Charity No. 1141523 Company Reg No. 7135282 Gasworks Dock Partnership OffKe'. Cody Dock. I Ic South Cre5cenL CanningTown. London El 6 4TL Gasworks Dock Partnership (A company limited by guarantee) Report and Financial Statements Year ended 31 January 2024 Charity number 1141523 Company number.. 07135282 MadÈposSibwlth COMMUNITY FUND Heritage Fund Thames Water the Tudortrust G) VEOLIA ENVIRONMENTAL TFIU5T Garfield Weston FOUNDATION
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 CONTENTS Report of the Trustees Pages 3-13 IndependentAuditor's Report Pages 14-16 Statement of Financial Activrties Page 17 Balance Sheet Page 18 Statement of Cash Flows Page 19 Notes to the Financial Statements Pages 20-29
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Charity Number Company number". 1141523 07135282 Principal Office.. Cody Dock, 11 c South Crescent, London E16 Directors and trustees Chair.. Marcus Mackenzie (Appointed Dec 2016) (Re-appointed Nov 20221 Company Secretary.. Timothy Vaughan (Appointed April 2018, Re-appointed October 20211 Treasurer.. David Asuni (Appointed Sept 2015, Re-appointed Nov 20221 Trustees.. Martin Torres (Appointed April 2018, Re-appointed Nov 2022} Bianca Mawani (Appointed June 2016, R&appointed October 20211 (currently on an extended leave of absence) Oyetade Oyebode (Appointed 22nd March 2022) Chief Executive offir.. Simon Myers (Appointed Oct 2015} Our advisers Architects.. Office for Crafted Architecture, Unil 2. Cody Dock, 11c South Crescent, London E164TL Auditors- Goldwins Chartered Accountants, 75 Maygrove Road, London, NW6 2RG, United Kingdom Solicitors.. Freshfields Bruckhaus Deringer LLP, 100 Bishopsgate London EC2P 2SR Bankers.. Triodos, Brunel House, 11 the Promenade, Clifton, Bristol BS8 3NN CAF Bank Limited,. 25 Kings Hill Avenue,. Kings Hill., Wesl Malling., Kent,. ME19 4J
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 The trustees are pleased to present their annual report together with the financial statements of the harity for the year ended 31 January 2024, which are also prepared to meet the requirements for a directors, report and accounts for Companies Act. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 IFRS 102 - second edilionl {Charities SORP FRS 102). Chief Executive's Report With the great news of our successful application the National Lottery Community Fund's Climate Action Fund, 2023 got off to a running start with the recruitment of a new lead biodiversity officer and a new youth and education manager, with responsibility to manage the delivery of our environmental citizen science and education programs. Delivery days and participation rates across all our activities increased by 68% within this reporting period and with the additional resour$ funded by TNLF, we were able to launch a new therapeutic gardening program that has enabled us to work with traditionally harder to reach groups within our local community. In March 2023 we also started a one year Heritage Fund development phase pilot project called 'Lighting Up the Lea, and in November 2023 we submitted a final stage delivery phase application for the restoration of our historic boat the Frederick Kitchen, construction of a new multi-purpose exhibrtion and event space, supported by a three year Lea River Heritage program. We have Sin heard that this application was successful and this project commenced in April 2024. Cody Dock Fundraising & Sustainability GDP has a number of capital projects OLrtlined within its master plan that have yet to start or be completed and we will in the coming year continue to seek further grant funding to help realise these projects. Organisational sustainability and reducing our dependence on grant funding to meet our core revenue costs continues to be a key priority and it is our intention to develop further our social enterprise activity with the rental of our new venues, studios and increased sales from our riverside bar and public events. In November 2023 we undertook a full review of our charity's business and development plan and have outlined the details for these current and future capital projects below. Heritage Fund LUTL development grant Icompletedl Heritage Fund LUTL Delivery (Secured) (Award £1,676,097 March 2024 - March 2027} Community Ownership Award1 £335,00 Offered in March 2024 and secured in September 20241 Big Issue Invest Loan (£150,000 unsecured loan covered by Heritage Fund capital grant) Veolia Environmental Trust (completed)
