Charlly numbar: 1145424 Company number. 06683419 HIGH HOUSE PRODUCTION PARK LIMITED TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 HIGH HOUSE PRODUCTION PARK LIMITED Consolldatod Flnanclal Statèmtrnls for the year gnded 31 March 2021 CONTENTS Page Reference and administrative inlorni81ion Trustees, report Indepondenl avdilor's report lo tho mernbers Con$olidale(I stalefNenl of financial activitie5 Balance sheets 10- 11 Consolidated cash now slalemenl 12 Notes lo the consolidated financial statements 13-26 HIGH HOUSE PRODUCTION PARK LIMITED Trustfres, rèport for the year èndèd 31 March 2021 The trustees, who are also directors ol the charity for the purposes ol the Compani85 Act. are pl8ased to presenl their report logelher with the consolidated Iinancial statements ol the charity and ils tradin9 subsidiary l-lhe group") lor the yèar ending 31 March 2021. The ieporl and consolidated linanclal statements comply wilh current siaiulory requiremenis, the Articles of Associalion and the Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in Ihe UK and Republic ol Ir&land IFRS 1L12118ffeclive 1 January 20151. Reference and admlnlstratlve detalls Dlrector$ and Trustees Alex Beard- Chair Lyn Carpenter BJ Chong Hannah Corbett Ken Dylor Perry Glading James He8ton Angela O'DonoghLtè Pretty Company Number 06683419 Char5ty Numb&r 1145424 R8gl$t*red and PrSnclpal Offi Vellacoll Ch)se Purfleel Essèx RM19 1RY Audltors M¢y)re Kingston Smith LLP Orbital House 20 Easlern Road Romlord RM1 3PJ Bankers Bardays Bank Pk 9 H￿h Street Grays Essex RM17 6NB HIGH HOUSE PRODUCTION PARK LIMITED Trusto05' roport for the year ond•d 31 March 2021 Structure, Governance and Management Governing document High Hotjse Pr￿l￿¢t1￿n PaTk IHHPPI is a company limited by guarantee and a regislored charity. Tho company was lirsi èstablished on 29 August 2008 as a wholly owned subsidiary ol a public sector entity. ThurrcKk Thatllos Gateway Developmenl Corporation. On 1 Novetnber 2011 revised arilcles were r8glslered with Cofflpanies House. These articles reslat8d the objeclivès ol the company in ax¢lusively charitab5e lerrns and provided lor the ¢r6allon of a board of independenl trustees, In ell8Ct ènabling reg451ration with the Charity Commission. Charity registration was achieved on 12 January 2012. Appolntment of tmstees Trustees are selected from ihose who volunteer their services. Anyone rnay volunteer. In determining whom to appoinl. Iruslees have regard to the qualificati￿S aNJ experience ol wtenlial trustees. Trustee Inductlon and tralnlng New trustees are briefed on their legal obligaliong under charity and ￿mPanY law, Ihe conlenl of the Memorandum and Articles ol Assoclalk)n. the committee and de¢4sion-making processes. Ihe buslness plan and the recent financial performance ol the d)arity. Duriw thé inductior) they mÉet staff, tenant partner8 and viaw the sltè. Organls8llon The board ol Iruslees administers the charity by means ol bDard meetings held on a quarterly basis. In additk)n, a fiaance committee has been establish8d to expedite matters between board meetings. Park managemeni h85 operated through an agfeemenl wTth Thurrock Ccwncll. Related partlès Related parly Iransaclions durltYJ the yoar under review are disclosed at nolg 21. No Iruslge had any beneficial interest in any contr8Ct l(> which the charity was a party during Ihe year. Trusteè expenses for Ihe y8ar w8re £Nil12020-. £Nill. Rl$k management A risk register has been estsblished and is reviewed and updated as necessary 81 trach quarterly board m&ting. The principal risk identified is the challen9e of allr8cting suitable businesses to fill Ihe vacanl plots on the park's fourleen-acre sSle. Work Continues lo allract further development opportunllies to grow a creative industries cluster. During the year negotiations began on a Memorandum ol UnderstandirwJ wlh an aff￿dable studios provkter lo work together and s8cure a n8w iyjild on sile. The board regularfy reviews 115 sITategic options and works closely with tenanl partners and siakeholders to achieve ecowmies ol scale Ihiough shared services and opportunities for joint procurement. When any sile devek)pment lakes place. the charity lakes a r3nge of steps lo miti9ale rlsks Including ensuring th81 il is supported al all times by appropriately skill¢d aThJ experien¢ed prolessional teams. In addition. where the ch81ity is undertaking works on behalf of a third party, rt seèks to ensure that as lar as posslble all obligations and risks are passed on to Ihe wntra¢lor. The TtU5tgès have considered the p)1gntial impact ol Ihe coionavirus arKJ thè various ffleasures taken lo Contain it on the operations ol the charily and the group In the near future. In the event Income is signifi¢anlly impacted then thè charity continues to consKler cost cutting maasures lo ensur8 k)ng lerm viability. HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year