CREEKSIDE EDUCATION TRUST LTD TRUSTEES’ REPORT AND UNAUDITED ACCOUNTS YEAR ENDED 31 MARCH 2024
COMPANY REGISTRATION NUMBER 03857829
Charity Number 1082622
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
| Contents | |
|---|---|
| REFERENCE AND ADMINISTRATIVE DETAILS | 3 |
| TRUSTEES’ ANNUAL REPORT | 4-9 |
| INDEPENDENT EXAMINERS REPORT | 10 |
| STATEMENT OF FINANCIAL ACTIVITIES | |
| (Incorporating the Income and Expenditure Accounts) | 11 |
| BALANCE SHEET | 12 |
| STATEMENT OF CASHFLOWS | 13 |
| NOTES TO THE ACCOUNTS | 14-24 |
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
CREEKSIDE EDUCATION TRUST LTD
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Creekside Education Trust Limited Charity number 1082622 Company registration number 03857829 Registered office Creekside Discovery Centre 14 Creekside Deptford London SE8 4SA Trustees David Boyd – Trustee Marita Brown – Chair and Trustee (appointed 6 December 2023) Kate Coss – Trustee Gemma Glanville – Trustee (appointed 20 March 2024) Joanne Kerr – Trustee (appointed 20 March 2024) Anna Mandlik – Trustee (appointed 20 March 2024) Dominic McGuire – Trustee (appointed 21 August 2024) Holly Page – Secretary and Trustee (appointed 21 August 2024) Martin Seely – Trustee (resigned 2 November 2023) Ashok Sinha – Trustee (resigned 9 October 2023) Fiona Slater – Trustee
Company Secretary Holly Page Independent Examiner Charles Ssempijja FCA, NfP Accountants Ltd 3rd Floor, 86 – 90 Paul Street London EC2A 4NE
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
TRUSTEES’ ANNUAL REPORT
The Trustees, who are also directors for the purposes of company law, present their report and unaudited accounts of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006, and charities regulations, Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and Administrative details are shown on page 3 of the accounts.
THE YEAR IN REVIEW: Chair’s Foreword
I am delighted to have been appointed as Chair in December 2023 in order to build on the success of Creekside and help take the organisation forward over the next three years. During the final five months of the year we have successfully appointed a new full-time Manager of the charity, as well as welcomed three new Trustees, bringing a diverse set of skills and experience to the Board.
As Chair my focus over the first year of my tenure will be to:
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Build a high-performing, effective Board team.
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Work with Board members, staff, and other stakeholders to develop Creekside’s vision and strategy.
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Support the CET Manager and staff team to ensure that the services we deliver are aligned with the Charity’s purpose, aims and values.
As a precursor to this, we have started reviewing Creekside’s mission. Based on input from staff and the Board this has been agreed as:
Inspiring people to connect with the wonder of urban wildlife
We have also updated Creekside’s core activity statements, which are summarised below:
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Deliver and enable informed nature conservation management for resilient local habitats
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Provide and enable lifelong learning for all through adventurous, hands-on activities
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Collaborate and connect with partners and communities to grow the reach of our work
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Ensure the sustainability of Creekside through diverse income streams and exciting projects
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Engage volunteers to join Creekside in achieving all parts of our mission
Key achievements in each of the above areas during 2023/24 are summarised in the corresponding section of the report below.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
CONSTITUTION
Creekside Education Trust Ltd is a Company Limited by Guarantee and was created on 12th October 1999. The Company number is 03857829. It is governed by its Memorandum and Articles of Association and became a registered charity, called The Creekside Education Trust, on 27th September 2000. The Charity Registration number is 1082622.
ELECTION OF TRUSTEES
The management of the Charity is the responsibility of the Trustees who are elected and coopted pursuant to the provisions of the Memorandum and Articles of Association.
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
Following a recruitment process, potential new Trustees attend and observe a first Board meeting. They also receive the Trustee Induction Pack, including information about the charity, the Trustee induction process and training resources. New Trustees are offered the option of a Trustee ‘buddy’ who can offer more informal support and advice, and they have regular contact with the Chair and CET Manager.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
The key management personnel of the charity report directly to the Board of Trustees.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed - in particular, those related to the operations and finances of the charity - and are satisfied that the systems and procedures are in place to mitigate the charity's exposure to the major risks as much as possible. These are reviewed regularly.
OBJECTIVES AND ACTIVITIES
The objectives of the charity as set out in the governing document are:
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a) To promote the conservation and protection of the physical and natural environment in the Deptford Creek and the River Thames area
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b) To advance public education in environmental matters
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c) In the interests of social welfare to provide facilities for the use of Deptford Creek the River Thames and the local environment for recreation and leisure time occupation which do not damage or pollute the environment for the benefit of people living working or resorting in the area without distinction on the grounds of age gender ethnic origin mental or physical health or religious political or other opinion.
