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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 02702502 (England and Wales) REGISTERED CHARITY NUMBER: 1010519

Report of the Trustees and

Consolidated Financial Statements for the Year Ended 31 March 2021

for

Royal Albert Dock Trust Group

Haines Watts Chartered Accountants and Statutory Auditors 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF

Royal Albert Dock Trust Group

Contents of the Consolidated Financial Statements for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Consolidated Financial Activities 12
Consolidated Balance Sheet 13
Consolidated Cash Flow Statement 14
Notes to the Consolidated Cash Flow Statement 15
Notes to the Consolidated Financial Statements 16 to 26

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Policies and objectives

The Charity's objectives are the organisation and provision of facilities for water related activities and other physical recreation. Based at the Royal Albert and Victoria Docks, London, the facilities are provided for public benefit, in the interests of social welfare and with the object of improving the condition of life of persons, who by reason of their youth and/or social and /or economic circumstances, have need of such facilities.

Activities for achieving objectives

Our objective for the business is to provide vibrant community facilities that are able to support their own operations and the development of further opportunities. These community facilities will encourage young people from all walks of life, and of all abilities, to develop leadership, self-discipline, resilience, confidence, and respect for themselves and others.

In setting our objectives and planning our activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

STRATEGIC REPORT

Achievement and performance

Return to water activity

Throughout the Covid-19 lockdown we maintained contract with our water users to understand the challenges that clubs and our charitable partners have faced, and how they were keeping members and beneficiaries motivated and supporting those who were socially isolated. We made a phased return to water activity with clubs and our charitable partners following NGB guidance. Our Covid-19 measures included heightened levels of PPE for staff with the purchase of gloves, full-face visors, face masks and antiviral wipes. Access to water included a modification to our operational procedures with social distancing markers on access ramps to the water and dedicated outgoing/incoming pontoons with a one-way circulation route throughout our Centre to access toilet facilities and a phased opening of changing room and shower facilities.

Water use

Since October 2020, the trustees have been provided with accurate water use figures monthly by club and charitable partner. This shows the impact of Covid-19 and the phased return to activity. No water activity took place in the months of January- Mach due to lockdown, but with a phased return in April, London Youth Rowing (LYR) & the Marine Society and Sea Cadets (MSSC) and 16 clubs resumed water activity with throughput figures at 4,000+ a month.

Page 1

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

Human Resources/Health & Safety

In December 2020 we contracted with Stallard Kane to carry out an audit to review our HR compliance. After initial audit reports, we have implemented new employment handbooks, employee law manuals and template contracts for any new employees. In addition to HR support, we engaged Stallard Kane to carry out comprehensive Health & Safety Audit of our premises to include the main building, boathouse and workshop. The initial audit reviewed all of our documentation and processes, compliance with legislative requirements and good practices and identify any training/developmental needs with management control systems. We have carried out work to achieve the following compliance and will undergo a further audit later in 2021:

Governance

These significant HR procedural improvements and the H&S Audit were part of the improvement measures taken following the recommendations of BDO, who, with the support of Sport England, carried out a comprehensive governance review for us in the Summer of 2020. Significant required improvements were identified by BDO and since then our senior management has been restructured, staffing improved and made more efficient, financial reporting and our property related leases have been improved and clarified. Our work continues to ensure that all aspects of the charity’s procedures are fully compliant.

Sport England/London Regatta Centre Redevelopment Grant

We have installed a DDA compliant life to the first floor of the building assisted by a grant from Sport England flowing from an underspend of £24,001 relating to Sport England’s support for the recent extension and improvement of our Centre. This has provided access to our Marathon trust conference room, LYR and MSSC rooms on the first floor for wheelchair users and anyone with mobility issues.

RADT Online Incident Reporting System

In addition to reporting incidents to British Rowing, British Dragon Boat Association, we have replaced our paper reports with an online incident form for use by coaches and safety officers via the relevant link or QR code. The use of mobile phones in this context provides RADT staff with an email alert and we request that all reports are made within 24 hours.

LYR & MSSC Activity

Both of our charitable partners made a phased return to water use with the addition of the London Nautical School. Regular partner meetings are held with the RADT CEO to identify both charities realise both their own and our shared objectives for water related activity on the Royal Dock.

Page 2

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

Financial review Financial position

Going concern

After making appropriate enquiries, despite the challenges of the impact of Covid-19 on operations since March 2020, the trustees have reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future.

