Company Registratlon Number.. 07872640 High House Enterprises Limited Annual report 31 March 2024
High House Enterprises Limited Annual report Year ended 31 March 2024 Contents Page Officers and professional advisers Directors, report 2-3 Independent auditovs report to the shareholders 44 Profit and loss account Balance sheet Notes lo the financial statements 9-10
High House Enterprises Limited Officers and professional advlsers The board of directors Mr Alex Beard Mr Enghel Chong Registered office Vellacott Close Purfeet Essex RM19 1RJ Audltors Moore Kingslon Smith LLP Orbital House 20 Eastern Road Romford RM13PJ Bankgrs Barclays Bank plc 9 High Street Grays Essex RM17 6NB
High House Enterprises Limited Directors, report Year ended 31 March 2024 The directors present their report and the audited financial statements of the company for the year ended 31 March 2024. Principal activities and business review The principal activity of the busines5 Is internal and external space hire of rooms and spaces al High House Production Park's site in Purfeet. The company started to trade on 1 April 2012. Trading income from lettings range from conferences. seminars and training lo wedding hires which has fallen this year following a change in hiring strategy where letting is for corporate hire only. The net position for the year is a loss of £18,264 12023.. £5,567). This was due lo a fall in indoorloutdoor lelling income in 2022123 and 2023124. Directors The directors who setved the Company during the year were as follows.. Alex Beard Enghet Chong Golng concèrn The directors have reviewed the trading, income and expenditure of the company and have no reason lo believe that the going concern basis for the preparation of these accounts is inappropriate. Dlrector$' responsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors lo prepare financial statements for each financial year. Under that 18w the directors have elected lo prepare the fir)ancial slalements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law}. Under company law the directors musl not approve the financial slalements unless they are satisfied that they give a true and fair view Of the state of affairs of company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required lo= select suitable accounting policies and apply them consistently., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
High House Enterprises Limited Directors. report Year ended 31 March 2024 The dire¢lors are responsible for keeping adequate accounting records that are sufficient lo show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them lo ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the ¢ompany and hence for taking reasonabte steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware.. there is no relevant audit infomialion of which the company's auditors are unaware., and the directors have taken all the necessary steps that they ought to have taken as directors in order lo make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of rinancial statements may differ from legislations in otherjurisdictions. Auditor A resolution lo re-appoint Moore Kingston Smith LLP as auditors will be proposed at the forthcoming Annual General Meeting. Small company provisions This report has been prepared in accordance with the special provisions relating lo small companies within Part 15 of the Companies Act 2006. SSgned on behalf of the directors. Alex Beard Director Approved by the directors on 17 October 2024
High House Enterprises Limited Independent Auditor's Report To the Shareholders of High House Enterprises Limited Opinion We have audited the financial statements of High House Enterprises Limited for the year ended 31 March 2024 which comprise the Profit and Loss account, the Balance Sheet and notes lo the financial statements, including a summary of significant a¢counling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland. (United Kingdom Generally Accepted Accounting Pra¢licel. In our opinion the financial slalements.. give a true and fair view of the slate of the charitable company's affairs al 31 March 2024 and of its deficit for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accept&d Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis of opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of financial statements section of our report. We are independent of the company in accordance with the ethic81 requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 1$ sufficient and appropriate to provide a basis for our unqualified opinion. Conclusions relating to golng concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for 8 period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report, other than the financial statements and our audilorfs report Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial slalements does not cover the other information and, except lo the extent otheise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In eonnection with our audit of the financial statements, OLJr responsibility is lo read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othewise appears to be materially misstated. If we id&nlify such material inconsistencies or apparent material mi55tatemenls, we are required lo determine whether there 15 a material misslalement in the financial s181ements or a material misslatemenl of the other information. If, based on the work we have perfomed, we conclude that Ihere 1$ a material misstatement of this other information, we are required to rèport that fact. We have nothing to report in this regard. Oplnions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the 8udil.' the information given in the trustees, report for the financial year for which the financial statements a prepared is consistent with the financial slalements., and the trustees, report has been prepared in accordan with applicable legal requirements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report.
High House Enterprises Limited Independent Auditor's Report (Continued) To the Shareholders of High House Enterprises Limited We have nothing to report in respect of the following matters where the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company. or relums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we required for our audit. Responslbllltlo$ of directors As explained more fully in the trustees. responsibilities statement set out on page 2, the trustees are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the ff nancial slalemenls, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul lo do so. Auditor's rèsponsibilities for thg audit of the financial stat9ments Our objectives are lo obtain reasonable assurance about whether the financial stalemonts as a whole are free from material misslalement, whether due to fraud or error, and lo issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assuran bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always delecl a material misslalement when it exists. Misstalemenls can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of L¢sers taken on the basis of these financial 5tatement8. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respe¢t of irregularities, including fraud. The exlenl to which our procedures are Capable of delecling irregularib'es, including fraud is detailed below. Explanation as to what extent the audit was considered capable of detectlng irregularltles, Including fraud. The objectives of our audit in respect of fraud, are lo identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material missl8ternenl due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows= We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtalned an understanding of how the charitable company complSes with these requirements by discussions with management and those charged with govemance. We assessed the risk of material misslalement of the financial statements, including the risk of material misstatement due to fraud and how il might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known InStanS of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. The notes on pages 9 to 10 form part of these financial statements.
