**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|



Page 1 



## **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 

Page 2 



## **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: 

- One ex-officio Director 

- Not more than six nominated Directors who may be nominated at any time by the Board (subject to Article 8.2) 

- Not more than six appointed Directors who may be appointed at any time by the Board subject (subject to Article 8.2) 

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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: 

- The Directors shall apply the income of the Charity in the first place so far as requisite for the benefit of the residents in the Almshouses of the Charity or any of them in such manner as the Directors of the Corporate Trustee think fit from time to time. 

- The Directors shall provide at their absolute discretion grants to any individuals to enable them to stay in their homes in the local area. 

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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

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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**_ 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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: 

- give a true and fair view of the state of the charity’s affairs as at 30 September 2025 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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: 

- the information given in the financial statements is inconsistent in any material respect with the Report from the Directors of the Corporate Trustee; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- Selected a team with sector experience was selected for completing the audit; 

- Obtained an understanding of the charity’s procedures for ensuring compliance with laws and regulations; 

- Obtained and reviewed internal policy and procedure documents; 

- Made enquiries of management and the Directors of the Corporate Trustee regarding whether they were aware of any actual or suspected incidences of non-compliance with laws and regulations; 

- Obtained and reviewed meeting minutes; 

- Reviewed legal expenses accounts for indications of any possible non-compliance; and 

- Reviewed the completeness and accuracy of any disclosures made in the financial statements. 

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

- Making an assessment of the charity’s systems & controls, including identifying any weaknesses and considering the risk of management override of controls; 

- Considering if there are any incentives or opportunities for management to manipulate financial results; 

- Obtaining and evaluating the Directors of the Corporate Trustee’s assessment of the risk of fraud, and enquiring as to whether they were aware of any actual or suspected fraud; 

- Reviewing the accounting policies and accounting estimates for signs of management bias; 

- Identifying key risks relating to irregularities including revenue recognition and management override of controls; and 

- Reviewing journal entries for signs of management bias or override of controls. 

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**<br>**Income from:**<br>Donations<br>**3**<br>Investment income<br>**4**<br>Charitable activities<br>**5**<br>**Expenditure on:**<br>Raising funds<br>**6**<br>Charitable activities<br>**7**<br>Net gain on investments<br>**10**<br>Net Income before transfers<br>Transfers between funds<br>**13**<br>**Net movement in funds**<br>**Reconciliation of funds**<br>Funds at 1 October 2024<br>**13**<br>Funds at 30 September 2025<br>**13**|_Unrestricted_<br>_Funds_<br>_£_<br>300,000<br>77,255<br>82,247<br>459,502<br>18,779<br>191,704<br>210,483<br>100,346<br>349,365<br>( 1,040)<br>348,325<br>3,065,856<br>3,414,180|_Restricted_<br>_Funds_<br>_£_<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,040<br>1,040<br>32,995<br>34,035|_Total_<br>_2025_<br>_£_<br>300,000<br>77,255<br>82,247<br>459,502<br>18,779<br>191,704<br>210,483<br>100,346<br>349,365<br>-<br>349,365<br>3,098,851<br>3,448,216|_Total_<br>_2024_<br>_£_<br>168,000<br>82,618<br>75,935|
|---|---|---|---|---|
|||||326,553|
|||||17,224<br>136,752|
|||||153,976|
|||||124,187|
|||||296,764<br>-|
|||||296,764<br>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_<br>**Note**<br>_£_<br>_£_<br>_£_<br>**Fixed assets:**<br>Housing properties<br>**9**<br>343,839<br>Investments<br>**10**<br>2,525,396<br>2,869,235<br>**Current assets:**<br>Debtors<br>**11**<br>85,172<br>93,837<br>Cash at bank and in hand<br>556,841<br>415,542<br>642,013<br>509,379<br>**Creditors:**amounts falling due within<br>one year<br>**12**<br>( 63,032)<br>( 18,895)<br>**Net current assets**<br>578,981<br>**Total net assets**<br>3,448,216<br>**The funds of the charity:**<br>Designated funds:<br>Housing properties fund<br>**13**<br>343,839<br>235,111<br>Grant fund<br>**13**<br>10,000<br>10,000<br>Repair fund<br>**13**<br>200,000<br>200,000<br>General fund<br>**13**<br>2,860,342<br>2,620,745<br>**Total unrestricted funds**<br>3,414,181<br>**Total restricted funds**<br>**13**<br>34,035<br>**Total Funds**<br>3,448,216<br>Approved by the Board of Trustees on 5 March 2026 and signed on their behalf by:|_2024_<br>_£_<br>235,111<br>2,373,256|
|---|---|
||2,608,367<br>490,484|
||3,098,851|
||3,065,856<br>32,995|
||3,098,851|
|||



**Roger Hough Penelope Elvy Chairman Clerk to the Trustee** 

Page 14 



**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. 

Page 15 



## **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. 

Page 16 



**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<br>**4**<br>**Investment Income**<br>Income on quoted Investments<br>Interest on bank and other deposits<br>**5**<br>**Income from charitable activities**<br>Residents' Maintenance Contributions|_2025_<br>_£_<br>300,000<br>_2025_<br>_£_<br>68,022<br>9,233<br>77,255<br>_2025_<br>_£_<br>82,247|_2024_<br>_£_<br>168,000|
|---|---|---|
|||_2024_<br>_£_<br>67,999<br>14,619|
|||82,618|
|||_2024_<br>_£_<br>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<br>**7**<br>**Expenditure on charitable activities**<br>Property letting costs<br>Property management fees<br>Christmas benevolence<br>Grants to organisations<br>Grants to individuals<br>Depreciation of improvements to properties<br>Loss on disposal of fixed asset<br>Support costs<br>Note 8|_2025_<br>_£_<br>18,779<br>_2025_<br>_£_<br>64,561<br>18,282<br>1,800<br>9,600<br>26,201<br>25,459<br>10,564<br>35,237<br>191,704|_2024_<br>_£_<br>17,224|
|---|---|---|
|||_2024_<br>_£_<br>54,259<br>14,609<br>1,650<br>1,600<br>3,222<br>25,916<br>1,004<br>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<br>Other  costs<br>_Governance costs:_<br>Fees payable to auditor<br>Fees payable to auditor for other services - accountancy<br>Legal and professional fees|_2025_<br>_£_<br>15,421<br>3,688<br>5,400<br>1,800<br>8,928<br>35,237|_2024_<br>_£_<br>17,565<br>5,124<br>5,000<br>1,600<br>5,203|
|---|---|---|
|||34,492|



