Reglstered number: 11369869 Charity number: 1189180 WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarnnteel CONTENTS Page Reference and Admlnlstratlve Detalls of the Charlty, Its TrustseG and Advl88r8 Trustees. Report Independent Audhor8' Report on the Financial Statements Consolidated Statemerrt of Financial Activities 2-12 13-16 17 Consolldated Balance Sheet 18-19 Charlty Balance Sheet Consolldated Statement of Cash Flows 20-21 22 Nolgs to tho Financial Slat•ments 23-44
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Ben Howarth. Chair Clive Ahmed Cllr Denise HOand {resbJned 12 June 20231 Mthael Lews Salty Manser Cllr Asli Mohammed (appoinle(110 July 2024) PieTS Niholls Shah Rahman Mary Rose Iresigned 22 April 2024) Joy Salaja (resigned 9 October 20231 steve Sayer lapkx)inted 20 June 2024) Clr Jackie Smith (resigned 23 May 20241 DavKI SullNan Philip Watkins Cllr Miranda Wiliams (appoinbj 1 October 2023, resianed 24 May 2024) Company reglstered number 11369859 Charfty reglsterad number 1189180 Reg18tered office The Fireworks Factory 11 No 1 Street WooKvith London SE186HD Chlef executive offlcer Nid( Williams Indopendent audltors Goodman Jones LLP Chartered Accountants 1st Floor Arthur Stanley House 41>50 Tottenham Street London W1T4RN Bankers Barclays Bank 1 Churchill Place London E14 5HP Page 1
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Tha Tru8tee8 present their annual r8POrt together wlh the audited financial st8temgnls of the Charity for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trvsteos. Report and Directors, Report under company law. The Twstees confirm that the Annual Report and financBI ststements of the chantable cc*npany comply with the current stalulory requirements, the requirements of the chaiitab companls goveming document and the provisions of the Statement of Recommended Practice ISORP) appIle to charities preparing their accounts in accordance with the Flnancial Reporting Standard applrablè in the UK and Republic of Ireland IFRS1021 {effeclive 1 January 2019). Since the group and the ChaTTty qualfy as small under section 383 of the Companies Act 2006. the Group Strategic Report required of medium and large companies under the Companies Act 20( (strategic Report and Directors, Report) Regulations 2013 has been omitted. ObJectNes and actlvltles . Charltable oblects WooK¥th Works comprises of fwe extraordinary and unKiue listed heritage buildings which undeent a £40 mill)n wortd class rerb1shMenI winning three RIBA awanls - for London. foi conseNalion and a national award. We opened our doors to the public In September 2021 in the middle of a W0dde pandemic and have subsequently sought to buikl audierKe, community and commercial eng4ement. The Charit¢s oblts are the advancement of art forlhe Publ benefit by.. al improving, preserving and provtding publK amenities for use in encouragement of the creative and dramatic 8rts, wrf(h particular reference to the W00h Creative District., bl promoting, maintaining, improving, encouraging and advancing education and vocational training as relates to cr8atwe and dramatic arts, in ary form and by any medium" cl prowding or assisting in the prowsion of facill(ies lo residents of w00Ch and surrounding areas in the intergsls of social we5fare for recreation or othar leisure time occupation of indniiduals who hav8 need of such facilities by reason of their race, gender. re1J10 or belief, age, infirmty or disabiltty, financial hardship or social circumstances with the object of improving their condition8 of lrfe. b. Mission, vision, and values The TTusVs mIssn is to offer hope and opportunity by 8bring people to realise Iheir create potential. The Twst's slon is lo create an exceptional, professional, inclusive, ¢realhJe community and these five pillars constitute the organisation's ]Ues. Page 2
WOOLMCH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvlties Icontlnugd) c. Stratsgic Priorities The Trust has fwe strateg Prtorities which underpin its objectives and day-ttsday decision makir¥J: a) to present a broad programme of hh-qua1ty creative opportunitEs'. b) to offer creative lrfe support to indmduals and organisations and act as 8 catstysl for collaboration.. cl to create good jobs and meaningful progression routes into the creive industries.. d} to raise Woolwch's prOffi., and el to build a strong and sustainable, values4riven organisation. Financlal year 2023r24 8aw the implementaliort of the remainder of the Recowy Plan agreed in November 2022. which saw a change in leadership as well as a refocusing of actiirities. This had an impact on activity in Q1 especially vthich was greatty reducei1, wth public facing aGlniities rebuihjing from Q2 onwards. The new Director, Nick William8, took up post in tate August 2023. with a remit to drive change to secure a viable future model for the organisathJn. He has worked to refine the programming modes which will develop fvrther Ihrough 2024r25. develop new partnerships for strategic and prryjramming purposes. drive commercial hires to generate revenue lo support the Trusvs core costs and delivery of ils charitable purpose, develop income streams from a broader range of sources and devek)p profile and audiences for the venue and all of its 8clivilies. There has been positive impact during the financial year. with increased footfall lo free activitses, a major development of the commerci41 trading position including a huge increase in corporate hires and revenues fmm food and beverage, new partnerships wlh exlernal organisations as well as unlocking funds to 3UPPOrt future programming which will see frUOn during 2024125. d. Volunteers There are currenlty 75 volunteer8 who carry out a variety of roles including.. weleoming visrtors. checking tickets, keeping the space safe and presentable. They also facilitate tours of the herttage estate lo raise awareness of WooKMch Works and the hlslory of its buildings. Total volunteer hours forthe year were 1570. e. Maln actlvltles utKlortaken to further the Charlty's puryloses for the publlc beneflt The main activities are summariwJ as follows.. al the operation of the facilities known as the Fireworks Factory Ifomalty Buikling 41) and the Academy Ifomalty Building 40) as publ amèntties both for the encouragement of the arts and as facililies to improve the qualty of lrfe of residents of the Royal Borough of Greenwch attracting at total of 57,285 attendan at the complex during the year across 488 events.. bl the presentation of 137 ticketed public artistic performances and events across music. comedy. drama. cabaret. spoken word and the woohIch Contemporary Print Fairwilh 32,939 attendanS in 2023124.. c) worked wlh and facilitated 1,284 artists to rehearse in our spaces, and presented 964 artists, performances, and 534 visual artists work was presented.. dl facilitation and delivery of 172 communty focused aclivitses. with 3,744 participatJns across music, dance, Ihealre, craft and other community actMtie8', el supporting 6 local resident cre81ive organisalions - Chinekel Foundation. Acosts Dance Foundation. Luca Sifveslrini's Protein Dance Company, Punchdrunk, W00ch Contemporary Print Fair and the National Youth Jazz Orchestra., provision of se for community, artistic and commercial xtmties across 171 actwities. Page 3
