KING GEORGE'S FIELD, MILE END A￿￿￿e&s1￿￿￿£ia[5tatÉrnentS for tAe year en¢&&l31 JlarcA 2023 Chariry Number: 1077859 IaNG GEORGYS FI£￿), MtIE END li Contenrs Page Reference and Admillistrative Details of the Chariry. irs Trustee and Advisers Tn￿ree.$ Rel￿rt 4-20 StateEnent of Tntstee's ResFon5ibiliues 21 Auditors Repjrt Statement of Finaneial Activities. Balance Sheet and Cash Flow St&rement 26-30 Notes to the F￿ancIaL StaremeDLS 31-41 KING GEORGEE FIELD. MILE END ADVISERS FOR THE YEAR ENDED 31 MARCH 21Y23 London Borough of Tower Hanllets london Borou8h of Tower Hamlets Town Hall 160 Whitechapel Road London EI IBJ AuditoTh: Arnold Hill & G) ILP &h Floor. Capital Tower 91 Waterk)o Road London SEI 8RT IOT1859 KING GEORGE'S FIELD. MItI END REPORT OF THE TRUSTEE For the Year Ended 31 Marth 2023 The t￿￿tee presents its report and the financial statements for the year ended 31 March 2023. Explanatory Note: King George's Field, Mile End Charity is a registered chariry. It is referred to throughout this report as the "ChaTity". l. Strncture, Governance and Management 1.1. The Ktng George's Field charity is registered with the Charity Commission as King George's Field. Mile End Charity, registered number 1077859. 1.2. The King George's Field, Mile End charity is governed by a Tn￿t Deed. The King George's Field. Mile End chariry 18 unincorporated, and the charitable trust 18 establis1￿ by a Scheme of the Charity Commission datrd 28 February 2000. 1.3. The Council as Trustee holds the freehold land referred to in this reporc on behalf of the Charity. 1.4. The King George's Field. Mile End Chariry Board (which sits as a committee) was established by secuon 3.3.12 of the Council's Constitution, which gives it the folLowing funcuons: To administer the affrdirs of the kng George's Field charkry and discharge all the duties of the Council as sole trnstee of the Charity. To administer the affairs and discharge the duties of trustee of such other charities controlled by the Council as the Executive might authorise. The Executive function is to discharge all fLinctions not specified as the responsibility of the full Council or of any other Committee, where the Mayor has delegated his powers to the Qbinet as set Qui in the Executive Scheme of Delegarion. 1.5. For Mile End Park and Stepney Green Park annual Management Plans are produced, which are geared to the annual Green Flag campaign. and looks at the park for the period January to December. KING GEORGE'S FIELD, MILE END REPORT OF THE TRUSIEE For the Year E[￿d 31 March 2023 1.6. The ParLs SeNice within Tower Hamlets Council was restructured into the Arts. Parks and Events Service during 201212013. Key responsibly for thi5 service rests with the Head of Arts, Parks and Events. Mile End Park is managed by the Parks 1.7. Manager and the day to day running of Mile End Park is delegaied to the Parks Developlnent Officer (Community). Parks Development Officer (Inftastrucrure) and Parks Community Engagement and Projects Officer. 1.8. The original TTUSt Deed, and the subsequent vaiiations, which are referred to below. also dealt with the use of other open space and park areas, ￿￿thin what is now the London Borough of Tower Hamlets. These other areas are managed by other Council employee3. 2. Objective5 Activities 2.1. The Charity's objectives are set out in the Trust Deed, dated 9 November 1965, and Deed of Variation, date 9 lanuary 1997. They are as follows: To preserve in perpetuity the covenanted land and to apply the land ro such chaTitable PU￿￿seS as are set out in rhe Recreational Charities Act 1958, including the congtrnction of indoor recreational facilities. subject to the approval of the National PlayAng Fields A&gociation and the Chariry Commission in respect of any additiotd purposes. 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 recreation of the general publÉc, including but not limited to the inhabitanrs of the IA)ndon Borough of Tower Hamlets. The other park and open space area5 ate managed to achieve similar objectives. 2.3. The Ignd is managed by Tower Hamlets Parks and Open Spaces whose service priorities are as follows: Srrives to rnake all park8 and open spaces within Tower Hamlets places where people feel safe. secure, aud thar visiting such green spaces is an enjoyable experience. Recognises the importance of patk5 and green spaces as major communiry KING GEORGE'S FIELD. MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 Fully recognises the inLPOrtance and benefits of parks and open spaces as places for recreation. leisure and play for all communiues wiihin Tower Hamlets. Recognises the importance of the Borough's parks and open spaces and ensures that all of our wide-ranging communilles and partners have equal opportunities to use them. Encourages the historical herirage of many of Tower Hamlets parks and open spaces and works closely with colleagues and panner5 alike to protect such cultural wets. Manages and maintains the Borough's parks and open sp8ees on behalf of the communities we serve, 2.4. The key landscape design aims for all Tower Hamlets parks and open spaces will infoIm any future developments in Mile End Patk.. Retain the open, green aspect of the park Retain and enhance the main deSiTe lines but avoid cri&8-crossing the paik with paths Enhance the publkc's feelings of secuTiry Enhance narnre conservation 3nd biodiversity Enhance and manage boundary and other planting Provide public art features that increase the visual interest and identiry of the site and involve the COmEnunity Enhance the attractiveness of the park Establish a Positive site identity that is clear fromwithin and outside the park formal design and ensure that this Sight line rejnains open for all time 3. Compliance with Public Benefit Requirements 3.1. London Borough of Tower Hamlets. as co￿orate Trustee, is aware of the Chariry Commission's guidance on Public Benefit and believes this has been Followed a8 outlined below. 3.2. The Charity Iw maintained the lands within Mile End Park and other King George's Field charity 5jtes to an acceptable standard with ongoing improvements implemented listed in the above investments. The parks continue to be well used supporting as they do a number of key facilities: KING GEORGE'S FIELD, MllE REPORT OFTHE ThUSTEE For the Year Ended 31 March 2023 Mile End Leisure Centre Stepney Green attificial football pitch Playgrounds Outd(K)r activities centre including BMX track Various water features Areas of biodiversity Pavilions with free acuvity Outdoor gym equipment Programme of events and workshops Variety of spaces for walks and inforrnal sports aCtI￿ty 4. Achievernents and Perfornwwe 4.1. Gener41.. Both Mile End and Stepney Green Park reiained their Green Flag statw for 2023. The Arrs Pavilion hosted over 102 days of free to acce￿ arts exhibitions and I I community days were supported at the Ecology Pavilion. 