Financial risk management objectives and policies

The Trustees continue to monitor the financial position of the Trust and its trading subsidiary (London Regatta Centre). The majority of the charity's income derives from renting out parts of its building and curtilage at its Docklands site to compatible businesses, notably to a restaurant and car hire company. This rental income is an essential contribution to the charity's overall income and to its continuing financial viability. The national lockdown measures associated with the Covid-19 pandemic have seriously curtailed these business operations and rental income has fallen from £459K in 2019/20 to 189K in 2020/21. We have taken advantage of various Government support schemes to sustain our financial viability as summarised below.

As stated above, for the financial year ending 31st March 2021, income from normal operating activities was severely impacted due to the Covid 19 pandemic. However, rationalisation of costs and taking advantage of the various schemes and support in respect of Covid-19 have meant that we are still expecting to return a cash surplus position before depreciation for the year.

The Trust have taken advantage of the following schemes to assist with ensuring their viability through this time:

Reserves policy

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible assets, the 'free reserves' held by the charity should approximate to three months of the resources expended. This is equivalent to approximately £120k and is held in the bank account by the Trust.

Page 2

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

STRATEGIC REPORT Future Developments

Canoeing

We are determined to establish canoeing activity on the Royal Albert Dock and are currently working with the Civil Service Canoe Club who are having to vacate their current premises in Chiswick by the end of 2021. As a member’s organisation for civil servants and public sector workers they have they have approximately 1500 members in London with a specific interest in the sport; some are based in east London which makes a relocation to our Centre particularly relevant.

Rebranding

We will look at a comprehensive rebranding exercise for the “Royal Docks Water Sports Centr” following the approval of a development strategy by the board of trustees. The Jessie Brenan artwork- “TAKE YOUR PLACE” will be removed in 2022, the north face of our Centre will be repaired and cleaned before new rebranding is displayed. Branding proposals include:

British Rowing Start Academy Programme- Royal Albert Dock

After detailed discussions between British Rowing, LYR and Sport England, a new “ Start Academy” programme will identify athletes with necessary talent to be on a performance programme. This programme will specifically target athletes from an ethnically diverse background. It is hoped that this programme can commence in early 2022, reactivating the University of East London Boat Club which has been dormant for the past year.

Events 2022

Several events are confirmed to take place on the Royal Albert Dock in 2022, which will have a community, regional and national focus:

Celebrations with the various teams who have raced 40,000 nautical miles around the globe with the Royal Albert Dock set to host the race finish festivities.

Online sign-in system

We have been working on a contactless sign-in system for staff, visitors and water users which will allow everyone to sign in via an iPad or straight from their smartphone- with no need to touch the iPad screen or install an app. All water users can be issued with a secure dynamic QR code where they can sign on/off the water. The aim is to eventually replace our paper-based diary system. We will look to initially run this alongside our current system and formally launch it in early 2022.

Page 3

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

Royal Albert Dock Trust is registered with the Charity Commission (Number 1010519) and is limited by guarantee. The company is registered in England and Wales with registered number 02702502.

London Regatta Centre is the 100% trading subsidiary of Royal Albert Docks. London Regatta Centre is also registered in England and Wales and has the registered number 02506268.

Recruitment and appointment of new trustees

Trustees are appointed in accordance with the company's Memorandum and Articles. Day to day management of the Trust is delegated to the Chief Operations Officer (COO) and Finance Director.

Organisational structure

The Trustees govern Royal Albert Dock Trust under the terms of the Memorandum and Articles of Association dated 31 March 1992, subsequently amended and replaced 24 June 2014 and then subsequently amended by Written Resolution passed 13 November 2014. They are appointed at the Annual General Meeting or by the existing Trustees during the year. New Trustees are given an opportunity to examine the Trust documents, which are available from the Company Secretary, and are encouraged to review the guidance offered by the Charity Commission if they are unfamiliar with the general duties of Trustees.

The Trustees meet at least 4 times a year to review the financial and organisational aspects of the Charity and their impact on any perceived risks. Day to day management of the site is carried out by the COO and the team of paid employees. The Trustees provide their services on an entirely honorary basis.

Induction and training of new trustees

New Trustees are provided with a copy of the charity's governing documents and information on the charity's operations and their duties and role as a Trustee. Trustees are also encouraged towards the guidance offered by the Charity Commission if they are unfamiliar with the general duties of Trustees.

