Gaswoil(s Dock Parmershlp GDP Is a wrlud L•awaystratsgl$ d•ll¥•ryparth•r chirNyi•iiSt￿lMluThh•r?Ml52I v•mD￿flOi1sMlflNU￿bII71B￿l12 Gasworks Dock Partnership IA company limited by guaranteel Report and Financial Statements Year ended 31 January 2022 Charity number 1141523 Company number: 07135282 Departrnent for Environment Food & Rurd Affairs The National Lottery Herltage Fund Environment Agcncy NATURAL LNGLAND the UnLtd* Tudortrust LONDON MARATHON CHARrfABLE TrUST LDvlngton Foundation affield %%'￿10 Thames Wuivr COMMUNITY FUND >REACH TV.E For> Gaswotks Dock Partnership IGDPI Report of the trustees for the year ended 31 January 2022 In shaping our objectives for the coming years, we have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. We have given careful consideration to the accessibility of our public, community and event spaces when setting the levels of fees and charges so as to ensure that those on low incomes are able to access our services. The strategies employed to achieve the charity's aims and objectives are to: Deliver a broad range of educational, participatory and volunteer activities and events that engage our local communities and enable us to continue to respond to their needs within our development. Offer a broad range of opportunities for people and organisations to co-produce environmental and educational activities at Cody Dock. Give groups in the borough discounted rates for hire. Celebrate the diversity of cultures in our local community by programming presentations by, and with, artists of different cultural backgrounds and at times that have a particular significance to different religious or cultural traditions. Putting these strategies into action we have five area5 of activity which are the= Development of a master plan that provides the framework for delivering our social enterprise business plan. Creation of volunteer opportunities that enable people to engage with the development of Cody Dock. Delivery of public events, workshops and training days. Support of schools and local community groups in delivering their own projects at Cody Dock. Provision of public space and facilities at Cody Dock that enable access to and the enjoyment of the Lower Lea River and Cody Wilds footpaths. We have continued to support and nurture partnerships with other local group5 that share our values.. The Royal Horticultural Society Kew Gardens, Grow Wild Thames 21 and Love the Lea Totally Thames Open City's Open House Newham Council Age UK East Rosetta Arts The Line Art Trail London National Park City Our broad strategy aims to involve as many local residents, community groups and businesses in the revitalisation of Cody Dock so that they have an increased sense of ownership and help to shape a positive future for the Lower Lea Valley. <<5>> Gaswork5 Dock Partnership IGDPI Report of the tIU5tees for the year ended 31 January 2022 Our volunteers One of the charity's key objectives is to continue to provide a place that brings people together and enables strong dynamic communities to emerge and grow. To this end, GDP has deliberately chosen to implement a great deal of its projects with volunteers. These volunteers come from a great variety of places and include local residents, students, charities and local businesses. We have worked with 1634 volunteers catering for over 200,0(X) visitors during our Ilth year of activities. Our values as an organisation We seek to respect the diverse ethnic, faith, sexual orientation and lifestyles of our community and stakeholders. As a organisation we try to be.. Ambitious Creative Inclusive Considered Achievements and performance GDP has achieved a number of things during the year.. Successfully completed the second year'Reaching Communities, volunteer and engagement programme and reached all its targets and remained in budget. Constructed and moved into its new office to accommodate 8 staff and a reception area. Commenced works on our Visitor Centre and Washblock. Dredged Cody Dock and removed contaminated silt for treatment. Completed the first year of our rolling programme of citizen science, social prescribing and dock restoration. Continued to deliver our online telephone befriending training programme for Newham Council and Age UK East. Maintained all its key volunteerinE and match funding tarEets despite the ongoing lockdown restrictions. <<6>> Gasworks Dock Partnership IGDPI Report of the tiustees lor the year ended 31 January 2022 Chart l-CommunityVolunteering-Volunteer Sessions and Completed Hours- I" February 2019- 30, May 2022 lalFebtttsrY￿g-3¢￿￿M￿Ylll2 7156 59S8 il T*IvDIunÈe￿S￿S£k￿sc0m￿d TotriVdw1t¢é￿}k￿ Compl v￿￿￿[eer￿(￿¥-JJ[￿> Gaswoik5 Dock Partnership IGDPI Report of the trustees for the year ended 31 January 2022 Chart 2 - Community Volunteering - Volunteer Hours by Related Project - I" February 2019 30 May 2022 Community Volunteering Total Volunteer Hours by Related Project 5t l February 2019 3trh May 2022 15C JJ. li CrtIz￿ St1￿Cean￿ Enw1Dnm￿ts1 CD￿trUth0n/shte Gard￿InS *2019 249 1050 218 716 420 240 170 2Q2E 124 376 76 J411 2U5 'L14 Contributing fartors for small decrease Construction and Site Artivities Due to lockdown restrictions we were not able to run all of our usual community events and other exhibitions,. the preparation and take down work for these provide a significant contribution to this project. To avoid duplication site maintenance work relating to the Dock was recorded under the Dock Restoration project Planned major build projerts made the need for maintenance unnecessary- as these builds are completed these type of volunteering opportunities will increase Events COVID pandemic and resulting restrictions relating to the number of people who can gather in one place limited the number of events/exhibitions taking place at Cody Dock. GDP has held events and exhibitions where possible and will continue to monitor the situation and if we can, deliver our usual and other events/exhibitions <<8>> Gasworks Dock Partnership IGDPI Report of the tIU5tees for the year ended 31 January 2022 Chart 3- Fee- Paying Volunteering at Cody Dock- I" February 2019- 30, May 2022 I*Frthary2019 30thMay2022 15 147 240 A5 44T There was a significant decrease in fee paying volunteering due to COVID as lockdown restrictions ease and more organisations introduce full time back at the office or hybrid variations GDP is benefiting from a significant increase in the number of or8ani5ations choosing to come to Cody Dock and expectations for the followin8 year is to exceed previous levels recorded in 2019/2020 financial years. Chart 4- Fee paying volunteer hours by Related Project rp.p. PAyins VnliJntrp.p¥in6 At fndyfknpk Vo5Linteer I lours by ftelated Project Igi Fe>Jruary 2021 - 30th May 2022 25 63fj <<9>> Gasworks Dock Partnership IGDPI Report ol the trustees for the year ended 31 January 2022 Chart 5- Volunteers area of residence This shows the area of residence specified by individuals who have completed volunteer hours up to and including 30 May 2022 Sample - 180 Newhani/Tower Hamlets Other Loiidoii Borough Outside London 2.8% 32.8" 64.4% The number of volunteers residing in Newham/Tower Hamlets continues to rise up almost 20Yo on previous year12021 45.10/0) this is not unexpected bearinE in mind COVID restrictions meant people searching out opportunities closer to home,. it is a similar picture for those residing in other London Boroughs12021- 14.9%).. GDP recorded a small increase in volunteers residing outside of London. Chart 6- Other Organisations- Number of Volunteers and Completed Hours GO￿GyM 289 thr¢craft￿les2 <<10>> Gasworks Dock Pathership IGDPI Report ofthe trustees for the year ended 31 January 2022 Good Gym continues to provide their time to volunteer at Cody Dock - this was slightly curtailed due to COVID restrictions but has picked up in recent months Building Craft College students started coming to Cody Dock to do prartical activities in sUPPOrt of their college learning this was curtailed by COVID restrictions and the hesitancy in resuming as restrictions lifted we are working with the college to fully resume this opportunity at the start of the new term. Simon Myers Chief Executive Gasworks Dock Partnership 5 October 2022 <<11>> Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2022 ## **Financial review** Results for the year ended 31 January 2022 are given in the Statement of Financial Activities. The assets and liabilities are given in the Balance Sheet. The financial statements should be read in conjunction with the related notes. GDP continues to be heavily reliant on grants and donations for its funding. Our income for the year was £618,648 (2021: £906,236) and our expenditure was £323,017 (2021: £346,116), resulting in a surplus for the year of £295,631 (2021: surplus £560,210). There is a £209,564 surplus carried forward in restricted funds and a £927,757 surplus carried forward in unrestricted funds. Whilst there was a positive unrestricted reserves position and net assets of £1,137,321, there was a negative free reserve position of £100,164 (reduced to £69,102 at 30 November 2022). The board of GDP are of the view that this does not pose a significant risk to the charity or its creditors as GDP’s asset value growth has been very significant over this same period and the boat within fixed assets, which is worth in the region of £150,000 to £200,000, is readily disposable with limited impact on GDP’s overall operation or objective. The financial statements have been prepared on a going concern basis. ## **Reserve policy** The Trustees aim to maintain unrestricted free reserves equivalent to 3 months running costs. The charity currently holds total unrestricted free reserves in deficit. We therefore have not met our reserves policy. We are working as a developing organisation to ensure we build towards our free reserve levels via income generation from social enterprise endeavours in the coming years. ## **Plans