Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 Charity Registration No. 1146063 Company Registration No. (England and Wales) 07586759 ## **CREATE LONDON** **(LIMITED BY GUARANTEE)** ## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2025** www.createlondon.org Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION** |Trustees|C McGinn|(Interim Chair)| |---|---|---| ||I Harris|(Treasurer)| ||S Mann|| |Borough representatives|Cllr. C Kennedy|Hackney| ||Cllr. R Dore|Waltham Forest| ||Cllr. S Ashraf|Barking & Dagenham| |Director|M Bak Mortensen|| |Secretary|M Bak Mortensen|| |Charity Number|1146063|| |Company Number|07586759|| |Principal address &|The White House|| |Registered office|884 Green Lane|| ||Dagenham|| ||RM8 1BX|| |Independent Examiner|PKF Littlejohn LLP|| ||Independent Examiner|| ||15 Westferry Circus|| ||Canary Wharf|| ||London|| ||E14 4HD|| |Bankers|HSBC Bank PLC|| ||59-61 The Mall|| ||Stratford|| ||E15 1XL|| www.createlondon.org Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) CONTENTS** ||Page| |---|---| |Chair's report|1 - 7| |Trustees' report|8 - 12| |Independent examiner's report|13| |Statement of financial activities|14| |Balance sheet|15| |Statement of cash flows|16| |Notes to the accounts|17 - 22| www.createlondon.org Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** Create London cultivates outstanding art and architecture in some of the most deprived areas in London. As Chair of the Board, I have been immensely proud this year to witness the organisation deliver art, architecture and infrastructure projects which are rooted in place, bring diverse communities together, instil environmental awareness, and foster creative practice. This is no mean feat, considering the financial challenges in the arts and cultural sector and in those areas of London which have the least inward investment, which are where the majority of Create’s work unfolds. In 2024/25, Create London continued to deliver its five-year strategy, focusing its activities on three curatorial strands: Connecting audiences through climate and social injustice; focusing on the home and domestic spaces as a place to interrogate and open opportunities of visual arts engagement; and giving a voice to marginalised communities who often experience systemic injustice. As always, the team has delivered exceptionally high-quality work in areas where arts infrastructure is low and arts participation lower than the London average. The three thematic strands have been embedded in all areas of our work – whether these took place in the homes we manage, The White House and A House for Artists – or through time-limited but longer term projects. Despite the aforementioned challenges, I am pleased to report that Create London has significantly managed to overachieve its targets and deliver its mission to connect communities with world-class artistic experiences. Once again, the team has worked with a wide range of collaborators within and outside the cultural sector. This year we broke our own record of partnerships by working with more than 40 organisations. Our work was developed closely with communities in Barking & Dagenham, Newham, Barnet and Islington, but shown and appreciated by audiences beyond the borough. In 2024-25, we reached 114,532 audiences overall (48% increase from 2023/24), delivered 245 events with 22,002 participants and commissioned 64 artists, architects and other creatives to deliver our richly diverse and thoughtfully designed programmes. During the year, our engagement focus remained on Barking Riverside as we finalised our multi-year _Breaking Waves_ project. Generously supported by the National Lottery Heritage Fund, we devised a series of major new commissions, free events and creative activities, delivered with more than 20 partner organisations. Prompted by two significant anniversaries – the 70th of The Great Flood and the 40th of the construction of the Barking Creek Barrier – the project highlighted the inextricable, and sometimes uncomfortable, link between our industrial heritage and effects of climate change on working-class communities past and present. The programme facilitated co-designing opportunities for residents, professional development opportunities for local emerging filmmakers, after-school workshops and masterclasses with master thatchers, basket weavers and timer experts. A highlight this financial year was seeing the collaboration across 6,000km between Pakistani architect Yasmeen Lari, UK-based Material Cultures and 20 young people from diverse backgrounds. From the participatory installation workshops to the final celebration event, the commission embodied so much of what Create London is and should be about. It brought world-class creatives to Barking & Dagenham; it engaged a diverse cohort of young people; it trialled new ways of collaboration; it tackled social and environmental injustice; it intersected the dissemination of important knowledge with opportunities for wellbeing through meditation; it made our events more accessible through BSL interpretation and it demonstrated equity and respect by not creating a hierarchy between a Royal Gold Medal winner, young students and an emerging but celebrated UK practice. The installation was open through June as part of the London Festival of Architecture, with additional support from the British Council. _**“When I saw it on Eventbrite, I was like, is this really free?”**_ Architecture commission workshop participant ## _**“Really enjoyed it. My uni doesn’t have hands-on experience like this. We learn about materials on paper like its pros and cons, not like this, touching it and learning through making.”**_ Architecture commission workshop participant _Breaking Waves_ began with a moving image commission with Catherine Yass, and it came to a close with the completion of two other moving image commissions by visual artist Adham Faramawy and animator Yasmine Djedje-Fisher-Azoume. Adham Faramawy’s video work, _Birds of Sorrow_ , was filmed through Barking & Dagenham’s green spaces; on the Thames shore; and in Eastbrookend Country Park and where the culverted Gores Brook meets the industrial background of east Barking. Developed in collaboration with birdwatching collective Flock Together and in consultation with the Ripple Nature Reserve volunteers, the work was shown at a pop-up premiere in Barking and at Faramawy’s solo exhibition at Focal Point Gallery in Southend-on-Sea. - 1 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** Breaking Waves, 2024. Photography: Thierry Bal. Yasmine Djedje-Fisher-Azoume’s animation brought the stories of Creekmouth Preservation Society to life by editing and illustrating recorded oral histories of the lived experience of the Great Flood of 1952 for a young audience. The work was exhibited to much delight at Valence House Museum, selected to be screened as part of the Chronic Youth Film Festival at the Barbican and played on Thames Clippers boats to an audience of 279,000 commuters with its final stop being Barking Riverside. _**“Personally, this oral histories project means a great deal. You learn from history - you shouldn’t forget. We should preserve it for future children. I want the children to learn about the history of the area they live in.”