Key management remuneration

Our approach to pay and reward enables us to recruit and retain the skilled staff we need. We have a performance management culture that enables all team members to understand and deliver our charitable objectives while being accountable for their role in doing so. We are proud of the diversity of our team and our ability to provide training and employment opportunities for young people.

Our pay policy is structured to reflect this and is guided by the following principles:

Page 3

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

Fair, honest and open fundraising

We rely on the generosity of our supporters to support the development and improvement of our activities and facilities. That generosity means that we can help more vulnerable young people to access our activities to develop their confidence, self-reliance and independence, as well as learning vital life skills such as team work and leadership. Because we're committed to fair fundraising, we follow the Institute of Fundraising's Codes of Fundraising practice and will continue to operate within the best practices as set out by any new regulatory body.

We will:

Risk management

The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02702502 (England and Wales)

Registered Charity number

1010519

Registered office

London Regatta Centre Dockside Road London E16 2QT

Page 4

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

Trustees

Mr D N Bridge Mr M J Coles Mr S J Derben Mr J R Faragher (resigned 14.08.20) Mr G Harris Mr A L Laws Mr E K Sorensen- Chairman Mr D L Blaney - (resigned 2.11.20) Mr J D Kinsella - (appointed 5.05.20) Ms G Kitchen – (appointed 18.11.21)

Company Secretary

Ms R Brown

Auditors

Haines Watts Chartered Accountants and Statutory Auditors 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Royal Albert Dock Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to;

Page 5

Royal Albert Dock Trust Group

Report of the Trustees for the Year Ended 31 March 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 22/12/2021

.............................................................. Mr E K Sorensen - Trustee

Page 8

Report of the Independent Auditors to the Members of Royal Albert Dock Trust Group

Opinion

We have audited the financial statements of Royal Albert Dock Trust (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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. 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.

Page 7

Report of the Independent Auditors to the Members of Royal Albert Dock Trust Group

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud and error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected even though the audit is properly planned and performed in accordance with the ISAs.

Page 8

Report of the Independent Auditors to the Members of Royal Albert Dock Trust Group

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Shaun Brownsmith FCA (Senior Statutory Auditor) for and on behalf of Haines Watts Chartered Accountants and Statutory Auditors 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF 23/12/2021

Date: .............................................

Page 11

Royal Albert Dock Trust Group

Statement of Consolidated Financial Activities for the Year Ended 31 March 2021

Notes
Income and Endowments
Donations and legacies
2
Charitable Activity
3
Other trading activities
4
Investment income
5
Total
Expenditure
Raising funds
6
Cost of sales
Charitable Activity
7
Distribution costs
Administrative expenses
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
fund
Restricted
fund
London
Regatta
Centre
31.3.21
Total
funds
31.3.20
Total
funds
£
£
£
£
£
4,470
-
-
4,470
-
-
54,000
95,562
149,562
-
-
-
107,487
107,487
84,371
184,357
-
82
184,439
570,994
188,827
54,000
203,131
445,958
655,365
-
-
-
-
740
(36,368)
(36,368)
59,302
337,932
36,914
-
374,846
365,024
13,666
13,666
13,550
-
-
261,289
261,289
448,268
-
7,500
7,500
337,932
44,414
238,587
620,933
886,884
(149,105)
9,586
(35,456)
(174,975)
(231,519)
8,842,030
-
(767,268)
8,074,762
8,306,281
8,692,925
9,586
(802,724)
7,899,787
8,074,762

The notes form part of these financial statements

Page 10

Royal Albert Dock Trust Group

Consolidated Balance Sheet 31 March 2021

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within 1
year
16
Intercompany balances
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
Retained Earnings
Called up share capital
Total Funds		 Unrestricted
fund
Restricted
fund
London
Regatta
Centre
£
£
£
7,654,300
-
40,649
2
-
-		 31.3.21
Total
funds
31.3.20
Total
funds
£
£
7,694,949
7,969,649
2
2
7,654,302
-
40,649
24,225
-
10,342
6,361
19,586
388,156		 7,694,951
7,969,651
34,567
55,285
414,103
327,088
30,586
19,586
398,498
(194,908)
(10,000)
(38,924)		 448,670
382,373
(243,832)
(277,260)
1,202,945
- (1,202,945)
8,692,925
9,586
(802,722)		 -
-
7,899,789
8,074,764
8,692,925
9,586
(802,722)		 7,899,789
8,074,764
8,692,925
8,842,030
9,586
-
(802,724)
(767,268)
2
2
7,899,789
8,074,764

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 22/12/2021

.............................................

