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2022-03-31-accounts

Charity registration number: 1049485

Company registration number: 03036200

West Silvertown Village Community Foundation

Financial Statements

Year Ended 31 March 2022

Calculus Assurance Services Independent Examiners Loughton, Essex

West Silvertown Village Community Foundation

Financial Statements

Year Ended 31 March 2022

Contents
Page
Charity Reference and Administrative Details 2
Trustees’ Annual Report 3-7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Statement of Changes in Reserves 12
Notes to the Financial Statements 13-28

1

West Silvertown Village Community Foundation

Charity Reference and Administrative Details

Year Ended 31 March 2022

Charity registration number 1049485
Registration number 3036200
Trustees
Ian Gibson
Rachael Osei-Temeng
Jee Hyeok Lee
Edna Chirwa
Shahanara Rohman (resigned 29 June 2021)
Zeeshan Ahmed
Sophie Jones
Mohammad Khan
Sophie Linton
Miguel Angel Ortiz (appointed 28 September 2021)
Chair Jee Hyeok Lee
Secretary Harjit Lola
Chief executive Helen Fernandes (from July 2021)
Senior leadership team jointly (April 2021 to June 2021)
Senior leadership team Helen Fernandes
Harjit Lola
Alyson Moore
Registered office Britannia Village Hall
65 Evelyn Road
West Silvertown
London
E16 1TU
Independent Examiner Calculus Assurance Services
5 Priory Road
Loughton
IG10 1AF
Solicitor Parker Arrenberg
37 Rushey Green
London
SE6 4AS
Bankers Co-Operative Bank
1 Balloon Street
Manchester
M60 4EP
Barclays Bank
2 Churchill Place
London
E14 5RB

2

West Silvertown Village Community Foundation

Trustees’ Annual Report

Year Ended 31 March 2022

The Trustees present their Annual Report (including the Directors’ Report as required by company law) and the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 issued in October 2019.

Trustees of the charity

The directors of the charitable company are its trustees for the purpose of charity law. The trustees who served during the year and to the date of this report are listed on page 2.

Day to day management is provided by a senior leadership team of 3 staff, listed on page 2.

Objectives and activities

Policies and objectives

The objects of this charity are to work in the West Silvertown area of the London Borough of Newham to promote:

The trustees are concerned that the views of local people should be well represented in the decision-making process. We are pleased to report that, of the eight individuals who served as trustees in the year to 31 March 2022, all were residents within the area of benefit.

The overall strategic thrust of the Foundation remains the building of a sound sense of community and social integration covering the whole of the area around West Silvertown, with all sections of the community, private residents and those in social housing, being represented on the Board.

Strategic Report

Achievements and performance

Management review

Based in the London Borough of Newham, the West Silvertown Village Community Foundation was founded in 1995 to help break down the barriers our unique area faces, to help the most vulnerable and to support a healthy, vibrant and sustainable community, which benefits everyone.

Over the course of 2021/22, WSF has continued working to meet our central purpose of engaging with local residents, public sector and business communities, encouraging them to work together to support each other and build a sense of community within and around the area. Some of our activities were still affected by COVID, with restricted numbers and face coverings in place at first, and COVID recovery was a large focus of the year.

Tiny Town Daycare continued to operate within our Britannia Village Hall site, and Vibrant Minds after school club chose to move into the larger hall permanently.

3

West Silvertown Village Community Foundation

Trustees’ Annual Report

Year Ended 31 March 2022

Management review (continued)

Our agreement with Ballymore to manage Royal Wharf Community Dock continued, allowing us to provide another local community centre. We used the space for a variety of WSF-led community activities, including under 5s, youth sessions and adult social groups and adult learning opportunities.

We began the year with an SLT in place, taking joint responsibility for the operational leadership of the organisation. We appointed a 1 year interim CEO in July 2021.

Governance was a key priority over the year. We had an external governance review, in which all trustees were interviewed and all of our governing documents and processes were reviewed. The board received recommendations from the review, and a governance subcommittee was formed to go through the recommendations in depth and put an action plan in place.

The work of the charity was focused on a 1 year strategy document. This had 5 key areas of work:

1) To design a new community space and housing scheme which will benefit the West Silvertown community through provision of needed activities and spaces – we continued work on this project, forming a subcommittee of the board to provide oversight from July 2021. We submitted a pre-application for a proposed scheme to Newham council, receiving positive feedback and some points for review. We also prepared heads of terms for a suitable lease structure for the new building, carried out soft market testing, worked on viability for the project, and appointed Bates Wells as our lawyers for the project.