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Our purposes and activities The charity's Objects remain unchanged: The advancement of education, training or retraining, particularly among unemployed people, and providing unemployed people with work experien, the creation of training and employment opportunities by the provision of workspace, buildings andlor land for use on favourable terms, the maintenan, improvement or provision of public amenities. the education of the public about the history of the area by the creation of an industrial heritage archive and museum, the provision or assistance in Ihe provision of recreational facilities for the public at large andlor those who, by reasons of their youth, age, infirmity or disablement, poverty or social and economic circumstances, have need of such facilities, the promotion ofthe arts and of crafts and craftsmanship and the advancement of education, the promotion of the conservation, protection and enhancement of the physical and natural environment, particularly but not exclusively in ways that further sustainable development, the education of the public about ecology, Conseation, environmental studies and sustainable development, particularly but not exclusively in respect of the nation's watemays and the ecology of the local area surrounding Cody Dock and to promote the study and research in such subjects provided that useful results thereof are published,. And other means as may from time to time be detemiined and which are exclusively charitable. Our vision conlinues to be the provision of a pedestrian gateway to the existing Lower Lea River footpaths and operating Cody Dock as a flagship centre for community, environmental learning, heritage and arts. As part of our mission to transform Cody Dock into a sustainable and flourishing cultural quarter we are continuing our work to develop new moorings, workshop studio spaces and a community venue that will provide GDP with a sustainable income that will enable our charity to continue delivering its more general aims. Our overall vision continues to be the nurturing of places that have the capacity to inspire and enable healthier more sustainable communities lo emerge and grow. GDP also has a more general aim of promoting greater participation within the arts and promoting greater engagement with our natural ecology, watenmays and industrial heritage. 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 continue to give careful consideration to the acSSIbIlitY of our public, community and event spa$ 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 include.. The delivery of 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. The offering of a broad range of opportunities for people and organisations to co-produce environmental and educational activities at Cody Dock. The giving of opportunities to groups in the borough at discounted rates for hire. The celebration of the diversity of cultures in our local community by programming presentations by, and with, artists of different cultural backgrounds and al limes that are open and inclusive whilst focusing on having a particular Significan to different religious or cultural traditions that reflect the full spectrum of Newham's diverse communities.
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Putting these strategies into action we have five areas of activity which are the.. Delivery of our 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 al Cody Dock. Provision of public Spa and facilities at Cody Dock that enable aCsS to and the enjoyment of the Lower Lea River and Cody Wilds footpaths. We have continued to support and nurture partnerships with other local and national groups and organisations that share our values.. The Royal Horticultural Society Thames 21 and Love the Lea Totally Thames Open City's Open House Newham Council V&A East Westminster University One Newham Rosetta Arts The Line Art Trail London National Park Crty Our broad strategy aims to involve as many local residents, community groups and businesses as possible 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. 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. Across all our programs we have worked with a total of 4,576 volunteers who catered for over 100,000 visitors during our fourteenth 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 an organisation we try to be.. Ambitious Creative Inclusive Considered
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Achievements and performance GDP has achieved a number of things during the year.. Successfully completed the first year of the Community Fund's Climate Action Funded 5 year biodiversity program and reached all its targets and remained on budget. Completed construction of our Visitor Centre. Planted a further 500 trees within the local area. Completed the construction of the Growing Space. Recruited a new biodiversity and education team Installed a new temporary boat repair shed and stabilised the condition of the Frederick Kitchen. Community Volunteering- Volunteer Sessions and Completed Hours - 1st February 2021 to 31st January 2024 rtX.tommunhYWunMoti.yilttr5f11JndComotQdll¢ IWFebru4ry2021-3l-14nry20z4 4839 1284 FY2021121 FY2022J23 TotalvL4untwr5*5sbn5 Corr•let•d Toti1VonlorSWSc0&l9d Factors contributing to increase in overall numbers achieved in the previous year Commencement of Urban Ecology programme with focus on engagement with local and surrounding schools and scheduled community science focused events run in the evenings and weekends. Introduction of scheduled sessions focusing on therapeutic horticulture with both individuals and local groups. New opportunities available as part of the proof of concept for our boat restoration and heritage pavilion build. Re-commencement of our Gommunity events offering a wide range of volunteering opportunities to help publicise,. set up for and support on the day.
