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2025-09-30-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 2025

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

CONTENTS

Legal and Administrative information 1 - 2
Report from the Directors of the Corporate Trustee 3 - 8
Independent Auditors’ Report 9 – 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Financial Statements 15 - 24

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustee Greenwich William Hatcliffe and Misses Smith Trustee Limited
Directors of Corporate Trustee Andrew Blundy
Roger Hough (Chair)
Jeremy Holland
Gregory Kirby
Karolina Madej
Helen McIntosh
Chris Melville (Vice Chair)
Cllr Majid Rahman
Malcolm Reid (Treasurer)
Richard Seton-Clements
Cllr Patricia Slattery
Cllr Christine St Matthew-Daniel
Rev’d Simon Winn (ex-officio)
Clerk to the Trustee Penelope Elvy
Grant Administrator Catherine Taylor
Charity registered number 227721
Principal address PO Box 55
151 Trafalgar Road
London SE10 9TX
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
London Bridge Branch
4th Floor, 50 Southwark Street
London SE1 1UN

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2025

Independent auditors

WP Audit Services LLP North House 198 High Street Tonbridge Kent TN9 1BE

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

REPORT FROM THE DIRECTORS OF THE CORPORATE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Directors of the Corporate Trustee (the Directors) 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 2025. The Directors 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 pages 1 -2 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, 8 January 2009, 22 July 2024 and 05 September 2024.

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 08 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 the corporate trustee and directors thereof

At the behest of the Charity’s former Trustees, the Charity Commission’s Scheme of 22 July 2024 appointed Greenwich William Hatcliffe and Misses Smith Trustee Ltd as the sole Corporate Trustee of the Charity.

Under the Articles of Association of the Corporate Trustee, the Board of Directors of the Corporate Trustee consists of:

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

REPORT FROM THE DIRECTORS OF THE CORPORATE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

The ex-officio Director shall be the Vicar for the time being of the Ecclesiastical Parish of St. Alfege with St. Peter Greenwich.

If during any period there is no Vicar of the Ecclesiastical Parish of St. Alfege with St. Peter Greenwich, the priest for the time being in charge of the Ecclesiastical Parish shall by virtue of their office be a Director. The priest shall cease to act as a Director upon there being a Vicar appointed pursuant to Article 6.1.

According to the requirements of the Scheme and the Articles of Association of the Corporate Trustee, six Directors are nominated by the Royal Borough of Greenwich, and six Directors are co-opted by the board of Directors. When co-opting new Directors, the board consider any skills gap in the board and seeks to fill that gap. All new Directors 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 links to online guidance from www.gov.uk on ‘Being a Company Director’, as well as being offered an opportunity to visit the Almshouses. All Directors are signposted to guidance produced by the Charity Commission, Companies House and the Almshouse Association, and are invited to attend relevant training for Trustees / Directors run by Greenwich Action for Voluntary Services and seminar training run by the Almshouse Association.

The Board of Directors usually meets quarterly. However, Directors may take a decision by two-thirds majority without holding a Directors’ meeting by indicating to each other by any means, including, without limitation, by Electronic Means, that they share a common view on a matter.

Risk management

The Directors 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, 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.

The Directors hold a risk register where they identify all risks. This includes financial, health and safety (both to buildings and residents), governance and operational risks. Each risk is categorised as to likelihood and impact, and strategies implemented to mitigate the risks. This includes engaging professional property managers to ensure the buildings are safe and properly managed, and also following Almshouse Association guidance, which is best practise for almshouses. The Charity has a range of policies which are regularly reviewed and the risk register is reviewed at least annually or more frequently if needed.

Objectives and activities

The aim of the Charity is to provide high quality social housing to the beneficiaries of the Charity and to provide assistance to qualifying people to be able to live independently in their own homes. There is a shortage of rental property in the Charity’s area of benefit and what is available is often unaffordable. The Directors therefore seek to provide comfortable, safe and affordable housing to its beneficiaries to alleviate housing distress. They also award grants to help qualifying individuals to remain independently in their own homes, which can include the provision of mobility aids, white goods and beds. The Directors will also consider applications from charities seeking to help the beneficiary group to live independently.