**_ Avril, Elder, Oral Histories Project - 2 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** Oral histories session, 2024. Photography: Jimmy Lee. Closer to home, the artworks created by local community members during four outdoor painting sessions led by Miro Tomarkin, Joseph Buhat and Precious Opara were installed at Rivergate Centre in Barking Riverside. Facing onto the public square, the exhibition enjoyed ample foot traffic from school students, families, users of the community centre and church, and all of Barking Riverside’s local residents. From our independent evaluation report, compiled and analysed by Casey Scott-Songin, the two-year project achieved significant outcomes. Across all programmes, 98% of participants ‘agreed’ or ‘strongly agreed’ that the experience was excellent or good. 91% of all participants agreed that the programmes made them feel welcome and included, and that it inspired them to do more creative things in the future. Our curatorial focus on the environment continued with the launch of a new gardening workshop series, supported by City Bridge Foundation, at The White House. Our resident gardener, Chantelle Lewis, managed to capture the attention of intergenerational audiences and we saw a steady increase in participation week on week. In addition to the ongoing Front Room Programme that delivers free creative workshops and community gathering (Painting Group and Poetry Circle), our Garden Parties saw record participation. During one of these, we hosted a small two-week exhibition of work by graduating Barking & Dagenham College students. It gave students the experience of working in a small arts space and receiving exhibition advice from an experienced curator. The White House offer was extended by new maker equipment. Our new Digital Making space was set up and we established a collaboration with a collective of local sewers, knitters, weavers and textile artists: the Fabric Lab. - 3 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** Gardening club with Chantelle Lewis, 2024. As we restarted our residency programme following the Covid-19 pause, the Fabric Lab became a creative collaborator. With generous support from Art Fund, Arts Council England and Cockayne, we invited English-Romani artist Delaine Le Bas to embark on a 9-month long residency, consulting and engaging with local Gypsy, Romani and Traveller communities while she delved into the archives at Valence House Museum to look for traces of recorded Traveller histories. The outcome was an extraordinary transformation of The White House – our final project of the year – with the tactile exhibition _Stranger in Silver Walking on Air._ It saw the entire downstairs area become a dreamlike space of shifting, layered imagery and powerful storytelling, exploring the hidden histories and resilience of Roma and Traveller communities through textiles, sculptural objects, glasswork and interactive installations. Audiences were invited to interact with these delicate works, moving curtains aside to reveal new perspectives and make themselves a cup of tea, drinking from ceramic mugs designed by le Bas. The project responded to our curatorial themes by using the domestic house as an unprecious space to interrogate and open opportunities of visual arts engagement while giving a voice to marginalised communities who often face prejudice and stereotyping. - 4 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** Delaine Le Bas, Stranger in Silver Walking on Air ,2025. A House for Artists continued its ongoing programme, moving into a steady rhythm of hosting regular weekly events like after-school art classes and the popular life drawing workshops. This was interspersed with a series of special one-off events such as a public drawing workshop for participants to capture the bustling nearby Barking Market on paper; a multi-disciplinary exhibition/performance night featuring a sculptural installation, sound art, live music performance and a sound bath, and like last year, a day of apartment tours was co-presented with Open City as part of Open House Festival 2024. Adding to the offer was a ceramics workshop with hand building classes, women’s book club sessions and the start of a community film club. Our latest capital project, working with Newham Council, developed from RIBA Stage 2 to 4 during the financial year. 31-35 Stock Street is the address of a disused Victorian warehouse in Plaistow. Visible above the roof line of its terraced neighbours, Stock Street is a unique architectural beacon with its slender Dutch-gable façade. Create London has secured the 25-year lease of the site and it is our ambition to transform it into a thriving and much-needed community hub for culture and creativity. The project responds to a deep lack of high-quality arts and cultural engagement in Newham, the 12th most deprived local authority in England. There are no visual art spaces in Newham, public facilities are closing or relocating and the area only has four pieces of community infrastructure per 10,000 residents, putting it in the bottom third of London Boroughs. In 2024/25, Create London collaborated with the people of Plaistow to conceive a sustainable future for this civic building and worked with the appointed architects, JAM Studio, to develop a design that involves radical circular economy strategies. The project launched at the Royal Academy in July 2024 with an architectural model included in the Summer Show. - 5 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** Stock Street, JAM Studio. The engagement phase of our project with Peabody – to commission new public artwork that commemorates the HMS Holloway – continued in 2024 with focus on the co-curation panel. The panel is a group of eight women of all ages with either lived experience of the criminal justice system or having a close working relationship with Holloway Prison. During 2024/25 we delivered 10 