OpenCharities

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

2025-03-31-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 2025

for

Royal Albert Dock Trust

Dux Advisory Limited The Kennel Club, Gatehouse Way, Aylesbury, Buckinghamshire, England, HP19 8DB

Royal Albert Dock Trust

Contents of the Consolidated Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 To 10
Report of the Independent Auditors 11 to 13
Statement of Consolidated Financial Activities 14
Consolidated Balance Sheet 15
Consolidated Cash Flow Statement 16
Notes to the Consolidated Cash Flow Statement 17
Notes to the Consolidated Financial Statements 18 to 26

The Trustees are pleased to present their annual report together with the financial statements for the charity for the year ended 31 March 2025 which are prepared to meet the requirements for the Directors' report and accounts for Companies Act purposes. The administrative information set out on page 9 forms part of this report.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statements of Recommended Practice (SORP) 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 Royal Albert Dock Trust's (RADT) charitable objects are the provision of facilities for water-related activities and other physical recreation. Based at the Royal Albert and Royal Victoria Docks in East London, the facilities are provided for public benefit in the interests of social welfare and with the object of improving the conditions 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

The charity offers excellent community facilities that support our partners in providing a variety of waterrelated activities. When reviewing our aims and objects and in planning our future activities, the Trustees follow the Charity Commission’s Code of Governance and give due regard to the Charity Commission's general guidance on public benefit.

Sport England research (November 2020) shows that boosting participation in sport can generate a variety of socio-economic benefits. Sport can, and does, make a profound and positive impact on individuals, communities and wider society.

Health Impact: Physical activity, including sport, is linked to reduced risk of over 20 illnesses, including cardiovascular disease, some cancers and the mental health of individuals.

Social and Cultural Impact: the positive effects of sport on education include improved attainment, lower absenteeism and drop-out, and increased progression to higher education. For instance, young people’s participation in sport improves their numeracy scores above non-participants.

Social Capacity and Cohesion: sports programmes have the potential to strengthen social networks and community identity, according to several international studies.

The charity considers that its activities lead to significant public benefit in all areas highlighted by the Sport England research.

STRATEGIC REPORT

Achievement and performance

Our charitable partners' and our clubs' activities

Our charitable aims and objectives in delivering watersports activity for all are delivered by our charitable partners, London Youth Rowing (LYR) and the Marine Society and Sea Cadets (MSSC). In addition, RADT currently hosts 18 clubs who together provide opportunities in canoeing, dragon boating and rowing activity on the Royal Docks. A number of these clubs also further RADT’s charitable objectives.

1 | P a g e

Royal Albert Dock Trust

Report of the Trustees for the Year Ended 31 March 2025

Water use

Since October 2020, Trustees have been provided with accurate monthly water use figures by club and charitable partner.

For the period 1 April 2024 to 31 March 2025, we had a total of 59,019 sessions on the Royal Docks, averaging 4,918 sessions per month, up from an average of 4,874 sessions per month in 2024/2025. Sessions peaked in May 2024 with a total of 6,853.

----- Start of picture text -----
Total Water User Throughput Figures
Financial Year (Apr'24 - Mar '25)
8000
7000 6853 6748
6064
5808
6000
4762
5000 4577 4569
4407 4435
4059
4000 3718
3019
3000
2000
1000
0 HITT
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Total Water User Throughput Figures
Financial Year (2023/24 vs 2024/25)
Oo een eee
APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
Month
2023-24 2024-25
User Totals
----- End of picture text -----

2 | P a g e

Royal Albert Dock Trust

Report of the Trustees for the Year Ended 31 March 2025

Events and training camps

In the year to 31 March 2025, we hosted a total of 25 events including 9 training camps. Many of the visiting clubs are preparing for multi-lane events and use the still water to measure performance and trial crews over 2000 meters.

The Royal Albert Dock is one of only two still water rowing venues in the South-East of England and at weekends clubs can row from sunrise to sunset.

