KING GEORGE'S FIELD. MILE Au&rt￿5I￿anLi￿5tateMents for tAe year e7rf£if31 ￿rcfi 2022 Clwiry Number: 1077859 KtNGGEORGES FIEU). MtLE Contents Page Reference alld Admini5ttative Details of the Cbariry. irs Trustee and Advisers Tntstee's Repjrt 4-17 Sta¢ement of Tntstee's Responsibklities 18 Audito￿ Report 19-21 Statement of F￿ancIal Activities, Balance Sheet and Cash Flow Statement 22-26 Notes to the Financial Statements 27-36 KING GEORGES FIELD, MILE END T￿￿tee Inodon Borough of Tower Hamlers Piincipai Office: London Borough of Tower Hamlets Tower Hamlets Town Hall 160 Whitechapel Road London EI IBJ AuditoTh: Arnold Hill & Co Il 6th FI￿r. Capital Tower 91 Waterlw Road London SEI 8RT Chariry Number. IOT7859 REPORT OF THE TRUSTEE Foi the Year Ended 31 March 2022 The tn]stee presents ir8 report and the finallc1￿ ststements for the year ended 31 March 2022. Fxplanatory No￿. King George's Field, Mile End Charity is a registered charity. It is referred to throughout this report as the "Charity-. 1.1. The King George s Field clwity is registered with rhe Chariry Commission as King George's Field. Mile End Charity. registered number 1077859. 1.2. The King George's Field. Mile End chaTity is governed by a T￿￿ Deed. The King George's Field, Mile End charity is Uninc0￿rdted. and the Chari￿bIe tntst is estabjished by a Scheme of the Charity Commiwon dated 28 February 2000. 1.3. The Council as TnLStee holds the freehold land referred to in this report on behalf of the Charity. 1.4. The King George's Field. Mile End Charity Board (which sits as a cornmittee) was established by section 3.3.12 of the Council's Constitution, Nvhich gives it the following functions: To adrn1n￿er the affairs of the King George's Field chariry and discharge all the duues of the Council as sole trts$t￿ of the Clwity. To administer the affairs and discharge the duties of t￿￿tee of such other charities controlled by the Counckl as the Executive might authorise. The Executive funcuon is to discharge all fimctions not specified 88 the responsibility of the Council or of any other Committee, where the MayoT has delegated his powezs to the Cabinet as set out in the Executive Scheme of Delegation. 1.5. For Mile End Park 2nd Stepney Green Park annual MaDagemenr Plans are produced. which are geared to the annual Green Flag carnpaign. and looks at the park for the period January to December. 1.6. The Park8 Setvice within Tower Hamlets Council was restructured into the Arts, Parks and Events Service duting 2012r2013. Key restM)Dsibly for thi5 service rests with the Head of Arrs. Parks and Events. Mile End Park is nwiaged by the Parks Manager and the day to day runni￿ of Mile End Park is delegated to the Parks Development Officer (Community). Parks Development Officer Unfrastrncture) and Parks Communiry Engagen￿nt and Projects Officer. 1.7. The original Tntst Deed. and the subsequent variations. which are referred ro below. also dealt with the use of other open space and park areas. within what is now the London Borough of Tower Hamlets. These other areas are managed by other Council employees. 2. Obieaives and Activities 2.1. The Charity's objectives are set out in the T￿￿t Deed. dated 9 November 1965. and a Deed of Variatkon. date 9 January 1997. They aTe as follows: To presetve in petpetuity the covenanted land and to apply the land to such charitable purposes as are set out in the Recreation31 Charities Act 1958, including the construction of ind(XlT recreational facilities. subject to the approval of the National Playing Fields knociation and the Charity Conunission in rw of any additional pury)osts. 2.2. Generally. the Charity maintains the area of Mile End Park, and the other open spaces within King George's Field, Mile End. for the recreauon of the general public, including but not limited to the inhabitants of the tA)ndon Borough of Tower Hamlets. The other park 2nd open space areas are managed to achieve similar objectives. 2.3. The land is managed by Tower HatnleES Parks and Open Spaces whose service Priorities are as follows: Strives to make all parks and open spaces within Tower Hanllets places where people feel safe. secure. and that ￿SIting such green spaces is an enjoyable eyperience. Recognises the imp)rtance of parks and green spaces as major community Fully Iecognises the imEKPrtance and benefits of parks and open spaces as places for recTeauon. leisure and play for all conllnunities Within Tower Hamlets. Recognises the importance of the Borough's parks and open spaces and ensures that all of our wide-Tanging communities and partners have equal opportunitie5 to use them. Encourdges the historical heritage of many of Tower Hamlets parks and open spaces and works closely with colleagues and partners alike to protect such cultural a&8ets. Manages and maintains the Borough's patks and open spaces on behalf of the 2.4. The key landscape design aims for all Tower Han]lets parks and open spaces will inforn] any future devdopments in Mile End P￿L. Retain the open. green aspect of the park Retain and enhance the main desire lines but avoid cris9-crwing the park with paths Enhance the public's feelings of security Enhance nature conservation and bRodAversity Enhance and manage boun(lary and other planting Provide public art features that increase the visual interest and identlty of the site and involve the communiry Enhance the attractiveness of the park Establish a pc6itive site identiry that is clear from within and outside the park Focus forn]al design and ensure that this sight line rernains open for all time 3. complian￿ with Public Benefit Requirern￿ts 3.1. 1i)ndon Borough of Tower Hamlets. as CoTporate Trustee, is aware of the Chariry Commission s guidance on Public Benefit and believes this has been followed as outlined below. 3.2. The Charkty lias maintained the lands within Mile End Park and other King George s Field charity sites to an acceptable standard with ongoing improvements implemented listed in the above investments. The parks continue to be welE used supporting as they do a number of key facilities". Mile End Leisure Centte Stepney Green arufiaal fiKJtball pitch Playgrounds Outdoor activities centre induaing BDLK track Various water features Areas of biodiversity Pavilions with free activity Outdoor gym equipment Progranllne of events and workshops Variety of spaces for walks and informal sp)rL8 activity 4.1. General: Both Mile End and Stepney Green Park retained their Green Flag status for 2022. During spring and summer of 2021 our activity programme resumed, as detailed below, with over 8.(￿ participants and benefitting from a range of free activities. The Arts Pavilion hosted over loo days of free to acce&s arts exhibitions and eight communiry days were supported at the Ecology Pavilion. The charity continued to support the NHS of DHSC through hostÈng COVID-19 testing and vaccine centres at the pavilions. 4.2. Events and ACt]￿tte8 in Mile EDd Park and Whitehorse AdVents￿e Playwjnd. During the 20211 2022 year the team delivered a variery of activities foT the collununity at both Mile End Park and WhitehoThe Adventure. Acuviues included: Weekly Stay and Play se&8iODS at Mile End Park (Monday to Friday, between 12:30- 15..30). Weekly satellite sessions working wirh Toy House Children's Library at Mkle End Park (Mondays and Wednesdays. between 10:00- 12..00). Weekly Adventure Play se&8ions at Whitehorse Adventure Playground (Tuesday to Thursday. between 15:30- 18.00). During Half tern￿ and Schools holidays the provision of acti￿ties at both sites. increasd. Daily Sessio￿ (Monday- Friday) at Ivhitehorse Adventure Playground throughout the holiday period. between 10:30- 16.30. At least three weekly sessions at Mile End P2Tk. between 10:30- 15.30. Mile End Park Term Time (Stay and Play) H￿f.terrn activities Term kne crue. We Thu) 2.876 IM<>n- Fzi) Number of Partici Number of 2.593 1.324 1.695 118 22 4.3. Stepney Gieen astroturfboobngs.. From April 2021 to March 2022 there were 841 bookings taken for the astroturf pitches in Srepney Green. 4.4. Volunteer programmts: Due ro lockdown periods and uncertainty resulting from the pandernic. the charity had a mtnimal cory￿rate volunteer programme. The Friends of Mile End Park worked in pattnership with the Parks team to cany out numerous bulb planting activities. litter pickin& and soft horticultural nthintenance acrcÉs Mile End Park A corporate group of approximately 50 volunteers was facilitated in Stepney Green Park in Noveniber 2021. Through this acriviry approxituately 6LX) mixed species of whips were plante4 coveTing an estimated metres squared around the perimereT of Stepney Green Park. Additionally. the group planted over 30(MJ spring bulbs in Srepney Green Park 45. Events and Activities in Mile End ParkArts and Fthlogy Pavilions: The Ans and Ecology Pavilions hostd a number of free to access days for the public and comrnercial bookings across the year to support conununity engagement and income generatioL A summary of the bookings is provided in Table 2, below. Table 2: Sunwwy of b(x)knngs Arts Pavilion (Number of days) Ecology Pavilion (Number of days) 163 LIS Testing Site NHS Vaccination C*ntre 163 Corporate events Priwdte hires 23 20 Exhibitions (including set up) 105 Blood donor se&sions aosed foT WOTks 17 242 Pa￿lIon high]ights: The Pavilions contÉnued to play a central role in the Council s COVID-19 response. with an NHS run vaccine centre at the Art Pavilion and LTS Test Centre at the Ecology Pavilion. Both were onsite until 10 September 2021. The Ecology Pavilion The Ecology Pavilion hosted a greater number of corporate booknngs. This was in line ￿th an investment made into equipment pre-pandemic. which post pandemic has resulted in iucreased bwkings for both external and internal clients. Corporate clients of note included Gate One Consultancy (two-day conference and team celebration). Ibeen Mary University Inndon's Busine&8 school fresher's week. production crew holding areas and fflming and several internal Council "away days" and awards events. CotEllnurrity activiues suppotted included: East End Kids for whom we provided a safe space for children supponed by the group and their families to meet up and re connect post pandemic. School visits connected to ecological enriehmeut days organised by the Counckl's Parks and Open Spaces team. The Festive Tea Dance attended by over 180 residents. Six blood donor sessions. Four Urban Maker Market Days Noor Aromas Fair prompting local businew that started up at home during the pandemic and part of -# Small Business Saturday". Investments included the lighting upgrade making the Ecology Pavilion more efficiently and gready Teducing the nlaintenance costs. This investment also compliments the sleek modern sryle of the venue and will in)prove customer experience whilst in the Paviliom This brings the Ecology Pavilion in line with the Art Pavilion. which has a lighting upgrade pre- pandemic. Once handed back from NHS vaccine centre. the Art Pavilion hosted a busy schedule of exhibitions. which saw over 35(N) people visiting free to access shows. Exhibition highlights included: LOOK AGAIN - 24 September to 2 October 2021 Paintings by Dharniacari Abhayavajra (AKA Paul Newman). which explored how traditional materials and processes can give ti8e to new and unexpected meanings. uropIA - 7 to 17 October 2021 Multi-media art group show. which w&8 part of the Eco-feminism festiv8J and inspired by the 1970's movement exploring the relationship between nature and women. IN SEARCH OF POSSIBIIrnFS - 21 to 31 October 2021 Exhibition from the In￿rnational exhibiting group Piism showcasing a range of quality textile practices with a fine art approa ART MATfERS - Essential School of Painting. 6 to 20 November 2021 Essential School of Painting presented their annual end of year shows with brilliant and topical artwork made during exlraordinary times. East IA)ndon Printmakers Festival of Print 2021- 26 November to 5 December 2021 East Lnndon Printmakers showcased a broad range of contemporary printmaking. iangiDg from traditional techniques to experimental pr(Kesses. FIVE: 50- 9 (0 16 December 2021 Five artists shared their work on the theme of freedom and independence. 50 years after the liberauon of BangiadeslL SEIF-CONSCIOUS - Dennis Beckton Art Collective. 2 to 6 March 2022 Mixed media works from a group of emerging artists who (lid not have degree shows due to the impact of COVID-19 and based around the theme of consciousness. THAT NThORK- Rellect. Reconnect and Renew, 22 to 31 March 2022 A celebration of local students. artwork created during the pandemic offered visitors the opporn￿kry to capture memories and thoughts as pan of a live collaborative att ple￿. 4.6. Mile End Park Friends Group: Rangers conllnue to work with and supprt the Friends of Mile End Park who organise events and act as a ￿]11C21 friend regatding development of plans and priorities. The Friends Group also self-managed tasks such as litter picking, sott hotticultural ￿￿]ntenance and bulb planting. Across the park and pavilions a range of community engagement schemes are supported including: Volunteer schemes Communiry Garden schemes Community arts exhibitions io CA)rporate volunteering in Siepney Green Park 5. Improvement works 5.1. A rnnge of improvements were made to improve sporrs and wellbeing facilities ana to improve access. including: New outdoor gyms at Mile End Park and Stepney Green Park Resurfacing of the multi-use games area at Mile End Park BMX track resurfacing at Mile End Park Improved lighting at Mile End Park 6.1. In 2021122 we achieved the following improveTtLents towards biodiversiry in Mile End Park and Siepney Green Park. Estimated 10.(K)O spring bulbs plauted by Park Rangers and Friends of Mile End Park in various sections of the park. Fstimated 3(K) metres square of 6CM) mixed whip planting in Stepuey Green ParlL EstRmated 20 British Nauve Trees planted in Mile End Park {maiJlly in sections of Agnes Green and Haverfield Green). planted in autumn 2021. 7.1. The fijll year's accounts are attached to this annual report. 7.2. All income generated within the King GeoTge s Fidd clwity lands go to the charities accounts to support the public access to good quality SPOrts and leisure facilities. 7.3. The Chariry generates income to fimd the Mainte[￿rtCe of the park and its progranune of artivities. This income is generdted througlL" Rentals of shop/restaurant units plus climbing wall centre. These propertie5 are managed by Council's Asset Management team. They have outsourced the managernent of the shop units under the green bridge. The external company collect rents and service dwges. reviews leases and find tenants for any vacant lots. Operation of car parking spaces, these being in Haverfield Road and IAwton Road (by green bridge). These are managed by the Council's parking services. li CA)Tporate volunteer schemes. Managed by the Parks Team these provide a usefill volunteer work force for maintenance of the park and also income from a fee per participant. Hire of artificial football piich at Siepney Green. Managed by the Parks Teatn. The SAte does generate a small Surp1￿ and the majority of the teams using the facility are local to Tower Hamlets and the fees are amongst the cheapest in London. Hire of pavilions for weddings, private parties and exhibitions. Bookings are Managed and staffed by parks personnel. including a pool of casual events staff. Facilities MaDagement manage the utiliry bills, cleaning 2nd Commercial activity such as faiT8rounds and film locaEions. These are managed by the CounaI s Festivals and Events team with the incoEne coming to the Charity. 7.4. The Cknity's financial p)siuon at the end of 2021122 show5 a decrease in net assets of £86,773 to £15.954.314 (2020r21: £16.041,087) driven largdy by a reduction within our endowment funds of £67.4￿ and decreases in wlrestticted fill￿5 of £19.373. 7.5. The Chariry's endo￿nent totall1￿ £]5,896,4￿ (2020121: £15.963.800), include tangible and investment fixed &&sets. Tangible fixed assets totalling £9.714,653 (2020121: £9.735.378). support the public access to gcM)d quality sports and leisure faciliues. including Mile End and Stepney Green Park as well as the pavilions and football pitches on park lands. Investment assets totalling £6,273,900 (2020121.. £6,319,700), are held to generate rental income to further support the charitable objects of the Cljarity. 