High House Enterprises Limited Independent Auditor's Report (Continued) To the Shareholders of High House Enterprises Limited As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional SpIlGIsM throughout the audit. We also.. Identify and assess the risks of material misslaternenl of the financial statements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misslalement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, inlelllion81 omissions. misrepresentations, or the override of internal eonlrol. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going Concern basis of 8ccounling and, based on the audit evidence obtained, whether a material uncertainly exists related to events or conditions that may cast significant doubl on the charitable company's ability lo continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the re5aled disclosure5 In the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our Auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation. structure and eontenl of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a rnanner that achieves fair presentation. We communicate with those charged with governance regarding. among other mallers, the planned scope and liming of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during QLJr audit. Use of our report This report is made solely to the charitable ¢ompany's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than lo draw lo the attention of the charitable company's members those mallers which we are required lo include in an Auditor's report addressed lo them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our work, for this report. or for the opinions we have formed. Orbital House 20 Eastem Road Romford Essex RM1 3PJ Karen Wardell (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountants Dated.. The notes on pages 9 to 10 form part of these financial statements.
High House Enterprises Limited Profit and loss account Year ended 31 March 2024 2024 2023 Turnover 17,740 29,369 Costs {1,427) 27.942 Gross profit 17.740 Admlni$trative expenses Loss on ordinary actlvltle$ for the Year {36,0041 (18.264> 133,5091 {5.567) The notes on pages 9 to 10 form part of these financial statements.
High House Enterprises Limited Balance sheet As at 31 March 2024 2024 2023 Notg Currgnt assets Debtors Cash al bank 5,330 27.926 25,703 15,059 40,762 33,256 (57.0861 Creditors: amounts falling due within one year (46,328) Net current assets (23.8301 15,566} Total assets les$ current liabilities (23,8301 15,566) Capital and reserves C81led up equity share capital Profil and loss account 123,831} 15,567} Shareholders. funds & Reserves (23.830 15,5661 These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies, regime. These financial statements were approved by the dire¢tors and aulhorised for issue on 17 October 204 and are signed on their behalf by.. Alex Beard Director Company registration number.. 07872640 The notes on pages 9 to 10 form part of these financial statements.
High House Enterprises Limited Notes to the financial statements Year ended 31 March 2024 Accounting pollcies a) Company information High House Enterprises Limited is a company domiciled and incorporated in England and Wales. The registered office is Vellacott Close. Putfieet, Essex RM19 1 RJ. b} Accounting convention These financial statements have been prepared in accordance with Section 1A of FRS 102 'The Financial Reporting S18ndard applicable in the UK and Republic of Ireland. I'FRS 102"} and the reqLJiremenls of the Companies Act 2006. The financial slalernenls are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial slatetnenls are rounded lo the nearest pound. The financial slalemenls have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. ¢1 Tumover Turnover represents amounts receivable for inl8rnal and exlemal hire of rooms and spaces al High House Production Park's site in Purfleel. d) Going con¢ern The directors have reviewed the trading, income and 8xpenditure of the company and have no reason to believe that the going concern basis for the preparation of these accounts is inappropriate. Whilst the Company had nel liabilities of £23,830 at balance sheet date, the company's principal creditor is the amount owed to ils parent charity, High House Production Park, as shown in note 3 to the fin8ncial stalemenls. The directors are confident that the company will return to profitability in the next e1ve months wilhoul any requirement for additional financial support. The directors have reviewed the trading income and expendiluro of the company and have no reason lo believe that the going concern basis for preparation of these accounts is inappropriate. Thus, the directors continue lo adopt the going concem basis of accounting in preparing the finanoial statements. e} Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. Flnancial Instruments The company only has basic fi'nancial instruments measured at amortised ¢osl.
High House Enterprises Limited Notes to the financial statements Year ended 31 March 2024 Debtors 2024 2023 Trade debtors (net of Impairment Allowance) Other debtors Accrued Income 5.330 1,300 23,533 870 5.330 25,703 Creditors: amounts falling due wlthin one year 2024 2023 Amounts owed lo group undertakings Val Other creditors 52.628 1.101 3,357 39,827 3,801 2,700 57,086 46,328 Parent company High House Production Park Limited, a company and charity registered in England and Wales, is the panI company. Copies of the consolidated financial slalemenls of High House Production Park Limited are available from the seGretary al Vellacott Close, Purfleel, Essex, RM19 1 RJ. Related paty transactions The company has taken advantage of the exemption in the Financial Reporting Standard 102 and has not disclosed transactions with group undertakings as they are included in the consolidated financial statements of High House Production Park Limited. There were no other related party transactions during the year. Sharg capltal Authorised share capital: 2024 2023 1 Ordinary shares of £1 Allotted, called up and fully paid: 2024 2024 No Ordinary shares of £1 each 10
Charity number: 1145424 Company number: 06683419 HIGH HOUSE PRODUCTION PARK LIMITED TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
HIGH HOUSE PRODUCTION PARK LIMITED Consolidated Financlal Statements for the year ended 31 March 2Q24 CONTENTS Page Reference and administrative information Truslees, report Independent auditor's report to the members Consolidated statement of financial activities 10 Balance sheets Consolidated cash flow statement 13 Notes to the consolidated financial statements 14-27
HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year ended 31 March 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act, are pleased to present their report together with the consolidated financial statements of the charity and its trading subsidiary {"the group") for the year ending 31 March 2024. The report and consolidated financial slalements comply wilh current statutory requirements, the Articles of Association and the 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 1021 (effective 1 January 2015). Reference and administrative details Directors and Trustees Alex Beard - Chair Ali Pretty Trevor Balchelor {appointed 20th July 2023) Enghet Chong Hannah Corbett Perry Glading James Heaton Denise Brown Heather Walker Simon Loftus (appointed 23rd July 2023) Dave Smith (appointed 23rd July 2023) Nyear Yaseen (appointed 20th July 2023) Neil Woodbridge (appointed 18th July 2024) John Kent (appointed 17th July 20241 Kenneth Dytor (appointed 25th April 2019, resigned 25th April 2024} Mark Coxshall (appointed 20th Jan 2022 resigned 5th May 20231 Deborah Arnold (appointed 20 July 2023 resigned 5th June 2024) Victoria Holloway (appoinled 5th June 2024, resigned, 17 July 20241 Company Number 06683419 Charity Number 1145424 Registered and Principal Office Vellacott Close Purfleet Essex RM19 1RY Audltors Moore Kingston Smith LLP Orbital House 20 Eastern Road Romford RM13PJ Bankers Barclays Bank PIC 9 High Street Grays Essex RM17 6N8
HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year ended 31 March 2024 Structure, Governance and Management Governing document High House Production Park IHHPP} is a company limited by guarantee and a registered charily. The company was first established on 29 August 2008 as a wholly owned subsidiary of a public sector entity. Thurrock Thames Gateway Development Corporation. On 26 August 2020 revised articles were registered with Companies House. These articles restated the objectives of the company in exclusively charitable terms and provided for the crealion of a board of independent trustees. in effect enabling registration with th8 Charity Commission. Charity registration was achieved on 12 January 2012. Appointment of trustees Trustees are selected from those who volunteertheir services. Anyone may volunteer. In determining whom to appoint, trustees have regard to the qualifications and experience of potential trustees. Trustee induction and trainlng New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles ofAssociation. the committee and decision-making processes, the business plan and the recent financial performance of the charity. During the induction they meet staff, tenant partners and view the site. Organisation The board of trustees administers the charity by means of board meetings held on a quarterly basis. In addition, a finance committee has been established to expedite matters between board meetings. Park management has operated through an agreement with Thurrock Council. Related parties Related party transactions during the year under review are disclosed al note 21. No trustee had any beneficial interest in any contract to which thè charity was a party during the yaar. Trustee expenses for the year were £Nil {2023: £Nill. Risk management A risk register has been established and is reviewed and updated as necessary at each quarterly board meeting. The principal risk identified is the challenge of attracting suitable businesses lo fill the vacant plots on the park's fourteen-acre site. Proposals created for vacant Plot A, to develop artisvmakers studios, are still being explored, however viability is a concern due to the ongoing difficult funding environment. The Board agreed to develop alternative development and occupancy Models and established a Development Sub-Group to consider options. The board regularly reviews its strategic options and works closely with tenant partners and stakeholders to achieve economies of scale through shared services and opportunities for joint procurement. When any site development takes place, the charily lakes a range of steps to mitigate risks including ensuring that it is supported at all times by appropriately skilled and experienced professional teams. In addition, where the charity is undertaking works on behalf of a third party, it seeks to ensure that as far as possible all obligations and risks are passed on lo the contractor.
HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year ended 31 March 2024 Reserves are regularly monitored by the Board who are satisfied that sufficient reserves are in place to prevent solvency problems in the event of delays or reductions in income sources. Public benefit The trustees have considered the Charity Commission's requirement in respect of Public Benefit. in their view the charity meets the criteria to satisfy the test. This trustees, report describes the activities undertaken with partners lo further its charitable purposes for public benefit. Objectives and activities The objectives of the charity as stated in the Articles of Association are.. the advancement of education (including training) for the benefit of the public by the provision of meeting rooms and other spaces for schools and other educational establishments. by participation in activities to support education providers and by the provision of outreach programmes for schools and other education providers in the community" with a view to enhancing the skills and competency of those educated in order for them to gain acces5 to employment.. the advancement of the arts, heritage and culture in particular by the presetvation and maintenance of buildings of public importance for use by the Community., by encouraging the engagement of the local community. in arts activities and events and by the holding of exhibitions and events and Ihe display of artwork within those buildings,. and the advancement of community development and the promotion of social cohesion particularly by encouraging the engagement of the community. in the company's charitable activities through the provision of community outreach, premises and other spaces "the communitf shall mean the community of Thurrock and such surrounding areas as the trustees think fit. Achievements and performance HHPP ha5 continued to advance ils charitable objectives where it can during 2023124. It has worked with tenants to support the advancement of education Activity includes offèring maeting rooms and spaces for cultural education activities, including Costume Construction, end of degree, studenl exhibition. The charity has sought to support all the education providers on site through the past year. 11 has worked to advance the arts, heritage and culture by continuing to carry out maintenance and repairs on Ihe heritage buildings on site. In addition, a programme of co-producedlco-funded events and activities took place during 2023124, including the Garden of Delight Go-produced by Kinetika, Colourscape {incorporating the T100 finale) co-produced by Start Thurrock and Kinetika, and two artists commissions 'Past, Present and Future, by Lala Upadhyaya and 'Purta Fleol, by Steve Lawes. All of these activities were co-funded by Creative Estuary. It has continued lo support community development and engagement on site. Tenants. meetings have continued throughout the year and proposals are being considered for community projects. Temporary access lo one of the vacant plots was granted lo Kinelika to deliver a community dye garden project. Thurrock Music Services continues lo provide music lessons for local young people from their facilities on site.
HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year endèd 31 March 2024 Plans for the future The Board continues to remain open to further development opportunities that can generate income to advance ils charitable objectives. Ongoing work with Creative Estuary Funding took place to support a review of its business plan with a view to securing further development on site and financial sustainability in the long term. The Board also established a Heritagelcommunity Sub-group to consider development and future use options of the h6ritage and open space assets on site. Financial review The principal operating cost of running the Produclion Park is the estate managemenl of ils common parts, its heritage buildings and ils public green spaces. Site development enables the recharging of some sile operating costs through an agreed seNice charge to tenant organisations. The management of the estate and the operation of the barns complex is overseen by Thurrock Council on behalf of HHPP. To advance its mission and ils charitable objectives, HHPP carries out site development for its tenant organisations and in doing so manages capital expenditure pertaining to building projects. The net outgoing movement in funds for Ihe year were £131,618 (2023: £166,271). All trading on site for the purpose of generating funds was conducted by a trading subsidiary, High House Enterprises Limited. The net position for the year decreased to a loss of £18,264 {2023- £5,567}. Trading income from lettings includes conferences, seminars and training which has fallen this year following a change in hiring slrategy where letting is for corporate hire only. Investment and reserves policies Investment Policy.. cash which is surplus to short term operatin9 requirements is invested in bank deposit accounts. Term deposits are limited to a maximum of 6 months. Reserves Policy.. The Board has established a repairs and renewals fund of £250,000. This is in recognition of the potential for large, unexpected items of expenditure required to maintain the fixed assets of the charity at an acceptable level. In 2023124 £Nil, {2022-23 £Nil) was spent from this fund, with the fund balance remaining al £205,641 as of 31 March 2024. The charity has free reserves of £376.964 on 31 March 2024. This equates to approximately a quarter of a year's current unrestriGted expenditure. Although no target level has been established for free reserve, the board continue to Garefully monitor the level of free resetves to ensure sufficient resources exist lo enable the smooth running of the Production Park. statement of trustees, responsibilities The trustees (who are also directors of High House Production Park Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and
HIGH HOUSE PRODUCTION PARK LIMITED Trustees, report for the year ended 31 March 2024 application of resources, including the income and expenditure, of the charitable company for that period. In preparing thase financial statements, the trustees are required lo.. select suitable accounting policies and apply th&m consistently., ObSee the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. stale whether applicable UK Accounting Standards have been followed, subject lo 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 charilable company will continue in business. The trustees are responsible for keeping adequate accounting records Ihal are sufficient to show and explain the charitable company's transactions and 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 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Irustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charitable company's auditors are aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislalions in other jurisdictions. Small company provision These accounls have been prepared in accordance with the special provisions relating lo small companies within Part 15 of the Companies Act 2006. Auditor A resolution to re-appoint Moor6 Kingston Smith LLP as auditors will be proposed al the forthcoming Annual General Meeting. This report was approved by the trustees on 17 October 2024. Signed on behalf of the board of trustees. Alex Beard Chair
HIGH HOUSE PRODUCTION PARK LIMITED Independent Auditor's Report To the Members of High House Production Park Llmited Opinion We have audited the financial 51atemenls of High House Production Park Limited Ilhe 'company'l for the year ended 31 March 2024 which comprise the Group Stslemenl ol Financial Aclivilies, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes lo the financial slalemenls, including a summary of signific8nl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Sreland. (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial statements.. give a true and fair view of the slate of the group's and the parent charitable companls affairs as al 31 March 2024 and of the group's incoming resources and application of reSoUrs. including its income and expenditure, for the year then ended.. have been Properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISASIUKII and 8pplicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the f1nancial slalemenls in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial slalemenls and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomalion and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such rnalerial inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslalement in the financial statements or a material mi55lalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard.
HIGH HOUSE PRODUCTION PARK LIMITED Independent Auditor's Report (Continued) To the Members of High House Production Park Limited Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomialion given in the trustees, annual report for the financial year for which the financial 51alements are prepared is conslstent with the financial slalements., and trustees, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the group and parent charitable company and ils environment obtained in the course of the audit. we have not Identified material misstatements in the Iruslees, annual report. We have nothing lo report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us lo report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficiersl accounting records, or returns adoquate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or certain disclosures of Injsleos, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audll. Responsibilities of trustees As explained more fully in the trustees, responsibilities s18tem8nl set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees delemiine is necessary lo enable the preparation of financial statements that are free from malerlal misslalement. whether due lo fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the group and parent charitable company's ability lo continue as a going concern, disclosing, 85 applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or lo cease operations, or have no re81islic alternative bul to do so. Auditor's responsibilltles for the audit of the financlal statements We have been appointed as auditor under the Companies Act 2006 and section 1511 of the Charities A¢t 2011 and report in accordance with those Acts. Our objecliv9s are lo obtain reasonable assurance about whether the financial statements as 8 whole are free from material misstatement, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a materi81 misslalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo influence the economi deeisions of users taken on the basis of these financial 51atemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo detect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities, includlng fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial slalemenls due lo fraud,. lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud, through designing and implementing appropriate responses lo those assessed risks,. and lo respond approprialely to instances of fraud or suspected fraud identified during the audit.
