Charity registration number.. 1049485 Company registration number., 03036200 West Silvertown Village Community Foundation Financial Statements Year Ended 31 March 2024 Calculus Assurance Services Independent Examiners Loughton, Essex
West Silvertown Village Community Foundation Financial Statements Year Ended 31 March 2024 Contents Page Charity Reference and Administrative Details Trustees, Annual Report Independent Examiner's Report Statement of Financial Actlvities Balance Sheet Statement of Cash Flows io Statement of Changes in Reserves li Notes to the Financial Statements 12-27
West Silvertown Village Community Foundation Charity Reference and Administratlve Details Year Ended 31 March 2024 Charity reglstration number Registration number 1049485 3036200 Trustees (full year unless stated) Zeeshan Ahmed Rupesh Bhudia Edna Chirwa Jack Courtnev Heather Davies Mohammad Khan Jee Hyeok Lee Sophie Linton Oleksandr Pavlov Hannah Tulloch lappolnted 5 December 20231 Chalr Jee Hyeok Lee Secretary Harjit Lola Chlef executlve Helen Fernandes Senior leadership team (full year unless stated) Helen Fernandes Harjit Lola Alyson Moore Registered offlce Britannia Village Hall 65 Evelyn Road West Silvertown London E16 ITU Independent Examiner Calculus Assurance Services 5 Priory Road Loughton IGIO IAF Solicitor Bates and Wells 10 Queen Street Place London EC4R IBE Bankers Co-operative Bank l Balloon Street Manchester M604EP Barelays Bank 2 Churchill Place London E14 5RB
West Silvertown Village Community Foundation Trustees, Annual Report Year Ended 31 March 2024 The Trustees present their Annual Report (including the Olrectors, Report as requlred by company lawl and the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance wlth the accountlng policies set out in note5 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. Objectlves and actlvlties Polltles and oblectlves The objects of this charity are to work in the West Silvertown area of the London Borough of Newham to promote.. iii 121 131 141 151 161 171 relief of hardship or distress protection and preservation of health advancement of education and learning including vocational training dvancement of public education in the Arts provision of facilities for recreation and leisure promotion of high standards of planning, architecture and social provision preservation, protection, development and improvement of the physical and Social environment. 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 2024, all were residents within the area of benefit. The overall strategic thrust of the Foundatlon remains the building of a sound sense of community and social inteEration 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. Strate icRe ort Achlevements and performance Management revlew Based in the London Borough of Newham, the West Silvertown Village Community Foundation was founded in 1995 to help break down the barrlers our unique area faces, to help the most vulnerable and to support a healthy, vibrant and sustainable community, which benefits everyone. Our agreement with Ballymore for the management of Royal Wharf Community Dock continues, and we continued to receive contributions from Britannia Village General Management Company for the management of Britannia Village Hall. Tiny Town Daycare and Vibrant Minds After School Club continued to operate within our Britannia Village Hall site, and Creative Kids After School Club continued to operate in Royal Wharf Communlty Dock. We maintained our structure of a CEO, SLT, and managers overseeing our 3 overarehing project5.' Children and Families. Youth and Community Development. The trustees and Senior Leadership Team continued to work on a 3-year strategy document. This had 4 key areas of work..