7.6. The Chariry's unresttic*d fun& totalling a sutplus of £57.914 (2020121: £77287 surplu5) comprises the cumulative surplusldeficits at the year-end. All rental income arising from investment assets beld in the endowment fimd is credited dÉrecdy to thi8 fun& The unrestiicted fund is available to use in carrying out the charitable objects of the Charity. 7.7. The Charity currently does not have a policy on level of reserves since the sole Trustee is the Inndon Borough of Tower Hamlets. which meets in full the Charity's net expenditure. so the Charitys funding is secured. The Tn￿t Charity Board therefore has not ser up any financial reserves to protect against any unforeseen fluctuauons in income or expenditure. 12 The key risks to the Charity include financial. reputational and public safety risks. 8.1. Incoll￿ generatio e Park management team. on behalf of the Charity. acts to create a sustainable income stream to suppon the maintenance of the park and its in£rastriictuze. The Green Bridge rentalunits PrO￿de a significantcontribullon to the Chariry's I￿orne stream. In relation to this property rental income stream we have identified the following Non payn]ent of rent/arreaTS . Tenants vacatinwserving Notice Breaches of leases To mitigate against the above zisk8 a competent lettings agent. appointed by the Counckl. manages the tenancy arrangements for the Green Bridge rental unÉts to ensure best value and good Dh￿ageMent of tenants. 8.2. Rental aTreazs: The lettings agent takes a proactive approach to MO￿tOrI￿g Tental income and take early inte￿entiOn if there are any i&gues identified with a tenant. If required. the council can undertake debt recovery action ensuring rent is received and arrears Historically the rentsl units have been fi￿Y occupied with a low nThover of tenants. Some of the units have been occupied by the same tenants for over ten years and a￿]ng the pandemic only one tenant Ceased to trade. and they easily assigned theirlease, showing the resilien￿ of the location. The location is attractive to a wide range of businesses due to its proximiry to Mile End tube station. a nearby universiry and residential areas that provide a high level of footfall. With a large number 0£ the tenants benefitting from Security of Tenure under the landlord and Tenant Act 1954, they would have to serve notice on the landlord to leave. As a result, there will be at least a 3-month notice perioj. which will assist 13 in the marketing of the unit and would hOPe￿llY mitigate the risk of a void period and loss of income. In the event of a unit being vacant for a period of time the Charity could utilise the council's Meanwhile Use progrnmThe to temporarily occupy a vacant urrit ￿￿th a 'pop-up' shop. thereby maintaining the vitality of the location. It also l)as the impact of maintaining (Kcupation. and therefore mitigates void costs. as well as the risk of Squatters. 8.4. Breaches of lease5: t£ases are monitored by the letEing agent and the Park management team with support from the council's enfoT¢ement and legal teams if required. This approach enables any breaches or compliancy tssues to be resolved as quickly as possible. 8.5. In addition to rental income, the Charity also relies on income generated through the venue hire of the Arts and Ecology Pavilions. The Park management team promotes and manages bookings for the pavilions. which are now well-established venues foi weddings. private. commercial and corporate events that generaEe income. tmprovements include setting up an Instagram account, which h&8 helped to increase the number of enquiries and booknngs. Although there are peak periods for hirers (SPliDg to autunin). the Park management team continue to diversity the range of dients and adapt to changing markei c0nsidetatio￿s. The Park management team opeTates a compreheLsive inspection and repair regime for the Chariry's la1￿ and facilities. In addition. the Chariry reinvests some of the income generated through bires to upgrade facilities and equipment to ensure its open spaces and buildings are safe 8lld welcotning places for the public and comroercial ￿nants and venue hireTr. In addition. the councils Facilities Management team undertake regular preventative maintenance and surveys. This ovedl approach of Maintaining and investing reduces the risk of significant buildinWfacility failures that could lead to larger and unplanned for repairs andlor replacement costs. 8.7. Reputational and Safety Risk&. As outlined above, income frorn tenancies and hires is utilised to undertake repairs and maintenance of the Charity's assets. This approach enables the Charkty to 14 ensure Health and Safety le￿Iall0n is complied wlth and that the buildings remain in a good state of repair. As the venues are hired out regularly, it is important both operationally and reputstionally that the buildings are well Enaintained. The Parks n￿￿geMent team implements safe practices for the park8 and amerrities including regular patrols by Park Rangers with any issues recorded and reported to nianagement. There are operational procedures for the Tegular inspection and maintenance of play and equipment by trained park staff and independent play inspectors. These operating procedures have been developed in line with the relevant guidance and reviewed by the coullcÈl's CA)Tporate Health and Safety team. AdditionaI monitoring and maintenance of the Charity's park lands is undertaken by the Council's Green Team who eL8ure that the land is well maintained. The combination of regular Park patrols and Green Team maintenance helps to ensure that the Charity's land is well Tnaintained and a safe environment for people to visit. 9.1. Charity Name: The King George's, Field Mile End Clwity 9.1 Other name the charity uses: King George s Fields Stepney (Previous name) 9.3. Registered charity number. 1077859 9.4. Trincipal Address: London Borough of Tower Hamlets Tower Hamlets Town Hall 160 Whitechapel Road London EI IBJ 9.5. Auditors: Arnold Hill & Co LLP 6ib Floor. Capitsl Tower 91 Waterloo Road London Uniied Kll¥dom SEI 8RT 15 Royal Bank Scotland (RBS) 9.7. Solicitors: The Charity's soliators aTe the Legal Service of the Ix)ndon Borough of Tower Hamlets. 10. The KiDg George's Field Cknity Board 10.1. The Board coTrsisted of the Cabinet with the following Enembers for the financial year 2021122 until prv)ent. The current Mayor of Tower Hamlets was elected in May 2022. the 2021/22 finanaal year wa8 over seen under the preNIous AdmIn￿ratIon. Changes to the Cabinefs comwjsition can be tTrade by the Mayor at any time and any such changes in this perioj were reflected concurtendy in the Board's rnembership. 2021122 financi &qr to Mayor Lutfur Rahrnan Councillor Maium Talukdar CounciElor Kabir Ahmed Councillor Saied Ahmed Councillor Suluk Ahmed Councillor Gulam Kibria Choudhury Councillor Abu Chowdhury Councillor Iqbal Hossain Councillor Kabir Hussain Councillor Ohid Aluned Mayor John Biggs resent Appointsl 25105/22 25105122 25105/22 25105122 25105r22 N/A NIA NIA N/A N/A 25105r22 25105122 25105122 25105/22 25105122 Prior to the start of E)eriod Prior to the srart of NIA N/A NIA NIA 20103123 09105122 Councillor Sira (Y)105122 Prior to the start of Councillor Rachel Blake 09105122 Prior to the start of Councillor Asma Be LTr)/05122 Prior to the start of Councillor Dann Hassell 09105122 Prior to the start of Councillor Candida Ronald 09105122 Prior to the start of peri(Kl counc￿Or Motin Uz.Zaman 09105/22 16 Councillor Dan Tomlinson Prior to the start of 01109121 Councillor Eve McQuillan 14ior to the start of period PTioT to the start of 01109r21 Councillor Asma Islam 09/05122 09105122 Councalor Kahar Chowdh Councillot Mufeedah Busun 01/09121 Prior to the start of period Prior to the start of period 09/05122 Councillor Sabina Akhtsr 09105122 The Chair of the King George's Fidd Charity Board on behalf of the tn￿tee (London Borough of Tower Hamlers).. Date: 17 REPORT OF THE TRUSTEE For the Year 31 March 2022 The trustee is responsible for preparing the TrUs￿e Report and the financial statements in accordance with applicable law and United Kitigdom Aeeoutitins Standar&s (UniEed Kingdom Genetally Accepted Accounting Practice). Law applicable to clwities in England and Wales requires the trustee to prepare fina￿1￿1 statements for eacb financial year which give a true and fair view of the incoming resources application of the resources of the ¢harity during the year and of irs state of affairs at the end of the year. In Preparing these Ell￿ncIal statements the trust& is required ￿. Select suitsble acciymting policies and appty them cots%istelltly". Observe the methods and principles in the Clwities SORP: Make iudgernents and estimates that are reasonable and prudent" State whether applicable accounting standar(L% have been foll¢)wed. subject to any material departures disdosed and explained in the financial st3tements: and Prepare the financial srateznents on thegoingconcembasisunless it is inappropriate to presuwe thai the ehariry will continue in operation" The t￿￿tee is responsible for kwing proper accotsnting records which disclose with reasonable accuracy at any rime the finanaal wtsition of the clwiry and which enable them to ensure that the financial stxtements comply with the CTrwities Art 2011. the ChaTity (Accounts and Reports) Regulations 2CK)8 and the Chariry's corLStitution. They are kn responskble for safeguarding the assets 0£ the chariry and hence for taking reasonable steps for the prevenuon and detection of fraud and other irregularities. In line with the requirements of the ChaTÉtyG)rnrnIssio￿ the trustee appointed Arnold Hill & Co LLP (Chartered Accountants) as the Auditors of the chaTiry. The Chair of the King George's Fields. awiry &)ard on i*ha]f of the trustee (LDndon Borough of Tower Hamlets).. Date: 18 KING GEORGES FIELD. MILE END AUDrroRS REPORT TO THE MEMBERS OF K￿G GEORGES FIEtJ), MILE END Opinlon We have audited the finanrAal statements of Krng George's Fidd, MÉle End (the '¢harity') for the year ended 31 March 2022 which comprise the statement of financial actiwties. the balance sheet and the note5 to the ftnancial stalemenls, in¢ludirk9 a summary of significant a¢¢ounting poliaes. The finar￿la1 Feporting framework that has been applied in their p￿paration is applicabte law and United Kin9dom Accounting Standard5. including Financial Repo￿n9 Slandard 102 The Financial Reporb'ng Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generdlly Accepted Actounting Practice}. In our opinion, the ststements: give a true and fair wew of the stale of the charity's affairs as at 31 March 2022 and of its incoming resou￿$ and application of resources. for the year then ended., have been property yeparéd in accordarth ￿￿th United Kingdom Generalty Accepted Accountin9 Practice., and have been prepared in accordance with the reqU1￿ments ofthe Charities Act 2011. Basls for oplnion We conducted our autht in accordance ￿ Intemational Standards on Auditing (UK) (ISAS IUKI) and applicabfe law. Our responsibditie5 under those standards are fvrther described in the Audilorfs responsibilities for the audit of the fmancial slatements se¢t40n of our report. We are independent of the charity in accordance wth the eihical requirements that are ￿le¥onl to our audit of the financial statements in the UK, including the FRC'S Ethical Staridaid, and we have fvffilled our other ethical responsibilities in accordance with these requirements. We believe thal the aLKIit evidence we have obtained is sufficient and appropriate to prowde a basis for our o￿nion. Concluslons r•latlng to going concern In auditing the finan¢ial statements. ￿ have concluded that Ihe trustees. use of the goin9 con¢em basis of accounting in the preparakn.on of the finanrAal statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions thaL indiwdually or colle¢tivèty. may cast significant doubt on the ¢harity'$ ability lo continue as a going concern for a period of at ￿ast months from wknen the financial ststements a￿ authodsed for issue. Our responsibilities and the responsiknlities of the tnjstees wilh Tespectto gcing ¢on¢ern a￿ described in the relevant sections of this report. Other InfornialSon The other inlomialion comprises the inlormalion indLKled in the annual report other than the financial statements and our auditorfs report thereon. The trustees are reyjnsible for the othef ￿fOrMat￿on contained ithin the annual report. Our opinion on the financial statements does nol ¢over the olhei infomation and we do not expross any lomi of assuranee concluston thereon. Our responsibilrty is to read the (rther infomialion and, in dting $0. consider v￿ther the other infomi*ion is materially in¢onsistenl with the financial stslements or our kr￿vledge obtained in the Course of the audiL or othernyise appears to be materially misstated. Ifwe identsfy such matersal inconsistencies or apparent material misstatements, we are Tequired to detemine vthether this gives rise to a malerial misstatement in the financial statemen1$ themselves. If, based on Ihe work we have perfomed, ¥￿ condude that there is a material mlsstatement of this other inlomation, we are required to report that fart We have nothing to report in this regard. Matters on which we are requir￿ to report by ?x¢eptlon We have nothing to report in respect ofthè fdlowng matters in relation towhth the Charityes (Accounts and Reports) Regulations 2008 require us lo reportto you rf. in ouropinion.. the infom)ation given in the financial ststements is inCc￿$￿tent1n any material re5pectwth the tru$fro$' feport: or sufficient a¢￿￿ntIng records have not been kept: or 19 the financial statements are n¢)t in aqreement wilh the ac¢ountinA records., or we have r￿1 received all the infomiats.on arKI explanations we require for our audit. Responslbilities of trustses As explained miye fully in the Slatement of Trustees. Responsibilities, the trustees are ￿sponSIble for the preparation of the accounts and for being satisfied that they give a Irue and fair view. and for such intemal Control as the dire¢tors detemine is necessary to enabte the preparation of xcounts that are free from material misstslement, wtheth2r due to fraud or error. In preparing the accounls. the trustee5 are responsible for assessing the ¢harity's abilrty to conts.nue as a goin9 concem. disclosing, as op￿1¢able. rnatters related to going ¢oncem and using the going concem basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. AUdit0￿S responslbllitie$ for the audit of the financlal statem•nts We have been appointed as auditor under section 145 of the Charities Acl 2011 and report In accordan th the Act and relevanl regulations made or having effect thereunder. Chjr obseclives are to obtaift feasonable assurnnce about wthether the ffinancial stslements 8$ 8 vthole are free from material misstatement. whether due to fraud or error. and to issue an auditor's ￿pOrt that irscludes ouropinion. ReasOna￿e assurance is a high level of assuran￿ bul is not a guarantee that an audttconducted in accordance with ISA$ (UK) will always delect a material rnisstatemenl vthen il exists. Misststements can arise from fraud OT eThor and are ¢onsidered material if. individually or in the aggregate. they could Teasonably be expected to influence the e¢onomic deusN)n5 of users taken on the ba￿$ of these financkql stslements. Irregularities. irKbJding fraud, are insta￿$ of norKompli?nce kws and feguEations. We design procedures in line with our responsibilitres, ovuined above. to detect matertal misstatements in respect of irregularities, including fraLKI. The extent lo ￿1¢h our pioeedures are capable of detecty.ng irregularities. including fraud. is detailed below. Dotsction of fraud and bfeach8s of regulatio To identify risks ofmalerial misstatement ¢Jue to fraud. we considered events or conditions that could indicate an incentive or pressure to ￿MMIt fraud or provide an Opp￿lty io do so. Our approach induded.. using analyb'cal procedures to Ident￿ unusual relalionships" ading minute$ of trustee meetings- discsJssin9 charity poh'fyes procedures on fraud detection and prevention wth trustees. and enquiring about any knowledge of actual. alFeged or $uspe¢led fraud. We communicated idtnbfied fraud risks throughout our team and ￿rna1ned alert to any indications of fraud throughout the audil. To identify risks of Materi￿ mÈs$tstement due to rKxFcompliance thryth layts 8T￿ regulatTrons. our approach vras a$ follows.. We identified areas of laws and regulations that could reasoTrabty be expected lo have a material effect on the financial statements from our general charity experience. ond through discussion with the trustees and other management (as required by auditing standards). and discussed wsih the trustee5 and other management the pdicies and procedures regarding ￿mpliance wlh laws and re9uEations', We consjdered the legal and regulaw frame*Drks di￿¢t￿ aP￿Icable to the ffinanaal statements reporting framework IFRS 102 and the Charilies Act 20111 and the Televanl tax compliance regulation5', We wnsidered Ihe nalU￿ ofthe industy, the control enwronment and charity s performance. 