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 st Community Volunteering- Volunteer Hours by Related Project- 1st February 2021- 31 January 2024 C2-cOmUThItyVuTrteen1 Totalvolunteer Hours by RelatedPrdett l* February2021- 315tlanuary2024 165Q1657 239 124 423 396 J89 359 30 94 ts141 >Jear FYZO2iRP FY20221è5 Fy24 1791 3Y& 2322 1650 1657 Goi As shown in Chart 2 the Urban Ecology programme of work played a significant part in the overall increase in volunteer hours., within this programme ofwork there are a number of different workstreams,. Chart 2a shows the contribution made by each of these. Chart 2a- Urban Ecolo8y- Completed Hours by Workstream I" February 2023-31-Janu¥ry2024 3548 35 2%)0 E74 iy)o 1272 612 305 256 Communrty 5riencE Environrnfntal Outreach Event5- Ethlbitions Habitat + RE5tor?tk)n Thurapeulic Gardenin8 Youth Enga6ernEnt
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 As shown below ourfee-paying offering continued to produce good results with almost no change in the record highs recorded in the previous year. The slight decrease in the actual number of organisations can be attributed to our withdrawal of half day opportunities to make best use of our available resource whilst providing a better all round experien for attendees. Fee- Paying Volunteering at Cody Dock - 1st February 2021- 31st January 2024 As shown in Chart 4, a high proportion of the organisations volunteering were keen to participate and conlribute to our Urban Ecology programme. Chart 4 PayingVoluthtoorin8 at Cody Dock Completed VolunieÈr Hour5 by Reared Project 1st Februèry 2021- 3151 January 2024 IL_-L FY?WZI?3 Q23124 Dat REsturtht E5 All Bullus tY2WkX121 419 370 7LI 41S ?rJq FY2ts22124 Z2 4fi ]61 BLT Volunteers, area of residence This shows the area of residence specified by individuals who have completed volunteer hours beeen the period 1st February 2021- 31 st January 2024. Chart 5- New v0luntee-Area of Residence (% of 83gelinel I"February 2021- 31° january 2024 80 73 70 6? 2QJl.12145flre-87 49 1023.14Bokot. L60 zo io Fyzozi. FYI3.1> FY202>Z4 Tet80Tb OtherLOdOumth -OuthdeLonL We are not unduly concemed about the apparent decrease in new volunteers from the target boroughs as this does not reflect the engagement and participation from the local schools. Our use of volunteering platforms such as 'Volunteering London, has provided us with a wider target audience. The attraction of the Rolling Bridge has brought in a wider audience who might come specifically to view the bridge but then sign up to participate in other activities.
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Events The number of attendees at our community events has continued to increase as we are able to facilitate our full schedule. As we go fomard we anticipate this will continue to increase as we increase the number of ServIS which we offer. th&rt 6. Commurtlty&rtts èt cody E)odL iyt Fobru•ry2021- #1" Janu4ry2024 1534 865 FY2011-22 FY 2022 23 FY 21ll3.24 Local Organisations- Number of Volunteers and Completed Hours We strive to develop partnerships with local organisations (within London Borough of Newham and Tower Hamlets) providing volunteer opportunities which not only Contribute towards our charity objectives but link and contribute to their corporate social responsibility objectives. Chart 7-Loc31 Org3ni5ion5-Volunteer Nufflber5 3nd Completed Hours l FebruaTy1023-2lJanuary 2024 RrArrhlVtt No. DfV4lunte*r5 Lompleted Hour5 10
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Engagement with Local Schools We continue to liaise with local schools to provide 'hands on, learning experience supporting their classroom learning,. as anticipated the appointment of a full-time Bio-Diversity Officer and Education Officer have enabled GDP to hit the ground running with school participation in the Urban Ecology programme and engagement with local youth organisations. Chart 8- Schools- WisÉts/Activltles I" February 2021- 31" January 2024 Jsoo Isoo Hours No. of At¢endee5 5(Kl No of Vislts FY 202V22 FY 202212J FY 20231.24 28 • No 01wl¢S Mo, of Attortd*•s- How5 965 531 1081 3445 -d Signed: Simon Myers Chief Executive Gasworks Dock Partnership 11
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Financial review Results for the year ended 31 January 2024 are given in the Statement of Financial Activities. The assets and liabilities are given in the Balance Sheet. The finanaal statements should be read in conjunction with the related note5. GDP continues to be heavily reliant on grants and donations for its funding. Our restricted income for the financial year was £511,061 12023 £933,048}, this funded a very significant proportion of the net cash flow5 for investing activities of £125,71912023 £935,831) in the financial year. Unrestricted income for the financial year was £141,192 12023 £140,787), however unrestricted expenditure was £190,463 12023 £188,724} resulting in unrestricted income deficit of £49,271 12023 