WOOLWICH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarants•} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvltle6 Icontlnued} f. Publlc benefit statemont In setting objeclNes and planning for aclNities, the Trustees have gwen due consideration lo general guidance published by the Charty Commission relating to public benefit, Induding the guidance 'PUbl beneff(.' running charity {PB21', and as the Trust such highlight that there wgre 133 public lickeled performances attracting 22,321 attendees, wth further lickeled attendance of 21,365 al artistic, communty, skills development and other public events. Total attendance at ticketed events on si(e during the year was 57,285 at public and Prwate events. Addf(ional attendance at free, public facing events was not counted during the year but new foolfall counters have been installed to monitor attendanc4 when tickets are not required from summer 2024. There were 3,744 participations at community. workshop, and participatory arts ac1mlS rOsS the year, embracing music, dance, print making, heritage, theatre. and other community focused actiirities. Many of these events were delivered in partnership wrkh other arts community organisalions who 8re based in the Royal Borough of Greenwch. Page 4
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantse) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perforniance a. Perfomiances and publlc actlvlty Aeross the year. we attracted 57,285 attendances at the W00ch Works across 488 events. We hosted 137 lid(eled artistic performances across music. comedy, drama, dance, cabaret, spoken work and the w00ch Contemporary Print Fair. This 18 34 fewer than in 2022123 as the organisation went through restructure and change in the first quarter. However, we attracted 32.939 ticketed attendances across the programme wf(h strong showngs for medY and live music especialw. Our work fccusing on chiklren and famil& continues lo build w'f(h goDJ attendance al both workshops and perf0mlan for chikdren and young people and families. We worked dosely with Berkeley Homes on the summer and winter famity day events, hosting artS-d free activities in the Courtyard in summer and music and performance on a bandstand for Ihe wnter. Both attracted several thousand attendances throughout the day. We also hosted a new resKlency by Big Fish Little Fish, bringing their children's rave lo WoohNich Works for Mothers, Day in March 2024. We hosteA our first Christmas Grotto altg$Ide our programme of free music and performance during the festive $eason with strong attendance throughout. We also launched the first of our End of Term Parties at Christmas repeating it 81 Easter w((h good inlergeneralional attendance. Regular strands for babies and parents including Bring Your Own Baby Comedy and Baby Broaoway were augmented with Baby Gospel and the Funny Mummy Show. Main space performance of We're Going on a Bear Hunt and Showstoppers Kids Show provided a rounded festNe famity offer. We experimented with using the Visitor Book Café as a performance space for live music wlth partnerships presenting regular series such as Arsenal of Snds presenting a world music programme, a Queer Jazz series and contemporary classical work Sounds of Now. Whilst the conlenl was of very high quality, the space does not accommodate INe perfom)ance well and we have subsequenlty slopped programming il as perfomiance space, moving this programme to other studios. Our ccfflety pr¢>Jramme continued lo draw audiences and success with our ffagship Live al the Works events drawng bvJ names and big crowds. We algo hosted the Arabs Are Not Funny Series. showcasing diverse talent 8nd emerging improv group5 Absurdocles. Commercial publi events have included a sport and wellbeing strand including major events held by Nike. bringing their Wellness Ftival lo WOOKCh Works as a part of a global lour, and allracting a selk)ut 1500 people. We have al80 hosted enlertainment-le(I wellness events like Disco Yoga and Step for All bringing over 100 people al lime to these activities. A further development has been around food-focused aclivilies with the Free From Festival taking residence with us in May 2023 and retumiNJ in 2024 and the Whiskey and Gin Show coming to Woolwich for the first time in March 2024. We have supported 2,200 artists throughout the year. This saw 1,264 using our sp8ces for rehearsal purposes across music, dance and theatre. We supported Coalign - an emerging opera ccffipany lo develop a new local story in opera form, and hosted a work in progress sharing as a part of the Tete a Tele Opera F&stival which sold oul. We continue to provide space and support as this project develops and wll present the finished piece in the Fireworks Factory in autumn 2025. We also worked wlh Wild Yak on the development of a new pwe of musical theatre and hosted orchestral rehearsals for Chineke. the Royal Philharmonic Orchestra and English National Opera. Page 5
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 MARCH 2024 Achlevements and p8rfomian¢e Iconllnuod) b. communlty engagement We hosted a free workshop programme through the summer supported by Berkeley Homes, which attractè over 3,000 attendees during the season. Workshops ranged from puppetry and carnival making actn11t$ lo dance th&re and singing activfties. They were accompanied by Iwe perfomance for free in the Wc)knch Works Courtyard throughout the 8ummer season alongside our free beach installation. We continued to build partnerships with local organisalwjns including Everyone's a Singer and The Orange Rwm Colleclwe to build programmes ant1 perfonmances that responses to the variety of drfferent communities local to the venue. Works opened ils recording studio during summer 2023 and hosted a range of emerging bands to test its capabilities and wability over the first six months of operation. We have now fomied a partnership with engineers who are managing the spxe on our behalf, lo make it acce$sibl8 lo emerging bands and artists with a iew to regularly shcwcasing work recordejj therei as live