To support achieving the objectives of the charity the following five strategic objectives have been adopted:
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Deliver and enable informed nature conservation management for resilient local habitats
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Provide and enable lifelong learning for all through adventurous, hands-on activities 3. Collaborate and connect with partners and communities to grow the reach of our work
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Ensure the sustainability of Creekside through diverse income streams and exciting projects
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Engage volunteers to join Creekside in achieving all parts of our mission
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
PUBLIC BENEFIT
The Board of Trustees has complied with the requirements of Section 17 of the Charities Act 2011 and has referred to the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning future activities.
ACHIEVEMENTS AND PERFORMANCE
The daily delivery of Creekside activities is undertaken by a staff team of six employees (plus one freelancer) and with the support of Creekside volunteers and Trustees, making up the ‘Creekside Team’. The Manager of Creekside Education Trust is the one full time post, complemented by two conservationists, two education deliverers, one administration and communication officer and a freelance education deliverer. The voluntary roles include Conservation, Education, Public Engagement/ Events and Administration.
The period of 2023-24 has been successful in solidifying both the Board and Staff team, with the latter benefiting from the recruitment to the Manager role in November. Altogether, the Creekside team have delivered great results across our activities, inspiring thousands of individuals to connect with the wonder of urban wildlife. Key workstreams and highlights of this work are included below.
1. Deliver and enable informed nature conservation management for resilient local habitats
Regular nature conservation habitat management was undertaken at:
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the Creekside Discovery Centre, including terrestrial and inter-tidal habitats
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Sue Godfrey Nature Park, on behalf of the London Borough of Lewisham
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the inter-tidal terraces of Union Wharf, on behalf of Essential Living
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the terrestrial and inter-tidal habitats of Faircharm Dock, on behalf of L&Q
2. Provide and enable lifelong learning for all through adventurous, hands-on
activities
All of our staff team and volunteers contribute towards delivering activities which offer learning experiences for participants of all ages and backgrounds. We are delighted that we have this year been able to reach the levels of participant figures that we achieved prior to the Covid-19 Pandemic and are looking forward to continuing to grow our reach and impact. Education staff and volunteers delivered 165 sessions for schools, colleges, youth groups and universities, reaching over 4,300 children and 700 adults. Plus, another 11 family-friendly activities in school holidays, reaching 200 children and adults.
Conservation staff and volunteers delivered Low Tide Walks (20), citizen science surveys (19), guided walks (10) and corporate workdays (3) which engaged 684 adults and 60 children with active learning and engagement with local urban wildlife.
3. Collaborate and connect with partners and communities to grow the reach of our work
A foundational element to Creekside’s work is to engage with members of the local community. In addition to activities with an emphasis on providing learning opportunities, we host open access events to encourage people with diverse interests to visit Creekside. Our own Open Day/ Site events (14) promoted Creekside to over 350 children and adults, and we also work with partners, community groups and local organisations to host other events and projects. In this year we collaborated with Deptford X as a festival venue, delivered our Urban Jungle project focusing on L&Q residents and hosted nature-based creative workshops using photography, writing and the arts to engage new audiences.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
4. Ensure the sustainability of Creekside through diverse income streams and exciting projects
Creekside continues to generate income through our core offer and activities, including education sessions for schools and universities, low tide walks, low-cost activities for families and youth/ community groups, venue hire and corporate workdays. Our nature conservation management and ecological consultancy services also generate income, with funding coming from the London Borough of Lewisham and partnerships with companies delivering developments in and around Deptford Creek. Additional income is sourced through the development and delivery of externally funded projects. At the end of this financial period, Creekside received the positive news of our successful grant application to the Greater London Authority’s Rewild London fund, meaning our Deptford Creek SINC Link project will be delivered in 2024-25 year.
Lastly, our sincere gratitude goes to the many people who voluntarily donate funds to our charity, including regular donations, one-off contributions as part of activities and larger contributions for specific work.
5. Engage volunteers to join Creekside in achieving all parts of our mission
Volunteer support for all our work is crucial and we are grateful for the ongoing support of long-standing and new volunteers that are part of the Creekside team. We have 38 active volunteers that regularly get involved, from learning sessions and open days to regular conservation volunteering and low tide walks. In addition, we hosted volunteers to support administration responsibilities and 5 work experience students. We have also supported individuals as part of their Duke of Edinburgh Awards.