deficit of £47,937) for the financial year ended 31 January 2024. Thus, as those fixed asset additions that are funded by restricted income are transferred to unrestricted reserves, the charity's positive unrestricted reserve5 are entirely invested in the designated fixed assets of £1,870,683 (2023 £1,854,242}- This shows that the charity is SLKcessfully putting in place the infrastructure essential to Sustainable delivery of its purpose (See Note 13 of the financial statements); however, after accounting for fixed assets, the charity has negative unrestricted reserves of £118,664 (2023 C95,3641. The financial staternents have been prepared on a going concern ba51S. Reserves policy GDP aims to maintain unrestricted free reserves equivalent to 3 months of running costs. As noted above, substantial facilities development work has been and continues to be delivered which has created vital fixed assets for the charity and is reflected in a sound total unrestricted reserves position referred to above. However, the charity currently ha5 an unrestricted free reserves deficit, and GDP therefore has not met its unrestricted fr reseryes policy. While the capital projects build-out is being undertaken, much of the core work of the charity is directed towards such projects and consequently the costs of such core work are substantially covered by grant funding over the next two years, thereby supporting GDP as a going concern. GDP is working to ensure that it build5 towards its unrestricted free reserve tx)licy level via income generation from social enterprise activities in the coming years. Plans for the future Looking foNard to the financial year 2024-5, the charity is focusing its attention on the following objectives: • Delivering GDP'S climate action programme funded by the National Lottery. • Delivering GDP'S Heritage programme funded Heritage Lottery. Deliver and expand programme of therapeutic and sla[ prescribing opportunities to be delivered within the 'Growing Space, • Completion of our Community Ownership Fund C Veolia Environmental Trust funded vi51tor centre. 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. Structure. Govemance and Management Gasworks Dock Partnership 15 a company limited by guarantee governed by it5 Memorandum and Articles of Association dated the 22nd January 2010 and is registered as a charity wth the Charity Commission. 12
Gasworks Dock Partnership (GDP) Report of the trustees for the year ended 31 January 2024 Structure, Governance and Management Gasworks Dock Partnership is acompany limrted byguarantee govemed by its Memorandum andArtides of Association dated the 22nd January 2010 and is registered as a charity with the Charity Commission. Appointment of trustees There were no new appointments to the board during this financial year. Organisation The board of trustees, which can have up to 15 members, prowdes governance and oversees the administration of the charity. The board currently meets approximately every six weeks. A Chief Executive is apwinted 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 actiwty. Related Parties NIA Risk management The trustees have a risk management strategy and cOndl 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 in relation to the financial statements The charity trustees (who are also the directors of the Gaswork5 Dock Partnership for the purpose5 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 and the law applicable to charities in England and Wales reqLllres the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charitie5 SORP; make JlgementS and estimates that are reasonable and prudent. state whether applicable accounting standard5 have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wll continue in business. Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2CIJ6. 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. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees, annual report has been approved by the Trustees on 1 Oth September 2024 and signed on their behalf by Marcus Mackenzie - Chair Company registration number 07135282 13
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give a true and fair view of the state of the charitable company’s affairs as at
ʼs ʼs Ethical Standard and we have fulfilled our other ethical
’ use of the going concern basis
ʼs report thereon. Our
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the information given in the trustees’ report (incorporating the directors’ report) for the financial
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the trustees’ report (incorporating the directors’ report) ha
course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
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certain disclosures of trustees’ remuneration specified by law are not made; or
As explained more fully in the Trustees’ Responsibilities Statement, the
Charity’s
ʼs report that
ʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.
