OCEAN REGENERATION TRUST (reAtIMg Ome o(eAM Ocean Regeneratlon Trust Trustees. report and financlal statements For the year ended 31 March 2022 Charity Reg"srraiion No: 11 $1871 Company Rwstrntion No.. 06604161 (EngEand and Wales) OCEAN REGENERATION TRUST Inforn￿tIOn Direttors Cllr James King Cllr Dipa Das Eric Sorensen (resigned 16 June 2021) Sean Baine (appointed Chairl Eddie Stride Mtchael Tyrrell (appointed Vice Chair) Sakhawat Hussain Imran Khan Sarah Grtffrths (appointed 9 February 2022) Company Secrewy Charity number Company number Michele BailleLtx {resi8ned 30 September 20211 Zoe Eccles {appointed 4 October 2021) Registered office 151871 06604161 Harford Street Multicentre 115 Harford Street London EI 4FG Bankers The Covoperative Bank POB 250 Delf House Southway Skelmersdale WN86WT Solicitors Russell-cooke Solicitors 2 Putney Hill London SWIS 6AB Accountant and Independent Examiner John Wheeler ChaneredAccoLtntant 24 Dukes Wood Avenue Gerrards Cross Buckinghamshire SL9 7IT OCEAN REGENERATION TRUST Content Page number Trustee5' Report Independent Examinerfs Report 10 Statement of Finan¢ial Actiwties Balance Sheet 13 Notes to the Financial Statements 14 OCEAN REGENERATION TRUST Trustees. Report for year ended 31 M¥ch 2022 The Trustee5 are pleased to present their annual reporc together with the financial statements for the Charity for the year ended 31 March 2022 which are also prepared to meet the requirements for the Directo￿. report and accounts for Companies Att purposes. The administrative inforniation Set out on page I form5 part of thi5 report The financial ststements compty wtth the Charities Att 2011, the Companies Att 2006. the Memorandum and Article5 of Ass(Kiation, and Accounting and Reporung by Charitie5." Statrment of Recommended Practice {SORPI applicable to Char￿e5 preparing their accountants in accordance with the Financial Reporting Standard applicable in the UK and RepublK of Ireland (FRS 1021 (effective l January 2019). Publlc Benefit We have referred to the Charity Commission's Public Benefft guidance when reviewing our aims and objectwes and in planning our attivities. In parricular. the Trustees have considered how the planned activities of the organisation wll contribute to the aims and objeai¥es that have been set for the Charity. Obherts of the Charlty The Ocean Regeneration Trust IORT) ensures that all act¢virie5 undert2ken meet the ofy'ects of the Chariry as Set out in the Memorandum and Article5 of Association which were adopted on 5 April 2013 and amended on 20 DecembÈr 2017. These are to develop the Capa(￿Y and ski115 of the members of socially and disa¢hantsged communitre5 in such a ￿&Y that they are better able to identrfy and help meet their needs and to panicipate more fvlly in society. in particular (but not limtted to) in the area of the Ocean Estate in the London Borough of Tower Hamlets. Our aim is to 5UPPOrt residents living on the Ocean Estate by bringing together local people and organisations EO address local communrry needs and to increasÈ the number of people in the area who acttvety contribute to making the neighbourhood a cohesive. vibrant community. We do this by. Promoting the well-being of local residents.. Providing cU￿u￿1￿ sensitive and appropriate provision that meets the needs and Priorities of all local residents: Fostering Social inclusion,. Encouraging participation in the lrfÈ of the neighboUrh¢￿d and building a stronger Sense of local identity. Promoting the provision of accessible social. recreational, educational, health and cultural facilities within the neighbourhood. Strurture The Ocean Regeneration Trust is a company limited by guarantee and a regtstered chariry. Board members are Directors for the purpose5 of company law and Trustees for the purposes of char￿Y law The Board is responsible for the overdll governance of the organisati¢Jn and members have a responsibility for ensuring ORT fU￿111S its objectives and helps to Set the ethos and culture of the organisation. The Board determines the staffing structure and is responsible for the oversight of Pe￿Onnel policie4 equal oppominities and health and safety. The Board meets at least four times a year and conttnues to explore opportunities