West Silvertown Village Community Foundation Trustees, Annual Report Year Ended 31 March 2024 Management revlew (continued) 11 Increase partnership working at all levels in the organisation. Act as a bridge between large organisations and the community, and as a glue holdlng different community organisations together. We continued to work closely with Oasis Academy Silvertown and Britannia Education Trust. Our youth team delivered and coordinated mentoring in Oasis Academy Silvertown. Our children and families team worked with Britannia Education Trust to run a parent's support group for children wlth SEND and our uniform bank, as well as arranging the children's activity timetable to work with school clubs. Jack Courtney, a teacher at Britannia Village Primary Sehool, joined the West Silvertown Foundation board. We worked wlth L&Q to secure a licence for Britannia Village Community Garden, and used funding from People Powered Places to improve the space. We partnered with Britannia Education Trust to establish the Silvertown Social Infrastructure forum. This is a quarterly forum with attendance from schools, community organisations, developers, and staff from the Royal Docks Team and Newham Councll. 21 Design a new community space and housing scheme which will benefit the West Sllvertown community through provision of needed activities and spaces. During the year, we took the decision to move from a redevelopment project at Britannia Vlllage Hall to a refurbishment project. 31 Increase local recognition, participation and leadership in West Silvertown Foundation activity and wider community life, We held our second annual celebration event, looking back at the work of the charity over the year. We focused the event on thanking our volunteers for their part in our work. Our staff and trustees contlnued to be representative of the local community, with over 500A of our staff and trustees living in West Silvertown. We formed a steering group for the new food pantry, ensuring local residents and users of the pantry are involved in decision making about the project. We held youth forums to help shape the youth project. 41 Increase inclusivity and representation in our spaces and activities through review of our work and intentionally expanding into current gaps. We continued to run a range of community activities through our Children and Families project. Youth Project and Community Development Project. Through conversations with families of children with SEND, we saw a need to start a summer provision for children with SEND. We held a 3-week summer programme providing I:1 support. In July 2023, we started a food pantry in response to the cost of living crisis. 50 families attended regularly in this financial year. We had 7 new regular hirers across Britannia Village Hall and Royal Wharf Community Dock, increaslng the varietv of activities in our spaces. Finan¢lal review lincludlng reserves pollcyl Reserves pollcy 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 remaln financially stable. A level of free reserves equating to three to six months of total expendlture is considered sufficient to cover management, administration and support costs and to respond to emergency needs which arise from time to time. In 2017118 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 2020121, £40,136 in 2021122 and £16,656 in 2022123. The balance remaining has been used to offset the impairment provision on the development project and ongoing costs associated with the project which have not been covered by restricted grants, leavinE £nil carried forward. The general funds after designatlons are £257.S43 and represent approximately four months of total expenditure and seven months of unrestricted expenditure. Surplus / defi¢lt In thls period the Foundation's income was £721,75812023.. £873,612>, expenses were £801,471 12023.. £866,817 (including impairment provisionll resulting in a deficit on the financial year of £79,71312023.' surplu5'. E6,9751, following
West Silvertown Village Community Foundation Trustees, Annual Report Year Ended 31 March 2024 continued strateglc Investment In our premises and seNice5. This has led to a total funds balance of £448,85512023.. £528.5681 at year end, with a restricted funds balance of £61,875 {2023: £91,722). Funds available without disposing of tangible fixed assets were £380,820 at the year-end12023.. £425,159). The trustees fully appreciate the challenging current economic climate and will continue to try and achieve its objective5 and goals with sensible financial management. Plans for future periods Future developments Through 2024125 and beyond trustees intend to focus on continuing the work on our current strategic plan, Sncluding the refurbishment of Brltannia Village Hall. Public beneflt The charity trustees have complied with their duty to have due regard to the guidance on public benefits published bv the Charity Commission in exercising their power and duties. The activities summar15ed under Management review above are for public