endad 31 March 2021 Res8rves are regularly monttored by the Board who are satisfied that suffi¢ient reserves are in Pla￿ to prevenl solvency problems Sn the event ol delays or reducllons in Income sources. Publi¢ benefit The Iruslees have considered the Charity Commission's requiremenl in respect ol Public B&nefil'. in Ihelr view charity meets Ihe criteria 10 5alisfy the tesl. Thls Ifuslees. report describe5 the activitses unijertaken with partners lo further 115 charitable purposes for public benefit. Objectlves and activities The objectives of the charty as staled in ihe Articl8s ol Assotlalion are- tho advancernenl of education (including Iralningl lor the benefll of th8 publ1¢ by the provislon of meeting rooms and other spa￿S lof schools and other educational establishments. by part￿ipatIon in activities lo Sup￿ ¢duGalion providers and by the provislon DI outreach programmes for schools and other education providers in the community. wilh a viow lo enhan¢ing the skills and wmpgloncy of those •duG8led in order lor Ihem to gain access to employm8nl', the advan¢omenl ol th& arts. hertlage and culture In particular by the preservation and malnl8nan¢o of buildings of public importance for use by thè community", by encouraging the engagement of the local community. in arts activllies and events and by the hokling of exhibilKJns and events and the d￿S￿aY of artwork wpthin those buildings., Bnd the advancernent of community development and the prornotion of soGial c<)hesion particularfy by encouraging the engagement ol Ihg Community. in Ihe Company's charitable activities through the provision of community oulreach. prèmises arhd other spaces ' Ihe community" shall rnean the cornmullily ol Thurrock and Such surrounding afgas as the trusle@s think A¢hievements and performance HHPP has conlSnued lo advance Ils ¢harilable objectives wher611 can during 2020121 however the COVID pandemic gnd the resth'ctions in ￿a¢e have had a significant impact on activity. 11 has worked vAth tenants lo support the advancement of educalK>n. HHPP has continued lo offer meetings rooTn5 and spaces lor cultural education activities when allowed under COVID restrictions. It has pul in place additional COVID safely measures lo enable use ol the comtnun81 buildings and the park. The charity supported the Royal Opera House Bri(Jge move from the Vinery building and has S(￿ght Io 5UPPOrt all the edu¢atKJn providers on sile through the past year. It has worked lo advance the arts, herrtagts and culture by conlinulng lo carry oul mainlonance and ropaSrs on the herltage buildings on site. supporting the events that lthnelika delivered in summer 2020 and by working lo secure lunding lofm the Crealiva Estuary Programme lor a serS8s ol cultural events and activilies to take place once COVID rastrictions are lifted. The advancements of ¢ommunity development and errfJagernenl h8s been difficult lo pr(wJress in a year ol lockdown and restri¢lSons in place. HHPP has worked lo reopen the community spaces on sile as soon as possible and reviewed hiie ¢harge5 for communily 8¢livilies to make Spa￿ allordable lor lo￿1 groups and organi5alions. Tenants meeknng5 have continued Ihroughoul the year and proposals are bein9 developed lor a community proi&cl lo replace and create arts installalions on the hoardings Surrounding vacant plots. As a resutt of the Covld-19 siluallon the Producllon Park was able ¢0 supwrt Thurrc¢k Council by provKllng space lor 8 food bank fof shielded residents across the locpl authority. Thls remained in operation until July 2020. HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for th• year endod 31 March 2021 Plans for the future The Board continues lo rernain open lo further devdopment opportunities that can generate income to advance Ils charllable objeclbves. HHPP securod Crgalive Estuary Funding lo support a review of ils business plan with a view lo secLtring lurther development on site and financial sustainability in the ￿ng term. Flnanclal revlew The wncipal operating cost ol runnlng the Production Park Is Ihe eslale mana9emenl of its Common parts. tts heritagè buildings ancs its public green 5p8Ges. Srte development enables Ihe recharging ol sorne 51te oporaling cosls through an agreed 5eryico charge to lenant organisalions. The management Gf the estate and tha cipefatN)n ol thè bams compl8x is overseen by Thuttock Council on behaw ol HHPP. To advancè its mission and its charitable objéctives. HHPP carriès out sile development for its tènant organisallons and in d(Ang so manages Gapilal expenditure pertaining lo building projects. net oulgtslng fgsources lor th8 ￿al were £163,09212020.