2. Events and ActiVAtie8 in Mile End Park and IVhitehoThe Adventure Playground: During the 202ZI 2023 year the team delivered a variery of acuvities for the c0￿munity at both Mile End Park and Whitehorse AdvenDJre. Activities included.. Weekly SrAy and Play ￿SSIonS at Mile End Park (Monday to Friday, between 12..30- 15..30). Weekly satellite sessiorts working with Toy House Children's Library at Mile End Park (Mondays and Wednesdays. between lo..￿ - 12.00). Weekly Adventure Play sessions ar Whitehorse Adventure Playground (Tuesday to Thursday. between 15..30- 18.00). During Half terms and Schools holidays the provision of activities continued at both sites. KING GEORGE'S FIELD, MILE END REPORT OF THE TRUSTEE For the Year En&d 31 March 2023 Events and Activities in Mile End Park and Ivhitehorse Adventure Playground: Mile EDd Tenn Tjme Daily Mon - Fri Whitehorse Tern) Time Tue. Wed. Thu Mae End Half Term rii HaIf Tern 22 6 S￿l0n$ 981 participants EO sessions 1,313 participants Ma Half Tern 22 3 sessions 338 participants 22 5 sessions 679 participants 31rtM SuTrwr Half Terni 22 tLA ril 22_ 31rt Mar Sullllner Half Terni 195 sessions 3.303 participants 22 sessions 2,082 parricipants 108 sessions 3,562 pattieipants 21 sessions 2.Y/9 panicipants ober Tentt 22 3 sessions 503 participants October Term 22 5 sessions 451 patticipants Ha]f Terni 2 sessions 107 participants 23 3 sessions 317 articipants TOTAL 231 sessions 7.314 parcici 152 gessiong 9.301 tici ants 4.3. Stepney Green astroturfbookngs: From l April 2022 to 31 March 2023 there were 4,420 ad-h￿ and contractual block bookings with 58,684 participarjts for the astroturf pitches in Stepney Green. 4.4. Volunteer programm There was a modest start to the year with corporate volunteering gradually picking up after the Covid lockdown. with an approximace of 630 volunteers over 14 K￿G GEORGE'S FIELD. MIIE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 sessions, in Mile End Park, of which 75 corporate individuals were based in Stepney Green Park. Tasks varied, with a eombinauon of horticultural maintenance and carpentry actiNoties, stsch as distribution of 40 tonnes of crushed concretes in woodland walks, litter picking. reduction vegetation in numerous locations, and planting of 5,000 spring bulbs as some primary rasking examples. In addition. there was a further 400 metre5 of mixed hedge whips planting around the perimeters of Stepney Green Park, as unfortunately majority of these planted the pre￿oll5 year was lost as a result of heavy storrns. 4.5. Events and ActivAties in Mile End Park Arts and Ecology Pawlions: The Arts and Ecology PaTrilions hosted a number of free to access days for the public and commercial bookings across the year to support communiiy engagement and income generaiion. A sun]mary of the bookings is pioTrided in Table 2. below. Table 2: Summary of bookings Arts Pavilion (Number of days) Ecology PaviEion INurnber of days) 61 )wrate events Privare hires 31 56 Private Hire set up and dear up 29 26 126 Works / TUrna￿a Days Closed (24,25,26. 31 Dec & l- Jan) 58 37 272 Fzee PublicAcee4 Day8 I(ING GEORGE'S FIELD, MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 Arts and Ecology Pavilion highbghts: Coryorate BoOku￿$ across both the Art and Ecology Pa￿lIOn has increased. The majority of corporate bookings also hire conference audio visual packages, which assists with revenue income. The chariry continues 10 develop strong links Queen Mary Universiry London (QMUL) and the NHS, who have rnultkple bookings including departmental conferences and dinners and cultural events, including.. NHS Easr Launch of communiry Mental Health transformation Prograrnme 15 NHSBT blood donor sessions. 2 coTrorate volunteer 8essLons. ART Per UK cultural Dance events (QMUL) Graduate events (QMUL) The Ecology Pavilion hosted its first ECO wedding Show. PTomoting sustainable suppliers and enabling suppliers. venues and couples to make sustainable choices. This is planned to be a iegular, annts21 fiknure. The charity also hosted Tudy's Vintage Furnitl￿e Flea and Judy's Vintage aothes Fair in both the Art and Ecology Pa￿liOn. Botb evenrs are hugely popular with an established audience bringing a large footfall to the Pavilions. This is planned to be a regular event. The Ecology Pavilion Free to Access Activities. for residents and visitors, supported through subsidised hire: St George5 Day tea dance 3 x Urban Maker Market Days (I spring Market and 2 x Cbristrlw Market) 3 x Noor Aromas Market days (I x pre Ramadan Market. I x Bakers and Abayas Market and I x Winter Marker). Investments to the venue indude a lighting upgrade, making the Ecology Pavilion run more efficiently and greatly reducing mainienance costs. This investment also compliments the sleek modern siyle of the venue and will improve customer experience whilst in the PavÉlion. This brings the Ecology Pavilion in line with the Art Pavilion. which had a lighting upgrade pre-pandemic. io . KING GEORGE'S FIELD, MILE ￿44D REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 The Art Pavilion All exhibitions hosted at the Arr Pavilion ate free to access and have an accompanying programme of free activities. talks, workshops. allowing residents and visitors to gain a deeper understanding of an artist or pracuce and get involved. This exhibition season saw a number of exhibitiors taking place that had been planned but cancelled due ID the pandemic. Overview of exhibitions: Prisrn Textile&" Untold 6- 18 April 2022 Internauonal Exhibiting group PRISM use textiles to offer a rich and dyna]nic interpretation of the title 'Untold' wilh storyEellin& histories, and contemporary comrnent. TrelliB 29 April - 8 May 2022 Showcase of new artwork created in collaborations between artist, east IDndon comrnunities and UCL researchers. Accompanying programme of workshops and events. Meet me Halfivay 8-IlJune2022 Exhibition of new work by City and Guilds of London Art School's MA Fine Art students. This engaging and d￿￿rnIC mixed media show indudes paintiugs and 3D art installations. knMatters1&2 23-28 June, 1-6 July 2022 The Essential School of Painting (ESOP) annual end of year exhibitions (Li5play a broad range of work. The ESOP is a dynaEnic. al*rnauve, arti8t-led school. taught by leadtng contemporary artist. li KING GEORGE'S FIELD, MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 Verdant: Postgraduate work from Middlesex Univernity ArLS & Creative Industties Eyhibition 8-13 July 2022 Exhibillon of ctoss-faculry work from Fine Art, MA Fine Arr PrInt￿aking, MA Photography as well as MA Graphics, MA Children s Book Illustiation and Giaphic Novels and woik by Postgrathiates. The East End Canal Festival 16-17 luly 2022 Free Festival and Exhibition to celebrate 200 years of the Regent's Canal ￿th boat trips, workshops, entertainment. local heritage and art exhibition, stalls and more. Sommilito: Book fair. literary and cultural fesuval 4-5 September 2022 Poetry, dance and recitals celebrating eulrural activity of Bangladesh. Urban Sketcbers London 8-16 October 2022 Showcase of 300 drawings of London. sketched, and painted on location since 2012 as part of the Big Draw. Interactive events include demonstrations and free sketch walks. Come and get drawing. CREATE-A-BOROUGH 22 - 29 October 2022 Drop-in sessions and exhibition in celebration of Tower Harnlets throughout half term week. Help make an enormous mosaic, write p￿try. listen to live rnusic and walk thtough a forest of banners. ELP Festival of Pzint 2022 25 N0Ve￿ber- 5 December 2022 East London PIlntn￿kerS showc85e work across a broad range of contemporary printmaking, ranging from traditional techniques to experirnental processes. That Network 01-10 March2023 This celebration of Tower Hanjlets siudents, artwork offeTh visitors the opportunity to capture memories and thoughts as part of a live collaborative art piece. 