benefit. Relatlon5hips with Related partles Brltannia Village General Management company Limited18VGMCI manages the estate where Britannia Village Hall IBVHI is situated and contributes £56,500 from the residents, service charge towards the running costs of BVH. Under WSF'S Articles of Association 8VGMC can appoint one of the board members. Following the revision of the Articles this is no longer the case, although as a locally based organisation BVGMC representation on the trustee board is welcome subject to management of any potential conflicts of interest. Britannla Village Primary School is opposite the 8ritannia Village Hall and serves the same local community. The School has provided funding towards the Summer Programme and family support projects which largely benefit its pupils and their familles. The CEO is a trustee I governor of the school. Royal Docks Communlty Church hires the Britannia Village Hall for activities on Sundays and during the week. The CEO and Chair of trustees are trustees of Royal Docks Community Church. Stru¢tureth 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 Associ3tion, which were updated on 22. November 2022. The organisation is overseen by a board of Trustees, who also act as the charity Members. 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. Our directors are currently also operating as the members. Method of appointment or election of trustees Trustees are appointed in accordance with the articles of association. These state that there must always be at least 3 directors. The Company Rules state the organisation should have 9-15 trustees, and that at least 50Q/o of these should live or work in West Silvertown. The term of office of all elected trustees is for 3 years. All retiring trustees are eligible to be re-elected, although no one trustee should serve for a period of more than 9 years under the Company Rules. Trustees are able to co-opt people to join subcommittees, as per the terms of reference for each subcommittee. Trustee induction Those who aspire to being elected at the AGM are all invited for an exploratory conversation with our Chair and CEO. They are 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 trustee5 are supplied with a copy of the memorandum and
West Silvertown Vlllage Community Foundation Trustees, Annual Report Year Ended 31 March 2024 artlcles of association of the charity, a Summary of the legal obligations and Ilabilities 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. All new trustees have a personalised induction plan, which will include meeting with our CEO and SLT to talk through the charity's finances and priorities. All trustees are also offered an NCVO trustee induction training. 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. Trustees review the organisation's risk register quarterly. The principal operating risk is continuity of grant funding and management agreements to cover the cost of charltable activities, and the largest upcoming risk is the redevelopment of Brltannia Village Hall. Trustees, responsibllltles The Trustees (who are also directors of West Silvertown Village Communlty Foundation for the purposes of company lawl ore responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited 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 affair5 of the charitable company and of the incoming resources and application of resources, including the income and expendlture, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select sultable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable arid prudent. prepare the financial statements on the Eoing concern basis unless it is inappropriate to presume that the charitable company will continue in operation 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 flnancial 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 wlth laws and regulatlons The trustees have established pollcies and procedures designed to ensure that It complie5 Wlth all material laws and regulations in relation to the charitable company's operations and activities. The trustees are not aware of anv significant non-compliance with laws and regulations. Independent examiners Calculus Assurance Services were reappointed as the charitable company's independent examlners 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. Calculus Assurance Services have expressed their willingness to continue in that capacity. Small companies, exemptions In preparinE this report, the Trustees have taken advantage of the small companies, exemption5 provided by section 415A ofthe Companie5 Act 2006. This report was approved by the Trustees or$ 3 December 2024 and signed on their behalf by.. Jee Hyeok Lee Chair 03112124
