.41 li KING GEORGE'S FIELD. MILE END for tfie year JlarcA 2024 Number.. 1077859 41 iy K￿G GEORGfs FIEU), MILE END RefeTrnce aAdAdrniniknve Details oethe Chxtity, irs Trustee and Advisers Tn￿tee.6 Report 4-18 Sratementof TTuswe'8 Responsibilities 19 20-20 Statementof Activitie& B814nce Sheet and Cash Flowstaternent 21-25 NO￿ to the FirRDcial Stawnents 26-36 KING GEORGES FIELD. END ADVISERS FOR THEYEAR ENDED 31 MARai 2024 IL)ndon Bomugh of TOWÈT Hawlets P￿￿paI offi￿ I￿ndOn &irough of Tower HwDlets Town Hall I60 Ivhitechapel RoRd London EI IBJ Arnold Hill & Co LIP 6th FIooT. Capital Tower 91 W&trrloo Road London SEI 8RT (knltyNumkn. 1077859 REPORT OF THE TRusfEE Forthe Year Ended 31 Mareh 21r24 The trustee presents its re￿rt and the financial statements for the year ended 31 DAarch 2024. King George's Field, Mile End Chariry 18 a registered charity. It is refe￿ed to throughout this repon &% the-CRLariry". l.l. The King George's Field clwiry is registered with the tharity Comrniwn as Kmg George's Field, Mile End Charity. resisteted niimber 1077859. 1.2. The King George's Fidd. Mile End charity is governed by a TnLSt Ded The Ki George's Field, Mile Elld charity is unincorporaod. and the charirable trust is established by a Scheme of the CFLarity Cornm￿10n dated 28 Febnury 2(KJO. 1.3. The Council as Trustee holds the freehold land referred to in this Teport on beba ofthe CTr￿]ry. 1.4. The King Geor8e's Field. Mile End Cknity Board {which uts as a conwrrir*e) was established by ￿tioll 3.3.12 of the Council's Con8tiwtion. which 8ives it the followin8 fillLCtions: To adnJi￿ter the aEairs of the King George 5 Field charity and discharge all the duties of the Council as sole t[￿ee of the cE￿ity. To adMin￿ter the affairs and di5clw8e the duties of t￿￿tee of such other chaTities controlled by the Council as tELe Executive might authoTise. The Execuuve fiwction is to discharge all hjnctions not specified as the responsibility of the full Council or of glly Other Committee, where tbe Mayor has delegated bis p)wers to the Cabinet 93 set out ID the Execullve Scheme of Delegatio 1.5. FOT Mile End Park and Stepney Green Park annual Mana8enwAt Plans are produced, which are sea￿a to the annual Greeu Flag C4mpaIg￿ and looks at the park for the ￿lod to December. 1.6. The Parks Serviee within Tower Hamlets Council was restrnetured into the Arts, Parks and Events Serrice during 201212013. Key responsibly for this serrice re8ts th the Head of Arrs, Parks aod Events. Mile EDd Park is managed by the Parks m￿ager and the day to day running of Mile End Park is delegated to the Parks Development Officer {Con)munityJ: Park8 Development Officer (Infrastru¢ture) and Parks Commlllliry Engagement and Projects Officer. 1.7. The original Trust Deed. and the subsequenr variations, which ￿e referred to below, also dealt with the use of other open space and park areas. within what is now the London Borough of Tower Harnlets. These other ￿e￿5 are managed by other Council employees. 2. Objectives and Activities 2.1. The Chariry'5 objectives are set out in the Tn￿E Deed. dared 9 November 1965. and a Deed of Variation. date 9 January 1997. They are as follows.. To preserve in perpetuity the covenluted Iand and to apply the land to such charitable purpjses as are set out ITh the Recreational Charitie5 Act 1958, induding the construction of indoor recreatiollal facilities, subject to the approval of the National Plaiing Fields Association and the Ch￿lty Commission in respect of any additional purp)ses. 2.2. Generally. the Charity maintains the area of Mile End Park. and the other open spaees within King George's Field. Mile End, for the recreation of the general public. including but not limited to the itihabirants of the London Borough of Tower Hanaets. The otELer park and opell space areas are lllanaged to achieve Simi￿ objecuves. 2.3. The land is managea by Towu HauLlets Parks and Open Spaces whose service priori¢ies are as follows.. Strives to make ajl parks and opeu sp&es ￿tbIll Tower Hthets place5 where people feel sale. secure, and that Visitiug such green spaces is an enjoyable Éyperience. Recognises the irnp)rtance of parks and green spaces &$ major conllnunity assets. Fully recognises the importance and benefits of parks ana open spaces a5 places for recreation. leisure and play ft)T all comTnuDities witbin Tower Hamlets. Recognises the importance of the Borough's wks and open spaces and ensures that all of our wide-ranging cornrnurrities and partnus bave equal OPPOmUllties to use them. Encowage8 the bi5torical h￿Ltage of many of Tower Halnlets parks and open spaees and works closdy with colleagues aud partner8 alike to protect Such c￿tUral assers. Manages and maincain$ the Borougb's parks and open spaces onbehalf of the communities we serye. 2.4. The key Iandseape design al0￿ for all Tower H8n)lets parks and open spaces will infonu any future developments ill Mile End ParL. Retain the open. greell ￿peCt of the park Retain and enhance the main desire Lines but avoid criss-crwing the park with patlLS Enhance the pubbc's feelings 0£ security Enhance nature CODSeryation and biodiversity EDhance and rnanage boundary and other planting Provide public arr features that ]llcr￿e the vi8uai interest and identity 0£ the sitr and involve the community Enhance the attractiveness of the park Establish apositive site identirythat 18 clear from within and outside the park Focus fornlal design and ensure that thi8 sight ]ine Ten￿1￿ open for gjl titne 3. L. London Borough of Tower Hamlets. as Cor￿rate Trustee. is aware of tlle Cbariry coll1mi￿JoD,S guidance on Public Benefit and believes tlLi8 been followed as outlined below. 32. The Chariry ]w maintai1￿ the lands within Mile End Park ana cthr King George's Field charity sites to an aeceptable standard with ongoing improvements implemented listed in the above investmeuts. The parks continue to be well used supp)rting as they do a Dumber of key facijiues: Stepney Green artsficial football pitch Playgroun&s Outdoor aCt[￿tieS centre inClud￿g BIWX track Various water feature5 Areas of biodiverrity Pavilions free activity Outdoor gyin equipment Programme of eventy and workshops Variery of spaces for walks And illforn￿ sports activxty l. Gene￿. Both Mile End and Stepney Green Park retained thetr Green Flag Status for 2024. The Atts Pavilion hosted over 108 days of free to access arts exhibitions and 15 community days were supp)rted at the Ecology Pavilion. 