sessions with the aim of upskilling the women’s curatorial knowledge as they become a vital part of developing the artist briefs and shortlisting women artists for the commissions. The sessions spanned visits to relevant exhibitions, such as the Women in Revolt! at the Tate, and conversations with curators and researchers with a focus on feminist practice and social injustice. We completed the engagement, installation and launch of Barnet Legends, an art trail with a series of 21 handcrafted, commemorative artworks, designed by Edward Crooks for everyone living or visiting Barnet to enjoy. Sited on public buildings, each artwork spotlights an individual who enriched the borough and the world around us through music, film, design, sport, art and more. From un-sung heroes through to those with global acclaim, our legends were chosen by the community to reflect the creativity, innovation and diversity of the borough. Barnet Legends was installed in June 2024 and is a permanent reminder of the rich history of the borough. It was commissioned by Barnet Council and curated and produced by Create London. 2000 copies of a map that explores the themes of the Barnet Legends and shows their placement across the borough are being distributed to local hubs and continues to be an online resource for everyone to download. We have continued to participate in sector events that help disseminate the knowledge and outputs of Create London. These include presentations and panels at the AHRC-funded research seminar "Housing for creatives, including worklive and tethered spaces", organised by Queen Mary University of London and the Greater London Authority Culture, Creative Industries and 24-Hour London Unit, and the LFA Studio Panel "The Home As a Tool for Publicness" using A House for Artists and Create's focus on art in domestic spaces as case studies. The team gathered for a valuable chance to pause and reflect on our work as we hosted the peer organisation, Cement Fields, for an away day at The White House. The day was an insightful opportunity to hear from a similar-sized organisation, working in a priority area with hard-to-reach audiences. Lastly, we initiated two other consultancy projects that will begin in earnest in 2024/25 with the Natural History Museum and The Hepworth Wakefield. The success of our programme is made possible through the generosity of our supporters. We are delighted that Arts Council England remains our most prominent supporter, alongside the generous support we received during the year - 6 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) CHAIR’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_____________________________________________________________________________** from The National Lottery Heritage Fund, Levelling Up Fund, Carbon Offset Fund via Newham Council, Barnet Council, Bloomberg Philanthropies, Foyle Foundation, Foundation for Future London, Esmée Fairbairn Foundation, London Borough of Barking & Dagenham, Rayne Foundation, British Council, City Bridge Foundation, Art Fund, Cockayne - Grants for the Arts and The London Community Foundation **,** Royal Docks Trust, Westminster City Council and The Big Give. This year, we said farewell to three Trustees, Claude Moreas, Kerry Bishop and Leslie Morphy. We are incredibly grateful for their invaluable contribution to the board, especially Leslie Morphy who completed nine outstanding years on the board, always a stout supporter and advocate of Create’s work and marginalised communities. This year, we also said goodbye to valued colleagues, Anna Holsgrove, Curator, and Ben Dunleavy, Office Manager. My sincere appreciation goes to Director Marie Bak Mortensen, Company Secretary and Head of Strategic Operations João Guarantani, the wider Create London team and our committed Trustees. **Caroline McGinn Chair of the Board of Trustees 4 December 2025** - 7 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025** **_______________________________________________________________________________** The Board of Trustees presents their report and audited financial statements for the year ended 31 March 2025. Create London Limited is a registered charity and a company limited by guarantee. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Memorandum and Articles of Association, applicable law and the requirements of the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued by The Charity Commission, effective from January 2019. ## **Reference and Administrative Details of the Charity** Full legal and administrative details can be found on the page preceding the contents page, including the list of Trustees (who are also directors for the purposes of company law) who served during the year and up to the date of this report. During 2024/25 and up to the date of this report, K Bishop, C Moraes, L Morphy, R Dasgupta, C Robinson, S Chan, F Jopp and S Pervaiz resigned as Trustees and we thank them all for their service to Create London. ## **Governance** The Create London charity is a company limited by guarantee with no share capital. None of the Trustees has any beneficial interest in the company. All Trustees are members of the company and guarantee to contribute such amount as may be required (not exceeding £100) to the company’s assets in the event of a winding up. Create London’s charity business is conducted under the framework of its governing Memorandum and Articles of Association, prepared under the Companies Act 2006. The Trustees, as charity trustees, have control of the Charity and its property and funds. The Trustees when complete consist of up to 16 individuals over the age of 18, all of whom must support the charitable company’s Objects. Up to six Trustees are ‘Nominated Trustees’ appointed to represent participating Local Authorities. All other Trustees shall be ‘Appointed Trustees’ selected by the Trustees from time to time. They may not be a representative of or for a Local Authority, are appointed for a fixed term of three years and retire automatically at that time but may offer themselves up for reappointment. A trustee may not act as a Trustee unless he/she has signed a written declaration of willingness to act as a trustee of the Charity and each Participating Local Authority has the right from time to time and at any time to appoint one Trustee for a fixed term of three years, or such other period as may be set by the relevant Participating Local Authority prior to their appointment. A Nominated Trustee may be removed at any time by the Participating Local Authority who appointed him/her. No person shall serve as a Trustee