HIGH HOUSE PRODUCTION PARK LIMITED Independent Auditor's Report (Continued) To the Members of High House Production Park Limited However, the primary responsibility for the prevention and detection of fraLJd rests with both management and those charged with governance of the charitable company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstatement of the financial slatemenls, including th8 risk of material misstatement due lo fraud and how il might occur. by holding discussions with management and those charged with governance. We inquired of management and those charged with goveman¢e as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- OTnpliance with laws and regulations. This included making enquiri65 of management and thos8 charged with govemance and obtaining additional corroborative evidence as required. As part of an audit in accordance with ISAS {UKI we exercise profossional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misslatemenl of the financial slatemenls, whether due lo fraud or error. design and perform audit procedures responsive to Ihose risks, and obtain audit evidence that is sufficient and 8ppropriale to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional ornissions, misrepresentations, or the override of internal control. Obtsin an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances. bul not for the purposes of expressing an opinion on the effectiveness ol the group and parent charitable company s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Concludg on the appropriateness of the trustees, uso of the going concern basis of accounting and, based on the audil evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubl on the group and parent charitable company's ability lo continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on thè audit evidence obtained up lo the date of our auditor's report. However, future events or conditions may cause the group or parent charitable company lo cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures. and whether the financial slalemenls represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial infomiation of the enlilies or business activities within the group to express an opinion on the consolidated financial slalemenls. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged with governance regarding, among other rnatters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inlemal control that we identify during our audit.
HIGH HOUSE PRODUCTION PARK LIMITED Independent Auditor's Report (Continued} To the Members of Hlgh House Production Park Limlted Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the ¢onsolidaled financial statements, to the charity's trustees. as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might stale lo the charitable company's members and trustees those matters which we 8re required to slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo any paty other than the charitable company, the charitable company's members, as a body. and the charity's trustees, as a body, for our audll work, for this report, or for the opinion we have formed. Orbital House 20 Eastern Road Romford Essex RM13PJ Karen Wardell Isenior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP Chartered Accountants Dated..
HIGH HOUSE PRODUCTION PARK LIMITED Consolidated Statement of Financial Activities (incorporating income and expenditure account) for the year ended 31 March 2024 2024 Unrestricted Funds 2024 2024 Designated Restricted Funds Funds 2024 Total Funds 2023 Total Funds Restated Note Income from: Charitable activities Other trading activities Investments 41 520,375 39,303 19,555 520,375 39,303 19,555 592,249 43,369 4,643 Total income 579,233 579.233 640,261 Expenditure on: Raising funds Charitable activities 36,004 649,848 36,004 674,847 34,936 799,096 24,999 Total resources expended 685,852 24,999 710,851 834,032 Net expenditure {106,619) 124,999) (131,6181 {193,771) Gains on revaluation of flxed assets 27,500 Net movement in funds 1106,6191 (24,999) 1131,618} 1166,271) Total funds brought forward 459,752 205,641 1,094,480 1,759,873 1,926,144 Total funds carrled forward 18 353,133 205.641 1,069,481 1,628,255 1.759,873 All incoming resources and resourcés expended derive from continuing activities. There were no recognised gains or losses other than those included in the Statement of Financial Activities during the current and previous year. The detailed comparative information for the statement of financial activities is included at note 22. The notes on pages 14 to 27 form part of these financial statements. 10
HIGH HOUSE PRODUCTION PARK LIMITED Consolidated Balance Sheet as at 31 March 2024 2024 2023 nole Fixed assets Tangible fixed assets 10 1,057,500 1,057,500 Non<urrent assets Debtors and prepayments 1211 51,048 Current assets Debtors and prepayments Cash at bank and in hand 121 188,308 535,270 364,197 386,469 723.578 750,666 Creditors: due within 1 year 13 152,823 99,341 Net current assets 570,755 651,325 Total net assets 1.628,255 1,759,873 Funds Restricted Investment property Capital & income funds 14 14 1,057.500 11,981 1,057,500 36,980 1,069,481 353,133 1,094,480 459.752 Unrestrlcted funds 15 Designated funds 17 205,641 205,641 Total funds 18 1,628,255 1,759,873 These financial statements have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006. These financial statements were approved by the board of trustees and aulhorised for issue on 17 October 2024 and are signed on their behalf by: Alex Bèard Chair Company registration number.. 06683419 The notes on pages 14 to 27 form part of these financial statements.