41 Evelts AndActi￿leS in Mile End Park and Wbitehor8e Advenrure P]&ygroun&. During the 202312024 year the tea￿ deliveTed a variety of activitie5 for the collunu￿1tY at both Mile End Park gJLd Whi¢ehotse Adventure. ACti￿ueS included.. Weekly Stay and Play sessions at Mije End Park {Monday to Friday, bepween 12..30 - 15..30). Weekly sarellite sessions working with Toy House Children's libr￿ at Mile End Park (Mondays and Wednesdays. between 10:00- 12..tX)). Weekly Adventure Play sessioDS at Whitehorse Adventure Playground {Tuesday to Thursday. between 15..30- 18.00). Dwing Half terms and ￿tl00￿ holidays the PTovision of activities contimued at both sites. Mile End Tern) Time Dail Mon- Fri Half Term TermTiTne Tue, Wed. Th 6 sessions 429 patricipants 7 sessions 597 participanrs Half Term 23 3 sessions ql parti¢ipanrs 2 sessions 291 partiupants 6 sessions 2.￿9 partiapJ￿ts 21 sessions 3,321 participants 262 sessions 3,250 participants I l6 sessions 4,902 participants 2 s￿iD￿S S(kS panicipanES 3 5e55ions 422 participants 24 2 sessions 2 $essions ants 281 Sessions 7252 participants 151se&sions ci ants 3. Stepney GreeD ￿trOturfB￿kin8J From l April 2023 to 31 March 2024 there were 3.360 ad-hoc and contractual bl bookings with 63.7(X) Pgnicipants for the astroturfpitches in Stepney GreetL From l April 2023 to 31 Mach 2024 there were approxin)atrly volunteers over 23 sessioDS, in Mile End Park. This was increase of 43Wo from the pievious year (630 volunteers over 14 sessions). tmprovements undeTtsken by volunteers induding building 20 across Mile End Park, improv￿8 raised beds. bulb plantiD& clearing unwanted vegetation and weedills paths and litteT picking. In addition. volwtteers also distributed 40 tonnes of crushed eonerete witbin Haverfield Woodland Walk, decorated the cascade water feature at Mile Eud terrdced garden and reiDststed a native hedge at Agues GreetL The Ch￿lty facilitated ComJnuuity Payback se55ions from November 2023 vrith panicipants undertaking acrivities including horticu]turaJ maintenance. plantiD8. litter picking, painting rdthn8s and helping to clear weeds and pruoe $lmibs etc. The Arts Ecology Pavilions hosted a number of free to access days forthe public and comrnercial b)okiTh8s across the year to supp)rt commiintty engagement and income generation. A sumJw OE the bookiDgs is provided in Table 2. below. Table 2: Summary of booknng8 Arts Parfion (Number of dw) INllmber of day8) 61 29 52 19 NA 35 32 227 167 100 15 io Art8 and Ecology Pavilion bigh]i8bt& Corporate Bookiugs have incre85ed on 202Y23 in the Pavilioo (up frorn 23 to 30 days) and remained consistent in the Ecology Parfion161 days). The majority o£corp)rate bookillg5 also hire conference audio ￿SUal packages, wl)ich a55isrs with revenue income. Private hires were m3in]y family celebrations with a Prominent level of Mendhi celebrations. Mehndi'5 are often bo)ked within three months of the date and usually occupy Sundays and midweeks and are attracted by the 'smaller eapacity of the pa￿]lonS at 260 and 220 respectively. Wedding receptions and legal ceremonies, usually take place on a Sawrday and are mostly booked over a year in advance. The capacity of the venues for this type of booking is seen as quite large. The Pa￿110￿5 hosted a range of free to acces5 1 low-cost events, highkn'8hts of which included. TeA Dance- delivered by the Arts and Events teani. thjs hee St George s Day lea dance was atteryded by over 100 residents for an afternoon of ￿ght refreshments. live music alld dancirjg. Tower Project SET service - t*rfs Work Event- delivered in parwership with the tDndon Borough of Tower Hamlets and the Princes Tn￿t, Lets Work 15 a lob Expo specrfically for young people aged 14-25 with SLND from the London Borough of Tower Hamlets. Free for all Tesidents to enter and meet with positive employers. o The CreatiYitt- Peter Glkn: 1943-2021- exbibition celebrating life of local 8rtist and contributor to Tower Hamlets cultural and Arts scene Peter Gibson. An events programme including practical drawing, textile and ernbroidery sessions, 8nd a special film screening & discussion accompanied the Exhibition. Warped- PrismTeYtiles- international textile exhibition exploring themes of Waryed views pst covid. Fea￿1]ll8 a large programme of free Workshops. o BBC Eartb Day. )4fax Richter Iive- a live perfonnance from Max Richter in the Ecology Pavilioll. free to residezLts of Tower klamlets. broadcast Nationally on Radio 3, BBC Sounds and Acrc6s Europe. Featuring the Chineke! Orchestra. for Bengali Cultural Alliance UK) . literary and cultural festival. Showcasing Bengakn. perfornwice & poetry including workshops gl book fair. Festival of Spice W4r Storie8 - this exhibition is part of the East India Compally Spice War SEories Project (1600-16251 by Brick Iane Circle. print work The ChaTity also supported small b￿lneSSeS through tnarkets including the UTban Maker's Market. Noor Aromas Winter Market and Judys Vintage Flea and Furnimre Market. These Jnarketslfairs help to increase footfall through the Parfions. Investments to the venue indude a lighting upgrade, making the Ecology Pavilion more efficiendy and greatly reducing maintenance costs. This investment also compliments the sleek modern style of the venue and will improve custoll exFerience whilst in the Pa￿10￿ This bring5 the Ecology Pamliou in line with the Art Pavilion. which had a ligbting upgrade pre-pandemic. All exhibitions hosted at the Art Pavilion are free to access ana have an accompanying programme of free activities, talks, workshops, allowing residenr8 and visitors to gain a deeper understallding of an anist OT pracuce and get involved. This exhibitiou season Saw a number of diibitions ¢gkng Pl￿ that had been p]atULed but callcelled due to the pandemic. Overview of exhibitions: P-l> ApIil Peter Gibson: 1943-2021 Lybibition celebrating ]ife of local artist and conuibutor to Tower Hamlets cult￿[¥1 and atts scene Peter Gibson. The events programme included practic31 drawing, textile and embroidery 8e$sioD3. and a special film screening & discu8SAOll accompanied tbe exhibition. 