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2022-12-31-accounts

Charity registration number 1013903

Company registration number 02734893 (England and Wales)

THE TURKS HEAD COMPANY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

THE TURKS HEAD COMPANY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J Aldenton (Chair)
Mrs M McAtee (Vice Chair)
Ms D Martin
Ms G Davies (Treasurer)
Mr D Bland
Mr D Blois
Mr M Scorer
Secretary Ms D Martin
Charity number 1013903
Company number 02734893
Registered office 1 Green Bank
London
United Kingdom
E1W 2PA
Independent examiner Gravita III LLP
66 Prescot Street
London
E1 8NN
Bankers National Westminster Bank Plc
Aldgate Branch
130 Whitechapel High Street
London
E1 7PS

THE TURKS HEAD COMPANY

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6 - 7
Notes to the accounts 8 - 15

THE TURKS HEAD COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees (who are directors for the purposes of the Companies Act) present their annual report for the year ended 31 December 2022 The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with applicable law and the requirement of the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in February 2005.

Objectives and activities

To promote the benefit of persons resident in Wapping and the surrounding areas and to advance education, welfare and recreation for residents and to promote the conservation, protection and improvement of the physical environment without distinction of sex, sexual orientation and/or political, religious or other opinions.

Structure, governance and management

The Trustees who served during the year were as follows: Mr J Aldenton (Chair) Mrs M McAtee (Vice Chair) Ms D Martin Ms G Davies (Treasurer) Mr D Bland Mr D Blois Mr M Scorer

The charity welcomed a new trustee, Michael Scorer. Michael is a local resident who has regularly helped at the Wapping Summer Shindig. His experience and expertise in housing and planning will be greatly appreciated.

They have a broad range of skills and strong links with the local area. The board meets regularly to agree policy and to determine the charity’s activities and to monitor its finances. In 2022 we held two board meetings.

Amanda Day continues as a member of staff to carry out day-to-day functions and initiate projects. Trustee Jon Aldenton continues to voluntarily carry out executive functions and staff the charity’s small office. Our accounts are, annually, subject to independent examination.

Achievements and performance

Review of our activities

In planning our activities, we continue to keep in mind the Charity Commission’s guidance on public benefit. We also continue to monitor planning applications and submit comments if those proposals compromise our objectives.

The focus of our activities continues to be the well-being of the Wapping Community.

Local History and planning

We continue to support the History of Wapping Trust. In addition to its guided walks around Wapping and the surrounding environs and in conjunction with Brick lane Bookshop it hosted a talk in November with a local author.

In planning we continued to lobby the local authority to refurbish St George’s Pools which had been closed since 2020. Following a concerted effort to present options for a refurbished pool, the charity put together a team of experts to access the pool and put forward a feasibility study for refurbishment. The team included the internationally acclaimed architect Piers Gough and one of the UK’s leading authorities on concrete. The plans presented a coherent and energy efficient refurbishment which would have cost Tower Hamlets half the amount to demolish and rebuild – which is the favoured option. The mayoralty election in May resulted in a change of political leadership. The charity attended a cabinet meeting to put forward its case but this was rejected. The charity will continue to call for the refurbishment option to be taken seriously.

THE TURKS HEAD COMPANY

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

Community Well-Being

Our annual summer festival was held in July and was a great success. All of the stallholders and the majority of the music acts were local residents and it was a great opportunity for people to come together.

The St Katharine’s and Wapping ward panel held a series of meetings. The main issues continue to bike thefts and anti-social behaviour. The charity continues to encourage the panel to be more thoughtful in its responses to these challenges.

Environmental

Improvements

and Conservation

The charity continues with its plans to restore all the river stairs in Wapping and still awaits a decision by Tower Hamlets Council to support the project. It continues to be a member of Reclaim our River project which seeks a continuous Thames path along the borough’s riverside. It also supported a campaign against a party boat called Oceandiva which can carry up to 1500 passengers and which plans to operate along the river 365 days a year until 2 am some days.

Wapping

Lido/

Shadwell

Basin

The charity continues to campaign for a lido and intends to lobby the new administration for a lease. The charity remains committed to wider enhancements to Shadwell Basin to make it a more attractive place to visit and took part in a consultation in July to put forward its vision for the area.