12 KING GEORGE'S FIELD. MIIE END REPORT OF THE TRUSTEE Fox the Year Ended 31 March 2023 Tower Hamlets Arts Skning Event 29 March 2023 Local artists and arts organisations were invired to attend a seiies of talks and discu&5ions and to be part of a cultural marketplace to create networking opportunities. 4.6. Mile End PaTk Friends Group: Rangers continue to work with and support the Friends of Mile End Park who organise events and act as a critical &iend regarding development of plans and prioriues. The Friends Group also self-managed tasks such as litter picking. sort horticultural n￿intenanCe and bulb planting. 4.7. Other community engagement sehemes: Across the park and pavilions a range of community engagement schemes are supported Ancluding: Volunteer 5cheu Community garden schemes Community arts exhibitions Cowirate volunteering in Stepney Green Park 5. Improvement works 5.1. A range ofimprovements were made to improve facilities and increase biodiversity as Shown bdow. However. during this period. we had fewer cory)orate volunteer schemes, which meant fewer iJnprovement projects were carried out. Ongoing irnprovement to lighting at Mile End Park. Estimated 10,IX)O spring bulbs planted by Park Rangers and Friends of Mile End Park in various sections of the park. 6. FinEnaal Review 6.1. The fijll year's accounts are attached to this annual report. 6.2, All income generated within the King George's Field chaiity lands go to the harities accounts to support the public access to good quality Sports and leisure facilities. 6.3. The Charity generates income to fund the maintenance of the park and its progran]me of activities. This income is generated througlL' 13 KING GEORGE'S FIELD, MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 Rentals of shop/restaurani units plus climbing wall centre. These properue5 are nianaged by Council's A￿t Management team. They have outsourced rhe rnanagement of the shop units under the green bridge. The external company collect rents and seThice dwges, reviews leases and find tsnanLS for any vacant lots. Operation of car parking spaces, these being in Haverfield Road and Lawton Road (by green bridge). These are managed by the Couneil's parking ￿rVices. Corporate volunteer schemes. Managed by the Parks Team these Provide a usefijl volun￿er work force for rnaitLtenance of the park and also income from a fee per patticipant. Hire of artifici41 football pitch at Srepney GTeen. Managed by the Parks Team. The site does generate a srnall surplus and the majoriry of the te¥ms using the facility local to Tower Hamlets and the fees are all￿ngst the cheapest in London. Hire of pavilions for weddings, private parties and exllll)itions. Boolungs are managed and staffed by parks personnel, including a pool of easual event5 staff. Facilities Managetnellt manage the uuiity bills. deaning and maintenance. Commercial acuvity such as fairgrounds and film locations. These are rnana8ed by the Council's Festivals and Events teatn with the income coming to the Charity. 6.4. The Charity's financial p)sition at the end of 202￿23 shows a decrease in net assets of £89,054 to £15,865,260 (2021122.. £15,954,314) driven by an increase ￿rIthin our endowment bJnd8 of £76,300 and decreases in unrestricted fi￿d5 of £165.354. 6.5. The Charity's endowment fijnds totalling £15.972.711) {2021122: £15.896,41X)). include tangibIe and investment fixed assets. Tangible fixed assets totalling £9.779,469 {2021122: £9,714.653). support the public access to good qualiry sporrs and leisure facilities. including Mile End and Stepney Green Park as well gs the pavilions and footbalL pitches on park18nds. Investrnent assets toralling £6,270,200 (2021122: £6,273,900). are heId to genernte rental income to fijrther support the charitable objects of the Clwity. 6.6. The Charity s unrestricted fund totalling a deficit of £165,354 (2021122: £19,373 deficit) comprises the cumulative remaining deficirs at the year-end. All rental income arisÈng from investment assets heid in the endowment fi￿a is czedited 14 KING GEORGFS FIEIL). MILE END REPORT OF THE TRUSTEE For the Year Enaed 31 March 2023 directly ¢0 this fund. The unrestricted fund 15 available to use in carrying out the charitable objects of the Chariry. 6.7. The Charity currently does not have a policy on level of reserves since rhe sole Trustee is the London Borough of Tower Hamlets. which meets in fidl the Chariry s net expenditure, so the Charity's funiling is secured. The Tn￿t Charity Board therefore h#s not set up any financial reserves to protect against any unforeseen fluctuations in income or expendituIe. 6.8. The Clwity is The Charity has developed a mitigation plan to reduce Ihe negaiive balall￿ over the next three to five financial yeaTS. This includes identifying cost savings and Opportuniti￿ for additional income generation including: More regular detailed reviews of spend and income to enable resilient and robust forecasting. Prioritisation of expendirure. including iedueing non-essential spend where possible, whilst ensuring the Charity is able to deliver irs objectives and proteci and maintain its assets and the estate. Regular review of rental 2ssets (including pToperries rented by the Chaxiry) to enable robust financial planning atsociated with rent reviews erc. A marketing Pl￿ to increase hires at the Arts and Ecology Pavilions including targeted adverrising, social media and promotional campaigns. Increasing the level of bookings at Stepney Green astronjrf through diversifying use of the facility including promoting the faciliry for Through the above millgation aetions, the Charity will be able to reduce spend and increase income to support the reduction of the deficit position. 7. Risk Management The key risks to the Charity iuclude financial, reputational and public safety risks. 