16h.20th123rd-26th June io Two exhibitions showcasing work by $tudellts of the year-lollg courses. Prisni Teytiles: Warped April- I,, May Intemational Exhtbiting group PRISM vse textile$ to offer a rich and dynamic interpretation of rhe title Warped, with storyte]]i￿g. histories. and contemporary c¢J]llmetLt. Spice War Stories 24UI October- 4ih Noveznber Brick Lane Circle: Festivaj of art & wriling by our diveTSe communities,. This exbibitioll was part of the East IJ)dia co￿PanY Spice Wat Stoiies ProjectI16￿- 1625) by Brick Lane Circle. &h _l<)h November This exhibition brought together 8xchival material. artists moving image, &rtworks and docwnentauon to both celebrate this history and signpost ￿tllre plans. Glasgow Gir]8 17ih_ 26Lh NovenLber'. Retrospective of School alull)￿ of Glasgow origiu. 'Re5iSt Much. Obey Litde Three women artists Rose]nary Beatoll. IEsley BuEr alld Ali50n Harper who wer knov4T& as the Glasg¢)w Girb. Celebrating 40 years of painting and friendship. - 12th December East London Printmajters, aTrryual Festival of Print exhkbition. 28th Feb_ 8th March Annual showcase of pri￿ary, secondary & 6th FOTM art students work 14th_IPh March Exbibition exploring the tILellLe of Eco-Feminis 4.6. Mae End Park Friends Grouw. Rangers continue to work with and support the Friends of Mile End Park wbo orgaDise events and act as a erirical friend regarding development of plan5 and Priorities. The Friends Group also seLf-managed tasks $ueh as ]ittet pieking, sott horticllltural maintenance and bulb planting. li Acr055 the park and pavilions a range of conuDuniry engagemeut schemes are supported including." Volun￿er 5themes . CoTrJnurriry s￿dell schemes Community arts diibitions CoryK)raTr volunte￿1￿8 in Stepney Green Park 5.1. A range of improvementswere made to Amprovefacilities and increase biodiversity $I￿￿D below. However, during this Peri￿4. we Ilad fewer cowrate volunteer schemes, which meant fewer improvement PTojects were callie(l out. Building 20 bencbes in several are￿ of the park {H￿erfi￿a and WeDlliDgLon Gree￿ the Events Field. and at the rear of the Arts Pavilion). OverbauliDg the raised beds in the growing zone includ￿8 buildiDg additional raised planters and improvemeuts to the irrigation 5yStern. Removal of substantial ]i8ht ve8etaaon across Mile Eud Park to improve s4ht lir￿ (outside of the bird n&ting season). Weeding pathways 4t￿ hard standing surfaces throughout Mile End Park. Removal of llnvranted vegetation such as dock leaves. Rusjian cumfrey and bramble vritbin Mile End Park. to make ￿eaS safe addressing issue5 relating to ASB, rough sleeping. drug taknDg and other anti.social actilrities. Preparation and decoration of the easc4de water feature at Mile End terraced garde Distribution of 40 tonnes of cnLshed concrete within the HaveEfield Woodland Wa]k. Horticultural njaintellance in coDservdtion area8 to supp)rt and encourage wildlife and biodiversity in the park. Bulb planting sessions tbrougTrLQUt Mile End P8rL Litter picknng across the parL Enhancing biodiversity by planting nect￿ ridl pe￿nDia1 plants where p)ssible and gapping up of c￿￿ellt shTub beds as well as the re iDStallation of a na¢ive P￿dge al Agnes GreeJL 6.1. The yegx's accounts are actached to this annual report. 6.2. All income generaied Rithin the King Geor8e's Field charity lands go to the charities accounrs to support the public access to good quality sports and leisure faci]iues. 6.3. The Chaiity generates income to the mainrenarlce of the park and its programme of acuvities. This income is generated rhrougb: Rentals of shop/restaurant units plus c￿'Mbing wall centre. These propenies are managed by Council's Asset Management reani. They have outsourced the management of the shop units under the 8reen bridge. The £xternal company collect rents and service eh8xges, tevAew8 lea$e$ 2nd find tenants for any vacant lots. Operation of car parktng spaces, these being in Hayerfidd Road and Lawton Road Ibygreenbridge). These are managed by the Council's parbng Services. CO￿Or3te volunteer schemes. Managed by the Parks Team these provide useful volunteer work Force for maintenance of the park and also income from a fee per partiupant. Hire ol artificial footb8ll pitch at StepDey Green. Managed by the Parks TeaJn. The site does generate a small sutplus atsd the majoriry of the teams USiJLg the Eacijiry local ¢0 Tower Hamlets and the fees are amongst the cheapest in London. Hire of pavi]ions for weddiJLgs, private parties and exbibitions. Bookings are rnanaged and staffed by parks personnel, including a pool of casual events Staff. FacJitie8 Mana8emeDt manage the utiliry bills, cleaning and maintenance. Cornmercial actirity such as fairground5 and film locations. These are managed by the Council's Festivals and Events teamwith the income coming to tbe Clwity. 6.4. The Charity's financial w>sition at the end of 2023124 show5 a decreasè in net assets of £2,950,828 to £12,914,43212022123.. £L5,865260) driven by a decrease within endowment fund5 of £3,(X)0,200 arkd an increase UllTe$trictrd fi￿ds of £49,372. 6.5. The Charity's endowmeni fund5 total]ing £12,972,500 (2022123: £15.972,7W), indude tangLble and investmeThc fixed &8sets. Tangible fixed assets totalling £6,764,875 {2022123: £9.779,4691, sUPPQrt the public acce5S to g¢)od qualiry sports and leisure facilities, including Mile End and SÈepney Greell Park as well as the pavilion5 and E￿tball pktcbes on park lands. Investment assets totalling £6.267,500 (202Y23: £6,270,200). are held to generace relltal income to ￿rther suppoIt the charitable objects of the Charity. 