King

Edward

Memorial

Park

The charity remains committed to ensuring the masterplan for the park is fitting and value for money. The landscape consultants for the park are the same ones working on improving Shadwell Basin. The charity continues to be a member of the masterplan advisory group, which until the new mayoral administration came along met regularly. The new mayor suspended work on all major projects and until the review is complete there has been a hiatus in progressing work on the park and Shadwell Basin

Risk Management

The Turk’s Head Charity is committed to practicing good governance. The trustees meet on a regular basis, communicate between meetings and consider all aspects of the charity’s activities, success at meeting its objectives, financial health and the environment in which it operates.

The charity has a risk management policy and the trustees regularly revise and assess risks to the sustainability and health of the charity.

Plans for the Future

The charity is confident that its plans for the King Edward Memorial Park Shadwell basin and Brussels Wharf will come to fruition. The chairman Jon Aldenton has been in correspondence with St George’s in the East Church regarding plans to refurbish the derelict nature study building in the grounds of the church and is hopeful that this could be a successful partnership. The charity has also updated its policies and has an Equalities and Diversity Policy.

Bereavements

at

the

Charity

Sadly, the founding member of the charity passed away in 2022. Lifelong Wapping resident Maureen Davies influenced national playground safety after her daughter was injured on play equipment in a local park . Without Maureen’s determination and campaigning spirit for her beloved Wapping, the charity would not exist. Trustees also said goodbye to another founder member Sylvia McAtee and former member Janice Juckett. They will all be sadly missed.

Small

Company Provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

THE TURKS HEAD COMPANY

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees' report was approved by the Board of Trustees.

.............................. Mr J Aldenton (Chair) Trustee Dated: .........................

THE TURKS HEAD COMPANY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE TURKS HEAD COMPANY

I report on the financial statements of the charity for the year ended 31 December 2022, which are set out on pages 5 to 15.

Respective responsibilities of Trustees and examiner

The charity’s Trustees, who are also the directors of The Turks Head Company for the purposes of company law, are responsible for the preparation of the financial statements. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

Paul Woosey ACA, FCCA Gravita III LLP

66 Prescot Street London E1 8NN

Dated: .........................

THE TURKS HEAD COMPANY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Income and endowments from:
Property rentals and service charges
2
Other income
3
Total income
Expenditure on:
Charitable activities
4
Net income/(expenditure) for the year/
Net movement in funds
Fund balances at 1 January 2022
Fund balances at 31 December 2022		 Total
2022
£
32,165
540
32,705
30,039
2,666
835,220
837,886		 Total
2021
£
23,708
-
23,708
29,991
(6,283)
841,503
835,220

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE TURKS HEAD COMPANY

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
10
Investment properties
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
General unrestricted funds
Revaluation reserve
Refurbishment reserve		 2022
£
24,775
101,716
126,491
(5,650)
132,169
700,717
5,000		 £
64,545
652,500
717,045
120,841
837,886
837,886
837,886		 2021
£
952
120,661
121,613
(4,971)
129,503
700,717
5,000		 £
66,078
652,500
718,578
116,642
835,220
835,220
835,220

THE TURKS HEAD COMPANY

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022.

The Directors/ Trustees acknowledges his responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

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

Mr J Aldenton (Chair)

Trustee

Company Registration No. 02734893

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The Turks Head Company is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Green Bank, London, E1W 2PA, United Kingdom.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Since the year end the Trustees have considered the impact of COVID-19 on the business and do not foresee any impact of the business and therefore continue to adopt the going concern basis.

1.3 Charitable funds

Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Investment income is recognised on a receivable basis.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Governance costs

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 2% reducing balance Plant and machinery 33% reducing balance Fixtures, fittings & equipment 10% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Fixed assets are included in the balance sheet at revalued amounts.