It is of strategic importance, providing a still water site for training and allowing clubs who have had their own water compromised with vessel moorings and clubs on the Greenwich Peninsula where fast moving Clippers can make the water unsafe, an opportunity to train at a safe venue. The Royal Albert Dock is also visited regularly at weekends by visiting clubs from the Tideway and the middle and upper reaches of the Thames when flood conditions exist.

During the year, as well as our own resident boat clubs, we also hosted:

Community Engagement - Diversity and Inclusion

Several of our clubs have shown a commitment to community engagement and pride themselves on promoting watersports to the local community by encouraging under- represented groups to take part in their activities. The Windy Pandas London Dragon Boat Club started life in 2008 as a charity crew and since then has grown into a top tier dragon boat club. They have established a dragon boat team for local Muslim women that trains on the Royal Albert Dock on weekend mornings. Windy Pandas also guide, coach and equip Wave Walkers, London's first (and only) dragon boat team for people with direct experience of cancer.

3 | P a g e

Royal Albert Dock Trust

Report of the Trustees for the Year Ended 31 March 2025

London Otters RC

London Otters Rowing Club was founded in 2014 with just a handful of people as a way to help LGBTQ+ people get into the sport and enjoy it in a welcoming and inclusive environment.

On Saturday 18th May 2024, they marked their 10th Anniversary with a celebration at the Old Joinery in Greenwich, which included naming a boat after the club’s long-standing senior coach and a video looking back on the history and growth of the club.

Adaptive Rowing Programme

RADT have agreed to support both the ‘Royal Dolphin’s’ and an SEN group from the Royal Docks Academy, who enjoy weekly rowing sessions at the centre. This collaboration between LYR and RADT represents a significant opportunity to expand access to rowing for individuals with disabilities. Together, we can create a programme that enriches lives, builds community, and sets a standard for adaptive sports in London.

Pro Bono Law Firm

Richard Lester has provided legal support to the Royal Albert Dock Trust since 1992 on a pro bono basis. He has finally decided to retire from Wedlake Bell where he was a managing partner and consultant specialising in commercial property. We thank him for his huge contribution to RADT.

We now have a new legal advisor – Baker McKenzie, who are delighted to support RADT with legal advice including licence/lease renewals on a pro bono basis.

Baker McKenzie works with various charities, NGOs, universities, law centres and the advice sector to develop and deliver pro bono legal advice and support to those most in need.

Finance Consultant

Rachel Brown has accepted a new full-time position with the Oxford Diocesan Bucks Schools Trust.

Our Finance Consultant, Rachel Brown, accepted a new position and so has had to resign from her role with RADT. We thank Rachel for her contribution to RADT both as Finance Consultant and Company Secretary since June 2021. She was instrumental in implementing the recommendations from the Governance and Finance review by BDO.

We are delighted to have recruited Joanne Smith, a Chartered Accountant with over 25 years of experience to be our new Finance Consultant.

Joanne has experience in both commerce and industry and accounting practice. She currently works on a portfolio of clients where she offers a range of consulting and accounting services.

Safeguarding

London Sport is working in partnership with organisations delivering sport within the London Borough of Newham to promote best practice when working with at-risk children and adults.

This project is funded by Sport England to help National Governing Bodies, Active Partnerships, regional partnerships and sport and physical activity organisations to develop best practice in safeguarding children and

4 | P a g e

Royal Albert Dock Trust

Report of the Trustees for the Year Ended 31 March 2025

adults at risk.

Balcony

The balcony timber replacement is now finished with a complete replacement, including new joists and deck boards with the kind support of Michael Mach, the proprietor of the Yi-Ban restaurant.

Wildflower Bund

The wildflower bund had become unsightly and the pedestrian access points trip hazards. It was never a satisfactory replacement for the boundary fence and hedge since it was installed in 2020. We have replaced the bund with an enclosed border on both Dockside Road and the car park with railway sleepers and shrubs to provide an attractive feature and deter vehicles from driving through the bund.

Using new tanalised railway sleepers which are more regularly shaped than reclaimed sleepers, these slot into galvanised steel H-beams which join the sections and make a strong wall, preventing vehicles from driving over the boundary.

