Charity registration number 1026957
Company registration number 02856997 (England and Wales)
CHISWICK PIER TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
CHISWICK PIER TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | J Bryson | (Appointed 12 July 2021) |
|---|---|---|
| Simon Clarke | ||
| S Deeks | ||
| J Horton | ||
| J Impey | ||
| R Mcadie | (Appointed 15 April 2021) | |
| J McConnell | ||
| P Roberts | ||
| C Winchester | ||
| J Wright | ||
| C Jago | (Resigned 25 January 2022) | |
| S L Hodgson | (Resigned 14 September 2021) | |
| M Hughes | (Resigned 14 September 2021) | |
| C Smart | (Resigned 11 October 2021) | |
| G Giles | ||
| A Croft | (Appointed 7 July 2022) | |
| Charity number | 1026957 | |
| Company number | 02856997 | |
| Registered office | The Pier House | |
| Corney Reach Way | ||
| London | ||
| W4 2UG | ||
| Independent examiner | PK Audit LLP | |
| 1 Parkshot | ||
| Richmond | ||
| Surrey | ||
| TW9 2RD |
CHISWICK PIER TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 - 3 |
| Treasurer's Report | 4 |
| Statement of trustees' responsibilities | 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
CHISWICK PIER TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their annual report and financial statements for the year ended 31 March 2022 , as agreed by the Trustees.
It sets out the basic information about the Trust, its aims and objectives and reports on its activities and finances for the period under review. Chiswick Pier Trust is a charitable company, number 2856997, limited by guarantee with no share capital and is registered as a charity number 1026957. Charity Registered office and operational address The Pier House, Corney Reach Way, Chiswick, London. W4 2UG.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust'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) " (effective 1 January 2019 ).
Objectives and activities
The objectives of the Trust are to:
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Preserve and increase access to and from the River Thames, in and around Hounslow;
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Raise public awareness of the River Thames, its history, ecology and wildlife;
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Provide facilities for leisure, recreation and other charitable purposes in the local area.
The Trust manages Chiswick Pier and Pier House, on which it has two, thirty-year leases - both dated 1st November 1996 - from the London Borough of Hounslow. The Pier provides permanent moorings for eight residential boats, visitors' moorings, moorings for two RNLI (Royal National Lifeboat Institution) rescue boats, the Sea Cadets' boats, and storage and access to the River for the Chiswick Pier Canoe Club. The Pier House provides accommodation for the Trust and the four core users. It has a community hall and committee room, both of which are available for hire for social, community or other use.
The Trust's core users are the RNLI, The Thames Explorer Trust, Chiswick Sea Cadets, and the Chiswick Pier Canoe Club. These are charities or community organisations with similar aims to the Trust, and through which the Trust realises some of its own charitable aims.
The Trust had 80 paid up members on its books at the year end and a number of volunteers. There were four part time staff and a maintenance contractor during this year.
Chairs' Report - Achievements and performance
During this period Covid restrictions meant that all trustee meetings up to 3rd March 2022, continued to be held by Zoom and the Pier House remained largely in the hands of the RNLI - the arrangement set in place during Covid to enable them to continue their service. Despite working remotely, the life of the trust continued unabated, finances greatly improved, progress was made in the quest for a new lease, an extensive programme of four river cruises, several Webinars and two workshops was held plus a very successful Mudlarking Exhibition attended by over 800 people. The use of webinars for the winter talks have enabled to Trust to reach a wider audience and donations for such have become a good income source.
For the greater part of this year, the Chiswick Pier Trust was led very capably by a dynamic and energetic chair - Cathy Jago. Pressure of work, however, obliged Cathy to stand down at the AGM in January 2022 and after discussion, the trustees took the unusual step of appointing co-chairs - Richard Bryson and Jan Wright - who took up the reins that month. The Trust would very like much to thank Cathy for her outstanding contribution to its work.
Thanks are also due to all the trustees for their continued support and hard work and the expertise they bring to their roles. The Pier is in a good state of maintenance and the Trust has protected its Pier House in the context of the building of the block of flats that replaces Pisarro’s restaurant. Thanks are also hugely deserved by the four paid staff who greatly facilitate the smooth running of the Pier and the events put on by the Trust and the contractor who assists in maintaining the Pier.