- £122,592I. All tr8ding on sile for the ptjrpose o19en8rating lunds was conducted by 8 trading subsidiary, High House Enterprises Llmilod. The net profivloss lor the year decreased lo a loss 01 £9,16712020.. £22,087 profill. Thi5 ￿a& du8 to the significant dacr8ase in Iho volume of rneetirKJ. seminar and conler8nce bookings resulting Irom COVID feslrictions. Inveslment and reseNes policies Investment Policy.. cash which Es surplus to short term operating requirements is invgslèd in bank deposit acccHJnls. Term d@posiis 3re limited ID a maximum 016 months. Reserves Policy.. The Board h8s established a repairs and renewals lund of £250,000. This is in recognrtion ol the potential fof large unéxpacied ilems of expenditure requirgd to maintain the fixed assets ol the Gharity al an at¢eplable level. A costed r6palr and renewals plan has also been pul in place and a fixed sum ol £25,1]00 per annum has been identified to meet ongoing maintenance and rafurbishment wst. The charity has free reserves of £666.404 at 31 Mafch 2021. This equates to approximately one and half years ol current unrestricted expgnditEJr8. Allhou9h no largel lèvel has been gslaNished lor Iroè reserve. the board continue to carefully monitor the level of I￿e resèrves to ensure Sufficient resour￿ exist to enable the smooth runnlng of the Production Park. Statprnenl of trustee$, respon8ibiliti•s The trustees (who are also directors ol High House Production Park Lim51ed for the purposes of company lawl are r8sKX)nsible prèparing Ihe trustéès. report and Ihe financial sl8lernents in accordance with applicable law and regulations. Company law r8qulres tha trustees to prapare financSal slalemenls for each finan¢lal yèar. Under that law the tTUStees have elected to prepare U)e financial statements in accordance wth United Kingdom Generally Accepted Accounling Practice (United Kingdom Accounting Standards and applicable lawl. Under Company law the Iru5tees musl not approve Ihe financial statements unless they are satisfied Ihal they give a true and la5r view of the statè ol affair5 01 the charitable company and the group, and ol ihe incoffling resources and applicalion ol resources. including the income and expendilufe, of the charitable cornpany lor that period. In preparing Ih8s8 financial stat8menls, the tsusteas are wuived to.. HIGH HOUSE PRODUCTION PARK LIM￿ED Trustee$, report for the year ended 31 March 2021 select 5uilable accounting policies and apply thèm consistently, observe the mellM)ds and principle5 in Ihe Charities SORP- ake judgements and 8stifflales that are reasonable and prudent". state whether applicable UK Accounting Standards have been followed, subjé¢t lo any material departures disclosed and explained in Ihts flnancial slalemenls., prepar8 the IlnanciBI statements on Ihe going concem basi8 unless il Is inapproprfate to presijm that Ihfj charitable company will Continue in business. Thg Iruslees are responsible for keepSng adequate accounllng records that aro sufficlenl lo show and gxplain the charitable cofflpany's transactions and disclose wilh rèasonable accuracy at any lime the linantial position of the ch8ritable company and 8n8lAe Ihem to ensure Ihal the financlal stalèmgnt5 comply wilh the Companies Act 2006. They are 8150 responsible for safeguardin9 the a55ets ol the charilable company and the group and hence lor taking reasonable steps for the prevenl&)n and deteclion of fraud 8nd other irregularS11trs. In so lar as the Iru$te¢s are awara- thére is no relevant audit informab.on ol thich the charrtable company's guditors ale unaware., and the trustees have taken all the necessary st8ps that they ought to havè taken 83 tnjstees in order to make themselves aware of all relevant audit information and lo gslabllsh that the charitable company's audttors are aware of that Information. The ITuslee5 are responsible lor the mainlenan¢e and integrity ol the corporate and financial information. Legislati(M in the Unile(S Kingdom goveming ihe preparation and di5semlnaknon ol financial slalements may differ from legislations in other juri5di¢tions. Small company PToYlslon These accounts have been prepared in accordance wSth special provlslons rèlating lo small companifjs within Part 15 of the Companies AGI 2006. Audltor The Board wll b¢ asked lo either re-appoint M¢)ore Kingston Smilh LLP as auditors or lo approve procyremenl trl a new audrtor al lh8 lorthcoming Annual G$nefal Me8llng This report was approved by the Iruste&s ￿ 28 October 2021. SvJned on behalf of the boaid of trustees Alex Beard Chalr HIGH HOUSE PRODUCTION PARK LIMETED Indèp•ndent Audltor'$ Roport To thè Mémbers of Hlgh Housè Productlon Park Llmlted Oplnlon We havt audited the h'naneial statements of High Hous8 Prcrfluclion PHrk Llmrted Ithe'cornpanll fc* the year ended 31 arch 2021 which compnse the Group Slaiem&nl ol Financial Acliviti8s. Ihe Group and Parent Charitable Company Balance Shee15. th8 Grwp Cash Fkjv Stsl8menl and noies io Ihe financial Staternents, including a summary of sonificanl accoun15ng policie5. The financial reporting fiafflework that has been applied In iheir preparalionls applicaiAe law and United