ROYAL DOCKS TRUST ffONDON) (A Company limited by guarantee without share capital) Company No.. 03032232 Charity No.. 1045057 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sTMARCH2024
ROYAL DOCKS TRUST (LONDON) Report and Financial Statements For the Year Ended 31st March 2024 Contents Page Reference and administrative inforntstion TnLStees' annual report Independent auditors. report 13 Statement of Financial Activities (incorporating an income and expenditure account) 17 Balance Sheet 18 Statement of cash flows 19 Notes to the financd statements 20
ROYAL DOCKS TRUST (LONDON) REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31sTMARCH 2024 Directors/Trustees The directors/trustees who held office during the year and up to the date of signature of the financial statements were as follows: Elected trustees: Eric Sorensen (Chair of the Trust) Sandra Erskine James Andrew John Kenworth Stephen William Nicholas Belinda Joanne Ve¢chio Amanda Willian Company Secretary: Michèle Bailleux Company number 03032132 Charity number 1045057 Regtered OffA'ce Trinity Buoy Wharf 64 Orchard Pla London E14 OJW Auditors.. Goldwins Limited 75 MaygTove Road West Hampstead London NW6 2EG National Westminster Bank plc. Beckton Branch P.0. Box 3238 Frobisher Road London E6 4GY
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31sTMARCH 2024 The ttees, who are also directors under company law, present theiT report and financiaI statements for the year ended 315t March 2024. The trustees confirm that the financi statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Praclice - Accounttng and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. Objectlves and Actlvltles The charitable obiects of the charity are in summary to promote the following within that part of the London Borough of Newham which lies between the A13 trunk road (Newham Way) and the River {]) advancement of education including VLKational training {2) rellef of poverty and sickness (3) provision of or assistance with providing facilities for recreation and leisure (4) provision of or assistance with providing housing for needy persons, including the disabled and handicapped (5) advancement of pub]ic education in the ArLs (6) Preservation, repair and maintenance foT public benefit of building5 of historical, architectural or constructional interest (7) generaj support of any religious order solely and specificalty of its charitable work (8) improvements to the physical and social environmenL The charity does not provide direct services to the public but operates by providing funding to coDvnunity and volunlary organisatioThs active th1Th its area of benefit. Grants are not available to individuals. In order to be eligible for grants under its annual grants programme, OTganisations must demonstrate that they have: . A constitution as a not-for-profit organisation . A management committee • An equal opportunities and/or diversity policy in Pla and are working to implement it • A l(Kal base from which to serve the people in the charitys area of operation. Details of the grants approved and the criteria and prioritie5 to be satisfied by applicants are set out in the section of this report which deals with achievements and wforniance. lic Benefit Statement In planning their activities for the financial year 2023/24, the trustees considered the Charity Commission's guidance on public iEnefit and were satisfied that, in operating their grants programme, they were not only acting within their charitable obiecLs but that the proiects and acttvities they had aimed to support. by reason of containing elements apposite to a range of items within the Trnsys objects. would confer substantial and worthwhile benefit on the public within the charitys area of benefit in line with the priorities and criteria set by the trustees. The trustees were satisfied in all cases that their implementation complied with the duty in section 17 of the Charkties Act 2011 to have due regard to the Charity Commission's general guidance on public benefiL
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31sTMARCH 2024 Achlevement8 and Perfonnance TTrtees approved expenditure tots]]ing £4(KI,IKM) for the charity's 2023/24 Grants Programthe, ' compromising a Main Grants programme of £305,0(X), a Minor Community Grants Programme of £25,(KJO and an Interim GTants (£S,(X)(aO,0(KIj allocation of up to £70,IKM). Prior to inviting applications, the tteeS set their priorities and criteria for the grants PTogranune as: Education and training projects, induding vocationaI skilLs training which provide OT lead to fornial accreditation and good employment opwrtunities to improve quality of life. Projects that provide services to children and young people by the provision of resources and services at a I(al level encouraging self-help and sustainability for local initiatives. Youth work, particularly proi&ts which contribute to reduction in crime and anti-S(KiaE behaviour. Cultural activities including leisure and sport. Projects supporting older people by Presenting opportunities to improve quality of ]ife and/or Promote and encourage health and fitness, particulaTly within community settings such as local clubs and community centres. Projects which [efit disabled peopIe, including those with learning difficulties or other special needs or which address needs/issues in relation to mental health. The charity also identified the following as key elements to successful app]ications under the Main Grants programme: Meeting the priorities and criteria of the progTamme as set out alK)ve. Having outputs that will deliver an eff£rtive Servi to the target communities. Demonstrating ability to de]iver tangible and sustainable long-term benefits to local Tesidents. Cost effectiveness in achieving outcomes that make a real impact on residents, lives. Extent to which the project addresses the objective of promoting Tesilience. Effective recording and quality systems. Clear monitoring of service de]ivery. Trustees were mindful in setting priorities and criteria for the 2022/23 Main Grants programme that they should encompass elements covering a substantial range of the charity's objects and that applications would be welcomed which a]so accessed other resources and offered the possibility of match fundin& complemented regeneration initiatives in the area and enabled the Provision of services and resources at a local level, developing and encouraging active and sustainable community and voluntary sector projects. Grants were approved under the Mains Grants programme in respect of projects as follows: Ambition - A8pire - Project Bluntr. To provide a positive Te5ponse to the itKTeasing risk of and diTect involvement of young people in gangs, weapons use and crimithty.