20 procedures included: testing manual iown8ls.' wwng the finan(ial statement disdosures and testing lo supporting documentation.. performing allalyti￿l procedures," and enquiries of management, and wer8 designed to Pfovide reasonable assurnnce that the finanry81 slalements were free from fraud or error. (￿ing to the Inh￿nt limitations of an audit. there is an unavoidable risk th8t we may not have deteded some material misslalements in the financial statements. even though we have properfy planned and performed our audit in accordance with aUd￿'ng standards_ For example. the ftsrther removed norF Compliance with laws and regulations is from Ihe evenis and transaction5 reflecled in the financial statements, the less likely the inherently limited prO￿UTeS required by auditing standards would identify IL The risk is also greater regarding non-delection of fraud rather than error, as fraud may involve intentional concealment, fofgery. collusion, omission or misrepresentats"on. Our audit procedures are designed to delect material rnisstslemenl. We are not responsible for prevenling nork-compliance arml canTr)I be eX￿ted lo detect non At 31 March 15.896.40 .96 .80 Restated Last Year Totsl Fulldi Summqry of fThnd5 Total Funds 2022 2021 Unresrricted ￿ndS Revah￿￿Tr resetve fiityd 57.914 15.896,400 77.287 15.963.800 Total £uDd$ 15.954.314 24 KtNG GEORGES FIELD, MILE END FOR THE YEAR ENDED 31 MARCH 2022 Restated 2021 Note$ 2022 Fixed assets TangThE le a￿ets 9.714ffj53 6273.900 9,735378 6319.700 10 Total fixed awet$ 15.988553 16.055.078 Current assets Debto li 327fj01 455573 Total eurTent &ssets 327fj01 455573 CEedAtO￿ amounts f8lling due within one year 12 (361140) 1469564) Net eurrent asser8 (34239) (13,991) The iotal net assets of the charity 15.954.314 16.041.087 The total net ￿￿ell of the charity 4re ￿llaed by the funds of the chariry. ai follow8:_ Endowment invewllent & Fixed assets fund8 13 15096.4(X) 15.963800 15396.400 15.963,8CLI UDTettrieted Ftsttdi Unresttiered Revenue Funds 13 57914 77287 57.914 77287 Total chariry funds 15,954.314 16.041.087 The Chair of the King George's FÈelds' Borough of Tower Hamlets).. rity Prfjard on behalf of the trustee (Ix)ndon Date: 25 K￿G GEORGES FIEID, Mlll END FOR THE YEAR ENDED 31 MARCH 2022 Re¥ta¢¢d 2022 2021 Cash Ilows from operating ac¢ivtiie$ Net cash provxled by operating a¢tiY*iesaSsl￿Wll bebw {204ffj48) C785.432) Casb flow$ from llrve¥riug acfiviues Other illvestment income. illckndiogtetsts from investments PuEchase of property. pbntand equ￿uLe￿[ 497.951 (26,040) 481,487 145,9621 Net cash provided by iovesting activities 471,911 435.525 Overall cash ptovided by aetiyities A*B 267.263 (349.907) Ca$h movements ange in cash and cash equivakntsfrom activities i the year ended 31 March 2022 Cash and cash equivalents at l AprI2021 267263 (370,016} (349.907) 120.109) Cash at bank and iu ILand leu overdrafts at 31 Maick (102,753) (370.0161 Reconciliation of net income to net C4sb flow from operAtitig ietiYitAe> Ner income l (deffttt) as sl￿Wn in the&atementof FitHucialActtvx (141398) 11213 Adjustments for :_ Depreciation charges Provision for bad and doubtful debts Wrire downs of assets Net Unreali￿ IGain)/ iovesttDeDtasets Di¥idend& illtsresralld Tentsfrorn investments Other gaiTrs and b (Increase) / DecTea* in debtors lllcrea5e I ITkcrea*) in credtor& eXC￿dIng ba ReyabJa￿n 101390 46,824 3263(N) 45,81KI (497,951} 1381,125) 81.149 159538 54.625 96.120 31,793 18.4001 1481.4871 (325010) 1108A611 Net ca$b provided by operating actxvAties (204.648) (785.432) 26 K￿G GEORGES FIELD, MttE END l. Accounting Policies The financial siatements have been prepared in acL¥)rd3nce with the chaTitie5 SORP (FRS 102) - ACC￿]ntIll8 and Reporting by Charitie& Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland {FBS 102) (effective l January 2015), the Financial RepoTtRn8 Standard applicable in the UK and Republic of Ireland (FRS IU2 and the Charities Act 2011). The financial statements have been prepared to give a trne and fairview and have departed from the Charities (Accounts and Reports) Regulations only to the extent required ￿ provide t￿e and fair view. This departure has involved following the ch￿illes SORP (FR$ 102) published in October 2019 rather than the Accounting and Rep)rtin8 by Chariues Statement of Recommended Prnctice effective from l April 2Crf)5 which has since been wAthdrav4TL King George's Field. Mile End meet tbedefinition of ￿b]IC benefitentityunder FILS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise stated in the ielevaTht accolinting￿]Icy. The finaneid 5tstemeDts are pretAred in sterling. which is the fimctional currency of the Company. Monetary aTnounts in these financial statements are rounded to the neorest £. la Going thncern The tr￿stee h&$ considered aperiod of at least 12 months from the date of signing these accounts and detern]Ir￿ that there are no mateiial uncettainties regardin8 (he charity's abiiiry to conunue and to meet its on%oin8 liabilities for the next 12 months. Therefore, the accounts are prepared on a going concern basis. All income is Tecogni5ed once the Clwity has entitlement to the incon￿. it is probAble that the income will be received. and the of income can be measured reliably. The significant sources ofincome for the Trust Telate to, donations received fEom the tLJndon Btsrough of Tower Hamlets (SOFA- Donations. Note 3). admissioLs fees for events and exhibitions and away days held at the park {SOFA - Charitable activities. Note 4) and renral income from retsii unit5 owned by the Trust (SOFA- Investment income. Note 6>. ExpenditUTe is recognised once there is a kgal or cOnstr￿￿1ve obligation to traL8fer eeonomic benefit to a third party, it is probable that a traDsfer of economic benefits WIEI be required in settlement and the amount of the ob]i8auon L7n be measwed reliably. The charity s primary 27 activiry is the maintenance of Mile Ettd Park. #nd the other open spaces within King George's Field, Mile End. for the use and enjoyment of the public. All direci and support Costs includitig central staff cc6ts, and depreclation charges are allocated to this ptimary activiry to further the charity's objective. Land and Buil&ngs a%sets aTe subject to the de minimis for capitalisation of £50.IMXJ. Rentals payable from operating leases are charged to the Starernent of Financiat Activities (SOFA) to reflect the economic benefirs consumed oveT the life of the lease. 15 Tan8ible F￿ed assets and depreciation Tangible fixed a&seLS (Plant and Machillery) are initially recognised ai COSL After recognition under the cost mcdel. tangible fixed are measured at C¢)5t less accumulated depreciation and aCa￿ul￿tea impainnent l(xsses. All ctsts ineurred ro bring a tangible fixed asset intt) its intended working condition should be induded in the measurement of cost. Tangible fixed assets (IAnd and Buil(]ingl are valued every five years on the basis of ExistingU5e Value IEUV) and recogDised in the Ba]ance sheer usin8 the Revaluation method. Valuatiork of Land and Building has been carried out by qualified RJ¢J valuers (Wilks, Head & Eve). Depreciation i% charged so as EO allocate the cost oftangible fixed a8sets. less their residual value. over their weful economic lives on a strai8ht-]ine basi& Useful ecollomi¢ lives are assessed on the followin8 basis: Land and Building Plant and Machinery - 26-54 years - 5 years lllvestments hdd as ￿￿ed A&*ts Investment properties assets are initially recognisedatcost. After recogtiition under tc&t model, they are revalued on a fair va]ue basis at the reporting date. These assets aze revalued annually and not subjerted to depreciauon. Gains or losses ontevaluation are recognised in the Statement of Financial Activilles (SOFA). 1.7 Debton Trade debtors are recognistsl at the settlement amount after any trade discount offered. Where debts may not be $ettled. the balaTr￿ of debtors is wriuen down and a charge made to unrestricted revenue for the income that might not be couecred. Cssh at bank and in hand The T￿￿ doe5 Thot hold a bank aCo￿at of its OWN the IA)ndon Bon)ugh of Tower Hamlets holds cash on behalf of the T17￿t or the Tr￿$t owes cash to the london Borough of Tower Hamlets. As per FRS 102 Section 11. the chariry makes use of only basic financtal inStnJ￿ttts which are initially recognised at transaction value and subsequently measured at Settlement value. Financial instn￿ents held by the entity cotllPTise debtOL3, credito and cash. 28 1.10 Liabilitie5 Liabiliues are Teco8Thised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a uansfer of economic benefit will be requiied in settlement, and the amount of the settlement can be estimated rellably. liabilities are recognised at the aM(￿Jnt that the c￿￿1]ty anticipated ir will pay to settle the debt or the alllount it h&% received as advanced payments for the goods or services it mu5( provide. 2. Prior Period Adiustmenrs The charity has tnade a PTAOT period adiustmeni relating to one issue. where the cl&ssificauon of an assei has been reclassified from FLYedAssets Uand and Building) to Investments held as Fixed Assets. The previously repjrted dosing balance of Fued Assets (kna and Buildings) ana Investment held as Fixed Assets at 31103r2020 £9.853.824 £6.155.8(K) respectively. The prior year adi7JSted clw bajance of Fixed knets (Land and Building$) and Investment held as Fixed Assets at 311W2020 is now £9.T35J78 and ￿,3]9,7(KI respectively. Unrestricted Funds." General fimds are unrestticted ￿Thd5 which are available for use at the discretion of the tn]sree in hrtherance of the general objectives of the Chariry and which have llot been designated for other pu4) Endowment Funds: The chatity h&% permanent endowments with ao power to convert the 3Pital into TrncoEne. The ch8Eity has pennanent endowments in the fonn of investments in fLxed sets and tangible f￿ed assets (land and Buildin&). The income generared from these pennanent endowments are unrestEi¢ted and u%ed to turthet the chariry objective. aL Income from Donatio Cllrrent yeai Curren¢ year Cllrrent year Prior Year UDres¢TiCted Eudowmtnt Total Fuuds Total Funds Fullds Fund$ 2022 2022 2022 2021 378507 378.507 588.809 Total donations 378.507 378.507 588,809 Alliywmefrom dollatiO￿TeA&te to unrasthctedfun]#ri25. ch¥ri¢able activities Empk>yed Nl- CbaEitable arttvit*s Ikfjned beoefirpewn eoys. cbarnab 292504 292,504 241.361 22.742 22.742 20,958 27274 27.274 33,978 Travelaryl &Jbrnce- l]wmbk Aciivirr5 Employee xeiated expejws Events and Ex￿bitionS 21.752 21.752 19,948 13304 7363 46M24 iB3 13.304 7.363 46.824 183 6,166 180 Provi5xTrn for Bad and t%Jubtful deErt5 U¥thm$ 31.793 Total direct speJJdin8 431.946 431.946 354.384 Suppor¢ cosu for charitable activities Current year Unrestrkcted CurtÈnt year Current year Endowment Total Fllnd8 Prior Ye•x Total Funds Funds 2022 Fundj 2022 2022 2021 PTemtse$ E4>enses ReTrtpayab]EiuAer opeEatiDgSEa Ratssand water cbarges ae￿￿ and w￿e ¥nawemeot 78.152 22232 49227 78,152 22.232 49.227 89,617 88.324 47.095 mainteDallce 482.930 482.930 449.371 Adminixrauve oyerhe4d¥ Te]ÈphoJe. fax aJ)d illtern Equ￿rnellt expen 2.968 30.665 6.963 2.968 30.665 6.963 23.461 5.277 959 Adverrtyllgatyl ZTraTkeDti8 ￿￿b￿riptKJ￿2nd Ixences 20 20 643 ProfessJoL*l fee$p•id to •dvisots other tbe auditor or Management Eees 63M86 63.886 17.789 Fiu4neial co$ts LkPreciat￿ll & AmoEti5atr&n in tot31fi)r the pemd 25.165 76225 101.390 96.120 Total support Cost$ - Current Year 762.208 76,225 838.433 818,656 31 All charitabk expenditUTes in relauon to prior year {2020121) was on unrestricted fi￿d5. except for the supw)rt Costs for depreciation charges {£76.225). This is relating to endowment tangible fixed a55ets- land and building, which was recorded agaijjst elldowment fill￿s. Steff costs and emoluments S4Jary costs 2022 2021 Gross Salarles exdlldi￿ ¢n￿tee$ aTrl key marÉgaDerrt Ft50DDel Employer's NatioETral ItNrarKe for all staff Ernployer's cortr¢ibutiottto defined Pe￿lOn $d￿neS 292504 22,742 27.274 241.361 20,958 33,978 Total salarie$. wages aDd ielated costs 342.520 296.297 The average Allnber of staff employed in year was Employees worling in the Mile End Pazk and other local parks and open spaces are London Borough of ToweT Hamlets employee& No employee recelved more than £60,(XKJ in 2021122 and 2020ni. They #re eligible to join the Local Government Pertsion ad5ninistered by the London Borough of Tower Hamlets. No remuneration costs of key management personnel is included within the Tn]st's accounts. Other Ezpenditure - Governance eo Current year CurreLt year Current year Unrestrtc¢ed EDdowmettt Total Fullds Prior Year Total Fund8 Funds Funds 2022 2022 2022 2021 Auditor's fees 7,000 7.000 Total Goverrtance costs 7.000 7.000 7.000 Total Charitabk expeadi¢ure Current year UllreStr￿ted Current y*#r Current year Endowrnent Total Funds Futsd# 2022 Prior Year Total Fund$ 2022 2022 2021 Totaldwecr spe]Mling TotalAEPPOrt co TotalGoYernar￿e costs 431.946 762208 431.946 838.433 7.000 354,384 818.656 7.000 76225 Total charitabk expettditure 1.201,154 76.225 1.277.379 1,180.040 32 9. Tangible Fixed A&sers Plaat & Machiuery Total B￿ldIng5 Cost At l April 2021 Addiiio]k% 9.949.( 114551 IOJ)T2,551 26.040 1326.5 &]rplwsoDrevl {326.5 At 31 March 2022 9.622.500 149.591 9.772.091 Depreciation At l April 2021 CtrArge for tk year Ckrged onrevaluat 322T3 25.165 7.173 101,390 1381,125} 76225 {381.1251 At 31 Marck2022 57,438 57.438 N¢t valu¢ At 31 March 2022 9.622.500 92.153 9.714.653 At 31 March 2021 9.644.100 91.278 9.735.378 Restated Lattd Plant & Bwldws M*thitiery Prior Ye4r Total Cost Ol Apra 20X) AdJiiK) 9.949A 77589 45962 10.026,589 45,962 31 March 2021 9.949,000 123,551 10,072,551 Depreciation 01 Apri12020 (TrérgÈ for year 228.675 76225 12378 19095 241,053 96,120 31 March 2021 304.900 32.273 337.173 Net book value 31 M4Trh 2021 9,644,100 91,278 9,735.378 31 March 2020 9.720.325 65.211 9.785.536 33 2021122 Investment Properties Total Cost Blfiyd 6.3l9.7(K) I45.￿) 6.319.700 (45.800) 6.273. 6.273,900 2020121 Restated Investment Properties Total Co$t BI￿a 6.311.￿} 6.311.300 8.400 Cjfivd 6,319,7(Kl 6.319.7C Valuation of Investment PrnEJertÉes is canied out on an annual basis by qU￿]fied Royal Institute of Chanered Surveyots {Rl(3) based on market value. 11. Debto 2022 2021 Trade debtors 344,C62 20.010 42,125 (78.616) 327,(111 391.073 19.975 76,318 {31.793) 455.573 Other debtors Othei debtors relate to cash due io the Tn￿ in relauon to rent collected by the managin8 agent of £42,125 in 2021122. É76.318 in 2020121. 2021 Trade creditots Otkr creditors PAYE. NIC VAT and Od￿ tax Receipts in adva7Ke 25.720 130,752 10.T36 194.632 361.840 15.651 391.016 8.443 54,454 469,564 Included in other credktors is cash due to the IAmdoD ￿)rough of Tower Hamlets of £102.753 in 2021122 and ￿70,016 2020lll_ 13. FwLds repre5entsl by a￿ets and liabilities Particulars of how particukn fijnds are represented by assets and liabilÈtses At 31 Mareh 2022 Unrestricted Endowment Total Funds Ta￿tsk Fixed Assers InvesÉment Fid Asse Crn Assers 92,153 9.622.5 6.273,9 9,714.653 6,273.900 327.601 (361.840) 327.fl)I (&51,840) 57.914 15.896.400 15,954,314 At 31 March 2021 Restated Unrestricted EndowDxent Total Funds Tarjgthle FÈn- Fzi) Number of Partici Number of 2.593 1.324 1.695 118 22 4.3. Stepney Gieen astroturfboobngs.. From April 2021 to March 2022 there were 841 bookings taken for the astroturf pitches in Srepney Green. 