Charty number: 1145424 Company number. 06683419 HIGH HOUSE PRODUCTION PARK LIMITED TRUSTEES, REPORT AND CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 HIGH HOUSE PRODUCTION PARK LIMITED Consolldated Flnanclal Statements for the year ended 31 March 2022 CONTENTS Pagè Reference and 8dministralive infomalion Trustees, report Independent audllor's report lo the members Consolidated stslemenl of finan¢i818ctivilies Balanc8 sh86ts 10-11 Consolidated ¢ash flow slalemenl 12 Notes lo the consolidated finanaal statements 13-26 HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year ended 31 March 2022 The trustees, who are also director5 01 the charity for the purposes of the Companies Act, are pleased I present Ihelr r6POrt together with the consolidated financial slalemenls ol the charity and ils trading subsidiaryllhe group I lor the year ending 31 March 2022_ The report and consolidated financial statements comply wrth Cuirenl slalulory requirements, Ihe Arts'cles ol A$S￿latIOn and the Slalemenl of Recornmended Praclice applicable lo charilies preparing their accounts in accordance with Ihe Financial Reportin9 SlarKlard appluble in the UK and R6public of Irpland IFRS 1021 leffeclive 1 January 20151. Referencè and •dmlnl$liatlvg d&talls Dlr•¢tor$ and Trustèes Alex Beard Chair Lyn Carpenter BJ Chong Hannah Corbett Ken Oylor Perry Glading James Heaton Ali Prelly Mark Cox5hall lappolnled 20 January 20221 Oenise Brown lappoinled 22 January 20221 Angela O'Donoghue (rèsigned 21 January 20221 Company Number 06683419 Charlty Number 114S424 R8glster¢d and Prln¢lpal Office Vellacoll Clos& Purfeel Essex RM19 1RY Auditor5 oore Kingston Smith LLP Ort)Ilal House 20 Eastern Road Romford RMI 3PJ Bankers Barclays Bank P 9 High Street Grays Essex RM17 6N8 HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year ended 31 March 2022 Structure. Governance and Management Gov?rning documènt High House ProcluclSon Park IHHPPI is a company Ilmlled by guafanlee and a reg151ered charity. The company was first established on 29 August 2008 as a wholly ow)Èd subsidiary of 8 publi¢ sector enttty, Thurrock Thamas Galeway Development Corporation. On 1 November 2011 revlsèd 8rtl¢les were reglslered with Companies House. These articles reslaled the objectives ol Ihe cofftpany in exclusively charilabl&18mis and provided for the ¢xeation of a board of ind$p&ndenl Iruslees, in effect 8nabling regislralion with th8 Charity Commlssion. Chartty re0ist￿llon was achieved on 12 January 2012. Appolntment of trustee$ Trustees ale sèlect@d from those who volunle8rtheir services. Anyon8 may volunteer. In d8temiining whom lo appoinl, Iruslees have regard io Ihe qualiffcatlons and experience ol potential trustee$. Trustee Indu¢tlon and traSnlng New trustees are briefed on thetr 18gal obligalions urbdgr charity and company law, the conlenl ol the Memofandum and ￿tIcIeS ofAsso¢iaUon. the committe8 and declslon-making procèsses, the buslness plan and the recent financial performance ol the chafity. During the induction they meet staff. tenant partners and view the srte. Organlsation The board ol Ir(t$iees 8thinislers the charty by means ol ￿ard meetings held on a quarlgfly basis. In ￿ditiOn. a ffinance committee has been established lo ex￿d[la matters between Ixtrafd meeting5. Park managemenl h8$ operated through an agro¢menl wf(h Thurrock Council. Related partles Relatèd party Iransaclions during the year under revièw ar8 dlsdosed al nole 21. No Iruslee had any beneficial inl¢rest in any contract lo which the tharity was a party during the year. Trustee expenses for the year wère £Nil12021.. £Nil). Risk management A risk regisler has been established and is reviewed and updated as necessary al ea¢h quarterly Ix)ard meeting. The principal risk idenlified is the challenge ol atlracting suttable businesses to fill the vacant plots on the park's fourteen.acre sile. Work conllnues to allracl further developmeril opportunltSes lo grow a creative industries cluster. During the year a Memorandum of Under51anding commgnced with an affordablè studios provider lo work logether and secur8 a new build on sile. The deslgn conc•pl work on Ihls ngw studio bulldlng was Initiated and work commenced on a refreshed Vision. Masterplan and Business Plan for the stte. The board regularfy reviews its strategic options and works closely with lenanl pariners gnd stakeholders lo achieve economies ol scale through shared serv*cas and opportunities lor Joint procurement. When any sile development takes place. the charity lakes 8 range ol steps lo mibgale risks induding ensuring that it is supported at all limes by appropriately skilled and experTrenced professional teams. In pddition, whore the charity Is undortaking works on behalf ol a Ihird party. 