for more than nine consecutive years. Induction and training of Trustees is undertaken by providing new Trustees with a Trustee pack consisting of the programme and strategy of Create, copies of the Memorandum and Articles of Association, the last available annual report and accounts, current management accounts, budgets and relevant Fundraising and other reports as well as a copy of the Charity Commission’s Charitable Purposes and Public Benefits documents together with the guide to the role and responsibilities of charity trustees. Introductory meetings with Board members and a session with the team are arranged by the Head of Strategic Operations. The Trustees have appointed independent consultant Hilary Barnard to undertake a governance review in the next financial year to ensure future good governance. ## **Organisational structure** Create London’s Board of Trustees has several subcommittees: Finance, Remuneration and Nominations. The Finance Committee (FINCO) was chaired by Treasurer Fraser Jopp. FINCO meets on a quarterly basis in advance of Board meetings, with the attendance of the charity’s Director, Head of Strategic Operations / Company Secretary and Accountant to consider performance against budget, cash flow, reserves and contingency provisions. FINCO also reviews Create London’s financial policies and procedures, in depth, on an annual basis. The Nominations Committee is chaired by Leslie Morphy, and later succeeded by Sarah Mann, supported by Vivian Chan and Sannan Pervaiz, and meets when required to recruit and appoint Trustees and the Director. The Remuneration Committee was established in December 2022 to oversee the pay and performance of the Director and is chaired by Claude Moraes, supported by Caroline McGinn. - 8 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_______________________________________________________________________________** Create London maintains a small permanent team comprising operational and curatorial staff. The Senior Team comprises the Director (CEO), Head of Strategic Operations, Head of Development and Senior Curator. They are supported by the Communications Manager, up to three Curators/Producers/Project Managers/Engagement Managers, Finance Manager and an Operations and Projects Coordinator. During Create London’s key activity periods, temporary staff members may be engaged to support the delivery and management of Create London’s commissions taking place across east London and the wider London area. The Board delegates day-to-day running of the organisation and the achievement of its strategic interventions to the Director and the experienced team of senior managers and staff. The Board also provides ad-hoc support and advice on fundraising, governance and HR from time to time. Salary levels and banding for all staff including the Director are reviewed annually by the executive with reference to benchmarking with comparable organisations in the sector. This review is presented to FINCO for approval annually. ## **Risk Management** The Trustees have a risk management strategy, which comprises: - annual review by the Trustees of the risks the charity may face; - annual review by the Finance Committee (FINCO) of the charity’s business continuity plan; - establishment of systems and procedures to mitigate those risks identified in the plan; - implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. Particular attention has focused on non-financial risks arising from fire and general health and safety issues, and around the safeguarding of children, young people and vulnerable adults. FINCO has recommended that an annual risk check is required to be reported upon to one of its meetings. A key element in the management of financial risk is the creation and expansion of general unrestricted reserves with regular review by Trustees. The Trustees have an ambition to rebuild the general reserves, currently standing at £151,706, until those reserves represent at least 6 months’ worth of core operating costs and amount to circa £200,000, which is in line with Charity Commission recommendations for an organisation of this size. However, the Trustees recognise that after dealing with the shortfall in 2022/23, the post-pandemic fundraising climate and continued pressure on salaries from the rise in the cost of living will make this target much harder to achieve. The main risk to the charity would be failure by the management team to produce successful programmes that benefit communities and attract audiences and participants from the prioritised demographic sector leading to the loss of sponsors or funders. To that end, the Board requires regular and comprehensive reporting and evaluation of the executive team’s efforts. The Director has continued to develop new programmes, partnerships and consultancy projects which have secured funding for the 2025/26 financial year and beyond. The Board is deeply grateful to those London boroughs that continue to support Create London’s programme, however, the Board recognises that this too is increasingly on a commissioned project basis. This area of risk is subject to regular review by the Finance sub-committee. ## **Public Benefit** The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning our future activities. ## **Objectives and activities** The Objects of the Charity are to advance creative education and promote and encourage the arts, especially (but not limited to) the visual arts and built environment, but also performing arts, literature, and the study of the arts and, for these purposes, to organise, promote, manage and conduct events, festivals and permanent works in east London or elsewhere annually or at such other intervals as the Charity may determine from time to time. The Charity’s main aim is to help improve the popularity of culture within the main east London area and the wider London context, and within younger age groups who traditionally do not have a track record of engagement with cultural activity. - 9 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_______________________________________________________________________________** Create London further seeks to support east London in its efforts to have the area’s outstanding commitment to culture recognised through its large and varied population of artists, designers, architects and other creative talents whilst extending and improving the participation of local people in culture through a series of programmes and commissions each year. Create seeks to work on long-term projects within communities and thereby to build relationships and