13 6.6. The Chariry's unrestticted fijnd totalling a deficit of £58,￿ (2022123: £107,440 deficit) comprises the cumulative remaining deficits at the year.end. All rerAtsI income arising from investtnent assets held ill the endoWn￿Trt fund 15 ciedited directly to this fijnd. The unrestricted fund is available to use in catrying out the charirable objects of the Ch￿]ry. 6.7. The Ckniry currently doe8 not have a policy oll level of reseryes since the sole Tnjstee is rhe b)ndon Borollgh ofTower Hamlets. whichmeets infull the Charl￿S net ￿)enditure, so the Clwiry's bjnding 18 secure& The Tn]st Clwity Board therefore has not set up any fin8neiai reserves to pmtect agasDSt any unforeseen fluctuarioTh% in itscome or expenth'ture. 6.8. The Charity is The Ch￿lty bos developed a mitigation plan to reduce the negative bala￿ over the next three to five fiwncial yean. This indudes identifying cost savings 4Dd opp)rtunities for additional incorne generation includmg: More Tegular detailed reviews of spend and income to enable resilient aod rOb￿t foreeasting. Prioritisation of expendinwe. incllldiDg reducing noll-e￿entIaI spend where possible, whibt etLSUTing the Charity is ablè to de]iver its objectives and protect and maintain its assets and the estate. Re8ular review of rental assets (induaing properties ren￿a by the Chatiry) to enable robust finallc1￿ planning a&8ociated with rent reviews etc. A marketing plan ro increase hires at the Arts and Ecoio8y Pavilions ineluding t&rgeted advertising, social media and Promotion￿ campaigns. Increasing the level of l)ookings at Stepney Green ￿tro(￿rf throll8h diversifyiDg use of the facility including promoting the faciliry for Through the above mitigation actions, the Cknity will be able to reduce spend and increase incorne to supporc the reduction ofthe defiat positio The key risks to the Ch￿Lty itielude financial, reputarional and pub]ic safety risk& The PaTk management team. on behalf of the CIwAty, acts ro create a sustaiDable income Stream to suP￿rt the maillteDance of tlle park and its jnfrastn￿tllre. The Green Brid8e rentalunits provide a significarLt conttibution to che ch￿l￿$1￿COme 14 In relation to this property rental incotne stream we have identified the folloNin8 risk5: Non paiThent of renrJarrw5 Tenants vacatin￿serVing Notice Breaches of leases To tnitl8ate agginst the above Iisks a competent lettings agent, appointed by the Council, manages the tenancy urangements for the Green Bridge rental uoits to ensure b￿t value aud good m8nagement of Lenauts. The letting5 agent takes a proactive approach to monitorills Tental income and take early intetvention if there are any issues identified with a tenant. If Tequired, the council can undertake debt recovery action eLsurin8 rent IS Teceived and arrears are ma]La8ed. 7.3. TeDants Vacatin￿SerVing notice: Historically the rental ti￿tS have been fi￿Y occupied with a Eow rurnover of tenants. Sorae of the units have been occupied by the San￿ tenants for over ten years and during (he pandemic ollly one tenant ceased to trade, and they easiEy assigned theirlease, showing the resilience of the locauoL The locariorLiS actractive to a vade range of b￿l￿esSeS due to its proxin]iry to MLle End Nbe station. a near universiry and residential areas that provide a high level of footfall. With a13Tge nurnbeT of the tenants benefitting from Sec)Jrity of Tenure under the Landlord and Tellant Act 1954, they would have to seThre nouce on the landlord to leave. As a Tesult. there will be at least a 3-n￿llth notice period. whidL will assist in the marketing of the unit and would ILopefully mitl8ate the Iisk of a void period and loss of incorne. In the event of a unit being vacant for a period of time the Chariiy could utiIise the council's Meanwhile Use programme to temporarily occupy a vacant urrit with a'pop-up. Shop, thereby rnaiDtaillillg the ￿t3]Iry of the location. It also has the impact of malntsjn￿g occupation. and therefore mitigates void costs. as well a5 the risk of squatters. 7.4. Breaches of leases: 15 Leases are monitored by the letting agent aJLd Ihe Park management team with support Erom the council's euforcement and legal tean￿ if required. This approach enables any breaches or compliancy issues to be resolved as quickly as ￿$sIble. 7.5. In addition to rental incorne. the ch￿ilY also relies on incorne geneTrted through the venue ]Jire of tlle Arts and Ecology p￿￿[10nS. The Park management team promotes and manages bookings for the pavilious, which are Jjow welltstablAthed venues for weddiogs, private, commercial and corpora￿ events Tthat gellerate income. Improvetnents include setting up an Instagram accouni, which has helped to increase the number of enquiries aodbooknngs. Although there peak period5 for hirers15prillg to autumn), the Park managemeut team continue to dtver5ity the range of clients and adapt to changing market consideratioos. 7.6. Costs of RepaiTh Maintenanc The Park management learn operates a cornpreheDsive in5pectiOD 8JLd repair regiTue for Ibe Chariry's land and facilities. In addition. the Chariry reinvests some of the income generated through bire5 to upgrade facAlities and equipment to ensure its open spaces and builditLgs are safe a￿d welcoming places for the public and commercial tenauts and venue hirers. In addition, the council's Faciliues Managemeni team undertake regular preventauve maintenance arld surveys. This overall approach of maint￿ning and iThvesting reduces the risk of $ignificant buildiny/facility hilures that could lead to larger and unplanned for repairs and/or replacement costs. As outlined above, irycorne from tenatic1￿ thd hires is utilised to undertake Iepairs and maintenance 0£ the Ch￿]￿S assets. This approach enables the Charity to ensure Health and Safety le8i31ation is cornplied with aod that thebuildings remain in a good state of rep￿. As rhe venues are hited out Tegularly, it is impoitallt both operationally and reputationally that the buiJdin8s are well rnaintained. The Parks management tearn implements safe pracuees foi the parks and atnenities including regular patro15 by Park Rangers Moth ally issues recorded and reported to management. There are opeTational procedures for the regular iDspection and n)aintenance of play and 8yin equipment by ttained park staff and independent 16 play inspectors. These operating procedure5 have been developed in line with the relevant guidance and reviewed by the council's Corporate Health and Safety team. A¢lditional monitOTing and maintenauce of the ChaTiWs park lands is unden&ken by the Council's Green Team who ensure that the land is well rnaintained. The combination of regular Park patro]s and Green Team maintenance helps to ensure that the Charity'5 laELd ts well m￿ntaIned and YA safe ellviron￿ent for people to it. . charityNan￿. The Kiryg George s, Field Mile End ChaTity &2. Other Dame tILe cknityllses: King George's Fields Stepney (Previous naJne) 8.3. Re￿stered chariry number. 