Kingdom AccounDng sthnda￿S. i4duding FRS 102'The Financial Reporting SlandaTd Appllcable in thè UK and R&public of Ireland. (United Kingdorn Generally Accepted A¢thLntin9 Practicel. In our opinM the fina￿la1 slalementS= glve a true and fair ￿eW of ¢he slate of group's an￿ the parent charilabk company's affairs 8s al 31 March 2021 and ol the group's incoming rèswlces arbd applicalon of resou￿$. including its income and expendilvie, lor th8 year then ended, have been properly prepared in accordance Mlh Uniled King[ Pèrl 8 of Ihe Charit￿$ Acl 2011. Our audit work has been undèrtaken so thal we M￿h1 stale to the ch8ni8ble ￿MpanY$ members and Ifuslees tlh)se m8tters whlch we are required 10 Stale 10 Ihem In an auditor's report and for no Oiher purpose. To the lullesl exlenlperrnilted by kw. we do nol acTrpl or a5surne responsibilrty io anypartyoiher than Ihe charitsb￿ company. ltte chariiable company's ft￿mbers. as a body. and Ihe chailty's Iruslees. as a body. for our audit work. for this rewri. or lor the Opin5(￿ we have fofmed. Orbital House 20 Easkm Road RTrmlord Esse RM13PJ Karen Ward¢ll (Senlor Statutory Audltorl For and on behalf ol MO0￿ Klngslon Smlth LLP Chartered Accountants Oated.. 18 NovÈmbÈr 2021 HIGH HOUSE PRODUCTION PARK LIM￿ED Consolldatèd Statement of Flnanclal Aetlvlll¢s Ilncorporatlng Income and expendlture account) for the yeor ended 31 March 2021 2021 Unr*$trl¢tod Fund$ 2021 2021 DesSgnated Restrlcled Funds Funds 2021 Total Funds 2020 Total Funds Note In¢ome from.. chari￿bIe activities Other Irading aclivrties Investments 300,927 48.974 2,058 300.927 48,974 2,058 298,347 143,563 6,680 Total Income 351,959 351,959 448.590 Expenditure on: RaSsing funds Charitsblè activitiès 8.626 422,791 8,626 441,425 30.742 540,440 18.634 Total resources expended 431,417 18,634 450,051 S71 182 Not Income Iloxpgndlturel 179.4581 118,634) 198,0921 {122.5921 Transfers bètweèn funds Losses on revaluatlon of flxed assets 14 165.0001 165.0001 (25,0001 Not mov8m•nl In funds 179.45BI {83,6341 1163,0921 1147,5921 Total funds braught foNard 745.862 250,000 1,153,000 2.148,862 2,296,454 Total funds carrlod forward 18 666,404 250,000 1,069,366 1.985,770 2,148,862 All incoming resources and resources expended derive from continuing actNilias. There were no recognised gains or Ioss8S Other than those induded in the Staletnenl ol Financial Actiwli&s during the current and prevK)vs year. The detalled comparallve Inlormalion for ￿e slalemenl d finanual aclivltles Is included al not8 22. Tha r￿l•S on pages 13 to 26 form pari ol these financlal slatemgnls. HIGH HOUSE PROOUCTION PARK LIMITED Con5011dated Balan¢• She•1 4$ at 31 March 2021 2021 2020 note Flxed assets Tangible fixod assets 10 1.030,000 1,09S,000 Current assets Debtor8 and prepayments Cash at bank and in hand 12 104,396 911,971 214.277 1,003.872 1,016.367 1,218.149 CrodltOT$.' dug wFthln 1 year 13 60.597 164,287 Net CU￿ent assets 955,770 1.053,862 Total net a5set$ 1.985.770 2,148,862 Funds R&strtct8d Investment property Capital & Income funds 14 14 1.030,000 39,366 1,095.000 58.000 1.069.366 1,153,000 Unrèstricted funds 15 666,404 745,862 008lgnatod funds 17 250.000 250.000 Total fvnds 18 1,985.770 2,14B,862 These financial slaternenls hav6 bten prepared In accordance with the speual provisions relating lo small companies within part 15 of the Companies A¢1 2006. These financial 5talemenls were approved by the board ol Imstees and authorised issue on 28 October 2021 and are slgned on IheSr behalf by- Alex Bèard Chair Cotnpany registration number.. 06683419 The notes on pages 13 10 26 fofm part ol these financlal slalemenls. 10 HIGH HOUSE PRODUCTION PARK LIMITED Charity Balance Sheet as at 31 March 2021 2021 2020 not& Flxèd assets Tanglble flxed assets Invèstmont In subsldlary 10 1,030,0(X) 1.095.0(YJ 1,030,001 1.095.001 Curr•nt assets Dèbtors #nd prepayments Cash •t bank and In hand 12 227,481 795 576 347,629 868, 141 1,023.057 1.215.770 Crgdltors., duo wlthln l year 13 58,122 161,910 Net current asset$ 964,935 1,053,860 Total nèt assats 1,994.936 2,148,861 Funds Rè$trl¢ted Investment property Capital & income funds 14 14 1,030,000 39.366 1.095.1J)o 1,069,366 1, 153,000 Unrostrl¢tod funds 16 675,570 745.861 De51gnated funds 17 250.000 2￿.000 Totsl funds 18 1.994,936 2.148,861 These financial stalement5 have been preparèd In accordance with the special prDvisions relating to small cornpanie5 within part 15 of the Companies 2006. These fjnancial slatomenls were approveéj by the board ol inJst88s and aulhoris8d l¢r Issuè on 28 October 2021 8nd are signed on their behalf by.. ex Beard Chair Company rfjgislrallon nurnber.. 