work sustainably. Create London seeks to leverage its financial and management commitment through partnership working with other organisations, in 2024/25 its main partners have been Barking & Dagenham College, Barking & Dagenham Cultural Education Partnership, Barking Riverside Ltd, Barnet Council, Big Give, Cement Fields, Creative Land Trust, Creekmouth Preservation Society, Curwen Primary School, Deaf Architecture Front, Eastbrookend Country Park & Discovery Centre Nature Reserve, Eastbury Manor House/National Trust, Film LBBD, Focal Point Gallery, Greater London Authority, Gypsies & Travellers Essex, The Hepworth Wakefield, Heritage Foundation of Pakistan, London Festival of Architecture, Open City, Peabody, Progress Project, Re:Space, Ripple Nature Reserve, Rivergate Centre, Roma Support Group, Royal Academy, Thames Clippers Uber boats, Traveller Movement, University College London (East) and Valence House Museum. Create London maintains long-term partnerships with local authorities, most notably in 2024/25, the London Boroughs of Barking and Dagenham, Hackney and Newham. The charitable company has committed to focussing on several projects within 2024/25: A House for Artists, The White House, Holloway Public Art Commissions in collaboration with Peabody and the new capital development 31-35 Stock Street in the London Borough of Newham. Within the year, we completed the multi-strand Becontree Centenary and Breaking Waves programmes, supported by the National Heritage Lottery Fund and with additional support from Art Fund, Arts Council England and the Elephant Trust and Barnet Legends, a series of commemorative ceramic artworks on permanent display across the London borough of Barnet with designer Edward Crooks. Going into 2025/26 there will be eight live projects focussed on art, public realm and community in the boroughs of Barking and Dagenham, Islington, Newham, Westminster, Wakefield and Wokingham alongside our ongoing programmes at A House for Artists and The White House. In the year under review, Create London managed a series of different projects as mentioned in the attached Chair’s report and, taken in aggregate, these projects directly benefited just over 114,500 audiences working with a total of 64 artists. 22,000 took part in our creative events, including children and young people with various needs and abilities. ## **Financial Review** 2024/25 was the fourteenth full year of independent operations for Create London after its incorporation as a stand-alone charity. The London Borough of Barking and Dagenham continued their support for the delivery of programmes at The White House and A House for Artists with £27,280. The ongoing Stock Street capital project is supported by Levelling Up Funding and Carbon Offset Funding for a total of £1,056,685 provided by the London Borough of Newham. In addition, the team raised funds from grant funders and other supporters. Among these were Arts Council England (core funding through our NPO agreement), Bloomberg Philanthropies, The National Lottery Heritage Fund (who provided support for the Breaking Waves programme), Art Fund (who provided grants the residency and audience development programme with Delaine le Bas and Roma communities at The White House), Foundation for Future London (who provided grants from the Westfield Capital Grant Scheme and the Westfield East Bank Creative Futures Fund Large Grant Scheme), Esmée Fairbairn Foundation (completing their 3-year grant towards A House for Artists), Rayne Foundation (completing their 3-year grant towards A House for Artists), British Council (Breaking Waves, the Architecture Commission), City Bridge Foundation (2-year continuation funding for The White House), Cockayne - Grants for the Arts and The London Community Foundation (Delaine Le Bas’s residency and exhibition at The White House) **,** Royal Docks Trust (Camel Road Carpenters) and Foyle Foundation for 31-35 Stock Street redevelopment. The funds raised allowed the commissioning of the projects and programmes contributing to the charity’s main objective of organising, promoting, managing and conducting artistic and other projects with communities in east London. Costs for managing the projects were all treated as restricted expenditure linked directly to the commissioning of the agreed programmes and were noted as incurred against the revenue received within the year. Total incoming resources amounted to £609,392 compared with total expenditure of £800,854. The cash flow accounting system used for our restricted projects recognises income and expenditure for projects at the time received or expended rather on an accruals basis. The projects in total had an opening balance of £185,434 available funding at the start of the year which at year end stands at (£6,238) representing the funding required to complete delivery of the projects. - 10 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **_______________________________________________________________________________** Going forward, the Trustees note total reserves as of 31 March 2025 stood at £145,468 of which the unrestricted balance amounts to £151,706. The Board recognises that the organisation had faced unprecedented challenges during and postpandemic and that it would take time to build new programmes and funding pipeline. It has confidence that the Senior Team with support from Trustees is very well placed to restore both and has seen significant fundraising successes in 2024/25 and in the first quarter of the 2025/26 financial year. ## **Reserves Policy** The Trustees’ objective is for Create London to hold unrestricted reserves to cover a minimum of 3 and ideally 6 months of core operating costs; 6 months equates to £200k at 2025 levels. This level of reserves will be reviewed periodically and adjusted based on the charity’s size, risk profile, and financial needs. The Charity’s unrestricted reserves at year end amounted to £152k (2023/24 £151k). This equates to 4.4 months of core running costs. If reserves exceed the upper threshold of 6 months, the Board of Trustees will review the situation and agree on the use of the excess funds. Excess reserves may be reinvested into the charity’s activities, saved for future planned projects, or used to reduce funding gaps in the short-term. If reserves fall below the lower threshold of 3 months, the charity will take immediate steps to increase reserves to the desired level. This may include reducing discretionary spending, increasing fundraising efforts, or adjusting the scale of projects. ## **Fundraising** Fundraising is conducted by Create