1077859 Loudon Borough of Tower Hamleis Mulberry Place 5 Clove Crescent London E14 2BG 9.5. Auditorn: Arnold Hill 81 Co LLP 6th FIWT, Capital Tower 91 Waterloo Ro4d London United KiDg(iom SEI 8RT 9.6. Banker&' Roy81 Bank Scotlalld (RBS> 9.7. SoJAcitorn" The Chariry's solicitors &re the Legal Serviee of the London Borough of Tower Hamlets. 10. The King George's Field Chariry Board 17 10. l. The Board eonsisted of the Cabinet with the followFng members for the fin8ncial year 2023124 until present. Changes to the Cabinet's COMP￿i￿on caD be n)ade by tbe Mayor at any time Aud any such changes in this period were refieeted collcuttently in dje Board's membership. The Chair of the King George's Field Charity Board on behalf of the En￿tee {￿Thd0n Borougb of Tower Hamlets).. Mayor Lu(fur R4hmao CouncilloT M8iwn Talukd Councdlor Kabir Ahmed Councillor Saied Ahmed C.ouncillor Suluk AhnLed G￿￿cI￿r Gularn Kibria Chou(Ihury Cowlcillor Abu CbowdlLUry Councilloi Ohid Ahmed Councillor Iqbal Hos5aiu Councillor Kabir Hussain 25105r22 25105ll2 25105122 25105122 25105ll2 25105122 25105r22 25105122 25105f22 25105122 17105r13 15105r24 15105124 15105r24 NIA NIA NIA NIA 14105124 13/05125 NIA 20103123 I4105n4 14105124 13105125 Councillor AbduI Wahid Councillor Musthak Ahmed Councillor Shafi Ahrned Councillor Kamrul Hussain NIA NIA NIA Councillor Sabina Akhtar 14/05125 NIA Councillor Bodrul Choudhury 14105125 NIA Date.. 18 KING GEORGE'S FIELD. MtLE END BIPORT OF THE TRusfEE FOT the Year Ended 31 March 20Z3 ij The trustee 1$ responsible foi piewing the Tnjstee Report and the finallcial ytateu*nt5 in accoidance th applicable law and United Kingdorn Accounting Standards (United Kingdojn Generally Accepted Law appjicable to ¢barities tn ErLglandarLd Wai&% require5 rhe trustee ttsprepare financial statements for each financial year wbich 8ivÈ a true and fair view of the incoming re50urce5 and application of tFLe resour¢es of the chariry dunlls the and of its state of affairs at the end of tbe year. In preP￿ing these financial stAtemeuts the trnstee is required to.. Selecr swtable accounttng policies and applythem consistently" Obserye the methods and principle5 in the Charities SORP,. Make i￿dsertLe￿ts #Ad estimates that are te450nable and prudent. Stats whether applL"eabk accounung standards have been followed. subiecr to any rnaterial departures di5c105ed and explained ill the finallcial staternent$: attd Prep8re thefinanci31 statements un the going toncern bwsis wde&% it is inappropriate LO presume that ¢he cltszity ￿ continue in opeRtion', The trustee is responsibk for kttping pxopet accounting records whieb di5dose with rea80￿ble aCCDMy ar any tirne the J5nantial position of the chjtity and whicTrL ellable them to ensure that the financial statements cornply ￿th the Charities Att 2011. the Clwiti IAceowits and Reports) Regu]ations'008 and the aJarxry'$c0nstitittio￿ They are alsoresponsible for $8SeguardLng the assets of the charity aud hence Eor t*knng re&sonable steps for the preveD¢ion and detection of fraud and other irre tn]illewththe requirenxeDr5 of the Chan"ty CO￿￿￿j5510ll. the trustee appointed Arnold Hi]l& ColLP (CharteredAccountants} as the auditors of the C￿lty. The Ojair of the King George's Fields. Ch￿lty Board on be])alf of the ETh￿te2 QondoTh fv)rouglLof Tower HarAlets).. Date.. 19 OplnloTr We have audited the financial ststements of King George's Field, Mile End lthe'charity'l for Ihe year ended 31 March 2024 which comprise the slalemenl of financial acknvities, the balance shget and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accgunting Prath"cel. In our opinion, the financial 5ts1emenls'. give a true and fair view of the slate of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended., have been propedy prepared in accordance with Uniteij Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for opinlon We eonducled our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUK)) arKI aP￿Icable law. Our responsibilities under those standards are further doscribed in the Auditors responsibilities for th8 audit of the financial ststemenls section of our report. We are independent of the harily in accordance with the ethical requirements that are ￿levant to our 8udil of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical ￿SpOnsIbl11￿.es in aeeordance with thgse reqU1￿Ments. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the Iruslees, use ol the going concern bass of accounting in the preparation of the financial statements is appropriata. Based on the work we have perfornied, we have not identified any material Un￿rtaIntieS relating lo events or ￿nditionS that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least ￿e1Ve months from when the finanaal statements are aulhorise(I for issue. Our responsibilities and the responsibilities of Ihe trustees with resFect to going cortem are de8cfiW in the relevant section$ of this rgport. Other Infomiation The other information Comprises the information included in the annual rekKSrt other than the financial ststemenls and our auditor's report thereon. The trustees are responsible for the other information contained ithin the annual report. Our 0￿.n10n on the financial ststemgrbts does not ￿ver the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the 0th8r infomialion and, in doing so, consider whether the other inforniation is materially inconsistent wlh th& financial stslemenls or our knowledge obtsined in the course of the audit. or othe￿iSe appears to be materially misststed. Ifwe identify such material inconsistencies or apparent material misslalemenls, we are required to determine whelher this gives rise to a material misstatement in the financial slalements themselves. If, based on th8 work we