2) To raise the profile of West Silvertown Foundation among local community members and stakeholders in order to increase local recognition and participation – We reviewed our marketing and comms strategy, monitoring which types of marketing had the best reach. We saw an increase in the number of attendees at our regular activities – from just under 1000 in 2020 to almost 1300 in 2021 .

3) To develop our youth project into a diverse offer running at least 5 days a week, with strong partnership working across the Royal Docks. – Our youth team established a programme running 5 days per week across both of our sites, as well as outreach sessions on Britannia Village Green. The team also spent 1 day per week in Oasis Academy Silvertown mentoring some of their most vulnerable students .

4) To review our work on “Relieving people in Hardship” – We saw a need for ESOL classes in the area so created a new “welcome project” for migrants, with English classes for adults 4 times per week, an accompanying creche and social activities built around these. We also held a staff away day in which support for children with SEND and their families was identified as an emerging need in the community, so we established a weekly SEND play session.

5) To develop a longer term strategy – We appointed TRUE research to research the impact of our work. TRUE spoke to staff and community members, then presented their findings to trustees. Trustees used this to help form a conversation about creating a longer term strategy, and began work on a strategic plan for 2022-25 .

Impact of COVID-19

The start of the year was subject to Covid related restrictions and after the restrictions were lifted activities began operating with reduced numbers participating. As the year progressed more people joined in the regular activities. This had an impact on income and some staff started the year on furlough, and £5,317 CJRS grant was received.

4

West Silvertown Village Community Foundation

Trustees’ Annual Report

Year Ended 31 March 2022

Financial review (including reserves policy)

Reserves policy

It is the policy of WSF to maintain free reserves at a level which balances our objectives to develop and support services with our need to remain financially stable. A minimum level of free reserves equating to at least four months of total expenditure is considered sufficient to cover management, administration and support costs and to respond to emergency needs which arise from time to time. In 2017/18 the trustees decided to establish a designated reserve of £150,000 to fund building development works, of which £11,200 was spent on consultancy fees in 2020/21 and £40,136 in 2021/22. The balance remaining as at 31 March 2022 was £98,664, which has been used to offset the impairment provision on the development project which has been covered by restricted grants £72,647, leaving £26,017 carried forward. The general funds after designations are £273,672 and represent approximately nine months of unrestricted expenditure.

Surplus

In this period the Foundation's income was £737,264 (2021: £489,221), expenses were £721,294 (2021: £404,593 (including impairment provision)) resulting in a surplus on the financial year of £15,970 (2021: surplus: £84,628), following continued strategic investment in our premises and services. This has led to a total funds balance of £521,773 (2021: £505,803) at year end, with a restricted funds balance of £79,837 (2021: £97,367). Funds available without disposing of tangible fixed assets were £427,542 at the year-end (2021: £386,923). The trustees fully appreciate the challenging current economic climate and will continue to try and achieve its objectives and goals with sensible financial management.

Plans for future periods

Future developments

Through 2022/23 and beyond trustees intend to focus on:

Public benefit

The charity trustees have complied with their duty to have due regard to the guidance on public benefits published by the Charity Commission in exercising their power and duties. The activities summarised under Management review above are for public benefit.

Relationships with Related parties

Britannia Village General Management company Limited (BVGMC) manages the estate where Britannia Village Hall (BVH) is situated and contributes £56,500 from the residents’ service charge towards the running costs of BVH. Under WSF’s Articles of Association BVGMC can appoint one of the board members, although this is likely to change as a result of the governance review.

5

West Silvertown Village Community Foundation

Trustees’ Annual Report

Year Ended 31 March 2022

Structure, governance and management

Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Trust deed on 16 March 1995, and its governing document is the Memorandum and Articles of Association.

Membership of the charity is open to individuals, voluntary organisations and businesses within the area of benefit and the trustees are particularly concerned to promote membership on the part of local residents. In the event that the charity is at some time wound up, members of the charity may be required to contribute not more than £10 towards the settlement of any debts and liabilities there might be at such time.

Method of appointment or election of trustees

Trustees are appointed in accordance with the articles of association. These provide for the appointment of:

However, this is likely to change as a result of the governance review.

The term of office of all elected trustees is from AGM to AGM but all retiring trustees are eligible to be re-elected. The trustees appointed/elected as above may co-opt additional trustees provided that the number of co-optees at any given time does not exceed five. In making co-options, the trustees have been concerned to increase local representation on the board. The terms of office of all co-optees expire at the first meeting of the trustees following each AGM although the co-options may be renewed by the trustees at that meeting.

Policies adopted for the induction and training of trustees are under review and a new process will be considered at the next AGM.