y’s members, as a body, in accordance with the charity’s members those matters we are required to state to them in an auditor’s report and for no anyone other than the charity and the charity’s members as a body, for our audit work, for this report,
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7/10/2024
Gasworks Dock Partnership Statement of Financial Activities Ilncorporating and Income and Expenditure Account) Forthe Year Ended 31 January 2024 Unrestricted funds Restricted funds Note 2024 Total 2023 Total Income from: Donations & Grants 7,126 511,061 518,187 954,774 Charitable Activities 134,066 134.066 119,062 Total income 141 192 511061 652 253 1 073 836 Ex enditure on: Fundraising 9,600 Charitable activities 190,463 447,963 638.426 388,831 Totsl expenditure 190 463 638 426 398 431 Not income I (expenditure} for the ygar {49.271} 63.098 13.827 675,405 Fund transfors 42,412 16.859} 142,4121 20.686 Net movement in funds 13.827 675,405 Reconciliation of funds- Total funds brought forward Designated Funds-Fixed Assets BIF 15 195,3641 1,854,242 53,848 141,5161 1,854,242 109,400 1,027,921 Total funds carrled forward 1,752,019 74,534 1,826,553 1,812,726 All of the above results are derived from continuing activits'es. There were no other recognised gains or losses other than those staled above. The attached notes form part of these financial slatemenls. 17
Gasworks Dock Partnership Balance Sheet As at 31 January 2024 Note 2024 2023 Tangible fixed assets 1,870,683 1,854,242 Current assets: Debtors Cash al bank and in hand 10 37,985 2,835 40,820 23,506 17,684 41,190 Creditors: amounts falling duo within one year 11 148.8771 {37,2691 NET CURRENT ASSETS 18.0571 3,921 TOTAL ASSETS LESS CURRENT LIABILITIES 1,862,626 1.858,163 Creditors: Amounts Falling Due After More Than One Year 12 {36,0731 {45,4371 Net assets 13 1,826,553 1,812,726 Funds Designated Funds-Fixed Assets Unrestricted Funds Total Unrestricted Funds 1.870,683 1118,6641 1.752,019 1,854,242 195,3641 1.758,878 Reslricled Funds 74.534 53,848 Total funds 15 1.826,553 1.812,726 The financial statements have been prepared in accordance with the special provisions for small companies of the Companies Act 2006. 10th September .2024 and signed on ils behalf by.. Approved by the Trustees Board on.... Marcus Mackenzie- Chair Chairman and Treasurer, Trustees Board Company Registration Number 07135282 The attached notes form part of the financial statements. 18
Gasworks Dock Partnership Statement of cash flows For the Year Ended 31 January 2024 Note 2024 2024 2023 2023 Cash flows from operating activities: Net cash provided by I (Ljsed inl operating activities 16 120,234 840,088 Cash flov from investing activities: Net Cash Flows from Investing Aclivities-Fixed Assets (125,7191 1935,8311 Cash provlded by I (used In) Investlng actlvltles 1125,7191 {935,831) Cash flows from flnanclng actlvltles: Repayments of borrowing {9,3641 {17,204) Cash provided by I (used inl financing activities (9,3641 (17,204) Change in cash and cash equivalents in the year {14,8491 (112,947) Cash and cash equivalents al the beginning of the year 17,684 130,631 Cash and cash equivalent$ at the end of the year 2,835 17,684 19
Gasworks Dock Part Notes to the financial statements For the Year Ended 31 January 2024 Accounting policies Basis of preparation The financial ststemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (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 staled in the relevant accounting policy or note. Going Concern At the lime of approving the financial slalements the directors have a reasonable expectation that the company has adequate resources lo continue in operational existence for the foreseeable future. From the year ending January 2024, Gasworks Dock Partnership IGDPI 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 lo 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 lo meet its working capital liabilities through the management of the nomial cyclical nature of receipts and payments. The directors continue to adopt the going concern basis of accounting in preparing the financial stslements. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached lo the income have been met, il is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether 'capilal' grants or 'revenue' grants, is recognised when the charity has entitlement lo the funds, any performance conditions attached to the grants have been met, il is probable that the income will be received and the amount can be measured reliably and is not deferred. Income reiVed in advance for the provision of specified service is deferred until the criteria for income recognition are mel. Donations of gifts, services and facilities Donated professional ServIS 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 mel, 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 IFRS 1021, 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 lo pay lo obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount Is then recognised in expenditure in the period of reipt. 20