to strengthen the membership and ensure the widest mix of skills and experience possible in order to deliver good governance and Strong leadership. Each Trustee has agreed to contribute any amount not exceeding £1 in the event of the Charity being wound up. The procedure governing the appointment and recruttment of Trustee$ 15 laid down in the Memorandum and Articles of Association. The Board comprises a minimum of four and a maximum of 16 Trustees drawn from two main source5." community representative5 INing in the area of benefrc and experrs wtth specialist local knowledge. The tU￿ent Board includes members with a broad range of experience. including education, healthcare. housing. local governmerbt and regenerntion. a5 well as experience of other not-for-profit or8anisations. There is a diversity of gender and ethn4c backgrounds on the Board. All Trustee5 give their tyme volLtntarily and do not receive any remuneration. Pa￿nent or beneffts frsjm the charity. IrKlurtlon of new Trurtees Most Trustees are familiar with the day-to-day work of the Trust prior to being appointed. New Trustee5 are briefed on their responsibilities and the Memordndum and Articles of Association and the current Business Plan and are given an overview of recent financial perforniance. Thè Trust's constitutyon. financial and operatyonal framework as well as Board members, roles and r￿POnSIbl11t1es are also explained. External training opportsJniti¢5 are provided a5 appropriat& R15k Management The Trustees have a duty to identfy and review the risks to vhhich the TnJ5t is exposed and ensure appropriate controls are in pLace to provide reasonable assurance against fraud and error. We continue to assess. review. monitor and plan for all risks which the organisation may face. now or in the future. Our risk management strategy comprises a risk register of aspetts of the organi5ation and its activtties. outlining p055ible risks vthich rnay occur. procedures to mitigation the risk5 identified and regular reassessment both of thÈ risks already outlined on the register and of potential new risks. This process raises awareness of risk and a55iSts the development of robust contingency plan> Covid-19 The Covid-19 global pandemic had a profound impact on many srnall Communtry and Voluntary organi5ations, not least ORT. Following the temporary closure of the Harford Street Mukicenrre in 2020f2021 project delivery once again adapted and pivoted back to in person services albeit obseTring many of the measures which were put into place during the pandemi¢. Many of the Small businesses in kn Jorfjon Road underscored the financial ￿8111ty and resulted in LB Tower Hamlets being unable to py the promised grants associated with these shops. Th15 meant difficuk decisions had to be taken to reduce staffing costs and the Trust's plans to tske a three-year lease on the Harford Community Centre had to be abandoned. necessitsting a stsff reduction. Reserves pollcy ORT 15 commttted to using its resources in pursurc of its charitable activities. It 15 also committed to maintaining a level of reserves that is prltdent to meet the Trust's on-going liabilities. The Board has examined the Chariws requirements for reserve5 a5 part of the organisatis)n￿ risk assessment and has estxblished a policy whereby unrestricted fvnds, not tommitted or InVe￿d in r￿ed assets held by the Trusi should be retwned to cover three to six month5, expenditure for the organi5ation's st2ffing and administratNe overheads and to effec¢tYety meet all irs financial and contractual obliptions. including redundancy calculations for the current staff team. final audtt cosrs. rent and lease commitments. This poliq 15 regularty reviewed by the Trustees to ensure that it continue5 to be appropriate and sufficiÈnL Artlvltles Report The Ckean Regenenvon Trust is focused on the social and economic rÈgeneration of thè Ocean EststÉ The Trust has been created to hold assets and receiY¢ income generdted by the Ocean Regeneration Scheme for the benetit of the local comMun￿y. Due to the reduction in income and to secure the long tern) financial stsbility of ORT the Trustee5 agreed to implement an action plan in 202112022 to reduce costs and a new