for the future** Looking forward to the next year the charity is focusing its attention on the following objectives: - Delivering GDP’s volunteer programme funded by the Big Lottery Reaching Communities Funding programme. - Development of the business plan for further moorings and studios and raising the capital to finance phase two of Cody Dock’s development. - Continue to develop GDP’s social enterprise income to enable future sustainability. - Restoration of the Community Boat and its relaunch and return to the water as a community boat service for East London. ## **Structure, Governance and Management** Gasworks Dock Partnership is a company limited by guarantee governed by its Memorandum and Articles of Association dated the 22[nd] January 2010 and is registered as a charity with the Charity Commission. ## **Appointment of trustees** As set out in the GDP Articles of Association the chair of the trustees is nominated by its trustees. GDP is bound to have a minimum of 5 and a set nominal maximum of 15 trustees that can serve a period of up to 3 years before their position goes under review. The trustees have the power to co-opt further members to fill specialist roles. Trustees will be circulated with invitations to nominate trustees prior to our AGM advising them of the retiring trustees and requesting nominations. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed. 12 Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2022 New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. ## **Organisation** The board of trustees, which can have up to 15 members, provides governance and oversees the administration of the charity. The board currently meets approximately every six weeks. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity. ## **Related parties** NA. ## **Risk management** The trustees have a risk management strategy and conduct a quarterly review of the risks the charity may face. This work has identified that financial sustainability continues to be the major financial risk and securing further core funding is going to be essential for the successful development of the social enterprises to ensure the sustainability of the charity and the delivery of its charitable aims and objectives. ## **Trustees’ responsibilities statement** The charity trustees (who are also the directors of the Gasworks Dock Partnership for the purposes of company law), are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing the accounts, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts will 13 Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2022 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Statement as to disclosure to our auditors** In so far as the Trustees are aware: - There is no relevant audit information of which the charitable company’s auditors are unaware; and - The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Trustees’ annual report has been approved by the Trustees on 5[th] October 2022 and signed on their behalf by: ## **Marcus Mackenzie – Chair** 14 **Independent Auditor ’ s Report To the members of Gasworks Dock Partnership** ## **Opinion** We have audited the financial statements of Gasworks Dock Partnership for the year ended 31 January 2022 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and the related notes. 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). ## **Opinion on financial statements** In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 January 2022 and of its income and expenditure for the year then ended: - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 15 **Independent Auditor ’ s Report To the members of Gasworks Dock Partnership** ## **Opinion on other matter prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the trustees’ report (incorporating the directors’ report) has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of the trustees** As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: 16 **Independent Auditor ’ s Report To the members of Gasworks Dock Partnership** - We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:  identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. - We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed. 5 October 2022 ………………………………. **Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG** 17 ## **Gasworks Dock Partnership** ## **Statement of Financial Activities (Incorporating and Income and Expenditure Account) For the Year Ended 31 January 2022** ||**Note**|**Unrestricted**
**Funds**|**Restricted**
**Funds**|**2022**|2021 Total| |---|---|---|---|---|---| ||||||£
859,870
46,366| ||||||906,236
3,361
342,755| ||||||346,116
560,120
-| ||||||560,120