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

REPORT FROM THE DIRECTORS OF THE CORPORATE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

Objectives

The objects of the Charity are:

There was also an historic objective that, subject thereto, the Trustees (as known at the time) shall apply the said income in paying pensions in accordance with the provisions contained in the Scheme. This was replaced by the provision of grants, as stated above.

Activities for achieving objectives

The Directors 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.

The Charity engages a Managing Agent, Daniel Watney LLP, to provide a Property Management and Maintenance Service for an agreed fee.

The Charity does not use volunteers.

The Grants Officer manages the small ‘Help at Home’ grant scheme, of up to £1,000 each, to help enable individuals to live independently in their own homes. These are normally referred through agencies, such as Age UK. As agreed at the Meeting of the Trustees on 04 June 2024, small grants are reviewed and approved by at least two members of the Grants Subcommittee. The Grants Subcommittee also considers larger grant applications from organisation that use the funds to help qualifying individuals remain independent in their own homes.

Achievements and performance

Greenwich William Hatcliffe and Misses Smith Trustee Limited was incorporated as a private limited company on 12 February 2024, and the Charity’s Trustees were appointed Directors thereof. On 22 July 2024 the Charity Commission for England and Wales issued a Scheme appointing this limited company as the sole Corporate Trustee of the Charity. The process was completed at a Board meeting on 5 September 2024 when the Company Directors unanimously adopted an updated Charity Scheme, and appointed Roger Hough, Chris Melville and Malcolm Reid to the roles of Chair, Vice-Chair and Treasurer, respectively.

The Directors measure the success of the Charity over the year by the number of beneficiaries helped. 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. As of 30 September

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

REPORT FROM THE DIRECTORS OF THE CORPORATE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

2025, the Almshouses had one unoccupied flat. There were three vacancies during the year and the Directors were pleased to appoint two new residents, one in January 2025 and one in March 2025.

The Clerk and Directors organised a number of social events with residents throughout the year including a New Year Social at a local pub (January 2025) and an Afternoon Tea at the Almshouses (July 2025). Both occasions were well attended and provided opportunities for residents and Directors to build community and nurture positive relationships.

During 2025, the Charity began a major building project to replace the windows to the front elevation of the Almshouses with double-glazed windows. The Charity appointed Daniel Watney LLP to manage the process and, following a competitive tender, Triquetra Construction Group was appointed to undertake the works. Windows replacement works began in September 2025 and are due for completion in early 2026.

2025 saw a significant increase in the number of individual applications to the Charity’s ‘Help at Home’ grants scheme, following refreshing training programmes organised by our Grants Administrator for the Charity’s referring partners on the Frailty Team and In-Housing Support at the Royal Borough of Greenwich Council. At the March 2025 board meeting, Directors unanimously agreed to increase the maximum grant available for an individual from £600 to £1,000, and to remove the requirement for a 10% matched contribution from the grant beneficiary. The Charity awarded £26,201 in grants to 35 individuals, assisting them to live independently in their homes (compared to £3,222 the previous year). Furthermore, the Board of Directors approved the following large grants: a 3-year grant (£10,800 in total) to Yoga at the Forum to support yoga classes for over-55s in Greenwich and a 3-year grant (£18,000 in total) to Reflections, a local charity supporting those suffering from dementia and their families.

In line with the reserves and investments policy, the Charity’s investments remained under the mandate with Cazenove Asset Management. The value of investments as at 30 September 2025 was £2,525,396, made up of £1,305,800 in the directly invested portfolio and £1,219,596 in Cazenove’s Sustainable Multi Asset Fund (SMAF) . As reported in last year’s report, the Directors resolved to instruct Cazenove Asset Management to invest the cash previously held on deposit into a Fund and, at their discretion, to move to an overall 50/50 balance between current investments and fund investments. Overall, therefore the fund is now on a balanced mandate. As of 30 September 2025, asset allocation across the entire portfolio including the SMAF with Cazenove Asset Management are Equities (47.9%), Fixed Income (27.3%), Alternatives (18.1%) and cash (6.7%). The cumulative return for the year was +6.4%. All asset classes showed positive returns with global bonds and alternatives outperforming their relevant index, with the largest contributor to positive returns coming from the allocation to commodities. Despite double digit returns from UK, North American, Asian and Emerging Market equities, all marginally underperformed their relevant index.