perfomiances in the vonue. We launched free weekly tours of the building in summer 2023 exploring the hertsge of the site and the wder placement within the Royal Arsenal. These have Proved lo be incredibly popular with an average fc* 20 people per week in attendance. We wll buikl on this by hosting a Heritage Open Day in September 2024 . We 8180 developed our infomial offer wrth a shift in the opening hour5 of our café lo offer a space from 8am until evening, 7 days a week. This allowed us to develop a simpEe Workers Club pass for dink8 and lunch, host communty events like the Residents Association meetings, WelMe groups for infomial book groups and parent meet ups, as well as host more formal events like showngs of major sporting or zeitgeist related events. We have noticed an increasing number of young people using this Space as a study space and will develop a bearer support mechanism for this group as we prcceed. As a cleaty defined, farTbily filend spxe, we increasingty believe that open a¢ress is key to 8eNng our communty. During the ye8r we hostsd 2 apprenticeships for residents of the Royal Borough of Greenwch one in Operations and one in Technical. We have also stsrted discussions with the Universty of Greenwich around student placements and IMII sign a Mem¢xandLtm of UnderstandirvJ building a partnership Wbth the university for the future to support such endeavours. During the year. we hosted a range of student and skills fus events induding guided visits and talks by cohorts from thg Universty of Greenwch, Universty of Westsninstsr and New York Universty. Focuses were around event management and heritage building development. We also hosted the Universty of Greenwich's Enterprise Ro>Jshow lo discuss the business of running a cuftural ntre. Add(tionallywe hosted a creatNe skilLs fair for young people in March 2024 and the Rordl Borough of Greenwch's ApprenteShIp infomation day. Page 6
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llrnited by Guaran100} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements ond pgrfofmanco {contlnued) c. Resident artistlc companles Our resident artistic companies undertook some major developments during the year including the launch of the Acosta Dance Centre in The Academy building. This saw Carh)s Acosta open his first UK-based dance school for professional development and public dance cLasses in autumn 2023. This rENed a large amount of publicty and a strong recognition of the companls move to WooKMch. Chineke! Orchestra presented their first ever open rehearsal rel8led to their preparation for their Ferfomiance * Ihe BBC Proms, attracting over 200 people lo the venue in August 2023. This was followed by their first ever Christsnas concert in December 2023 and induded the first perfomiance of Iheii new community chorus, featuring local residents. The Wooth'ch Conlemporary Print Falr retumed and attracted over 10.000 people to the fair and showcased 553 artists, work during the Fair. Their Young Printmaker Prize worked wrth 19,600 young people across 34 primary schools, and 20 young curators across 5 secondary schools who sekcted 35 young people's work for showing al the Fair. The National Youth Jazz Orchestra presented their first porformance in the Fireworks Factory with singer Tommy BlaEe, alongside perforMae9 in the Visitors Book Café for their younger perforniers. They hosted a 3- day composition workshop th jazz collective Steam Down wlh a showcase at WoohM"ch Works, alongside a revised and refreshed approach to their under 18$ regu18r work hosted on Saturdays al w00ch Works. Luc8 sIeStrin1's Protein Dance reslwctured folb)ng their loss of Arts Council National Portfolio fvnding, but continued a range of public facing and participatory activits'es at W00ch Works. A new regular programme of dance theatre workshops started, alongside specifie projects such as the Real Life Real Dance programme working with refugees and aSuM seekers and young peAJple in atternalive education prowsion. d. Fundrai8ing activttles and incomo generallon The Charity has signed up lo the Fundraising Reoulalorts Code of Fundraising Practice. The Charity has not engaged any professional fundraisers in the period nor received any complaints regarding its fundraising or fundraising praCtIS in Ihe year, and seeks lo use ils existing safeguarding policles when carying out income generation actiwlies. Flnanclal review a. Golng concern In August 2024, Wooknch Creative District Trust received a pledge of a significanl donation lo be paid over the next years. This provKles the Trust Imth a secure financial basis to continue to traje over the next two years and will allow a new strategic development plan to be impfemented to seLure the long-temi stable operating mt>Jel for the Trust and ((s actmties. As a resutt, and after making appropriate enquirie8, the Trustees have a reasonable expectation that the Charty has adequate resources lo continue in operational existence for the foreseeable fLrture. For this reason, they continue lo adopt the going concern basis in preparing the financial 518tements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 7
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llrnlted by Guarantee) TRUSTEES. REPORT (CONTJNUEDI FOR THE YEAR ENDED 31 MARCH 2024 b. Re8erves pollcy At present, the Charity does not have a fomial resoNes policy in place. A reserves policy will be determined once financial security is achieved. c. Flnanclal summary The results for the pencd ended 31 March 2024 are shown on page 17. The net movement In funds for the Group was a deficit of £415,615 {2023'. deficit of £2,532,391. At the balance sheet dale, the Group had an accumulated deficit of £1,648.597 {2023-. accumulated deficit of £1,1,982}, of whth there are surplus reStrted funds of £397,909 12023= £466.3101 and a defi1 on unrestricted funds of £2,046.SC612023.' 1,663.292 deficr(). The majority of tho in-year loss - £404k was during the first quarter, when actwty was limited and managerfal change was ongoing. Subsequent quarterty losses were slgnificantly smaller and reducing as actsmty developed and a focus on 8trong cost control and income generation was pursueA. 