7.1. Income generatio The Park n￿￿gement team. on behalf of the Charity. acts to create a sustainable income stream to support the maintenance of the park and its infrastructure. The Green Bridge rental unitsprovide a significant contribution to the Charity's income stream. Is KING GEORGE'S FIELD, MILE END REPORT OF THE TRUSTEE Foi the Yeaz En(led 31 March 2023 In zelation to this propety renral iucome stream we have identifled the following risks.. Non payment of renLlarrears Tenants vacatinglserving Notice Breaches of leases To mitigate against the above risks a competent lettings agent, appointed by the Council. manages the tenaney arrangements for the Green Bridge rental uniis to ensure best value and g￿a management of tenants. 7.2. Rental arrears." The lettings agent takes a proactive approach to monitoring rental income and take early intervention if there are any issues identified with a tenant. If required, the counal can undertake debt recovery action ensuring rent is received and arreats are managed. 7.3. Tenants vacatinglserving notice: Historically the rental units have been W occupied a low turnover of tenanis. Some of the units have been occupied by the same tenants for over ten years and dwillg the pandemic only one tenant ceased 10 trade, and they easily assigned their lease. showing the TesilieDce of the location. The location is attractive to a wide range of businesses due to its proximity to Mile End tube statton. a nearby university and residential ￿eaS that provide a high level of footfall. With a large number of the tenants benefitting from Security of Tenure under the IAndlord and Tenant Act 1954. theywould have to serve notÉce on the landlord to leave. As a result, there will be at 1&95t a 3-month notice period. which will assist in the markering of the unit and would hopefully mitigate the ri$k of a void period and loss of income. In the event of a unit being vacant for a peii(Nl of time the Ch￿lty could utilise the council's Meanwhile Use programme to ten)porarily occupy a vacant uniz with a 'pop-up' shop, thereby maintaining the vitaliry of the location. It also has the ilnpact OE maintaining occupation, and therefore rniugates void costs, as well as the ii5k of squatte￿. 16 KtNG GEORGE'S FIELD. MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2023 7.4. Breaches of leases: Lease5 are monitoied by the letting agent and the Park managemenc team with support from the counal s enforcemenr and legal teams if required. This approach enables any breaches or compliancy issues to be resolved as quickly as p0&8ible. 7.5. In addiuon to rental income. the Charity also relies on income generated through the venue hire of the kns and Ecology Pavilions. The Park management team promotes and mallages bookings for the pavilion& which aTe uow well-established venues for weddings, prlvate, commercial and CoLTOra￿ events that generate income. Improvements include setting up an Insragram account, which has helped to increase the number of enquiries and bookings. Although there are peak periods for hirers (spring to autumn), the Park nianagement team continue to diversity the range of clients and adapt to changing market ¢On8iderdtioDs. 7.6. Costs of Repairs and Maintenance: The Park management tearn operates a comprehensive inspection 2nd repair regime for the Charity's land and faeilities. In addition, the Charkty reinvests some of the incoll￿ generated through hires to upgrade facilities and equipmeni to ensure its open spaces &nd buildings are safe and welcoming places for the public and commercial ienants alld venue hiIers. In addition, the council's Facilities Management team undertake regular preventative maintenance and surveys. This oveiall appToach of maintaining and investing reduces the risk of significant buildlnyjfacility failwes that could lead ro larger and unplanned for repairs andjor replacement costs. As out]ined above. incorne frozn tenancies and hires is utilised 10 undettake repairs and rnaintenance of the Charity's assets. This approach enables the Charity to ensure Health and Sa£ery legislation is complied with and that the building5 remaÉn in a good SLqte of repait. As the venues are hired out regularly, it is important both operationally and reputationally that the buildings are well maintained. 17 KING GEORGES FIELD, MILE END REPORTOF THE TRUSTEE For the Year Ended 31 March 2023 The Parks rnanagement team implements safe practices for the parks and amenities including regular patrols by Park Rangers with any issues recorded and rep)rted to management. There are operational procedures for the regular inspection and maintenance of play and gym equipment by trained park staff and independeni play inspectors. These operating procedures have been developed in line with the relevant guidance and reviewed by the counci] 8 Cowrate Health and Safery team. Additional monitoring and n￿L￿tenanCe of the Charity's park lands is undertaken by the Council s Green Team who ensure that the land is well m&intained. The combination of regular park patrols and Green Team maintenance helps to ensure that the Charity s land is well maintalned and a safe environment for people to visit. 8.1. Charity Name." The King George s. Field Mile End Charity 8.2. Other name the clwityuses". King George's Fields Stepney (Previous name) 8.3. Registered chaTity number. 1077859 8.4. Pzincipal Addras: t£)ndon Borough of Tower HaTnlets Towu Hall 160 WhirechaFI Road London EI IBJ 85 Auditots: Arnold Hill & Co LLP 6th Floor, Capital Tower 91 Waterloo Road L()ndon SEI 8RT 18 KING GEORGE'S FIELD, MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 2013 9.6. Bankers". Royal Bank Scotland (RBS) 9.7. Solicitoxs: The Charity's solicitors are the Legal Service of the I£)ndon Borough of Tower Hamlets. 10. The King George's Field Ch￿lty Board 10.1. The Board consisted of the Cabinet with the following members for the financial year 2022123 until presenL Changes to the CAbinet's composition can be made by the Mayor at any time and any such changes in this period were reflected concurrently in the Board's membership. The Chair of the King George s Field Charity Board on behalf of the trustee (tnnaon Borough of Tower Hamlets).. 2021122 financial year to present Mayor Lllt￿ Rahman Councillor Maium Taiukdar Councillor Kabir Ahmed Councillor Ohid Ahmed Councillor Saied Aluned Coun¢illoT Suluk Ahmed Councilloi Gulam Kibria Choudhury Councillor Abu Chowdhury Councillor Iqbal Hossain Councillor Kabir Hussain Couneillor Abdul Wahid Councillor Musthak Ahmed Councillor Shafi Ahmed Councillor Karnrul Hussain Mayor lohn Biggs Appointed 25/05/22 25105122 25105122 25105122 25/05/22 25105122 Retired NIA NIA NIA 20103123 NIA 1410512024 25105122 25/05122 25105/22 25/(15122 17/05123 15105/24 15/05124 15/05r24 NIA NIA 1410512024 1410512024 NIA NIA NIA N/A Prior to the start of period 09105122 19 KING GEORGVS FIELD, MILE END REPORT OF THE TRUSTEE For the Year Ended 31 March 20Z3 2021122 financial year to present Appointed Prior to the stait of period Prior to the start of period Prior to the start of period Prior to the start OF period Prior to the start of period Prior to the staTt of period PIior to Ihe siart of period 01/09121 PrioI to the start of period Prior to the start of period Councillor Sirajul Islam 09105122 Councillor Rachel Blake 09105122 Councillor Asma Begum 09105122 Councillor Danny Hassell 09105f22 Councillor Candida Ronald 09105/22 CouncilloT Motin Uz-zaman Councillor Asma Islam 09105122 09105122 09105122 Councillor Kahar Chowdhury Councillor Mufeedah Bustin 09105122 CouncilloT Sabina Akhtar 09105/22 The Chaii of the King Geor8e's Fields. ChaTity Board on bel￿f of the t￿￿tee (￿nd0Th Borough of ToweI Harnlers).. Da¢e'. 