West Silvertown Village Communlty Foundation Independent Examiner's Report Year Ended 31 March 2024 I report to the charity trustees on my examination of the financial statements of the company for the year ended 31 March 2024 which are set out on pages 9 to 28. Responslbilities and basis of report As the charity trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirement5 of the Companies Act 20061'the 2006 Act'l. 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'5 financial statements as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out mv examination I have followed the Directions given by the Charity Commlssion under section 14515llbl 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 l am qualified to undertake the examination because l a member of the Institute of CharteredAtcountants in England (Ind 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.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act,. or the financlal statements do not accord with those records,. or 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 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 Reptsrtlng Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in thi5 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, IGIO IAF Date.. 03112124
West Silvertown Village Community Foundation Statement of Financlal Activitles (includlng Income and Expenditure Account) Year Ended 31 March 2024 2024 2023 funds funds Total Total ole Income from: Incoming resources from generated funds.. Donations and grants Activities for generating funds Other incoming resources 347,107 9,659 212,682 152,310 356,766 212,682 152,310 508,692 189,024 175.896 Total Income 347,107 374,651 721,758 873,612 Expenditure on: Charitable activities 376,954 424,517 801,471 866,817 Total expendlture 376,954 424,517 801,471 866,817 Net Income l (expenditure) 129,8471 149,8661 179,713} 6,795 Recognised gains / Ilossesl on investments Transfers between funds Other recognlsed galns / (losses): Other galns / Ilossesl Net movement In funds 129,8471 149,8661 179,713) 6.795 Reconciliation of funds: Total funds brought forward 16 91,722 436,846 528,568 521,773 Total funds carried forward 16 61, 875 386,980 448,855 528,568 All income and expendlture derive from continuing actlvities. The statement of financial activities includes all gains and losses recognised during the year. The notes on pages 12-27 form part of these f inancial statements
Company registration number: 03036200 West Sllvertown Village Communlty Foundation Balance Sheet Year Ended 31 March 2024 2024 2023 Note Fixed assets Tangible assets 12 6,160 11,687 Current assets Debtors Cash at bank and in hand Short term deposits 6,160 11,687 13 74,842 256,006 152,896 483,744 118,462 377,720 151,078 647,260 Creditors: amounts falling due wlthin one year 14 (41,049) 1130,3791 Net current assets 442,695 516,881 Total assets less current liabllltle5 / net a55ets 448,855 528,568 Charlty Funds Restricted funds Unrestricted funds 16b 16a 61,875 386,980 91,722 436,846 Total charlty funds 16 448,855 528,568 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 20061"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 2024 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 financlal 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 3 December 2024. Jee Hyeok Lee, Chair 03112124 The notes on pages 12-27 form part of these financial statement5
West Silvertown Village Community Foundation Statement of Cash Flows Year Ended 31 March 2024 2024 2023 Note Cash flow from operating activities Interest paid 18 1107,052) 256,495 Net cash flow from operatlng actlvltles 1107,052} 256,495 Cash flow from investlng activities Payments to acquire intangible fixed asset5 Receipts from sales of intangible fixed assets Payments to acquire tangible fixed assets Receipts from sales of tangible fixed a55ets Payments to acquire investments Receipts from sales of investments Interest received Dividends received Rents recelved from investment properties (14,6631 1216,5771 1,819 329 Net Cash flow from Investing activitie5 (12,8441 1216.2481 Cash flow from flnancing actlvlties Receipts from issue of new long term loans Repayment of long term loans Repayment of finance lease liabilities Interest paid Net cash flow from financlng activities Net Increase / (decrease) In cash and cash equlvalents {119,8961 40,247 Cash and cash equlvalents at 01 April 2023 528,798 488,551 Cash and cash equivalents at 31 March 2024 408,902 S28,798 Cash and cash equlvalents consists of: Cash at bank and in hand Short term deposits 256,006 152,896 377,720 151,078 Cash and cash equlvalents at 31 March 2024 408,902 528,798 The notes on pages 12-27 form part of these financial statements 10
West Silvertown Village Community Foundation Statement of Changes in Reserves Year Ended 31 March 2024 Total Reserves Balance as at 31 March 2022 521,773 Surplus/ldeficit) from Statement of Comprehensive Income 6,795 Balance at 31 March 2023 528,568 Surplus/{deficitl from Statement of Comprehensive Income 179,7131 Balance at 31 March 2024 448,855 The notes on pages 12-27 form part of these financial statements