281,570| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. 18 ||||||||||||||||||2021| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||||||||||||||||£| ||||||||||||||||||381,727| ||||||||||||||||||| |Stocks||||||||||||||||874|| |Debtors||||||||||||||||14,850|| |Cash|||at bank and in hand|||||||||||||541,829|| |||||||||||||||||557,553|| ||||||||||||||||||| |||||||||||||||||(61,259)|| ||||||||||||||||||496,294| ||||||||||||||||||| ||||||||||||||||||878,021| ||||||||||||||||||| ||||||||||||||||||| ||||||||||||||||||(36,331)| ||||||||||||||||||841,690| |Restricted|||||funds||||||||||||602,951| |Unrestricted funds|||||||||||||||||238,739| ||||||||||||||||||841,690| The financial statements have been prepared in accordance with the special provisions for small companies of the Companies Act 2006. Approved by the Trustees Board on 2022 and signed on its behalf by: …………………………….. The attached notes form part of the financial statements. 99 ## **Gasworks Dock Partnership Statement of cash flows For the Year Ended 31 January 2022** |**Note**
**2022**
**£**
**Cash flows from operating activities:**
Net cash provided by / (used in) operating
activities
**15**
**Cash flows from investing activities:**
Net Cash Flows from Investing Activities
(682,763)
**Cash provided by / (used in) investing**
**activities**
**Cash flows from financing activities:**
Repayments of borrowing
(19,127)
**Cash provided by / (used in) financing**
**activities**
**Change in cash and cash equivalents in the**
**year**
Cash and cash equivalents at the beginning of
the year
**Cash and cash equivalents at the end of the**
**year**|**2022**
**£**
290,692
(682,763)
(19,127)
(411,198)
541,829
130,631|2021
2021
£
£
537,304
(155,220)
(155,220)
(18,229)
(18,229)
363,855
177,974
541,829|2021
2021
£
£
537,304
(155,220)
(155,220)
(18,229)
(18,229)
363,855
177,974
541,829| |---|---|---|---| |||(18,229)|| ||||| ||||363,855
177,974| ||||541,829| 20 **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** **1. Accounting policies** ## **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) - (Charities SORP FRS 102 second edition) and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. ## **Going concern** At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. From the year ending January 2022 and despite the Covid backdrop, Gasworks Dock Partnership (GDP) has increased sustainable income from additional community studio lets and is further underpinned by increased volunteer activity. In addition, community response funding, additional awards of capital funding, and the flexibility offered by GDP’s existing funders, has allowed GDP to continue to develop and to provide support and facilities to the community during this challenging time. The cash flow forecast for the next 12 months, from the date of approval of the financial statements, indicates that GDP will have sufficient cash assets in place to meet its debts as and when they are due. The directors are satisfied that GDP is able to meet its working capital liabilities through the management of the normal cyclical nature of receipts and payments. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. ## **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 for the provision of specified service is deferred until the criteria for income recognition are met. ## **Donations of gifts, services and facilities** Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. ## **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. 21 **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **1. Accounting policies (continued)** ## **Fund accounting** Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity. ## **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. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Expenditure is classified under the following activity headings: Costs of raising funds comprise of trading costs and 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 activities undertaken to further the purposes of the charity and their associated support costs. ## **Allocation of support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. ## **Tangible fixed assets** Items of equipment are capitalised where the purchase price exceeds £1,000. 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: Boat 50 years Dock works 10 years Office equipment 3 – 4 Years ●Tools & equipment 3 – 4 Years ## **Debtors** Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. Trade debtors are adjusted for bad debt provisions. ## **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. ## **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. 22 **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **1. Accounting policies (continued)** ## **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. ## **Pensions** The pension scheme in operation is compliant for auto enrolment purposes and all staff eligible have been registered. **2. Detailed comparatives for the statement of financial activities** |**Income from:**
Donations & Grants
Charitable Activities
**Total income**
**Expenditure on:**
Fundraising
Charitable activities
**Total expenditure**
**Net income / (expenditure) for the year**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**£**
21,261
45,946
**67,207**
3,361
76,468
**79,829**
**(12,622)**
153,562