Currently, those who aspire to being elected at the AGM are all supplied with copies of the Charity Commission's and Companies House publications detailing the respective duties and responsibilities of charity trustees and company directors and are therefore made aware of their obligations in advance of offering their services. On appointment, new trustees are supplied with a copy of the memorandum and articles of association of the charity, a summary of the legal obligations and liabilities of trustees of charitable companies and other key documents such as the charity's strategic review, its latest annual report and annual accounts, its latest management accounts and board minutes. Any additional training which might be required would be arranged on an ad hoc basis.

Risk management

The trustees acknowledge there are business risks associated with the services provided by West Silvertown Foundation and have sought to manage those risks via insurance, and working closely with the Greater London Authority, who hold the freehold for Britannia Village Hall, and Ballymore, who own Royal Wharf Community Dock. The principal operating risk is continuity of grant funding and management agreements to cover the cost of charitable activities, and the largest upcoming risk is the redevelopment of Britannia Village Hall.

6

West Silvertown Village Community Foundation

Trustees’ Annual Report

Year Ended 31 March 2022

Trustees’ responsibilities

The Trustees (who are also directors of West Silvertown Village Community Foundation for the purposes 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. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Compliance with laws and regulations

The trustees have established policies and procedures designed to ensure that it complies with all material laws and regulations in relation to the charitable company’s operations and activities. The trustees are not aware of any significant non-compliance with laws and regulations.

Independent examiners

Calculus Accountants and Tax Advisers Limited were reappointed as the charitable company’s independent examiners at the annual general meeting, as the trustees decided to take advantage of audit exemption under the Companies Act 2006 and the Charities Act 2011. The trustees view an independent examination as part of governance and internal control of the charity. During the year Calculus Accountants and Tax Advisers Limited have re-organised their business and independent examinations are now carried out in the name of Calculus Assurance Services. Calculus Assurance Services have expressed their willingness to continue in that capacity.

Small companies’ exemptions

In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on 22 November 2022 and signed on their behalf by:

Jee Lee

Jee Lee (Nov 28, 2022 19:12 GMT) Jee Hyeok Lee Chair

7

West Silvertown Village Community Foundation

Independent Examiner’s Report

Year Ended 31 March 2022

I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 March 2022 which are set out on pages 9 to 28.

Responsibilities and basis of report

As the charity trustees of the company (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 company 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 your company’s financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales , which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  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 financial statements 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.

James Lambden FCA CTA Calculus Assurance Services

5 Priory Road Loughton Essex, IG10 1AF

Date: Nov 29, 2022

8

West Silvertown Village Community Foundation

Statement of Financial Activities (including Income and Expenditure Account)

Year Ended 31 March 2022

Note
Income from:
Incoming resources from generated funds:
Donations and grants
2
Activities for generating funds
3
Other incoming resources
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income / (expenditure)
Recognised gains / (losses) on investments
Transfers between funds
Other recognised gains / (losses):
Other gains / (losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
16
Total funds carried forward
16		 2022
2021
Restricted
funds
Unrestricted
funds
Total
Total
£
£
£
£
353,851
20,616
374,467
214,531
-
194,507
194,507
126,358
-
168,290
168,290
148,332
353,851
383,413
737,264
489,221
370,781
350,513
721,294
404,593
370,781
350,513
721,294
404,593
(16,930)
32,900
15,970
84,628
-
-
-
-
(600)
600
-
-
-
-
-
-
(17,530)
33,500
15,970
84,628
97,367
408,436
505,803
421,175
79,837
441,936
521,773
505,803

All income and expenditure derive from continuing activities.

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

The notes on pages 13-28 form part of these financial statements

9

Company registration number: 03036200

West Silvertown Village Community Foundation

Balance Sheet

Year Ended 31 March 2022

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Short term deposits
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities / net assets
Charity Funds
Restricted funds
16b
Unrestricted funds
16a
Total charity funds
16		 2022
£
14,394
14,394
113,537
337,803
150,748
602,088
(94,709)
507,379
521,773
79,837
441,936
521,773		 2021
£
21,563
21,563
63,186
316,360
150,733
530,279
(46,039)
484,240
505,803
97,367
408,486
505,803

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2022 and of its net resources expended for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies’ subject to the small companies’ regime.

The financial statements were approved by the Trustees on 22 November 2022.