11 seeks lo ensure that as lar as posslt49 011 obligab'ons and risk5 are passed ork lo thè contractor. HIGH HOUSE PRODUCTION PARK LIMITED Trustoès, report for the year endad 31 March 2022 Reserves are regularly morhrtored by the Board who are satisfied that sufficienl reservas are In pla￿ io pr8venl Solvency problems In the 8venl ol delays or ￿dUCtIOnS Sn Income sources. Public benefrt The Irustees have considered the Charity Commission's requirement In respect ol Publi¢ Benefit.. In Ihelr view the charity meets the ¢riteri8 10 58lisfy the te51. This Iruslees. report describes the activib'es undertaken Ih partners lo further ils Gharilable purposes for pU￿1C benefit. Objectives and activities objeclNes of the charity as slalgd In th¥ Article5 of Association ar•- Ihe advancement of education (including ITainingl forthè bènefit ol public by the provision of meeting rooms and other spa￿S lor Sc￿0[$ and other educalional eslablishmefiis, by participation in 8¢b"vilies to support educalion providers and by the provision of outreach programmes lor Schools and other education providers in Ihe comrnunily. with a view lo enhancing the skills and competen¢y of those educated in order lor them to gain Bccess lo employment- the advancement ol the arts, hèril898 and ¢ullure in parbcular by the pr8sèrvallon and maintenancg 01 building5 of public importance for use by the community. by èneour8ging the engagement of the local community. In arts acllvilies and evenis and by the holding of exhlbitions and events and the display of artwork within those buildings.. and the advancement of cotnmunity development and the protnotion of social cohesion p3tbcuIar￿ by encouraging the engagement ol the Community. in Ihe companys d￿ritable aclivilies through the provision ol commtjnity outreach, premises and other spaces ' Ihe community. shall mean Ihe community of Thurrock and such surrrMJnding a￿3$ #s the Irustees Ihink Achievement5 and performance HHPP has continued lo advance its charllabb oblè¢livés during 2021122. It has worked w￿h tenants 10 5UPPOrt (he advan¢emenl of education Acllvily includes offoring m8elin9 roorns and spaces lor ¢ultUfal education activities. including Royal Opera House CPD sessions. The charity has sought to support all the 8du¢ation proviijers on sile through the pasl year. It has worked to advance the arts, heritage and culture by continuing to carry oul maintananGe ar￿ repairs on the heritage buildings on sil&, supporting the events Ihal Kinelik8 d61ivered in summer 2021 and by worknng to secure funding from th@ creat￿ye Estuary Programme to support the delivery of cultural events and aclivS1ies. 11 ha5 continued lo supportcommunily development and engagement on srte, though the longer-lerm impacts ol the coronavirus have affecled this. parb"Gularly in the first six months of the ye3r_ Tenants meetings have contlnued throughout thè year and prowsals are belng considered for ¢ommLJnSly projects. In addition, ThurriLk Mtjsic Services continues to Provide MUS￿ lessons lor local young people from U)eir facilitbes on site. The ¢J)ntinued developmenl ol thè sit8 ha3 also beerb a locus with fundiNJ secured Irom Creative Estuary to support a refresh of the HHPP Vision, Masterplan and Business Plan and commission a design concept up to RIBA Stagg 2 for a new tnakerlartist studio lacilty. HIGH HOUSE PRODUCTION PARK LIMrrED Trustees. report for the year ended 31 March 2022 Plans for th• futurè Thg Board continues lo remaSn opèn lo further developm6nl opportunitles that can generate Sncome to advance it5 charitable objectives_ HHPP secured Creative Estuary Funding to support a revlew of lis business plan wlth a lo securlng further dev8lopmgnl on sile and financial suslainabillty in the long term. Flnanclal rovlew The principal operating Cost of wnning the Produclion Park is thè estate management of its common parts, ils heritage buildin9s and Ils publ1¢ green spa￿s. Slle developmeni énables the cecharging ol some silg Operating costs Ihrough an agreed service chargè to tenanl organisations. The management of the estat8 and the op8ralic)n of the barns Complex fjs overseon by Thurrock Council ¢)n b8haEf of HHPP. To advance ils mlsslon and ils charitable obleclives. HHPP carries out sile dev8Eopmenl for ils lénanl organisations and in doing so manages capital expenditure pertaining to building proj&¢ts. The net outgoin9 movement irh funds lor Ihe year were £38,04212021.. £174.8751. The posibon Includes cost recovery through servlce charyes, In accordance with