2023r24 continued to be a transitional peric4J which saw the final implemenlalion of the 2022 Recovery Plan and further developments under the Wership of the new Director from September 2023. The 2022 Recovery Plan ackn¢Jwledged that the 2020 busin8ss model, which was predicated upon charitable 8Ctiirities (including public perfomiances, community and education acliwlies and the upkeep and maintenance of the heritsge buikjings) being entirely paid for by income from tid(et sales, venue hire, rentsl and bar and catering oullets was unfeasible. In 2022123 the Council agreed to a loan up lo £2 fTbillion to assist the charty to support the redeveloprnent of the operating model. To the end of March 2024, £1,775,000 of this loan had been The majority of th8 Recovery Plan was implemented during 2022123 though the impact was mainty felt during 2023f24. Under the leadership of the new Director further developments have seen a greater focus on communty engagement, development of a wable offer in the cafe, tight control on prcgramming costs and audience focus, a strong emphasis on developing longer terrn partnerships and a drive on commercial events bookings to drive revenue. Each month durfng the financlal year, the finance profession81s from the Royal Borough of Greenwich scrutinis8d the monthty cashflow and review the prewous months. Management Accounts in addition to the meetings of the Board's Finance. Audit ar+d Ri8k Committee and the full Board's dcuSsion arourKI ffinan¢ial matter8. staff satari8s are the bwJgest outgoing for the trust. We spent £1,238,463 in 2023124 12022r23.. £956,225) on staff salaries of which 44°A la totsl of £488,705) was paid to staff resident in the Royal Borough of Greenwich. We continue to face a number of p18nt and building costs vjhich have been unbudgeled and are linked to lalenl defects from the build. The Trust has Spent £69,020 on repair and remeilial maintenance costs during the year which was not budgeted. Discussions is oNJoing with our landlord, the Royal Borough of Greenwich around iatenl defect issues and ongoing challenges wlh the building. Page 8
WOOLWICH CREATIVE DISTRICT TRUST {A C(wnpany Llmlted by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 d. Incorne generatlon During this per. WoobNich Creative DiStrt Trust recewed Sponsorship to the value of £338k {2023.' £20k). Total restricted grant funding received was £49.163 {2023: £10,274). £2,978 {2023'. £2,165) was received in small donations from the publ. A sponsorship package of £300.000 from local business GS+ Ltd alleviated cashfiow pressure8. The sponsorship benefits incIL¢ use of spaces for COnferer and meetings and lickel allocalK)ns. The sponsorship was received in inslalments in June and in October 2023. A further award of £38,000 was made to support Ihe summer actnrities prryJramme from Berkew Homes. to activate the spaces with participatory and public activities. We fvrther collaljorated with them on their Winter Family Day where they Support Iwe music programming in our Courtyard. A prtsjramming grant from Arts Council England was successful wi(h £30,000 awarded for prryJramming in 2023124. We promoted and focused our commercial hires business, hosting major events agencies and organisers as showcase in summer 2023. This was fruiul and generated SnITiCant leads and buginess through the second half of the financial year generating a totsl of £920k. Our commefcial food and beverage operation generated £499k with a lotal contribution from our wholty-owned subsidiary companEs of £856,851. Space hire for non-commeraal events generated £2LISk. e. Principal risks and uncertalntles The Finance, Audit & Risk Committee meets 81 least quarterty as part of the Board sulFcommittee meeting cycle. They scrutinise detailed financial perfomiance and risk wtthin the development of budgets and operational performance. There is an organisalion4vide risk register and that every risk 15 assigned to the committee best positioned to have primary overswJht of rt. The Finance. Audit & Risk commitlee and the trustee5 examine the Risk register at each meeting. The Oper81*)ns Sub-committee examines c8Prtal risk-relaled issues - a mix of ongoing buildir¥J development raquirements and latent (Jefects post-redevelopment. The full Board look al high knl strategic risk wlth input from thi8 Finance, Audrt & Risk committee. f. Investment powern and policy Tha Trust does not currently engage in investing activrties. Strudurei governance and management a. Constltutlon Wcolwich CrealNe Distr Trust is registered as a Charty with the Charty Commission in England and Wales (Registration number. 1189180} and as a Company Limited by Guarantee wth Companies House (Registration number". 11369859)- It is govemed by its Memorandum and ArtleS of Association which were filed on 29 April 2020 2nd amended on 4 May 2020 (in response to Charity Commission feedback). Page 9
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guaranteel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structural gov•rnance and managemonl {contlnugdl b. Mothods of appointment or electlon of Trustees The management of the Group and the Charity is the responsibilty of the Trustees who have control of the Charity and its propety and ftJTrJs. The Board of Trustees $ho11 consist of not less than four Ordinary Trustees, and three Council Trustees, up to a maximum number of Trustees of 15. The Council Tnjstees are nominated by the Royal Borough of Greenwch and rotated in line with their c*vn prtxesses. The Ordinary Trustees are appointed by the Board by majoiity vote of the existing Trustees. The Board recruits Ordinary Trustees on the basis of the quali(iés. skills. competencies and experience which the Trustees from time to lime detemiine are rfr4uired to ensure a suitsble skills mix. . Oryanisatlonal strueture and declslon-making policies The Board meet quarterty las a minimum) to consijer and discuss the Tru8Vs policies and strategies with sub- committee meetings prece(ling. Additional meetings of the full Board are occasionally called to examine particuLar pressing matters. There are cU¢nIty kn subcommrttees.. 11 Operations- overseeirvJ HR, health and safety, eapital and buildirKJ operation issues. 2) Finance. Audit & Risk- overseeing finance, risk management. budgeting and financial perfomance. The Board also controls the wholly owned subsbdiary W&)Vich Works Trading Ltd, whose board meet in cycle with the Trust's board and Woolwich Works Produdions Ltd whose day-ttsday management ¢s undertaken by staff of the Trust.Board subcommittees are ccfflprised of an Operations Subcommittee and a Finance, Audit & Risk Subcommittee. The Board 8lso appoints the Board of its wholty owned subsidiaries. wcoCh Works Tradirg Ltd and WooKvth Works Producl•)ns Ltd. d. Pollcles adoptsd for the Induction and trnining of Trustee5 New trustees undergo an indudi)n vthere charity law and thelr Spettc roles and respon8ibiliti8s are explained alongskle tours of the buildlng to familiarise theMSee$ with our setup and operations, and lo meet key 8enior staff. Page 10