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31srMARCH 2024 Ascension Community Trust - Garden Community Café: To improve the aspirations and abijities of commuDities in Custom House and caTing Towty key obJ"ectives being to integrate the community through community spaces, social activities and volunteeringi to improve health and well]n& with a frtus on mental health; to reduce the vulnerability of struggling fami]ies; and to improve the edueation of young people. Ascension Eagles Cheerleaders: Rise Up Project To help young people develop their vision of excellence for thtlves, using the Otyrnpics as an example, cheerleading having been accepted to be included within OIympic disciplines. Community Food Enterprise - Alleviating Hunger and Food Poverty £35AKKI 'To SOUTce surplus food and redistribute it to local charities and community gTOUP5/centres within the TTusVs area of benefi( including delivery of food boxes to families. collertion and delivery of surplus food to organisations and centres and provision of healthy food to nurseries. Create London - Camel Road Carpenters Project To set up the pilot to deliver a piogramme that trains disadvantaged young people in carpentry skills and works with upcyded materia]s to produce outdoor furniture. greening and play equipment over a period of eighteen months starting from December 2023 in patrrship with local community-focused organisations. Newham All Star Sports Academy - Community Coaching Progranmie £20IKKI To nm four 2-hour basketball sessions per week for forty weeks starting in May 2023, two of these weekly sessions to be held at the University of East IA)ndon's Sports Dock facility and the other two at Royal Docks hool with whom NASSA had negotiated free faci]ity hire an in-kind contribution of £B,O(K) to the programme. National Childbirth Trust - Newham Nurture £18564 To meet the salary costs of the project whose objective is to support migrant marginalised families who have refugee status, are Seeking asylum or have no Tecourse to public funds. throughout the major life transition of pregnancy and early paTenthood by (i) recruitin& training and supporting up to 24 local parents, providing 24 hours of accredited training and additional support by a co-ordinator and Ncr trained Practitioner and (ii) posttiatal care and education for migrant margma]ised women through two dropin sessions per week at St Marks COnunity Centre over 39 Wks. Royal Docks larning and Activity Centre To enable the Centre to continue to provide a wide range of services and assist it in SLfUTing additional external funding.
ROYAL DOCKS TRUST (LONDON) TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31sTMARCH 2024 R08etta Arts Urban Greening and Gardening Club To contribute to the staffing and operaling costs of the project proposing a resident-led Urban Gardening and Greening Club corLSiSting of workshops fvom late Spring to Autumn to develop a variety of creative greenin& gardening and nutritional activities suitable for all ages, leading to a Communal end project and unveiling ceremony and celebration showing the work created over the year. Skills Enterprise - Older Peoples Project Digital Ining a6.944 To contribute to improving the quality of life for older people by providing weekly digitsl coffee mornlngs offering opportunities to come together and get online, use digital devices and remain socially connected. Skills Enterprxse - Employment Support Project Digital tkarnlng £18,018 To offer employmentsupportfor residents with a view to preventing financial haTdship and the impact of poverty. West Silvertown Foundation - Youth Mentoring Project £15.LKK) To provide a mentoring programme for at least thity local young peopIe aged 14 to15, tsrgeting specific outputs agreed with the Trust in respect of the level of funding approved. XLP Community Bus Projert 5,IKXI To contribute to the operating costs of providing a mobile youth centre via a purpose-built double- decker bus which provides a safe environment for young people whicK since the PT0}t abeady has an established presence in Canning Towrn will focus onwork within Beckton. Winsor Park and Gallions 4imary Sch<)ol. All the foregoing projects approved under the Main Grants Progranune have been carefully monitored by the Trust's community development consultant working dosely with memlETS of the tkwity's board to ensure that the outcomes being de]ivered accord with the obl"Ve$ seL In 2023 / 2024 the Tnt continued its support of London Youth Rowing to provide a prOamme of water sports actiirities across a combination of Towin& sailing and paddling. LYR operated 370 sessions at the Royal Docks Watersports Centre working with 375 young people over 3.5(K) people sessions. LYR expanded its work with those with sEiecial needs SEND partiapation increasing froni 8% to over 25% of the programme. LYR continued to engage with over 60% participation from ethnic Minority and over 50% female. In addition LYR focused on young people developing life Skills through sport with rowingr sai]in& and paddling enabling partiopants to develop their Skills in leadership. teamwork, goal settin& problem solving and positivity To celebrate highh'ght the skills learnt LYR held a number of "life skill days. the pupils a150 benefited from a ioint session with Asset Management Company Gresham and LYR coaches focussing on using teamwork to desi} a model sustainable company.
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31STMARCH 2024 Financial Revxew Assets The assets of the chaTity, wbith have been acquired in accordance with the powers of the trustees, are held in theforni of bank deposits and aninvestment portfoliocomprising fixed interestsecurities, ordinary shares, unit tnjsts and cash. The memozandum of association of the charity includes powers to invest monies not immediately required for its purposes in or upon such investments securities or property as may be thought fit. subject nevertheless to such conditions {if any) and such consents (if any) as may from time to time be imposed or required by law. All investments held by the charity have been dealt with in accordance with such power. During the year these assets. other than bank deF)osits. were managed by Investec. The charity derives its income from investments split between two funds which it has designated as the endowment fund and the legacy fund, both donated by the form London DOcklan Devdopment Corporation ILDDC). The endowDient fund was e5tabJished with grants totalling £27m from the LDDC for the purpose of operating a programme of community grant aid for the area of benefit of the charity on tern that Tequire it to be invested in secuTities authorised by law and to use OTty the inconie generated from such investments for distribution. The successor iY to the LDDC has agreed. in accordance with provisions included in the endowment agreements, that capital profAts arlsing from investtnent of the thdowments may be used towards the charitys oiryects. The endowment agreements a]so require the charity. prior to deterMIg the amount to be nde available annually for the purpose of the grant programme, to consider whether any of the Incon shouId be retained and added to the endowment in order to maintain its value in real terms. The benchmark given to the charitys investnient advisers has been to grow the fund in real tern such thaL adjusted foT infiation, it would Temain in excess of the origuwl value of £2.7m. As a result of the addition to the endollent fund of the requisite proportion of the proceeds received from the sale, completed in September 2016, of the charitys interests in its proE)eTties in Stansfeld Roa(L the Original value of f2.7m was increased to f3,31Z323. As at 31st March 2024. its value in real tern was £6XKB?13 against a market value Of£6,261 As regards the legacy fimd. shortly before the LDLK ceased operatioThs on 31st March 1998. the charity entered into agreements with it under whith the LDDC placed TestTirted funds with the chatity to enable il so far as proved feasible. to secure the implementation of nine proiects for the iefit of the community within the charity5 area of benefiL Seven of these were 5ucce5sfully completed but two, i.e., the Watersports Centre, Royal Victoria Dock. and the Waterski Centre. King George V Dock. proved impossible to implement for reasons outside the control of the charity and the funds held for those purposes are now unrestricted. This fund (ex-legacy plus other unrestricted) is invested in a balanced portfo]io worth £3.352.651 at 31st March 2024. The Strategy is to produce a 8Towin8 levd of income over time whilst allowing the fund to grow in real fern. In addition to the foregoin& the charity also holds freehold properties, of which details are given below. Docklands Equestiian Centre, leased, rent free, to a I(Kal charity for a terni expiring in 2196 and valued at £1. Explorer Scouts Hut Site. Eastbury Road. leased. rent free. to a local charity for a terni expiring in 2095 and valued at £1.