tenancy agreements. Income lor 2021-22 has been adjusled for under recovery ol cosls and tenants have been presenled wilh their final a￿￿nI of 2021-22 . service charges ftillowiro 31 March 2022. All trading on sile for the purwjse ol generating fijnds was conducted ty a trading subsldiary, High Hous8 Enterprises Limile(J. The nel profivloss lor the year in¢igased to a profil of £30,80712021.. £9.1671ossl. This was due lo an increase in the volum8 of meeting, sèminar and conferencè bookings followrvJ the lffting of COVID reslriclions during 2021122. Investment and reserves policles Investment Policy.. cash which is surplus to short lerm operaiin9 requirernents invested in bank deposit accounts. Term deposiis are limitèd to a rnaximum of 6 months. Roserves Policy.. The Board has established a repalrs and renewals fund of £250,￿)0. Thls Is In reccKJnilion of Ihe potential lor large unexpected items of expenditure required lo maintain Ihe fixed assets of the charity al an a¢cgptabl818vel. In 2021122 £44,359 was spent from thls fund. The charlty has Ir&8 r8Strvas or £623,900 al 31 Mar¢h 2022. Thls equ8les lo approximately ono year ol CU￿ent unrestricted expendilure. Although no tsrgel level has been established lor free reserve. the board nb'nue to carefully monitor th8 level of Iree f&$8rves lo ensure sufficient resources trxist to enable the smooth running ol the Produ¢lion Park. Statemant of trustees. responsibilitl6s The trustees (who are also directors of Htgh F4ouse Production Park Limiled for tho purposes of company lawl are resp)nslble for preparin9 the Iruslees, report and the financial statements In accordancé w6th arwlicable law and regulations. Company law iequires the trLtslees to prepare finan¢lal stalernents for ea¢h financial year. Under that law the Iruslees have elected to prepare the financial slal&ments in accordanc8 wrth United Kingdom Generally Accepted Accounling Piaclice (United Kingdom Accounting Standards and applicable lawl. Under c(mpany law th8 trustee5 must not approve the linan¢ial slatemenls unless they are salisfitrd that they give a true and fair vivw of the state ol affairs of the charitable company and the group. and ol the incoming resources and application of resources. including thè income and expènditure, of the charitable company forthat period. In pr&paring these financlal $lalements, the IrL¢$lees are requlied lo: HIGH HOUSE PRODUCTION PARK LIMITED Trustees. report for the year ended 31 March 2022 select suitable accounting policies and apply them consistently., observe Ihe methods and principles in the Charitses SORP- make judgements and 8stimatÈs that ar8 reasonable and prudent.. slate whether 8pplicable UK Accounting Standard5 have been followed. subject lo any matarial departures disdosed and expTained Sn th6 financSal stalemenl$'. prepare the financial sialements on Iho gobng eoncem basis unless11 Is Snapproprfatè to presume that the Gharitsble cotnpany will continue in business. The Irusiees are responsible for keeping adequate a¢¢ounling records that are sufficienl lo show and explain tha charitable company's transactiorhs and disclose with reasonable accuracy al any time the financial p)sibon ol the Gharilable cofflpally and enable them to ensure that the financial 51alements comply wilh the Companies Act 2006. They are also responsible lor safeguarding the assels ol ihe charitable ¢ornpany and the groLtp and hence for taking reasonable steps for the prevention and detectk)n of fraud and other irregularS1ies. In so far as the trustees are aware.. there is no relevant audil information ol which the charitable Company's auditors are unaware: and the trustees have taken all the necessary steps that they ought lo have taken as trustees in ordér to make Ihernselves awafe of all relevant audit inlormallon and lo eslab115h that the charitablo company's auditors acè awar8 ol that inlormalw)n. The Iruslees are reswnsible lor the maintenance and inlegrily ol the corporate and financia1 information. Legislation in the United Kingdom governing the preparab'on and ijissemlnalion ol financial 51alements may differ from legislations in other jurisd￿CtIOns. Small Company provlslon These accounts have been prepared In accordance wlth the special provlslons rdaling to small companits within Part 15 01 the Companie5 Ac(2006. Audltor A Tesolulion io re.appoint Mwre Kingston Smith LLP as auditors will be proposed al the lofthcoming Annual General Meefjng. This report was approved by the Iruslees on 13 October 2022. Signed on behalf of the board of Irustees Alex Beard Chair HIGH HOUSE PRODUCTION PARK LIMITED Independent Audltorfs Report To