Wayfinding Signage

We have now begun the first phase of rebranding ‘Royal Docks Adventure’ to ‘Royal Docks Watersports’

25th Anniversary of Official Opening London Regatta Centre

This year, the London Regatta Centre celebrated 25 years since its official opening by HRH Princess Anne on the 30th March 2000.

The Founding Chair Fred Smallbone accepted a request from the current RADT Board to become Hon President. We celebrated the occasion with a dinner in Yi-Ban restaurant with Fred and guests who had been involved with the Royal Albert Dock Trust since it officially opened.

5 | P a g e

Future Developments

Sailing

In response to enquiries from adults asking about opportunities for sailing lessons in the Royal Docks, we are looking to offer sailing opportunities in Royal Victoria Dock in partnership with MSSC. If the trial is a success, we will run more sessions for anyone wanting to start sailing and learn about the basics or looking for opportunities to develop their skills.

GLA and RoDMA

We will continue to work closely with the Greater London Authority (GLA) and the Royal Docks Management Authority (RoDMA). The GLA is the freeholder of the Royal Docks Watersports Centre site at the western end of the Royal Albert Dock and, in conjunction with LB Newham, is promoting and overseeing continuing regeneration and development

Financial Review

Financial position

Going concern

After reviewing the accounts and the 3-year business plan, the Trustees have a 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 Ltd. The majority of the charity's income derives from renting out part of its building and curtilage at its Docklands site to compatible businesses, notably to a restaurant, a gym and a car hire company and also by charging for parking on the site. This income is an essential contribution to the charity's overall revenue and to its continuing financial viability.

Rental income in 2024/25 was £561k which was an increase in £78k from the previous year. This was largely due to service charge increases as increased utility costs were passed onto tenants along with repairs and maintenance, including the refurbishment of the exterior wooden balcony. Parking income in 2024/25 was £240k, which was an increase on £45k from the previous year due to increasing demand in the area.

Total consolidated costs excluding depreciation for the year ended 31 March 2025 were £468k (£581k in 2023/24).

Staff costs were £167k, up from £154k in 2023/24, reflecting annual pay increases. During the year there was one joiner and one leaver amongst the reception team.

The main increases in other overheads were due to utility costs increasing by £33k, repairs and maintenance costs increasing from £31k and a small grant being made of £15k.

For the financial year ending 31st March 2025, a surplus before depreciation of £200k was returned. As at 31st March 2025, the ‘free reserves’ were £820k, well above the minimum reserves required. (see policy below).

Both FRS 102 and the Charities SORP states that mixed use property should be split between the investment property and property held for operational use as a tangible fixed asset if the resulting portions could be sold separately (or leased out separately under a finance lease).

In September 2023, the property was revalued for insurance purposes at £11.4m. Using square meterage, 69%

6 | P a g e

of the property is leased out and therefore £7.8m has been transferred to Investment Property in the accounts. This will be revalued every 5 years.

The Trust received no grants in the year.

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 six months of the resources expended. This is equivalent to approximately £333k and is held in the bank account by the Trust.

Structure, Governance and Management

The charity is a company limited by guarantee which was incorporated on 31 March 1992 and is governed by its Memorandum and Articles of Association, the latter having been amended on 24 June 2014, 13 November 2014 and 5 October 2022 following reviews by the Trustees.

Board members are Directors for the purposes of company law and Trustees for the purposes of charity law. The Board is responsible for the overall governance of the organisation and for ensuring RADT fulfils its charitable objectives. The Board meets at least four times a year to review the financial and organisational aspects of the charity and their impact on any perceived risks. Day-to-day management is delegated to the CEO and his team of paid employees, supported by the Chair and a small number of Board sub- committees.

London Regatta Centre Ltd, company number 2506268, is the trading subsidiary of RADT wholly owned by the charity. It is a Private Company Limited by Shares incorporated on 29 May 1990.

Appointment of Trustees

Trustees are appointed at the Annual General Meeting or are appointed by the existing Trustees during the year. The procedure governing the recruitment and appointment of Trustees is laid down in the Articles of Association. All Trustees give their time voluntarily and receive no private benefit from the charity.