Mr E K Sorensen - Trustee

The notes form part of these financial statements

Page 13

Royal Albert Dock Trust Group

Consolidated Cash Flow Statement for the Year Ended 31 March 2021

Notes
Cash flows from operating activities
Cash generate from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.3.21
£
86,933
86,933
-
82
82
87,015
327,088
414,103		 31.3.20
£
30,030
30,030
(49,291)
425
(48,866)
(18,836)
345,924
327,088

The notes form part of these financial statements

Page 12

Royal Albert Dock Trust Group

Notes to the Consolidated Cash Flow Statement for the Year Ended 31 March 2021

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 31.3.21
£
(174,975)
274,700
(82)
20,718
(33,428)
86,933		 31.3.20
£
(231,519)
279,791
(425)
32,122
(49,939)
30,030
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.20 Cash flow At 31.3.21
£ £ £
Net cash
Cash at bank 327,088 87,015 414,103

The notes form part of these financial statements

Page 13

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and account.

The presentational currency is sterling £ and rounded to the nearest pound.

Significant judgements and estimates

In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for a separate items of tangible fixed assets.

continued...

Page 14

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES – continued

Depreciation is provided at the following annual rates in order to write off each asset over its useful estimated life, on a straight-line basis or, if held under a finance lease, over the lease term whichever is shorter:

Freehold property - 2% on cost Fixtures and fittings - 20% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Financial instruments

Basic financial instruments are measured at amortised cost other than investments which are measured at fair value.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Pension costs and other post-retirement benefits

The group operated a defined contribution scheme. Contributions payable to the pension scheme are charged to profit and loss in the period to which they relate.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

2. DONATIONS AND LEGACIES

Donations
3.
CHARITABLE ACTIVITY
Grants
Furlough Grants
4.
OTHER TRADING ACTIVITIES
Management		 31.3.21
£
4,470
31.3.21
£
54,000
95,562
149,562
31.3.21
£
107,487		 31.3.20
£
-
31.3.20
£
-
-
31.3.20
£
84,371

continued...

Page 15

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

5. INVESTMENT INCOME

Rents received
Parking Income
Deposit account interest
6.
RAISING FUNDS
Raising donations and legacies
Support costs
7.
CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Charitable Activity
107,680
8.
SUPPORT COSTS
Information
Management
Finance
technology
£
£
£
Other Resources
Expended
-
7,500
-
Charitable Activity
76
261,382
-
76
268,882
-
9.
NET INCOME/(EXPENDITURE)		 31.2.21f
£ggg
184,357
-
82
184,439
31.3.21
£
-
Support
costs (see
note 8)
£
267,166

Governance

costs
£
-
5,708		 31.3.20gg
£ggg
459,576
110,993
425
570,994
31.3.20
£
740
Totals
£
374,846
Totals
£
7,500
267,166
5,708 274,666

Net income/ (expenditure) is stated after charging/(crediting):

31.3.21 31.3.20
£ £
Auditor's Remuneration 5,708 3,000
Depreciation - owned assets 261,034 266,241
Other operating leases 41,049 (59,560)

continued...

Page 15

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

11. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 31.3.21
£
14,877
2,155
507
17,539		 31.3.20
£
-
-
-
-

continued...

Page 17

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Other trading activities
84,371
Investment income
570,994
Total
655,365
EXPENDITURE ON
Charitable activities
Raising funds
740
Cost of sales
59,302
Charitable Activity
365,024
Distribution costs
13,550
Administrative expenses
448,268
Total
886,884
NET INCOME/(EXPENDITURE)
(231,519)
RECONCILIATION OF FUNDS
Total funds brought forward
8,306,281
TOTAL FUNDS CARRIED FORWARD
8,074,762
Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
84,371
570,994
655,365
740
59,302
365,024
13,550
448,268
886,884
(231,519)
8,306,281
8,074,762

continued...