Page 18 



**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**<br>At 1 October 2024<br>Additions during the year<br>Disposals<br>At 30 September 2025<br>**Depreciation**<br>At 1 October 2024<br>Charge for the year<br>Eliminated on disposal<br>At 30 September 2025<br>**Net Book Value:**<br>At 30 September 2025<br>At 30 September 2024|_£_<br>810,278<br>144,751<br>( 37,000)|
|---|---|
||918,029|
||575,167<br>25,459<br>( 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**<br>**Fixed asset investments**<br>_UK Listed_<br>_investments_<br>_£_<br>Market value at 1 October 2024<br>1,445,250<br>Additions at cost<br>1,416,697<br>Disposals at carrying value<br>( 562,418)<br>Movement in cash balances<br>-<br>Unrealised gain on revaluation<br>100,177<br>Market value at 30 September 2025<br>2,399,706<br>Disposals include realised gains of £168 (2024: £2,430).<br>**11**<br>**Debtors**<br>Accrued income<br>Service charges receivable<br>**12**<br>**Creditors: amounts falling due within one year**<br>Trade creditors<br>Accruals and deferred income|_Cash held_<br>_in_<br>_investment_<br>_portfolio_<br>_£_<br>928,006<br>-<br>-<br>( 802,316)<br>-<br>125,690<br>_2025_<br>_£_<br>84,000<br>1,172<br>85,172<br>_2025_<br>_£_<br>611<br>62,421<br>63,032|_Total_<br>_£_<br>2,373,256<br>1,416,697<br>( 562,418)<br>( 802,316)<br>100,177|
|---|---|---|
|||2,525,396|
|||_2024_<br>_£_<br>84,000<br>9,837|
|||93,837|
|||_2024_<br>_£_<br>3,004<br>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**<br>**Funds**<br>**_Current year_**<br>**Unrestricted funds**<br>Designated funds:<br>Housing<br>properties fund<br>Grant fund<br>Repair fund<br>General funds<br>Total unrestricted<br>funds<br>**Restricted fund**<br>**Total funds**<br>**_Prior year_**<br>**Unrestricted funds**<br>Designated funds:<br>Housing<br>properties fund<br>Grant fund<br>Repair fund<br>General funds<br>Total unrestricted<br>funds<br>**Restricted fund**<br>**Total funds**|_Balance_<br>_01.10.24_<br>_£_<br>235,111<br>10,000<br>200,000<br>2,620,745<br>3,065,856<br>32,995<br>3,098,851<br>_Balance_<br>_01.10.23_<br>_£_<br>239,742<br>10,000<br>-<br>2,520,390<br>2,770,132<br>31,955<br>2,802,087|_Incoming_<br>_resources_<br>_£_<br>-<br>-<br>-<br>459,502<br>459,502<br>-<br>459,502<br>_Incoming_<br>_resources_<br>_£_<br>-<br>-<br>-<br>326,553<br>326,553<br>-<br>326,553|_Resources_<br>_expended_<br>_& gains_<br>_/ (losses)_<br>_£_<br>( 36,023)<br>( 26,201)<br>-<br>( 47,913)<br>( 110,137)<br>-<br>( 110,137)<br>_Resources_<br>_expended_<br>_& gains_<br>_/ (losses)_<br>_£_<br>( 25,916)<br>( 3,222)<br>-<br>( 651)<br>( 29,789)<br>-<br>( 29,789)|_Transfers_<br>_£_<br>144,751<br>26,201<br>-<br>( 171,992)<br>( 1,040)<br>1,040<br>-<br>_Transfers_<br>_£_<br>21,285<br>3,222<br>200,000<br>( 225,547)<br>( 1,040)<br>1,040<br>-|_Balance_<br>_30.09.25_<br>_£_<br>343,839<br>10,000<br>200,000<br>2,860,342|
|---|---|---|---|---|---|
||||||3,414,181<br>34,035|
||||||3,448,216|
||||||_Balance_<br>_30.09.24_<br>_£_<br>235,111<br>10,000<br>200,000<br>2,620,745|
||||||3,065,856<br>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_**<br>Fixed assets<br>Current assets<br>Current liabilities<br>Net assets|_Designated_<br>_£_<br>343,839<br>210,000<br>-<br>553,839|_General_<br>_£_<br>2,525,396<br>397,978<br>( 63,032)<br>2,860,342|_Restricted_<br>_£_<br>-<br>34,035<br>-<br>34,035|_Total_<br>_£_<br>2,869,235<br>642,013<br>( 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_**<br>Fixed assets<br>Current assets<br>Current liabilities<br>Net assets|_Designated_<br>_£_<br>235,111<br>210,000<br>-<br>445,111|_General_<br>_£_<br>2,373,256<br>266,384<br>( 18,895)<br>2,620,745|_Restricted_<br>_£_<br>-<br>32,995<br>-<br>32,995|_Total_<br>_£_<br>2,608,367<br>509,379<br>( 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