struc¢ure. As a firsr step. the Board therefore surce5sfulty streamlined the staff structure and recruited a new Director to work alongside the Board of Trustees to develop and implement a strategic plan for the future sus￿nablI[ty of the charity. Stepney Llfe Centre Slnce 2015 ORT has worked in partnership with Ctty G3tevAy at the Stepney LlfÈ Centre. to support women aged 18+ across East London through our dedicated Women'5 programm4 supporring them to learn English, gain independence. grow in confidence. access employmenL and develop skills in a supportive communiry environmenL During this we have seen women fr¢)m 18 to 81 years of age flourish and thrive. We have also offered sUPPOrt to their families, equipping them wtth the parenting skills and confidence they need to gtve their children a bright future. We are proud of the support we have been able to gtve to women and families from a wide range of cultures and background. Each year. City Gatelvdls Women's Programme5 welcomed more than 4 learners through its doors. Due to the current Ch￿]ensing thndrnising environmen¢ uncert2inry about the firture of the Harford Multicentre and reduction in income. sadty City Gateway took the difficu￿ decision to close the Stepney Lrfe Centre in December 2021. Communlty Grants A reduttion in income meant the 202112022 community programmÈ was limited to £43,089 however *n projects were funded in delivering a range of work across the Ocean Estate. Promotlng o healthy and supportlve communlty ORT continued to develop three Vlt￿ projects aimed at promoting wellbeing and combating isolation and loneliness. Harford 50+ Coffte Mornlnr. A weekly coffee morning contynued to run in pamership with the Harford Health Centr< Ltnk Age Plus and the Tower Projett's Ocean View Cafe. primarity aimed at people over the age of 50 INing localty but anyone living in Tower Hamlets is welcome to attend. The sessions are informal. relaxed. warm and friendty and offer parricipants the oppornjnity to mee¢ new friend5 and join in other social activiues. During lockdown, ORT mwntained regular contatt with the Harford coffee morning participants tslephow in order to combat loneliness and isolation. Women-onty Pllotes dass: ORT in collabornti¢)n with the Ocean Terbants and Leaseholder5 Association IOTLAI runs a women-onty PiLites class. The weekty cla55 is led by a qualified instructor and is aimed at women vtho are returning to exercise after time away or who may simpty want a gentler cla55. WOM￿ who attend regLtFarly have reported health benefrt5 including improved flexibiltty. increased muscle Strength and tone. fewer ache5 and pains, more energ/ and greater resilience to stress. During lockdown the ￿lateS class pivoted to online delivery and a5 a result we were able to engage not onty Mothers but also et￿e with their children. The lockdown had affected the whole famity and the response wa5 very posittve with good attendance at the wee￿Y 5e55ions. Ocean Wolker&" A walking group is open to everyone living and working on the Ocean Estate run in partnership Harford Health Centre. the Green knght Pharnw and Walk East CIC. The weekty sessions were led by a qualffied vrdlk leader and provide an opporrunity for participants to meet new peopl< socialise and explore the area while they strengthen their hear¢ lower their blood s(Jgar. ease joint pain, boost their immune Syste￿ improve their mood and burn calorie5. Some of the participants have trained as vrdlk leaders and now volunteer to lead walks themselves. During lockdowns. the walk was put on hold and a5 an al￿rnatiVe some of the walker5 were invited to join the online Pilatrs cla55 to keep them engaged and motiva￿. Ocean Estate Burn7ry Scheme The Ocean Bursary Scheme uses funding Secured through an S.106 contribution from the 438- 490 Mile End Road (Scape East) student accommodation development ￿ help Ocean residents achieve their potential through higher education. Grdnts of up to £3.000 were available to Ocean residents vA)o were starting higher education or studying for a postgraduate quaiification. Prioriry was given to students studying at Queen Mary University of London (QMUL} and an account was taken of the circumsrances of each candidate. giving