have perfomed, we conclude that the￿ is a material misslalement of this other information, we are required lo ￿pOrt that fact. We have nothing lo report in this regard. Matters on which we are required to report by oXCePtton We have nothing to report in respect oflhe following matters in relation to the Charities (A￿Ounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the infomiation given in the financial $tstem8nls is in¢onsi$1gnl in ary material r8spectwth the trustees. report., or $uffirient accounting records have not been kept.. or the financial slalemenls are not in agreement with the accounting records,. or we have not received al the information and explanations we require for our audit. Responslblllfjes of trustee8 As explainod mor8 fully in the Ststement of Trustee5' Responsibilities. the trustees are responsible for the preparation of the accounts and for king Satisfied that they give a true and fair view, and for such intemal control as the directors detemine is necessary lo enable the preparab.on of accounts that are free from material misstslemenl, whether due to fraud or error. In preparing the accounts, the trustees are rewnsible for assessing the charity's ability to continue as a going concern, disclosing, as applicablg. matters related lo going concem and using the going concern basis of accounts.ng unless the trustees either intend to cease operations, or hav8 no realistic allèrnatfive but to do so. Auditorfs responsibilities for the audlt of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance th the Act and relevant regulations made c)r having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the 17nanclal statements as a whole are free from material misstatomonl, whether due to fraud or error. and to issue an audito¢s report that includes our opinion. ReasOnal￿e assurance is a high level ofasSUran￿ but is nota guarantee that an audrt conduded in accordan￿ with ISAS IUKI will always delect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the ag9regate. they could reasonably be expected to inlluence the economic decisions of users taken C￿ the basis of these financral stalemenls. Irregularities, induding fraud, are instsnces of non7310 257JlO 382280 51.650 489J54 CFAit8bk *¢tNi*s 51050 489954 Totsl inco 1.181.194 Chrfftibk l>lQ548 610 1,4118wi6 Tota] expenditu l.i4Ii48 61(k)8 1,408.746 13.7 (3,7001 N¢t ip¢offje Illosi) Ibrthe )Yxr (165J54 165.7081 (231￿62) Net k)55 W T¢vah*tkn¢if￿¢d ￿￿ets DcpreciiLi)n writ knk 80,000 6Z,1108 N¢1 moveRwN¢ in fvnds 065J541 76,300 (89,0541 R¢eoncililllloD of fynths:. Totsl thnds brouEIt 57914 15JWLK) 15,954 J14 Total ¢•rrf¢d thrn¥td 1107.4401 15972,700 15,865,160 22 KtNG GEORGES FIEtJ). MIEE END FOR THEYEAR ENDED 31 MARCH 2024 No 2Q24 2023 FLYedA>#Ets Ttr￿bk Assets 6 7fA.875 626?.500 9,719.469 6.270.200 Tothi ￿￿edalSet 13.032J75 16.049.669 15&215 26Q.616 15(215 260,616 C￿￿[$.. 176.1581 1117,9431 1114.4091 The •tt455ets of the 12J14N31 IS865J6D The tytsi Attusety oftht [￿atrI Ibt •fthE 12,mJoo 15,972.7 12.971500 15.9717riJ LllreytrictedFuxd5 F}￿j 15&068) 1107.440) (il,0681 1107.4401 12JIU32 1&865J60 The Chair of the King George's Fields, (knriry Board on bel￿1£ of the trustee (Londoll Borough of Tower H￿ets).. 24 KtNG GEORGE'S FIEIIJS. MILE END FOR THE YEAR ENDED 31 MARCH 2IY24 Resoprtes fipplkd In the yetr endÈd 31 Marckn 2024 toward5 fixed &8sets forchrlty us¢:_ 2024 21)23 Fun& Eencratrd in the year ￿ Iktsikd ryl the SOFA RcstyJtce5 Ar4)kd thI￿￿al ￿ed a5se$ (195Q828) {11524) (89.0541 115fj641 Net Teiources AW￿1#￿¢ to fund ehvltgbk aElivitles 2,963 521 {104.718 MoveThrts Ill nsery¢ Ind t*￿1 fur#* foethe yearendtd31 Matth2￿4 Uutstrfct•d i￿ty¢￿T Total 11Tr24 2023 {107.4401 49J72 (58.Q68) 57.914 1165,354 (107.440) Re￿￿d 8a1& arni bjsses betjre tran5kn Ck)S￿81eVerll% fi￿s 58.068 107440 Rev•l48iioD rE¥erve Last year Tot*1 FuThls 2023 Funth At l Aprl T[￿S￿r lth)) l fromTE￿At 15,97171)0 (3.000200) 15.896.400 76.300 At31 Majrh 15.9717(K) of fw Totsl iajt YeAr Total Funth 21124 21)23 158,0681 12.972,500 1107.4401 15,972.700 Totsl f¥wds 12 15J65360 23 KING GEORGfs FIELD. MILE END CASH FLOWS7ATEht FOR THE YEAR ENDED 31 MARQI 2024 2024 2023 C&qh fiow3 0￿ratIng activities Net ¢ash provNJed Lry 0￿rat1)s activitts as slK)wn itksw (672.186) 229J49 GTshflowsfrom imieslirtg Aclivili Imer nVeSt￿￿Trt llKome, ￿llts from iTrv¢5tmert5 Purchase of prLwty. pF&nt and equpnynt 5)2.176 (12524) 489,954 11S,664} Nel ca%h provided by I￿estIng ¥tLVltes 519.652 474.290 Overall Cash pmyided by all actfvitiey A+B 152.$33 244.941 Cash movements Change in e&8h and cash Cquivaknts from actiTrities ￿ the year ended 31 March 20A? (1525ii) 244941 Cash and cash equiwdknts ai l Awfl 20?- 142.188 (102,75i> C4$h at b*nk and iD lthnd 1¢55 overdrafts at 31 Mir¢b (IOJ45) 142,188 Re£oDciliatioTr of oet in¢ome to net trom operatillg ￿tIvItIeS Net rKorne as shown in the Statetnent of Fina￿￿1 Activitrs (19.610) Adjuslmtntsfor:. D¢Ff¢CHtion chrges ProvisTh for imd aTra dcwtrtful de1rt5 Write 4kn¥n of as5Ets Net UTwealied kjsses on invesknent assets DiviJend5, irrtere5t a￿l renLS frorn nvestments Otsr gll1￿ and k>sse5 Decrease in debtors Increase l (tkcrease) iTr Credit￿5. ¢xchthg bans Revah]ati 959x1 (8,J05) 2y47.5(X) 2,7tJ) (531176) {662S2) {31,4¥2) {179212) (2,Y)1218) 928)6 (51.487) (80.