20 KING GEORGE'S FIELD, END REPORT OF THE TRUSTEE For the Year Ended 31 Match 2023 ATEMENf OF TRUSTEE REsPONsIBL￿IEs The tnjstee is responsible for preparing the TDJStee Reporr and the financial statements in accordance wirh applicable law and United Kingdom Accounting Standards {Unired Kingdom Generally Accepted Accounting PIacticel. tAW applicdble to charities in EDgland and Wales requires the t￿￿tee to PTepare fmancial statements for each financial year which give a tDJe and fair view of the incoming resources and application of the resources of the Charity during the year and of its state of affairs at the end of the year. En preparing these Enancial statements the in￿tee i8 required to: Seleet $uitable accounting policiies and apply them COELSiSteThtly: Observe the methods and principles in the Charities SORP. Make judgements and estirnates that are reasonable and prudent: State whether applicable accounting standards have been followed. subject to any material departures disclosed and explakned in the financial stateJnellts' and PrepaTe rhe financial $tatements on the goin8 concern basis unle#s it is inappropriate topresume that the chariry will continue in operation. The twsiee is reswnsible for keepin8 Proper accounting records which disclose with reasonable accuraLy at any ume the financial position of the charity and which enable them to ensure that the finanaal statements comply wÉth the Charities Act 2011. the Charity (Accounts and Reports) Regulation5 21X)8 and the Charity's con5tituuon. They are also responsible for safeguardin8 ihe assets of rhe chatity and hence for taking reasonable steps for the prevenuon and detection of fraud and oth irregularities. APPOJNfMEbTf OFAUDifoRS In linewith the requirements of the Charity Conllnis5ion, the [Th￿ree appointedAmold Hill & Co LLP (Chartered Aceountants> as the AuditOTS ofthe charity. The Chair of the King George's Fields Charity Board on behalf of the trustee (London Borough of Tower Hamlets).. Date.. l) 21 K￿G GEORGES FIELD, MILE END AUDTfoRS REPORT TO THE MEMBERS OF KING GEORGES FIEID, MllE END Opinion We have audrted the finan¢ial statements of Kiftg George's Field, Mile End Ilhe'charity'l for the year ended 31 March 2023 which cornprise the statement of financial acliwlies, the balance sheet and the notes lo the nanclal statements, including a summary of significant a￿ountr.ng policie5. The financial reporting framework thal has been applied in their preparation is applicable law and United Klngdom Accounting Standards, induding Financial Reporting Siandard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acceptéd AccoLtnting PracliGel. In our opinion. the financial stslements.. give a true and fair view of the stale of the charity's affairs as at 31 March 2023 and of It$ incoming re$oufce5 and applicatign ol resources, for the year then ended- have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Pracli¢e', ancl have been prepared In accordance with the requirements of the Charllies Act 2011. Ba$ls for oplnlon We conducted our audit in accordance with Intemational Slandarrts on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those slaftdards are fvrther described In the Auditors rèsponsibililles for the audit of the financial 5tstemenls section of our report. We a￿ independent csf the charrty in accordance with the ethical reqU1￿mentS that are relevant lo our audlt of Iht finan¢i85 statements in the UK, includin9 the FRC'S Ethvl Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenis. We believe that the audit evldenGe we have C•btalned L8 sufficient and appropriat8 la provide a basis for our opinton. Conclusions relating to golng con¢em In auditing the financial slatemenls, we have corKtuded Ihal the trLtslees' use of the going concem basis of accounting in the pr8paration of the financial statements is appropriate. Based on the work we have performed. we have not identified any materlal uncertaintie$ relating lo o￿nts or conditions that. Individually or collectively, may ¢asl signifioanl doubl on the charity's abilrty lo continue as going concern for a period of at least iwelv& month$ from when the financial statements are aulhorised for i3$ue. Our respon$ibililies and the respon$ibililre8 of the trustees with respect to going concem are described in the relevant se¢tlons of thi8 ￿Port. 0th8r informatlon The other infcrmalion comprises thè infomation induded in th8 annual report other than the financial stal$ments and our audilorfs report thereon. The trustees are re$ponsible fop the other infomation contsined Ihin the annual report. Our opinion on the financial slalements does not cover the other information and we c50 not express any form of 855urance GonClus￿n thereon. Our responsibility is lo read the othar Information and. in doing so, consider whelher the oth8r infomalron is materially inoin$istsnl wth the financial statements or our knDwledge obtsined in the ¢our5e ol the audit. or otherwise aP￿arS to be materially misstated. If we idenlrfy such malefial Inconslstencles or apparent material misstatements, we are required Ir) determine whether this gives rise lo a matefi?I misstatement in the financial statements themselves. If, based on the work we have performed, we conclud8 that there 1$ a material misstatement of this other information. we are reqUI￿d lo report that fact. We have nothing to report in thi8 re9ard. Matttrs on which we are r•quirgd to r•port by exceptlon We have nothing to report in respect oflhe lollowing matters In rektson to which the Charity'es (Account8 and Reports) Regulations 2008 require us to report lo you rf. in our opinion-. the information given in the financial slalements is inconsistentin any material reSpeCt￿lhthetrU3Iee9, report.. or sufficlenl accountino records have not been kepL or 22 KING GEORGE'S FIEIJ). MILE END AUD￿OR5 REPORT TO THE MEMBERS OF KING GEORGE% FIEID. MIIE END the finan¢i81 st4lem8nts are not in aorÈemenl wih the a¢¢ounlina fe¢ord$'. or we have not ieceived all the infom)ation and explanations we require lor our audit. Re5pon¥lblllties of trust••s As explained rnts￿ fvlly in the Statement of Trustees. Responsibilities, the trustees are responsible for the preparation of