tho Mèmbèrs of Hlgh Housè Production Park Llmlted Oplnlon We have audited Ihe financial Statements ol High House ProSuCt￿n Park Linit6d Ilhe 'eompany'l lor the yearÈnded 31 March 2022 whlch cornpri5e the Group Stalemenl of Financial Acliv1116S. the Group and ParEnt Charitabl8 Company Balance Shee15, the Group Cash Flow Stalemenl and not8$ to th8 finan￿al 5taletnents. intluding o summary ol significanl actounling policie5. The fin8nctal reportitig frI￿¢work that has been applied In Ihtsir preparation is applicaiAe law and United Kingdom Accounling SlandaTds. irtluding FRS 102'The Financial Rewrtirg Siandard Applicable in th* UK JrKI RepuNicof Irdand. IUnileLI Kingdom Genei8lly Actspted Act4Juntsng Pracbcel. In outopinion the finanaal statement8". gfve a irue and fair vlew of the slate of group's 8nd the pareni charltsble companys 8Nalrs £s 8131 Marth 2022 and of the group's Ino)ming resour¢&s and 8pplication ol re50ur¢eg. including its incorne and tsxpendiltjre. ror the y&ar th8n ended., have b8en property prepa￿ in awrdartèwlh Unlled Krydom Gewally Accepted Accounting Practice: 8nd have b¢èn propared in accordance wilh t1￿ ￿quireMen13 of the Qjrnponlos Act 2006 arnd the Cl￿￿1189 Act 2011. Basls ol oplnlon We conducted our audit in acc¢ydance with Int8fnaiional Standards on Auditing IUKI IISAslUKlland 8pplicab¢e law. Our responsibilities under those standards a￿ further described In the Audilorfs R8sponslbi1ities for tre audit of the financrdl $latemen¢s 5eclK>n ol our ￿pOrt. We are indgpendwl of ihe charitable cotnpany in aco)rdance with Ehe ethi¢al rwuiretnonls that are relevanl to our audit of Ihe financial $tatem8llts ￿ Ihe UK. including the FRC's Ethical Standard. and we have fulfilled our other ethical rèsponsibili1￿3 ¢n 8ccofdanca with these rgquir8m8nts. We bolievo that the audil evhlenc8 we have oblaSned Is 8uffluènl and approprfale to provlde a ba￿5 forour opSnbn. Conclusions relating to 9olng concorn In audiling the financial stateffjents, we have c￿lduded Ihal Ihg trustees. US9 L4 the corttm basts of xcounliTVJ In tre prgpardtiw of th• financial stalemenls is apprwriale. Baswj on th¢ wort we havg perform8d. we have rKJt i¢Jenlified 8ny Material uncertainb.es relating to evenfs of Gondilions thai. inéividu8fly or colle¢ltV91y, may cast slgnlr￿ant doubl on tho Gharitable companls ability lo continuo as a going concern for 8 pe￿d of al18ast trwelve month$ from when Ihe financial slalemenls are 8uthoris8d for issue. Our rgsponsibilib'O$ and the re6pongb¢litigs 01 tho trustees w¥lh respert ¢0 going concom are descritAd in ihe tel8v￿1 seGtions of thi5 report. Oth*r Information The other information cornprlses the inform81ion inc1ud*d In the aTrnual reporl, othèr lI￿n iho financial statements and our auditors repDrt thereon, Thg trustees arg rgsponsible fry the other infoyrnalion. Our opinion on th8 fin&nci81 statements doés noi cover the other informab.on and, oxrApt kn the exlent Oth8￿lse explicitly stated in ourreport, we do nol express any fotrn ol assurance conclusion Ihereon. In CL*neclion our audit of the financ4al stalemgnl$. resp)nsibility is lo rga(J the other inlorrnalion and. *) doing so, consider whether Ihg other inlormats.on is maleria11y inconsistent wlh Ihe financi81 st31£ments Of our knOW￿￿ge obialned in Ing audit or otherwise arpears to be malerially tnisstaled, If we klenlify such rnalerial inconsislenc*5 or apparenl rn81erial rni55lalern¢nls, we are requir8d lo determinè whether Ihore is a material misstatement in the financAal 61alements or a material misslalement of the oiher inltsmab"on. 11, baseil on the work we have perforrned, we conJudo ihal Ihere is a matofial mlsstalemenl of Ihi5 oihor infomation. we aTr required to report that fact. We havo nolhwig ¢0 report in this r8garf. Oplnlons on other matt*rs pr•scrlbed by the Cornpanl¢$ Act 2006 In ouf opinion, based ￿ the work undertaken in the course of the auJil.' the information giv0n In Ihe trustQgs' annual ffjport for thg fvanckil for whlch the financlal statgmgnls ¥ro pr8pared is wnsislenl vilh the finanGial slatèn*nls." and trustees, annual refv have been p￿Pared accordance applicablfj le9al requir8m&nts. HIGH HOUSE PRODUCTION PARK LIMITED Independent Auditor's Report Icontinutrdl To the Members of Hlgh House Produ¢tlon Park Llmlted Matters on which we are required to report by èxcèption In th8 light ol the knOw￿dge and understanding ofth8 group and P￿[￿￿1 charitable companyand its environrrenl obtained in th& C￿r• of the audit. we have nol 1denijl￿Ctr maltrrial misslaletnenls in IhE trustees, annual report. We have rM)thirvJ to r£port in TespEcI ol the following matters vdhere the