4.4. Volunteer programmts: Due ro lockdown periods and uncertainty resulting from the pandernic. the charity had a mtnimal cory￿rate volunteer programme. The Friends of Mile End Park worked in pattnership with the Parks team to cany out numerous bulb planting activities. litter pickin& and soft horticultural nthintenance acrcÉs Mile End Park A corporate group of approximately 50 volunteers was facilitated in Stepney Green Park in Noveniber 2021. Through this acriviry approxituately 6LX) mixed species of whips were plante4 coveTing an estimated metres squared around the perimereT of Stepney Green Park. Additionally. the group planted over 30(MJ spring bulbs in Srepney Green Park 45. Events and Activities in Mile End ParkArts and Fthlogy Pavilions: The Ans and Ecology Pavilions hostd a number of free to access days for the public and comrnercial bookings across the year to support conununity engagement and income generatioL A summary of the bookings is provided in Table 2, below. Table 2: Sunwwy of b(x)knngs Arts Pavilion (Number of days) Ecology Pavilion (Number of days) 163 LIS Testing Site NHS Vaccination C*ntre 163 Corporate events Priwdte hires 23 20 Exhibitions (including set up) 105 Blood donor se&sions aosed foT WOTks 17 242 Pa￿lIon high]ights: The Pavilions contÉnued to play a central role in the Council s COVID-19 response. with an NHS run vaccine centre at the Art Pavilion and LTS Test Centre at the Ecology Pavilion. Both were onsite until 10 September 2021. The Ecology Pavilion The Ecology Pavilion hosted a greater number of corporate booknngs. This was in line ￿th an investment made into equipment pre-pandemic. which post pandemic has resulted in iucreased bwkings for both external and internal clients. Corporate clients of note included Gate One Consultancy (two-day conference and team celebration). Ibeen Mary University Inndon's Busine&8 school fresher's week. production crew holding areas and fflming and several internal Council "away days" and awards events. CotEllnurrity activiues suppotted included: East End Kids for whom we provided a safe space for children supponed by the group and their families to meet up and re connect post pandemic. School visits connected to ecological enriehmeut days organised by the Counckl's Parks and Open Spaces team. The Festive Tea Dance attended by over 180 residents. Six blood donor sessions. Four Urban Maker Market Days Noor Aromas Fair prompting local businew that started up at home during the pandemic and part of -# Small Business Saturday". Investments included the lighting upgrade making the Ecology Pavilion more efficiently and gready Teducing the nlaintenance costs. This investment also compliments the sleek modern sryle of the venue and will in)prove customer experience whilst in the Paviliom This brings the Ecology Pavilion in line with the Art Pavilion. which has a lighting upgrade pre- pandemic. Once handed back from NHS vaccine centre. the Art Pavilion hosted a busy schedule of exhibitions. which saw over 35(N) people visiting free to access shows. Exhibition highlights included: LOOK AGAIN - 24 September to 2 October 2021 Paintings by Dharniacari Abhayavajra (AKA Paul Newman). which explored how traditional materials and processes can give ti8e to new and unexpected meanings. uropIA - 7 to 17 October 2021 Multi-media art group show. which w&8 part of the Eco-feminism festiv8J and inspired by the 1970's movement exploring the relationship between nature and women. IN SEARCH OF POSSIBIIrnFS - 21 to 31 October 2021 Exhibition from the In￿rnational exhibiting group Piism showcasing a range of quality textile practices with a fine art approa ART MATfERS - Essential School of Painting. 6 to 20 November 2021 Essential School of Painting presented their annual end of year shows with brilliant and topical artwork made during exlraordinary times. East IA)ndon Printmakers Festival of Print 2021- 26 November to 5 December 2021 East Lnndon Printmakers showcased a broad range of contemporary printmaking. iangiDg from traditional techniques to experimental pr(Kesses. FIVE: 50- 9 (0 16 December 2021 Five artists shared their work on the theme of freedom and independence. 50 years after the liberauon of BangiadeslL SEIF-CONSCIOUS - Dennis Beckton Art Collective. 2 to 6 March 2022 Mixed media works from a group of emerging artists who (lid not have degree shows due to the impact of COVID-19 and based around the theme of consciousness. THAT NThORK- Rellect. Reconnect and Renew, 22 to 31 March 2022 A celebration of local students. artwork created during the pandemic offered visitors the opporn￿kry to capture memories and thoughts as pan of a live collaborative att ple￿. 4.6. Mile End Park Friends Group: Rangers conllnue to work with and supprt the Friends of Mile End Park who organise events and act as a ￿]11C21 friend regatding development of plans and priorities. The Friends Group also self-managed tasks such as litter picking, sott hotticultural ￿￿]ntenance and bulb planting. Across the park and pavilions a range of community engagement schemes are supported including: Volunteer schemes Communiry Garden schemes Community arts exhibitions io CA)rporate volunteering in Siepney Green Park 5. Improvement works 5.1. A rnnge of improvements were made to improve sporrs and wellbeing facilities ana to improve access. including: New outdoor gyms at Mile End Park and Stepney Green Park Resurfacing of the multi-use games area at Mile End Park BMX track resurfacing at Mile End Park Improved lighting at Mile End Park 6.1. In 2021122 we achieved the following improveTtLents towards biodiversiry in Mile End Park and Siepney Green Park. Estimated 10.(K)O spring bulbs plauted by Park Rangers and Friends of Mile End Park in various sections of the park. Fstimated 3(K) metres square of 6CM) mixed whip planting in Stepuey Green ParlL EstRmated 20 British Nauve Trees planted in Mile End Park {maiJlly in sections of Agnes Green and Haverfield Green). planted in autumn 2021. 7.1. The fijll year's accounts are attached to this annual report. 7.2. All income generated within the King GeoTge s Fidd clwity lands go to the charities accounts to support the public access to good quality SPOrts and leisure facilities. 7.3. The Chariry generates income to fimd the Mainte[￿rtCe of the park and its progranune of artivities. This income is generdted througlL" Rentals of shop/restaurant units plus climbing wall centre. These propertie5 are managed by Council's Asset Management team. They have outsourced the managernent of the shop units under the green bridge. The external company collect rents and service dwges. reviews leases and find tenants for any vacant lots. Operation of car parking spaces, these being in Haverfield Road and IAwton Road (by green bridge). These are managed by the Council's parking services. li CA)Tporate volunteer schemes. Managed by the Parks Team these provide a usefill volunteer work force for maintenance of the park and also income from a fee per participant. Hire of artificial football piich at Siepney Green. Managed by the Parks Teatn. The SAte does generate a small Surp1￿ and the majority of the teams using the facility are local to Tower Hamlets and the fees are amongst the cheapest in London. Hire of pavilions for weddings, private parties and exhibitions. Bookings are Managed and staffed by parks personnel. including a pool of casual events staff. Facilities MaDagement manage the utiliry bills, cleaning 2nd Commercial activity such as faiT8rounds and film locaEions. These are managed by the CounaI s Festivals and Events team with the incoEne coming to the Charity. 7.4. The Cknity's financial p)siuon at the end of 2021122 show5 a decrease in net assets of £86,773 to £15.954.314 (2020r21: £16.041,087) driven largdy by a reduction within our endowment funds of £67.4￿ and decreases in wlrestticted fill￿5 of £19.373. 7.5. The Chariry's endo￿nent totall1￿ £]5,896,4￿ (2020121: £15.963.800), include tangible and investment fixed &&sets. Tangible fixed assets totalling £9.714,653 (2020121: £9.735.378). support the public access to gcM)d quality sports and leisure faciliues. including Mile End and Stepney Green Park as well as the pavilions and football pitches on park lands. Investment assets totalling £6,273,900 (2020121.. £6,319,700), are held to generate rental income to further support the charitable objects of the Cljarity. 7.6. The Chariry's unresttic*d fun& totalling a sutplus of £57.914 (2020121: £77287 surplu5) comprises the cumulative surplusldeficits at the year-end. All rental income arising from investment assets beld in the endowment fimd is credited dÉrecdy to thi8 fun& The unrestiicted fund is available to use in carrying out the charitable objects of the Charity. 7.7. The Charity currently does not have a policy on level of reserves since the sole Trustee is the Inndon Borough of Tower Hamlets. which meets in full the Charity's net expenditure. so the Charitys funding is secured. The Tn￿t Charity Board therefore has not ser up any financial reserves to protect against any unforeseen fluctuauons in income or expenditure. 12 The key risks to the Charity include financial. reputational and public safety risks. 8.1. Incoll￿ generatio e Park management team. on behalf of the Charity. acts to create a sustainable income stream to suppon the maintenance of the park and its in£rastriictuze. The Green Bridge rentalunits PrO￿de a significantcontribullon to the Chariry's I￿orne stream. In relation to this property rental income stream we have identified the following Non payn]ent of rent/arreaTS . Tenants vacatinwserving Notice Breaches of leases To mitigate against the above zisk8 a competent lettings agent. appointed by the Counckl. manages the tenancy arrangements for the Green Bridge rental unÉts to ensure best value and good Dh￿ageMent of tenants. 8.2. Rental aTreazs: The lettings agent takes a proactive approach to MO￿tOrI￿g Tental income and take early inte￿entiOn if there are any i&gues identified with a tenant. If required. the council can undertake debt recovery action ensuring rent is received and arrears Historically the rentsl units have been fi￿Y occupied with a low nThover of tenants. Some of the units have been occupied by the same tenants for over ten years and a￿]ng the pandemic only one tenant Ceased to trade. and they easily assigned theirlease, showing the resilien￿ of the location. The location is attractive to a wide range of businesses due to its proximiry to Mile End tube station. a nearby universiry and residential areas that provide a high level of footfall. With a large number 0£ the tenants benefitting from Security of Tenure under the landlord and Tenant Act 1954, they would have to serve notice on the landlord to leave. As a result, there will be at least a 3-month notice perioj. which will assist 13 in the marketing of the unit and would hOPe￿llY mitigate the risk of a void period and loss of income. In the event of a unit being vacant for a period of time the Charity could utilise the council's Meanwhile Use progrnmThe to temporarily occupy a vacant urrit ￿￿th a 'pop-up' shop. thereby maintaining the vitality of the location. It also l)as the impact of maintaining (Kcupation. and therefore mitigates void costs. as well as the risk of Squatters. 8.4. Breaches of lease5: t£ases are monitored by the letEing agent and the Park management team with support from the council's enfoT¢ement and legal teams if required. This approach enables any breaches or compliancy tssues to be resolved as quickly as possible. 8.5. In addition to rental income, the Charity also relies on income generated through the venue hire of the Arts and Ecology Pavilions. The Park management team promotes and manages bookings for the pavilions. which are now well-established venues foi weddings. private. commercial and corporate events that generaEe income. tmprovements include setting up an Instagram account, which h&8 helped to increase the number of enquiries and booknngs. Although there are peak periods for hirers (SPliDg to autunin). the Park management team continue to diversity the range of dients and adapt to changing markei c0nsidetatio￿s. The Park management team opeTates a compreheLsive inspection and repair regime for the Chariry's la1￿ and facilities. In addition. the Chariry reinvests some of the income generated through bires to upgrade facilities and equipment to ensure its open spaces and buildings are safe 8lld welcotning places for the public and comroercial ￿nants and venue hireTr. In addition. the councils Facilities Management team undertake regular preventative maintenance and surveys. This ovedl approach of Maintaining and investing reduces the risk of significant buildinWfacility failures that could lead to larger and unplanned for repairs andlor replacement costs. 8.7. Reputational and Safety Risk&. As outlined above, income frorn tenancies and hires is utilised to undertake repairs and maintenance of the Charity's assets. This approach enables the Charkty to 14 ensure Health and Safety le￿Iall0n is complied wlth and that the buildings remain in a good state of repair. As the venues are hired out regularly, it is important both operationally and reputstionally that the buildings are well Enaintained. The Parks n￿￿geMent team implements safe practices for the park8 and amerrities including regular patrols by Park Rangers with any issues recorded and reported to nianagement. There are operational procedures for the Tegular inspection and maintenance of play and equipment by trained park staff and independent play inspectors. These operating procedures have been developed in line with the relevant guidance and reviewed by the coullcÈl's CA)Tporate Health and Safety team. AdditionaI monitoring and maintenance of the Charity's park lands is undertaken by the Council's Green Team who eL8ure that the land is well maintained. The combination of regular Park patrols and Green Team maintenance helps to ensure that the Charity's land is well Tnaintained and a safe environment for people to visit. 9.1. Charity Name: The King George's, Field Mile End Clwity 9.1 Other name the charity uses: King George s Fields Stepney (Previous name) 9.3. Registered charity number. 1077859 9.4. Trincipal Address: London Borough of Tower Hamlets Tower Hamlets Town Hall 160 Whitechapel Road London EI IBJ 9.5. Auditors: Arnold Hill & Co LLP 6ib Floor. Capitsl Tower 91 Waterloo Road London Uniied Kll¥dom SEI 8RT 15 Royal Bank Scotland (RBS) 9.7. Solicitors: The Charity's soliators aTe the Legal Service of the Ix)ndon Borough of Tower Hamlets. 10. The KiDg George's Field Cknity Board 10.1. The Board coTrsisted of the Cabinet with the following Enembers for the financial year 2021122 until prv)ent. The current Mayor of Tower Hamlets was elected in May 2022. the 2021/22 finanaal year wa8 over seen under the preNIous AdmIn￿ratIon. Changes to the Cabinefs comwjsition can be tTrade by the Mayor at any time and any such changes in this perioj were reflected concurtendy in the Board's rnembership. 