Jee Lee Jee Lee (Nov 28, 2022 19:12 GMT)

Jee Hyeok Lee, Chair

The notes on pages 13-28 form part of these financial statements

10

West Silvertown Village Community Foundation

Statement of Cash Flows

Year Ended 31 March 2022

Note
Cash flow from operating activities
18
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire intangible fixed assets
Receipts from sales of intangible fixed assets
Payments to acquire tangible fixed assets
Receipts from sales of tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Interest received
Dividends received
Rents received from investment properties
Net cash flow from investing activities
Cash flow from financing activities
Receipts from issue of new long term loans
Repayment of long term loans
Repayment of finance lease liabilities
Interest paid
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 01 April 2021
Cash and cash equivalents at 31 March 2022
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 March 2022		 2022
£
136,990
-
136,990
-
-
(115,532)
-
-
-
-
-
-
(115,532)
-
-
-
-
-
21,458
467,093
488,551
337,803
150,748
488,551		 2021
£
183,504
-
183,504
-
-
(38,773)
-
-
-
-
-
-
(38,773)
-
-
-
-
-
144,731
322,362
467,093
316,360
150,733
467,093

The notes on pages 13-28 form part of these financial statements

11

West Silvertown Village Community Foundation

Statement of Changes in Reserves

Year Ended 31 March 2022

Total Reserves
£
Balance as at 31 March 2020 421,175
Surplus/(deficit) from Statement of Comprehensive Income 84,628
______
Balance at 31 March 2021 505,803
Surplus/(deficit) from Statement of Comprehensive Income 15,970
______
Balance at 31 March 2022 521,773
______

The notes on pages 13-28 form part of these financial statements

12

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

1 Summary of significant accounting policies

(a) General information and basis of preparation

West Silvertown Village Community Foundation is a charitable company registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements. The charity operates the Britannia Village Hall and the Royal Wharf Community Dock as community hubs providing the local community with access to healthcare, childcare, education and leisure facilities.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice [as it applies from 1 January 2019].

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably, and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

13

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

1 Summary of significant accounting policies (continued)

(c) Income recognition ( continued )

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed, and an equivalent amount recognised as charitable expenditure.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying rooms and sports facilities for hire, and goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants in respect of specific activities. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(e) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

14

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

1 Summary of significant accounting policies (continued)

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold improvements 3-5 years straight-line Fixtures & fittings 5 years straight-line Office equipment 5 years straight-line

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Cash and cash equivalents

Cash represents cash in hand plus bank balances immediately available to the charity. Cash equivalents and bank balances held on short term deposit available to the charity at up to 3 months’ notice.

(i) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(j) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(k) Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight-line basis over the period of the lease.

(l) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

15

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

1 Summary of significant accounting policies (continued)

(m) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(n) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position (balance sheet) date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Other key sources of estimation and assumptions:

16

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

2 Income from donations and grants

Children/young persons’/families grants
Royal Docks Trust
Eastend Community Foundation
Summer Scheme (LB Newham)
Community Development (Big Lottery)
Community Development (LB Newham)
Community Development (other)
Youth YP Consortium (LB Newham)
Youth Mentoring Programme (Fight for Peace)
Community Led Housing (Mayor of London)
Coronavirus Job Retention Scheme Grant
Small grants and donations		 Restricted Funds
Unrestricted
Funds
Total Funds
2022
Restricted Funds
Unrestricted
Funds
Total Funds
2021
£
£
£
£
£
£
16,865
11,000
27,865
15,676
15,676
31,692
-
31,692
14,508
-
14,508
9,000
-
9,000
9,832
-
9,832
6,808
-
6,808
-
-
-
9,986
-
9,986
-
-
-
15,000
-
15,000
10,000
-
10,000
-
2,360
2,360
-
-
-
200,000
-
200,000
65,000
-
65,000
-
-
-
10,000
-
10,000
64,500
-
64,500
35,500
-
35,500
-
5,317
5,317
-
48,903
48,903
-
1,939
1,939
1,500
3,612
5,112
353,851
20,616
374,467
162,016
52,515
214,531

3 Income from activities for generating funds

Hall hire
Rent receivable
Reverse service charge – Britannia		 Restricted Funds
Unrestricted
Funds
Total Funds
2022
Restricted Funds
Unrestricted
Funds
Total Funds
2021
£
£
£
£
£
£
-
118,690
118,690
-
29,735
29,735
-
19,317
19,317
-
40,123
40,123
-
56,500
56,500
-
56,500
56,500
-
194,507
194,507
-
126,358
126,358