(MXI) 3.7(X) (489.954) (62,008) 291A61 155237 142008 Net eagh prDvided by operating actlvities (672,186 29 49 25 KtNG GEORGES FIELD, MILE END YOR THE YEAR ENDED 31 MARCH 2024 I. A¢¢ouDtiDg Pojides The finJnciaL statements have been prepared in accordance the charities SORP IFRS 102) - Accounting and Reprting by chariti￿. Statement of RecornMer￿ed Practice applicable to charities preparing their accounts in accordance with the Financial Repotting Stlnaard applicable iu the UK ana RepubIic of Tr￿and(￿ 1021 (effective l January 20151, the FAnancial Repotting Stand￿d applicable fftrt the UK and Repubb¢ of Ireland (FRS 102 and the Charitié5 Act 20111. ThefinancialstaternenLS have beenpreparedto give a tn]e and fairviewand have departed from the tharities (Ae¢ounts aThd Reports) Regulations 2008 only to the extent required to PrO￿de trne ajjd fair Niew. This dep￿Ure has involved followtng the Tharities SORP IFBS 1021 published ill (kiober 2019 rather tbau theAccounting and Reportin8 by Ch￿ltieS Statem¢Lt of RecornDietLded Practiee effettive from l April 2(K)5 which has since been witharawm. King George 5 Fidd. Mlle Etld meet the definition oEpllbIic bertefit entityunder FRS 102. Assets aod liabilities are irritially recognised at hisroiiital cost oi transaction value unless otherwise stated In the relevant accoutLun8 policy. The financial statements are prepared in sterling, which is the Eunctional currency of the cornpany. Monetary amounts in these financial State￿entS are rounded to th¢ nearnt £. l.2 Going G)wern The tnjstee F&as coosidered a period of ar ie4St 12 ￿OnthS from tbe dateofsigning these accounts and deterrnined that there are no mateTi&I uncertainties regarding the cEwiWs ability to continue and to meet its Oll-8Oill8 babiliries for the next 12 months. Therefore. the accounts gre prepared ott a ￿￿cOnCern basis. IJ AU income is reco8nised once tELe c?￿7tyh￿q e￿itleMentto the income, it is prolxble that the incorne will be received. and the a￿oUllt of income catt be measured reliably. The significa sources ofineome f0rtheTn￿treIate￿o, dortations Te¢eived frornthe LondonBorough ofTower Haudets (SOFA- DoDations. Note 31. admi55ions fees fot events and exhibition5 and away da held at the park {SOFA - Ch￿ilable activitse5, Note 41 and rental ioti)me froDJ Units ovmed by the Tn￿t (SOFA- Investroent illcoD￿, Note 6). 1.4 F4ets4it E¥endirnre is rec¢8]Ji5ed once there Is * legal or consttuctive obligation to transfer economic benefit to a third party, it 18 PTobsble that a ttansfer of econoxtu£ beThefit$ will be required in settlement and tTrLe amount of the ob]igation can be measured reiiabty. The charity's prill 26 KING GEORGE'S FIELD. MILE END FOR THEYEAR ENDED 31 MARai 2ff24 activity is the llLa]ntcnance oEMile Elld Parl and the other open spaces within King George's Fidd, Mil@ ErAd. foT the ￿e and enjoyrnerLt of the public. All dirtrt and support costs including ceTLtral sraff costs. and depreciation ch￿ge$ are allocated to this pirnary artivity to fiwtlLer the charity s objective. tAnd and Buildings assets are Subject LO the de minimis fot taptaiisation of £50.(m. Rettts]8 payab]e from operating lea$e5 are dtsrged to the Staternent of FinanciaI Activities (SOFA) to refiect the economic benefits c0]Th￿Ded over the jife of the le*5e. Tangible fjxed asseLS and d￿reCIatiOn Tangible fixed assets {P]ant arnd Machulery) ]￿ltiallY recognised ar COYL After Tecognition under the cost model, tangibk fixed assets are measured at cost less accurnuiared depreciatioo and any accumulated irnpairment losses. A]1 cc6ts 1fLcu￿ed ro bring a tansible fixed 4$8et into its irtended working condition should be induded in the rneasttretnent of crtst. Tangible fLxed assets (Land and Buildingl are valued everyfive years ontheba$is of knting Use v￿lle IEUV) and recogttis￿ in the B3Jance sheet ￿ the Revaluation rnethcd. Valuation of L4nd and Building has beeD catsied our by qualified Rt(3 vahjers (Vth. Head & Eye}. Depreciation is ch￿sed50 thatethe cost of rangible &xed assets, l•$ their residual value, over their usefi￿ ttonott)ic live5 on a straight-]&ne basis. U5efule¢ouowic live5 are asse55ed ontlle following basis: Land and Building P]allt and Mathinery - 26-54 1.6 Tnyegtments held os FixedAg8ets ITLves¢meutproperties a55ers are irritiallyIecognised at cost. After recognitioAuJder cost modeL they are revaLued on a fairvaiue ba515 at the reportin8 date. These assets ore rev8lued annually andnot subjected to depreciatithL Gains or10￿ oll revaluatioLaretecogni8ed indLe Statement of FinanCI￿Ac￿￿tIes (SOFAI. 1.7 Debeots Trode debtor5 are recogni5ed at the settiernent arnount after anytrade discollllt offered. Where debts may not be settM tbe baL4JLce of debtor5 ts writtell down a charge made to nrestiicted revenue frjr the income that Trigkt Dot be collected. IA Cajh atbaDk andin]Mnd The Ttllst does not hold a bauk account of its own, the London Bor0￿￿ of TDwer Halljlets holds cash on bebaif of the TTU5t or the TDJSt owes Ca8lL to the London Borough of Tower Hatraets. 27 KtNG GEORGfS FIEll). hltLE END FOR THE YLIR ENDED 31 MARat 2024 As per FRS 102 Sertion 11. the ckniry rnakes use of ouly basic financial Ipstn￿ellts which are iJitsally reco8nised a¢ transaction vaMe and Subsequendy rneasuTed at $¢ttkment value. F]nanCI￿ illstruwts hdd Ey the entity COmPTi5e debtors, creditors ana casb. 1.10 IJAbllitie8 Liibiiiw are rec0gti1￿d when there is an obligation at the Balance Sheet date as a resujt of a PBSt event, it is pmb&ble that a trather of economic beDefit will be required in settlement, and the amoll￿ of the set¢lement can be estirtiated reiihbly. Iaabi]ities axe recognised at the awountthat th¢c￿lty antiapatedil￿uP&y¢o se¢tlethe debt Fun&: General funds are unrtqtiirted fuD(b whicb are avaijabk for use at the discretioll of the trustee in fuTtherance of the gener81 obiectivE¥ of the Clwity andwhich have ¢apid intoincome. The C1￿]ty FLaspennanent endowments inthefornLofixv&q¢o*uts in fixed assets and tangible fixed assets ILalld and Building). The income generated from these CurYtTrt yeaT UDlt¥tii¢l¢d Fund# 2024 Current yt ElldowTrert Curremt year PrtorY¢ir Totsl Fwndy 2023 FUD 2024 2024 435h97 435ffj97 257JlO Totsl donauo 435 435.697 2S7,310 Alliiicojnetrom donatyonsreJ4te to l￿e5￿cred￿￿dE￿dnone foTeDdowJDentfiu 28 KtNG GEORGfs F￿￿. ME￿ END FOR THE YLIR ENDED 31 MAR￿ Tr24 CuTrentye•Y Uorestrktid CimntytAT Civrent>*aT Fund* zo23 2024 1•24 2024 314J82 J822 Totsr tntoTht cbariithlE 314￿82 384582 38Z380 Al]iLcDJllefrom ChritrbJeocDvFtsesreI8￿ to unreAncredhuj&*aDdnoDeforeDdowmentkn￿d% C#rrtnt￿1r Prforyear Tot*1 VuDdb 2023 fo141 2•24 2014 2014 S?￿2? 