Plans for future periods

The Directors will continue with the Charity’s provision of almshousing at Tuskar Street and will also continue to help individuals remain independent in their own homes through its grant giving. They are continuing their plans for the development of new almshouses by seeking suitable plots and developing partnerships in Greenwich. The Directors are continuing to build reserves to fund the expansion.

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

REPORT FROM THE DIRECTORS OF THE CORPORATE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

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 £459,502 (2024: £326,553) and expenditure £210,483 (2024: £153,976). A gain on investments of £100,346 (2024: £124,187) was made. At the end of the year, the surplus meant that Trustees increased their reserves by £349,365 (2024: £296,764) and had total accumulated reserves of £3,448,216 (2024: £3,098,851). Of this amount £34,035 (2024: £32,995) relates to a restricted fund for extraordinary repairs in accordance with the Trust Deed. The only movement during the year was the annual transfer of £1,040, as per the Trust Deed.

Reserves and investment policy

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

As of 30 September 2025, the Directors have an agreed investment policy with Cazenove Capital Management to invest in a low to medium risk, balanced portfolio, with emphasis on growth and with the understanding that funds will be required for the development project in around three to five years’ time. As reported earlier, the balanced mandate is achieved by investing in Cazenove’s Sustainable Multi Asset Fund, together with directly invested assets.

The Directors of the Corporate Trustee note that, whilst sustainability factors form part of the investment selection process at Cazenove Asset Management, the strategy is not formally following a sustainable / ethical specific investment policy.

For the year ending 30 September 2025, the Charity continued to add to its reserves, with a surplus of income over expenditure as discussed earlier in this report. The reserves have either been placed in interest bearing accounts or have been transferred to Cazenove Asset Management.

Responsibilities Statement of the Directors of the Corporate Trustee

The Directors are responsible for preparing the Corporate Trustee’s 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 Corporate Trustee (hence the Directors thereof) 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 Directors are required to:

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

REPORT FROM THE DIRECTORS OF THE CORPORATE TRUSTEE FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Directors 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

WP Audit Services LLP were appointed as auditor to the charity, and a resolution proposing their re-appointment will be put to the Annual General Meeting.

This report was approved by the Directors on 5 March 2026 and signed on their behalf by:

Roger Hough - Chair of the Board of Directors of the Corporate Trustee

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE 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 2025 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 Directors of the Corporate Trustee’s 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 Directors of the Corporate Trustee 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 Directors of the Corporate Trustee is 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.

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE 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 the Directors of the Corporate Trustee

As explained more fully in the Responsibilities Statement of the Directors of the Corporate Trustee, as set out on page7, the Directors of the Corporate Trustee 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 they 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 Directors of the Corporate Trustee 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 Directors of the Corporate Trustee 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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,

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

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

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the charity, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: FRS 102, The Charities Act 2011 and The Charities SORP.

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 operations and to avoid material penalties, including GDPR, health and safety and landlord and tenant 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:

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams and reviewing journal entries for signs of management bias or override of controls.