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limlted by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structurei govornance and management (contlnued} e. Managemènt and pay policy The Director is appointed by th& Trustees to manage the day404ay operations of the Trust and to develop and propose the Trust's policEs and str81egy for consideration and approval by the Trustees. An experienced new Director, Nick Williams. commenced in post al the end of August 2023, with interim leadership from a surtably qualrf*d individual been June and August 2024. To facilitate effectrve operations. the Director hos delegated authority. The authority is wlthin terms of delegation approved by the Trusteès, for operational matters including finance, ernployTnent, artistic output and non- finanaal partnership agreements. The Director is responsible to the Board. and on a day-l(aY ba818. to the Chair. Appointments lo the Senior Management Team are made by the Director wth input from the Trustees. The Trustees determine the iemuneraion of the Director and Senior Management Team. Appointments lo other roles are made by the Director. The Director determines the remuneration of roles other than the Senior Management Team. within the overall budget approved by the Trustees. We empbyed 89 people followng the staffing $truCture, wth 31 stsff roles. and 58 casual contract staff employed during the financial year. 44fjh of staff resided within the Royal Borough of Greenwich. Pay is sel based on market rates and is approved by management and the Trustees (for senior roles). f. Subsidiaries and related partles The Trust has subsKliaries= wo0ch Works Trading Limrted (which handles commercial event hire and inhouse bar and catering facilities) and WooKwich Works Productions Ltd (which handles the costs and box office revenue from the performances that the Twst chvnl. The proff(s from the subsidiaries are Gift Aided to the Chaiity. TrustS do not Tve any payment of money or other material benefit (whether directly or indirectly) from the Trust except for reimbursement of reasonable out of ptxket expenses actually incurred in running the Charity. Plans for future perlods PrryJramme development irb 2024f25 including major family activities across the summer supported by Berkeley Homes, Rendall and Ritner and Royal Borough of Greenwch. This includes a free family fun day with an Olympic theme in July 2024 and a major new festival focusing on brass instruments and Mus, Brassworks taking plaGe in September 2024 including a patade through Wookvich. Food focused and themed actNities including the Free From Fair reluming, a reskyency of a new festival run by Black Eats London, and our own Beanfeast food festival launched 251 years to the day after the very first beanfeast celebrating the visit of Georg8111 lo W00h in 1773. We wll also San a Memorandum of UnderslarKling with the University of Greenwch to build a partnership to support stvdenl skills development in areas of shared focus, work collaboratively wrth academics lo mutual benefiL present projects in our spaces and continue lo partner on mutualty beneficial projects. Page 11
WOOLWICH CREATIVE DISTRICT TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Stalomont of Tru8tses' rospon8lblllllo8 The Trustees (who are also the directors of the Charty for the PUTposes of company lawl are responsible for prepartng the Trustees, Report and the financi81 statements in accordance with appluble and United Kingdom Accounting Standards Iunrted Kingdom Generalty Accepted Accounting Practice}. Company law requires the Trustees lo prepare financial statements for each financlal year. Under company law, the Trustees musl not approve the financi81 stslements unless they are satisfied that they give a true and f8ir ew of the slate of affairs of the Group and the Charty and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial ststements, the Trustees are required to.. selecl 8uilable accounting policies and then appty them consistenllw. observe the methods and principles of the Charities SORP IFRS 1021., make juégements and accounting estimates that are reasonable and prudent,. slate whether applicable UK Accounting Standards {FRS 1021 have been folk)wed. subject to any material departures disclosed and explained in the financial statements., ppare the financial statements on the going concern basis unless it rs inappropriate to presume that the Group 15 continue in business. The Trustees are responsible for keeping adUl6 accounting record8 that are sufknl to sh¢x and explain the Group and the Charitys transactions and disdose wf(h reasonable accuracy al any time the financkql posrtion of the Group and the Charity and enable them to ensure that the financial sL*emenls compty wrth the Companies Act 2006. They are also responsible for safeguarding the assets af the Group and the Charity and hence for tsking reasonable steps for the preVentn and delection of fraud and other irregularities. Dlgclosure of Infomlatlon to audftors Each of the persons who are Trustees at the li when this Trustees. Report is approved has confimied thaL so far as that TTUStee is aware, there is no relevant audit informalK)n of which the charitable group's aud((ors are unaware. and that Trustee has taken 811 the stops that ought to have been taken as a Trustee in order lo be aware of any relevant audrt infomiation and to 8Stablish that the charitsble group's auditors are aware of that Infomiation. Auditors The auditors. Goodman Jones LLP, were appointed during the year and have indicated their willingness to onlinue in officE. The designated Trustees wll pr¢¥08e a motion reappointing the audrtors * a mg9ling of the Trusloes. Approved by order of the members of the board of Trustees and signed on their behalf by. Ben Howarth Chair Date. li li i{ Page 12