HIGH HOUSE PRODUCTION PARK LIMITED Charity Balance Sheet as at 31 March 2024 2024 2023 note Fixed assets Tangible fixed assèts Investment in subsidiary 10 11 1.057.500 1,057,500 1,057,501 1,057,501 Non-current assets Debtors and prepayments 1211 51,048 Current assets Debtors and prepayments Cash at bank and in hand 121 236,708 507,344 382,122 371,410 744,052 753,532 Creditors: due within 1 year 13 149.467 96.641 Net current assets 594,585 656,891 Total net assets 1,652 086 1.765,440 Funds Restricted Investment property Capital & income funds 14 14 1,057.500 11,981 1,057,500 36,980 1,069,481 1,094,480 Unrestricted funds 16 376,964 465,319 Designated funds 17 205,641 205,641 Total funds 1.652,086 1,765,440 These financial statements have been prepared in accordance with the special provisions relating lo small companies within part 15 of the Companies Act 2006. These financial slalements were approved by the board of trustees and authori5ed for issue on 17 October 2024 and are signed on their behalf by.. Alex Beard Chair Company registration number.. 06683419 The notes on pages 14 10 27 form part of these financial slalemenls. As permitted by Section 408 of Companies Act 2006, the parent Charitable Company's StalÈmenl of Financial Activities has not been included in these financial slatemenls. The deficit for the year was £113,35412023: deficit of £160,704) 12
HIGH HOUSE PRODUCTION PARK LIMITED Consolidated Cash Flow Statement for the year ended 31 March 2024 2024 2023 Cash flows from operating activities: Net cash Inflowl(outflowl from operating actlvlties 129,246 {501,2551 Cash flows from Investing activities: Interest received 19,555 4,643 19,555 Change in cash and cash equivalents in the reporting period 4,643 148,801 {496,6121 Cash and cash equivalents at the beginning of the rèporting p6riod 386,469 883,081 Cash and cash equlvalents at the end of the reporting period 535,270 386,469 Reconciliation of net expenditure to net cash flow from operating actlvities Net expenditure for the reporting period Investment incorne Decreasel Ilncreasel in debtors Increase l (Decrease) in creditors Net cash inflowl{outflow) from operatlng activities (131,618} 119,555) 226.937 53,482 (193,771) 14,643} 1227,1321 75,709 129,246 501,255 The noles on pages 14 to 27 form part of these financial statements. 13
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the ¢onsolidated financial statements for the year ended 31 March 2024 Accounting policies Company information High House Production Park Limited is a limited company domiciled and incorporated in England and Wales. The registered office is Vellacott Close, Purfleet, Essex, RM19 1 RY. a) Basis of preparation of accounts The financial statements have been prèpared under the historical cost convention. The financial statements have been prepared in accordance with the 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 effective 1 January 2015 {The FRS 102 Charities SORPI, the Companies Act 2006 and Charities Act 2011. The trustees confirm that the Charity Meets the definition of a public benefit entity under FRS 102. bl Basls of consolidation The group financial statements consolidate the financial statements of the charity and its trading subsidiary, High House Enterprises Limited. The statement of financial activities {SOFAI and the balance sheet consolidate the financial statements on a line-by-line basis where appropriate. No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006. Details concerning the results and activities of High House Enterprises Limited are set out in note 11. c) Income Grants receivables are credited to the Staternent of Financial Activities (SOFA) in the year for which they are received. Deferred income represents amounts received for future periods and is released to incoming resources in the period lo which it relates. Contract income, interest receivable and other income is included in the SOFA in the year in which it is receivable. Raising funds consists of income generated by the subsidiary company, High House Enterprises Limited, for internal and external room and space hire. Charitable activities Gonsist primarily of advancement of education, arts heritage and culture and community development. They also consist ol estate management derived from the running of the Production Park's Gommon parts, heritage buildings and green open spaces. d) Expendlture and allocatlon of costs All expenditur8 is included when il is incurrad on an accruals basis. Resources expended exclude recoverable VAT. Costs are allocated b&tween charitable and other expenditure according to the nature of the cost. Where items involve more than one category, they are apportioned between the categories according to the nature of the cost. 14
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 1. Accounting policies {continued} el Fund accountlng Funds held by the charity are classified in the following funds.. Restricted capital and income funds- Restricted funds represent grants and donations received which are allocated by the donor for specific purposes. Investment property - The Investment Property represents the land and buildings on the site owned by the charity. Under the terms of the articles of association the Trustees may not dispose of or place as security these assets without the express written permission of the public sector founder Thurrock Council. Deslgnated Funds - Designated funds are set aside from unrestricled funds for purposes delemiined by the board Unrestricted Income funds Unrestricted funds represent income, which is expendable at the discretion of the trustees in the furtherance of the objects of Ihe charity. Investment properties Investment property, which is property held to earn rentals andlor for capital appreciation, is measured using the fair value model and stated at its fair value as al the reporting end date. The carrying value is reviewed annually by the trustees based on advice received. Formal independont valuations are undertaken as appropriate. gl Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. Depreciation is calculated to write off the cost, less their estimated residual value, over their expected useful lives of assets on a straight-line basis and at Ihe following rates.. Computer equipment 33 % {3 years) Fixtures & fittings 20 /0 {5 years) The trustees have set an amount of £1,000, boing the value below which fixed assets purchased are not capitalised. h) Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight-line basis over the period in which the cost is incurred. 15