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

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS OF THE CORPORATE TRUSTEE OF THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

that result from error, for example due to concealment, override of controls, collusion or 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 is available on the Financial Reporting Council’s website at: https://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 Directors of the Corporate Trustee, 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 Directors of the Corporate Trustee 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 Directors of the Corporate Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

WP Audit Services LLP

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

Date: 24 March 2026

WP Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Income from:
Donations
3
Investment income
4
Charitable activities
5
Expenditure on:
Raising funds
6
Charitable activities
7
Net gain on investments
10
Net Income before transfers
Transfers between funds
13
Net movement in funds
Reconciliation of funds
Funds at 1 October 2024
13
Funds at 30 September 2025
13		 Unrestricted
Funds
£
300,000
77,255
82,247
459,502
18,779
191,704
210,483
100,346
349,365
( 1,040)
348,325
3,065,856
3,414,180		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
1,040
1,040
32,995
34,035		 Total
2025
£
300,000
77,255
82,247
459,502
18,779
191,704
210,483
100,346
349,365
-
349,365
3,098,851
3,448,216		 Total
2024
£
168,000
82,618
75,935
326,553
17,224
136,752
153,976
124,187
296,764
-
296,764
2,802,087
3,098,851

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THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

BALANCE SHEET AS AT 30 SEPTEMBER 2025

2025
Note
£
£
£
Fixed assets:
Housing properties
9
343,839
Investments
10
2,525,396
2,869,235
Current assets:
Debtors
11
85,172
93,837
Cash at bank and in hand
556,841
415,542
642,013
509,379
Creditors:amounts falling due within
one year
12
( 63,032)
( 18,895)
Net current assets
578,981
Total net assets
3,448,216
The funds of the charity:
Designated funds:
Housing properties fund
13
343,839
235,111
Grant fund
13
10,000
10,000
Repair fund
13
200,000
200,000
General fund
13
2,860,342
2,620,745
Total unrestricted funds
3,414,181
Total restricted funds
13
34,035
Total Funds
3,448,216
Approved by the Board of Trustees on 5 March 2026 and signed on their behalf by:		 2024
£
235,111
2,373,256
2,608,367
490,484
3,098,851
3,065,856
32,995
3,098,851

Roger Hough Penelope Elvy Chairman Clerk to the Trustee

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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 2025

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 55, 151 Trafalgar Road, Greenwich, London SE10 9TX. 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 financial statements 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.

Group accounts

The dormant parent company has taken advantage of the exemptions under section 405 of the Companies Act 2006 and section 139 of the Charities Act 2011 not to prepare consolidated accounts.

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.

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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 2025

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 was 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.

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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 2025

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		 2025
£
300,000
2025
£
68,022
9,233
77,255
2025
£
82,247		 2024
£
168,000
2024
£
67,999
14,619
82,618
2024
£
75,935

Page 17

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

6 Expenditure on raising funds

Investment management fees
7
Expenditure on charitable activities
Property letting costs
Property management fees
Christmas benevolence
Grants to organisations
Grants to individuals
Depreciation of improvements to properties
Loss on disposal of fixed asset
Support costs
Note 8		 2025
£
18,779
2025
£
64,561
18,282
1,800
9,600
26,201
25,459
10,564
35,237
191,704		 2024
£
17,224
2024
£
54,259
14,609
1,650
1,600
3,222
25,916
1,004
34,492
136,752

Detail of grants to organisations are given in the Trustees' Report.

In the previous year expenditure of £Nil was from restricted funds.

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
Legal and professional fees		 2025
£
15,421
3,688
5,400
1,800
8,928
35,237		 2024
£
17,565
5,124
5,000
1,600
5,203
34,492

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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 2025

9 Tangible fixed assets Housing Properties - Almshouses

Cost
At 1 October 2024
Additions during the year
Disposals
At 30 September 2025
Depreciation
At 1 October 2024
Charge for the year
Eliminated on disposal
At 30 September 2025
Net Book Value:
At 30 September 2025
At 30 September 2024		 £
810,278
144,751
( 37,000)
918,029
575,167
25,459
( 26,436)
574,190
343,839
235,111