2021122 financi &qr to Mayor Lutfur Rahrnan Councillor Maium Talukdar CounciElor Kabir Ahmed Councillor Saied Ahmed Councillor Suluk Ahmed Councillor Gulam Kibria Choudhury Councillor Abu Chowdhury Councillor Iqbal Hossain Councillor Kabir Hussain Councillor Ohid Aluned Mayor John Biggs resent Appointsl 25105/22 25105122 25105/22 25105122 25105r22 N/A NIA NIA N/A N/A 25105r22 25105122 25105122 25105/22 25105122 Prior to the start of E)eriod Prior to the srart of NIA N/A NIA NIA 20103123 09105122 Councillor Sira (Y)105122 Prior to the start of Councillor Rachel Blake 09105122 Prior to the start of Councillor Asma Be LTr)/05122 Prior to the start of Councillor Dann Hassell 09105122 Prior to the start of Councillor Candida Ronald 09105122 Prior to the start of peri(Kl counc￿Or Motin Uz.Zaman 09105/22 16 Councillor Dan Tomlinson Prior to the start of 01109121 Councillor Eve McQuillan 14ior to the start of period PTioT to the start of 01109r21 Councillor Asma Islam 09/05122 09105122 Councalor Kahar Chowdh Councillot Mufeedah Busun 01/09121 Prior to the start of period Prior to the start of period 09/05122 Councillor Sabina Akhtsr 09105122 The Chair of the King George's Fidd Charity Board on behalf of the tn￿tee (London Borough of Tower Hamlers).. Date: 17 REPORT OF THE TRUSTEE For the Year 31 March 2022 The trustee is responsible for preparing the TrUs￿e Report and the financial statements in accordance with applicable law and United Kitigdom Aeeoutitins Standar&s (UniEed Kingdom Genetally Accepted Accounting Practice). Law applicable to clwities in England and Wales requires the trustee to prepare fina￿1￿1 statements for eacb financial year which give a true and fair view of the incoming resources application of the resources of the ¢harity during the year and of irs state of affairs at the end of the year. In Preparing these Ell￿ncIal statements the trust& is required ￿. Select suitsble acciymting policies and appty them cots%istelltly". Observe the methods and principles in the Clwities SORP: Make iudgernents and estimates that are reasonable and prudent" State whether applicable accounting standar(L% have been foll¢)wed. subject to any material departures disdosed and explained in the financial st3tements: and Prepare the financial srateznents on thegoingconcembasisunless it is inappropriate to presuwe thai the ehariry will continue in operation" The t￿￿tee is responsible for kwing proper accotsnting records which disclose with reasonable accuracy at any rime the finanaal wtsition of the clwiry and which enable them to ensure that the financial stxtements comply with the CTrwities Art 2011. the ChaTity (Accounts and Reports) Regulations 2CK)8 and the Chariry's corLStitution. They are kn responskble for safeguarding the assets 0£ the chariry and hence for taking reasonable steps for the prevenuon and detection of fraud and other irregularities. In line with the requirements of the ChaTÉtyG)rnrnIssio￿ the trustee appointed Arnold Hill & Co LLP (Chartered Accountants) as the Auditors of the chaTiry. The Chair of the King George's Fields. awiry &)ard on i*ha]f of the trustee (LDndon Borough of Tower Hamlets).. Date: 18 KING GEORGES FIELD. MILE END AUDrroRS REPORT TO THE MEMBERS OF K￿G GEORGES FIEtJ), MILE END Opinlon We have audited the finanrAal statements of Krng George's Fidd, MÉle End (the '¢harity') for the year ended 31 March 2022 which comprise the statement of financial actiwties. the balance sheet and the note5 to the ftnancial stalemenls, in¢ludirk9 a summary of significant a¢¢ounting poliaes. The finar￿la1 Feporting framework that has been applied in their p￿paration is applicabte law and United Kin9dom Accounting Standard5. including Financial Repo￿n9 Slandard 102 The Financial Reporb'ng Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generdlly Accepted Actounting Practice}. In our opinion, the ststements: give a true and fair wew of the stale of the charity's affairs as at 31 March 2022 and of its incoming resou￿$ and application of resources. for the year then ended., have been property yeparéd in accordarth ￿￿th United Kingdom Generalty Accepted Accountin9 Practice., and have been prepared in accordance with the reqU1￿ments ofthe Charities Act 2011. Basls for oplnion We conducted our autht in accordance ￿ Intemational Standards on Auditing (UK) (ISAS IUKI) and applicabfe law. Our responsibditie5 under those standards are fvrther described in the Audilorfs responsibilities for the audit of the fmancial slatements se¢t40n of our report. We are independent of the charity in accordance wth the eihical requirements that are ￿le¥onl to our audit of the financial statements in the UK, including the FRC'S Ethical Staridaid, and we have fvffilled our other ethical responsibilities in accordance with these requirements. We believe thal the aLKIit evidence we have obtained is sufficient and appropriate to prowde a basis for our o￿nion. Concluslons r•latlng to going concern In auditing the finan¢ial statements. ￿ have concluded that Ihe trustees. use of the goin9 con¢em basis of accounting in the preparakn.on of the finanrAal statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions thaL indiwdually or colle¢tivèty. may cast significant doubt on the ¢harity'$ ability lo continue as a going concern for a period of at ￿ast months from wknen the financial ststements a￿ authodsed for issue. Our responsibilities and the responsiknlities of the tnjstees wilh Tespectto gcing ¢on¢ern a￿ described in the relevant sections of this report. Other InfornialSon The other inlomialion comprises the inlormalion indLKled in the annual report other than the financial statements and our auditorfs report thereon. The trustees are reyjnsible for the othef ￿fOrMat￿on contained ithin the annual report. Our opinion on the financial statements does nol ¢over the olhei infomation and we do not expross any lomi of assuranee concluston thereon. Our responsibilrty is to read the (rther infomialion and, in dting $0. consider v￿ther the other infomi*ion is materially in¢onsistenl with the financial stslements or our kr￿vledge obtained in the Course of the audiL or othernyise appears to be materially misstated. Ifwe identsfy such matersal inconsistencies or apparent material misstatements, we are Tequired to detemine vthether this gives rise to a malerial misstatement in the financial statemen1$ themselves. If, based on Ihe work we have perfomed, ¥￿ condude that there is a material mlsstatement of this other inlomation, we are required to report that fart We have nothing to report in this regard. Matters on which we are requir￿ to report by ?x¢eptlon We have nothing to report in respect ofthè fdlowng matters in relation towhth the Charityes (Accounts and Reports) Regulations 2008 require us lo reportto you rf. in ouropinion.. the infom)ation given in the financial ststements is inCc￿$￿tent1n any material re5pectwth the tru$fro$' feport: or sufficient a¢￿￿ntIng records have not been kept: or 19 the financial statements are n¢)t in aqreement wilh the ac¢ountinA records., or we have r￿1 received all the infomiats.on arKI explanations we require for our audit. Responslbilities of trustses As explained miye fully in the Slatement of Trustees. Responsibilities, the trustees are ￿sponSIble for the preparation of the accounts and for being satisfied that they give a Irue and fair view. and for such intemal Control as the dire¢tors detemine is necessary to enabte the preparation of xcounts that are free from material misstslement, wtheth2r due to fraud or error. In preparing the accounls. the trustee5 are responsible for assessing the ¢harity's abilrty to conts.nue as a goin9 concem. disclosing, as op￿1¢able. rnatters related to going ¢oncem and using the going concem basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. AUdit0￿S responslbllitie$ for the audit of the financlal statem•nts We have been appointed as auditor under section 145 of the Charities Acl 2011 and report In accordan th the Act and relevanl regulations made or having effect thereunder. Chjr obseclives are to obtaift feasonable assurnnce about wthether the ffinancial stslements 8$ 8 vthole are free from material misstatement. whether due to fraud or error. and to issue an auditor's ￿pOrt that irscludes ouropinion. ReasOna￿e assurance is a high level of assuran￿ bul is not a guarantee that an audttconducted in accordance with ISA$ (UK) will always delect a material rnisstatemenl vthen il exists. Misststements can arise from fraud OT eThor and are ¢onsidered material if. individually or in the aggregate. they could Teasonably be expected to influence the e¢onomic deusN)n5 of users taken on the ba￿$ of these financkql stslements. Irregularities. irKbJding fraud, are insta￿$ of norKompli?nce kws and feguEations. We design procedures in line with our responsibilitres, ovuined above. to detect matertal misstatements in respect of irregularities, including fraLKI. The extent lo ￿1¢h our pioeedures are capable of detecty.ng irregularities. including fraud. is detailed below. Dotsction of fraud and bfeach8s of regulatio To identify risks ofmalerial misstatement ¢Jue to fraud. we considered events or conditions that could indicate an incentive or pressure to ￿MMIt fraud or provide an Opp￿lty io do so. Our approach induded.. using analyb'cal procedures to Ident￿ unusual relalionships" ading minute$ of trustee meetings- discsJssin9 charity poh'fyes procedures on fraud detection and prevention wth trustees. and enquiring about any knowledge of actual. alFeged or $uspe¢led fraud. We communicated idtnbfied fraud risks throughout our team and ￿rna1ned alert to any indications of fraud throughout the audil. To identify risks of Materi￿ mÈs$tstement due to rKxFcompliance thryth layts 8T￿ regulatTrons. our approach vras a$ follows.. We identified areas of laws and regulations that could reasoTrabty be expected lo have a material effect on the financial statements from our general charity experience. ond through discussion with the trustees and other management (as required by auditing standards). and discussed wsih the trustee5 and other management the pdicies and procedures regarding ￿mpliance wlh laws and re9uEations', We consjdered the legal and regulaw frame*Drks di￿¢t￿ aP￿Icable to the ffinanaal statements reporting framework IFRS 102 and the Charilies Act 20111 and the Televanl tax compliance regulation5', We wnsidered Ihe nalU￿ ofthe industy, the control enwronment and charity s performance. 20 procedures included: testing manual iown8ls.' wwng the finan(ial statement disdosures and testing lo supporting documentation.. performing allalyti￿l procedures," and enquiries of management, and wer8 designed to Pfovide reasonable assurnnce that the finanry81 slalements were free from fraud or error. (￿ing to the Inh￿nt limitations of an audit. there is an unavoidable risk th8t we may not have deteded some material misslalements in the financial statements. even though we have properfy planned and performed our audit in accordance with aUd￿'ng standards_ For example. the ftsrther removed norF Compliance with laws and regulations is from Ihe evenis and transaction5 reflecled in the financial statements, the less likely the inherently limited prO￿UTeS required by auditing standards would identify IL The risk is also greater regarding non-delection of fraud rather than error, as fraud may involve intentional concealment, fofgery. collusion, omission or misrepresentats"on. Our audit procedures are designed to delect material rnisstslemenl. We are not responsible for prevenling nork-compliance arml canTr)I be eX￿ted lo detect non At 31 March 15.896.40 .96 .80 Restated Last Year Totsl Fulldi Summqry of fThnd5 Total Funds 2022 2021 Unresrricted ￿ndS Revah￿￿Tr resetve fiityd 57.914 15.896,400 77.287 15.963.800 Total £uDd$ 15.954.314 24 KtNG GEORGES FIELD, MILE END FOR THE YEAR ENDED 31 MARCH 2022 Restated 2021 Note$ 2022 Fixed assets TangThE le a￿ets 9.714ffj53 6273.900 9,735378 6319.700 10 Total fixed awet$ 15.988553 16.055.078 Current assets Debto li 327fj01 455573 Total eurTent &ssets 327fj01 455573 CEedAtO￿ amounts f8lling due within one year 12 (361140) 1469564) Net eurrent asser8 (34239) (13,991) The iotal net assets of the charity 15.954.314 16.041.087 The total net ￿￿ell of the charity 4re ￿llaed by the funds of the chariry. ai follow8:_ Endowment invewllent & Fixed assets fund8 13 15096.4(X) 15.963800 15396.400 15.963,8CLI UDTettrieted Ftsttdi Unresttiered Revenue Funds 13 57914 77287 57.914 77287 Total chariry funds 15,954.314 16.041.087 The Chair of the King George's FÈelds' Borough of Tower Hamlets).. rity Prfjard on behalf of the trustee (Ix)ndon Date: 25 K￿G GEORGES FIEID, Mlll END FOR THE YEAR ENDED 31 MARCH 2022 Re¥ta¢¢d 2022 2021 Cash Ilows from operating ac¢ivtiie$ Net cash provxled by operating a¢tiY*iesaSsl￿Wll bebw {204ffj48) C785.432) Casb flow$ from llrve¥riug acfiviues Other illvestment income. illckndiogtetsts from investments PuEchase of property. pbntand equ￿uLe￿[ 497.951 (26,040) 481,487 145,9621 Net cash provided by iovesting activities 471,911 435.525 Overall cash ptovided by aetiyities A*B 267.263 (349.907) Ca$h movements ange in cash and cash equivakntsfrom activities i the year ended 31 March 2022 Cash and cash equivalents at l AprI2021 267263 (370,016} (349.907) 120.109) Cash at bank and iu ILand leu overdrafts at 31 Maick (102,753) (370.0161 Reconciliation of net income to net C4sb flow from operAtitig ietiYitAe> Ner income l (deffttt) as sl￿Wn in the&atementof FitHucialActtvx (141398) 11213 Adjustments for :_ Depreciation charges Provision for bad and doubtful debts Wrire downs of assets Net Unreali￿ IGain)/ iovesttDeDtasets Di¥idend& illtsresralld Tentsfrorn investments Other gaiTrs and b (Increase) / DecTea* in debtors lllcrea5e I ITkcrea*) in credtor& eXC￿dIng ba ReyabJa￿n 101390 46,824 3263(N) 45,81KI (497,951} 1381,125) 81.149 159538 54.625 96.120 31,793 18.4001 1481.4871 (325010) 1108A611 Net ca$b provided by operating actxvAties (204.648) (785.432) 26 K￿G GEORGES FIELD, MttE END l. Accounting Policies The financial siatements have been prepared in acL¥)rd3nce with the chaTitie5 SORP (FRS 102) - ACC￿]ntIll8 and Reporting by Charitie& Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland {FBS 102) (effective l January 2015), the Financial RepoTtRn8 Standard applicable in the UK and Republic of Ireland (FRS IU2 and the Charities Act 2011). The financial statements have been prepared to give a trne and fairview and have departed from the Charities (Accounts and Reports) Regulations only to the extent required ￿ provide t￿e and fair view. This departure has involved following the ch￿illes SORP (FR$ 102) published in October 2019 rather than the Accounting and Rep)rtin8 by Chariues Statement of Recommended Prnctice effective from l April 2Crf)5 which has since been wAthdrav4TL King George's Field. Mile End meet tbedefinition of ￿b]IC benefitentityunder FILS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise stated in the ielevaTht accolinting￿]Icy. The finaneid 5tstemeDts are pretAred in sterling. which is the fimctional currency of the Company. Monetary aTnounts in these financial statements are rounded to the neorest £. la Going thncern The tr￿stee h&$ considered aperiod of at least 12 months from the date of signing these accounts and detern]Ir￿ that there are no mateiial uncettainties regardin8 (he charity's abiiiry to conunue and to meet its on%oin8 liabilities for the next 12 months. Therefore, the accounts are prepared on a going concern basis. All income is Tecogni5ed once the Clwity has entitlement to the incon￿. it is probAble that the income will be received. and the of income can be measured reliably. The significant sources ofincome for the Trust Telate to, donations received fEom the tLJndon Btsrough of Tower Hamlets (SOFA- Donations. Note 3). admissioLs fees for events and exhibitions and away days held at the park {SOFA - Charitable activities. Note 4) and renral income from retsii unit5 owned by the Trust (SOFA- Investment income. Note 6>. ExpenditUTe is recognised once there is a kgal or cOnstr￿￿1ve obligation to traL8fer eeonomic benefit to a third party, it is probable that a traDsfer of economic benefits WIEI be required in settlement and the amount of the ob]i8auon L7n be measwed reliably. The charity s primary 27 activiry is the maintenance of Mile Ettd Park. #nd the other open spaces within King George's Field, Mile End. for the use and enjoyment of the public. All direci and support Costs includitig central staff cc6ts, and depreclation charges are allocated to this ptimary activiry to further the charity's objective. Land and Buil&ngs a%sets aTe subject to the de minimis for capitalisation of £50.IMXJ. Rentals payable from operating leases are charged to the Starernent of Financiat Activities (SOFA) to reflect the economic benefirs consumed oveT the life of the lease. 15 Tan8ible F￿ed assets and depreciation Tangible fixed a&seLS (Plant and Machillery) are initially recognised ai COSL After recognition under the cost mcdel. tangible fixed are measured at C¢)5t less accumulated depreciation and aCa￿ul￿tea impainnent l(xsses. All ctsts ineurred ro bring a tangible fixed asset intt) its intended working condition should be induded in the measurement of cost. Tangible fixed assets (IAnd and Buil(]ingl are valued every five years on the basis of ExistingU5e Value IEUV) and recogDised in the Ba]ance sheer usin8 the Revaluation method. Valuatiork of Land and Building has been carried out by qualified RJ¢J valuers (Wilks, Head & Eve). Depreciation i% charged so as EO allocate the cost oftangible fixed a8sets. less their residual value. over their weful economic lives on a strai8ht-]ine basi& Useful ecollomi¢ lives are assessed on the followin8 basis: Land and Building Plant and Machinery - 26-54 years - 5 years lllvestments hdd as ￿￿ed A&*ts Investment properties assets are initially recognisedatcost. After recogtiition under tc&t model, they are revalued on a fair va]ue basis at the reporting date. These assets aze revalued annually and not subjerted to depreciauon. Gains or losses ontevaluation are recognised in the Statement of Financial Activilles (SOFA). 