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 Accounting policies (continued) i) Going concern At the time of approving Ihe trustees have a reasonable expectation that the charity and group have adequate resources to conlinue in operational existence for the foreseeable future and for a period of al least twelve months from approving these financial statements. Thus, the trustees continue lo adopt the going concern basis of accounting in prep8ring Ihe financial statements. i) Financlal assets The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interesl method. kl Financial liabilities Basic financial liabilities are initially measured at transaction price, unless the arrangement conslilutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profil or loss are measured at fair value. They are subsequently carried at amortised cost, using Ihe effective interest rate method. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposlts held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 16
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 2. Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amoL(nt of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual rèsults may differ from these estimates. The eslimates and underlying assumptions ara reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the rovision affects bolh current and future periods. Key sources of estimatlon uncertalnty Investment property valuation The value of the property held is sensitive to movements in the property market and leases held with tenants. The group uses the valuation performed by ils independent valuer's as the fair value of its property which is assessed by the Iruslees annually. The valuation is based upon the key assumptions of open market values, tenure of the property, any leases granted, agreements and other information. Details of the valuation methodology are given in note 10. 3. Receipts in advance Under the lease term agreed between ACME Artists Studio Lld and High House Production Park Lid on the 18th of July 2013, the Principal Rent is the greater of one peppercorn and the annual sum equal to 750/0 of the Operating Profit for each Accounting Period. The Landlord IHHPP Ltd and the Tenanl (ACME Ltd) have estimated that 75 % of the Operating Profit for Ihe first Accounting Period shall equate to a Principal Rent al the rale of £10.000 per annum (and this shall be the initial Principal Rent) but for the avoidance of doubt this shall be subject to reconciliation pursuant to clause 5.4 of the lease. The lease term ends on the 17th July 2038. If there is no profit expected the balance is carried forward as per below and this is referred to in Note 13- Receipts in Advance for Charity and Group. 2024 2023 Balance Brought Forward {Released)IAccrued in the yèar 12,173 (5.964) 9.372 2,801 Balance Carried Forward 6,209 12,173 41. Income- Charitable activities Unrestricted Restrlcted funds funds Total 2024 Total 2023 Funded projects/grants received Site service charge income Total This relates to Restricted Income. 60,000. 532,249 592,249 520,375 520,375 520,375 520,375 17
'HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 411. Income- Other trading activities Unrestricted Restricted funds funds Total 2024 Total 2023 Rent income Room hire Other 19,964 17.740 1,599 19,964 17.740 1,599 14.000 29.369 Total 39,303 39,303 43,369 5. Expenditure on charitable activities Unrestricted Designated Restricted funds funds funds Total 2024 Total 2023 Creative Estuary Public Art - Kinetika Other running costs {Note 6) Total 105,057 24,999 4,566 649,848 689,473 24,999 674,847 799,096 24,999 649,848 649,848 Of the 2023 comparative figures £89,623 relates to restricted expenditure. Other running Gosts Direct Support costs costs Total 2024 Direct Support costs costs Total 20223 Sèrvice charge & other staff costs Premises costs Office costs Profession81 costs External audit fees Staff and trustees. insurance 59.200 59,200 539.858 605,202 6.699 5.916 10,300 27,875 65,828 65,828 605,202 5,382 295 10,385 2,381 539,858 6,699 5,916 10,300 27,875 5,382 295 10,385 2,381 Total 539.858 109.990 649,848 605,202 84,271 689,473 18
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financlal statements for the year ended 31 March 2024 Net incoming resources for the year This is stated after charging on a consolidated basis: 2024 2023 Auditors, remuneration 13,500 11,900 8. Staff Costs There are no employees in the charity and a management charge is levied from Thurrock Council for services provided (refer to note 21). Trustees There was no remuneration or benefits in kind paid to the trustees in the year (2023-. £ Nil). Trustees, expenses for the year were £ Nil (2023= £ Nill. 19
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 10. Tangible fixed assets (Group and Charity) Investment Property Computer Equipment Fixtures & Fittings Total Cost I Valuatlon At 1 April 2023 Revaluation Disposals At 31 March 2024 1,057,500 9,215 102,875 1,169,590 1,057,500 9,215 102.875 1,169,590 Depreciation At 1 April 2023 Charge for the year Disposals At 31 March 2024 9,215 102,875 112,090 9,215 102,875 112,090 Net book value At 31 March 2024 1,057,500 1,057,500 At 31 March 2023 1,057,500 1,057,500 The investment property was re-valued by Avison Young, Chartered Surveyors in September 2023 at open market value, providing a valuation for 31 March 2023. The fair value of investment property has been arrived on the basis of this valuation and the Trustees are of the opinion this is materially correct at the year end. 20
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 11. Investment in subsidlary company {Charityl 2024 2023 1 ordinary share of £1 at cost High House Production Park Limited owns 100 % of the voting rights and nominal share capital of High House Enterprises Limiled {company number 078726401. The subsidiary's financial slatemenls have been consolidated with the Charity's financial statements. Summary below taken from the accounts ofthe subsidiary, High House Enterprises Limited, for the year ended 31 March 2024.. Profit and loss account 2024 2023 Tumover 17,740 29,369 Cost of Sales {1,427) Sales and Administrative expenses {36.004) (33,5091 Profit on ordinary activities (18,264) (5,5671 Payments covenanted to parent charity Loss for the financial year (18,264) (5,567) Balance sheet 2024 2023 Current assets Current liabilities 33,256 40,762 (57,086} 146,328) Total assets less liabilities (23,830) (5,5661 Capital and reserves.. Share capital Profit and loss account (23,831} {5,5671 (23,830) (5,566) 21
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidat8d financial statements for the.year ended 31 March 2024 121. Debtors (Current) Group Charity 2024 2023 2024 2023 Falling due within one year.. Trade debtors other debtors VAT recoverable Prepayments Amounts owed from group undertaking 12,247 143,370 2,160 30,531 21,931 255,859 30,755 55,652 6,918 143,370 3,261 30,531 52,628 20,631 231,457 34,555 55,652 39,827 188.308 364,197 236,708 382,122 1211. Debtors (Non-current) Group Charity 2024 2023 2024 2023 Falling due over one year.. other debtors 51,048 51,048 51,048 51,048 13. Creditors Group 2024 Charity 2024 2023 2023 Falling due within one year.. Trade creditors Accruals Receipts in advance Unpaid share capital 33,703 112,504 6,616 19,930 67.238 12,173 33,703 109.553 6,209 19,930 64,537 12,173 152.823 99,341 149,466 96,641 22