cOrn￿nieS 2C4)6 and the ChÈrilies Act >011 uire lo report lo you if. in our oiynion.. the parent c￿rItable company has noi kept adequaie and surficlènt accwnung records. or returns adequal8 for our audil haye nol beÉn r8eeNÈd Irtyr bra[￿be$ nol Ylsiled ty us,. or the parent chaniable (x>mpany's finanaal slalemenis are not in aoreem8nt with accounting records and returns-. or certain disclosures of IrusleÈs' remunerabon specified by law are not made.. or we have not receNed all the inlcvmation and explanat￿n$ we requi￿ lor our audit. Responslbllltl•s ol trustees As explaineé more fully in tho trustees. ￿5￿nSibIlib.es stslemenl sel out page A. ihe Iruslees Iwho are also tha diroctor5 of the chanlable companylor the purpos&s ol company lawl are responsible for tho preparation of Ihe financial Statements and lor b¢ing sa115fi9(I that Ih8y give Èl Irug ond lair wew. and for such inlemal control 0$ the truslges delormine is necessary lo enablè pieparat￿n of finanoal slalcments Ihal are free trorn fflaterial mis51aiemenl. whether due lo fraud or error. In preparing the financial stalemenls, thg trusloes ar£t ￿sponS￿5 lo for asse￿ng the group and paront charitablg company's ability lo continu8 as a going con¢em. disclosing, as applicable, rnallers relaled to going concem and LEing Ih? going ￿nCOM basi5 of accounting Unle￿ the Irusle¢$ ¢llh*r inl£nd lo liquidate the group or parent tharitab company or to cease opgralons. or have no r8ali8tic altemalive bul trj do so. AudIt0￿S responslblltties for the audit of the financlal statèments We have been appointed as auditor under the Companies Act 2006 and sectK)n 1511 01 the Charities Act 2011 and report in accorda￿ wth those Acts. Our objectives ar8 lo obtain reasonable a$S￿&￿¢e sbout whether the financia Slatemenls as a whole 8re free from rnaterial rnis51alemenl. wheiher due to fraud or error. 10 15sug an auditor's wport that includes our opinion. Rgasonabb assuranc9 15 a high ￿V81 of a$5uraneA, bul is not a guaranlgQ that audit conduct80 in a¢Corda￿e wlh ISA% IUKI will always delect a matgrial mi5Stat8ment whon il exists. M1551alement5 can arise Irom fraud w errDr and ar8 Conside￿￿ malgnal il, individually or in aggrggale. they could roasonably bg 8xp8cled lo infven¢g tho awnotni deGisions ol us0￿ taken on the tsasls of these financi?1 stalerngnls. Irt£gulari*es, indudiry frau¢J, arg instsnc8s ol non4¢Jmplianco with lawF Hnd regulati￿$. We design kYL￿o￿urQs in lir ilh our r05ponsibilitie5. ouuinod abové, lo do1o¢t material tnisstalefflents in respect of irregul8rit*s. insluding fraL*8. T extent to which our pr(redur8s are czpable gf delo¢ting Irregulaiilies, including fraud is detailed bolow. Explanation as to what extent the audlt was consldered capable of detectlng IrrogularltlBs. Includlng fraud The objÈtUves ol audit In respect of fr8ud. are". ￿ idenlify and Èsse5s the risk8 of malenal mi5s1aiement of Ihe financi31 stage￿enLE due lo Iraud., lo oblaln suifitiÈnl approprK4le audii evidence regarding assessed risks of material misstsiement due 10 fraud. Ihfough designlng and Implemeniing appropikaie reswnses lo those 8SS8s$ed rL%ks.' and to respond appropriately to insLances of fraud or suspected fr8ud Idenlifled during the audiL However. the pilmary sponsibllily for the p￿Venti(￿ antt ￿e￿￿"on of fraud 16sts wlth both m8na9emenl an4J Ihoge charged vllh goveman ol Ihe charllable company. O¢Jr opproach was as fr4kJws'. e obtained an under5tandir¥J of the legal ané regulatory rèquiiètnents appluble to the chatitabla ¢omp8ny an¢Jo)nsidere(I that thè m51 significanl are the Companies Act2006. tha Charities A¢12011, the Charity SORP. and UK financjal reportiTrJ giandèrds 89 issueij by Ihe Financial Reporting Counol We obt2inetsining additional ¢orrobor8h've evidence as require(l. As part of an audil in a¢cordance wllh ISA5 IUKI we e¥erose prolessional judgement wd rnainlaln woleswwal 8C8pbcksm Ihrtsu9houl the 8udil. We also.. Id8nlify and 2ssess the r￿kS 01 material mL88ts1ernent ofthe financial slalemenls. wh8th8rdue io fraud or error. design and perfo￿ audit procedures rÈsrK)nsive lo those r15ks, ond Dbl8in audit evldence Ihal Is sufficlenl and gppropdate to provlde a basis lor our opinlon. The risk of not detecting 3 rnalerlal mIssla￿meThI resultsng from Iraud Is hbJher Ihan for one r&sulUno from error. as fraud may involve cdlusion. forgery, Inl8nlional Omis￿on5. mlsr8pr8sèntai¥)ns. or Ihe overrlde of Intemal control. Obiain an understanding of Inlemal rA)ntr(4 ￿levant ￿ the audit in ordef to Llesign 8udit procedvres that are appropriale in the cir¢ufflslances. but not lor Ihe purposes ol 8xpr8ssirKJ an opinK)n on the elfe¢b"veness of the group and parwl ch8ritable company's inlemal control, Evalualo the approprialon955 of axounling FoIKi8S Used and the rva%onablen85s of aGsounling eS￿.