the accounts and lor being satisfied that they give a true and falr view. and for such internal control as the directors detetminE is necessary to enaN8 the pieparation of accounts that are free from material misstslement. ￿ether due to fraud or error. In preparing the accounts, the twsiees are respon8itste for assessing the charivs ability lo continue as a going concem, disclosing. as applicable, matters related to golng concern and using the going concern basis of a¢counting unles$ the trustees elther intend to ￿ase operations. or have rto realistic ottemalNe bul to do so. Audltorfs rg8pon$ibilities for the audlt of the financial statèment$ We have been appointed a9 auditor under section 145 of the Charities Act 2011 and report in acctsrdance with the Act and relevant Tegulalions rnade or havlng effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial $lalgmerhts as a whole are free from material misststement, whether due to fraud or errtsr, and lo issue an audilDrfs report thal includes ouropinlon. Reasonable assurance is a high level of assurance but 15 nota guarantee that an audit conducted in accordan¢e with ISAS IUKI will always delect a material misstatement when il exi5t5. Misstatèmeftts ¢an èrise from fraud Ore￿Or and are ¢gnsiderÈd material rf. individually or in the aggregate. they could reasonabty be èxpected to Influence the economic de¢Sslons of users tsken on the basi$ of these finanaal statements. Irregularities, including fraud. are in$lance$ of non.compliance with taws and regulaticns. We design procedures in line with our responsibilities, DLEllined above. lo dete¢t material misstalemenls in rèspect of irregularities. including ftaud. The extent to wXr¢h OLJr proceduies are capabl& of detecting irTegularilies, including fraud. is detailed below. Detection of fraud and brnaches of regulation$ To identify risks of material mi$$tatemenl due lo fraud, we consid￿d event5 orconditions that C(M￿d indicate an incentive or pressu￿ lo commit traud or provide an opportunty lo dc• so. Our approach included.. usin9 analytical pro¢edures lo Idenlrfy unu$ual relationships,. reading mlnutes of trustee meetings., discussing charity policies and procedurès on fraud dete¢lion arKI pr¥ventlon vAth trustee$. and enquiring aboLrt any kno￿edge of actual. alleged or suspeeted fraud. We comrnunicaled identified fraud risk$ throughout our team and remained alert lo any indicaUon$ of fraud thfoughoul the audit. To identity rl$ks of materfal mlsststernent due to non4ompliance wslh laws and regulations. our approach was as follows, We identified areas ol laws and regulations that coukl reagonably be expected to have a materia effect on the fInar￿la1 $*atements from our general charity experience. and through discussion with the trustees and other management {as required by auditing stsndardsl, and discussed with the trustees and other management the pojicies and prgcedures regarding cumpliance with lawE and regulations., Wè considered the legal and Tegulatory frameworks dIrec￿Y applieable lo thg flnancial statements portlng framework {FRS 102 and the Charit￿3 Act 2011} and the relevant lax compliance regulation8-, 23 K￿G GEORGE'S FIELD. MILE END AUDITOR'S I¢EPORT TO THE MEMBERS OF KING GEORGE'S FIEID, MIIE END We considered the nature of the industry, the control environment and charity'5 performance_ We communicated identified laws and regulaltons throughout our team and remained alert to any indications of nonveompliance throughout the audll. Ba8ed on this understanding we deslgned our audrt wocedures lo identify non {141.398> Other reeognkned gain￿(lO$Se8) Net bss on revaluatK•n of assets Depteciation WI1￿ back 1326.500) (326,500) 381.125 381.125 Net movernent in fuDds 67. RecoDciliation of hjnds:" Total funds brought £oTw•rd 77,287 15.963,8(KJ 16.041.087 Tottl carrled forward 5.95 All activiues derive from conrinuiTr8 operationj. 27 KING GEORGE'S FIELDS, MILE END FOR IHE YEAR ENDED 31 MARCH 2023 Resources applied in the year e￿kd 31 March 2023 Éowan15 fixed assets forcknrity ￿le:. 2023 2022 FutKls generated 0] the ￿ar as detaikd n the SOFA R¢scoLrces applted on fiy￿￿)nal fLxed assets (89.054) (15.664) (86,773) (26,040) Net resourees available to fund chari¢ab]e activities (104,718) 1112.813) The resources applied on fixed asseES for CharitY￿¥e reprewnts rhe cost of additi(KJs le55 pr(￿eedS of any dEsP￿a]S Movements in reserve and iopltal for the y¢4r¢n&d 31 Mar¢h 2023 Revenue aecumulated fwlds Unrestricted IAst year Tot81 Funds 2022 Z023 Accunukted fil￿￿$ brOl￿t forward Recognis¢d gain5 aTrJ1055es before tratsfrts 57.914 (165,354) (107,440) 77,287 (19,373) 57,914 Cbsllw revenue fiuds 107,440) 57,914 Revaluation ￿serve fwmlg Enth)wment Last year Totsl FWJ 2022 2023 At l Apnl Tra￿fir (toyfrom revert￿ Rjxts 15,896,400 76,300 15.963,800 (67,400) At31 M*Trh 15,972,700 15,896,400 Summ#ry of Ilwd5 Total IASt Year Total Fund8 2023 2022 Rev¢[￿¢ acGuMu￿ed RevakotiDn resernt knds (107,440) 15,972.700 57,914 15.896,400 Totsl funds 15.86S,260 15,954J14 28 KING GEORGE'S FIELD. MILE END FOR THE YEAR ENDED 31 MARCH 2023 iYote5 2023 2022 FLYed Assets T￿￿￿ Assets InveSth￿ts hekl a5 ffiKed wets 9,779.469 6,270,2 9,714,653 6,97J,900 Totsl ftxtd •ssets 16,049.669 15,988,553 assets Ikbtors 10 ?60.616 327,601 Total CUnTHt assets 260.616 327,601 CunYM ￿￿￿111*1¢$ Cr¢dtiors.' wthi) or¢ 1445,025 1361.8401 (361.8401 Tot*] cllmnt liabilitie5 Net current assets 1184,4091 (34.239) The iotal net a55ets of the thaiity 15,865,2611 15.954J14 The totAI net 455¢ts of the thrity fuDd8d by the of the ¢hArity, 8$ follow5:. Eu¢kbTAyneut EndgwTwnt Fixed Asset and Envesttt* Property Furnjs 15.972,700 15,896,400 15,972,700 15,896,400 Unrestrkt¢d FU￿ UnrestrKted Funds (107,4401 57,914 {107.4401 57.914 Tgtal charity fuDd5 15.865360 15,954J14 The Chair of the King George'$ Fieias. Charity Board on bebalf of the t￿￿tee (tnndon Borough of Tower mlets)= Date= J/ 29 IaNG GEORGE'S FIELD. MILE END CASH FLOW STATEM FOR THE YL4R ENDED 31 MARCH 2023 2023 2022 C&sh llows from operating a¢tivities Net cash provKled by op¢i'ating activit￿S as Shown bebw (?29J49) 204,648 Cashflowsfrofft invesiints activilies Other llivestment lllcome: ll￿￿￿}ng rents fmm investments Purchase of pi'opety, plant and eqliipment 489,954 (15,664) 497,951 (26,040) Nel caqh pmvided by investing activitss 474290 471,911 Overnll c*8h pn)vided by all a¢tivities A+B 244,941 267363 Cgsh move ments Change in cash and cash equiyalents from activities in the year ¢nd¢d 31 M8rcli 2023 244,941 267263 Cash and cash equivaknts at l April 2022 (101753) (370,016) Cash ￿ b#nk aDd in hand less overdrafts at 31 MaTrh 142,188 (102,753) Reconciliation of net income to net t&8b low fn)m operating activities Net llicome as shown u] the Ststem¢nt Cpf Financial ActNitP5 (231.062) {141398) Adjmslmeiitsfor :_ Depreciafb)n ¢harg¢s Provis￿n for tod and doubtful debts Write dowa of assets Nei unrealised bsses