Gasworks Dock Part Notes to the financial statements For the Year Ended 31 January 2024 Accounting policies Icontinuedl Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is nomially upon notification of the interest paid or payable by the bank. Fund accountlng 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 al their discretion lo set aside lo use for a specific purpose. Restricted funds are donations which the donor has specified are lo 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 conslruclive obligation lo make a payment to a third paty, 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. Allocatlon of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. SLJPPOrt costs include back office costs, finance, personnel. payroll and governance costs which support the charity and ils and aclivilies. These costs have been allocated between cost of raising funds and expenditure on charitable aclivilies. Tangiblg fixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated lo write down the cost of each asset lo ils estimated residual value over ils expected useful life. The depreciation rates in use are as follows.. Boat 50 years Dock works 20 years Buildings 10 years Office equipment 3- 4 Years Tools & equipment 3- 4 Years Debtors Trade and other debtors are recognised al the settlement amount due. Prepayments are valued at the amount prepaid nel of any trade discounts due. Trade debtors are adjusted for bad debt provisions Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 21
Gasworks Dock Part Notes to the financial statements For the Year Ended 31 January 2024 Accounting policies lcontinuedl 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 lo a third paty and the amount due to sellle 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. Flnanclal Instruments The eharity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. 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 al amortised cost using the effective interest method. Pensions The pension scheme in operation is compliant for auto enrolmenl purposes and all staff eligible have been registered. Detailed comparatives for the statement of financial activities Unrestricted funds Restricted funds 2023 Total Income from: Donations & Grants 21,725 933,048 954,773 Charitable Activities Total income 119,062 140.787 119.062 1,073.835 933,048 Ex enditure on: Fundraising 9,600 9.600 Charitable activities 179,124 209,706 388,830 Total expenditure 188.724 209.706 398.430 Net income I lexpenditurel for the year Transfers between funds 147.937) 879,058 723.342 1879,0581 675.405 Net movement in funds 831.121 1155,716} 675.405 Reconciliation of funds: Total funds brought forward Total funds carried forward 927.757 1,758,878 209,564 53,848 1,137.321 1,812.726 22
Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2024 Income from donations 2024 Total 2023 Total Unrestrieted Restrieted Donations Grants 6,126 1,000 7,126 1,661 509,400 511,061 7.787 510,400 518,187 16,726 938,048 954,774 Income from charitable activities 2024 Total 2023 Totsl Unrestricted Restricted Dock Income Events Income Other Income Total 76,908 49,637 7,521 134,066 76,908 49.637 7,521 134,066 58,377 45,789 14,896 119,062 23
Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2024 Analysi$ of expgnditure 2024 Cost of raising Charitablg funds activities Basis of allocation Support Governan¢è costs Costs 2024 2023 Stsff costs Direct 244.775 14,827 259,602 249.500 Direct costs Direct 374,325 4,500 378.824 148,931 Support costs Staff lime 619,099 14.827 4.500 638,426 398,431 Support costs allocation 19,327 114,8271 14,5001 Total expenditure 2024 638,426 638,426 398.431 Total expenditure 2023 9,eOO 388,831 398,431 Of the l¢)lal expenditUTe. £190.463 w8s unre$lricted12023". £188,72418nd £447.963 w8s reslricted12023'. £209,706) Analysls of 8xpèndltur8 2023 Cost of Basis of raising Charitable allocation funds activitl•s Support Governance costs Costs 2023 Staff costs Direct 223,3S6 26,134 249.501 Dirèct eosts Direct 9,600 134,831 4,500 148.930 Support costs Staff lime 9,600 358,197 26.134 4.500 398,431 Support costs alloc8tion 30.634 126.1341 14,5001 Total expenditure 2023 9,600 388,831 398.431 24
Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2024 Net incomellexpenditurel for the year This is staled after charging.. 2024 2023 Depreciation Audit fee (excluding VATI 109,278 3,750 109,510 3,750 Taxation The charitable company is exempt from eorporation tax as all ils income is charitable and is applied for charitable purposes. Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel 2024 2023 Salaries and wages Social security costs Pension costs 239,712 15,273 4,617 259,602 231,240 14,375 3,885 249,500 No employee received remuneration in excess of £60,000 in the year12023". one). The total employee benefits including pension contributions of the key management personnel were £49,64212023.' £60,1551 The charity trustees were not paid or received any other benefits from employment with the Charity in the year 12023.. £nill neither were they reimbursed expenses during the year 12023 £nill. No charity Iruslee received payment for professional or other services supplied to the charity12023.. £nill. The average number of employees {head count based on number of stsff employed) during the year was as follows.. 2024 No. 2023 No. Average Number of Staff Employed 10 25
Gasworks Dock Partnership Notes to the financial statements For the Year Ended 31 January 2024 Tangible fixed assets Dock Equipmenu Studiosl Tools & Boats Restoratlon Equipment Total Cost: At l February 2023 Additions At 31 January 2024 199,380 1,830,387 125,719 1,956,106 25,882 2,055,649 125,719 2,181,368 199,380 25,882 Depreciation: At 1 February 2023 Charges in year At 31 January 2024 23,946 3,988 27,934 151,579 105,290 256,869 25,882 201,407 109,278 310,685 25,882 Net Book Value- At 31 January 2024 171,446 1,699,237 1,870,683 At 31 January 2023 175,434 1,678,808 1,854,242 al All tsngible fixed assets are used to fulfil the charity's objects. Assets constructed and incomplete at the year end are not depreciated until they come into use.Incomplele assets.. 2024.. £382,06612023.' £256,347) bl Restricted assets: 2023 £1,730,05212023: £1,730,052> 10. Debtors 2024 2023 Trade Debtors nel of bad debt provision Prepayments & Aecrued Income 13.979 24,006 37.985 19,009 4,497 23,506 11. Creditors- amounts falling due within one year 2024 2023 Trade Creditors Taxation and Social Security Accruals and Deferred Income Other Creditors Loans 26,738 5.733 4,500 1.768 10,138 48,877 8,022 5,052 4,500 21 19,674 37,269 12 Creditors: amounts falling due after one year 2024 2023 Loans 36,073 36.073 45,437 45,437 26
Gasworks Dock Partnershlp Notes to the flnan¢lal statements For the Year Ended 31 January 2024 13 Analysls of net assets tseeen funds . 2024 Rè5trict8d funds General funds Total funds Tangible fixed assets Net Current Assets (Liabilities) Long Term Li8bilities 1,870,683 182,5911 136.0731 1.870,683 18,0571 136,073 74,534 74,534 1,752,019 1 826 SS3 Analysls of net assets behveen funds . 2023 Restricted funds General fund Total nds Tangible fi'xed assets Net Cuirent Asset5 ILiabilitiesl Long Temi Liabilities 1,854.242 149,9271 145,4371 1.854.242 3,921 145,4371 53,848 53,848 1,758.878 1.812.726 14 Penslon scheme The pension scheme in operation is compliant for auto enrolment purposes and all staff eligible are registered. Pension contributions owed as at 31.01.24 £86912023.. £7461. 15 Movement In funds 2024 At31 Asset January Transfers 2024 At 1 February 2023 Incomlng resources Outgoing Transfer resources Restricted Funds". Community Fund ITNLCFI Veolia Environmental Trust City of London Heritage Fund ITNLHFI L.B. Newham Big Issue Invest Garfield Weston Foundation Tudor Trust Cockayne Foundation Climate Action Fund ICAFI Other restricted funds Total restricted f4Jnd 31,294 17,105 62,500 133,553 146.1741 14,880 18.628 40,841 176.5741 146,9131 1120,*51 15,587 12,588 543 10,125 15,075 11,611 6,514 543 10,125 20,000 30,000 15,000 183,874 7,610 511,061 14,9251 130.8531 18.4861 1183.8741 15.7731 654 1447,9631 34.162 12.464 2,491 74,534 53,848 176,5741 Unrestiicted Funds". General fund Total unrastriet•d funds 1,758,878 1,758,878 141,192 141,192 1190,4631 134,1621 1190.4631 134.1621 76.574 1.752,019 76.574 1.752,019 Total Funds 1,812,726 652,253 1638.4261 1,826,553 27