West Silvertown Village Communlty Foundation Notes to the Financial Statements Year Ended 31 March 2024 Summary of slgnlflcant attounting pollcles lal General Information and basis of preparation West Silvertown Village Community Foundation is 3 charitable company registered in England and Wales. In the event of the charity being wound up, the liabllity in respect of the guarantee is Ilmited 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 Charitles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard appllcable in the UK and Republic of Ireland issued in October 2019, the Flnancial Reporting Standard applicable in the United Kingdom and Republit of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice las it applies from l January 20191. The financlal 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 charlty and roursded 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. Ib) 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 purpose5. 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 admlnistering such funds are charged against the specific fund. The aim and use of each restrlcted fund is set out in the notes to the financial statements. (cl Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the Income after any performance conditions have been met, the amount can be measured reliablv. and it is probable that the income will be received. For donation5 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 bas15 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. 12
West Sllvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 Summary of signlflcant accounting pollcles (contlnued) Icl Income recognition {continuedl No amount is included in the financial statements for volunteer time in line with the SORP IFRS 1021. Further detail is given in the Trustees. Annual Report. Where practicable, Eifts in kind donated for distribution to the beneficiarles 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 othergrants 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. (dl Expenditure recognltlon 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 recognlsed 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 followlng headings: Costs of raising funds includes advertising and marketing material and staff costs directly related to fundraising Expenditure on charitable activities includes activities in furtherance of the charity's objects Other expenditure represents those items not falling into the categories above and includes governance costs. Governance costs are those incurred in connection with admSnistration of the company and compliance with constitutional and statutory requirements. Irrecoverable VAT is charged as an expense agalnst the activity for which expenditure arose. lel Support costs allocatlon 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 raislng funds and expenditure on charitable activlties on a basis consistent with use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the cost5 of dlsseminating Information in support of the charitable activities. 13
West Silvertown Village Community Foundation Notes to the Financlal Statements Year Ended 31 March 2024 Summary of signlflcant accounting pollcies (¢ontinued) (fl Tanglble fixed assets Tangible fixed assets are stated at cost lor deemed costl 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 provlded 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: 3-5 years straight-line 5 year5 Straight-line S years straight-line Leasehold improvements Fixtures & fittinES Office equipment Igl Debtors and creditor5 receivable / payable withln one year Debtors and creditors with no stated interest rate and receivable or payable wlthin one year are recorded at transaction prlce. Any losses ari51ng from impairment are recognised in expenditure. (h) Cash and cash equivalents Cash represent5 cash in hand plus bank balances Immediately available to the charity. Cash equlvalents and bank balances held on short term deposit available to the charity at up to 3 months, notice. lil 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 indlcation exists, the recoverable amount of the asset, or the asset's cash generating unit, 15 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. {11 Provlslons 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 economlc benefits will be required in settlement and the amount can be reliably estimated. Ik} Lease5 Rentals payable and receivable under operating lease5 are charged to the SOFA on a straight-line basis over the period of the lease. 111 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to Pas5 the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 14
West Silvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 Summary of signlflcant accounting pollcles (contlnuedj (m) Golng 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 charlty to be able to continue as a going concern. Inl Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabllities 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 lapart from those involving estlmatesl 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.. a. Tangible fixed assets. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actL131 lives of the assets and residual values are assessed annually and mav vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining Ilfe of the asset and projected disposal values. Carrying values In the balance sheet are shown in Note 12 below. b. Allocation of administration costs. A proportion of expenditure is either not directly attributable to specific projects or relates to the central administratlon of the charity. In determining how to allocate these costs the trustees have considered the level of activltles in each project, use of facilities and administrative support. 15