All combined, there were over 460 individual volunteer sessions from which Creekside benefited from more than 1,300 volunteer hours.
FINANCIAL REVIEW
INCOME AND EXPENDITURE
Total income for the year was £136,379 (2023: £161,725) and expenditure for the year was £169,623 (2023: £173,995). Depreciation of the Creekside Discovery Centre building accounts for £21,850 of the expenditure. Net expenditure for the year was £33,244 (2023: £12,270).
RESERVES POLICY
Total reserves at the year-end were £246,965 (2023: £280,209) of which £8,075 were restricted and £238,890 were unrestricted. Of the unrestricted funds, £112,346 is designated to cover the net book value of the building. General reserves were £126,544 (2023: £105,366).
The Trustees aim to create a reserve of funds which will cover at least six months of its core running costs. Free reserves at the year-end were £124,964 (2023: £101,082). Free reserves are the part of a charity’s unrestricted funds that is freely available to spend on any of the charity’s purposes. Free reserves therefore exclude tangible fixed assets of £1,580 (2023: £4,284). Core running costs for six months were £61,529 (2023: £59,242).
The trustees consider the level of reserves appropriate in view of the planned increase in activity in the year ending 31 March 2025 following the successful introduction of new management.
PRINCIPAL FUNDING
The Trustees would like to express their sincere gratitude to those organisations and individuals who continued to support the Trust during 2023-2024. In particular National Grid Gas PLC, the owners of the land we lease who are providing ongoing financial support.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
GOING CONCERN
The charity is able to pay its debts and is operationally sound as a going concern. The Trustees remain confident of the future success of the charity dependent on the success of our fundraising activities and our financial contributions from other sources such as commercial partners. The charity receives financial support through the local authority as a by-product of the commercial development in the locality. This support is in recognition of our location in a high value but low amenity, deprived community and open space area, and our income earning services. The land that The Creekside Discovery Centre is on is held on a lease. The charity has developed a long-standing partnership with the landowner and two years ago signed a lease for a further 35 years.
RELATED PARTY RELATIONSHIPS
The Charity has considered the disclosure requirements of the SORP for related party relationships. The charity has no related party connections with other organisations. The trustees consider that the members of the board and their close connections to be the only related parties of the charity. All trustees give their time voluntarily and receive no benefits from the charity. No trustee has reclaimed any expenses from the charity in the year (2023: £nil).
REMUNERATION POLICY FOR KEY MANAGEMENT PERSONNEL
The pay of the charity’s Manager is reviewed annually and normally increased in accordance with London average earnings, depending on affordability. The trustees also draw on their knowledge of the sector and common practice in other charities of similar size to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.
PLANS FOR FUTURE PERIODS
Creekside Education Trust is funded solely via grants, sponsorships and other donation or contracted payments from third party organisations and visitors. The staff and Trustees work to secure and expand these funding streams alongside the day-to-day running of the Trust.
TRUSTEES RESPONSIBILITIES
The charity trustees (who are also the directors of Creekside Education Trust Ltd for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In doing so the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Follow the methods and principles of the Charity SORP; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to assume that the group will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
PREPARATION OF THE REPORT
In preparing this report, the Board of Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
APPROVAL OF THE REPORT
This report was approved and signed by order of the Trustees on 8 October 2024.
Holly Page
Marita Brown
........................................ ........................................ Secretary and Trustee Chair and Trustee
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES For the year ended 31 March 2024
I report on the accounts of the charity for the year ended 31 March 2024 set out on pages 11 to 24.
Respective responsibilities of the Trustees and examiner
As the trustees of the charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the Company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Departure from the 2008 Regulations
I understand that the financial statements have been prepared to give a 'true and fair' view, and have departed from the Charities (Accounts and Reports) Regulations 2008 (the " Regulations "), only to the extent required to provide a 'true and fair view'. This departure has involved following SORP 2015 FRS102, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 (SORP 2005), which is referred to in the Regulations, but has since been withdrawn.