During 2021-2022, the Trust took the opportunity to look at its charitable activities and to see how these could be extended and improved. Current plans include subsidising some of Hounslow’s less affluent schools in TET’s courses. Should the Trust be successful in achieving a new long lease, there are plans to extend and remodel the Pier House to make it a more useful and significant community centre including building a cafe for both local and visitor use.
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CHISWICK PIER TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
In addition to the Trust's own activities, the core users of the Pier continued to run successful operations. The Canoe Club 2022 membership was back to pre-COVID levels with c. 60 members. The club provides an opportunity to try Paddlesport on the Thames in a cost-effective way that reduces barriers to participation. They are proud to reach many people that sports clubs traditionally struggle to reach, having over 50% female membership and reaching a range of ages from 15 to over 70. The club prioritises the introducing of people to paddle sport on the Thames and believes it provides more taster sessions (134 during the year) than any other clubs in the area. Chiswick Sea Cadets is a well-established unit – the senior section is bursting at the seams and the junior section, formed three years ago, has a waiting list. Cadets are making good progress through the training programme and the ‘staying on’ rate is high. Sea Cadet HQ has awarded the unit a burgee, placing it in the top 25% of UK units for quality of training and experience offered. There is wide opportunity for waterborne experiences from power boats to kayaks and the club has a new boat, an ex-Thames River Police launch.
Cadets have also taken part in public events, including the much-delayed Hounslow cadet parade and the Reflections Flotilla organised as part of Totally Thames tribute to the late Queen Elizabeth.
Thames Explorer Trust (TET) was pleasantly surprised to find that the schools programme recovered post Covid with a number of schools enthusiastic to venture out. Sponsorship enabled TET to work with people who would not otherwise afford the experience and they have received funding from the PLA and City Bridge Funding, for amongst other things, an outreach programme, whereby TET visit a school. This has proved a great alternative for schools not wishing to travel but wanting to cover the subject of rivers, trade, transport and the role of the Thames in London’s position as a major World city. Adult and Family Learning Visits to the Foreshore designed to teach people about the heritage of the Thames as well as the importance of preserving it for future generations also proved very popular. Towards the end of the year, they had also brought in significantly more income than anticipated.
Chiswick Pier Trust gives all the above organisations a discounted rent because they make a significant contribution to achieving the Trust’s charitable objectives.
Financial review
The detailed financial review is presented in the Treasurer's Report.
The Trust reported a net surplus for the year ended 31 March 2022 of £ 31,040 (2021: a net deficit of £1,710). The Trust has net assets o f £ 369,678 as at 31 March 2022 ( 2021: £338,638 ).
Covid 19 and events in Ukraine continue to contribute to market uncertainty. As a result, the Trust closely monitors their ongoing impact upon the activates . While there are broader economic implications of events in Ukraine, such as increases in energy prices, rising pressure on the inflation rates, there are no direct financial consequences for the charity.
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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CHISWICK PIER TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, governance and management
The trust is a company limited by guarantee .
The Trust may have up to twenty trustees at any one time, who form a Management Committee to manage the Trust, made up of not less than six nor more than twelve individual members, (currently seven). Up to six representatives from the core user organisations mentioned below (currently four). Two representatives appointed by Hounslow Council.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Jan Wright (Member Trustee) Peter Roberts (Member Trustee) Catherine Jago (Member Trustee, resigned 25 January 2022) John Impey (Member Trustee) James McConnell (Member Trustee) Colin Winchester (Member Trustee) Robert McAdie (Member Trustee, appointed 15 April 2021) Richard Bryson (Member Trustee, appointed 12 July 2021) Simon Clarke (Thames Explorer Trust representative) Jaclyn Horton (Chiswick Pier Sea Cadets representative) Sarah Deeks (Chiswick Pier Canoe Club representative) S Hodgson (Resigned 14 September 2021) M Hughes (Resigned 14 September 2021 A Croft (Appointed 7 July 2022)
Nominated by LB Hounslow: Cllr Corinna Smart (Resigned 11th October 2021) Cllr Gabriella Giles
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £ 1 in the event of a winding up.
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code.
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
Trade creditors of the company at the year end were equivalent to 30 day's purchases, based on the average daily amount invoiced by suppliers during the year.
The trustees' r eport was approved by the Board of Trustees.
.............................. .............................. J Bryson J Wright Trustee Trustee Date: .............................................