on llivestment assets DNKlends. interest and rents froin invesknents Other gains and k)55es Decrease i) debtors Increase / (Decr¢as¢) ￿ creditors. exch￿l[￿g h)ans RevakJat¥)n 91856 (51.487) (80,000) 3,7(K) (489,954) (62,008) 291,361 155,237 141008 iOlJ90 46.824 326500 45JOO (497,951) (381,125) 81.149 159538 54,625 Net provlded by operating ￿tIvItieS (229J49) {204,648) 30 KING GEORGE'S FIELD. MILE END NOTES TO THE FINANCL4L STATEmE1￿s FOR THE YEAR ENDED 31 MARCH 2023 l. Accounting Policies Basi8 of prepar&uon of finallc1￿ statements The financial statements have been prepared in accordance With the chariues SORP (FRS 102) - Accounting and Reporting by Charities. Statement of Recommended Practice applicable tg charities preparing their aecounts in accordance with the FinaThcial Reporting Standaid applicable in the UK and Republie of Ireland IFRS 102) (effective l [anuary 2015). the Financial Reponing Standard applicable in rhe UK and Republic of Ireland (FRS 102 and the Chazities Act 2011). The finaneial %tateTnents have been prepared to give a trne and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to prO￿de a true and fair view. Thi5 departure h8s involved following the Charities SORP IFRS 102) published itt Octobei 2019 rather than theAccouttting and Repottin8 by Chariues Statement of Recornmended pr￿￿ce effective from l April 21J)5 which has since been withdrawn. Kins George's Field. Mile End meet the definition of public benefit entityundtr FRS 102. Assers and liabilities are initially recognised at historical COSE QT traI￿actIOrI value unle55 o[hen￿Se stated in the relevant accounring policy. The financial statements are prepared in sterling. which is the function41 currency of the ompany. Monetary amounts in these financial statement$ are rounded to the nearest £. Going Concern The t￿ttee has considered a period of ar least 12 months from the date ofsignin8 these accounts determined thai there are no material uncertainties regarding the chariry's ability to continue and to meet its on-going iiabiliues for the next 12 months. Therefore, the accounts are prepared on a goins concern basis. IJ All income is recognised once the Charity has entitlement to the income, it is probable that the incorne will be received, and the amount of income can be measured reliably. The S￿nIficant sources ofincome for the TTUSt Telate to, donations ye￿Ived from the London Borough ofTower Hamlets {SOFA- Donations. Nore 3), admissions fees for events and exhibitions and away day$ held at the park (SOFA - Charitable activities. Note 4) and rental income from retail units owned by the Trust (SOFA- Investment income. Note 6). 1.4 Ewnditure Expenditure is recogni5ed once there is a leg81 or constNetive obligation to uansfer economic benefit to a rhird party, it is probable that a transfer of econoTtLiC benefits ￿11 be required in 5erttement aud the amount of the obligation can be rneasured reliably. The.cha[l￿S primary 31 KING GEORGE'S FIELD, MILE END NOTES TO THE FINANCIAL sfATEM FOR THE YEAR ENDED 31 MARCH 2023 activiry is the maintenance of Mile End Park, and the other open spaces within King George's Field. Mile End, for the use and enjoyment of the pubIic. All direct and support costs including CEntral staff costs, and depreciation charges are allocated 10 this primary activity to thTther the charity'5 objeciive. Land ind Buildings wets are subject to the de Tninimis for capitalisation of £50.(YXI. Rentals payable from operating leAses are charged Eo the Statement of Financial Actimties (SOFA) EO reflect the economie benefits co]Muned over the liEe of the lease. Tangible fixed assets and depreclation Tansible fixed assets (Plant and Machinery) are initially recognised at cost. After Tecognition under the cosi model, tangible Lyed assets are measured at cost less accumulated depreciation and any accumulated irnpairment10sses. Ail costs incurred to bring a tangible fixed asser into irs intended working cgndition shouLd be included irA the measurement of COSL Tangible fixed assets (Land and Building) are valued every five years on the basis of Existing Use Value IEUV) and recognised in the Balance Sheet using the Revaluation method. Valuation of Land and Butlding has been carried out by 4(￿lfied Rl(3 vakueL3 (Wilks, Head & Eve). DepTeciaiion is charged so as to allocate the cost of tangible fixed assets. less their residual value. over their usefid economic livu on a straiEht-line basis. Usefill economie lives are assessed on the following basis.. Land and Building Plant and Machinery - 26-54 years - 5 years Investments held as Fixed A55ers Invesitnent woperties assets are initially recognised 4tcost. After recogniuon under cost model. they are revalued on g fair value basis at the reponing date. These assets are revalued annualty and noi subjected to depieciatiorn GaiDS or losses on revaluation are recognised in the Statement of Financial ActiYAties ISOFA). Debtors Trade debtors are recognised at the settlement amount after any rrade discount offered. Where debrs may not be settled, the balance OE debtors is writEen down and a charge made to unrestricted revenue for the income that might not be collect Cash At bank and in hand The Trust does not hold a bank account of it5 own, rhe London Borough ofTower Hamlets holds cash on behalf ol the Trust or the TTh￿t owes cash to the I£)ndon Bor(M4h of Tower Hamlets. 32 KING GEORGES FIELD, MILE END FOR THE YEAR ENDED 31 MARCH 2023 As per FRS 102 Section I l. the chariry mgkes use of only basic financial instnJmeThts which are irritiaIly reco8nisea at transaction value and subsequenily measured P4t settleJnen¢ value. Financial instnllnents held by the entity comprise debtors. crediwrs and cash. 1.10 Liabilities Liabilities are reeognised when there is an obligation at the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefit vrill be required in settleffLent. and the amount of the setrlement can be esumated reliably. Liabilities aTe recognised at the amount that the Charity anticipated it will pay to settle the debc or the 8mount it has received as advanced payments for the goods or Se￿1¢e$ it must provide. 2. Fund Accountin8 Unrestricted Funds: General fimds are unrestricted fijnds which are available for use at the dt5cretion of the trustee in FurtheTauce of the general objective5 of the Charity and which have not been designaied for ocher purposes. Endowment Funds: The chariry has pemanent endowraents with no p)wer to convert the capAtal into income. The chariry has pernianent endowments in the form of investments in fixed assets and tangible fix￿ assets (Land and Building). The incorne genernted frorn these perniaThent endowments &re unresrricted aTrd used to further the chariry objective. 3. Income from Donttdons Curnot year Cunynl year Cuntnt year Un￿StrIcted EThJowment Funds Funds 21123 Prioryear Total 2023 2023 2022 DonatD 257JlO 378,507 Tolal donatio 237,310 375,507 Aljineome froJJJ donationsrelate to u[￿¢striCted￿Unds andnone for endownjentfiwds. 