06683419 The notès on pages 13 to 26 Iofm part of these flnanclal slalements. A soparale Slalemenl of ￿nanCIal Activities ISOFAI is not presented because the charitable c(¥npany has taken advantage Ol the exemplions allorded by section 408 01 Companies Acl 2006. The nel nw)vemenl ¢n fund5 lor the parènt charity was a deficil 01 £153.92512020.' £147,592) HIGH HOUSE PRODUCTION PARK LIMrrED Consolidated Cash Flow Statemellt for the year ended 31 Marth 2021 2021 2020 Cash flows from operating aetlvltles: Nel cash used In opfrratlng actSvltles 193,9591 1177.9181 Cash flows from Investlng actlvitl•s: Interest received 2.058 6,680 2.058 6.680 Change In cash and cash equivalent5 in the reportlng porlod I91,s￿lI 1171.2381 Cash and cash equivalents al the beginning of the reporting peri( 1,003,872 1.175.110 Cash and cash equlvalents al tho ond of th& reporting period 911,971 1,003,872 Rèconclllatlon of net gXP8ndltur• to nel cash flow from operating activltlas Nat expendltur¢ for th¢ rèportlng p•rlod 198,0921 1122,5921 Investment income Oe¢r¢ase I Ilncreasel in debtors IDe¢fèasel I Increase in creditor$ 12,0581 109,881 1103,6901 16,6801 159,8341 11.188 193,9591 (177,9181 The nolgs on pages 13 10 26 fomi part of these flnanclal slalements. 12 HIGH HOUSE PROOUCTION PARK LIMrrED Noles to th& consolldated financial statements for thè year ended 31 March 2021 A¢¢ounllng poll¢l¢s Company Inforniatlon High House Produclw)n Park Limiied is a limited cornpany domicile(l and incorporated in England an¢ Wales. The registered offic8 is Vellacoll Close. Puffleel. Essex, RM19 IRY. al Basls of preparation of accounts The financial stateinents have been prepar￿1 under th8 histOriC31 cost COllV8ntion. The financial statemènts have boen preparÈd in accordance with thè Statèment ol Rscommgnded Practicè applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appl¢cable in the UK and Republic ol Ireland effective 1 January 2015 (The FRS 102 Charilies SORPI. the Companies Act 2006 and Charities Act 2011. The trustees ￿nfIrM that the Charity meets the delinition ol a public benefit enlily undef FRS 102. bl Basls of ¢on$olldatlon The group financial 8t8temenls consolidate the financial 5tatement5 01 the chgrity and its trading subsidiary. High Hou59 Enterprises Llmiled The 51alemenl ol financltsl 8clivllies ISOFAI and the balanca sheet consolidale the financial statemènts on a line by line basis where appropnatè. No separate SOFA has been presented for the charity alone as pemitted by secbon 408 of the Companies Aol 2006. Details concerning the results and aclivilies ol High House Enterprises Llmited are sel out in note 11. cl Income Grants receivable are credited to the Statement of Financial Activities ISOFAI in Ihe year for which they are received. Deferred income represenls amounts received lor fulure periclls and is rfrloased to incotning resource5 Ill the period to which it relates. Contract incoffle, interèst receivable and olh6r incomè is Includod In thè SOFA in the year in whi¢h It is rec@ivabl&. Raising lund5 consisls of income generated by Ihe subsidiary company, High House Enl8rpdses Limited, for internal and external room and space hire. Charitable activities consist primarily ol advancement ol educat￿n, arts heritage and cullure and communily development. They also consisl ol estate managemenl derived Iroffl the running of lh& Production Park's comm¢x) paris, heritage buildings and green opon spaces. dl Expendlture and allocatlon of costs All expendiluro is Sncluded when il is Sncurred on an accruals basis. Resources 8xponded exclud& recoverable VAT. Costs are allocated between charitable and other expendilure according lo the nature ol the cost_ Where ilerns involve m¢ye than one category, they are apportioneLI between the calegrriès according lo U)e nature of the cost. 13 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolldated financial statements for tho year ended 31 Mar¢h 2021 1. A¢¢ountlng pollcles Iconlinuedl el Fund a¢¢ovntlng Funds held by the charity are classified in the following luN1s'. Rgstrl¢ted ¢apltal and Income funds- Restricted funds represent grants and donalions received which are allocaled by the donor for specific purp0585. Investmgnt proporty - The Investmenl Prop8rty represenls the land 8nd buildings on Ihe sile owned by the charity. Under the lerms of the articles ol association the Trustees may nol disp)so of or place as security these 855ets wrthout the express written perniission of the public sector founder Thurrock Councll. Doslgnated Funds- Deslgnaled funds aro sel aside frrxn unrestdcled fU￿S for purposes determined by Ihe board Unrtsstrlctèd Income funds - Unrestricted funds represent income, wttich is eXpenda￿e al the discretion of Ihe Iruslees in the furtherance ol th8 objects ol the charity. Investment propertles InvestmeDI propety. which Property h&ld to earn rentals andjor for caprt81 appreixatiM, Is measured using thè lair valuo model and slated at ils lair value as al lh8 raporiing end date. The ¢arryin9 value is reviewed 8nnu8lly by the trusteas basèd on advicè raceived. Formal independent valuations are undertaken as appropriate. gl Tangibl• flxèd assèts and dgpreclallon Tangible fixed assets are stated at cost18ss depreciation. Depreciation is calculated to write off the c051, less their @stimated residual value. over their expected useful Ilves ol assets on a straighl-line basis and at the follo￿￿ng rates.. Computer gquipm@nl 33°A 13 years) FixtLJres & littings 200/0 IS years) The Iiuslees have set an amount of £1,000. being the value below which IrAed assets purchased are not capitali$8d. h) Oparatlng leases Rent815 8pplicable to operatir¥J leases where subslanlially all of the benelits and risks of ownership remain with the lesscf are charged 10 Ihg SOFA on 8 slraighl-line ba55s over the perlorj in which the cost is incurred. 