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CHISWICK PIER TRUST
TREASURER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
Summary
The Trust made an operating surplus of £31,040 in the year to March 2022 on a turnover of £162,718.
This was a positive result as we have not returned a surplus for some years. This was primarily driven through increased revenues from mooring fees and rents, whilst keeping a tight control on costs. We also resolved our long running VAT dispute with the PLA, which was a significant risk for the Trust. This was a turnaround year, and the Trust is now well placed financially for the future.
Financial review
Total surplus of £31,040 versus a deficit of £1,710 previous year.
Residential mooring fees income increased significantly to £65,710 from £55,405 due to rent increases. Pier House income bounced back to £43,771 from £30,283 as we reopened from lockdown. Pier and Visitor moorings fees increased to £31,822 mainly from higher fees. Income from Events jumped significantly to £14,771 from £1,406. This was a benefit of lockdown restrictions ending and some cruises and events restarting. The only drop in revenue was from the ending of furlough grants down to £379 from £15,557 the previous year.
Expenditure fell YOY to £123,297 from £134,492 in 2021.
This was mainly the result of settling our PLA dispute which resulted in the net release of a reserve. We remain under pressure from increased costs from utilities, overheads etc.
PLA
We raised an appeal through HMRC who agreed with The Trust. The PLA accepted this ruling and confirmed that they will not charge VAT on the residential portion of the river licence fee. We have now settled any outstanding invoices and released reserves for this. Unfortunately, this also released the PLA to review our river licence fees, backdated to 2019, which meant a very significant increase.
Future outlook
Over the last few years, the Trust has been seemingly under attack from all sides. It was understandable that some trustees questioned the financial viability of the charity. However, over the last year we have completely overhauled our financial position. We have had to put up rents and fees to our users and have been more active in looking for income and are now in a good position financially.
Delivering a decent surplus means that we are able to provide more support to charitable activity within the community to encourage engagement with the River and spending here will increase in the coming year(s).
In the short term we expect to return a similar surplus in 2022/2023. Longer term, we are detailing plans to invest in the Pier House to improve facilities and space. This will require significant investment beyond our reserve funds but will provide CPT with a major opportunity and challenge for the future.
.............................. James McConnell Treasurer
Date: .........................
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CHISWICK PIER TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2022
The trustees, who are also the directors of Chiswick Pier Trust for the purpose of company law, are responsible for preparing the Trustees' Report 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 trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the trust's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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CHISWICK PIER TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHISWICK PIER TRUST
I report to the trustees on my examination of the financial statements of Chiswick Pier Trust (the trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Monika Trzcinska FCCA PK Audit LLP
1 Parkshot Richmond Surrey TW9 2RD
Dated: .........................
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CHISWICK PIER TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted Designated Funds Funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 3,450 - Charitable activities 4 142,874 - Other trading activities 5 14,771 - Investments 6 1,182 441 Total income 162,277 441 Expenditure on: Raising funds 7 8,381 - Charitable activities 8 123,297 - Total expenditure 131,678 - Net incoming/(outgoing) resources before transfers 30,599 441 Gross transfers between funds (20,000) 20,000 Net income/(expenditure) for the year/ Net movement in funds 10,599 20,441 Fund balances at 1 April 2021 115,395 223,243 Fund balances at 31 March 2022 125,994 243,684 |
Total Unrestricted Designated Funds Funds 2022 2021 2021 £ £ £ 3,450 17,799 - 142,874 115,208 - 14,771 1,406 - 1,623 1,980 914 162,718 136,393 914 8,381 4,525 - 123,297 134,492 - 131,678 139,017 - 31,040 (2,624) 914 - - - 31,040 (2,624) 914 338,638 118,019 222,329 369,678 115,395 223,243 |
Total 2021 £ 17,799 115,208 1,406 2,894 137,307 4,525 134,492 139,017 (1,710) - (1,710) 340,348 338,638 |
|---|---|---|
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.