17

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

4 Other income

Bank Interest
RODMA service charge refund
Management fee (Royal Wharf)
Reimbursed expenses (Royal Wharf)
User contributions
Car parking
Youth event sponsorship
Miscellaneous income
Expenditure by charitable activity
Children/young persons/families (note 6)
Village Hall (note 7)
Royal Wharf Community Dock (note 6a)
Other community activities (note 6a)
Building redevelopment (note 6a)
Governance costs (note 8)		 Restricted Funds
Unrestricted
Funds
Total Funds
2022
Restricted Funds
Unrestricted
Funds
Total Funds
2021
£
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
25,000
25,000
-
18,750
18,750
-
136,064
136,064
115,664
115,664
-
1,160
1,160
-
5,561
5,561
-
5,612
5,612
-
3,731
3,731
-
-
-
-
-
-
-
454
454
-
4,626
4,626
-
168,290
168,290
-
148,332
148,332
Restricted Funds
Unrestricted
Funds
Total Funds
2022
Restricted Funds
Unrestricted
Funds
Total Funds
2021
£
£
£
£
£
£
280,917
15,726
296,643
43,210
14,877
58,087
-
144,114
144,114
-
153,799
153,799
6,259
137,599
143,858
-
130,995
130,995
9,666
10,153
19,819
10,500
23,085
33,585
73,939
40,136
114,075
548
24,964
25,512
-
2,785
2,785
-
2,615
2,615
370,781
350,513
721,294
54,258
350,335
404,593

5 Expenditure by charitable activity

18

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

Restricted Funds Restricted Funds Unrestricted Total Funds
Restricted Funds
Restricted Funds		 Unrestricted Total Funds
Funds 2022 Funds 2021
£ £ £ £ £ £
Youth/Family Plus 265,109 8,637 273,746 38,378 6,114 44,492
Holiday Schemes 15,808 7,089 22,897 9,832 3,763 13,595
Village Hall – Administration -
280,917 15,726 296,643 48,210 9,877 58,087
6a
Analysis of expenditure by activities (current year)
Holiday Youth Family Plus Building Community Royal Wharf Community Britannia Village Total Funds
schemes redevelopment development Community Dock Garden Hall & admin 2022
£ £ £ £ £ £ £ £ £
Activity costs 4,411 6,057 1,973 - 1,735 5,835 237 47 20,295
Equipment and consumables 3,856 3,579 905 54 310 1,265 14 1,201 11,184
Newsletter and publicity - 61 - - - - - 1,405 1,466
Printing and stationery 108 142 19 43 105 304 - 741 1,462
Cleaning and waste collection - - - - - - - 4,458 4,458
Rates and service charge - - - - - 5,068 - 7,601 12,669
Depreciation - - - - - - - 9,918 9,918
Impairment - - - 112,783 - - - - 112,783
Insurance - 644 - - 536 600 - 3,010 4,790
Light and Heat - - - - - - - 12,729 12,729
Staff costs 10,931 71,106 11,598 46 14,166 128,410 - 111,816 348,073
Grants payable - 131,388 - - - - - 60 131,448
Repairs and improvements - - - - - - 496 10,197 10,693
Telephone - 342 - - - 164 - 599 1,105
Sundries - - - 10 - 37 - 565 612
Office equipment 1 (120) - 1,139 55 1,647 - 5,856 8,578
Management fees - 5,000 - - - 270 - 9,600 14,870
Legal and professional 157 208 104 - 52 259 - 10,595 11,375
Bad debts - - - - - - - - -
Total 19,464 218,407 14,599 114,075 16,959 143,859 747 190,398 718,508
Reallocation – Village Hall costs 3,433 38,638 2,101 - 2,112 - - (46,284) -
22,897 257,045 16,700 114,075 19,071 143,859 747 144,114 718,508

19

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

6a
Analysis of expenditure by activities		 (prior year)
Holiday schemes Youth Family Plus Building Community Royal Wharf Britannia Village Total Funds
redevelopment development Community Dock Hall & admin 2021
£ £ £ £ £ £ £ £
Activity costs 5,991 78 903 - 9,274 2,753 - 18,999
Equipment and consumables 1,631 585 344 - 1,089 688 794 5,131
Newsletter and publicity 38 - - - - 81 1,143 1,262
Printing and stationery - 92 - 43 865 33 369 1,402
Cleaning and waste collection - - - - 372 - 1,010 1,382
Rates and service charge - - - - - - 5,211 5,211
Depreciation - - - - - - 8,368 8,368
Impairment - - - 24,964 - - - 24,964
Insurance - 745 - - 745 350 1,592 3,432
Light and Heat - - - - - - 50 50
Staff costs 5,874 24,357 6,550 - 19,924 125,118 87,335 269,158
Repairs and improvements - - - - - - 3,027 3,027
Telephone - 177 - - - 16 769 962
Sundries - - - - - - 258 258
Office equipment - 420 - 505 420 1,409 1,897 4,651
Management fees - 5,000 - - - - 31,350 36,350
Legal and professional 61 727 209 - - 547 9,226 10,770
Bad debts - - - - - - 6,601 6,601
Total 13,595 32,181 8,006 25,512 32,689 130,995 159,000 401,978
Reallocation – Village Hall costs - 3,410 895 - 896 - (5,201) -
13,595 35,591 8,901 25,512 33,585 130,995 153,799 401,978