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31srMARCH 2024 The leases of these properbes were granted by the LDDC, the freehold reversions having been transferred to the charity suiryect to the pre-exisling leases. Any assets reniaining in the event of the charity Ing wound up or dissolved shall be given to other charitable institutions. priority being giv to those with similar objects. Risk Management The charity is aware that it faces a number of risks when making decisiorLS on the investment and application of its fund$ and has recognised the following as a key risk which may adversdy affect the achievement of its charitable obiectives: Investments 70% of the investments hdd in of both the endowment fund and the kgacy fund are invested in equities, both in the UK and overseas. The value of both Funds have been steady over the last year against a difficult economic background. The trustees with the external experts engaged by the chaTity to manage its investments keep the situation under close review but recognise that these monies are to be invested over the long-terni and that as long as the income is growing they can accept some volatility or losses over the shorter-term. The trustees receive regular valuations from the advisers at each meeting and at least one detailed presentation to the board each year at which ttee5 are able to raise tter5 of concern. Reserves Poli The charity understand5 its obligations to use its financi resources towards the achievement of its chaTitable objectives and that it should not hold on to such resour uftnecy. However, it is committed to the PTudent management of its finan Tesources and under ceriain conditions this will involve the retention of resources over a number of years. these resources ]ng known as "reserves" In order to provide a framework within which it can consider the need to retain reserves, the charity has adopted the following reserves policy. which is reviewed annually unless circumstances warrant more frequent review. The charity may require reserves to enable it to achieve its chwytsble ObjttveS as follows: l. Operational To enable it to contintse to meet its chaTitable obiL*tives over a ieasonable period of lime, which will include continued commitment to its Community Grants Programme and as5(lated activities. 2. Match Funding To enable the charity to attract additional external investment into its'area through its ability to provide "match fundin,. In &ssessing the need to retain reserves, and at what level, the charity takes into consideration the following factOTS".
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31sTMARCH 2024 Current ations and Ob]i ations l. Spending commitments 2 EstInte5 of income New Devej ments l. Additional spend2ng proposa]s and their timing 2. GeneTation of additional income - opp)rtunities, likelihood and timing Risks l. The busine&% risks faced by the charity across all its activities 2. Its ability to manage and respond to those risks. 3. The trustees theTefore consider the charity to be in a sound financi position. At 31>t March 2024 the charity had a$Sed the reserves needed to provide for the above. This assessment is shown in the table below: REQREMETr O erational - five ar horizon Potential o atin loss at Current core level Allowances for additional develo ment activities Investment Continued investment of LDtK Endowments in real ternis Meetin Commitments Meeting obligations under fornw Legacy Agreements and others that have sin Match Fundin To enable the Tnt to seek additional fundin Risk To provide a contingency against business risks associated with Èts obli ations assessed at IO% of the outstandin TOTAL REQUIREMENr 1,194 1?22 3(M) 132 9,001
ROYAL DOCKS TRUST (LONDON) TRUSTEES. ANNUAL FOR THE YEAR ENDED 31sTMARCH 2024 At 31st March 2024, the charitys accumulated reserves. exduding propety, amounted to £Y,934A81 a surplus of £W3k compared to the reserves targeL This compares with a surplus of 10k at 31st March 2023. Plans for the future The charity adjusted its plans during and afterthe covid lockdowns and in ]ight of how government austerity planning has affected grassroots projects and local needs. Future thinking will Colder local needs in light of reduced capacity of communities and organisations to devdop and deliver projects. During 2024-25, the charity expects to acquire funds from Winsor Park Management Company Limited. see note 15. Assuming this transfer takes place. the Charity will consider how best to Dnage thi5 increase in total assets. In light of Son current trustee5 and consultants health and age, the Qwity will need to recruit new and younger tnjstees or find some other way to go forward. The Charity is not alone in ding this to be a difficult exerase. Structure? governance and m4n2gement Governin Instrument The charity is a company limited by guarantee which w&$ incorporated on 7th March 1995 and is governed by its memorandum and articles of associatio the latter having been amended by SF>ecial Tesolutions on the 27th APTII 2004, 15th March 2016 and 22 October 2019 following reviews by the trustee5 of the board structure In the light of changing CircutanceS rdevant to the area of benefit and the total withdrawal by the local authority of finanaal and other support for the chaTity implemented progressively since 2015 when it terniinated its involvement in the hitherto Foint annual grant programme. Membership of the charity is open to individuals. voluntary organisations and businesses within the area of benefit. In the event that the charity is at some lime wound up, members of the charity may be required to contribute not more than £10 in the case of an individual member and not more than £50 in the case of a corporate menkner towards the settlement of any debts and liabi]itie5 there might be at such time. intment of Tntstees The articles Provide foT the tru5tee5, who shall not less than five or more than thirteén in number. to be appointed in accordance with the artides of association as amended on 22nd Cktober 2019. These provide as follows:_ Not more than nine trustees may be elected to serve until the end of the third annual general meeting following that at which they are elected but they may then be re-elected rf willing to serve for a further period. The trustees appointed/elected as above may c(wpt up to four additional trustees whose tern)s of office shall expire at the first nieeting of the trustees following eath annual general Tneeling although co-options may be renewed by the ttee5 at that meeting. There are Currently no CLPted trustees.