The Board continues to explore opportunities to strengthen its membership and ensure the widest mix of skills and experience possible in order to deliver good governance and strong leadership. Regular skills audits help to identify any skills gaps and/or training needs.

Induction of new Trustees

Although primarily a stakeholder board, new Trustees with skills, experience and knowledge complementing those of the existing Trustee team are regularly sought. On appointment, new Trustees are issued with an induction pack including a copy of the Trust's governing documents and information on the charity's operations and the duties and role of a Trustee. Trustees are encouraged to read the guidance offered by the Charity Commission if they are unfamiliar with the responsibilities of a Trustee.

7 | P a g e

Governance

RADT recognises that good governance is fundamental to the charity's success and works consistently to ensure all policies, procedures and safeguarding provisions are robust and fit for purpose and that the Trust is fully compliant with the law and relevant regulations. A governance sub-committee oversees the charity's governance arrangements and monitors performance.

Human Resources

We continue to work closely with Health and Safety Consultants, Stallard Kane, to ensure we are compliant with HR legislation and best practice and all our HR documents are now held on the Stallard Kane portal. In January 2024, Stallard Kane awarded RADT a Gold Standard for compliance with a score of 98%. Key Actions include:

Health and Safety

We worked with Stallard Kane to conduct an extensive Health and Safety Audit of our premises, including the main building, boathouse and workshop. In June 2024 we achieved a Gold Standard for compliance with a score of 95%. We have updated all our Control of Hazardous Substances risk assessments (COSHH) and members of the staff team have completed a further series of Health and Safety eLearning modules as part of a Health and Safety induction process to ensure they have the level of understanding required to work safely. Key Actions include:

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 organisation and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. These are periodically reviewed by the Trustees to ensure that they continue to address the needs of the Trust.

Fundraising

To the extent the Trust fundraises, the Trustees are committed to fair, honest and open fundraising and follow the Fundraising Regulator Fundraising Code of Practice.

8 | P a g e

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

Bankers

National Westminster Bank plc Waterside Court Western Avenue Chatham Maritime Chatham Kent ME4 4RT

Trustees

John Kinsella, Independent Trustee (Chair) Daniel Bridge, Trustee representing GLA Royal Docks Team Scott Derben, Trustee representing RoDMA David Lawrence, Trustee representing British Canoeing Alastair Marks, Trustee representing British Rowing (resigned 19.03.25) Joanna Read, Independent Trustee Matt Rostron, Trustee representing LYR Eric Sorensen, Independent Trustee (resigned 31.10.24) Paul Wilkinson, Trustee representing MSSC Mark Davies (from 10 June 2025) Ann Easter (from 10 June 2025) Cllr Caroline Adaja, Trustee representing LB Newham (resigned 22.05.2025)

9 | P a g e

Auditors

Dux Advisory Limited The Kennel Club, Gatehouse Way, Aylesbury, Buckinghamshire, England,HP19 8DB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees, who are also Directors of Royal Albert Dock Trust for the purposes of company law, are responsible for preparing the Trustees' Report and financial statements in accordance with applicable law and UK Accounting Standards.

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 these financial statements the Trustees are required to:

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

In so far as the Trustees are aware:

Signed on behalf of the Board of Trustees on ……………………………. mms 3882 0000-FDFA-5ACE-DFFO-08DE30810008

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

John Kinsella - Chair of Trustees

10 | P a g e

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

Opinion

We have audited the financial statements of Royal Albert Dock Trust (the 'charitable company') and its subsidiary (the ‘group’) for the year ended 31 March 2025 which comprise the consolidated Statement of Financial Activities, the consolidated Balance Sheet, the consolidated 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 were:

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.

11 | P a g e

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

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.