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarant881 INDEPENDEiif AUDITORS. REPORT TO THE MEMBERS OF WOOLMCH CREATIVE DISTRICT TRUST Oplnlon We have audited the financhql slatemants of WooKvich Creative District Trust (the 'parent charitable companWI and ils subsidiaries (the 'group'l for the year ended 31 March 2024 which comprise the Consolidated Slalement of Financial Actwities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash FI and the related notes, including a summary of significant accounting policies. The financial reportir¥J framework that has been applied in their preparation is applicable law and United Kingdom Aceounling Standar(Is. including Financial Reporting Standard 102 'The Financ] Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting PraclKel. In our inK)n the financial statements.. gNe a true and fair wew of the slate of the Group's and of the parent charitable comp8nVs affair8 as at 31 March 2024 and of Ihe Group's incoming resources and application of resources, including it8 irthme and expendrture for the year then ended., have been propedy prepared in accordarKe with United Kingdom Generally Accepted Accounllng Practice," and have been prepared in accLJrdance with the requirements of the Companies Act 2006 and Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}l and applicable w. Our responsibilleS under those stsndards are further described in the Auditors. responsibilities for the audrt of the financial slalemenls sectw)n of our report. We are Independent of the Group in accordance wth the ethical requirements th81 are rdevant lo our audit of the financial statements in the United ¥ingdom. including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilrties in accordance wlh these requirements. We belwe that the audit eMdence we have obtained is Sufficient and appropriate to provKle a basis for our opinion. Concluslons relating to golng concern In audrting the financ1 statements, we have Goncluded that the Trustees. use of the going Cern basis of counliro in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relatlng to events or cormlitions that, indimdually or collectively, may cast significant doubt on the Group's or the parent charitable company's abilty lo continue as a goir@ concern for a per of al lea81 thlve months from when Ihe financial stslements are authorised for issue. Our responsibilities and the responsibilities of the Twstees with respect lo going concem are described in the relevant sectnS of this report. Page 13
WOOLWICH CREATfiE DISTRICT TRUST {A Company Llmltod by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOOLWICH CREATIVE DISTRICT TRUST (CONTINUED) Other Infomatlon The other infomiation comprises the inlormation included in the Annual Report other than the financial statements and oui Auditors, Report therwn. The Trustees are responsible for the other information corrtained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent othenthse explicitly stsled in our report. we do not express any fonn of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, constder whether the other infomiation is materhqlly inconsislent wilh the financial statements or our knowledge obtained In the course of the audit, or otherwise appears to be material misstated. If we identfy such material InnSistencS or apparent material misstatements, we are required lo detemiine whether this gives ris8 to a material misststemenl in the financial statements themselves. If, based on the work we have perfomed. conclude that there is a matsrial misstatement of this other infomialion, we are requireé lo report that fact. We have nothing to report In thi8 regard. Matters on whlch we are required to report by excoption We have rth)thing lo report in respect of the followng matters where the Charities (Accounts and Reports) Regulation8 2008 r¢>Juires us to report lo you rf, in our opinn= the information given in the Trustees, Report is inconsistent in any m*erral respect th the financial statements.. or the parent charitable company has not kept s[fflnI accKJunling records; or the parent charitable CoMnY financial ststements are not in agreement with the accounting records and retums., or we have not received all the infarmalion and explanations we require for our audiL Responsibilities of Irust88s As explained more fully in th8 Trustees. Responsibilities Statement, the Trustees (who are also the directors of the charitable ccffnpany for the purposes of company lawl are responsfv)le for the preparation of the firbancial statements and for being satisfied that they gwe a true and fair view, and for such internal control as the Truslees delem)ine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial slatemenls. the Tnjstees are responsible for assessing the Group's and the parent charitable companys abilty to continue as a going concem. disclosing, as applicable. matters rdated to going concem and using the going concern basis of accounting unless the Truslo93 either intend lo INJuidate the Group or the parent charitable ethlpary or to cease operations, or have no rea5i8tic olternatwe bul to ¢SJ so. Page 14
WOOLWICH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEklBERS OF WOOLWICH CREATIVE DISTRICT TRUST ICONTINUEDI Audltors. responsibilities for the audit of th8 financlal gtstements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance wf(h the Ad and relevant regulations made or having effect thereunder. Our objectNes are to obtain reasonablo assurance about whether the financial statements as a whole are free from material misstslemenl, ether due to fraud or error, and to issue an Audrtors, Report that includes our opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in cordance with ISAS IUK) wll always detect a material mi8ststement when it exists. Mi$5tatements can arise from fraud or error and are considered material if, ind1wdua1 or in the aggregate. they could reasonably be exFected lo influence the economic decisions of users taken on the basis of these financial statements. Irregul8ritse8, induding fraud, are Instsnces of nOn-cnplIance with laws and regulations. We deslgn procedures in line wlh our responsibilf(ies, outlined above. lo detect material misslalemenls in respect of irregularf(ies, including fraud. The extent to which our procedures are capable of detecting irregularilies, including fraud is detailed below. Based on our understanding of the comp8ny and industry. we Klentifd that the principal risks of rKJnwccmplian with L3ws and regulations relaled lo industry sector regulations and unethical and prohibrted business practices, and we sIdered the extent lo which noncomplrance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Char((ies Act 2011, Charty Commission and sector regulations, and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial Slatements (including the risk of override of conlrols}- Appropriate audit procedures in response to these risks were carried. These prccedures included.. Discussions wlh management, including con8ider8tion of known or suspe¢ted instances of non<ompliance Èh laws and regulation and fraud., Reading minutes of meetings of those charged wlh govemance., Obtaining and reading correspondence from legal and regulatory l)odies including HMRC., Identty'ng and lesling joumal entries.. Chalbnging assumptkJn$ and judgements made by management in their 8hJnificant accounting eslimates. We also communicated relevant iderbtified lawE and regulations and potential fraud risk8 to all engagement team members,. and remained alert lo any indKions of fraud or non-compliance wrth laws and regulations throughout the audit. There are inherent limitations In the audit procedures described above and the further removed rK)n-compliance with laws and regulations is from the events and transactions reflected in the financial slatemenls. the less likety we would bOme aware of it. Also, the risk of not delecling a material misstalemenl due to fraud is higher than the risk of not detecling one resulting from error, as fraud may involve delibetale concealrnenl by, for example, forgery or intentional misrepresentations, or through collusion. A further description of r88pon8ibilitse8 for the audit of the financial statements is located on the Financial Reporting Council's webstie at: www.frc.o -uklau itorsres onsibilities. This description forms part of our AjItors. Report. Page15