14 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2021 A¢¢ountlng pollcles Iconlinuedl il Going concern At the time o18pproving the trustees have a reason8ble expectation that the charity and group have adequale resources lo continue in operalionJl exislence for the loreseeabl? future and for a period ol al least twelve months from approving Ihese financial slalemen15. Thus the Iiusle88 continue to adopt the going concern basis of accounting in prèparing the financial statementg. 11 Flnanclal assèts The charitable company has 8lected lo apply the provisions Df Section 11 'Basic Rnancial InstrtJmèntS' and Section 12 '01her Financial Instrum8rits Issues, ol FRS 102 lo all of ils financtal Inslrumenl8. Basic financial assets, which include trad8 and other receivables and ¢ash and bank balances. are Inlllally measvr6d al IransaclSon price including transaction tosls and are subsequonlly carried al amortised cost using Ihtr effeGlive intere51 Meth￿1. kl Financial liabilities Basic financial liabilities are Inllially measured at transaction price. unless the arrangemènt conslllules a financing Iransacllon. wh¢re the debt Instrument is Measur￿ at Ihe present value of the futurè rècèipts discounted 818 market rate ol inlèrÈst. Other financial liabilrties classifled as falr value through proflt or loss are measured al fair valu6. They are subsequently carried al amortised cost, using the effe￿"Ve interosl rale method. Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks. olher shorl-lerni quid investment5 wlh original malurilies ol three months or less. and bank overdrafts. 88nk overdrafts are shown within borrwings In current liabililies. 15 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolldated financial statements for th• year ended 31 Mar¢h 2021 2. Crltleal aeeountlng estlmates and ludgemenls In the application of Ihe charitable cotnpany'5 accounting policies. Ihe trustees are required to make ludgemenls, estimales and as5urnpllons abtsut the carrySng amount ol assets and liabllllies rhat arè not readily 8pparenl from other sources. The estimales and associated assutnplions arè based on historical experience and other fadors that are considèred to be rèlevant. Actual r&sults may dlffer from Ih8s8 eslimales. The eslimales and underlying assurnplions are reviewed on an on-going basis. Revisions lo accountin9 estimales are recognised in the perKxJ in which the e51imale 15 revised, rf the revision affects only that period. or In the peritsy ol the revision and lulure periods il the revision 8flects both current and lulure periods. Key sources of estimallon unc&rtalnty Investment property valuatFon Tha value ol the property held 1$ sensltlvè lo movem&nls In the prop•rty mark•t ahd1é85es held wlth lenaiits. The group u58s IhÉ valuation perfortned by its independent V81uer's as the fair value of its properly. Th@ valuation Is based upon the key 8$sumption5 01 open rnarket values, tenure ol the property. any leases granled. agreements and other inlorm3lion. Details DI the valuation melh(xlology are gNen in note 10, 16 HIGH HOUSE PRODUCTION PARK LIM￿ED Note$ lo the ¢on301idated financial statements for the year ended 31 March 2021 3. Income- Charltablg activStles Unrestricted Restricted funds fund Total 2021 Total 2020 Funded projed51grants received Sile sarvicè chargè incomè 8.000 292.927 8,000 292,927 298.347 Total 300.927 300.927 298,347 4. In¢omt- Oth¢r tradlng a¢tlvltle$ Unrestrlcted Restrl¢ted funds funds Total 2021 Total 2020 Rent income Rc*)m hire 49,431 15411 49,431 1541 46,825 52,829 Café lakin Total 84 48,974 43.909 143.563 4B,974 The 2020 comparative figures all relate to unrestricted income. 5, Expendlture on ¢harltablo a¢tlvltl•$ UnrÈ$trietÈd R•strict•d funds funds Total 2021 Total 2020 DI￿¢t propety development costs.. National CcAlege 101,400 Public Art- Klnets"ka 18,634 18.634 Olher running costs INote 61 422,791 422.791 439,040 Total 422 791 18,634 441.425 540,440 17 HIGH HOUSE PRODUCTION PARK LIM￿ED Notes to thè ¢onsolldat•d flnanclal statèmènts for the year ended 31 March 2021 Other running cosls Direct Support ¢0Sts ¢osl$ Total 2021 Dlrect Support costs costs Total 2020 Serwce charge & other slaff costs Prernises costs Office costs Profe5slonal costs External audit fèes Stall and tnjstees. insurance 69,401 69,401 338.531 347.009 4,178 1.252 7.750 1.673 71,159 71.159 347.009 5.508 6.745 7,15Q 1.469 338,537 4,178 1,252 7,750 1.673 5,508 6.745 7,150 1.469 Total 338.537 84.254 422,791 347,009 92,031 439.040 Nel Incomlng resources for the year This is stated after Charging on a consolldated basls.. 