12 | P a g e

Royal Albert Dock Trust

Statement of Consolidated Financial Activities for the Year Ended 31 March 2025

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. Canes Parma)

Bianca Permal FCA (Senior Statutory Auditor) for and on behalf of Dux Advisory Limited The Kennel Club, Gatehouse Way, Aylesbury, Buckinghamshire, England,HP19 8DB

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

13 | P a g e

Royal Albert Dock Trust

Statement of Consolidated Financial Activities for the Year Ended 31 March 2025

Notes
Income and Endowments
Other trading activities
2
Investment income
3
Total
Expenditure
Raising funds
4
Cost of sales
Charitable Activity
5
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
31.3.25
Total
funds
31.3.24
Total
funds
£
£
£
£
£
-
-
340,908
340,908
295,086
561,369
-
1,155
562,524
488,830
561,369
-
342,063
903,432
783,916
-
-
-
-
939
62
62
585
605,047
3,672
-
608,719
(2,452,511)
-
-
-
-
-
197,800
197,800
185,769
-
-
12,943
12,943
14,383
605,047
3,672
210,805
819,524
(2,250,835)
(43,678)
(3,672)
131,258
83,908
3,034,751
11,467,952
13,612
(570,030)
10,911,534
7,876,781
11,424,274
9,940
(438,772)
10,995,442
10,911,532

The notes form part of these financial statements

14 | P a g e

Royal Albert Dock Trust

Consolidated Balance Sheet 31 March 2025

Unrestricted Restricted London 31.3.25 31.3.24
fund fund Regatta Total Total
Centre funds funds
Notes £ £ £ £ £
FIXED ASSETS
Tangible assets 11 2,102,472 - 39,094 2,141,566 2,286,659
Investments 12 2 - - 2 2
Investment property 13 7,836,987 7,836,987 7,836,987
9,939,461 - 39,094 9,978,555 10,123,648
CURRENT ASSETS
Debtors 14 53,524 - 22,120 75,644 47,945
Short term investment 15 650,411 - 67,733 718,144 67,733 718,144 -
Cash at bank 182,325 9,940 210,678 402,943 850,507
886,260 9,940 300,531 1,196,731 300,531 1,196,731 898,452
CREDITORS
Amounts falling due within 1 16 (135,738) - (44,106) (179,844) (110,566)
year
Intercompany balances 734,291 - (734,291) - -
TOTAL ASSETS LESS CURRENT 11,424,274 9,940 (438,772) 10,995,442 10,911,534
LIABILITIES
NET ASSETS 11,424,274 9,940 (438,772) 10,995,442 10,911,534
FUNDS 17
Unrestricted funds 11,424,274 11,467,952
Restricted funds 9,940 13,612
Retained Earnings (438,772) (570,032)
Called up share capital 2 2
Total Funds 10,995,442 10,911,534

The financial 19/12/2025 statements were approved by the Board of Trustees and authorized for issue on mmm 38E0000-F DFA-5AC8-E004-08DE3D81D008 mmm . ............................................ and were signed on its behalf by:

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

John Kinsella - Chair of Trustees

15 | P a g e

Royal Albert Dock Trust

Consolidated Cash Flow Statement for the Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Short term investment
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		 31.3.25
£
265,767
265,767
(8,715)
(718,144)
13,528
(713,331)
(447,564)
850,507
402,943		 31.3.24
£
220,133
220,133
(80,604)
-
8,037
(72,567)
147,566
702,941
850,507

The notes form part of these financial statements

16 | P a g e

Royal Albert Dock Trust

Notes to the Consolidated Cash Flow Statement for the Year Ended 31 March 2025

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

ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Loss on investments
Interest received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operations		 31.3.25
£
83,908
153,808
-
(13,528)
(27,699)
69,278
265,767		 31.3.24
£
3,034,751
(3,249,643)
438,470
(8,037)
(1,232)
5,824
220,133

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank 850,507 447,564 402,943

17 | P a g e

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025

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 consider 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 recognized 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 recognized 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 as separate items of tangible fixed assets.

18 | P a g e

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

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

Investment property

The Company reclassified 69% of its freehold property to investment property, following a change in its use from operational purposes to being held for rental income or capital appreciation, in accordance with FRS 102 Section 13. The reclassification was carried out at the original cost.