London’s in-house Head of Development supported by the Director. On some applications in 2024/25 additional support was provided by a freelance bid writer. Fundraising is not conducted on behalf of Create London by anyone else. Create London is not currently part of a voluntary fundraising regulatory scheme but does carry out due diligence on donations. No failure to comply has been reported in the period 2024/25. No complaints have been received in the period 2024/25. Create London has a robust Safeguarding policy to protect children and vulnerable adults from behaviour in connection with activities, including fundraising. ## **Plans for the future** Create London has successfully completed a fourteenth full year of independent existence and is confident of its growing reputation and ability to deliver socially engaged commissions which reach and actively engage a wide demographic of Londoners, to meet the key aspiration of widening cultural participation in east London and beyond. Key to expanding the strength and depth of Create London's programmes has been the continued support of Arts Council England who awarded Create London continued National Portfolio funding in November 2022. We offer them our grateful appreciation. Create London will continue to develop programmes and projects in collaboration with communities that have long-term sustainable futures. Create London remains committed to its long-term relationship with its two homes in Barking and Dagenham, The White House and A House for Artists, and continues to work collaboratively with colleagues in the council. Create London is also developing new multi-year programmes in the boroughs of Newham and Islington through a capital project at 31-35 Stock Street in Plaistow and new public artworks, co-commissioned with women with lived experience of the criminal justice system. The Trustees of Create London look forward to ongoing and mutually beneficial partnerships with local authorities, Arts Council England, trusts and foundations and corporate supporters. Create London will renew its efforts to diversify income from new sources such as consultancy, and by increasing income from corporate sponsorship and donations. The Trustees feel confident that the organisation will be able to deliver new ambitious and socially engaging projects The Trustees’ aim is to end the year in March 2026 with a useful financial surplus and a portfolio of projects that enhances Create London’s reputation and develops its practice with communities, peers and council officers. So far as the Director at the time the report is approved is aware: - a) there is no relevant independent examination information of which the independent examiner are unaware and, - b) that they have taken all the steps they ought to have taken to make themselves aware of any relevant independent examination information and to establish that the independent examiner are aware of that information. - 11 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025** **_______________________________________________________________________________** The Trustees have taken advantage of small company exemptions. Signed on behalf of the Board. ## **Caroline McGinn Chair of the Board of Trustees 4 December 2025** - 12 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2025** ## **______________________________________________________________________** ## **Independent Examiner's Report to the Trustees of Create London** I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025 which are set out on pages 14 to 22. ## **Responsibilities and basis of report** As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name: Alastair Duke Institute of Chartered Accountants in England and Wales Address: 15 Westferry Circus Canary Wharf, Lonon E14 4HD Date: 16 December 2025 - 13 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 Company Number 07586759 ## **CREATE LONDON (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025** **----- Start of picture text -----**
Unrestricted Funds
General Designated Restricted Total Total
funds funds funds 2025 2024
Notes £ £ £ £ £
Income from:
Charitable activities 2 152,760 - 423,305 576,065 833,484
Donations 3 11,390 - - 11,390 5,000
Other income 4 21,937 - - 21,937 2,433
Total income 186,087 - 423,305 609,392 840,917
Expenditure on:
Charitable activities 5 117,597 - 624,287 741,884 731,709
Raising funds 6 58,970 - - 58,970 56,052
Total expenditure 176,567 - 624,287 800,854 787,761
Net (expenditure)/Income 9,520 - (200,982) (191,462) 53,156
Transfers between funds 15a (9,310) - 9,310 - -
Net movement in funds 210 - (191,672) (191,462) 53,156
Total Funds brought forward 151,496 - 185,434 336,930 283,774
Total Funds carried forward 15a/17 151,706 - (6,238) 145,468 336,930
**----- End of picture text -----**
The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006 and has been prepared on the basis that all operations are continuing. The company has no recognised gains or losses other than those shown above. The notes on pages 17 to 22 form part of these financial statements. - 14 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 Company Number 07586759 ## **CREATE LONDON (LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2025** **----- Start of picture text -----**
2025 2024
Notes £ £ £ £
Fixed Assets
Tangible assets 11 2,763 2,793
Current assets
Debtors 12 66,742 206,345
Cash at bank and in hand 116,060 208,940
182,802 415,285
Creditors: amounts falling due within
one year 13 (40,097) (81,148)
Net current assets 142,705 334,137
Total assets 145,468 336,930
Income funds
Restricted funds 15 (6,238) 185,434
Unrestricted funds 151,706 151,496
145,468 336,930
**----- End of picture text -----**
These financial statements have been prepared in accordance with the provisions applicable to companies subject to small company's regime. The Trustees consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements were approved by the Board and authorised for issue on 04 December 2025 and signed on its behalf by: |C McGinn|I Harris| |---|---| |**Chair & Trustee**|**Treasurer & Trustee**| The notes on pages 17 to 22 form part of these financial statements. - 15 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS AS AT 31 MARCH 2025** **----- Start of picture text -----**
AS AT 31 MARCH 2025 Company Number 07586759
Notes 2025 2024
£ £
Cash flow from operating activities 16 (91,390) (86,536)
Net cash flow used in operating activities (91,390) (86,536)
Cash flow from investing activities
Payments to acquire tangible fixed assets 11 (1,490) (3,380)
Net cash flow used in investing activities (1,490) (3,380)