1.7 Debton Trade debtors are recognistsl at the settlement amount after any trade discount offered. Where debts may not be $ettled. the balaTr￿ of debtors is wriuen down and a charge made to unrestricted revenue for the income that might not be couecred. Cssh at bank and in hand The T￿￿ doe5 Thot hold a bank aCo￿at of its OWN the IA)ndon Bon)ugh of Tower Hamlets holds cash on behalf of the T17￿t or the Tr￿$t owes cash to the london Borough of Tower Hamlets. As per FRS 102 Section 11. the chariry makes use of only basic financtal inStnJ￿ttts which are initially recognised at transaction value and subsequently measured at Settlement value. Financial instn￿ents held by the entity cotllPTise debtOL3, credito and cash. 28 1.10 Liabilitie5 Liabiliues are Teco8Thised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a uansfer of economic benefit will be requiied in settlement, and the amount of the settlement can be estimated rellably. liabilities are recognised at the aM(￿Jnt that the c￿￿1]ty anticipated ir will pay to settle the debt or the alllount it h&% received as advanced payments for the goods or services it mu5( provide. 2. Prior Period Adiustmenrs The charity has tnade a PTAOT period adiustmeni relating to one issue. where the cl&ssificauon of an assei has been reclassified from FLYedAssets Uand and Building) to Investments held as Fixed Assets. The previously repjrted dosing balance of Fued Assets (kna and Buildings) ana Investment held as Fixed Assets at 31103r2020 £9.853.824 £6.155.8(K) respectively. The prior year adi7JSted clw bajance of Fixed knets (Land and Building$) and Investment held as Fixed Assets at 311W2020 is now £9.T35J78 and ￿,3]9,7(KI respectively. Unrestricted Funds." General fimds are unrestticted ￿Thd5 which are available for use at the discretion of the tn]sree in hrtherance of the general objectives of the Chariry and which have llot been designated for other pu4) Endowment Funds: The chatity h&% permanent endowments with ao power to convert the 3Pital into TrncoEne. The ch8Eity has pennanent endowments in the fonn of investments in fLxed sets and tangible f￿ed assets (land and Buildin&). The income generared from these pennanent endowments are unrestEi¢ted and u%ed to turthet the chariry objective. aL Income from Donatio Cllrrent yeai Curren¢ year Cllrrent year Prior Year UDres¢TiCted Eudowmtnt Total Fuuds Total Funds Fullds Fund$ 2022 2022 2022 2021 378507 378.507 588.809 Total donations 378.507 378.507 588,809 Alliywmefrom dollatiO￿TeA&te to unrasthctedfun]#ri25. ch¥ri¢able activities Empk>yed Nl- CbaEitable arttvit*s Ikfjned beoefirpewn eoys. cbarnab 292504 292,504 241.361 22.742 22.742 20,958 27274 27.274 33,978 Travelaryl &Jbrnce- l]wmbk Aciivirr5 Employee xeiated expejws Events and Ex￿bitionS 21.752 21.752 19,948 13304 7363 46M24 iB3 13.304 7.363 46.824 183 6,166 180 Provi5xTrn for Bad and t%Jubtful deErt5 U¥thm$ 31.793 Total direct speJJdin8 431.946 431.946 354.384 Suppor¢ cosu for charitable activities Current year Unrestrkcted CurtÈnt year Current year Endowment Total Fllnd8 Prior Ye•x Total Funds Funds 2022 Fundj 2022 2022 2021 PTemtse$ E4>enses ReTrtpayab]EiuAer opeEatiDgSEa Ratssand water cbarges ae￿￿ and w￿e ¥nawemeot 78.152 22232 49227 78,152 22.232 49.227 89,617 88.324 47.095 mainteDallce 482.930 482.930 449.371 Adminixrauve oyerhe4d¥ Te]ÈphoJe. fax aJ)d illtern Equ￿rnellt expen 2.968 30.665 6.963 2.968 30.665 6.963 23.461 5.277 959 Adverrtyllgatyl ZTraTkeDti8 ￿￿b￿riptKJ￿2nd Ixences 20 20 643 ProfessJoL*l fee$p•id to •dvisots other tbe auditor or Management Eees 63M86 63.886 17.789 Fiu4neial co$ts LkPreciat￿ll & AmoEti5atr&n in tot31fi)r the pemd 25.165 76225 101.390 96.120 Total support Cost$ - Current Year 762.208 76,225 838.433 818,656 31 All charitabk expenditUTes in relauon to prior year {2020121) was on unrestricted fi￿d5. except for the supw)rt Costs for depreciation charges {£76.225). This is relating to endowment tangible fixed a55ets- land and building, which was recorded agaijjst elldowment fill￿s. Steff costs and emoluments S4Jary costs 2022 2021 Gross Salarles exdlldi￿ ¢n￿tee$ aTrl key marÉgaDerrt Ft50DDel Employer's NatioETral ItNrarKe for all staff Ernployer's cortr¢ibutiottto defined Pe￿lOn $d￿neS 292504 22,742 27.274 241.361 20,958 33,978 Total salarie$. wages aDd ielated costs 342.520 296.297 The average Allnber of staff employed in year was Employees worling in the Mile End Pazk and other local parks and open spaces are London Borough of ToweT Hamlets employee& No employee recelved more than £60,(XKJ in 2021122 and 2020ni. They #re eligible to join the Local Government Pertsion ad5ninistered by the London Borough of Tower Hamlets. No remuneration costs of key management personnel is included within the Tn]st's accounts. Other Ezpenditure - Governance eo Current year CurreLt year Current year Unrestrtc¢ed EDdowmettt Total Fullds Prior Year Total Fund8 Funds Funds 2022 2022 2022 2021 Auditor's fees 7,000 7.000 Total Goverrtance costs 7.000 7.000 7.000 Total Charitabk expeadi¢ure Current year UllreStr￿ted Current y*#r Current year Endowrnent Total Funds Futsd# 2022 Prior Year Total Fund$ 2022 2022 2021 Totaldwecr spe]Mling TotalAEPPOrt co TotalGoYernar￿e costs 431.946 762208 431.946 838.433 7.000 354,384 818.656 7.000 76225 Total charitabk expettditure 1.201,154 76.225 1.277.379 1,180.040 32 9. Tangible Fixed A&sers Plaat & Machiuery Total B￿ldIng5 Cost At l April 2021 Addiiio]k% 9.949.( 114551 IOJ)T2,551 26.040 1326.5 &]rplwsoDrevl {326.5 At 31 March 2022 9.622.500 149.591 9.772.091 Depreciation At l April 2021 CtrArge for tk year Ckrged onrevaluat 322T3 25.165 7.173 101,390 1381,125} 76225 {381.1251 At 31 Marck2022 57,438 57.438 N¢t valu¢ At 31 March 2022 9.622.500 92.153 9.714.653 At 31 March 2021 9.644.100 91.278 9.735.378 Restated Lattd Plant & Bwldws M*thitiery Prior Ye4r Total Cost Ol Apra 20X) AdJiiK) 9.949A 77589 45962 10.026,589 45,962 31 March 2021 9.949,000 123,551 10,072,551 Depreciation 01 Apri12020 (TrérgÈ for year 228.675 76225 12378 19095 241,053 96,120 31 March 2021 304.900 32.273 337.173 Net book value 31 M4Trh 2021 9,644,100 91,278 9,735.378 31 March 2020 9.720.325 65.211 9.785.536 33 2021122 Investment Properties Total Cost Blfiyd 6.3l9.7(K) I45.￿) 6.319.700 (45.800) 6.273. 6.273,900 2020121 Restated Investment Properties Total Co$t BI￿a 6.311.￿} 6.311.300 8.400 Cjfivd 6,319,7(Kl 6.319.7C Valuation of Investment PrnEJertÉes is canied out on an annual basis by qU￿]fied Royal Institute of Chanered Surveyots {Rl(3) based on market value. 11. Debto 2022 2021 Trade debtors 344,C62 20.010 42,125 (78.616) 327,(111 391.073 19.975 76,318 {31.793) 455.573 Other debtors Othei debtors relate to cash due io the Tn￿ in relauon to rent collected by the managin8 agent of £42,125 in 2021122. É76.318 in 2020121. 2021 Trade creditots Otkr creditors PAYE. NIC VAT and Od￿ tax Receipts in adva7Ke 25.720 130,752 10.T36 194.632 361.840 15.651 391.016 8.443 54,454 469,564 Included in other credktors is cash due to the IAmdoD ￿)rough of Tower Hamlets of £102.753 in 2021122 and ￿70,016 2020lll_ 13. FwLds repre5entsl by a￿ets and liabilities Particulars of how particukn fijnds are represented by assets and liabilÈtses At 31 Mareh 2022 Unrestricted Endowment Total Funds Ta￿tsk Fixed Assers InvesÉment Fid Asse Crn Assers 92,153 9.622.5 6.273,9 9,714.653 6,273.900 327.601 (361.840) 327.fl)I (&51,840) 57.914 15.896.400 15,954,314 At 31 March 2021 Restated Unrestricted EndowDxent Total Funds Tarjgthle FÈn- Fzi) Number of Partici Number of 2.593 1.324 1.695 118 22 4.3. Stepney Gieen astroturfboobngs.. From April 2021 to March 2022 there were 841 bookings taken for the astroturf pitches in Srepney Green. 4.4. Volunteer programmts: Due ro lockdown periods and uncertainty resulting from the pandernic. the charity had a mtnimal cory￿rate volunteer programme. The Friends of Mile End Park worked in pattnership with the Parks team to cany out numerous bulb planting activities. litter pickin& and soft horticultural nthintenance acrcÉs Mile End Park A corporate group of approximately 50 volunteers was facilitated in Stepney Green Park in Noveniber 2021. Through this acriviry approxituately 6LX) mixed species of whips were plante4 coveTing an estimated metres squared around the perimereT of Stepney Green Park. Additionally. the group planted over 30(MJ spring bulbs in Srepney Green Park 45. Events and Activities in Mile End ParkArts and Fthlogy Pavilions: The Ans and Ecology Pavilions hostd a number of free to access days for the public and comrnercial bookings across the year to support conununity engagement and income generatioL A summary of the bookings is provided in Table 2, below. Table 2: Sunwwy of b(x)knngs Arts Pavilion (Number of days) Ecology Pavilion (Number of days) 163 LIS Testing Site NHS Vaccination C*ntre 163 Corporate events Priwdte hires 23 20 Exhibitions (including set up) 105 Blood donor se&sions aosed foT WOTks 17 242 Pa￿lIon high]ights: The Pavilions contÉnued to play a central role in the Council s COVID-19 response. with an NHS run vaccine centre at the Art Pavilion and LTS Test Centre at the Ecology Pavilion. Both were onsite until 10 September 2021. The Ecology Pavilion The Ecology Pavilion hosted a greater number of corporate booknngs. This was in line ￿th an investment made into equipment pre-pandemic. which post pandemic has resulted in iucreased bwkings for both external and internal clients. Corporate clients of note included Gate One Consultancy (two-day conference and team celebration). Ibeen Mary University Inndon's Busine&8 school fresher's week. production crew holding areas and fflming and several internal Council "away days" and awards events. CotEllnurrity activiues suppotted included: East End Kids for whom we provided a safe space for children supponed by the group and their families to meet up and re connect post pandemic. School visits connected to ecological enriehmeut days organised by the Counckl's Parks and Open Spaces team. The Festive Tea Dance attended by over 180 residents. Six blood donor sessions. Four Urban Maker Market Days Noor Aromas Fair prompting local businew that started up at home during the pandemic and part of -# Small Business Saturday". Investments included the lighting upgrade making the Ecology Pavilion more efficiently and gready Teducing the nlaintenance costs. This investment also compliments the sleek modern sryle of the venue and will in)prove customer experience whilst in the Paviliom This brings the Ecology Pavilion in line with the Art Pavilion. which has a lighting upgrade pre- pandemic. Once handed back from NHS vaccine centre. the Art Pavilion hosted a busy schedule of exhibitions. which saw over 35(N) people visiting free to access shows. Exhibition highlights included: LOOK AGAIN - 24 September to 2 October 2021 Paintings by Dharniacari Abhayavajra (AKA Paul Newman). which explored how traditional materials and processes can give ti8e to new and unexpected meanings. uropIA - 7 to 17 October 2021 Multi-media art group show. which w&8 part of the Eco-feminism festiv8J and inspired by the 1970's movement exploring the relationship between nature and women. IN SEARCH OF POSSIBIIrnFS - 21 to 31 October 2021 Exhibition from the In￿rnational exhibiting group Piism showcasing a range of quality textile practices with a fine art approa ART MATfERS - Essential School of Painting. 6 to 20 November 2021 Essential School of Painting presented their annual end of year shows with brilliant and topical artwork made during exlraordinary times. East IA)ndon Printmakers Festival of Print 2021- 26 November to 5 December 2021 East Lnndon Printmakers showcased a broad range of contemporary printmaking. iangiDg from traditional techniques to experimental pr(Kesses. FIVE: 50- 9 (0 16 December 2021 Five artists shared their work on the theme of freedom and independence. 50 years after the liberauon of BangiadeslL SEIF-CONSCIOUS - Dennis Beckton Art Collective. 2 to 6 March 2022 Mixed media works from a group of emerging artists who (lid not have degree shows due to the impact of COVID-19 and based around the theme of consciousness. THAT NThORK- Rellect. Reconnect and Renew, 22 to 31 March 2022 A celebration of local students. artwork created during the pandemic offered visitors the opporn￿kry to capture memories and thoughts as pan of a live collaborative att ple￿. 4.6. Mile End Park Friends Group: Rangers conllnue to work with and supprt the Friends of Mile End Park who organise events and act as a ￿]11C21 friend regatding development of plans and priorities. The Friends Group also self-managed tasks such as litter picking, sott hotticultural ￿￿]ntenance and bulb planting. Across the park and pavilions a range of community engagement schemes are supported including: Volunteer schemes Communiry Garden schemes Community arts exhibitions io CA)rporate volunteering in Siepney Green Park 5. Improvement works 5.1. A rnnge of improvements were made to improve sporrs and wellbeing facilities ana to improve access. including: New outdoor gyms at Mile End Park and Stepney Green Park Resurfacing of the multi-use games area at Mile End Park BMX track resurfacing at Mile End Park Improved lighting at Mile End Park 6.1. In 2021122 we achieved the following improveTtLents towards biodiversiry in Mile End Park and Siepney Green Park. Estimated 10.(K)O spring bulbs plauted by Park Rangers and Friends of Mile End Park in various sections of the park. Fstimated 3(K) metres square of 6CM) mixed whip planting in Stepuey Green ParlL EstRmated 20 British Nauve Trees planted in Mile End Park {maiJlly in sections of Agnes Green and Haverfield Green). planted in autumn 2021. 7.1. The fijll year's accounts are attached to this annual report. 7.2. All income generated within the King GeoTge s Fidd clwity lands go to the charities accounts to support the public access to good quality SPOrts and leisure facilities. 7.3. The Chariry generates income to fimd the Mainte[￿rtCe of the park and its progranune of artivities. This income is generdted througlL" Rentals of shop/restaurant units plus climbing wall centre. These propertie5 are managed by Council's Asset Management team. They have outsourced the managernent of the shop units under the green bridge. The external company collect rents and service dwges. reviews leases and find tenants for any vacant lots. Operation of car parking spaces, these being in Haverfield Road and IAwton Road (by green bridge). These are managed by the Council's parking services. li CA)Tporate volunteer schemes. Managed by the Parks Team these provide a usefill volunteer work force for maintenance of the park and also income from a fee per participant. Hire of artificial football piich at Siepney Green. Managed by the Parks Teatn. The SAte does generate a small Surp1￿ and the majority of the teams using the facility are local to Tower Hamlets and the fees are amongst the cheapest in London. Hire of pavilions for weddings, private parties and exhibitions. Bookings are Managed and staffed by parks personnel. including a pool of casual events staff. Facilities MaDagement manage the utiliry bills, cleaning 2nd Commercial activity such as faiT8rounds and film locaEions. These are managed by the CounaI s Festivals and Events team with the incoEne coming to the Charity. 7.4. The Cknity's financial p)siuon at the end of 2021122 show5 a decrease in net assets of £86,773 to £15.954.314 (2020r21: £16.041,087) driven largdy by a reduction within our endowment funds of £67.4￿ and decreases in wlrestticted fill￿5 of £19.373. 