￿nateS atKI rBlaled disdo8ures made by Ihe trusleos. Conclude on IF* appropriateness of the tru51ees' us* of the goiTrJ concern bè$1$ of 8ccounling and. bo$&d on the auditewd8n¢è obtaIn￿, whethera material U￿ert81nIY exists related ￿ ev¢nls or condilions that may cast significant doubt Dn the group and parent charitable cornpany's ability lo Continuo as 8 g(¥ry concfjrn. Ir wg nclude Ihal a malgrial uncerlainty oxists. wp org req￿re￿ lo draw altBnb"on in ovr auditor's roport lo Ihe relate(I di5dosurfr5 in the financial sta16ments or, if Such th"s¢losur&s are inadequate. ￿ modlfy opiiion. Our conclusions are based w Ihe audit evidence obtained up ID the dale ol our audllor'$ r8port. However. future ovenls or condition$ may ¢ausg thg group L¥ parent chariiable ￿rnpanY bj coasg lo CL￿tInUe a5 a going concern. Evaluate th8 over311 presentation. strt￿Ure ojnlenl of the fin¥ntyal st8tements, including the dlsc108ures, Ènd thelher the financial statements repr£S￿l ihe underfytng trgnsacllons and events In a mann& ihai achièves fair presenlaiion. (X)tain sufflclÈnl appmpiiale audit &videnca regardlng financ131 Informaiion ol Ihe eniltles or business 8¢1iviUes wllhln ihe group lo express an opinicrt) on the ¢onsolld81Èd financlal stalements. We are ￿SponSItIe ror Ihe dlreclic41, supervision an(J perfomiarKe of th8 group audit. We remain SO￿lY resp￿s1￿1e for our 8udit report. Wa eommunK8t8 w41h those charged wth g¢￿eManCe ￿garding. amwg other matter5. the planned scope and Iwning of the audil 8nd slgnlfleani audll findlfigs, hcludlng any sbnlfjeanl deficiencle8 Inlernal ¢￿[ro1 ￿81 we kleni.fy dunng our audll Use ofour r¢port This report Is made solely 10 the charitable comp8ny's rnembers, as a tK)dy. in actordance wlth Cha#er 3 of Part 16 01 the Companies Act 2006 and. In rEspeci of the consolidale(J finan¢ial $lalemÈnt8. to the charity's truste&s. as 8 ￿￿y, In accordance wlth Chdpier 3 of Parl 8 of lh8 Charits"es Act 2011. Our 8udil work has been undÈrtaken so thai might state ￿ the charilable ￿MpanY'S memb8r5 and Iruslees those ma118r5 whlch we are required to sla18 to them in Bn audiiorfs report and fot no othÈrpurrx)s8. To the fullesiexlenl pemillted by law, wedo nol at￿p1 orassurnetespon$ibility lo anyparty other than Ihe charltabl8company. Ihe chantable comp8ny's fflembers. as a tr￿y, aThd Ihe charily's IAtslees. as a body. for audll work, fof IhSs ￿pOrt. or foc Ihe opl￿On we have formed. Orbital House 20 Easlem Road Rcthford Essex RMI 3PJ /V,ov,Y i. Karen Wardèll ISer41or Statutory Audltorl For and on behalf of Moor& Klng5ton Srntth LLP Chartered A¢¢ountants D8ted.. 29 November 2022 HIGH HOUSE PRODUCTION PARK LIMITED Con$olldated Stalement of Financial Actlvitlès Iln¢¢rporating Income and expendlturo a¢¢ountl for the year ended 31 March 2022 2022 Unrestricted Fund$ 2022 2022 Designated Rostricttd Funds Funds 2022 Total Fund$ 2021 Total Funds Restaled Not¢ Income from: Ch8ritable ath'vitE5 Other trading activilies Inv6s1m6nls 41 406.418 10CI.874 1.277 47,S85 454,003 100,874 1,277 300,927 37,191 2,058 Total Income 508.569 47,585 556,154 340,176 Expendlture on: Ralsing funds Charitable activities 34,372 504,918 34,372 559.824 8,626 441,425 44.359 10,547 Total resources oxpendèd 539,290 10,547 594.196 450,051 Nel Income I ltrxpendlturel 130,7211 (44,3591 37,038 138.0421 {109,8751 Loss9s on r•valuatlon of flxod assets 165.IXJOI Net movemfynt In fund$ 130,721} 144,359} 37,038 138.0421 1174,875} Total funds broughi forward 654,621 250,000 1.069,366 1,973,987 2,148,862 Total funds carrled fopward 18 623,900 205,641 1.106,404 1.935,94S 1.973.987 All incoffling ¥e50urces and re50urce5 expended derNe from continuin9 activities. There were no recognised gains or1055es other ihan those incltsd8d in ¢hg Statement of Finanaal Activlli8s dLtrlng the current and previous year. The detailed Comparat￿e information for thé slalemenl d finanual activities is Included al note 22. The rioles on pages 1310 26 fom part of these financial sl*t6m•nts. HIGH HOUSE PRODUCTION PARK LIMITED Consolidated Balance She*t as at 31 March 2022 2022 2021 Restated not• Flxed a55ets Tangible fixed assets 10 1,030,LYJO 1,030,000 Non•current assots Debtor5 and prèpayments 1211 31,498 Current assèts Debtors and prepayments Cash at bank and In hand 121 166,415 104,396 911.971 1,049.496 1.016,367 Credltors,. du• wlthln 1 yèar 13 175.049 2.380 N*t Current assets 874.447 943,987 Total n8t assgts 1935 945 1973 987 Funds R•strlctod Investmont prop•rty Capltal a Income funds 14 14 1,030,000 76.404 1.030,000 39,366 1,106.404 1.