Gasworks Dock Partnershop Notes to the flnanclal statements For the Year Ended 31 January 2023 15 Movement in funds continued Rastrietèd Funds Community Fund ITNLCFI What Used for GDP was 8warded four y8ar8 ofRea¢hlng Communltles IRC2lfunding from the Community Fund for ils volunteer program which conduded in March 2023 and w85 fortunate enough 10 Secure a further £1.2m over 5 years through the N¥lional Lollery Community Fund's Cllmate Actlon Fund ICAFI which started In April 2023. This funding Is primariWfor the 5al¥rEs necessary lo deliver our comrllunity environrnenlal citizen sen and schools programs, core 8drninislration, freelan workshop and therapeutic gardening activity managers and associated administration and project running costs. Veoli3 EnviroDmental Trust Capital funding towards thè construction of Cody Dock's community visitor cenlre. These funded work$ were compl&ted in DecÈmb&r 2023. GDP applied lo the Community Ownership Fund for an additional £285k of tapital funding and £SOk of revènue funding 10 omplete the frtoul of the community centre and a550Giated landsGaping of the adjarent public realrn and Gonslruclion of a sm811 community kitchen. The appliGalion wa5 sucTrssful and works will commence in April 2024. Heritage Fund ITNLHFI Development grantfunding lo aid the subrnission of a delivery grant application in Nov&mr 2023. The project Induded thè feasibility. design and proied planning for 2 3 year capital bu1 and heritage programming proi&tt that was suttsssfully awarded in April 2024. Big Issue Invast Are a longstanding sUPPOrter of GDP both in terms of giant funding. social enterprise finance and professional support. GDP Mpleted ils final repayment of a loan from Bll in February 2024 that was used lo r8slore the Docklands Community Boat and In april 2024 look out a n8w loan of £150k lo provide cashflow for a new capital project lo construct small museum and exhibition space that is fully funded by the National Lottery Heritage Fund. Garfield Weston Foundation Has provided core funding toward8 th& salaries associ8ted with our community engagemÈnl team. Core funding lo cover s81aries over thre8 y&ars toward8 G88works Dock Partnerships work on wider inclu810n within it8 volunte&r program and developing social prescribing al Cody Dock. Tudor Trust Cock8yn& Foundation For the delivery of 8 new environmental arts commission under the program title of Lighting Up the Lea. The project consisted of N¥0 parts, firstly an artist in resid&ncy opportunity which started in Nov&mb8r 2023. followed by th& Installation of an exhibition which ran from April 2024 till June 2024. started In April 2023. This funding is primarily for the salaries necessaryto dÈliver our ommunily environmental citEen science and schools programs, core administration, freelance wotkshop and therapeutic gardening activity managets and a$sociated adminislralion and projeGt running Gosts. Core Funding Capital expenditur& funded from restricted Income is transferred lo unrestricted funds as the restriction is con8KJered to have been Climate A¢tion Fund ICAFI Other restricted funds 28
Gasworks Doek Partnership Notes to the flnanclal statements For the Year Ended 31 January 2023 15 Movement in funds continued Movement in funds 2023 At31 A58et January Transfers 2023 At 1 February 2022 Incoming rèsoureès Outgoing Tran¥fer resources Restricted Funds.. Big Lottery Fund Veolia Environmental Trust London Marathon Charitable Trust City of London Heritage Lottery Fund L.B. Newham Tharnes Water UnLtd Big Issue Invest Arnold Clarke Garfield Vveston Foundation Tudor Trust Other restricted funds Total restrlcted funds 20.788 112.453 39,762 1321 625 5,549 4,909 233 103,615 153,945 71,000 1128.4351 4.032 1225.5571 1110.7621 40,841 32 12.3691 12,4861 1537.5081 15,0061 541,738 543 14,9091 12331 1,615 15001 3,473 12,750 114.3651 500 7,240 11,281 6.256 209,564 20,000 30,000 130,7131 128,8171 12,464 16,2561 1209.7051 15.2321 1873,8271 933,048 53,848 Unrestricted Funds.. General fund Total unrestrlcted funds 927,757 927,757 140,788 140,788 1188,7261 1188,726 5.232 5,232 873.827 1,758,878 873,827 1,758,878 Total Funds 1,137,321 1,073,836 1398.4311 1,812,726 16 Reconciliation of net income I lexpenditurel to net cash flow from operating activitie5 2024 2023 Net income I lexpenditurel for the reporting period las per the statement of financlal actlvltles Depreaation Ilncreasell decrease in debtorslstock Increa5el Idecie3sel in creditors Net rash provided by I (used inl operating activities 13.827 675.405 109,278 114,4791 11,608 120,234 109.510 39.255 15.918 840.088 17 Related party transactions There were no related party transactions in the linanaal year. 29