7.5. The Chariry's endo￿nent totall1￿ £]5,896,4￿ (2020121: £15.963.800), include tangible and investment fixed &&sets. Tangible fixed assets totalling £9.714,653 (2020121: £9.735.378). support the public access to gcM)d quality sports and leisure faciliues. including Mile End and Stepney Green Park as well as the pavilions and football pitches on park lands. Investment assets totalling £6,273,900 (2020121.. £6,319,700), are held to generate rental income to further support the charitable objects of the Cljarity. 7.6. The Chariry's unresttic*d fun& totalling a sutplus of £57.914 (2020121: £77287 surplu5) comprises the cumulative surplusldeficits at the year-end. All rental income arising from investment assets beld in the endowment fimd is credited dÉrecdy to thi8 fun& The unrestiicted fund is available to use in carrying out the charitable objects of the Charity. 7.7. The Charity currently does not have a policy on level of reserves since the sole Trustee is the Inndon Borough of Tower Hamlets. which meets in full the Charity's net expenditure. so the Charitys funding is secured. The Tn￿t Charity Board therefore has not ser up any financial reserves to protect against any unforeseen fluctuauons in income or expenditure. 12 The key risks to the Charity include financial. reputational and public safety risks. 8.1. Incoll￿ generatio e Park management team. on behalf of the Charity. acts to create a sustainable income stream to suppon the maintenance of the park and its in£rastriictuze. The Green Bridge rentalunits PrO￿de a significantcontribullon to the Chariry's I￿orne stream. In relation to this property rental income stream we have identified the following Non payn]ent of rent/arreaTS . Tenants vacatinwserving Notice Breaches of leases To mitigate against the above zisk8 a competent lettings agent. appointed by the Counckl. manages the tenancy arrangements for the Green Bridge rental unÉts to ensure best value and good Dh￿ageMent of tenants. 8.2. Rental aTreazs: The lettings agent takes a proactive approach to MO￿tOrI￿g Tental income and take early inte￿entiOn if there are any i&gues identified with a tenant. If required. the council can undertake debt recovery action ensuring rent is received and arrears Historically the rentsl units have been fi￿Y occupied with a low nThover of tenants. Some of the units have been occupied by the same tenants for over ten years and a￿]ng the pandemic only one tenant Ceased to trade. and they easily assigned theirlease, showing the resilien￿ of the location. The location is attractive to a wide range of businesses due to its proximiry to Mile End tube station. a nearby universiry and residential areas that provide a high level of footfall. With a large number 0£ the tenants benefitting from Security of Tenure under the landlord and Tenant Act 1954, they would have to serve notice on the landlord to leave. As a result, there will be at least a 3-month notice perioj. which will assist 13 in the marketing of the unit and would hOPe￿llY mitigate the risk of a void period and loss of income. In the event of a unit being vacant for a period of time the Charity could utilise the council's Meanwhile Use progrnmThe to temporarily occupy a vacant urrit ￿￿th a 'pop-up' shop. thereby maintaining the vitality of the location. It also l)as the impact of maintaining (Kcupation. and therefore mitigates void costs. as well as the risk of Squatters. 8.4. Breaches of lease5: t£ases are monitored by the letEing agent and the Park management team with support from the council's enfoT¢ement and legal teams if required. This approach enables any breaches or compliancy tssues to be resolved as quickly as possible. 8.5. In addition to rental income, the Charity also relies on income generated through the venue hire of the Arts and Ecology Pavilions. The Park management team promotes and manages bookings for the pavilions. which are now well-established venues foi weddings. private. commercial and corporate events that generaEe income. tmprovements include setting up an Instagram account, which h&8 helped to increase the number of enquiries and booknngs. Although there are peak periods for hirers (SPliDg to autunin). the Park management team continue to diversity the range of dients and adapt to changing markei c0nsidetatio￿s. The Park management team opeTates a compreheLsive inspection and repair regime for the Chariry's la1￿ and facilities. In addition. the Chariry reinvests some of the income generated through bires to upgrade facilities and equipment to ensure its open spaces and buildings are safe 8lld welcotning places for the public and comroercial ￿nants and venue hireTr. In addition. the councils Facilities Management team undertake regular preventative maintenance and surveys. This ovedl approach of Maintaining and investing reduces the risk of significant buildinWfacility failures that could lead to larger and unplanned for repairs andlor replacement costs. 8.7. Reputational and Safety Risk&. As outlined above, income frorn tenancies and hires is utilised to undertake repairs and maintenance of the Charity's assets. This approach enables the Charkty to 14 ensure Health and Safety le￿Iall0n is complied wlth and that the buildings remain in a good state of repair. As the venues are hired out regularly, it is important both operationally and reputstionally that the buildings are well Enaintained. The Parks n￿￿geMent team implements safe practices for the park8 and amerrities including regular patrols by Park Rangers with any issues recorded and reported to nianagement. There are operational procedures for the Tegular inspection and maintenance of play and equipment by trained park staff and independent play inspectors. These operating procedures have been developed in line with the relevant guidance and reviewed by the coullcÈl's CA)Tporate Health and Safety team. AdditionaI monitoring and maintenance of the Charity's park lands is undertaken by the Council's Green Team who eL8ure that the land is well maintained. The combination of regular Park patrols and Green Team maintenance helps to ensure that the Charity's land is well Tnaintained and a safe environment for people to visit. 9.1. Charity Name: The King George's, Field Mile End Clwity 9.1 Other name the charity uses: King George s Fields Stepney (Previous name) 9.3. Registered charity number. 1077859 9.4. Trincipal Address: London Borough of Tower Hamlets Tower Hamlets Town Hall 160 Whitechapel Road London EI IBJ 9.5. Auditors: Arnold Hill & Co LLP 6ib Floor. Capitsl Tower 91 Waterloo Road London Uniied Kll¥dom SEI 8RT 15 Royal Bank Scotland (RBS) 9.7. Solicitors: The Charity's soliators aTe the Legal Service of the Ix)ndon Borough of Tower Hamlets. 10. The KiDg George's Field Cknity Board 10.1. The Board coTrsisted of the Cabinet with the following Enembers for the financial year 2021122 until prv)ent. The current Mayor of Tower Hamlets was elected in May 2022. the 2021/22 finanaal year wa8 over seen under the preNIous AdmIn￿ratIon. Changes to the Cabinefs comwjsition can be tTrade by the Mayor at any time and any such changes in this perioj were reflected concurtendy in the Board's rnembership. 2021122 financi &qr to Mayor Lutfur Rahrnan Councillor Maium Talukdar CounciElor Kabir Ahmed Councillor Saied Ahmed Councillor Suluk Ahmed Councillor Gulam Kibria Choudhury Councillor Abu Chowdhury Councillor Iqbal Hossain Councillor Kabir Hussain Councillor Ohid Aluned Mayor John Biggs resent Appointsl 25105/22 25105122 25105/22 25105122 25105r22 N/A NIA NIA N/A N/A 25105r22 25105122 25105122 25105/22 25105122 Prior to the start of E)eriod Prior to the srart of NIA N/A NIA NIA 20103123 09105122 Councillor Sira (Y)105122 Prior to the start of Councillor Rachel Blake 09105122 Prior to the start of Councillor Asma Be LTr)/05122 Prior to the start of Councillor Dann Hassell 09105122 Prior to the start of Councillor Candida Ronald 09105122 Prior to the start of peri(Kl counc￿Or Motin Uz.Zaman 09105/22 16 Councillor Dan Tomlinson Prior to the start of 01109121 Councillor Eve McQuillan 14ior to the start of period PTioT to the start of 01109r21 Councillor Asma Islam 09/05122 09105122 Councalor Kahar Chowdh Councillot Mufeedah Busun 01/09121 Prior to the start of period Prior to the start of period 09/05122 Councillor Sabina Akhtsr 09105122 The Chair of the King George's Fidd Charity Board on behalf of the tn￿tee (London Borough of Tower Hamlers).. Date: 17 REPORT OF THE TRUSTEE For the Year 31 March 2022 The trustee is responsible for preparing the TrUs￿e Report and the financial statements in accordance with applicable law and United Kitigdom Aeeoutitins Standar&s (UniEed Kingdom Genetally Accepted Accounting Practice). Law applicable to clwities in England and Wales requires the trustee to prepare fina￿1￿1 statements for eacb financial year which give a true and fair view of the incoming resources application of the resources of the ¢harity during the year and of irs state of affairs at the end of the year. In Preparing these Ell￿ncIal statements the trust& is required ￿. Select suitsble acciymting policies and appty them cots%istelltly". Observe the methods and principles in the Clwities SORP: Make iudgernents and estimates that are reasonable and prudent" State whether applicable accounting standar(L% have been foll¢)wed. subject to any material departures disdosed and explained in the financial st3tements: and Prepare the financial srateznents on thegoingconcembasisunless it is inappropriate to presuwe thai the ehariry will continue in operation" The t￿￿tee is responsible for kwing proper accotsnting records which disclose with reasonable accuracy at any rime the finanaal wtsition of the clwiry and which enable them to ensure that the financial stxtements comply with the CTrwities Art 2011. the ChaTity (Accounts and Reports) Regulations 2CK)8 and the Chariry's corLStitution. They are kn responskble for safeguarding the assets 0£ the chariry and hence for taking reasonable steps for the prevenuon and detection of fraud and other irregularities. In line with the requirements of the ChaTÉtyG)rnrnIssio￿ the trustee appointed Arnold Hill & Co LLP (Chartered Accountants) as the Auditors of the chaTiry. The Chair of the King George's Fields. awiry &)ard on i*ha]f of the trustee (LDndon Borough of Tower Hamlets).. Date: 18 KING GEORGES FIELD. MILE END AUDrroRS REPORT TO THE MEMBERS OF K￿G GEORGES FIEtJ), MILE END Opinlon We have audited the finanrAal statements of Krng George's Fidd, MÉle End (the '¢harity') for the year ended 31 March 2022 which comprise the statement of financial actiwties. the balance sheet and the note5 to the ftnancial stalemenls, in¢ludirk9 a summary of significant a¢¢ounting poliaes. The finar￿la1 Feporting framework that has been applied in their p￿paration is applicabte law and United Kin9dom Accounting Standard5. including Financial Repo￿n9 Slandard 102 The Financial Reporb'ng Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generdlly Accepted Actounting Practice}. In our opinion, the ststements: give a true and fair wew of the stale of the charity's affairs as at 31 March 2022 and of its incoming resou￿$ and application of resources. for the year then ended., have been property yeparéd in accordarth ￿￿th United Kingdom Generalty Accepted Accountin9 Practice., and have been prepared in accordance with the reqU1￿ments ofthe Charities Act 2011. Basls for oplnion We conducted our autht in accordance ￿ Intemational Standards on Auditing (UK) (ISAS IUKI) and applicabfe law. Our responsibditie5 under those standards are fvrther described in the Audilorfs responsibilities for the audit of the fmancial slatements se¢t40n of our report. We are independent of the charity in accordance wth the eihical requirements that are ￿le¥onl to our audit of the financial statements in the UK, including the FRC'S Ethical Staridaid, and we have fvffilled our other ethical responsibilities in accordance with these requirements. We believe thal the aLKIit evidence we have obtained is sufficient and appropriate to prowde a basis for our o￿nion. Concluslons r•latlng to going concern In auditing the finan¢ial statements. ￿ have concluded that Ihe trustees. use of the goin9 con¢em basis of accounting in the preparakn.on of the finanrAal statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions thaL indiwdually or colle¢tivèty. may cast significant doubt on the ¢harity'$ ability lo continue as a going concern for a period of at ￿ast months from wknen the financial ststements a￿ authodsed for issue. Our responsibilities and the responsiknlities of the tnjstees wilh Tespectto gcing ¢on¢ern a￿ described in the relevant sections of this report. Other InfornialSon The other inlomialion comprises the inlormalion indLKled in the annual report other than the financial statements and our auditorfs report thereon. The trustees are reyjnsible for the othef ￿fOrMat￿on contained ithin the annual report. Our opinion on the financial statements does nol ¢over the olhei infomation and we do not expross any lomi of assuranee concluston thereon. Our responsibilrty is to read the (rther infomialion and, in dting $0. consider v￿ther the other infomi*ion is materially in¢onsistenl with the financial stslements or our kr￿vledge obtained in the Course of the audiL or othernyise appears to be materially misstated. Ifwe identsfy such matersal inconsistencies or apparent material misstatements, we are Tequired to detemine vthether this gives rise to a malerial misstatement in the financial statemen1$ themselves. If, based on Ihe work we have perfomed, ¥￿ condude that there is a material mlsstatement of this other inlomation, we are required to report that fart We have nothing to report in this regard. Matters on which we are requir￿ to report by ?x¢eptlon We have nothing to report in respect ofthè fdlowng matters in relation towhth the Charityes (Accounts and Reports) Regulations 2008 require us lo reportto you rf. in ouropinion.. the infom)ation given in the financial ststements is inCc￿$￿tent1n any material re5pectwth the tru$fro$' feport: or sufficient a¢￿￿ntIng records have not been kept: or 19 the financial statements are n¢)t in aqreement wilh the ac¢ountinA records., or we have r￿1 received all the infomiats.on arKI explanations we require for our audit. Responslbilities of trustses As explained miye fully in the Slatement of Trustees. Responsibilities, the trustees are ￿sponSIble for the preparation of the accounts and for being satisfied that they give a Irue and fair view. and for such intemal Control as the dire¢tors detemine is necessary to enabte the preparation of xcounts that are free from material misstslement, wtheth2r due to fraud or error. In preparing the accounls. the trustee5 are responsible for assessing the ¢harity's abilrty to conts.nue as a goin9 concem. disclosing, as op￿1¢able. rnatters related to going ¢oncem and using the going concem basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so. AUdit0￿S responslbllitie$ for the audit of the financlal statem•nts We have been appointed as auditor under section 145 of the Charities Acl 2011 and report In accordan th the Act and relevanl regulations made or having effect thereunder. Chjr obseclives are to obtaift feasonable assurnnce about wthether the ffinancial stslements 8$ 8 vthole are free from material misstatement. whether due to fraud or error. and to issue an auditor's ￿pOrt that irscludes ouropinion. ReasOna￿e assurance is a high level of assuran￿ bul is not a guarantee that an audttconducted in accordance with ISA$ (UK) will always delect a material rnisstatemenl vthen il exists. Misststements can arise from fraud OT eThor and are ¢onsidered material if. individually or in the aggregate. they could Teasonably be expected to influence the e¢onomic deusN)n5 of users taken on the ba￿$ of these financkql stslements. Irregularities. irKbJding fraud, are insta￿$ of norKompli?nce kws and feguEations. We design procedures in line with our responsibilitres, ovuined above. to detect matertal misstatements in respect of irregularities, including fraLKI. The extent lo ￿1¢h our pioeedures are capable of detecty.ng irregularities. including fraud. is detailed below. Dotsction of fraud and bfeach8s of regulatio To identify risks ofmalerial misstatement ¢Jue to fraud. we considered events or conditions that could indicate an incentive or pressure to ￿MMIt fraud or provide an Opp￿lty io do so. Our approach induded.. using analyb'cal procedures to Ident￿ unusual relalionships" ading minute$ of trustee meetings- discsJssin9 charity poh'fyes procedures on fraud detection and prevention wth trustees. and enquiring about any knowledge of actual. alFeged or $uspe¢led fraud. We communicated idtnbfied fraud risks throughout our team and ￿rna1ned alert to any indications of fraud throughout the audil. To identify risks of Materi￿ mÈs$tstement due to rKxFcompliance thryth layts 8T￿ regulatTrons. our approach vras a$ follows.. We identified areas of laws and regulations that could reasoTrabty be expected lo have a material effect on the financial statements from our general charity experience. ond through discussion with the trustees and other management (as required by auditing standards). and discussed wsih the trustee5 and other management the pdicies and procedures regarding ￿mpliance wlh laws and re9uEations', We consjdered the legal and regulaw frame*Drks di￿¢t￿ aP￿Icable to the ffinanaal statements reporting framework IFRS 102 and the Charilies Act 20111 and the Televanl tax compliance regulation5', We wnsidered Ihe nalU￿ ofthe industy, the control enwronment and charity s performance. 