Conclusion
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Charles Ssempijja, FCA
NfP Accountants Ltd 3rd Floor, 86 – 90 Paul Street
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
STATEMENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) For the Year Ended 31 March 2024
| 2024 | 2023 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||||
| Note | £ | £ | £ | £ | £ | £ | |||
| Income from: | |||||||||
| Donations and legacies | 13,025 | - | 13,025 |
4,486 | - | - | 4,486 | ||
| Charitable activities | 2 | ||||||||
| Education and Community | |||||||||
| engagement | 69,016 | 9,108 | 78,124 |
64,519 | 67,666 | 132,185 | |||
| Ecology and Conservation | - | 38,605 | 38,605 |
- | 17,771 | 17,771 | 17,771 | ||
| Other trading activities | 3 | 4,760 | - | 4,760 | 6,835 | - | - | 6,835 | |
| Investments | 1,865 | - | 1,865 | 448 | - | - | 448 | ||
| Total income | 88,666 | 47,713 | 136,379 | 76,288 | 85,437 | 161,725 | |||
| Expenditure on: | 4 | ||||||||
| Raising funds | 4,800 | - | 4,800 | 4,462 | - | - | 4,462 | ||
| Charitable activities | 84,538 | 80,285 | 164,823 | 75,842 | 93,691 | 169,533 | |||
| Total expenditure | 89,338 | 80,285 | 169,623 | 80,304 | 93,691 | 173,995 | |||
| Net (loss)/income for the year | (672) | (32,572) | (33,244) | (4,016) | (8,254) | (12,270) | |||
| Transfers between funds | - | - | - | (693) |
693 | - | |||
| (672) | (32,572) | (33,244) | (4,709) | (7,561) | (12,270) | ||||
| Net movement in funds | |||||||||
| Reconciliation of funds: | |||||||||
| Total funds brought forward | 239,562 | 40,647 | 280,209 | 244,271 | 48,208 | 292,479 | |||
| Total funds carried forward | 238,890 | 8,075 | 246,965 | 239,562 | 40,647 | 280,209 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
CREEKSIDE EDUCATION TRUST LTD
BALANCE SHEET Company no.3857829 AS AT 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed Assets: | |||||
| Tangible Assets | 9 | 113,926 | 138,480 | ||
| Current Assets: | |||||
| Debtors | 10 | 28,520 | 8,920 | ||
| Cash at bank and in hand | 17 | 128,318 | 152,655 | ||
| 156,838 | 161,575 | ||||
| Liabilities: | |||||
| Creditors: amounts falling due within one year | 11 | 23,799 | 19,846 | ||
| Net current assets | 133,039 | 141,729 | |||
| Total assets less current liabilities | 246,965 | 280,209 | |||
| Total Net Assets | 246,965 | 280,209 | |||
| The funds of the charity | 15 | ||||
| Restricted income funds | 8,075 | 40,647 | |||
| Unrestricted income funds | |||||
| Designated Funds | 112,346 | 134,196 | |||
| General Funds | 126,544 | 105,366 | |||
| Total unrestricted funds | 238,890 |
239,562 | |||
| Total Charity funds | 246,965 | 280,209 |
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These accounts were approved by the directors on 8 October 2024 and signed on their behalf by:
Holly Page
Marita Brown
........................................ ........................................ Secretary and Trustee Chair and Trustee
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 March 2024
| Note | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Cash flows from operating activities | |||||
| Net cash provided by operating activities | 16 | (26,202) | 16,671 | ||
| Cash flows from investing activities: | |||||
| Dividends, interest and rents from investments | 1,865 | 448 | |||
| (Purchase)/Disposal of fixed assets | - | (3,163) | |||
| Net cash (used in)/provided by investing activities | 1,865 | (2,715) | |||
| Change in cash and cash equivalents in the year | (24,337) | 13,957 | |||
| Cash and cash equivalents at the beginning of the year | 152,655 | 138,698 | |||
| Cash and cash equivalents at the end of the year | 17 | 128,318 | 152,655 |
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
1. Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The accounts are presented in GBP rounded to £1.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
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b) Reconciliation with previously Generally Accepted Accounting Practice (GAAP)
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In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required. The transition date was 1 April 2014. The trustees believe that no such restatement is necessary.
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c) Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
- d) Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
e) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
- f) Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.
- g) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes .
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
1. Accounting policies (continued)
- h) Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
Costs of raising funds relate to the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.
Expenditure on charitable activities includes the costs of delivering services and other educational activities undertaken to further the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
- i) Allocation of support costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function and overheads, are apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.
Cost of raising funds 3%, Education and Community 72%, Ecology and Conservation 23% and Governance 2%.
Governance costs are further allocated to Cost of raising funds, Education and Community and Ecology and Conservation at 5%, 80% and 15%, respectively.
- j) Operating leases
Rental charges are charged on a straight-line basis over the term of the lease.
- k) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £100. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. The building was constructed with the help of capital grants from Veolia Environmental Trust and London Borough of Lewisham and is stated at cost.
Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
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Equipment 25% on cost
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• Building 4% on cost • Website 33% on cost
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I) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
1. Accounting policies (continued)
m) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash balances exclude any funds held on behalf of service users.
n) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
o) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
p) Pensions
The charity complies with the auto-enrolment regulations. It makes monthly contributions to the employee's defined contribution pension scheme with NEST. Annual pension contributions payable are charged to the income and expenditure account on an accrual basis.
