490
10,000
2,068,943
2,318,433
29,875
2,348,308
Balance
01.10.20
£
151,563
10,000
1,918,407
2,079,970
202,353
2,282,323		 Incoming
resources
£
-
-
308,195
308,195
-
308,195
Incoming
resources
£
-
-
316,200
316,200
-
316,200		 Resources
expended
& gains
/ (losses)
£
( 23,920)
( 7,854)
( 218,513)
( 250,287)
-
( 250,287)
Resources
expended
£
( 23,101)
( 37,783)
( 132,491)
( 193,375)
( 56,840)
( 250,215)		 Transfers
£
-
7,854
( 8,894)
( 1,040)
1,040
-
Transfers
£
111,028
37,783
( 33,173)
115,638
( 115,638)
-		 Balance
30.09.22
£
215,570
10,000
2,149,731
2,375,301
30,915
2,406,216
Balance
30.09.21
£
239,490
10,000
2,068,943
2,318,433
29,875
2,348,308

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.

Page 18

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 previous year the charity incurred costs for a major external decoration project, including the replacement of the roof. These costs were considered extraordinary and were allocated against the restricted fund. £56,840 of the decoration costs which were included in repairs were expensed. In addition to this a transfer of £115,638 was made which represented 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
£
215,570
10,000
-
225,570		 General
£
1,642,519
520,369
( 13,157)
2,149,731		 Restricted
£
30,915
-
-
30,915		 Total
£
1,889,004
530,369
( 13,157)
2,406,216

Page 19

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

14 Analysis of net assets between funds

Prior 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

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 (2021: Nil). One trustee was reimbursed for expenses incurred totalling £106 (2021: £nil). These related to other costs.

16 Capital commitments

At 30 September 2022 the charity had capital commitments as follows:

2022 2021
£ £
Contracted for but not provided in these financial statements 37,328 -

Capital commitments at the year end relate to work contracted for the installation of fire doors.

Page 20