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31sTMARCH 2024 Trustee Induction and Trainin The trustees who served during the accounting year were fully familiar with the aims. activities and ndes of goveTnance of the charity. All were or had iecently been either resident in its area of operation or involved in bu5ines5 OT voluntary sector activities there. Indeed, several had wide experience of working within or serving as trustees of other chaTitable organisations. In the case of newly appointed tntstees, all are supplied with copies of the Charity Commission and Companies House pub]ication5 detailing the resFytive duties and TwnsibIti8 of company directors aThd charity trustees, including co11cts of interest and of loyalty, to ensure that they are made aware of their legal obligations. On appointment. new tntee5 are supplied with a copy of the memorandum and articles of association of the charity and key documents such &$ the charitys latest annual report and audited accounts, its latest management accounts and sets of minutes covering a rdevant F)eriod of activity. Further inforniatioTh including legal and finanaal advice, is readily available as required to individual trustees and at board meetings through the secretary and professional advisers who also revAew and report relevant developments in the charity fidd and provide ad hot advice as and when appropriate. nisation The full board of trustees nornially meets approximately quarterly but it appoints a smaller Executive Conunittee which meets in between the IK)ard meetings and receives finanaal reports and reports on on. going and other lltters. particularly issues in respect of which urgent decisions are required. However, the effects of the Government imP05ed Testrictions, particularly the lockdown8. made it impracticable to stick to the usual pattern of nt[ftgS and, following their Implementatio meetin85 have iEen arranged on an ad hoc basis as an when needed. The charity has found that there are Ix)sitive aspert8 to on-line meetings. including improved attendance. The chaTity has no employees. The trustees aTe not empIoyed by the charity and receive no remuneration. The chari5 external consultants deal with the admintratiO includin8 financi adniinistration, and operation of the chlty on a daY-tdaY basi5. There were none during the year under review except as referred to in note 15 to the financial statements. Preparation of the report This report of the Board of Tru5tee5 has been prepared tsking advantage of the small comEwiies' exemption of Section 415A of the Companies Act 2006. 10
ROYAL DOCKS TRUST (LONDON) TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31sTMARCH 2024 STATEMENf OF TRUSTEES. RESPONSIBILrrIES The trustees (who are also directors of the charitable company for the Purpo of company law) are responsible for preparing the trustees. annual report and the financial statements in accoTdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the trustees to prepare financi statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the inconiing resources and application of resources. including the income and expenditUTe, of the charitable company for that period. In preparing these financial statements, the Ixustees are required to: Select suitsble accounling poJicies and then appIy them corsistentlyi Observe the methods and principles in the Charities SORP. Make Judgements and estinteS that are reasonable and prudentr, State whether app]icable UK Accounting Standards and statements of recommended practice have been followed. subject to any material departures disclosed and explained in the finanaal Prepare the finanaal statements on the 80ing concern basis unless it is inappropriate to presume that the cEwity will continue in opeTatioTL The trustees are responsible for keeping proper accounting Tecords that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Art 2006. They are a]so respoThsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan and intwity of the corporate and financial infOrntiOn induded on the charitable company's website. twlation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other JUrdIctiOns. Members of the charity gUantee to contiibute an amount not exceeding rio in the case of individual rnernbers and ÈSO in the of corporate membus in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. 11
ROYAL DOCKS TRUST (LONDON) TRUSTEES. ANNUAL REPORT FOR THE ThAR ENDED 31srMARCH 2024 Statement of disclosure of infornution to auditors Insofar as the tteeS are aware: There is no relevant audit infornwtion of which the charifable company's auditors are unaware; The trustees have tsken all steps that they ought to have taken to make themselves aware of any relevant audit infornwtion and to establish that the auditors are aware of that inforniation. Auditors Goldwins Limited were re-appointed as the auditor5 of the charitable company duTing the year and have expressed their willingness to continue in that capaaty. The trustees. annual report has been approved by the trustees and $ied on their beha]f by: Eric Sorensen Trustee Date.. 12 December 2024 12
ROYAL DOCKS TRUST (LONDON) INDEPENDENf AUDITORS. REPORT TO THE MEMBERS OF THE ROYAL DOCKS TRUST (LONDON) Opinion We have audited the finaTh(] ststements of Royal Docks Tnlst (ndOn} (the'clwitable company) for the year ended 31 March 2024 which comprise the statement of finaThc1 activities. balan sheet, statement of cash flows and notes to the financial statements, including significant accounling poliaes. The finanaal reporting frarnewoTk that has been applied in their preparation is applicable law and United KingdoDI Accountin8 Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of ITeland (United Kingdom Generally Accepted Accounling Practice). In our Opinio the finanaal statements: Give a true and fair view of the state of the charitable cOmpanS affairs as at 31 March 2024 and of its income and expenditure for the year then ended. Have been properly prepaJed in accordan with United Kingdom Generally Attepted Accounting Practice. Have been prepared in accordance with the requirements of the compani Act 2CKb. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditor's Tespon5ibi]ities for the audit of the financial 5tatenients section of our repoTL 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, induding the FRC'S Ethical Standard and we have fulfilled our other ethical respoLLsibilities in accordance with these requirements. We leve that the audit eviden we have obtained is 5uffiaent and appropriate to provide a basis for OUT opinioTL Conclusions relating to soins concern In auditing the financial statements, we have conduded that the tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any matetiai uncertainties relating to events or conditions tha¢ individually orcollectively, may castsIlfiCant doubt on the charitable company's ability to continue as a going concern for a [?10a of at least twelve months from when the financi statements are authorised for issue. Our responsibilities and the Twnsibilities of the trteeS with respect to going concern are descTibed in the relevant sections of this reporL Other Iolation The other inforniation comprises the inforniation induded in the trustees. annual report other than the financial statements and our auditorfs report there0 The trustees are responsible for the other Inforntion contained WAthin the annual rep)rL Our opinion on the finanaal statements does not cover the other inlorniation and, except to the extent otherwise exp]iatly stated in our reporL we do not express any form of assurance conclusion thereon. Our responsibi]ity is to read the other inforniation and, in doing so, consider whether the otheT inforniation is materially inconsistent with the finaThC statements or our knowledge obtained in the course of the audiL or otherwise appears to be matezially misststed. If we identify such material inconsistenaes or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other Infornti0 we are required to report that fact. We have nothing to report in this regard. 13
ROYAL DOCKS TRUST (LONDON) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL DOCKS TRUST {LONDON) Opinion8 OJI other matter5 preKribed by the Companies A¢t 2Th In our opinioTh based on the work undertaken in the course of the audit The infOrntiOn given in the trustees, annual report for the finanaal year for which the The trustees. annual report has been prepared in accoTdan¢e with applicable legal requirements. Matter8 on which we are required to report by exceplion In the ]ight of the knowledge and understanding of the charAtable company and its environment obtained in the COUTse of the audit, we have not identified material misstatements in the trustees. annual reporL We have nothing to report in respect of the following matters in relation to whidi the Companies Act 2006 requires us to report to you if. in our opinio Adequate accounting records have not Ien kepL or returns adequate for our audit have not been Teceived from ae$ not visited by us; or The financial statements are not in agreement with the accounting Tecords and returns; or Certain disclosures of trustees, remuneration specified by law are not made; or We have not received all the ]nforntion and explanations we require for our audiL' or The directors were not entitled to prepare the financi statements in aCCdaTh the small companies regime and take advantage of the small companies, exemptions in preparing the trust, annual report and from the requirement to prepare a strategic report. Responsibilities of trnstees As explained more fully in the statement of trustees, responsibilities set out in the trustee5' annual ieport, the trustees (who are also the diTertOTS of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they &ve a true and faiT view, and for such internal control as the trustees detern)Ane is rwessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements. the trustees are re$Fble for a55essing the charitable compan$ ability to continue as a going Concer disdosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charitsble company or to ceage operatiorns, or have no rea]istic alternative but to do so. Auditorfs respon8ibilities for the audit of the financial statements Our objectives aTe to obtain rew>nable assuran about whether the financial statements as a whole are free from material misstatement, whether due to fraud OT erroT, and to issue an auditorfs report that include5 our opinion. Reasonable assurance is a high levd of assllran but i8 not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered maierial if. individually or in the aggregate, they could reasonably be expethd to infiuence the economic deosiorLS of users taken on the basis of these financial statements. 14
ROYAL DOCKS TRUST (LONDON) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL DOCKS TRUST (LONDON) Irregutsrities, including fraud, are instances of non<ompliance th laws and regulatiozL4. We desi procedures in line with our rwonsibilities. outlined above. to detect material Tnisstatements in respect of IeSUlarlties. including fraud. The extent to which our pr¢Kedures aTe capable of detecting irregularities, including fraud aTe set out below. Capability of the audit in detecting nregularities In identsfying and assessing risks of mateTial misstatement in respert of irregularities, induding fraud and non-compliance with laws and regulatio, our procedures induded the following: We enquired of nianagemenL which included obtaining and reviewing supporting doCUmtatio concerning the charitys po]icies and procedures relating to: Identsfyin& evaIualin& and complying with laws and regulations and whether they were aware of any iThstances of non-comp]iance' Detecting and rwding to the risks offraud and whether they have knowledge of any actual, suspected, or alleged fraud. The internal controls estab]ished to mitigate risks rdated to fraud or non-compliance with laws and regulations. We obtsined an understanding of the legal and regulatory framework that the charlty operates focusing on those laws and regulations that had a material effect on the finanaal statements or that had a fundamentsl effect on the Operatio of the charity froni our We wiewed the finala1 statement disdosures and tested these to supporling documentation to assess Complian with applicable law5 and regulations. We perfornied analytica] PredureS to identify any unusual or unexpected relatiohiPs that may indicate risks of niaterial misstatement due to fraud. In addressing the Iisk of fraud thiough management override of controls. we tested the appropriateness of journal trIeS and other adiustments. assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested Silficant trarLsactions that are unusual or those outside the norn1 course of business. Because of the inherent limitations of an audiL there is a risk that we will not detect all irre8ularities, including those leading to a material misstatement in the financial statements or non-compliance regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions Teflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities oceufTing due to fraud rather than error, as fraud involves intentional concethen¢ forgery, collusion. omission or misrepresentation. A fither description of our responsibilities is available on the Financi Reporting Council's website atr. Yw.frc.org.uk/auditorsresponsibilities. This description fornis part of our auditorfs rep)rt. 15