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CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
2. Income from Charitable Activities
| 2. Income from Charitable Activities | |||
|---|---|---|---|
| Year to 31 March 2024 | Year to 31 March 2024 | ||
| Unrestricted | Restricted | Total | |
| £ | £ | £ | |
| Self Generated Income | |||
| Education | 40,160 | - | 40,160 |
| Community-Children & Families | 1,155 | - | 1,155 |
| Community- Public | 6,816 | - | 6,816 |
| Community- Youth Groups | 710 | - | 710 |
| Community- Other | 175 | - | 175 |
| The wild trout trust | - | 4,120 | 4,120 |
| L&Q Placemakers | - | 4,988 | 4,988 |
| National Grid | 20,000 | 20,000 | |
| Sub-total for Education and Community engagement | 69,016 | 9,108 | 78,124 |
| Ecology and conservation advice | - | 38,605 | 38,605 |
| Total Income from charitable activities | 69,016 | 47,713 | 116,729 |
| Year to 31 March 2023 | Year to 31 March 2023 | Year to 31 March 2023 | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| £ | £ | £ | ||
| Self Generated Income | ||||
| Education | 33,491 | - | 33,491 | |
| Community-Children & Families | 1,829 | - | 1,829 | |
| Community- Public | 8,559 | - | 8,559 | |
| Community- Youth Groups | 1,640 | - | 1,640 | |
| Community- Other | 500 | - | 500 | |
| New Cross Gate Trust | - | 3,506 | 3,506 | |
| Thames Tideway | 1,000 | 24,759 | 25,759 | |
| The wild trout trust | - | 7,437 | 7,437 | |
| L&Q Placemakers | - | 14,964 | 14,964 | |
| Tescos | 1,000 | - | 1,000 | |
| GLA Nature Trails | 500 | - | 500 | |
| Glasdon Group | 1,000 | - | 1,000 | |
| Thames Tideway - Creekside Water Cycle and Wildlife Map | - | 15,000 | 15,000 | |
| National Grid | 15,000 | - | 15,000 | |
| Chapman Trust | - | 2,000 | 2,000 | |
| Sub-total for Education and Community engagement | 64,519 | 67,666 | 132,185 | |
| Ecology and conservation advice | - | 17,771 | 17,771 | |
| Total Income from charitable activities | 64,519 | 85,437 | 149,956 |
[17]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
3. Income from other trading activities
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| £ | £ | £ | £ | |||
| Site and Venue Hire | 4,160 | - | 4,160 | 4,435 | ||
| Corporate Volunteering Days | 600 | - | 600 | 2,400 | ||
| 4,760 | - | 4,760 | 6,835 | |||
| 4. Analysis of Expenditure | ||||||
| Year to 31 March 2024 | Charitable activities | Charitable activities | ||||
| Cost of | Education and | Ecology | ||||
| raising | Community | and | Governance | Support | 2024 | |
| funds | Engagement | Conservation | Costs | Costs | Total | |
| Staff costs (Note 6) | 3,120 | 74,889 | 23,922 | 2,080 | - | 104,011 |
| Freelance cost | - | 4,004 | - | - | - | 4,004 |
| Staff recruitment | - | - | - | - | 574 | 574 |
| Publicity and Website | - | 283 | - | - | 1,106 | 1,389 |
| Training | - | 1,080 | - | - | - | 1,080 |
| Activities and materials | - | 4,290 | - | - | 4,290 | |
| Depreciaton | - | - | - | - | 24,554 | 24,554 |
| Light, heat and water | - | - | - | - | 3,697 | 3,697 |
| Security and fire safety | - | - | - | - | 1,476 | 1,476 |
| Insurance | - | - | - | - | 5,712 | 5,712 |
| Bookkeeping and Accountancy | - | - | - | - | 5,018 | 5,018 |
| Independent examiner's fee | - | - | - | 600 | - | 600 |
| Bank charges | - | - | - | - | 285 | 285 |
| Trustee meeting expenses | - | - | - | 381 | - | 381 |
| Telephone | - | - | - | - | 1,400 | 1,400 |
| Cleaning | - | 5,702 | - | - | 1,057 | 6,759 |
| Staff Welfare and travel | - | - | - | - | 2 | 2 |
| Printing, Postage & Stationary | - | - | - | - | 546 | 546 |
| Subscription | - | - | - | - | 662 | 662 |
| IT Software and Consumables | - | - | - | - | 565 | 565 |
| Consultancy & Professional Fees | - | - | - | - | 2,618 | 2,618 |
| 3,120 | 85,958 | 28,212 | 3,061 | 49,272 | 169,623 | |
| Support costs allocation -note 1 i) | 1,478 | 35,476 | 11,333 | 985 | (49,272) | - |
| Governance costs allocation - note 1 i) | 202 | 3,237 | 607 | (4,046) | - | - |
| Total expenditure 2023 | 4,800 | 124,671 | 40,152 | - | - | 169,623 |
Of the total expenditure, £89,339 was unrestricted (2023: £80,304) and £80,283 was restricted (2023: £93,691).