As a result, the accumulated depreciation related to the reclassified portion has been recognised in the Consolidated Statement of Financial Activities under charitable activity expenditure. Additionally, the freehold property was revalued by a professional body on 30 September 2023, with any revaluation surplus or deficit also recognized in the Consolidated Statement of Financial Activities under charitable activity expenditure.

The investment property is not depreciated, as it is held for rental income or capital appreciation. Instead of depreciation, its value is assessed through fair value assessments. Depreciation is not applicable since the carrying amount reflects the property's cost, less any impairment losses, rather than being allocated systematically over its useful life.

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.

Legal status

Royal Albert Docks Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is London Regatta Centre, Dockside Road, London E16 2QT. The financial statements consolidate the results of the Charity and it’s wholly owned subsidiary, London Regatta Centre Ltd.

19 | P a g e

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transactions price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method.

2.
OTHER TRADING ACTIVITIES
Management
3.
INVESTMENT INCOME
Rents received
Deposit account interest
4.
RAISING FUNDS
Raising donations and legacies
Support costs (bad debts)
5.
CHARITABLE ACTIVITIES COSTS
Charitable Activity		 Direct
Costs
£
370,781		 31.3.25
£
340,908
31.2.25
£
561,369
1,155
562,524
31.3.25
£
-
Support
costs (see
note 6)
£
237,938
 31.3.24
£
295,086
31.3.24
£
480,793
8,037
561,386
31.3.24
£
939
Totals
£
608,719

20 | P a g e

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

6. SUPPORT COSTS

SUPPORT COSTS
Charitable Activity Information
Governance
Finance
technology
costs
Totals
£
£
£
£
141,328
79,490
17,120
237,938
141,328
79,490
17,120
237,938

7. NET INCOME/(EXPENDITURE)

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

Audit and accountancy fees
Depreciation - owned assets
GLA turnover rent		 31.3.25
31.3.24
£
£
35,042
34,009
153,808
(3,249,643)
40,578
29,752

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.3.25
£
155,390
9,110
2,660
167,160		 31.3.24
£
143,600
7,588
2,506
153,694

The average monthly number of employees during the year was 8 (2024:6)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

60,000 was:
2025 2024
No. No.
In the band £60,000 - £70,000 1 1

Key management personnel of the charity comprise the Chief Executive Officer. The total employee remuneration and benefits of the key management personnel of the Charity were 70,000

21 | P a g e

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Charitable activities
Charitable activity
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Cost of sales
Charitable activity
Administrative expenses
Other
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
295,086
488,830
783,916
939
585
(2,456,183)
185,769
14,383
(2,254,507)
3,038,423
7,859,497
10,897,920		 Restricted
fund
£
-
-
-
-
-
3,672
-
-
3,672
(3,672)
17,284
13,612		 Total
funds
£
295,086
488,830
783,916
939
585
(2,452,511)
185,769
14,383
(2,250,835)
3,034,751
7,876,781
10,911,532

22 | P a g e

Royal Albert Dock Trust Group

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

11. TANGIBLE FIXED ASSETS

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK
VALUE
At 31 March 2025
At 31 March 2024		 Freehold
property
Fixture and
fittings
Plant and
Machinery
etc
Total
£
£
£
£
3,717,959
1,319,305
117,069
5,154,333
1,200
7,223
292
8,715
3,719,159
1,326,528
117,361
5,163,048
1,619,235
1,183,115
65,324
2,867,674
123,935
16,930
12,943
153,808
1,743,170
1,200,045
78,267
3,021,482
1,975,989
126,483
39,094
2,141,566
2,098,724
136,190
51,745
2,286,659

12. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2024 and 31 March 2025 2
NET BOOK VALUE
At 31 March 2025 2
At 31 March 2024 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:

23 | P a g e

Royal Albert Dock Trust

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

London Regatta Centre Limited

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

%
Class of share:
holding
Ordinary
100
13.
INVESTMENT PROPERTY
FAIR VALUE
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
14.
DEBTORS
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments & accrued income
15. INVESTMENT