ROYAL DOCKS TRUST (LONDON) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ROYAL DOCKS TRUST (LONDON) Use 0£ our report This report is made solely to the Chitab company's members as a body, in accordance with Chapter3 0£ Part 16 of the Companies Act 2006. Our audit work has In undertaken so that we might State to the charitable company's meTnkn those niatteT5 we aTe Tequired to state to them in an auditorfs report and for no other purpose. To the fullest extent perniitted by law. we do not accept or assume TesponsibiIity to anyone other than the charitable company and the charitabk company's member5 as a body, foi our audit work, for this reporL or IOT the opinions we have fornied. Anthony Epton Isenior 61atutory audilor) for and on behalf of Goldwlns Limited Stahltory Auditor Chartered Accountants 75 Maygrove Road West Hampstead LONDON. NW6 2EG Date.. 17 December 2024 16
Royal Docks Trust (London) Statement of financlal actlvltles {incorFM)rating an income and expenditure ac¢wnl) For th• year ended 318t March 2024 2024 2024 Unrestricted Restrlcted funds funds 2024 Totsl funds 2023 Total funds Income from: Investrrtent in¢¢>me 293.646 293.646 273.1 Total Income 293,648 293,646 273,190 Expendlture on: Raising funds Charitsble activities: Grants programm8 Speclal projects 54.552 54,552 55,034 344.636 344,638 288,865 86,360 Total expendlture 399.188 399.188 430,259 Nel Incomo l (•xp•nditure) before net galn81 {losses) on Inve8tm¢nts (105.542) (105.542) (157,069) Net gains l (losses) on investrients 200.243 319,242 519,485 648.711 Net income l (oxpondlture) for the 94701 319.242 413,943 (805,780) Transfers between fvnds Net movement in fvnds 94.701 319242 413.943 {805,780) Ra¢onclllatlon of funds: Total funds brought forward Total funds carrled forward 3,257,950 3,352.651 6,487.020 6,806,262 ,744.970 10,158 913 10,550,750 9.744,970 11 All of the above results are derived from continuing activibes. There Voere no other rec(KJnised gains or losses other than those stated atx>ve. The attached notes form part of these financial statements. 17
Royal Docks Trust (Lorbdon) Balance sheet AS at 31st March 2024 2024 2024 2023 2023 Flxed assets: Tangible assets Inveslments 9.994.481 9,994.483 9,573,325 9,573,327 Current assets: Cash at bank and in hand 181,804 181,804 188296 188,296 Uabllltl•8: Creditors: amounts frdlling duè wlthin one year 17.374 16.653 Net current assets 164,430 171,843 Total net asuts 10,158,913 9,744,970 Funds Restricted funds Unrestricted funds.. Designated funds General funds Totsl unrestricted funds 11 6.806262 6,487,020 1.297,386 2.055,265 1.297.386 1,960,564 3,352.651 3,257.950 Total funds 10.158.913 9,744,970 Approved by the trustses on . nd signed on their behalf by: Eri Trustse nsen Company rnglstratlon no. 03032232 The attached notes fomi part of the finanryal slatements. 18
Royal Docks Trust (London) Statement of cash flows For the >Tar ended 31st March 2024 2024 2024 2023 2023 Net cash provldad by l {usad In) operatlng actlvltles 12 {398,467) (517,017) Cash flows from Investlng actlvfties: Interesv renv dividends from investments Salesl (purchases) of investments 293,646 98.329 273.1 {584,394) Cash provldod by l (usod In) Inv•stlng actlvltlos 391.975 (311,204) Changg In rA8h and Cash equlvalents In thg yvar (6,492) (828.221) Cash and cash equivalents at the beginniThJ of the year 188296 1.016.517 Cash and cash equlvalents at Ihe end of the year 13 181.804 188,296 19
Royal Docks Trust (London) Notes lo the financlal sLthments For th• ar ended 31st March 2024 Accounting policies a) Bas18 of prnpafiqtlon The finanaal statements have been Pfepared In acLordance Mryth AccountirvJ and Reporting by Charities: ststement of Recommended Practice applicable to charities prepariTr3 their accounts in accordance Vth the Financial Reporting Stsndard applicable in the UK and Republic of Irnd (FRS 102 - effective 1 January 2015)- (Charities SORP FRS 102) and the Companies Acf 2006. The charitable company meets ts definiiion of a public benefft entity under FRS 102. Assets and liabilities are initially reccMJnised at historKal cost or trdn&gction value unless stated Tn th8 r81evant accounling policy or nole. b) Golng cOnM The trustees consider that ttwe are no material uncertalntles about the charitable companys abiltty to continue as a going concem. The trustees do not consider that there are any sources of estimation uncertainty at the repong date that have a significant risk of causing a rnaterial adjustm8nt to the carying amounts of assets and liabilities wllhin the next re[1 perirxl. c) Income Income is reco9nised then the charity has entitl8m8nt to th8 furKls. any perf0mnCe conditions attached to the income have been rnet. it is probable that the income Y•ill be received and that the amount can be measured reliably. d) Donations of glfts, Mrvlce8 and facllHle8 t)onated professonal senrices and donated faciliS are recognised as income the charity has control over the item or received the servic8, any condibons associated tyth the donation have been meL the CeIpt of economic benefft from the use by the ¢hafity of the item is probable and 1hat econ<)mic benefit Can measured reliably. In accordan with the Charities SORP (FRS 102), volunl88r time is not recognise(I so refer to the trustees, annual report for more infonnation about their contribution. On receipt. donated gifts. professional services and donated facilities are recognised on the lS of the value of the gFft to the charity vthich is tt)e amount the charity would have been NNilling to pay to obtain services or faalities of equivalent economic benefft on the open mafket,. a corresponding amount is then recognised in expendiiure in Ihe pernd of receipt. e) Intarnst recalvabla Interest on funds held on deposrt is induded when receivable and the amount can be measured rnlFably by the charity. this is normally upon notificatbon of the interest paid or payalAe by the bank. Fund accounting Unrestricted funds are available to sFend on aclivities that further any of the purposes of charity. Designated funds are unrestricted fvnds of the charity trustees have decided at their discretion to set aside to US8 for a sp8clfic purpose. Restricted funds are donations lch the donor has specified are to be solely used for particular areas of the charivs work or for specific projects being undertaken by the charrty. 20