[18]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
4. Analysis of Expenditure (Continued)
| Year to 31 March 2023 | Charitable activities | Charitable activities | ||||
|---|---|---|---|---|---|---|
| Cost of | Education and | Ecology | ||||
| raising | Community | and | Governance | Support | 2023 | |
| funds | Engagement | Conservation | Costs | Costs | Total | |
| Staff costs (Note 6) | 2,975 | 71,411 | 22,811 | 1,984 | - | 99,181 |
| Freelance cost | - | 3,355 | 2,250 | - | - | 5,605 |
| Staff recruitment | - | - | - | - | 796 | 796 |
| Publicity and Website | - | 2,105 | - | - | 673 | 2,778 |
| Training | - | 862 | - | - | - | 862 |
| Activities and materials | - | 17,015 | - | - | 17,015 | |
| Depreciaton | - | - | - | - | 24,819 | 24,819 |
| Light, heat and water | - | - | - | - | 2,142 | 2,142 |
| Repairs and maintenance | - | - | - | - | 116 | 116 |
| Security and fire safety | - | - | - | - | 1,551 | 1,551 |
| Insurance | - | - | - | - | 5,052 | 5,052 |
| Accountancy, payroll and | ||||||
| pension fees | - | - | - | - | 4,620 | 4,620 |
| Independent examiner's fee | - | - | - | 600 | - | 600 |
| Bank charges | - | - | - | - | 491 | 491 |
| Trustee meeting expenses | - | - | - |
163 | - | 163 |
| Telephone | - | - | - | - | 1,290 | 1,290 |
| Cleaning | - | 4,921 | - |
- | 1,162 | 6,083 |
| Covid Mitigation | - | - | - |
- | - | - |
| Sundry | - | - | - |
- | 88 | 88 |
| Venue Hire Catering | - | - | - |
- | - | - |
| Staff Welfare and travel | - | 7 | - |
- | 14 | 21 |
| Volunteer expenses | - | - | - | - | 42 | 42 |
| Printing, Postage & Stationary | - | - | - | - | 48 | 48 |
| Subscription | - | - | - | - | 150 | 150 |
| IT Software and Consumables | - | - | - | - | 482 | 482 |
| Consultancy & Professional Fees | - | - | - | - | - | - |
| 2,975 | 82,661 | 42,076 | 2,747 | 43,536 | 173,995 | |
| Support costs allocation -note 1 i) | 1,306 | 31,346 | 10,013 | 871 | (43,536) | - |
| Governance costs allocation - note 1 i) | 181 | 2,894 | 543 | (3,618) | - | - |
| Total expenditure 2023 | 4,462 | 116,901 | 52,632 | - | - | 173,995 |
Of the total expenditure, £80,304 was unrestricted (2022: £97,574) and £93,691 was restricted (2022: £68,056).
[19]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
5. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
| and the cost of key management personnel | ||
|---|---|---|
| 2024 | 2023 | |
| Total | Total | |
| £ | £ | |
| Salaries and wages | 100,221 | 96,376 |
| Social security costs | 1,926 | 1,163 |
| Employer's contribution to defined contribution pension schemes | 1,864 | 1,642 |
| 104,011 | 99,181 |
No employee earned more than £60,000 during the year (2023: nil).
6. Staff numbers
The average number of employees on full-time equivalent basis was as follows:
| was as follows: | ||
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| Charitable Activities | 3 | 4 |
| 3 | 4 |
(Head count number of staff was six. One full time and five part time staff members)
7. Related party transactions
There are no related party transactions to disclose for 2024 (2023: none).
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).
No trustee has reclaimed any expenses from the charity in the year (2023: nil).