￿9.366 Unrestricted funds 15 623.900 654,621 De61gnatèd funds 17 205.641 250.000 Tolal funds 18 193S 945 1973,987 These flnancial statements havo b&6n prepartd In a¢cordan¢è wllh Ihe spèclal provislons relating lo small companie5 within part 15 ol the Companies A¢1 2006. These financial statements were approved by the board ol Iruslees and authorised lor issue on 13 Oclober 2022 and are signed on their b&half by.. Alex Beard Chalr Company registration number.. 06683419 The notes on pages 13 10 26 form part of these financlal slaiements. fjo HIGH HOUSE PRODUCTION PARK LIMtTED Charity Balance Sheet as at 31 March 2022 2022 2021 Roslated note Flx•d ¥55ets Tanglble fixed a55ets Investment in sub51diary io 11 1.030.000 1,030.000 1.030,001 1,030.001 Non•currBnt assets Dobtors and prepayments 31.498 Current assets Debtors and prepaymenls C•sh at bank and In hand 125 284.723 759,342 227,481 795.576 1,044.065 1.023,057 Credttor5'. due within l year 13 169,620 69,905 Net current assets 874.445 953,152 Total net ass•t$ 1,935.944 1,983,153 Funds Restricted Invgslment property Capital & Income funds 14 14 1,030.000 76,404 1.030.000 39.366 1.106,404 1,￿9,368 Unrèstrlcted funds 16 623.899 663.787 Deslgnated tunds 17 205,641 250,0 Tolal funds 18 1,935.944 1.983.153 These flnandal stalemènls have been prepared In accordance with thè speclal provislons ￿laling lo small companies wlihin part 15 of the Companies Act 2006. These financial stalements were approved by the board ol trustees and authorised for issuo on 13 Octobe¥ 2022 and are signed on their behall by= Alex Beard Chair Company registration number.. 06683419 The notes on pages 13 to 26 form part of thèse financial slalemenls. A separate Statement of FSnancial Acttyities ISOFAI is rot presented because the charitable cornpany has tak8n advantag• of th6 exemptions afforded by 5eclh)n 408 01 Companl&s Act 2006. The n81 movemenl in funds for the parent charity was a deficit of £68,85012021.. £165.7081 HIGH HOUSE PRODUCTION PARK LIMrrED Consolidated Cash Flow Statemènt for the year ended 31 March 2022 2022 2021 Ca$h flows from operatlng a¢tlvltl•$; Nèt cash used in operating actLVitias 130,1671 193,9591 Cash flow8 from Inv*$tlng actlvitle¥: Inleresl received 1,277 2,058 1,277 2.058 Change In cash and cash •qulvalènts In thè reportlng period 128,8901 191,Wll Cash and cash equivalents al th& beglnning of the reporting period 911.971 1,003,872 Cash and cash 6qulvalents #t lh• •nd of the reporting perlod 883,081 911,971 Reconclliatlon of net expendrture to net cash flow from oporatlng activities Net èxpendkture for the r¢portlng perlod 138,0421 {109,8751 Inveslmenl income Decrease I Ilncre85e} in dèbtors 11)ecreasel I Increase in creditors 11,2771 {93,5171 102,669 12,0581 109,881 191.9071 Net cash u$•d In op*rotlng actSvltl•$ 93.959 The notes on pagas 1310 2S lo(m part of these financ¢al statements. 12 HIGH HOUSE PRODUCTION PARK LIMITED Notos to the ¢on501idated flnanc5al statemfynls for the year ended 31 March 2022 Accountlng pollcles Company Infomiatlon High House Production Park Limtted is 8 limited company domici1￿1 and tncorporated in England and Wales. The regislered office is Vell8colt Closè, Purfeel, Essex. RM19 1RY. al Basis of preparation of accounts The financial statements have been prepared under the historical c05t Gonvention. The financial slalemenls have been prepared in a¢¢ordan¢e Kqlh th6 Statement ol Recommended Practi applicab18 to chartties preparing thèir accoLJnts in accordance with the Financlal Reporting Standard applicable Sn the UK and Republlc ol Ireland elle¢live 1 January 2015 (The FRS 102 Charities SORPI, the Companies Act 2006 8nd Charities Act 2011. The trustees conllrm that the Charity rneets the definition of a publlc benefit erbbty under FRS 102. b) Basis of consolldatlon The group financlal slalemenls consolidate the financi81 slalemen15 of the charity and trading subsidiary. High House Enterprises Limiled. The slalemenl of financial activities ISOFAI and the b8lance sheet consolidate the financial statements on a line by line basis wherè appropriate. ND separate SOFA has been present8d Iof the Charity alone as permilled by section 408 01 the Companies Acl 2006. Details conceming the resulis and aclvities of High House Enterprises Llrniled are sel out in note 11. cl Incomo Gran1$ rocelvable ar8 cradiled 10 the Siat•monl ol Financlal Acllvltles ISOFAI in th6 year lorwhich they are received. Deferred income represents amounts receiyèd for ILJlure periods and is releasèd lo incoming resources in the pedod lo which it relates. ContraGI