Rordl Docks Trust (L¢)ndon) Notes to the financlal $tstam•nts For the ar ended 31st March 2024 Accountlng pollci06 (contlnued) g) Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or construclive oblvJation lo make a payment to a third party, It is probable that settlement will be required and the amount of the oblatiOn Can be measured reliably. Expenditure is dassified under the following actsty headiTrJs: Costs of raising fvnds comprise of trading costs and the costs in¢urred by the charitsble company in inducing third parties to make voluntary contributions to ¢ as ?11 as the cost of any activitses viith a fundraing purwse. Expenditure on charitable activities indudes the costs of d81iveriNJ ServIS to further the purposes of the charity and their associated support costs. Olher eyrKlitur8 represents those items not falling into any Other headiThJ. Irrecoverable VAT is charged as a cost against the actiNryty for which the expenthture was incurred. h) Allocatlon of support costs Support costs are those functions ttwt assist the wyxk of the chartty but do not directly undertake charitsble activities. Support costs include back office costs. finance and governan costs which support the Trust's charitable activities. These costs have been allocated beiween cost of raising fvnds and expenditure on charitable activities. The bases on thich support costs have been allocated are set out in note 4. l) Tangible fixed assets Items of equipment are capitalised where the purchase pri exceeds £1,000. Depreciation is prowded at rates calculated to vKite dovffl the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as followE: Freehold property Fixlures and fftlings Computer equipment hkntor vehKles 25Qh 33% 25% j) Listod invoStm•nts Investments are a fCM of basic financial instrument and are initialty recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market prFce. Any change in fair value will be recognised in the statement of financial activilies. kl Debtors Trade and other debtors are recognised at the sÈlUement amount du8 aftor any trade discount offered. Prepayments are vdued at the amount prepaid net of any trade discounts due. l) Cash at bank and In hand Cash at bank and cash in hand indud8s cash and short tenn hhJhly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. m) Credltors and provlslons Creditors and provisions are rec3n1sj where the charity has a present Obligatir resutting from a past event that will probably resum in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or estimated reliabty. Creditors and provisions are nomally recognised at their settlement amount after allo%ryng for any trade discounts due. n) Financial Instrumonts The chaiity only has ffinancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction valu8 and subsequently measured at their settlement value wth the exception of bank loans %*thich are subsequently measured at amortised cost using the effective interest method. 21
Royal Docks Trust (London) Noto8 to tha financial stat•m•nts For tho year ended 31st March 2024 2 Detail•d comparatlv•s for the statem•nt of flnandal actMtS 2023 2023 2023 funds Income from: Charitsble activtbes: Investrnents 273.1 273,190 Total Incomo 273,190 Expondlture on: Management fees Charitable activities: Grants Prc*3fdmme Special projects 55.034 55.034 288.865 288.865 86.360 Total axpendlture 430.259 430,259 Net (expendlture) before gains l (losses) on investments (157,069) (157,069) Net gains on investments Net Income l expendilure 13,409) (370,478) 435,302 (435,302) 648,711 1805.780) Transfer5 beiween funds Net movement in funds (370,478) {435,302) 1805,780) Total funds brought for4Yard Total funds cwrled forward 3.628,428 3,257,950 6.922.322 6,487,020. 10.550,750 9,744,970 3 IncoTh from Invthnts 2024 Total 2023 Totsl Unrestricaed Restricied Bank interest Investment income 3,838 289,808 293,646 289,808 293,646 270.146 273,1 22
Royal Docks Trust Note8 to the financial statwn•nts For tho r erkd•d 31$t March 2024 Analysis of oxpendlturn charItab actmlles Basis of Cost of raislig alloc funds ants Programme Spe(ial SupFXYt Go¥aTr proie(ts 2024 2023 &ants awarded Direct Management fees Direct (knance costs Othw cthts 305.304 13.4 318.794 48,326 28,880 3.188 338.743 47.795 37.495 6.226 48.326 28.8WJ 3,188 48.326 16,678 28,880 399.188 430.259 Support tsjsts 2279 14.399 {16,678) G)VeMan rMts 3.947 24.933 {28.880) Total expendira 2024 399.188 Total eendmure 2023 55.034 288,865 86,360 430,259 All expendituffj was unrestri¢bJ (2023.. AN eXdit was Un¢*1). 23
Royal Docks Trust (London) Notes to the financial sL*ements For the year ended 31st March 2024 Net Income l (expendlture) for the year This is ststed after charging l (crediting): 2024 2023 Audit fees S,040 4,800 Taxation The charitable company is exempt from corporation tax as all its income is charitable arKI is applied for charitable purposes. Tanglble fixed assets Freehold property Total Cost At the start of Ihe year At the end of the year Depreciation At the start of the ar Charge for the year At the end of the year Net book value At th• and of the year At the start of the ypar All of the above assets are used for charitable purposes. Inv•stm•nts 2024 2023 Investments at fair value: UK & Overseas Fixed Interest Equities Propety and Infrastructure Cash instruments 1,896.394 1.914.072 6.531.975 5,874.814 1,513,605 1,386,1 $1 52,507 398,288 9,994,481 9,573,325 Movements Market value at the start of the year Additions at 5t Disposals at carrying value Net gains l (losses) on investments Market value at the end of the ypar 9.573,325 9,637,642 3,197,985 2.318.547 (3.296,314) (1.734.153) 519,485 648,711 9,994,481 9,573,325 No holdings constituted 5% or more of the totsl pcrfolio. 24