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WOOLWICH CREATIVE DISTRICT TRUST (CONTINUED> Usa of our rnport This report is made solely to the charitable companls trustees, as a body, in accordance with Part 4 of the Charrties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so th81 we might stat8 lo tho charitablo companls trustees those matters we are required lo stale lo them in an Auditors, Report and for no other purpose. To the fullest extent Pomiitted by law, we do not accept or assume responsibilty to anyone other than the charitable ccmpany and its members. as a body. for our audit work, for this report, or for the opinions we have formed. LLP Goodrnan Jonas LLP Chartered Accountants Ststutory Auditors 1st Fk)or Arthur SL*nley House 40-50 Tottenham Street London W1T4RN Dale.. i?- IL. Lg G¢Jodman Jones LLP are eli9ible to act as auditors in tem$ of section 1212 of the Companies Act 2006. Page 16
WOOLWICH CREATIVE DISTRICT TRUST IA Company Lirnited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 As restated Totsl funds 2023 Unrestrfcted fundg 2024 Restrlcted funds 2024 Tolal funds 2024 Note Income from: Donations and legacies Charitsbk activities Trading aclimties Other income 284,878 360,098 1.993.602 11,047 49,164 334,042 360.098 1,993,602 11.047 293,939 339,636 1, 125,409 52, 128 Total Income 2.649,625 49.164 2,698,789 t,81t.If2 Expenditure on: Raising fvnds Charitable actmties 463,480 2,645,231 463.480 2,686,924 846,956 1496,547 41,893 Total expendlture 3,108,711 41.693 3,150,404 4,343. Net (expenditureylncome Transfers betsveen funds (459,086) 75.872 7.471 175.872} 1451,615) (2.532,391) 20 Net movement In funds {383.214) {68.4011 1451,615) (2,532,391) Reconcillatlon of funds: Total fund3 brought foNMrd Net movement in funds (1,663,292) (383,214) 466,310 {68A011 {1,196,982) 1,335,409 {451,615) (2,532,391) Total funds carrfed forward 12,046,506) 397,909 11,648,597) {1, 196,982) The Consolidatsxl Statement of Financial Aclwities includes all gains and losses reccxjnised in the year. The notes on pages 23 to 44 fomi part of these financial statements. Page 17
WOOLWICH CREAMIE DISTRICT TRUST IA Company Llmlted by Guarante•l REGISTERED NUMBER: 11369859 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 As w&lated As restated 2023 2023 2024 2024 Note Fixed assets Intangible assets Tangible assèts 13 14 57,534 746,176 67.758 1,025, 732 803,710 1,093,490 Current assets Stocks Debtors Cash at bank and in hand 16 17 8.877 337.822 219.897 17,514 183, 144 170,984 566.596 371,642 Creditors.. arnounts falling due wthin one 18 1800,153) (443,364) Net Gurront liabiliti6s I233Sn 171, 722) Tolal assots less currnnt liabilities 570,153 1,021, 768 Creditors.. amunts falling due after more than one year 19 12.218,7501 (2,218,7) Not liabilities excluding ponsion ass•t (1.648,5971 (1, 196,982) Total net assets (1.648.597) (1, 196,982) Charlty funds Restricted funds Unrestricted funds 20 20 397,909 12,046,506) 466.310 fl.683.292) Total funds 11,648,597} (1, 196,982) The Charity was enlilled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the enlty to obtain an audit for the year in questDn in accordan th section 476 of the Companies Act 20C6. Hclr, an audit is required in accordance wth section 151 of the Charrties Act 2011. The Trustees acknowledge their responsibilities for comptying with the requirem8nts of the Act with respect to accounting records and preparation of financial statements. Page 18
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guaranteol CONSOLIDATED BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2024 The financial statements have been prepared in accordance with the provisions appluble to entities subject lo the sm811 ccmpanies iegime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Ben Howarth Chair Date. riliLI&L The notes on pages 23 10 44 form part of these financial statements. Page 19
WOOLMCH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarantse) REGISTERED NUMBER: 11369869 CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 As restalod As restated 2023 2023 2024 2024 Note Flxed assets Intsngible assets Tangible assets Investments 13 14 15 57,534 746,176 67, 758 1,025, 732 803,712 1,093.492 Current assets Debtors Cash al bank and in haTh 17 1,780.997 98.752 1,680.204 170,984 1,879,749 1.851, 188 Credrtors.. amounts falling due thin one 18 12.683.042) {1,956,276) Net currant liabilities 1803.2931 (105,088) Total assets less current liabilities 419 988,404 Credilor3'. amounts falling due after more than one year 19 11218,7501 (2218.7) Net Ilabllltles excludlng pension assat {1218,3311 (t,230,346) Total net assets 1£218.3311 (1,230.346) Charlty funds Restricted funds Unrestricted fvnd¥ 20 20 397,905 {1616,2401 466,310 (1.696,656) Total funds {2.218,3311 (1,230,346) The Charivs net movemenl in ful9 for the year was £{1,022.6121 (2023- £(2. 790.844)). The Charity was enlrtled to exemption from audit under section 477 of the Companies Act 20C6. The member8 have Ml required the entty to obtain an audit for Ihe year in queslDn in xGordarKe wth section 476 of the Companles Act 2006. However, an audit is requir&d in accnrdance with section 151 of the Charities Act 2011. Page 20
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantsel CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2024 The Trustees 8eknovAedge Iheir r8sponsibilibes for coMpn9 with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial slalomenls have been prepared in accordance wth the provisions applicable to entit5 subject lo the small companies regime. The finanaal statements were approved and authorised for issue by the Trustees arKI signed on their behaw by. Ben Howarth Chair Dale. lilli10¥ The notes on pages 23 to 44 fomi part of these financial statements. Page 21