Short term investment

16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income

31.3.25
£
41,533
3,370
30,741
75,644
31.3.25
£

718,144

31.3.25
£
41,316
23,661
37,728
77,139
179,844		 £
7,836,987
7,836,987
7,836,987
31.3.24
£
32,996
1,680
13,269
47,945
31.3.24
£
-
31.3.24
£
13,268
22,783
29,370
45,145
110,566


24 | P a g e

Royal Albert Dock Trust

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 At 1.4.24
£
11,467,952
13,612
11,481,564		 Net
movement
in funds
£
(43,678)
(3,672)
(47,350)		 At
31.3.25
£
11,424,274
9,940
11,434,214

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

Unrestricted fund
General fund
Restricted fund
Restricted
At 31 March 2025		 Incoming
resources
Resources
expended
Movement in
fund
£
£
£
561,369
-
(605,047)
(3,672)
(43,678)
(3,672)
561,369
608,719
(47,350)

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Restricted
TOTAL FUNDS		 At 1.4.23
£
8,533,781
17,284
8,551,065		 Net
movement
in funds
£
2,934,171
(6,298)

2,930,499		 At
31.3.24
£
11,467,952
13,612
11,481,564

25 | P a g e

Royal Albert Dock Trust

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2025

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

Comparative net movement in funds, included in the above are as follows:
Unrestricted fund
General fund
Restricted fund
Restricted
At 31 March 2024		 Incoming
Resources
Gains and
Movement in
resources
expended
losses
fund
£
£
£
£
484,315
2,888,326
(438,470)
2,934,171
(3,672)
(3672)
484,315
2,884,654
(438,470)
2,930,499

18. RELATED PARTY DISCLOSURES

The following related party transactions were found for the year ended 31 March 2025: Royal Albert Dock Trust Group

Royal Albert Dock Trust

26 | P a g e

Document electronically signed

www.fusesign.com

Document Details

Document ID 7bae0000-9d0b-ba35-5d20-08de3d7cec7f Document Bundle ID 51c90000-15e0-3274-4852-08de3d6c60d7 Uploaded to FuseSign 2025-12-17 15:34 +00:00 FuseSign subscriber Dux Advisory Ltd Initiator email comfort.olise-aikins@duxadvisory.co.uk Signed by johnkinsella02 (johnkinsella02@gmail.com), Bianca Permal (bianca.permal@duxadvisory.co.uk) System finalisation 2025-12-19 12:53 +00:00 Verify URL https://app.fuse.work/fusesign/verify/7bae0000-9d0b-ba35-5d20-08de3d7cec7f

Document Signers

Signer 1

Name johnkinsella02 Email johnkinsella02@gmail.com 51c90000-15e0-3274-5072-08de3d680f63_Signature Mobile N/A IP Address/es 31.50.6.235 JPKM. Signed on Pages 12, 17 Verification Mode Email Code Signer 2 Name Bianca Permal Email bianca.permal@duxadvisory.c f6600000-fdc8-024c-a72f-08de17b59741_Signature o.uk Mobile CTD ianca Permal

Name Bianca Permal Email bianca.permal@duxadvisory.c o.uk Mobile N/A IP Address/es 149.107.71.138 Signed on Pages 15 Verification Mode Email Code