**140,940**
97,899
**238,839**|**Restricted**
**£**
838,609
420
**839,029**
-
266,287
**266,287**
**572,742**
(153,562)
**419,180**
183,671
**602,851**|**2021 Total**
**£**
**859,870**
**46,366**| |---|---|---|---| ||||**906,236**| ||||**3,361**
**342,755**| ||||**346,116**| ||||**560,120**
**-**| ||||**560,120**| ||||**281,570**| ||||**841,690**| 23 ## **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **3. Income from donations** |**3.**
**Income from donations**|||||| |---|---|---|---|---|---| |Donations
Grants|**Unrestricted**
**£**
7,094
8,614
15,708||**Restricted**
**£**
1,125
508,812|**2022**
**Total**
**£**
**8,219**
**517,426**|2021
Total
£
3,923
855,947| |||15,708|509,937|**525,645**|859,870| ||||||| |**4.**
**Income from charitable activities**|||||| |Dock Income
Events Income
Other Income
**Total**|**Unrestricted**
**£**
56,126
15,934
20,943
93,003||**Restricted**
**£**
-
-
-
-|**2022**
**Total**
**£**
**56,126**
**15,934**
**20,943**
**93,003**|2021
Total
£
31,511
4,526
10,329| ||||||46,366| ||||||| 24 ## **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **5. Analysis of expenditure** |**Basis of**
**allocatio**
**n**
Staff costs
Direct
Direct costs
Direct
Support costs
Staff time|**Cost of**
**raising**
**funds**
**£**
-
5,200
-|**Charitable**
**activities**
**£**
235,188
45,698
-|**Support**
**costs**
**Governance**
**Costs**
**£**
32,231
-
4,700
-|**2022**
**£**
**267,419**
**55,598**
**-**|2021
£
164,939
122,462
58,715| |---|---|---|---|---|---| ||**5,200**|**280,886**|**32,231**
**4,700**|323,017|346,116| |Support costs allocation
**Total expenditure 2022**
Total expenditure 2021|-
**5,200**
3,361|36,931
**317,817**
342,755|(32,231)
(4,700)
**-**
**-**
-|**-**
**323,017**
346,116|-| ||||||346,116| ||||||| Of the total expenditure, £97,456 was unrestricted (2021: £79,829) and £225,561 was restricted (2021: £266,287). ## **Analysis of expenditure 2021** |**Basis of**
**allocatio**
**n**
Staff costs
Direct
Direct costs
Direct
Support costs
Staff time
Support costs allocation
**Total expenditure 2021**
Total expenditure 2020|**Cost of**
**raising**
**funds**
**£**
-
3,361
-
**3,361**
-
**3,361**
34,210|**Charitable**
**activities**
**£**
146,226
116,701
-
**262,927**
79,828
**342,755**
274,480|**Support**
**costs**
**Governance**
**Costs**
**£**
18,713
-
2,400
58,715
**77,428**
**2,400**
(77,428)
(2,400)
**-**
**-**
-
-|**2021**
**£**
**164,939**
**122,462**
**58,715**
346,116
**-**
**346,116**
308,690|2020
£
126,494
173,666
8,530| |---|---|---|---|---|---| ||||||308,690
-| ||||||308,690| ||||||| ||||||| 25 ## **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **6. Net income/(expenditure) for the year** This is stated after charging: |Depreciation|**2022**
2021
**£**
£
**36,569**
12,700| |---|---| |Independent examination fee
Auditors' remuneration (excluding VAT):
Audit|**-**
2,400
**3,750**
-| ## **7. Taxation** The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. ## **8. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel** |Salaries and wages
Social security costs
Pension costs|**2022**
**£**
**249,004**
**14,012**
**4,403**
**267,419**|2021
£
148,211
13,079
3,649| |---|---|---| |||164,939| No employee received remuneration in excess of £60,000 in the year (2021: none). The total employee benefits including pension contributions of the key management personnel were £56,055 (2021: £42,659) The charity trustees were not paid or received any other benefits from employment with the Charity in the year (2021: £nil) neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). The average number of employees (head count based on number of staff employed) during the year was as follows: ||**2022**
**No.**|2021
No.| |---|---|---| |Average Number of Staff Employed|**12**|9| ||**12**|9| |||| 26 ## **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** |**works Dock Partnership**
**s to the financial statements**
**the Year Ended 31 January 2022**||||| |---|---|---|---|---| |**Tangible fixed assets**||||| ||**Boats**|**Dock**
**Equipment/**
**Studios/**
**Restoration**|**Tools &**
**Equipment**|**Total**| |**Cost:**
At 1 February 2021
Additions
At 31 January 2022
**Depreciation:**
At 1 February 2021
Charges in year
At 31 January 2022
**Net Book Value:**
At 31 January 2022
At 31 January 2021|**£**
199,380
-
199,380
15,970
3,988
19,958
**179,422**
183,410|**£**
211,793
682,763|**£**
25,882
-
25,882
25,456
193
25,649
**233**
426|**£**
**437,055**
**682,763**| |||894,556||**1,119,818**| |||13,902
32,388||**55,328**
**36,569**| |||46,290||**91,897**| |||||| |||**848,266**||**1,027,921**| |||197,891||381,727| ## **9. Tangible fixed assets** a) All tangible fixed assets are used to fulfil the charity's objects. Assets constructed and incompleted at the year end are not depreciated until they come into use. Incomplete assets: 2022 £570,575 (2021, £153,462) b) Restricted assets: 2022 £836,225 (2021: £153,462) |a) All tangible fixed assets are used to fulfil the charity's objects.