2021 2020 Auditors. femuneration 9,900 8,750 8. Staff Costs High House Production Park slafl were Iransferred undef TUPE lo a park partner on 7 Augusl 2016. As a result, there are no ernployees in the charity and a managefflent charge is levied. 18 HIGH HOUSE PRODUCTION PARK LIMITED Notes lo the consolidated flnanclal statèments for the year ended 31 March 2021 Tru8tee5 There was no remunefalion or benefils In kind pald lo tho trustees In the year12020'. £ Nill. Trustees, axpenses lor the year were £ Nil12020'. £ Nil) 10. Tanglblo fixed i¥$¥t8 (Group and Charlty} Investment Property Computer Equipment Flxturès & Fittings Total Cost I Valuallon Al 1 April 2020 Revaluation Disposals At 31 March 2021 1,095,0(X) 165.0001 9.215 102,875 1,207.090 165,0001 1.030 000 102.875 1.142 090 Depreclatlon Al 1 April 2020 Charge for the year Disposals At 31 March 2021 9,215 102,875 112.090 9,215 102,875 112,090 Net book value Al 31 March 2021 1,030,000 1,030,000 Al 31 March 2020 1,095,000 1,095.000 The Investment property was revvalued by Avison Young, Chartered Survews al 31 March 2021 al open market value. 19 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financlal statements for th¥ year ènded 31 March 2021 11. Investmont In $ubsldlary company {Charltyl 2021 2020 1 ordinary share of £1 al cost High House Production Park Limtted owns 100Vo of the voting rights and nominal share capital of High House Enterprises Llmiled Icompany numb81 078726401. The subsidiary s financial slalemefjls hav8 been consolid8led with the Charity s financial 5talernènts. Summary below taken Ifom the 8¢courits ol the subsidiary. High Hoijse Entèrprises ￿mIted, for the yéar ended 31 March 2021.. Proflt and loss account 2021 2020 Tumovor 15411 52.829 Administrative txpenses 18.626) 130,7421 Profit on ordinary aclivrtiès 19.167) 22,087 Payments ¢ovonanled lo parent charity 122.087 Loss lor the financial year 19,1671 Balance sheet 2021 2020 Currenl assets Currenl liabililies 120,194 145.574 1129.3601 1145,5731 Total assets less liabilities 19,1661 Capilal and reserves.. Sharè capital Profil and loss account 19,1671 19,1661 20 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated Iln•n¢lal $tatement5 for the year ended 31 March 2021 12. Debtors Group Charlty 2021 2020 2021 2020 Falling due wlthin one year.. Tradè dèbtors Other debtors VAT r6covèr&ble Prepayments Amounts owed from group undertaking 9,017 29,546 7,698 58,135 133,970 1,535 9,777 68,995 5,324 29,546 7,593 58,135 126,883 124,126 1,535 13,675 68.995 139,298 104,396 214,277 227,481 347,629 13. Crèdltors Group 2021 Charity 2021 2020 2020 Falllng du8 wilhln one year.. Trade cr8ditofs Accruals D6f@rr8d Income Unpaid share capital 24,110 36.487 62,373 37.115 64.799 23.834 34,287 62.096 35.014 64.799 58,122 161.910 Deferred Income summary: Group Charlty Brought forward at 1 April 2020 64.799 64,799 Released lo SOFA during the year Amounts deferred dudng Ihe year 164.7991 164.7991 Carrie¢J forward al 31 March 2021 21 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolldated flnan¢lal statomonts for th• y¢ar ond•d 31 March 2021 14. Rèstrictèd fuftds (Group and Charltyl Income and revaluatlon losses Transl•rs between funds Balance at 01.Apr.20 Balan¢e al 31.Mar.21 Expendlture Investment Property Public art 1,095,000 58,000 1,153,000 165,0001 1,030,000 39.366 1,069,366 18.634 18.6341 165,0001 Inv¢slment property Thls lund represents Ihe land and h&rilag8 bulldings ownèd by the ¢harlty al th* Producllon Park sile in PurfleÈt. Trusteès may not dispose of tht5 Stte, nor plac8 any chaige over it, withoul the expre55 permission ol Ihe founder IThurrock Council) Publlc art Thi5 was a grant made by Arts Council England matched with funding by the ROH and Thurrock Oevelopment Corporation for the purposes of developing a programme ol putilic art al HHPP. The balance ol this fund is b8ing used lo partly finance the T100 proje¢l being led by Kinelika a HHPP park partner. 15. Unr•gtrlctèd funds (Group) Transfèrs Between Funds Balancg at 01.Apr-20 Balancé at 31-MaT-21 Income Expendrture Unrestricled 745.862 351.959 1431,4171 666,404 22 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the con5011dat6d flnanclal statèmènt$ lor the year ended 31 March 2021 16. Unrestrlcted funds (Charltyl Transfers Botween Funds Balance at 01-Apr-20 Balance at 31-Mar.21 In¢ome Expenditure Unreslricled 745.861 352.500 1422.7911 675.570 Unrestricted lund income is derived from Ihe day lo day operation5 of the charity and is used to mael Ihe running costs. 