20

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

7 Allocation of Village Hall Costs

Allocation of Village Hall Costs
Activity costs
Equipment and consumables
Newsletter and publicity
Printing and stationery
Cleaning and waste collection
Rates and service charge
Depreciation
Impairment
Insurance
Light and Heat
Staff costs
Grants payable
Repairs and improvements
Telephone
Sundries
Office equipment
Website development
Management fees
Legal and professional
Bad debts
Total
Allocated to Children/Young Persons/Family
Community development		 Restricted Funds
Unrestricted
Funds
Total Funds
2022
Restricted Funds
Unrestricted
Funds
Total Funds
2021
£
£
£
£
£
£
-
47
47
-
-
-
-
1,201
1,201
-
794
794
-
1,405
1,405
-
1,143
1,143
-
741
741
-
369
369
-
4,458
4,458
-
1,010
1,010
-
7,601
7,601
-
5,211
5,211
-
9,918
9,918
-
8,368
8,368
-
-
-
-
-
-
-
3,010
3,010
-
1,592
1,592
-
12,729
12,729
-
50
50
-
111,816
111,816
-
87,335
87,335
-
60
60
-
-
-
-
10,197
10,197
-
3,027
3,027
-
599
599
-
769
769
-
565
565
-
258
258
-
5,856
5,856
-
1,897
1,897
-
-
-
-
-
-
-
9,600
9,600
-
31,350
31,350
-
10,595
10,595
-
9,226
9,226
-
-
-
-
6,601
6,601
-
190,398
190,398
-
159,000
159,000
-
(44,172)
(44,172)
-
(4,305)
(4,305)
-
(2,112)
(2,112)
-
(896)
(896)
-
144,114
144,114
-
153,799
153,799

21

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

8 Governance costs

Governance costs
Independent examiners remuneration
Legal fees
Bank Charges
Other
Total		 Restricted Funds
Unrestricted
Funds
Total Funds
2022
Restricted Funds
Unrestricted
Funds
Total Funds
2021
£
£
£
£
£
£
-
1,730
1,730
-
1,585
1,585
-
-
-
-
-
-
-
85
85
-
(70)
(70)
-
970
970
-
1,100
1,100
-
2,875
2,875
-
2,615
2,615

22

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

9 Net income / (expenditure) for the year / period

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

et income / (expenditure) is stated after charging / (crediting):
2022 2021
£ £
Depreciation of tangible fixed assets 9,918 8,367
Impairment of tangible fixed assets 112,783 24,964
Operating lease rentals 652 1,587
Independent examiners remuneration (excluding VAT) 3,005 2,755

10 Independent examiners remuneration

The independent examiners remuneration amounts to an independent examination fee of £1,730 (2021 - £1,585), accounts preparation of £1,275 (2021 - £1,170) and tax services of £Nil (2021 – £ Nil).

11 Trustee and staff remuneration and associated costs

The trustees neither received nor waived any remuneration or expenses during the year (2021 – Nil).

The average monthly number of employees and full time equivalent (FTE) during the year was as follows:

Average staff numbers 2022 2021
Number FTE Number FTE
Charitable activities 40 11.6 13.6 7.6
The total staff costs were as follows:
2022 2021
£ £
Wages and salaries 313,599 244,301
Social security 20,898 14,655
Pension costs 7,630 5,951
Redundancy costs - 1,120
Volunteers expenses 2,017 930
344,144 266,957
Other staff costs: training 4,066 2,201
348,210 269,158

Total redundancy / termination payments amount to £Nil (2021 - £1,120) and related to redundancy of an employee whose role had been eliminated due to change in service delivery brought about by Covid-19.

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

Key management personnel remuneration: the senior leadership team (SLT) was recognised from July 2020 with three members of staff taking on additional SLT responsibilities in addition to their existing project roles and for the nine months ended 31 March 2021 the additional salary paid for SLT duties was £5,000 split equally between the three staff members.