17.735 37,027 17.73$ Ttstsl othtrthitlEJ 54.762 54,762 51,ts0 AllincomehJJJ 0thernoll-cb￿tsbje aCti￿DeSre]llteth unresmctedfiJnd5andllo]￿l0r 29 Pd•rY¢•r T•¢ 3• 531176 S32,176 T•tsi lov¢itTh•Attr*•m 30 K￿c GEORGfs ￿ELD. MILE END FOR THE YEAR ENDED 31 MARai 2024 turrEWt )**r CurttThl year ye•r ToE*I Funds 2124 PriDrTr'exT TrfJlil Funds 3114 FwAdi 2024 2023 &tts¥ 9aknr￿. eh*r#bk Irnv*¥5 327265 31n7 3Z7.Z66 351.751 30,096 34 38844 JS.111 Travela￿A SubsLEthfftCt- chrtalk 2￿136 3I34 29.752 18.305) 84 2•.lJ6 23,762 3,565 31,9LII 7Jlll 3.098 Erryknre ￿￿te￿￿en5 29,75Z 18J05) Pwvsort for BAd 231 44U31 451.Y¥7 RtM*payable UDd¢rryraiini Kak5 and w&rer cParyes 4￿j Wastc ry¥r4gom¢nr Pl¢￿tt5 repiKs. rencw•& 4th￿nanc¢ 1131128 54J49 49J48 l91827 2.777 47.717 54A49 49211 499thJ7 512.949 A&￿￿￿rr￿￿￿V￿r*t17rfT TekphoDt. fax aod ￿￿rneL E4uypnrfit ew*¢$ 41.462 3h07 41162 Jffj•7 21.685 4,174 59 3,939 Man3aer¢DE fee5 rJewtr-rliN)A & AlrLfLEat￿ ￿ waifar thl PE7f 1114i4 112JY 466,414 9ffj18 959111 91,B56 T￿ts7 Jupp)rttOAts- C•Trc•t Yt 906ts08 66281 972J91 947.569 31 KtNG GEORGE'S FIELD. E¥ULE END NOTES TO THE FIKANaAL STATEMEKIS FOR THE YEAR ENDED 31 MARCH 2023 Other li￿•dI￿re- ¢ovtrnAntt costs Currentyear [Inrestri¢ted FuTrds 2024 Curremi yEir Tot FuTrd5 21124 Prffrr YÈ Total Ettdo*th¢nl 2D24 IL123 l¢cs 90OLI Totlll Governanet co$ts 9,alJLI Tot41 ChAril4bl¢ expen&EU C¥ffeMI yt*r rèAtritted CwTtnt yt*r C￿*T*￿t ye3r PrforYtA TotAI Furt 2023 FUD io 20Z4 2024 drt¢r 442238 9Q6.fi 441238 9718y) 9.0 4?1.987 947569 9.OOIJ CDSI$ Tothify¥trn¥Dre Eosts TOW ch4ritaFAe expell¢*t￿r¢ 57 J46 1.4D8 1,414.118 ￿56 All chatitible expenditures in retanon to prior year1202Z123) w&$ ort untestrirted funds. except for the support co$t$ for depreC￿tiOn charges (£62.008). This is ielating to ettdowmeot t?Dgible Lxed assets- land and build￿, which was recorded agatnst endowrnent ￿llds. Stsff costs #nd emolum¢Dts Srtlwy eL¥ts 1024 2023 GtrEs Salarns Exch]dllig trusrecs aTrJ ktv Frr50nr¢l F.nTtyr5 N8innal 1115Utallce for sraff Eryloyee5 ¢onthbJtwJttto Ikfujed te￿rI F¢n5Kffi st￿meS 3272&5 31127 34444 351,758 3Q096 Totsl s￿*￿¢JI *d r£Jthd c05ts 397537 4145,972 avera￿ of staff ernpbyed in thc ￿&t}y AO EwFloyee5 workin8 iti the Mile Elld Park and other local park5 aud ¢)pen swe5 are London Borough of Tower Hamlets employeey. One employee received more than £60.[m￿ in 2023r24 one 2022123. They are e]E8ible to join tILe Local Government Pensiott Schetne adD)iniStered by the London Bori)u8h of TOW￿ Halljlets. No remllnerau¢)D ￿ OE k¢y rnaDagement personELel is i]￿lla¢d within the Tntst's accounts. 32 KING GEORGfS FIELD. MELE END FOR THE YEAR ENDED 31 MARCH 21r14 & Tatigible Fjxed Curr¢NI Y￿r Lgnd B￿lIdIng5 Plxnt & Machi￿try Totsl Cost At I ApT12023 Addi￿* i￿S on revabMtwJn 9,701SK> 165255 IU24 9.867.755 11524 (1997.5Th)1 11997XK)I At31 Muth 2024 6.705.0 177.779 6.881,779 Dtpriciation At l 20L3 f(Kthe yellr 29ffj18 166,2821 (662PI At31 March 1024 117.904 117904 Ntt book Yxlut At 31 Marth 2024 6.70?.0 59.875 6.764.875 At 3) Marth 2023 9.702￿0￿ Land B¥ildln¥y 76.969 PI8Dt & MKhinery 9,779J69 Totsl Cts5t At l Ay12022 ddI￿n$ 9.621)Ix) 149591 15ffj64 9,rii091 15.664 8QQOO At 31 MxrEh ZQ23 9.702.$00 165355 gJ67,7$5 Dtpttttation Ar l Aw12022 CkngE foT ikn year 57,438 57.438 91856 162.0081 At31 Martk2Q23 58,286 88286 f4et w￿02 At 31 ma￿11 1023 9.702JOO 76,969 9,779,469 At 31 MAYth 2022 9.612JOO 92,153 9.714,653 33 KtNG GEORGE% FIELD. MttE END FOR THE YEARENDED 31 MAR(]12024 2023124 Iov¢sttntnt Proptrtles Tot val￿1[0￿ Wfwd 62702(XI 117CQ) 6.170.200 117001 c/rwd 6267.xil 6J07500 2022n3 ITJvt$knent P¥trpertitS Totsl ValD*io Bifwd RtvahJattsm5 6273.XQ 13,7(I)I 6J73.900 3.7•0) cJ￿& 702fXJ 70200 Valuation of jnvtst￿ellt propetries is carried out on 4Danou41 basil by qllalified Royol tnsutute of Chartered Surwor5 IRICSI based OD m￿ket value. io. Debto 2W24 Trade de￿or$ PreFw7rnts and a¢cn*d OthET debtors Provis￿ for Bad DlM￿%f￿I Dem5 91853 1184 81￿2 18.824 158J15 142257 145.488 27.129) 260,616 Other debtor5 relate to cash due to the Trust in relation to rent collected by the manaKAng ageni of £24,(XK) IL3.300 in 202Y23). Furthennore, included in other debtors is c&%h due from the Ixjndots Borough of Tower Harnlets £142,188 in 2022123. 34 KING GEORGES FIEID. MILE END FOR THEYEAR ENDED 31 MARai 2￿24 2ff24 Tradc Cred#ors Othcr Creditors PAYR NIC VAT aTKI other t&xes Recews in advarK¢ 23.726 29J45 I 1.449 211.638 157,667 16 11,984 259J74 276,158 445.025 Included in other creditors is cash due to the Londoa Borough of Ti)werHaxJJiets É10.345 for 2023n4. Atjl Mar¢lL 2024 Unr¢s¢ri¢t¢d EndopTr¢Dt Totsl Js Targè￿ Fi¥ed Asseis InvC5tr￿rt in Fixed Awts 59*75 ?Oi.I 6267.50) 6,764.875 6.167JOO 158215 76.158) li8215 Tlfil581 Curt¢¢tt Lkqtr*Jir 158.0681 12.972AOO 12J14.432 At l Apiil 2023 ijnrrskicted ds Endo)TheNt Totsl fiJT Fixed ￿￿ets IrNcst￿nr￿ FiwdAsscts Cthr¢nt Assets 9,779.469 6271,200 261th16 1445J1251 1445.OJl 1107,440) ISJ72,700 1506526 35 KING GEORGfs F￿. M￿E END FOR THE YEAR ENDED 31 MARCH 2024 13. I*u The Tn]rt leases in propertits. with the duration on th•e leaJe5 eypected to erLd in 2097. In iine witEL lease tenn5. the rent is f4uired to be reviewal on a peridic basis. Based on the nN)st recent rent reTriew underraJLen ikneen 2013 aryd 20161, the fvture Mini￿ lea8e due llna￿ tI￿e leases in the future years are: 2024 2023 Not Idter than or* )tar Later year ard tbjt knter thlln 5 years tAter thall 5 Tothl LLEA29 445.716 7.63U87 8.190,032 105,669 421676 7J43996 7,872 J41 The ImdoD Borough of Tower Elamlets the rrustee of the Kin8 George's FieldsTnut charity. TheTr are sllknanti￿ material re]atea parry trawacooDS between London Borough of Tower Hamlets {LBTHI and the cknty for the year ended 31$t fvIatch 2023. Significant related patry trarL8actions ioclllded donations of £225.941 of income in 2023r24 1É214.358 in 2022r13). StaffiD8 related costs inCUtt￿ by Trust from the COW￿11 of É397.537 in 2¢Y231241£41&972 in 2022n31 and grounds maintengnce cow illcu￿ed bythe Trust from the Council of £200.9&3 iti 2023r24 {£2(K),943 in 20221231. CAsb OV￿ to the kndon Porough of Tower Hamlets in re8ord to overdraft ott beha]f of the Trust amth￿ted to £10.3451202V23- CASE from the LondotL Borough of TowerHarniets to tbe ttllst amounted to É142.1881. Since tbè Bal8mce Sheet da¢e of 31,, m￿¢￿ 202£ there be•L no Ma￿1￿[ events that would nece$8itate ￿ne￿¢￿[ne￿ts to these account5. There were no tru&tee rertsuttcrati￿ expe￿. or other b￿efits for the year ended 31it March 2tr24 and 31n Mareb 2023. There were no contiDBent liabilities fr)r the year e]ukd 31* Maxcb 2024 and 31,, March 2023. 36