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CHISWICK PIER TRUST
BALANCE SHEET
AS AT 31 MARCH 2022
| Notes Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Income funds Designated funds 17 Unrestricted funds |
2022 £ 22,763 397,705 420,468 (50,790) 223,684 145,994 |
2021 £ £ 16,383 450,481 466,864 (128,226) 369,678 223,243 115,395 369,678 369,678 |
£ 338,638 |
|---|---|---|---|
| 338,638 | |||
| 338,638 |
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 March 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 .........................
| .............................. | .............................. |
|---|---|
| J Bryson | J McConnell |
| Trustee | Treasurer |
Company registration number 02856997
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
Charity information
Chiswick Pier Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Pier House, Corney Reach Way, London, W4 2UG.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The Trust reported a net surplus for the year ended 31 March 2022 of £ 31,040 (2021: a net deficit of £1,710). At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements .
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.
1.4 Income
- i) Donations
Donations and gifts are included in full in the Statement of Financial Activities (SOFA) when receivable. The value of services provided by volunteers has not been included.
- ii) Mooring fees and investment income
Theses are included in the SOFA when receivable.
iii) Furlough grants
Government grants are accounted for when receivable. Grants are credited to the Statement of Financial Activities as soon as the conditions of receipt have been satisfied.
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. All costs are inclusive of VAT.
The cost of overall direction and administration on each activity, comprising the salary and overhead costs of the central function is not apportioned. All staff salaries are allocated to charitable activities. Where costs have been reallocated to charitable activities, the relevant comparative amounts have also been re-allocated.
1.6 Tangible fixed assets
Tangible fixed assets are capitalised if they can be used for more than one year and the cost exceeds £1,000. They 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:
Office Furniture & Equipment
25% straight line
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 .
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8 Financial instruments
The trust 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 trust 's balance sheet when the trust 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.
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. 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 trust ’s contractual obligations expire or are discharged or cancelled.
1.9 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 trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Donations and gifts | 2,051 | 1,284 |
| Furlough grant | 379 | 15,557 |
| Membership fees | 1,020 | 958 |
| 3,450 | 17,799 |
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
4 Charitable activities
| Pier house and boat stores RNLI rents receivable Mooring fees from boat residents Pier fees and visitor moorings |
2022 £ 43,771 1,571 65,710 31,822 142,874 |
2021 £ 30,283 2,467 55,405 27,053 |
|---|---|---|
| 115,208 |
5 Other trading activities
| Events and refreshments Investments Unrestricted Designated funds funds 2022 2022 £ £ Bank interest 1,182 441 Raising funds Fundraising and publicity Staging fundraising events Advertising Fundraising and publicity |
Unrestricted Unrestricted funds funds 2022 2021 £ £ 14,771 1,406 Total Unrestricted Designated Total funds funds 2022 2021 2021 2021 £ £ £ £ 1,623 1,980 914 2,894 Unrestricted Unrestricted funds funds 2022 2021 £ £ 7,358 1,169 740 3,098 8,098 4,267 |
Unrestricted Unrestricted funds funds 2022 2021 £ £ 14,771 1,406 Total Unrestricted Designated Total funds funds 2022 2021 2021 2021 £ £ £ £ 1,623 1,980 914 2,894 Unrestricted Unrestricted funds funds 2022 2021 £ £ 7,358 1,169 740 3,098 8,098 4,267 |
|---|---|---|
| 4,267 |
6 Investments
7 Raising funds
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
7 Raising funds
| Raising funds Other costs Book costs Charitable activities Staff costs License fees, rates & insurance Water, gas & electricity Works, repairs & cleaning Pier house & pier rebates Telephone & postage Printing & stationary Other professional fees & subscriptions Website & equipment costs Miscellaneous Share of support costs (see note 9) Share of governance costs (see note 9) Support costs Support costs Governance costs £ £ Legal & professional fees 3,732 - Accountancy fees - 3,960 Bank charges 1,071 - 4,803 3,960 Analysed between Charitable activities 4,803 3,960 |
(Continued) 283 258 8,381 4,525 2022 2021 £ £ 41,119 42,314 25,191 51,901 8,858 7,009 22,259 7,947 13,187 10,439 799 765 280 141 354 399 2,243 1,915 244 35 114,534 122,865 4,803 7,727 3,960 3,900 123,297 134,492 2022Support costs Governance costs 2021 £ £ £ £ 3,732 7,059 - 7,059 3,960 - 3,900 3,900 1,071 668 - 668 8,763 7,727 3,900 11,627 8,763 7,727 3,900 11,627 |
(Continued) 283 258 8,381 4,525 2022 2021 £ £ 41,119 42,314 25,191 51,901 8,858 7,009 22,259 7,947 13,187 10,439 799 765 280 141 354 399 2,243 1,915 244 35 114,534 122,865 4,803 7,727 3,960 3,900 123,297 134,492 2022Support costs Governance costs 2021 £ £ £ £ 3,732 7,059 - 7,059 3,960 - 3,900 3,900 1,071 668 - 668 8,763 7,727 3,900 11,627 8,763 7,727 3,900 11,627 |
|---|---|---|
| 4,525 | ||
| 2021 £ 42,314 51,901 7,009 7,947 10,439 765 141 399 1,915 35 |
||
| 122,865 7,727 3,900 |
||
| 134,492 | ||
| 2021 £ 7,059 3,900 668 |
||
| 11,627 | ||
| 11,627 |
8 Charitable activities
9 Support costs
Governance costs includes payments to the independent examiner of £2,520 (2021- £2,520).