23

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

12 Tangible fixed assets

12
Tangible fixed assets
Cost:
At 01 April 2021
Additions
Disposals
Revaluation
At 31 March 2022
Depreciation and impairment:
At 01 April 2021
Charge for the year
Impairment
Revaluation
Eliminated on disposals
At 31 March 2022
Net book value:
At 31 March 2022
At 01 April 2021
12a
Impairment		 Food Project
Leasehold
Improvement
Fixtures and
fittings
Office
equipment
Total
£
£
£
£
£
13,033
130,056
11,717
11,078
165,884
-
112,783
1,296
1,453
115,532
-
-
-
-
-
-
-
-
-
-
13,033
242,839
13,013
12,531
281,416
6,729
122,083
11,082
4,427
144,321
1,800
5,622
331
2,165
9,918
112,783
112,783
-
-
-
-
-
-
-
-
-
-
8,529
240,488
11,413
6,592
267,022
4,504
2,351
1,600
5,939
14,394
6,304
7,973
635
6,651
21,563

Costs capitalised in respect of professional fees for potential re-development of the Britannia Village Hall site (part of which are grant funded) prior to receiving planning permission have been provided against in full. The impairment provision is £137,747 (2021: £24,964) and is included in accumulated depreciation in note 12.

13 Debtors

13
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
14
Creditors: amounts falling due within one year
Bank loans and overdrafts
Trade creditors
Other tax and social security
Pension contributions
Other creditors
Accruals and deferred income (Note 14a)		 2022
£
76,859
195
36,483
113,537
2022
£
-
30,789
5,859
1,712
39,209
17,140
94,709		 2021
£
31,446
-
31,740
63,186
2021
£
-
16,612
5,974
1,513
3,924
18,016
46,039

24

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

14a Deferred income

Deferred income
Brought forward
Released in year
Deferred in year
Carried forward		 Hire
charges
Grant in
advance
2022
£
£
£
-
-
-
-
-
-
1,350
-
1,350
1,350
-
1,350		 Hire
charges
Grant in
advance
2021
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-

15 Leases

Operating leases - lessee

Total future minimum lease payments under non-cancellable operating leases are as follows:

Within one year
Between one and two years
Between two and five years
Later than five years
6
Fund reconciliation
a)
Unrestricted funds
Balance
01 April
2021
Income
Expenditure
Transfers
£
£
£
£
Current period:
General Funds (BVH)
227,396
199,221
146,898
(42,032)
: Children/families
-
5,817
8,637
2,820
: Holiday schemes
-
7,081
7,089
8
: Community develop
3,736
4,950
10,154
1,468
: Royal Wharf
7,240
166,344
137,599
Fixed assets:
: Community garden
6,300
(1,800)
: Re-development
24,964
112,783
Building development
138,800
40,136
(72,647)
408,436
383,413
350,513
600		 Within one year
Between one and two years
Between two and five years
Later than five years
6
Fund reconciliation
a)
Unrestricted funds
Balance
01 April
2021
Income
Expenditure
Transfers
£
£
£
£
Current period:
General Funds (BVH)
227,396
199,221
146,898
(42,032)
: Children/families
-
5,817
8,637
2,820
: Holiday schemes
-
7,081
7,089
8
: Community develop
3,736
4,950
10,154
1,468
: Royal Wharf
7,240
166,344
137,599
Fixed assets:
: Community garden
6,300
(1,800)
: Re-development
24,964
112,783
Building development
138,800
40,136
(72,647)
408,436
383,413
350,513
600		 2022
£
652
380
-
-
1,032

Gains /
(losses)

£

-

-

-

-
-

-

-

-		 2021
£
640
-
-
-
640
Balance
31 March
2022
£
237,687
-
-
-
35,985
4,500
137,747
26,017
408,436
383,413
350,513
600
-		 441,936

16 Fund reconciliation

(a) Unrestricted funds

25

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

16 Fund reconciliation (continued)

(a) Unrestricted funds (continued)

Prior period:
General Funds (BVH)
: Children/families
: Holiday schemes
: Community develop
: Royal Wharf
Fixed assets:
: Community garden
: Re-development
Building development		 Balance
01 April
2020
Income
Expenditure
Transfers
Gains /
(losses)
Balance
31 March
2021
£
£
£
£
£
£
267,802
152,559
180,478
(12,487)
-
227,396
-
6,114
11,114
5,000
-
-
-
3,476
3,763
287
-
-
-
26,821
23,085
-
3,736
-
138,235
130,995
-
7,240
-
-
900
7,200
-
6,300
-
-
-
24,964
-
24,964
150,000
(11,200)
-
138,800
417,802
327,205
350,335
13,764
-
408,436