17. De$ignated funds IGTOUP & Charity} Transfers Between Funds Balancè at 01.Apr.20 Balanc¢ at 31.Mar.21 Incom• Expenditure Repairs & renewaLs 250.000 250,000 250.IY)O 250,000 The repairs and renewals Tund is In recognition ol the potential lor large untsxpecl8d items ol expendituro r8quir8d lo maintain the fixèd 8$s015 ol the charity at an acceplable lev81. 18. Analysls of net a$$6ls b&twèon funds Group 2021 Fixed Ass¢ls CuNent Llabllltles Current Assgts Total Unrestrict Designated Restricted 727,001 250.000 39.366 160,5971 666,4 250.000 1,069,366 1,030,000 1,030,000 1,016,367 60.597 1,985,770 23 HIGH HOUSE PRODUCTION PARK LIMITED Notos to lh$ con8olldated fSnanclal 5tatem¢nts for thè y•ar 8ndèd 31 March 2020 18. Analys1$ of net assets betweèrt fund$ l¢ontlnuèdl Group 2020 Flxed Assèts Current Llabllltl•$ Current Assels Total Unrestricled Designated Reslricled 914,048 250.000 ,000 1168,1861 745,862 250,000 1.153,000 1,095,000 1,095 000 1.222.048 168.186 2 148,862 Charity 2021 Flxèd Assets Currèftt Llabllltles Current Assèts Total UnTestrided l)esignated Reslriclcd 733,691 250.000 39.36fj 158.1221 675,570 250,000 1,069,366 1.030.OC 1030,001 1 023,057 1994,936 Charlty 2020 Fixgd Assets Currènt Llabilitles Curr6nt Assets Totsl Llnréstricled Designated Restrieted 907.771 250.000 58,000 1161.9111 745.861 250,000 1,153.000 1,095.tKIo 1.095,001 1,215,771 1161,911) 2,148,861 19. Company limltèd by guarantee The charitable company does not have 8 share capital and is limrted by guarantee. In the event of the charitabl8 company being wound up, the maximurn amount, which ea¢h member 15 liable lo contribute. Ss £1. There were 9 Mem1￿r$ al 31 March 2021. 24 HIGH HOUSE PRODUCTION PARK LIM￿ED Notè8 to tho consolldated flnan¢lal $tat#ment¥ for the year Bnded 31 March 2021 20. Nat Income for th8 flnan¢lal year As permilled by Section 408 of tho Companses Act 2006, the paronl charitable company'5 Stalemenl ol Financial Activities ha5 not been included in these financial statements. The deficrt lor the year was £153.925 12020.. defial 01 £191,3761. 21. Related parties Alex Beard is the chief executive of the Royal Op&ra House. The ROH is a lenanl ol High Hotjse Production Park and ha5 a 125 year lease al a peppercorn rtrnlal lor the Royal Opera Housg Produ¢llon Workshop and The Bob and Tam8r Manoukian Coslume Cenlre. In addition the ROH held a rental egreemenl lor the Vinery whi¢h trnded February 2021 During the year the charity receTved service charge income of £110,46012020.. £109,069) and rental Income of £16,30212020'. £17.7841 Irom Ihe ROH. Lyn Carpenter is the chbel executlve ol Thurrock Coundl. Th8 C4)un¢il hirtrs meeting room space from Pllgh House Production Park. DLJring the ye8r the charity received rent and service charge ir*come of £19.300 12020.. £19,3001 from Thurrcck Coun¢il. In 2020-21 High House Production Park received £8.00012020.' £nill ol COV￿-19 Business Discretionary Grant from the Cokjncil. High House Production Park has incurred costs 01 £101,372 12020-. £34.2581 for services provided by the Councll whlch malnly ¢uv¢tS support seryic8. grounds mainlenanee and business rates. Ali Pretty is the chief executive ol Kinetika who a￿ a tenanl in ACME Artisl Studios. In 2019120 the High House Production P8tk bo8rd agreed to make a contribution or £58,000 from reglricted funds to the T100 project wbl¢h Ss being led and managed by Kinelika. This amount was advanced In 2019-20, against Ihls funding expenditure to dale 15 £18,63412020". £nlll. All of the tenants above contribute towards the running costs on a commercial basis of High House Pro¢Ju¢lion Park by way of a servi¢e Charge payment and ulillly ¢osl rtrcharg6 paym6nl$. The charity has lak8n 8dvanta9e of the exemption given by Flnancial Rtporting Standard 8, R61al8d Party Dlsclosures. from disclosing Iransa¢ts"ons wiltt ils wholly owned subsidiary, High House Enterprises Limited. 25 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the cong01idatgd financlol $tat?ments for th• yèar èn(lèd 31 March 2021 22. Comparatlve Infomiation Consolidaled Slalement ol Finan¢lal Acllvitles lincorporaling Inojrnè arnd expenditurfy accounll lor the year ended 31 March 2020 2020 Unrestricted Funds 2020 2020 Dèslgnated Restricted Funds Funds 2020 Total Fund$ Notg Income from: Charilable activities Olher trading ￿tIVitIeS Investments 298,347 143.563 6,680 298,347 143.563 6,680 Total income 448,590 448,590 Expèrtditurè on: Raising funds Charilable activities 30,742 439,040 30,742 540,440 101,400 Total resources expendèd 469.782 101,400 571.182 Net lncomg11gxpgnditurg1 and net movement In funds 121.1921 1101.4001 1122,5921 Transf¢fS batwt•n funds Galns on revaluation of fixed assets Net mov¢m¢nt In fund$ 14 77 1771 25.(YJOL._... (25,OOOL 1126,4771 1147.5921 121.1151 Total funds brought forward 766,977 250.000 1,279,477 2,296,4S4 Total funds Carrled lorward 18 745,862 250,000 1,153,000 2,148,862 26