Page 19

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

10
Fixed asset investments
UK Listed
investments
£
Market value at 1 October 2024
1,445,250
Additions at cost
1,416,697
Disposals at carrying value
( 562,418)
Movement in cash balances
-
Unrealised gain on revaluation
100,177
Market value at 30 September 2025
2,399,706
Disposals include realised gains of £168 (2024: £2,430).
11
Debtors
Accrued income
Service charges receivable
12
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 Cash held
in
investment
portfolio
£
928,006
-
-
( 802,316)
-
125,690
2025
£
84,000
1,172
85,172
2025
£
611
62,421
63,032		 Total
£
2,373,256
1,416,697
( 562,418)
( 802,316)
100,177
2,525,396
2024
£
84,000
9,837
93,837
2024
£
3,004
15,891
18,895

Accruals and deferred income includes resident contributions received in advance of £1,433 (2024: £1,869)

Page 20

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

13
Funds
Current year
Unrestricted funds
Designated funds:
Housing
properties fund
Grant fund
Repair fund
General funds
Total unrestricted
funds
Restricted fund
Total funds
Prior year
Unrestricted funds
Designated funds:
Housing
properties fund
Grant fund
Repair fund
General funds
Total unrestricted
funds
Restricted fund
Total funds		 Balance
01.10.24
£
235,111
10,000
200,000
2,620,745
3,065,856
32,995
3,098,851
Balance
01.10.23
£
239,742
10,000
-
2,520,390
2,770,132
31,955
2,802,087		 Incoming
resources
£
-
-
-
459,502
459,502
-
459,502
Incoming
resources
£
-
-
-
326,553
326,553
-
326,553		 Resources
expended
& gains
/ (losses)
£
( 36,023)
( 26,201)
-
( 47,913)
( 110,137)
-
( 110,137)
Resources
expended
& gains
/ (losses)
£
( 25,916)
( 3,222)
-
( 651)
( 29,789)
-
( 29,789)		 Transfers
£
144,751
26,201
-
( 171,992)
( 1,040)
1,040
-
Transfers
£
21,285
3,222
200,000
( 225,547)
( 1,040)
1,040
-		 Balance
30.09.25
£
343,839
10,000
200,000
2,860,342
3,414,181
34,035
3,448,216
Balance
30.09.24
£
235,111
10,000
200,000
2,620,745
3,065,856
32,995
3,098,851

Page 21

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

13 Funds (continued)

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.

The annual charge for depreciation is allocated to this fund, along with any profit or loss on disposal. For any additions to the cost of the property there is a transfer to this fund from the general fund, unless considered extraordinary 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.

Repair fund

The charity has a designated extraordinary repair fund which are further monies to use for extraordinary repairs in addition to the restricted fund, below.

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.

14 Analysis of net assets between funds

Current year
Fixed assets
Current assets
Current liabilities
Net assets		 Designated
£
343,839
210,000
-
553,839		 General
£
2,525,396
397,978
( 63,032)
2,860,342		 Restricted
£
-
34,035
-
34,035		 Total
£
2,869,235
642,013
( 63,032)
3,448,216

Page 22

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14 Analysis of net assets between funds (continued)

Prior year
Fixed assets
Current assets
Current liabilities
Net assets		 Designated
£
235,111
210,000
-
445,111		 General
£
2,373,256
266,384
( 18,895)
2,620,745		 Restricted
£
-
32,995
-
32,995		 Total
£
2,608,367
509,379
( 18,895)
3,098,851

15 Capital commitments

At 30 September 2025 the charity had capital commitments as follows:

2025 2024
£ £
Contracted for but not provided in these financial statements 47,084 -

Capital commitments at the year end related to work contracted for the installation of replacement windows.

16 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 (2024: Nil). Three trustees were reimbursed for expenses incurred totalling £835 (2024: £1,705). These related to other costs.

Page 23

THE GREENWICH CHARITY OF WILLIAM HATCLIFFE AND THE MISSES SMITH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

17 Ultimate controlling party

The charity is owned 100% owned by Greenwich William Hatcliffe And Misses Smith Trustee Limited a company incorporated in England and Wales (No 15483547). Their registered office is North House, 198 High Street, Tonbridge, Kent, TN9 1BE. The purpose of the company is to retain the charity's trading name and there is no activity in the company.

Page 24