(b) Restricted funds

Current period:
Restricted Funds
: Children/families
: Holiday schemes
: Community develop
: Royal Wharf
: Re-development
Prior period:
Restricted Funds
: Children/families
: Holiday schemes
: Community develop
: Royal Wharf
: Re-development		 Balance
01 April
2021
Income
Expenditure
Transfers
Gains /
(losses)
Balance
31 March
2022
£
£
£
£
£
£
76,179
248,557
265,159
(600)
-
59,027
-
15,808
15,808
-
-
-
-
15,000
9,666
-
-
5,334
-
9,986
6,259
-
-
3,727
21,188
64,500
73,939
-
-
11,749
97,367
353,851
370,781
(600)
-
79,837
Balance
01 April
2020
Income
Expenditure
Transfers
Gains /
(losses)
Balance
31 March
2021
£
£
£
£
£
£
3,373
106,184
33,378
-
-
76,179
-
9,832
9,832
-
-
-
-
10,500
10,500
-
-
-
-
-
-
-
-
-
-
35,500
548
(13,764)
-
21,188
3,373
162,016
54,258
(13,764)
-
97,367

26

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

17 Analysis of net assets between funds

Current period:
Fixed assets
Cash and current investments
Other current assets
Other current liabilities
Provisions / pensions
Total
Prior period:
Fixed assets
Cash and current investments
Other current assets
Other current liabilities
Provisions / pensions
Total		 Unrestricted
funds
Designated
funds
Restricted
funds
Total Funds
2022
Total funds
2021
£
£
£
£
£
9,894
4,500
-
14,394
21,563
383,750
24,964
79,837
488,551
467,093
113,537
-
-
113,537
63,186
(94,709)
-
-
(94,709)
(46,039)
-
-
-
-
-
412,472
29,464
79,837
521,773
505,803
Unrestricted
funds
Restricted
funds
Total Funds
2021
Total funds
2020
£
£
£
£
21,563
-
-
21,563
16,122
188,686
181,040
97,367
467,093
322,362
63,186
-
-
63,186
126,659
(46,039)
-
-
(46,039)
(43,968)
-
-
-
-
-
227,396
181,040
97,367
505,803
421,175

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for year
Rents received from investment properties
Interest receivable
Interest payable
Depreciation and impairment of tangible fixed assets
(Profit) / loss on disposal of tangible fixed assets
(Profit) / loss on disposal of fixed asset investments
Provisions less payments
(Increase) / decrease in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2022
£
15,970
-
-
-
122,701
-
-
-
-
(50,351)
48,670
136,990		 2021
£
84,628
-
-
-
33,331
-
-
-
-
63,473
2,070
183,504

19 Events after the end of the period

No significant post year end events were identified.

20 Off-balance sheet arrangements

No off-balance sheet arrangements identified

27

West Silvertown Village Community Foundation

Notes to the Financial Statements

Year Ended 31 March 2022

21 Related party transactions

2022 2021
£ £
Statement of financial activities:
Britannia Village Company Limited
− Activities for generating funds (income) Not applicable 56,500
− Estate service charge (expenditure) Not applicable 1,579
Bonny Downs Community Association
− Charitable activities (expenditure) 2,221 32,820
Community Albums
− Charitable activities (expenditure) - 12,190
Royal Docks Community Church
− Activities for generating funds (income) 2,200 2,400
Balance sheet
Bonny Downs Community Association
− Creditors: amount due within one year (Trade creditors) - 7,703

The former chair of the foundation is also the chair of Britannia Village General Management Company Limited which contributes £56,500 towards the Village Hall annual running costs from the estate service charge collected from residents. This relationship ended during the year ended 31 March 2022.

The Foundation has entered into a working partnership with Bonny Downs Community Association to provide management and financial services to help the Foundation mange Britannia Village Hall and raise funds to deliver a series of community programmes to further its charitable objectives, the main management contract ended 31 March 2021. David Mann, the company secretary and general manager of the Foundation until 31 October 2015 (and still works part time for the Foundation) is the Chair of Bonny Downs Community Association, hence this is a related party.

22 Financial instruments

The Foundation’s financial instruments may be analysed as follows:
Financial Assets
Financial Assets Measured at Amortised Cost
Trade Debtors
Other Debtors
Cash and Cash Equivalents
Total Financial Assets
Financial Liabilities
Financial Liabilities Measured at Amortised Cost
Trade Creditors
Other Creditors
Bank loans and overdrafts payable within one year
Bank loans and overdrafts payable after one year
Total Financial Liabilities		 2022
£
76,859
36,678
488,551
602,088
30,789
63,920
-
-
94,709		 2021
£
31,446
31,739
467,093
530,278
16,612
29,427
-
-
46,039

28