Royal Docks Trust (London) Notes to the financial statements For the year ended 31st March 2024 Credltors: amounts falling due wlthln ono year 2024 2023 Accruals 17.374 17,374 16,653 16.653 10 Analysis of net assets between funds General unrestricted Designaled Restricted Total funds Tangible fixed assets Investments Net current assets Net a88ets at the end of the year 1,8,833 164.430 2,055,265 1,297,386 6,806,262 9.994.481 164,430 1,297,386 6,806,262 10.158.913 11 Movements in fvnds Incoming Outgoing At the start resources & resources & of the year gains losses At the end Transfers of the year Restricted funds: Endowment 6,487,020 319,242 6,806,262 Total restrict•d funds 6,487,020 319,242 6,806,262 Unrestricted funds: Designated funds.. Previous Legacy Funds 1,297,386 1,297,386 Total designated funds 1.297.386 1,297,386 General funds 1.960.564 493.889 (399.188) 2.055.265 Total unrestr5cted funds 493 889 399,188 3 352 651 Total funds 9.744,970 493.889 9.946 10,158,913 Purposes of restricted funds Restricted funds are the original erKJcrwment from the London Docklands Development Corporation. The income generated is used to support a community grants programme and the Trust's administration costs. The designated fund is the remainder of the ex-Legacy Funds for the wojects which were not completed. They are now unrestricted but are separately identrfied in order that trustees can allocate funds to projects of their choosing which may be in line with the previous intentions. 25
Royal Docks Trust {London) Notes to the flnanclal statsments For the year ended 31st March 2024 12 Reconclllation of net income l (expendlture) to net cash flow from operatlng actlvltles 2024 2023 N•t income l (expenditure) for the reporting period (as per the statement of financial activities) Interest. rent and dividends from investments (Gainsy losses on investments Increasel (decrease) in creditors Net cash provid by l (used In) op•ratlng activities 413,943 (805,780) (293,646) {273.189) (519,485) 648,710 721 {86.758) (398,467) {517,017) 13 Analysis of cash and cash equivalents Al 1 st April 2023 Cash flows Other At 31$t changes March 2024 Cash at bank and in harKI 188,296 (6,492) 181,804 Total cash and cash equlvalents 188,296 (6,492) 181.804 14 Legal status of the charity The charty is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £10 in the event of the charty being wound up iy £50 in the case of corporate members. 15 Related party transact•ons and Contingent Asset There are no related party transactions to disclose for 2024 (2023: none). There are no donations from related parties which are outside the n(Thial course of business and no restricted donations from related parties. The Trust is the owner of a special Sha in the Winsor Park Management Company Limited whth gives it the responsibility to oversee the conduct of the Company and has the pOvr to appoint up to four directors rf it sees frt. and has appointed two directors. The special shareholder is also a joint signatory of the Accumulation Fund account held by the Company and has a duty to permit the proper operation of that Account. 26
Royal Docks Trust (London) Notes to the financial statements For the year ended 31st March 2024 15 Rolated party transactions and Contingent Asset contlnued The Trust is the owner of a special share in the Winsor Park Management Company Limited which gives it the responsibility to oversee the conduct of the Company and has the power to appoint up to four directors rf it sees frt. and has appointed two directors. The special shareholder is also a joint signatory of the Accumulation Fund account held by the Company and has a duty to permit the proper operation of that Account. The WPMC was established broadly for monitoring maintenance and improvement of redamation works at Winsor Park vthich is within the Trust's area of benefrt. The Accumulation Fund was establisl*d to meet any expenditure required in respect of a failure of or damage to the redamation works at Winsor Park. The fund was estsblished by the LDDC and currently (31 March 2024} stands at approximately £6.755m and attracts £ 308,0(M) of interest for the Sear lo march 2024 r less £ £ 26,000 of general expenses. It is held by Winsor Park Management Company Limited until 11th April 2070. unless it is required to be spent as above or unless an engineer reports that there is no reasonable likelihood of the fund having to be spent for that purpose. The engineeriNJ reports must be obtained every ten years commencing 11 th April 2010. In order to meet its oblwJatKJns under the Shareholders Agreement in respect of the commissioning of er@ineering reports and the review of the reclamation works and the continuing need for the Accumulation Fund, the WPMC instructed Card Geotechnics to review the operation and the integrty of the reclamation scheme and to advise WPMC. The Card Geotechnics report conduded that the reclamation scheme conb'nued to operate successfully and fully met its purpose with no indicatK)n thal there would be any quirement for remedial action or repair. If the fund beMeS repardble under either condition above. li is repayable to the special shareholder. There were no transactions between Winsor Park Management Company Limited and the Trust during the year. 27
Royal Docks Trust (London) Notes to the financial statements For the ar ended 31st March 2024 16 PrevSous reportlng perfod Infomiatlon 16a Anatysi• of exp•nditurn Cost of raisir furKIs (knFitable acts¥ibes alkxalo &ants Programme Specaal projects ())sts 2023 Grants awarded Dir¢¢t Management fees Direct Govemance costs 250.867 12.876 338.743 47.795 37A95 6226 47.795 37.495 6,226 47.795 250.867 75,(KK) 19,102 37.495 430.259 Support costs 12,825 (19.1021 Govemance costs 25.173 7.526 (37,495) T¢)lal èxpondilurn 2023 430.259 AJI expIlUre was unrethded 28
Royal Docks Trust (London) Notes to the financial statements For the ar ended 31st March 2024 16b Analysis of net assets between funds of previous reporting period General unrestricled Designated Restricted Total funds Tangible fed assets Investments Net currenl assets Net assets at the end of the year 1,788.919 1.297.386 6.487.020 9,573.325 171.643 171.643 1.960,564 1,297.386 6,487,020 9,744,970 16c Movements in funds for the previous reporting period Incoming Outgoing At the start resources & resources & of the year gains losses Transfers At tha end of the year Restrlctad funds: Endowment 6.922,322 (435,302) 6,487,020 Total r•strlcted funds 6,922,322 435,302 6,487.020 Unrestrlcted funds: Designated funds: Previous Legacy Funds 1,372,386 {75,(X)O) 1297,386 Total designated funds 1.372.386 5,000 1.297.386 General funds 2.256.042 273.1 {568.668) 1,960,564 Total unrestrlcted funds 3 628 428 273 190 3 257 950 Totsl funds 1078 970 9 744 970