Change in cash and cash equivalents in the year (92,880) (89,916)
Cash and cash equivalents at 1 April 208,940 298,856
Cash and cash equivalents at 31 March 116,060 208,940
**----- End of picture text -----**
- 16 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025** |**1**|**Accounting policies**| |---|---| |**1.1**|**Basis of preparation**| ||Create London is a Charity and a company limited by guarantee with no share capital in the United Kingdom. In the event of the| ||charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the| ||registered office is given in the legal and administrative information page of these financial statements. The nature of the charity’s| ||operations and principal activities are detailed under objectives and activities on pages 8 and 9 of the Trustees’ report.| ||The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with| ||Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in| ||accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the| ||Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the| ||Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.| ||The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are| ||prepared in sterling which is the functional currency of the charity.| |**1.2**|**Incoming resources**| ||Income from grants is credited to the SOFA at the time the commitment is agreed and an invoice is issued by Create London. Income| ||received in advance, which is wholly attributable to future periods, is deferred to the Balance sheet and transferred to the SOFA in the| ||period to which it relates.| |**1.3**|**Resources expended**| ||Expenditure has been included in the Financial Statements on the accruals basis and is stated net of VAT where applicable. Support| ||costs represent Core staff salaries, audience development costs, finance & Governance and office running costs. The company| ||benefits from contributed resources including premises and staff time. This is often very difficult to quantify in financial terms and,| ||where it is not considered to be material is not reported upon.| ||Expenditure in respect of termination of staff contracts is approved by the Finance Committee when it is considered to be in the best| ||interests of the Charity. Such amounts are recognised at the point at which it is communicated to the recipient and therefore there is| ||an obligation in place.| |**1.4**|**Tangible fixed assets and depreciation**| ||Tangible fixed assets over £1,000 are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the| ||cost less estimated residual value of each asset over its expected useful life, as follows:-| ||Computer equipment
33% Straight line| |**1.5**|**Pensions**| ||The charity operates a defined contributions pension scheme which is open to all members of staff and the pension charge represents| ||the amount payable by the charitable company to the fund in respect of the year.| |**1.6**|**Funds**| ||Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and| ||which have not been designated for other purposes.| ||Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of| ||each designated fund is set out in the notes to the financial statements.| ||Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised| ||by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim| ||and use of each restricted fund is set out in the notes to the financial statements.| |**1.7**|**Taxation**| ||As a registered charity, the company is generally exempt from Corporation Tax in respect of its charitable activities. The company is| ||registered for VAT, however, only certain income streams are VATable and items in the Financial Statements are stated inclusive of| ||VAT, where applicable.| |**1.8**|**Going Concern**| ||The Board have reviewed the budgets and cashflow forecasts for the years ended 31 March 2025 and 2026. Taking into account the| ||financial position in December 2025 and the healthy cash balances at that date they are of the opinion that the company can be| ||considered as a going concern for a period of at least 12 months from the date of signing of these accounts.| - 17 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** ## **2 Income from charitable activities** |Arts & Built Environment
Arts & Community
Arts & Employment
Other|**2025**
**£**
**211,920**
**168,256**
**13,129**
**182,760**
**576,065**|2024
£
239,450
428,145
13,129
152,760
833,484| |---|---|---| Income from charitable activities was £576,065 (2024 - £833,484) of which £152,760 was attributable to unrestricted funds (2024 - £152,760) and £423,305 was attributable to restricted funds (2024 - £680,724). ## **3 Income from donations** |Core donations including Gift Aid|**2025**
**£**
**11,390**
**11,390**|2024
£
5,000
**5,000**| |---|---|---| Income from donations was £11,390 (2024 - £5,000) all of which was attributable to unrestricted funds. ## **4 Other income** |Other|**2025**
**£**
**21,937**
**21,937**|2024
£
2,433
2,433| |---|---|---| Other income was £21,937 (2024 - £2,433) all of which was attributable to unrestricted funds. ## **5 Analysis of expenditure on charitable activities** |Arts & Built Environment
Arts & Community
Arts & Employment/Other
Core|**Direct**
**Support**
**Costs**
**Costs**
**£**
**£**
**£**
241,050
45,494
**286,544**
206,600
75,003
**281,603**
53,681
2,459
**56,140**
117,597
-
**117,597**
**618,928**
**122,956**
**741,884**
**2025**|£
199,906
398,978
82,346
50,479
731,709
2024| |---|---|---| Expenditure on charitable activities was £741,884 (2024 - £731,709) of which £117,597 was attributable to unrestricted funds (2024 - £50,479), £624,287 was attributable to restricted funds (2024 - £681,230) and £nil was attributable to designated funds (2024 - £nil). - 18 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** ## **6 Analysis of expenditure on raising funds** |Salaries|**2025**
**£**
**58,970**
**58,970**|2024
£
56,052
56,052| |---|---|---| Total expenditure on raising funds was £58,970 (2024 - £56,052) of which £nil (2024 - £nil) was attributable to restricted funds, £58,970 (2024 - £56,052) was attributable to unrestricted funds and £nil was attributable to designated funds (2024 - £nil). - **7 Allocation of support costs** |Salaries and staffing costs
Finance and Management
Communications
Office & Other costs
Governance|**Arts and**
**Arts and**
**Arts and**
**Built Environ.**
**Community**
**Employ.**
**£**
**£**
**£**
**£**
18,386
30,311
994
**49,691**
14,260
23,510
771
**38,541**
5,429
8,951
293
**14,673**
5,747
9,474
311
**15,532**
1,672
2,757
90
**4,519**
45,494
75,003
2,459
**122,956**
**2025**|£
51,071