Assets constructed and incompleted at the year end are not depreciated
Incomplete assets: 2022 £570,575 (2021, £153,462)
b) Restricted assets: 2022 £836,225 (2021: £153,462)|until they come|into use.| |---|---|---| |**10.**
**Debtors**||| |Trade Debtors net of bad debt provision
Prepayments & Accrued Income
**11.**
**Creditors: amounts falling due within one year**
Other Creditors
Taxation and Social Security
Accruals and Deferred Income
Other Creditors
Loans
**12**
**Creditors: amounts falling due after one year**
Loans|**2022**
**£**
**22,214**
**40,548**
**62,762**
**2022**
**£**
**17,733**
**11,349**
**18,748**
**21**
**18,938**
**66,789**
**2022**
**£**
**17,204**
**17,204**|2021
£
14,144
706| |||14,850| |||2021
£
14,121
11,164
17,015
21
18,938| |||61,259| |||2021
£
36,331| |||36,331| |||| 27 ## **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **13. Analysis of net assets between funds - 2022** ||Tangible fixed assets
Net Current Assets/(Liabilities)
Long Term Assets/(Liabilities)
**Analysis of net assets between funds - 2021**
Tangible fixed assets|**Restricted**
**funds**
**£**
-
209,564
-
209,564
Restricted
funds
£
-|**General**
**funds**
**£**
1,027,921
(82,960)
(17,204)|**Total**
**funds**
**£**
**1,027,921**
**126,604**
**(17,204)**| |---|---|---|---|---| ||||927,757|**1,137,321**| ||||General fund
£
381,727|Total
funds
£
381,727| ||Net Current Assets (Liabilities)|602,951|(106,657)|496,294| ||Long Term Liabilities|-
602,951|(36,331)|(36,331)| ||||238,739|841,690| |||||| **14. Pension scheme** The pension scheme in operation is compliant for auto enrolment purposes and all staff eligible are registered. Pension contributions owed as at 31.01.22 £1,759 (2021: £1,326). ## **15. Movement in funds 2022** |**15. **|**Movement in funds 2022**|||||| |---|---|---|---|---|---|---| ||Restricted Funds:|**At 1 February**
**2021**
**£**|**Incoming**
**resources**
**£**|**Outgoing**
**resources**
**£**|**Asset**
**transfers**
**£**|**At 31 January**
**2022**
**£**| ||Big Lottery Fund
Veolia Environmental Trust
London Marathon Charitable Trust
City of London|24,390
143,244
28,973
37,358|129,425
-
70,000
-|(133,027)
-
-
(37,390)|-
(30,791)
(59,211)
-|**20,788**
**112,453**
**39,762**
**(32)**| ||Heritage Lottery Fund
L.B. Newham
Thames Water
UnLtd
Access-Impact Management
Arnold Clark
Garfield Weston Foundation
Tudor Trust|187,216
400
4,909
170,205
-
-
-
-|231,198
12,814
-
-
6,000
500
30,000
30,000|-
(7,665)
-
-
(6,000)
-
(22,760)
(18,719)|(417,789)
-
-
(169,972)
-
-
-
-|**625**
**5,549**
**4,909**
**233**
**-**
**500**
**7,240**
**11,281**| ||Other restricted funds|6,256|-|-|-|**6,256**| ||**Total restricted funds**
Unrestricted Funds:
General fund
**Total unrestricted funds**
**Total Funds**|**602,951**
238,739
**238,739**
**841,690**|**509,937**
108,711
**108,711**
**618,648**|**(225,561)**
(97,456)
**(97,456)**
**(323,017)**|**(677,763)**|**209,564**| ||||||677,763|**927,757**| ||||||**677,763**|**927,757**| ||||||**-**|**1,137,321**| **Restricted Funds What Used for** Big Lottery Fund To support core running costs for delivery of community volunteering and engagement program Veolia Environmental Trust London Marathon Charitable Trust Thames Water Heritage Lottery Fund Capital funding for the construction of the Cody Dock community visitor centre* Capital funding for the construction of the Leaway Wash block and toilets* Core funding for delivery of