special consideration to those less able to afford h￿her edu¢ation. Tower Hamlets and Canary Wharf Tn￿t administer the scheme and award and monitor payments and ORT leads on publicising the scheme locally and finding Suitable candidates. Future Plannlng In lighr of the impacc of Covid exacerbated needs on the Ocean Estrte alongside the reduttion to the LB Tower Hamlets GrnnE the Trustee Board wanted to be clear about their purpose in order for this tould be communicated to local residents and businesses. An agreement was reached in the previous year that the O¢ean Regeneration Trusi'5 role is to support other groups and local residents and there was no amb￿On at this present time to be a frontline provider. ORT v135 e5¢ablished to be a second-tier organisation and remains committed to ensuring there 15 no mission drifL The Trustees are responsible for the chariry'5 vision 2nd mission and rf the intention 15 for ORT to change direction and deliver services directly, then the scale of ambition would be defined along with the types of services that will be the focus for fundraising. Next Step$ for 2022/2023 The Board of Trustees agreed to convene during an Avrty Day followlng a recruitment Campai￿ for new Trustees and tske an active role in the planning and decisions of the Trust's Strategic direction. financial modelling with the new Director in PQSL The 2022n3 business ptan wtll be prepared to rdect the decisions tsken at the Trustees. aw3y day and any agreement reached wtth the Council. It remains incumbent on us to work together in order to attain the best results for the Ocean Estate and its residents. The str￿gthenlng of networks and sharing of expertise will be more imponant than ever in the years ahead. Trustees. responslblllties In relatlon to the flnandal statements The Trustees (who are also Directors of the Ocean Regeneration Trust for the purposes Of ¢ornpany law) are responsible for preparing the Tru5tees' Reporr and financial statements in accordance with applicable law and UK kcounting Standard> C¢)mpany law requires the Trustees ro prepare financial statements for eath year whith give a t￿￿ and fair view of the State of affairs of the charirable company and of the incoming res¢xJrces and appltration of resources. including the incomè and eXPenditsJ￿ of the charitable company for that period. In preparing thÈse financial statements the Trustees are rwuired to." selett suitable accounting Folicies and then apply them consist￿. observe the methods and winciples in the Charities SORP,. make ludgements and estimates that are reasonable and pwden¢ follow applicable accounting swdard& sul4.ecr to any mater departures diKlosed and eX￿ained in the accounrs: prepare the financial statements on the gotng concem bRsis unless it is inaFvropriate to presume that the company will continue in operation. The Trustees are re$F￿)Sible for maintai)ing proper aCCCAJnting records that disclose with rea50nable accuracy at any time the financ￿1 Posits￿ rA the charitable company and ermble them to ￿SUre that the accounts comply with the Companies Act 2CK16. They are a150 resty)n$￿11e for safeguarding the assets of the tharitable company and hence for taking reasonable steps for the prevention and Signed on behalf of thè Board of Tru5cees on 25 Janu¥y 2023 George Sean Baine- Chalr of Trustees report to the trustees on my examination of the acctyjnts of thè above charrty rthe Trust"} for the year ended 31 March 2021 whbch are srf *)ut on pages 12 to R•wnslbllltl•s and b*51s of th• r•port As the vision5 applicable to c¢xnpanies subject to the small companhes, regime. The accounts wer pprov r issue by the Board on 25 January 2023 and signed on its behalf by ..George Sean Bwne- Chair of Trustees Oc&in Regeneratlon Trust Notes to the financial statements for the period ended 31 March 2022 A¢¢ountlng policles l. l Basls of pr•paratlon The accounts were prepared under the historic cost convention. The accounts have been in accordance with the Staiement of Recommended Prattice- Accounting and Reporring by Chari¢ies (2015 SORP), applicable accounting standards and the Companies Act 2W6. 