income, interest receivable and olhor income 15 included in the SOFA in the year in which il is receivable. Raising funds consisls ol income generated by the subsldiary company, High House Enleryises Limited, for inlernal and external room and space hire. Charitable actwities consist prirnarily of advancement of educalK)n, art5 heritage and culture and community development. They also con51s1018state management derived frem the njnning ol the Production Park's comrnon parts, heritage buildings and green open spaces_ dl Expenditure and allocatlon of costs All expenditure is indLxJed when il is incurred on an 8ccruals basi8. Resources expended exclude (￿¥￿rable VAT. Costs are allocated behveen charitsble and other expenditure according lo the nature ol the cosl. Where items involve more than one category. they are aFPQrtioned between the cal*g￿leS according lo the nature of the cost 13 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the ¢on5olidated financial statements for the year ended 31 March 2022 l. Accountlny poll¢l?$ Iconllnuedl el Fund accountlng Funds hew by tho ch8rily 8r8 ¢lassilied in the lolbwing funds: Reslrlcted capltal and lrtcome funds- Roslrl¢led funds represent grants and donations received which are allocated by Ihe donor for specific purposes. Investment property - The Investment Property r8presents the land and buildings on the site owned by the charity. Under the terms ol the aftides ol association the Trustees may not dispose ol or place as securty thesè assèis Wit￿Ul the expres5 written pèrmission ol Ihe publio sèctor founder Thuriock CouD¢il. Doslgnatèd Funds- Deslgnaled funds are set aslde from unrèslricled funds for purposes determined by the board Unr*strl¢tod Incom6 funds Unr6s1ricted lunds represenl Incomè. whleh Is expendable al the disuetion of Ihe truslees in the furthOfanc8 of Ihe Obj￿15 01 Ihe charity. Invèstmènt propèrtles Investment property. which is property held io earn rentals andlor for capital appreciation, is measured uslng tho lalr value model and staled al Ils lair value as al the reporting end date. The carrying value is reviewed annually ty the trustees based on advice received. Formal independent valuations ara undert8ken as apprOpr￿tt. gl Tanglble flxed assets and deprgcialion Tangible fixed assets are stated at cost less depreciation. Depreciat#Jn is calculated lo w¥f(e off the cost. less their estirn8ted residual value. over their expected useful Ilves ol assets on a slralghl-line basls and al the followlng ral6s: Computer equipment 33°k {3 years) Ftokings from Thurro¢k Council. Also in 2021. 22 High House Production Park received £9,90012021.. £8.0001 ol Covid-19 Business Discretionary Grant from the Council. Hlgh House Production Park has Incurred costs of £130,13712021'. £101,372I lor strrvices provided by the Cwncil which m8inly covers support service. grounds Maintenan￿ 8nil business latas. Ali Pietty is the chief executive ol Kinetika who aré a lenanl in the ACME Artist Studios. In 2019120 the High Hous8 Product￿rn Park board agreed to make a contribution 01 £58,000 from reslricled fur¥Js to the T100 projecl which is being led and managed by Kinelika. This amount was advanced in 2019-20, against this funding expendilure incurred by Kinelika in 2021122 was £nil12021.' £18,634). All ol the lenÈnts above contribute towards the running costs on a Gomrnercial ba515 of High Hous8 Producllon Park by way ol a secvice charge payment and ulillly cost recharge payments. The charity has taken advanioge of the exemption glven by Flnanclal Reporting Standard 102. Related Party Disclosures, frorn disclosing transactions with its wholly owned subsidiary, High House Enl8rprises Lirnited. 25 HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolld#t¥d flnanclal statemont$ for th• yoar ended 31 Mar¢h 2022 22. Comparative Inlormatlon Consolidated Statement of Financial Aclvitie5 (Incc￿p0rab"n9 income and expenditur8 account) for the year ended 31 March 2021 2021 2021 Designated Fund$ 2021 Restricted Funds 2021 Total Fynds Unrestrlcted Funds Not• Ineome from: Charitable activities Other Irading aclivilies Inveslmonls 41 300.927 37.191 2,058 300,927 37,191 2,058 Total In¢ome 340.176 Expenditure on: Raising funds Charitable atlivilies 8.626 422,791 8,626 441,425 18,634 Total rosour¢ès expend•d 431.417 18,634 450,051 Net income I (expenditure} 191,2411 118.6341 1109,8751 Transfers beiweèn funds Losses on rèvaluatlon of flxod assets 14 (65.￿)0> 165,0001 Ne¢ movement In lunds (91,2411 (83,634} 1174,8751 Total funds brought lo￿ard 745,862 250,000 1.153.000 2.148.862 Total fund8 carrled forward 18 250 000 1069 366 1973 987