8. Taxation
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
[20]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
9. Tangible Fixed Assets
| 9. Tangible Fixed Assets | ||||
|---|---|---|---|---|
| Buildings | Equipment | Website | Total | |
| Cost or valuation | £ | £ | £ | £ |
| At 01 April 2023 and 31 March 2024 | 546,257 |
23,470 | 8,848 | 578,575 |
| Depreciation | ||||
| At 01 April 2023 | 412,061 | 19,186 | 8,848 |
440,095 |
| Depreciation for the year | 21,850 | 2,704 | - | 24,554 |
| At 31 March 2024 | 433,911 | 21,890 | 8,848 | 464,649 |
| Net book value | ||||
| At 31 March 2024 | 112,346 | 1,580 | - | 113,926 |
| At 31 March 2023 | 134,196 | 4,284 | - | 138,480 |
All of the above assets are used for charitable purposes.
| 10. Debtors | 2024 | 2023 |
|---|---|---|
| Total | Total | |
| £ | £ | |
| Trade Debtors | 28,520 | 8,920 |
| 28,520 | 8,920 | |
| 11. Creditors | 2024 | 2023 |
| Total | Total | |
| £ | £ | |
| Trade creditors | 2,684 |
2,086 |
| Taxation and social security | 2,257 |
1,522 |
| Pension Fund | 508 | 348 |
| Accruals | 600 | 600 |
| Deferred income | 17,750 | 15,290 |
| 23,799 | 19,846 | |
| 12. Deferred Income | 2024 | 2023 |
| Total | Total | |
| £ | £ | |
| Balance at the beginning of the year | 15,290 | 10,295 |
| Amount released to income in the year | (15,290) | (10,295) |
| Amount deferred in the year | 17,750 | 15,290 |
| Balance at the end of the year | 17,750 | 15,290 |
Deferred income comprises income from educational school visits to run in 2024-25.
13. Pension scheme
The Charity does not operate its own pension scheme. In 2017 the charity complied with auto-enrolment regulations and registered with NEST. It makes monthly pension contributions to each employees' defined contribution pension scheme. Total contribution payable for the year was £1,864 (2023: £1,642). The amount outstanding at year end was £217 (2023: £149).
[21]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
14. Analysis of net assets between funds
| 14. Analysis of net assets between funds | 14. Analysis of net assets between funds | 14. Analysis of net assets between funds | |||||
|---|---|---|---|---|---|---|---|
| General | 2024 | Total | |||||
| Unrestricted | Designated | Restricted | Funds | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets | 1,580 | 112,346 | - | 113,926 | |||
| Net current assets | 124,964 | - | 8,075 | 133,039 | |||
| As at 31 March 2024 | 126,544 | 112,346 | 8,075 | 246,965 | |||
| General | 2023 | Total | |||||
| Unrestricted | Designated | Restricted | Funds | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets | 4,478 | 112,346 | - | 116,824 | |||
| Net current assets | 101,082 | - | 40,647 | 141,729 | |||
| As at 31 March 2023 | 105,560 | 112,346 |
40,647 |
258,553 | |||
| 15. Movement in Funds | |||||||
| At 31 | Incoming | Outgoing | Transfers | At 31 | |||
| March | resources & | resources & | between | March | |||
| 2023 | gains | losses | funds | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Restricted funds: | |||||||
| Sue Godfrey | - | 20,500 | (20,500) | - | - | ||
| Action Funder | - | 1,270 | (1,270) | - | - | ||
| Essential Living | - | 1,900 | (1,900) | - | - | ||
| L&Q | - | 4,320 | (4,320) | - | - | ||
| Surge Cooperative | - | 500 | (500) | - | - | ||
| Slimewatch | - | 3,000 | - | - | 3,000 | ||
| Saxon Wharf | - | 2,075 | - | - | 2,075 | ||
| Paul Prestidge meadow work | - | 3,000 | - | - | 3,000 | ||
| Wild Trout Trust | 11,547 | 4,120 | (15,667) | - | - | ||
| New Cross Gate Trust | 2,865 | - | (2,865) | - | - | ||
| L&Q Placemakers | 11,235 | 4,988 | (16,223) | - | - | ||
| Tideway Water Cycle | 15,000 | 2,040 | (17,040) | - | - | ||
| Total Restricted Funds | 40,647 | 47,713 | (80,285) | - | 8,075 | ||
| Unrestricted Funds: | |||||||
| Designated funds: Building fund | 134,196 | - | (21,850) | - | 112,346 | ||
| Total designated funds | 134,196 | - | (21,850) | - | 112,346 | ||
| General Funds | 105,366 | 88,666 | (67,488) | 126,544 | |||
| Total unrestricted funds | 239,562 | 88,666 | (89,338) | - | 238,890 | ||
| Total Funds | 280,209 | 136,379 | (169,623) | - | 246,965 |
[22]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