DOCUMENT AUDIT LOG

DATE TIME USER TRANSACTION
2025-12-17 15:34 +00:00 COMFORT.OLISE- DOCUMENT BUNDLE CREATED BY COMFORT OLISE-AIKINS (COMFORT.OLISE-
AIKINS@DUXADVISORY.CO.UK AIKINS@DUXADVISORY.CO.UK)
2025-12-17 15:34 +00:00 SYSTEM ACCESS LINK: SENDING EMAIL TO: ACCOUNTS@RADT.ORG.UK. (3
DOCUMENTS - 0 SIGNING ACTIONS).
2025-12-17 15:34 +00:00 SYSTEM ACCESS LINK: SENDING EMAIL TO: JOHNKINSELLA02@GMAIL.COM. (3
DOCUMENTS - 3 SIGNING ACTIONS).
2025-12-19 09:37 +00:00 JOHNKINSELLA02 VERIFIED FROM OTHER BUNDLE AT 2025-12-19 09:34 +00:00: EMAIL
VERIFICATION REQUESTED TO EMAIL JOHNKINSELLA02@GMAIL.COM
(F7590000-DA0A-92A5-DFB0-08DE3EE1DF82)
2025-12-19 09:37 +00:00 JOHNKINSELLA02 VERIFIED FROM OTHER BUNDLE AT 2025-12-19 09:34 +00:00: CODE ENTERED
AND VERIFIED(3B8E0000-FDFA-5AC8-DCD0-08DE3EE1ED78)
2025-12-19 09:37 +00:00 JOHNKINSELLA02 LINK OPENED FROM IP 31.50.6.235
2025-12-19 09:38 +00:00 JOHNKINSELLA02 DOCUMENT SIGNED: FINAL CONSOLIDATED ACCOUNTS 25 FOR COMPANIES
HOUSE - ON PAGE 12 (SIGNATUREID: 3B8E0000-FDFA-5AC8-DFF6-
08DE3D81D008)
2025-12-19 09:38 +00:00 JOHNKINSELLA02 DOCUMENT SIGNED: FINAL CONSOLIDATED ACCOUNTS 25 FOR COMPANIES
HOUSE - ON PAGE 17 (SIGNATUREID: 3B8E0000-FDFA-5AC8-DFFF-
08DE3D81D008)
2025-12-19 09:38 +00:00 JOHNKINSELLA02 FORM FIELDS SUBMITTED FOR DOCUMENT: FINAL CONSOLIDATED ACCOUNTS
25 FOR COMPANIES HOUSE
2025-12-19 09:38 +00:00 JOHNKINSELLA02 DOCUMENT SIGNED: FINAL CONSOLIDATED ACCOUNTS 25 FOR COMPANIES
HOUSE
2025-12-19 09:38 +00:00 JOHNKINSELLA02 JOHNKINSELLA02 HAS COMPLETED BUNDLE 51C90000-15E0-3274-4852-
08DE3D6C60D7
2025-12-19 09:39 +00:00 SYSTEM PROGRESSING BUNDLE TO SIGNING GROUP 2
2025-12-19 09:39 +00:00 SYSTEM ACCESS LINK: SENDING EMAIL TO: BIANCA.PERMAL@DUXADVISORY.CO.UK. (3
DOCUMENTS - 1 SIGNING ACTION).
2025-12-19 12:50 +00:00 BIANCA PERMAL EMAIL VERIFICATION REQUESTED TO EMAIL
BIANCA.PERMAL@DUXADVISORY.CO.UK
2025-12-19 12:50 +00:00 BIANCA PERMAL CODE ENTERED AND VERIFIED
2025-12-19 12:50 +00:00 BIANCA PERMAL LINK OPENED FROM IP 149.107.71.138
2025-12-19 12:52 +00:00 BIANCA PERMAL DOCUMENT SIGNED: FINAL CONSOLIDATED ACCOUNTS 25 FOR COMPANIES
HOUSE - ON PAGE 15 (SIGNATUREID: 3B8E0000-FDFA-5AC8-E00B-
08DE3D81D008)
2025-12-19 12:52 +00:00 BIANCA PERMAL FORM FIELDS SUBMITTED FOR DOCUMENT: FINAL CONSOLIDATED ACCOUNTS
25 FOR COMPANIES HOUSE
2025-12-19 12:52 +00:00 BIANCA PERMAL DOCUMENT SIGNED: FINAL CONSOLIDATED ACCOUNTS 25 FOR COMPANIES
HOUSE
2025-12-19 12:52 +00:00 BIANCA PERMAL BIANCA PERMAL HAS COMPLETED BUNDLE 51C90000-15E0-3274-4852-
08DE3D6C60D7
2025-12-19 12:53 +00:00 SYSTEM FINALISING DOCUMENT(7BAE0000-9D0B-BA35-5D20-08DE3D7CEC7F)

More Information

For more information on electronic signatures and to validate this document was signed by the parties listed above, please visit www.fusesign.com