20 procedures included: testing manual iown8ls.' wwng the finan(ial statement disdosures and testing lo supporting documentation.. performing allalyti￿l procedures," and enquiries of management, and wer8 designed to Pfovide reasonable assurnnce that the finanry81 slalements were free from fraud or error. (￿ing to the Inh￿nt limitations of an audit. there is an unavoidable risk th8t we may not have deteded some material misslalements in the financial statements. even though we have properfy planned and performed our audit in accordance with aUd￿'ng standards_ For example. the ftsrther removed norF Compliance with laws and regulations is from Ihe evenis and transaction5 reflecled in the financial statements, the less likely the inherently limited prO￿UTeS required by auditing standards would identify IL The risk is also greater regarding non-delection of fraud rather than error, as fraud may involve intentional concealment, fofgery. collusion, omission or misrepresentats"on. Our audit procedures are designed to delect material rnisstslemenl. We are not responsible for prevenling nork-compliance arml canTr)I be eX￿ted lo detect non At 31 March 15.896.40 .96 .80 Restated Last Year Totsl Fulldi Summqry of fThnd5 Total Funds 2022 2021 Unresrricted ￿ndS Revah￿￿Tr resetve fiityd 57.914 15.896,400 77.287 15.963.800 Total £uDd$ 15.954.314 24 KtNG GEORGES FIELD, MILE END FOR THE YEAR ENDED 31 MARCH 2022 Restated 2021 Note$ 2022 Fixed assets TangThE le a￿ets 9.714ffj53 6273.900 9,735378 6319.700 10 Total fixed awet$ 15.988553 16.055.078 Current assets Debto li 327fj01 455573 Total eurTent &ssets 327fj01 455573 CEedAtO￿ amounts f8lling due within one year 12 (361140) 1469564) Net eurrent asser8 (34239) (13,991) The iotal net assets of the charity 15.954.314 16.041.087 The total net ￿￿ell of the charity 4re ￿llaed by the funds of the chariry. ai follow8:_ Endowment invewllent & Fixed assets fund8 13 15096.4(X) 15.963800 15396.400 15.963,8CLI UDTettrieted Ftsttdi Unresttiered Revenue Funds 13 57914 77287 57.914 77287 Total chariry funds 15,954.314 16.041.087 The Chair of the King George's FÈelds' Borough of Tower Hamlets).. rity Prfjard on behalf of the trustee (Ix)ndon Date: 25 K￿G GEORGES FIEID, Mlll END FOR THE YEAR ENDED 31 MARCH 2022 Re¥ta¢¢d 2022 2021 Cash Ilows from operating ac¢ivtiie$ Net cash provxled by operating a¢tiY*iesaSsl￿Wll bebw {204ffj48) C785.432) Casb flow$ from llrve¥riug acfiviues Other illvestment income. illckndiogtetsts from investments PuEchase of property. pbntand equ￿uLe￿[ 497.951 (26,040) 481,487 145,9621 Net cash provided by iovesting activities 471,911 435.525 Overall cash ptovided by aetiyities A*B 267.263 (349.907) Ca$h movements ange in cash and cash equivakntsfrom activities i the year ended 31 March 2022 Cash and cash equivalents at l AprI2021 267263 (370,016} (349.907) 120.109) Cash at bank and iu ILand leu overdrafts at 31 Maick (102,753) (370.0161 Reconciliation of net income to net C4sb flow from operAtitig ietiYitAe> Ner income l (deffttt) as sl￿Wn in the&atementof FitHucialActtvx (141398) 11213 Adjustments for :_ Depreciation charges Provision for bad and doubtful debts Wrire downs of assets Net Unreali￿ IGain)/ iovesttDeDtasets Di¥idend& illtsresralld Tentsfrorn investments Other gaiTrs and b (Increase) / DecTea* in debtors lllcrea5e I ITkcrea*) in credtor& eXC￿dIng ba ReyabJa￿n 101390 46,824 3263(N) 45,81KI (497,951} 1381,125) 81.149 159538 54.625 96.120 31,793 18.4001 1481.4871 (325010) 1108A611 Net ca$b provided by operating actxvAties (204.648) (785.432) 26 K￿G GEORGES FIELD, MttE END l. Accounting Policies The financial siatements have been prepared in acL¥)rd3nce with the chaTitie5 SORP (FRS 102) - ACC￿]ntIll8 and Reporting by Charitie& Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland {FBS 102) (effective l January 2015), the Financial RepoTtRn8 Standard applicable in the UK and Republic of Ireland (FRS IU2 and the Charities Act 2011). The financial statements have been prepared to give a trne and fairview and have departed from the Charities (Accounts and Reports) Regulations only to the extent required ￿ provide t￿e and fair view. This departure has involved following the ch￿illes SORP (FR$ 102) published in October 2019 rather than the Accounting and Rep)rtin8 by Chariues Statement of Recommended Prnctice effective from l April 2Crf)5 which has since been wAthdrav4TL King George's Field. Mile End meet tbedefinition of ￿b]IC benefitentityunder FILS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheThvise stated in the ielevaTht accolinting￿]Icy. The finaneid 5tstemeDts are pretAred in sterling. which is the fimctional currency of the Company. Monetary aTnounts in these financial statements are rounded to the neorest £. la Going thncern The tr￿stee h&$ considered aperiod of at least 12 months from the date of signing these accounts and detern]Ir￿ that there are no mateiial uncettainties regardin8 (he charity's abiiiry to conunue and to meet its on%oin8 liabilities for the next 12 months. Therefore, the accounts are prepared on a going concern basis. All income is Tecogni5ed once the Clwity has entitlement to the incon￿. it is probAble that the income will be received. and the of income can be measured reliably. The significant sources ofincome for the Trust Telate to, donations received fEom the tLJndon Btsrough of Tower Hamlets (SOFA- Donations. Note 3). admissioLs fees for events and exhibitions and away days held at the park {SOFA - Charitable activities. Note 4) and renral income from retsii unit5 owned by the Trust (SOFA- Investment income. Note 6>. ExpenditUTe is recognised once there is a kgal or cOnstr￿￿1ve obligation to traL8fer eeonomic benefit to a third party, it is probable that a traDsfer of economic benefits WIEI be required in settlement and the amount of the ob]i8auon L7n be measwed reliably. The charity s primary 27 activiry is the maintenance of Mile Ettd Park. #nd the other open spaces within King George's Field, Mile End. for the use and enjoyment of the public. All direci and support Costs includitig central staff cc6ts, and depreclation charges are allocated to this ptimary activiry to further the charity's objective. Land and Buil&ngs a%sets aTe subject to the de minimis for capitalisation of £50.IMXJ. Rentals payable from operating leases are charged to the Starernent of Financiat Activities (SOFA) to reflect the economic benefirs consumed oveT the life of the lease. 15 Tan8ible F￿ed assets and depreciation Tangible fixed a&seLS (Plant and Machillery) are initially recognised ai COSL After recognition under the cost mcdel. tangible fixed are measured at C¢)5t less accumulated depreciation and aCa￿ul￿tea impainnent l(xsses. All ctsts ineurred ro bring a tangible fixed asset intt) its intended working condition should be induded in the measurement of cost. Tangible fixed assets (IAnd and Buil(]ingl are valued every five years on the basis of ExistingU5e Value IEUV) and recogDised in the Ba]ance sheer usin8 the Revaluation method. Valuatiork of Land and Building has been carried out by qualified RJ¢J valuers (Wilks, Head & Eve). Depreciation i% charged so as EO allocate the cost oftangible fixed a8sets. less their residual value. over their weful economic lives on a strai8ht-]ine basi& Useful ecollomi¢ lives are assessed on the followin8 basis: Land and Building Plant and Machinery - 26-54 years - 5 years lllvestments hdd as ￿￿ed A&*ts Investment properties assets are initially recognisedatcost. After recogtiition under tc&t model, they are revalued on a fair va]ue basis at the reporting date. These assets aze revalued annually and not subjerted to depreciauon. Gains or losses ontevaluation are recognised in the Statement of Financial Activilles (SOFA). 1.7 Debton Trade debtors are recognistsl at the settlement amount after any trade discount offered. Where debts may not be $ettled. the balaTr￿ of debtors is wriuen down and a charge made to unrestricted revenue for the income that might not be couecred. Cssh at bank and in hand The T￿￿ doe5 Thot hold a bank aCo￿at of its OWN the IA)ndon Bon)ugh of Tower Hamlets holds cash on behalf of the T17￿t or the Tr￿$t owes cash to the london Borough of Tower Hamlets. As per FRS 102 Section 11. the chariry makes use of only basic financtal inStnJ￿ttts which are initially recognised at transaction value and subsequently measured at Settlement value. Financial instn￿ents held by the entity cotllPTise debtOL3, credito and cash. 28 1.10 Liabilitie5 Liabiliues are Teco8Thised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a uansfer of economic benefit will be requiied in settlement, and the amount of the settlement can be estimated rellably. liabilities are recognised at the aM(￿Jnt that the c￿￿1]ty anticipated ir will pay to settle the debt or the alllount it h&% received as advanced payments for the goods or services it mu5( provide. 2. Prior Period Adiustmenrs The charity has tnade a PTAOT period adiustmeni relating to one issue. where the cl&ssificauon of an assei has been reclassified from FLYedAssets Uand and Building) to Investments held as Fixed Assets. The previously repjrted dosing balance of Fued Assets (kna and Buildings) ana Investment held as Fixed Assets at 31103r2020 £9.853.824 £6.155.8(K) respectively. The prior year adi7JSted clw bajance of Fixed knets (Land and Building$) and Investment held as Fixed Assets at 311W2020 is now £9.T35J78 and ￿,3]9,7(KI respectively. Unrestricted Funds." General fimds are unrestticted ￿Thd5 which are available for use at the discretion of the tn]sree in hrtherance of the general objectives of the Chariry and which have llot been designated for other pu4) Endowment Funds: The chatity h&% permanent endowments with ao power to convert the 3Pital into TrncoEne. The ch8Eity has pennanent endowments in the fonn of investments in fLxed sets and tangible f￿ed assets (land and Buildin&). The income generared from these pennanent endowments are unrestEi¢ted and u%ed to turthet the chariry objective. aL Income from Donatio Cllrrent yeai Curren¢ year Cllrrent year Prior Year UDres¢TiCted Eudowmtnt Total Fuuds Total Funds Fullds Fund$ 2022 2022 2022 2021 378507 378.507 588.809 Total donations 378.507 378.507 588,809 Alliywmefrom dollatiO￿TeA&te to unrasthctedfun]#ri25. ch¥ri¢able activities Empk>yed Nl- CbaEitable arttvit*s Ikfjned beoefirpewn eoys. cbarnab 292504 292,504 241.361 22.742 22.742 20,958 27274 27.274 33,978 Travelaryl &Jbrnce- l]wmbk Aciivirr5 Employee xeiated expejws Events and Ex￿bitionS 21.752 21.752 19,948 13304 7363 46M24 iB3 13.304 7.363 46.824 183 6,166 180 Provi5xTrn for Bad and t%Jubtful deErt5 U¥thm$ 31.793 Total direct speJJdin8 431.946 431.946 354.384 Suppor¢ cosu for charitable activities Current year Unrestrkcted CurtÈnt year Current year Endowment Total Fllnd8 Prior Ye•x Total Funds Funds 2022 Fundj 2022 2022 2021 PTemtse$ E4>enses ReTrtpayab]EiuAer opeEatiDgSEa Ratssand water cbarges ae￿￿ and w￿e ¥nawemeot 78.152 22232 49227 78,152 22.232 49.227 89,617 88.324 47.095 mainteDallce 482.930 482.930 449.371 Adminixrauve oyerhe4d¥ Te]ÈphoJe. fax aJ)d illtern Equ￿rnellt expen 2.968 30.665 6.963 2.968 30.665 6.963 23.461 5.277 959 Adverrtyllgatyl ZTraTkeDti8 ￿￿b￿riptKJ￿2nd Ixences 20 20 643 ProfessJoL*l fee$p•id to •dvisots other tbe auditor or Management Eees 63M86 63.886 17.789 Fiu4neial co$ts LkPreciat￿ll & AmoEti5atr&n in tot31fi)r the pemd 25.165 76225 101.390 96.120 Total support Cost$ - Current Year 762.208 76,225 838.433 818,656 31 All charitabk expenditUTes in relauon to prior year {2020121) was on unrestricted fi￿d5. except for the supw)rt Costs for depreciation charges {£76.225). This is relating to endowment tangible fixed a55ets- land and building, which was recorded agaijjst elldowment fill￿s. Steff costs and emoluments S4Jary costs 2022 2021 Gross Salarles exdlldi￿ ¢n￿tee$ aTrl key marÉgaDerrt Ft50DDel Employer's NatioETral ItNrarKe for all staff Ernployer's cortr¢ibutiottto defined Pe￿lOn $d￿neS 292504 22,742 27.274 241.361 20,958 33,978 Total salarie$. wages aDd ielated costs 342.520 296.297 The average Allnber of staff employed in year was Employees worling in the Mile End Pazk and other local parks and open spaces are London Borough of ToweT Hamlets employee& No employee recelved more than £60,(XKJ in 2021122 and 2020ni. They #re eligible to join the Local Government Pertsion ad5ninistered by the London Borough of Tower Hamlets. No remuneration costs of key management personnel is included within the Tn]st's accounts. Other Ezpenditure - Governance eo Current year CurreLt year Current year Unrestrtc¢ed EDdowmettt Total Fullds Prior Year Total Fund8 Funds Funds 2022 2022 2022 2021 Auditor's fees 7,000 7.000 Total Goverrtance costs 7.000 7.000 7.000 Total Charitabk expeadi¢ure Current year UllreStr￿ted Current y*#r Current year Endowrnent Total Funds Futsd# 2022 Prior Year Total Fund$ 2022 2022 2021 Totaldwecr spe]Mling TotalAEPPOrt co TotalGoYernar￿e costs 431.946 762208 431.946 838.433 7.000 354,384 818.656 7.000 76225 Total charitabk expettditure 1.201,154 76.225 1.277.379 1,180.040 32 9. Tangible Fixed A&sers Plaat & Machiuery Total B￿ldIng5 Cost At l April 2021 Addiiio]k% 9.949.( 114551 IOJ)T2,551 26.040 1326.5 &]rplwsoDrevl {326.5 At 31 March 2022 9.622.500 149.591 9.772.091 Depreciation At l April 2021 CtrArge for tk year Ckrged onrevaluat 322T3 25.165 7.173 101,390 1381,125} 76225 {381.1251 At 31 Marck2022 57,438 57.438 N¢t valu¢ At 31 March 2022 9.622.500 92.153 9.714.653 At 31 March 2021 9.644.100 91.278 9.735.378 Restated Lattd Plant & Bwldws M*thitiery Prior Ye4r Total Cost Ol Apra 20X) AdJiiK) 9.949A 77589 45962 10.026,589 45,962 31 March 2021 9.949,000 123,551 10,072,551 Depreciation 01 Apri12020 (TrérgÈ for year 228.675 76225 12378 19095 241,053 96,120 31 March 2021 304.900 32.273 337.173 Net book value 31 M4Trh 2021 9,644,100 91,278 9,735.378 31 March 2020 9.720.325 65.211 9.785.536 33 2021122 Investment Properties Total Cost Blfiyd 6.3l9.7(K) I45.￿) 6.319.700 (45.800) 6.273. 6.273,900 2020121 Restated Investment Properties Total Co$t BI￿a 6.311.￿} 6.311.300 8.400 Cjfivd 6,319,7(Kl 6.319.7C Valuation of Investment PrnEJertÉes is canied out on an annual basis by qU￿]fied Royal Institute of Chanered Surveyots {Rl(3) based on market value. 11. Debto 2022 2021 Trade debtors 344,C62 20.010 42,125 (78.616) 327,(111 391.073 19.975 76,318 {31.793) 455.573 Other debtors Othei debtors relate to cash due io the Tn￿ in relauon to rent collected by the managin8 agent of £42,125 in 2021122. É76.318 in 2020121. 2021 Trade creditots Otkr creditors PAYE. NIC VAT and Od￿ tax Receipts in adva7Ke 25.720 130,752 10.T36 194.632 361.840 15.651 391.016 8.443 54,454 469,564 Included in other credktors is cash due to the IAmdoD ￿)rough of Tower Hamlets of £102.753 in 2021122 and ￿70,016 2020lll_ 13. FwLds repre5entsl by a￿ets and liabilities Particulars of how particukn fijnds are represented by assets and liabilÈtses At 31 Mareh 2022 Unrestricted Endowment Total Funds Ta￿tsk Fixed Assers InvesÉment Fid Asse Crn Assers 92,153 9.622.5 6.273,9 9,714.653 6,273.900 327.601 (361.840) 327.fl)I (&51,840) 57.914 15.896.400 15,954,314 At 31 March 2021 Restated Unrestricted EndowDxent Total Funds Tarjgthle FÈ