15. Movement in Funds (Continued)
| 15. Movement in Funds (Continued) | |||||
|---|---|---|---|---|---|
| At 31 | Incoming | Outgoing | Transfers | At 31 | |
| March | resources & | resources & | between | March | |
| 2022 | gains | losses | funds | 2023 | |
| £ | £ | £ | £ | £ | |
| Restricted funds: | |||||
| Sue Godfrey | 507 | 12,556 | (13,373) | 310 | - |
| Essential Living | 842 | 2,800 | (3,642) | - | - |
| Bazalgette Tunnel Ltd and Thames Tideway | 27,920 | 24,759 | (52,679) | - | - |
| L&Q | 2,896 | 2,415 | (5,311) | - | - |
| Chapman Charitable Trust | 208 | - | (208) | - | - |
| John Coates Charitable Trust | 1,835 | 2,000 | (4,218) | 383 | - |
| Mike Paice Bequest | 5,000 | - | (5,000) | - | - |
| Creative Change | 1,000 | - | (1,000) | - | - |
| Wild Trout Trust | 8,000 | 7,437 | (3,890) | - | 11,547 |
| New Cross Gate Trust | - | 3,506 | (641) | 2,865 | |
| L&Q Placemakers | - | 14,964 | (3,729) | 11,235 | |
| Tideway Water Cycle | - | 15,000 | - | 15,000 | |
| Total Restricted Funds | 48,208 | 85,437 | (93,691) | 693 | 40,647 |
| Unrestricted Funds: | |||||
| - | - | - | - | - | |
| Designated funds: Building fund | 156,046 | - | (21,850) | - | 134,196 |
| Total designated funds | 156,046 | - | (21,850) | - | 134,196 |
| General Funds | 88,225 | 76,288 | (58,454) | (693) | 105,366 |
| Total unrestricted funds | 244,271 | 76,288 | (80,304) | (693) | 239,562 |
| Total Funds | 292,479 | 161,725 | (173,995) | - | 280,209 |
Sue Godfrey. A Lewisham Council grant funds the upkeep of the Sue Godfrey Nature Reserve. Action Funder. Funds from the Thames Water x Backyard Nature Microgrants to pilot activities for toddlers.
Essential Living awarded funds to assist in the maintenance of the riverfront on Union Wharf. Bazalgette Tunnel Ltd and Thames Tideway. A two-year project funding a number of activities for young people and adults at the centre. L&Q. To fund habitat management work at the L&Q Faircharm site. Surge Cooperative visited the site to survey Flora. Slimewatch. The project is a Creekside collaboration with filmmaker Susi Arnot who started Slimewatch at Saint Saviours Dock in 2021. It involves the studying and collating of algae and other organisms in Deptford Creek. Saxon Wharf. The Saxon Wharf Terrace survey is an ecology and conservation project. Paul Prestidge Meadow work. This part funds the Sue Godfrey Nature Park Meadows and Path Improvements Wild Trout Trust and Environment Agency. Funding a surveying and habitat improvement project.
New Cross Gate Trust. Helped fund the STEM project. L&Q Foundation. Grant funds the Place Makers Growth Project. Tideway. Supported a Water Cycle & Discovery mapping programme.
[23]
CREEKSIDE EDUCATION TRUST LTD TRUSTEES' ANNUAL REPORT YEAR ENDED 31 MARCH 2024
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024
16. Reconciliation of net income/(expenditure) to net cash flow from operating activities
| 16. Reconciliation of net income/(expenditure) to net cash flow from operating activities |
16. Reconciliation of net income/(expenditure) to net cash flow | |
|---|---|---|
| 2024 | 2023 | |
| Total | Total | |
| £ | £ | |
| Net income/(expenditure ) for the reporting period | ||
| (as per the statement of financial activities) | (33,244) | (12,270) |
| Depreciation charges | 24,554 | 24,819 |
| Dividends, interest and rent from investments | (1,865) |
(448) |
| (Increase)/decrease in debtors | (19,600) | (2,328) |
| Increase in creditors | 3,953 | 6,899 |
| (26,202) | 16,671 |
17. Analysis of cash and cash equivalents
| At 31 | At 31 | |||
|---|---|---|---|---|
| March | Other | March | ||
| 2023 | Cash flows | changes | 2024 | |
| £ | £ | £ | £ | |
| Cash at bank and in hand | 152,655 | (24,337) | - | 128,318 |
| Total Cash and Cash equivalents | 152,655 | (24,337) | - | 128,318 |
18. Legal status of the charity
Creekside Education Trust is a charitable company limited by guarantee registered in England with registration number 03857829. Its registered office address is Creekside Discovery Centre, 14 Creekside, Deptford, London, SE8 4SA. It has no share capital. The liability of each member in the event of winding up is limited to £1.
[24]