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West Silvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 Net Income / (expendlturel for the year I perlod Net income / lexpenditurel 15 Stated after charging / Icreditingl.. 2024 2023 Depreciation of tangible fixed assets Impairment of tangible fixed assets Operatlng lease rentals Independent examiners remuneration (excluding VATI 20,190 3,302 215,983 652 3,300 652 3,600 io Independent examlners remuneration The independent examiners remuneration amounts to an independent examination fee of £2,07312023 - £1,900), accounts preparation of £1,52712023 - £1,400) and tax services of £Nil12023 - £ Nill. li Trustee and staff remuneration and assoclated costs The trustees neither received nor waived any remuneration or expenses during the year12023 - Nill. The average monthly number of employees and full time equivalent IFTEI during the year was as follows: 2024 2023 Number Number 34 23 Average staff numbers FTE 17.5 FTE 11.5 Charitable activities The total staff cost5 were as follows.. 2024 2023 Wages and salaries Social securltv Pension costs Redundancy costs Volunteers expenses 442,289 25,623 11,379 11,574 520 366,012 21,540 9,089 300 491,385 6,669 498,054 396,941 5,223 402,164 Other staff costs.. training Total redundancy / termlnation payments amount to £ll,S7412023 £ Nill. No employees received total employee benefits lexcluding employer pension costs) of more than £60,000. Key management personnel remuneration: comprising the staff roles listed on page 2, who make up 2.74 FTE. 2024 2023 Wage5 and salarles Social security Pension costs 110,126 11,432 3,304 106,345 11,486 3,190 124,861 121,021 22
West Silvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 12 Tangible flxed assets Food Project Leasehold Office Improvement fittings equlpment Total Cost: At 01 April 2023 Additions Disposals Revaluation At 31 March 2024 13,033 455,852 13,680 13,013 16,096 983 497,994 14,663 13,033 469,532 13,013 17,079 512,657 Depreclatlon and Impalrment: At 01 April 2023 Charge for the year Transfer Impairment Revaluation Eliminated on disposals At 31 March 2024 8,529 2.969 619 456,471 13,680 16191 11,537 83 9,770 3,458 486,307 20,190 12,117 469,532 11,620 13.228 506,497 Net book value: At 31 March 2024 916 1,393 3,851 6,160 At 01 April 2023 4,504 16191 1,476 6,326 11,687 12a Impalrment 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 £367,41012023: £353,730) and is included in accumulated depreciation in note 12. Debtors 13 2024 2023 Trade debtors Other debtors Prepayments and accrued income S3,332 48,948 58 69,4S6 21,510 74,842 118,462 14 Creditors.. amounts falling due wlthin one year 2024 2023 Bank loans and overdrafts Trade creditors Other tax and social security Pension contributions Other creditors Accruals and deferred income (Note 14al 13,344 4,519 84,565 7,187 5,764 17,422 24,928 13,699 41,049 130,379 23
West Silvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 14a Deferred Income Hlre charges Grant in advance 2024 Hlre charges Grant in advance 2023 Brought forward Released in year Deferred in year 770 1770} 178 770 17701 178 1,350 11,350} 770 1,350 (1,3501 770 Carrled forward 178 178 770 770 15 Leases Operating leases - lessee Total future mlnimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Wlthin one year Between one and two years Between two and five years Later than five years 652 652 380 380 1,684 380 16 Fund reconcillatlon la} Unrestrlcted funds Balance 01 April 2023 Gains I Ilossesl Balance 31 March 2024 Income Expenditure Transfers Current perlod: General Funds IBVHI Children/families Hollday schemes Community develop Royal Wharf Fixed assets.. Community garden Re-development Buildlng development 274,804 228,588 1269,6201 29,342 14,0961 128,7081 1128,9631 30,461 129,3421 14021 24,283 125,0001° 264,233 4,498 4,425 137,140 10,434 16,3891 4,500 137,747 9,361 4,500 124,637 113,1101 13,110 122,4711 436,846 374,651 1424,5161 386,981 This transfer represented £25,000 received as a contribution to WSF management and overhead costs from the owners ofthe Royal Wharf Community Dock. 24
West Silvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 16 Fund reconclllatlon Icontinuedl (a) Unrestricted funds Icontinuedl Balance 01 April 2022 Gains/ 110ssesl Balance 31 March 2023 Income Expenditure Transfer5 Prlor period: General Funds18VHI Children/families Holiday schemes Community develop Royal Wharf Fixed assets.. Community garden Re-development Building development 237,687 194,790 427 178,566 17,309 7,355 24,103 144,701 20,893 16,882 136 274,804 7,219 12,014 169,150 12.089 150,0001. 35,985 10,434 4,500 137,747 26,017 4,500 137,747 9,361 16,656 441,936 383,600 388,690 436,846 This transfer represented £25,000 received as a contribution to WSF management and overhead costs from the owners of the Royal Wharf Community Dock in 202112 and 20223. Ibl Restricted funds Balance 01 Aprll 2023 Gains I 11055esl Balance 31 March 2024 Income Expenditure Transfers Current perlod: Restricted Funds Children/families Holiday schemes Community develop Royal Wharf Re-development 61,493 1,989 11,109 264,545 46,562 36,000 286,955 48,551 38,002 39,083 9,107 17,131 3,446 13,685 91,722 347,107 376,954 61,875 Balance 01 April 2022 Gains/ Ilossesl Balance 31 March 2023 Income Expenditure Transfers Prior perlod: Restricted Funds Children/families Holiday schemes Community develop Royal Wharf Re-development 59,027 246,433 21,499 10,080 243,967 19,510 4,305 3,727 206,618 61,493 1,989 11,109 5,334 3,727 11,749 212,000 17,131 79,837 490,012 478,127 91,722 25
West Silvertown Village Community Foundation Notes to the Flnancial Statements Year Ended 31 March 2024 17 Analysis of net assets between funds Unrestricted funds Designated funds RestrlctEd Total FuThds Total fund5 lund5 2024 2023 Current perlod: Fixed assets Cash and current investments other current assets Other current liabilitie5 Provisions / pensions Total 1,660 222,390 74,842 141,0491 4,500 124,637 6,160 408,902 74,842 (41,0491 11,687 528,798 118,462 1130,3791 61,875 257,843 129,137 61,875 448,855 528,568 Unrestrfcted funds Deslenated funds Re5trScted fund5 Total Funds Total funds 2022 2023 Prior perlod: Fixed assets Cash and current investments other current assets Other current liabilities Provisions / pensions Total 7,187 289,968 118,462 1130,3791 4,500 147.108 11,687 528,798 118,462 (130,379) 14,394 488,551 113,537 194,7091 91,722 285,238 151,608 91,722 528,568 521.773 18 Reconciliation of net Income l (expendlturel to net Cash flow from operatlng actlvlties 2024 2023 Net income I lexpenditurel for year 179,7131 6.795 Rents received from investment propertle5 Interest receivable Interest payable Depreciation and impairment of tangible fixed assets IProfitl / loss on disposal of tangible fixed assets IProfitl 110ss on disposal of fixed asset investments Provlsions less payments Ilncreasel / decrease in stock Ilncreasel / decrease in debtors Increase / Idecreasel in creditors 11,819) 13291 20,190 219,285 43,620 189,3301 14,9251 35,669 Net cash flow from operating activities 1107,0521 256,495 19 Events after the end of the perlod In September, the owner of Royal Wharf Community Dock gave notice that they did not wish to renew the management contract beyond 31 December 2024. Arrangements from January 2025 are still being finalised. Thls is likely to have 3 negative impact on WSF'S operatlng results in subsequent years but does not threaten the organlsation's financial vlability. 20 Off-balance sheet arrangements No off-balance sheet arrangements identifled 26
West Silvertown Village Community Foundation Notes to the Financial Statements Year Ended 31 March 2024 21 Related party transattlons 2024 2023 Statement of financial activities.. Britannia Village Company Limited Activities for generating funds lincomel Estate servlce charge lexpenditurel Bonny Downs Community Association Grants and donations lincomel Britannia Village Primary School Activities for generating fund5 lincomel Charitable activities lexpenditurel Royal Docks Community Church Activlties for generatlng funds lincomel Salaries of trustee and key management personnel family members C Lee (spouse of J Lee) D Fernandes (spouse of H Fernandesl Balance sheet Royal Docks Communlty Church Debtors.. amount due within one year ITrade debtorsl 56,500 56.500 3,286 19,958 22,279 5,651 2,400 31,350 12,906 31,894 6,086 400 50 The lan Glbson a former trustee of the foundatlon is also 3 dlrector of Britannia Vlllage 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 2024. The CEO is a trustee of Britannia Village Primary School who made a grant to the foundation to support local families in need and a donation to the summer scheme for children. The chair of the foundation and the CEO are both trustees of Royal Docks Community Church which hires the BV hall for Sunday activities. Two family members of trustees and key management personnel are paid employees of the Foundation. Both appointments were made following open recruitment processes. 22 Flnancial instrument5 2024 2023 The Foundation's financial instruments may be analysed as follows: Financial Assets Flnancial Assets Measured at Amortised Cost Trade Debtors other Debtors Cash and Cash Equivalents 53,332 21,510 408,902 48,948 69,514 528,798 Total Financial Asset5 483,744 647,260 Flnanclal Liabilitles Flnancial Liabilitles Measured at Amortised Cost Trade Creditors Other Creditors Bank loans and overdrafts payable withln one year Bank loans and overdrafts payable after one year Total Financlal Llabilities 13,344 27,705 84,565 45,814 41,049 130,379 27