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
11 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| 4 | 4 | |
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 41,119 | 42,314 |
There were no employees whose annual remuneration was more than £60,000.
12 Retirement benefit schemes
The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.
13 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Office Furniture & | |
| Equipment | |
| £ | |
| Cost | |
| At 1 April 2021 | 15,661 |
| At 31 March 2022 | 15,661 |
| Depreciation and impairment | |
| At 1 April 2021 | 15,661 |
| At 31 March 2022 | 15,661 |
| Carrying amount | |
| At 31 March 2022 | - |
| At 31 March 2021 | - |
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
| 14 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year Notes Other taxation and social security Deferred income 16 Trade creditors Accruals and deferred income 16 Deferred income Other deferred income |
2022 £ 12,240 349 10,174 22,763 2022 £ 477 5,138 39,890 5,285 50,790 2022 £ 5,138 |
2021 £ 4,816 2,391 9,176 |
|---|---|---|
| 16,383 | ||
| 2021 £ 392 - 1,667 126,167 |
||
| 128,226 | ||
| 2021 £ - |
Deferred income represents income from the supply of office accommodation & storage invoiced in advance.
Deferred income is included in the financial statements as follows:
| Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2021 Resources deferred in the year Deferred income at 31 March 2022 |
2022 £ 5,138 - 5,138 5,138 |
2021 £ - |
|---|---|---|
| - - |
||
| - |
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
17 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
| Movement in | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|
| funds | |||||||
| Balance at | Incoming |
Balance at | Incoming | Transfers | Balance at | ||
| 1 | April 2020 | resources |
1 April 2021 | resources | 31 March | ||
| 2022 | |||||||
| £ | £ |
£ | £ | £ | £ | ||
| Designated funds | 222,329 | 914 |
223,243 | 441 | 20,000 | 243,684 | |
| 222,329 | 914 |
223,243 | 441 | - | 223,684 |
The purpose of the Designated Fund is for the ongoing repairs of the Pier House and Pier and reinstatement on the expiry of the current lease in 2026.
18 Analysis of net assets between funds
| Unrestricted funds Designated funds 2022 2022 £ £ Fund balances at 31 March 2022 are represented by: Current assets/(liabilities) 125,994 243,684 125,994 243,684 |
Total Unrestricted funds Designated funds 2022 2021 2021 £ £ £ 369,678 115,395 223,243 369,678 115,395 223,243 |
Total 2021 £ 338,638 |
|---|---|---|
| 338,638 |
19 Members
The number of members of the charity was 80 (2021: 100)
20 Limited Liability
Every member of the company agrees to contribute £1 or any smaller amount required if the company is wound up while he or she is a member or within a year afterwards and if the company has debts and liabilities which it cannot meet out of its assets.
In the case of winding up, none of the accumulated funds are distributable to the members, but shall be given, or transferred to, some other charitable institution having similar objectives.
21 Financial commitments, guarantees and contingent liabilities
Under the terms of the lease agreement with the London Borough of Hounslow, the company shall return the Pier and Pier House in good condition at the end of the lease in August 2026.
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CHISWICK PIER TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
22 Accrued Licence Fees
The accounts include an accrual for licence fees due to the Port of London Authority of £nil (2021: £122,267) which have not yet been invoiced. The amount is in accordance with the PLA's advice of fees payable for resident moorings.
23 Related party transactions
There were no disclosable related party transactions during the year (2021 - none) .
24 Taxation
Chiswick Pier Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities as they fall within the various exemptions available to registered charities.
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