Page 17

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

13. TANGIBLE FIXED ASSETS

Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for year
At 31 March 2021
NET BOOK
VALUE
At 31 March 2021
At 31 March 2020		 Freehold
property
Fixture and
fittings
Plant and
Machinery
etc
Total
£
£
£
£
11,993,416
1,228,544
78,940
13,300,900
-
-
-
-
11,993,416
1,228,544
78,940
13,300,900
4,183,908
1,122,718
24,625
5,331,251
239,868
21,166
13,666
274,700
4,423,776
1,143,884
38,291
5,605,950
7,569,640
84,660
40,649
7,694,949
7,809,508
105,826
54,315
7,969,649

14. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2020 and 31 March 2021 2
NET BOOK VALUE
At 31 March 2021 2
At 31 March 2020 2

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

London Regatta Centre Ltd

Registered office: London Regatta Centre, Dockside Road, London, E16 2QT Nature of business: Operation of sports facilities

%
Class of share: holding
Ordinary 100

continued...

Page 18

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

15.
DEBTORS
Amounts falling due within one year:
Trade debtors
Bad debt provision
Other debtors
VAT
Prepayments
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Deposits received
Other creditors
Taxation and social security
Accruals and deferred income
17.
MOVEMENT IN FUNDS		 31.3.21
£
22,337
-
9,999
2,231
-
34,567
31.3.21
£
19,626
16,250
99,715
21,747
86,494
243,832		 31.3.20
£
45,573
(13,482)
12,065
667
10,462
55,285
31.3.20
£
4,572
16,250
100,820
27,304
128,314
277,260
Unrestricted funds
General fund
Retained earnings
Restricted funds
Restricted
TOTAL FUNDS		 At 1.4.20
£
8,842,030
(767,268)
-
8,074,762		 Net
movement
in funds
£
(149,105)
(35,456)
9,586
(174,975)		 At
31.3.21
£
8,692,925
(802,724)
9,586
7,899,787

continued...

Page 19

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 Incoming
resources
£
188,827
54,000
242,827		 Resources
Movement
expended
in funds
£
£
(337,932)
(149,105)
(44,414)
9,586
(382,346)
(139,519)

Comparatives for movement in funds

Unrestricted funds
General fund
Retained earnings
TOTAL FUNDS		 At 1.4.19
£
8,637,154
(330,873)
8,306,281		 Net
movement
in funds
£
204,876
(436,395)
(231,519)		 At
31.3.20
£
8,842,030
(7,268)
8,074,762

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
570,640
570,640		 Resources
Movement
expended
in funds
£
£
(231,519)
204,876
(231,519)
204,876

continued...

Page 20

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2021

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021 nor the year ended 31 March 2020.

Page 21

Royal Albert Dock Trust Group

Detailed Consolidated Statement of Financial Activities
for the Year Ended 31 March 2021
31.3.21 31.3.20
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 4470 -
Investment income
Rents received 184,357 459,576
Parking Income - 110,993
Deposit account interest - 71
184,357 570,640
Charitable activities
Grants 54,000 -
Total incoming resources 238,357 570,640
EXPENDITURE
Charitable activities
Wages 14,877 -
Social security 2,155 -
Pensions 507 -
Other operating leases 41,049 (59,560)
Insurance (150) -
Legal & Professional Fees 10,987 14,545
Maintenance Charge 28,880 26,166
107,680 (18,849)
Support costs
Management
Rates and water 76 35,604
Light and heat - 64,047
IT & Infrastructure - 9,229
76 108,880
Finance
Sundries - 740
Bank charges 348 339
Finance costs 7,500 -
Carried forward 7,848 1,079

This page does not form part of the statutory financial statements

Page 22

Royal Albert Dock Trust Group

Detailed Consolidated Statement of Financial Activities
for the Year Ended 31 March 2021
31.3.21 31.3.20
£ £
Finance
Brought forward 7,848 1,079
Freehold property 239,868 241,156
Fixtures and fittings 21,166 25,085
268,882 267,320
Information technology
Postage and stationery - 224
Repairs and renewals - 1,608
Boat Equipment - 3,581
- 5,413
Governance costs
Auditors' remuneration 5,708 3,000
Total resources expended 382,346 365,764
Net income/(expenditure) (139,519) 204,876
Net profit/(loss) of Subsidiaries (35,456) (436,395)
Group Net income/(expenditure) (174,975) (231,519)

This page does not form part of the statutory financial statements

Page 23