social prescribing, volunteering and youth engagement program. Capital and Core funding towards restoration of Cody Dock, construction of Rolling Bridge, management and delivery of citizen science ecology program, capital contribution towards the community visitor centre 28 **Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2022** ## **Movement in funds continued** Garfield Weston Foundation Used to cover salary of an Environmental Project Assistant and purchase of materials to engage volunteers in direct activities to support our community environmental project, Cody Wilds specifically focusing on the development and preservation of the natural environment i the area Tudor Trust Used to cover salary of an Inclusion and Engagement Manager to facilitate, in partnership with local partners ,social prescribing engagement and intervention of isolated people who may be affected by mental health difficulties inviting them to volunteer with us with aim of delivering benefits of engaging with nature and contributing something to their local community. Thames Water This was funding included capital funding towards our mains connections associated with the London Marathon wash block project and some core funding to support GDP running costs and professional fees Other restricted funds Core Funding Uni Ltd Capital funding for construction of 6 new studio buildings and associated landscaping and power connections.* Capital expenditure funded from restricted income is transferred to unrestricted funds as the restriction is considered to have been fulfilled. ## **Movement in funds 2021** ||**Movement in funds 2021**||||| |---|---|---|---|---|---| ||Restricted Funds:|**At 1 February**
**2020**
**£**|**Incoming**
**resources**
**£**|**Outgoing**
**resources**
**£**|**At 31**
**January 21**
**Transfers**
**£**
**£**| ||Big Lottery Fund
Veolia Environmental Trust
London Marathon Charitable Trust
City of London|3,362
171,050
3,003
-|187,896
-
35,000
50,000|(176,867)
(27,806)
(9,030)
(12,642)|-
**14,391**
-
**143,244**
-
**28,973**
-
**37,358**| ||Heritage Lottery Fund
L.B. Newham
London Community Response|-
-
-|250,000
400
19,850|-
-
(19,850)|(62,784)
**187,216**
-
**400**
-
**-**| ||National Lottery||10,000|-|-
**10,000**| ||Thames Water
The FORE
UnLtd|-
-
-|20,000
5,000
260,883|(15,091)
(5,000)
-|-
**4,909**
-
**-**
(90,678)
**170,205**| ||Other restricted funds|6,256|-|-|-
**6,256**| ||**Total restricted funds**
Unrestricted Funds:
General fund
**Total unrestricted funds**
**Total Funds**|**183,671**
97,899
**97,899**
**281,570**|**839,029**
67,207
**67,207**
**906,236**|**(266,287)**
(79,829)
**(79,829)**
**(346,116)**|| ||||||**(153,462)**
**602,951**| ||||||153,462
**238,739**| ||||||| ||||||**153,462**
**238,739**| ||||||**-**
**841,690**| **16 Reconciliation of net income / (expenditure) to net cash flow from operating activities** |**Reconciliation of net income / (expenditure) to net cash flow from operating activities**|| |---|---| |**Net income / (expenditure) for the reporting period**
**(as per the statement of financial activities)**
Depreciation
(Increase)/ decrease in debtors/stock
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities|**2022**
**2021**
£
£
**295631**
560,120
**36,569**
12,700
**(47,038)**
9,708
**5,530**
(45,224)| ||**290,692**
537,304| There were no related party transactions in the financial year. **17 Related party transactions** 29