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.11 Taxation

The company is a registered charity and is, therefore, exempt from audit.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Pensions

The charity operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

2 Property rentals and service charges

Rent and service charges receivable
Other income
Events
Sundry Income
Charitable activities
Activities undertaken directly
Share of support costs (see note 6)
Share of governance costs (see note 6)		 2022
£
32,165
2022
£
500
40
540
2022
£
3,384
20,907
5,748
30,039		 2021
£
23,708
2021
£
-
-
-
2021
£
2,000
22,897
5,094
29,991

3 Other income

4 Charitable activities

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

5
Net movement in funds
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
6
Support costs
Support
costs
Governance
costs
£
£
Staff costs
14,894
-
Depreciation
-
1,533
Light and heat
278
-
Repairs and
maintenance
3,027
-
Computer software and
maintenance costs
-
-
Postage and stationery
101
-
Insurance
1,852
-
Bad debt write off
-
-
Trustee expenses
755
-
Accountancy and
independent examination
fees
-
4,215
20,907
5,748
Analysed between
Charitable activities
20,907
5,748		 2022
£
1,533
2022Support costs Governance
costs
£
£
£
14,894
15,549
-
1,533
-
1,574
278
3,283
-
3,027
553
-
-
1,112
-
101
-
-
1,852
1,750
-
-
650
-
755
-
-
4,215
-
3,520
26,655
22,897
5,094
26,655
22,897
5,094		 2021
£
1,574
2021
£
15,549
1,574
3,283
553
1,112
-
1,750
650
-
3,520
27,991
27,991

Governance costs includes independent examiner fee of £3,250 (2021 £2,500) examination of the accounts.

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2022 2021
Number Number
1 1

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8
Employees
Employment costs
Wages and salaries
Other pension costs		 (Continued)
2022
2021
£
£
12,745
13,615
2,149
1,934
14,894
15,549		 (Continued)
2022
2021
£
£
12,745
13,615
2,149
1,934
14,894
15,549
15,549

No employee received emoluments of more than £60,000 during the year (2021: nil).

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The company is a registered charity and is, therefore, exempt from taxation.

10 Tangible fixed assets

Land and
buildings
Plant and
machinery
Fixtures,
fittings &
equipment
£
£
£
Cost or valuation
At 1 January 2022
72,500
1,797
5,539
At 31 December 2022
72,500
1,797
5,539
Depreciation and impairment
At 1 January 2022
7,250
1,797
4,711
Depreciation charged in the year
1,450
-
83
At 31 December 2022
8,700
1,797
4,794
Carrying amount
At 31 December 2022
63,800
-
745
At 31 December 2021
65,250
-
828
The carrying value of land included in land and buildings comprises:
2022
£
Freehold
72,500		 Total
£
79,836
79,836
13,758
1,533
15,291
64,545
66,078
2021
£
72,500

Land and buildings with a carrying amount of £72,500 were revalued at 16 March 2017 by Mr C H Dodd BSc (Hons) MRICS of Clarke Hillyer Surveyors on the basis of open market value. At the year end the trustees consider the value of the property to be unchanged.

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

10 Tangible fixed assets

(Continued)

11 Investment property

Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022 652,500

Land and buildings with a carrying amount of £652,500 were revalued at 16 March 2017 by Mr C H Dodd BSc (Hons) MRICS of Clarke Hillyer Surveyors on the basis of open market value. At the year end the trustees consider the value of the property to be unchanged.

Freehold
Long leasehold
Short leasehold
12
Debtors
Amounts falling due within one year:
Other debtors
13
Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2022
£
652,500
-
-
2022
£
24,775
2022
£
-
2,400
3,250
5,650		 2021
£
652,500
-
-
2021
£
952
2021
£
71
2,400
2,500
4,971

14 Members' liability

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

THE TURKS HEAD COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15 Analysis of net assets between funds

Analysis of net assets between funds
Fund balances at 31 December 2022 are represented by:
Tangible assets
Investment properties
Current assets/(liabilities)		 Total
2022
£
64,545
652,500
120,841
837,886		 Total
2021
£
66,078
652,500
116,642
835,220

16 Revaluation reserve

Included in the unrestricted funds, is an amount of £700,717 (2021: £700,717) which represents the value of The Turks Head property and equipment acquired in 1992. The cost of the property was £24,283 and it was revalued by Clarke Hillyer Surveyors to £725,000 in 2017. At the balance sheet date, the trustees consider the market value of the property to be £725,000.

17 Refurbishment reserve

Included in the unrestricted funds, is an amount of £5,000 (2021: £5,000) set aside for refurbishment expenditure.

18 Controlling party

The charity is controlled by the trustees who are all directors of the company.