1.2 Grants recelvable Grants for which funding levels have been agreed and for whi¢h funds have not been received at the year end. have been accrued for. Amounts rKeived before the year end that relate to expenditure in the following year have been deferred in accordance with donors. restrictions. Grants, including grants for the purchase of fixed asset5. are recognised in full in the Statement of Financial Activities in the year in which they are receivabl& Resources experhded Resources expended are included in the Statement of Financial Attiviues on an a¢¢ruals basis. The chariry is not regrstered for VAT and according￿ expenditure includes VAT where appropriate. Governance costs include those c05ts associated with meeting the constitutional and Statutory requirements of the charity and include costs linked to the strategic management of the Char￿Y. Tanglble flxed assets and depreciatSon Tangible fixed assets are ststÈd at cost less depreciatTron. Assets over £1 C() are capitalised. Depreciation is provided at rntes calculated to wrtte off the costs less estimated residLtal value of each asset over rts expect￿ useful lrfe as follows: CoMpu￿r equipment Other equipment 25% of cost per year 20% of cost per year Fund accountlng Unrestricted lunds are donations and other resource5 receivable or genera￿d for the objects of the charity without further Specific purpose and are aydilable as generdl funds. Restricted fund5 are used for specffic purposes as laid down by the donor. Expenditure which meets these criteria is chirged to the furtd. together with a fair allocation of management and 5UPPOrt C05ts. Oc&in Regeneratlon Trust Notes to thè financial llatements for the period ended 31 March 2022 2. Grants and donatlons 2022 2021 Grant associated the retail untts on the south side of Ben lon50n Road London Borough of Tower Hamlets Ground Rents Amounts receivable from the London Borough of Tower Hamlets relating to the market sale of new build properties delivered as part of the Ocean Fiegeneration Scheme. Other Reimbursement of expense$1£210) HMRC Job ￿￿￿tIOn Scheme Grant (£1297) Salaries and Consultants fees 2022 11.275 27,843 11.805 1.935 2021 29.7 19.664 6.605 1.752 Consultants. fees Salaries Social security costs Pension 51858 57.ni There was one 0.8 fv11 time equrrdlent member of staff employed during the period. Governance 2022 2021 9C 1.215 Legal and profe$5ional fees Audit and accountancy Companies House Trusrees. training Board Away Day 1,292 24 1.292 1152 Prolert rosts ORT has entered into a parmership with City Gateway to run 2 projett to promotè and deliver services and activities from the Harford Street Multicentre rargeting women and families living on the Ocean Estate and surrounding ar￿ ORT5 Contribution towards the running costs in 202112022 was £49,040. The project is branded 35 the Stepney Life Centre and a joint steering group has overall responsibiltry for strategy. priorr¢ies and perfomance. Communlty grants paid To encourage erwement with communtry groups and organisations working on the Ocean Estate. ORT runs an annual community grants programme lfvnding perniittingl. This enables the Trust to develop an overview of the contribution the drfferent groups and organi5ations make to the 5¢xial and economic regeneration of the area and to develop plans for future collaboration. 2022 5.000 2021 Bangladeshi Mentai Heath Forum British Bangladeshi Fashion Council Brenner Centre at Stepney Jewish Centre Emmott Close Senior Cititsn5' Club Half Moon Theatre Inventor5 Club Limehousè Welfare Association 4.996 Linwe Plus 1.820 Ocean Somali Community Association (OSCA)O Ocean Tenants and Leaseholders Association O Ocean Women's Asso¢iation Ocean Youth Connexions Ragged School Museum St. Hilda's East Communtty Centre Stepney City Farni Stepney sal￿¢19￿ Army Tower Hamlets Cemetery Park 350 4.930 10.othj 2.540 4.953 3.5ty) 43.089 Harford Communlty Centre No Expenditure incurred in relation to the Harford Community Centre. 10. Tanglble flxed assets Cost or Valuation At 28 May 2021 Addition5 Disposals Depreciarion Computer equipment 1275) At 31 March 2022 824 I l. Debtors £NIL (2021- £6.978). 12. Creditors £53749 (2021.. £63.0231 £53716 due to L8 Tower Hamlets for unpaid rent for the Stepney Life Centre £33 due to AGM Services for March 2022 payroll