33 KING GEORGES FIELD, MILE END NOTES TO THE FINANCIAL STATEMEPITS FOR THE YL4R ENDED 31 MARCH 2023 4. Income from Charitabk Activities CunTnt ye#r C￿rrent year Current year Unrestrnted Ettd(>wmtnt FuDd5 Funds 2023 2023 Prior Year Total Funds 2022 2023 Hre ofPremises 382280 382280 260,831 5,063 Ad￿￿ kes Total ITr¢0￿ fn)m charitable activities Allin¢oJnefrom Chori&Tble acrivjriestehte to rEuresTncredfvLds andnonef0te￿d0WMeBffilftd$. 3*2280 382,280 265094 5. Incorne from otherNon-Ch￿1table Aetivtties CurTeut year Ullrestrieted Currellt yeaz Current year Ettdowment Total Funds Funds 2023 2023 Piior Year Total 2023 2022 Licence Fee5 32.99YI 32.990 18.660 I7B38 21.591 Car Park IDcorne 18,6EO Total income ftom ¢ther activities 51.650 5L.65CI 39,429 Allupconye othernott-choritable artivitsegrelate to unre$tncredfuHd5 ajJdllo￿e10r endowJDent thds. 34 KING GEORGES FIEID. MILE END FOR THE YEAR ENDED 31 MARCH 2023 6. IllVeStn￿t I]￿0￿e The chariry Tr￿a in year, investment in fixd ￿et8 (shops). from which rental income was received and the pnKeeds have been ￿ed to further ¢he charfty'$ objecEtve. Curtetst ytRr Unrestricted Fund8 Curreot yeaE Current ye#r EJJdowJxMt Total Prlor Year Total Fundi 2022 2023 2023 2023 Properry rental iacome 489,954 489.954 497.951 Totsl illYegtrneDt income 489.954 489.954 497.951 All￿e0}DefroMJ￿ve$ttheuf￿Jc0￿ere1￿tes to unrestrieredfimds4ndnoneforeJ￿o￿￿efjtfi￿d$. 35 KING GEORGE'S FIELD. MILE END NOTES TO THE FINANCIAL STATE￿(EN[s FOR THE YEAR ENDED 31 MARCH 2023 . Expenakture on cbarAtable activldes Currentyear un￿stricted Fut 2023 Cumntytgr Enth7RThe CtyNenl year Total FU￿￿5 2023 ioryear Total Funds 2023 2022 Grtsss iiages Sa￿r￿s- ¢lwitabk iv#Es Etw)byers' Nl- CFOritab￿ a¢ir¥it*s Defirtd bereft PerS￿n costs- cIWi￿b￿ activitts TravelaThl sub$￿trr￿- clwitab 351.758 30,(J96 351,758 30.096 292,504 22,742 35,118 35,118 27274 23.769 3,565 31,901 127Jll) 3.098 23,76Z 3J65 31,901 (27,311) 3.098 2l.752 13J114 7,363 46,824 Enwk)ytt Teknd &ipen5es ProvisDn Fjr B&1 atyj [hu￿￿[debtS Ut¥A)fjn5 451,987 451,987 431,763 Premises E47enses Rent pa}Jabk ￿￿e[o￿l￿g èases Rates ￿ waier clwyrs c￿an￿gand wastr ffdTpgeo￿nI Pitmists Tepau5. re￿Wa￿ aThJ rtet]arKe 191,427 2,777 47,787 191,427 L777 47,787 N152 21232 49,227 jl?,949 511949 482,930 Athifti&rnlive overheod¥ Teteph)ne, f￿. arnl ll1en￿t eAperAes 1,491 21,685 4,174 5,939 1,491 21,685 4,174 $939 2,968 30,665 &963 20 Sthryik)rs aJKI L￿er￿eS Prnfessionolletspaidio odvtson ihe audilor or ut7mlNer Ma￿sert￿rt fees 66.484 [kprecat￿[L & AmrtiThtK)n uitotsl for perod 66.484 30.848 62,IJ08 92J56 i0lJ90 Totsl sllPINJrtcosts- Cun¢nt Year 885,561 62,Q08 947,569 838,433 36 KING GEORGE'S FIELD, MILE END NOTh5 TO THE FINANCIAL STATEMDllS FOR THE YEAR ENDED 31 MARCH 2023 OiherF￿pewIltiM- G0ven￿n¢t costs CurTeBt year UnrE5fiicted Fund5 2023 CThnt yeAr Endowment Cllntllty¢•r Tor•1 iorY¢ar Tot21 Fvnd5 2(123 2023 2021 A￿J1¢01S 9.1)00 7.000 Totsl Governiw¢ ¢osts 9,000 9,000 7.000 Tolal Chari*Able *XFeAditu CuntDty¢ar UnTr$tii¢ted Cufftntyethr EndoThThent ca￿￿tyeAr Tot*1 Fun¢b 2023 PriorTreAr Totil FuThls 1023 2023 2022 Tokl dwect speTrJi lothl $￿pOrt ¢osts Totsl costs 451.987 885,561 9.000 451,987 947,569 9.1100 431.763 838,433 7.1100 62.008 Total cboiitswè txppwdAy 1,346518 62,1108 1,408,556 1.277,196 All charitable expenditure5 in relation to prior yexr (2021132} was on unrestticted Fjnds. except for the support costs for depreciauon charges I£101.390). This is relating to endoTrwinent tangible fixed assets- land and building, which was recorded against endowment fimds. Staff cost6 and emolwnent$ SaJ•ry costs 2023 2022 Gross Salaries excl￿1￿ trustees aTrl key management peTsormd Employer's National In￿ra￿t for all staff Empliyer's contriburion to definedbenefit Pe￿I0n8￿￿nes 351.758 292.504 21742 27274 35.118 Total aal&rie¥, w#ge$ and related costs 416.972 342,520 The average of staff employed in year was li Employees working in the Mile End Park and other local parks and open spaces are London Borough of Tower Hamlets employees. One employee re￿iVed more than £60,(J)O in 2022Q3 and none in 2021122. They are eligible to join the Local Government Pension Scheme adminisrered by the h)ndon Borough of Tower Hamlets. No remunerauon cost of key management personnel is included within tbe Tn]st's aecounts. 37 KING GEORGES FIELD, MILE END NOTES TO THE FINANCIAL STATEMENts FOR THE ENDED 31 DAARCH 2023 8. Tangible Fixed As*$ nd and Plant & Bllildings M aehinery Curreit Year Total Cost AT l Aptll2022 AddititinS Surpluson r¢YahLati?ry 9.622,500 149,591 15,664 9.772.091 15,664 80,000 BO.000 At 31 Mareb 2023 9.702,500 165,255 7,755 Depreciation A¢ l April 2022 Charge for the year Charged on lev&h￿tiOTr 57.438 30.848 57,438 92.856 (62.008) 62.008 {62,008) At 31 MRrch 2023 88,286 Net book v41ue At 31 March 2023 9.702.500 76,969 9.779.469 At 31 Mazch 2022 9.622.500 92,153 14.653 Land alld P]au¢ & Buildiug¥ Machinery Total Cort At l Apri12021 Addiii) Surpjuson revaluation 9,949,CX)O 123.551 26,040 10,072551 26.040 [326,500) 1326.5001 At31 Match 2022 fffo 149.5 .62 ,772.091 DEPTeciation At l Apta 2021 Charge for year Charged on revahJaciDn 304.900 76.225 1381.125) 32.273 25,165 337,173 IOE,390 (381.125) At 31 March 2022 . 57,438 Net book value At 31 Marelk 2022 9,622.500 92.153 9,714,653 At 31 March 2021 44, 38 KING GEORGE'S FIEID, MILE EPID NOTES TO THE FINANCtAL STATEMEWIS FOR THE YEAR ENDED 31 MARIJI 2023 9. InvesttneDt th E￿ed ￿￿ets 2022123 Investment Propertie¥ Total Valuation Blfivd RevaluatioLLq 6273,9TrJ (3.7001 6,273,900 13,700) fivd 6270,2(K) 6.270,200 2021n2 IThve#tment Properties Toiil Valuation B/Fwd TrartsFer 6319.700 (45.￿) 6.319.700 145.BOO) Clfvd 6.273.￿0 6.273.900 Valuation of inve5trnent P￿PenieS is carried out on an annual basis by qualified Royal Insutute of Chartered Surveyors (RICS) based on market value. 10. Debrors 2023 2022 Trade debiors P￿paYrnents and accrued iicome Other debtors ProvisK)n for Bad and DouLxful Debts 141257 344.082 20,OIQ 42,125 (78,616 327.601 145,488 (27,129) 26Q616 Other debtors relate to cash due to the Tn￿t in relation to reni collected by the maDaging agent of £3,300, £42,125 in 2021122. Furthermore. included in other debtors is cash due from the IA)ndon Borough of Tower Ftamlets £142,188 in 2022123. 39 KtNG GEORGE'S FIELD. MILE END NOTES TO THE FINANCEAL STATEM FOR THE YEAR ENDED 31 MARCH 2023 11. Creditors.. am¢)unt falling due withio oue year 2023 2022 Trade Credtors Other Creditors PA YE, NIC VAT and other tsxes Recepts in advance 157.667 16,(KK) I l.984 2i9,374 445.025 25,720 130,752 10,736 194,632 361,840 Included in other crediiors is cash due to the London Borou8h of Tower Harnlets £102.753 in 2021122. 12. Funds represented by &sets and liabilities: At 31 MaTch 2023 Unrestricted nds Endowment funds Total Funds Tanghk Fixed Assets InveStn￿nt in Fr