31,072
11,221
12,345
7,830
113,539
2024| |---|---|---| Support costs comprise non direct costs as detailed by the categories above. They are allocated to the 3 main areas of activity on the basis of the % of income applicable to those areas. All support costs have been allocated to charitable activities. **8 Governance costs** |Independent examination/Audit Fees
Accountancy Support|**2025**
**£**
**3,720**
**799**
**4,519**|2024
£
6,630
1,200
7,830| |---|---|---| ## **9 Trustees** None of the Trustees (or any person connected with them) received any remuneration or benefits from the charity during the year. ## **10 Employees** Number of employees The average number of employees during the year was: |Chief Executive
Administration
Fundraising
Project delivery|**2025**
**Number**
**1**
**2**
**1**
**6**
**10**|2024
Number
1
2
1
6
10| |---|---|---| - 19 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** ## **10 Employees (continued)** **----- Start of picture text -----**
|||| |---|---|---| |£|£| |Wages and salaries|370,953|324,382| |Social security costs|33,469|28,198| |Pension costs|14,154|12,253| |418,576|364,833| **----- End of picture text -----**
The total amount of employee benefits received by key management personnel during the year was £192,984 (2024 - £172,463). The Charity considers its key management personnel to comprise the Director and Co-CEO, Executive Director and Co-CEO and Head of Development. The number of employees whose annual emoluments were £60,000 or more were: **----- Start of picture text -----**
|||| |---|---|---| |2025|2024| |Number|Number| |£60,000 to £69,999|1|1| **----- End of picture text -----**
The trustees made no claims for reimbursement for any expenses during this year or the previous year. **11 Tangible Fixed Assets** **12** **----- Start of picture text -----**
|||| |---|---|---| |Computer| |Equipment|Total| |£|£| |Cost| |At 1 April 2024|6,695|6,695| |Additions|1,490|1,490| |Disposals|(3,315)|(3,315)| |At 31 March 2025|4,870|4,870| |Depreciation| |At 1 April 2024|3,902|3,902| |Charge for the year|1,520|1,520| |On disposals|(3,315)|(3,315)| |At 31 March 2025|2,107|2,107| |Net book value| |At 31 March 2025|2,763|2,763| |At 31 March 2024|2,793|2,793| |Debtors| |2025|2024| |£|£| |Grants and donations receivable|63,416|202,714| |Other debtors|3,326|3,631| |66,742|206,345| **----- End of picture text -----**
- 20 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 ## **CREATE LONDON (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** ## **13 Creditors: amounts falling due within one year** |Purchase ledger balances
Social security & other taxes
Accruals and other creditors|**2025**
**£**
**22,833**
**12,644**
**4,620**
**40,097**|2024
£
64,951
7,611
8,586
81,148| |---|---|---| - **14 Share capital and the liability of members** The company has no share capital, being limited by guarantee. Each member of the company undertakes to contribute such amount as may be required (not exceeding £100) to the company's assets if it should be wound up while he or she is a member or within one year after he or she ceases to be a member. In the event of the company being wound up or dissolved, any surplus property shall be given or transferred to some other charitable institution having similar charitable objects to the company. The property cannot be paid to or distributed among members of the company. ## **15 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |**Year to 31 March 2025**
**Arts & Built Environment**
**Arts & Community**
**Arts & Employment**
**Other**
**Year to 31 March 2024**
**Arts & Built Environment**
**Arts & Community**
**Arts & Employment**
**Other**|**Balance at**
**Incoming**
**Outgoing**
**Transfers**
**1 April 2024**
**Resources**
**Resources**
**£**
**£**
**£**
**£**
52,049
211,920
286,544
-
132,660
168,256
281,603
9,310
-
13,129
13,129
-
725
30,000
43,011
-
185,434
423,305
624,287
9,310
**Balance at**
**Incoming**
**Outgoing**
**Transfers**
**1 April 2023**
**Resources**
**Resources**
**£**
**£**
**£**
**£**
12,505
239,450
199,906
-
53,477
428,145
398,978
50,016
-
13,129
13,129
-
67,942
0
69,217
2,000
133,924
680,724
681,230
52,016|**Balance at**
**31 March 2025**
**£**
**(22,575)**
**28,623**
**-**
**(12,286)**
**(6,238)**
**Balance at**
**31 March 2024**
**£**
52,049
132,660
-
725
185,434| |---|---|---| - 21 - Docusign Envelope ID: 549BEC91-9FC1-43B7-AAA4-6E5B34387CD2 **CREATE LONDON (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025** ## **15 Restricted funds (continued)** Create's main activities fall into the top three categories listed above. Built Environment is concerned with the commisioning of new structures and public realm improvements for community benefit; and the refurbishing and repurposing of underused buildings and land to return them to community use. In the current year this work concentrated on the completion of A House for Artists in Barking and a new community playground and garden in North Woolwich. Projects reflecting Create's social and community involvement sphere of activity in 2021/22 included the delivery of a major programme to mark the centenary of the Becontree Estate in 2021 that included both permanent and temporary works and community porgrammes. We completed the first of the Windrush Art Commissions and accompanying public porgrammes in Hackney. The White House grew its programme of artists residencies and community programmes in Dagenham. Our work in employment was focused on developing Hoxton Gardenware, a programme to train young people to make and sell terracotta gardenware, developed in partnership with Troy Town Art Pottery. ## **16 Reconciliation of net (expenditure)/income to net cash flow from operating activities** |Net (expenditure)/income for year
Depreciation of tangible fixed assets
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net cash flow from operating activities
**Analysis of net assets between funds**
Tangible fixed assets
Net Current assets|**2025**
**£**
(191,462)
1,520
139,603
(41,051)
**(91,390)**
**Unrestricted Designated**
**Restricted**
**funds**
**funds**
**funds**
**£**
**£**
**£**
2,763
-
-
148,943
-
(6,238)
151,706
-
(6,238)|2024
£
53,156
587
(177,643)
37,364
**(86,536)**
**Total**
**£**
**2,763**
**142,705**
**145,468**| |---|---|---| - **17 Analysis of net assets between funds** ## **18 Related Parties** The following trustees of the company are directors or representatives of the companies/boroughs as shown below that made contributions or donations to the company during the year: Cllr. S Ashraf Barking & Dagenham Cllr. R Dasghupta Newham **£** 27,280 215,670 - 22 -