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated flnancial statements for the year ended 31 March 2024 14. Restricted funds (Group and Charity) Income and revaluation gain Transfers between funds Balance at 01-Apr-23 Balance at 31-Mar-24 Expenditure Investment propety PLAblic art KinetiGa Creative Estuary 1,057,500 24,999 11,981 1,094,480 1,057,500 (24,9991 11,981 1,069.481 {24,9991 Investment property This fund represents the land and heritage buildings owned by the charity at the Production Park site in Purfleet. Trustees may not dispose of this site, nor place any charge over it, without the express permission of the founder (Thurrock Council). Public art Kinetlca This was a grant made by Arts Council England matched with funding by the Royal Opera House and Thurrock Development Corporation for the purposes of developing a programme of public art at HHPP. The balance of this fund is being used to partly finance the T100 project being lad by Kinelika a HHPP park partner. Creative Estuary During 2021-22 HHPP received a grant for £40,000 from Kent University and a further advancement of £60,000 in 2022-23 to support a review of HHPP business plan with a view to securing further development on site and financial sustainability in the long term. The residual balance of unspent grant monies of £11,981 has been carried foNard into 2024125. 15. Unrestricted funds (Group) Transfers Between Funds Balance at 01.Apr-23 Balance at 31-Mar-24 Income Expenditure Unrestricted 459,752 579,233 (685,8521 353,133 23
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 16. Unrestricted funds (Charity) Transfers Between Funds Balance at 01-Apr-23 Balance at 31-Mar-24 Income Expenditure Unrestricted 465,319 561,493 649,848 376.964 Unrestricted fund income is derived from the day-to-day operations of the charity and is used to meet the running costs. 17. Designatod funds (Group & Charity) Transfers Between Funds Balance at 01-Apr-23 Balance at 31-Mar.24 Income Expènditure Repairs & renewals 205,641 205,641 205,641 205,641 The repairs and renewals fund is in recognition of the potential for large unexpected items of expenditure required to mainlain the fixed assets of the charity at an acceptable level. 18. Analysis of net assets between funds Group 2023 Fixed Assets Non-current Assets Current Assets Current Liabilities Total Unrestricted Designated Restricted 51,048 508,045 205.641 36,980 {99,341 } 459,752 205,641 1,094,480 1,057,500 1,057,500 51,048 750,666 {99,341 1,759,873 24
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidaled financial statements for the year ended 31 March 2024 18. Analysis of net assets between funds {continued) Group 2024 Non- Fixed Current Assets Assets Current Liabilities Current Assets Total Unrestricted Designated Restricted 505,956 205,641 11,981 {152,823) 353,133 205,641 1,069,481 1,057,500 1,057,500 723,578 152.823 1,628,255 Charity 2024 Non- Flxed Currenl Assets Assets Current Liabilities Current Assets Total Unrestricted Designated Restricted 526,430 205,641 11,981 (149,466) 376.964 205,641 1.069,481 1,057,500 1,057,500 744.052 149,466 1,652,086 19. Company limited by guarantee The charitable company does not have a share capital and is limited by guarantee. In the event of the charitable company being wound up, the maximum amount, which each member is liable to contribute, is £1. There were 9 members at 31 March 2024. 25
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financial statements for the year ended 31 March 2024 20. Net Income for the finanGial year As permitted by Section 408 of the Companies Act 2006, the parent charitable company's Statement of Financial Activities has not been included in these financial statements. The deficit for the year was £113,354 (2023.. £160,704). 21. Related parties Alex Beard is the chief executive of the Royal Opera House. The ROH is a tenant of High House Production Park and has a 125-year lease at a peppercorn rental for the Royal Opera House Production Workshop and The Bob and Tamar Manoukian Costume Centre. During the year the charity receivedlaccrued service charge income of 167,440 (2023.. £180,241). Thurrock Council hires meeting room space from High House Production Park. During the year the charity receivedlaccrued rent and seNiGe charge income of £161 12023.. £20,672} and £48512023.. £6,044} from Barn bookings from Thurrock Council. High House Production Park has incurred costs of £161,15312023 £168,722) for services provided by the Council which mainly covers support service, grounds maintenance business rates and facilities management provided by NWES. Ali Pretty is the chief executive of Kinetika. Kinetika are a tenant in the ACME Artist Studios. In 2019120 the High House Production Park board agreed to make a contribution of £58,000 from restricted funds to the T100 project which is being led and managed by Kinetika. This amount was advanced in 2019-20, against this funding expenditure incurred by Kinetika in 2020121 was £19,534,2021122, £8,900, 2022123, £4,566 and 2023124 £25,000. High House Production Park also engaged Kinetika lo undertake a one-off Garden development and activities for £2,000 in 2023-24. All of the tenants above Gontribute towards thé running costs on a commercial basis of High House Production Park by way of a service charge payment and utility cost recharge payments. The charity has taken advanlage ofthe exemption given by Financial Reporting Standard 102, Related Party Disc105ures, from disclosin9 transactions with its wholly owned subsidiary, High House Enterprises Limiled. 26
HIGH HOUSE PRODUCTION PARK LIMITED Notes to the consolidated financlal statements for the year ended 31 March 2024 22. Comparative informatlon Consolidaled Statement of Financial Activities {incorporating income and expenditure account) for the year onded 31 March 2023 2023 Unrestricted Funds 2023 2023 Designated Restricted Funds Funds 2023 Total Funds Note Income from: Charitable activities Other trading activities Investments 532.249 43,369 4,643 60,000 592,249 43.369 4,643 Total Income 580,261 60,000 640,261 Expenditure on: Raising funds Charitable activities 34,936 709,473 34,936 799,096 89,623 Total resources expended 744,409 834,032 Net income l (expenditure) {164,1481 {29,623) (193,7711 Losses on revaluation of fixed assets 27,500 27,500 Net movement in funds (164,148) 12,123) (166,271 } Total funds brought forward 623,900 205,641 1,096,603 1,926,144 Total funds carried forward 18 459,752 205,641 1,094,480 1,759,873 27