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 As r8Stated 2023 2024 Cash flovpJ from operating activiti•s Net cash used in operating athltses 56,799 (t,645,480) Cash flow8 from investing aGtivitlos Proceeds from the sale of inlangibk assets Purchase of tangible frxed assets 7,639 (57, 780) 17.8861 Net cash used In Investlng actlvltles 17,8861 150,1411 Cash flows from flnanclng actlvltles Cash inflows from new borrowng 1, 775,000 Net cash provlded by financlng actl¥ltle8 1.775.000 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 48,913 79.379 170.984 91.605 Cash and cash equlvalents at the end of the year 219,897 170,984 The notes on pages 23 to 44 fomi part of Ihese financial statements Page 22
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmfted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Informatlon W¢JOKch Creative Distrcst Trust is a charit8ble company, limf(ed by guarantee, registered in England and Wales, and whose T4lstered off8 address is The Fireworks Factory, 11 No 1 Street, Wcolwich, London, SE18 6HD. The Charitls objects are the advancement of art for the public benefit as staled in the Truslees, Report. Accounting policies 2.1 Basls of preparation offinancial statamants The firiancial statements have been prepared in accordance wlh the Charities SORP {FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab in the UK and Republr of Ireland {FRS 102} (effective 1 January 2019), th¢ Financial Reporting Standard aPpIable in the UK and Republ of IreL8nd IFRS 1021 and the Companies Act 20CkS. WoolvAch CrealNe District Trust meets the definibon of a public benefit entity under FRS 102. Assets and liabilities are initialty reccgniged at historical cost or transaction value unless otheThvise ststed in the relevant accounting policy. The financial stslemenls are presented in Sterling, the fU110r1 currency of the Chariiy and the Group. and monetsry amounts are rounded to the nearest £. The ConsolKlatsd Stslement of Financial Aclmties ISOFAI and Consolidated Balance Sh901 consolidate the financial 8talements of the Charity and ts subsidiary undertakings. The resuts of the subsidiaries are consolmlated on a line by line basis. The Charity has tsken advantage of the exemption allchved under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 2.2 Golng concern At the balance sheet dale, the Charty and the Group are in 8 net liabilitS posttion. The Charity and Group are continuing to rebuikl and establish themSee8 folbwng the Covid-19 pandemic and the impact that that had on the organisalion in terms of being to operate and cary out is charitable activitie5 due lo restrictions during the pandem and Subsequent public uncertainty re public events. The Group has received financial support from the Royal Borough of GreenCh duriNd this period further loan fudning is avalb from Royal Borough of Greenw¢h rf required. In addition, the Charity has also secured significant levels of grant funding across the nexl financial years from a funder, who has also made an interest-free loan available for capital expendf(ure. The Charity has secured signfficant venue hire bookings for FY25 and also has confimed bookings for venue hire into Q1 an¢J Q2 for FY26. The Tru8tee8 have considered the future plans for the Charity and Group, the level of reserves, cash fl¢N, and the expected level of income and expenditure for a period of at least 12 months from the authorising of these financial stalemenls. The Trustees have a reasonable expectation that the Charity and Group have sufficient resetves and cash available to enable it to continue in q)eralional exislence of the foreseeable future and. as such, consider rt appropriate to adopt the going coreM basis when preparing these financial slalements. Page 23
WOOLWICH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarnnt801 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 Accounting policies Icontlnuedl 2.3 Fund accountlng General fvnds are nStriCte£l funds which are available for use at the discretion of the Trustees in fvrtherance of the general objectives of the Group and which have not been clesignated for other purposes. Designated funds comprise unrestricted funds that have bgen set aside by the Trustees for partular purposes. The aim and use of each designated fund is set out in the notes to the finanaal statements. Restricted funds are funds which are to bg used in accordance with Specif restrietlons impos&J by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the 8pecffi¢ fund. The aim and use of each restn'cled fund 15 set out in the notes to th8 financial statements. 2A Income All income is recognised once the Charity has enlitlernent to the income, it is probable that the income 11 be reTrIed and the amount of income can be measured reliably. Grants. induding grants for fixed a88ets, are reccon18 within the accounts as they become TeNable. Grants received in the accounting period in respect of future CountIng peri(Kf5 or i respect of grants subject to meéts'ng performance condf(ions are deferred until those periods or until those conditions are met. Grfts in kind donated for distribution are Includ at valuatbn aTrJ reccgnised as income when they ara distrlbuted to the projects. Gn2s donated for resale are included as income when they are sol(J. Where the donated good is a fixed assel, it is measured al fair value, unless it is impractical lo measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a COTresponding amount is included in the appropriate fixed asset class and deprecialed over the useful economic lrfe in accordance with the Chartys accounting pOIles. On rgcept, donated professional semces and facilities are recognised on the basis of the value of the gift to the Charity which is the amounl it would have been willing lo pay to obtain services or facilicies of equwalenl econom benefit on the open market,. 8 corresponding amount is then ognised in expenditure in the period of receipt. Income in respect of venue hire is rwnksed on the date of the hire. Other income is recognised in the period in whh it is receivable and to the extent the go¢)Is have been provhled or on completion of the servti. The charitable company benefrts I'rcm work carried out by volunteers. No monetary value is placed on this where the value of their contribution cannot be reasonabty quanltfied in financkql lemis. Page 24
WOOLMCH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarnnt80) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng policies (continued) 2.5 Expendlture Expenditure is recognised once there is 3 legal or conslruclwe obligation lo transfer econom benefrt to a third paty. it 15 probable that a transfer of economic benefits wll be required in settlement and the arnount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the totsl of direct costs and shared costs. including 5UPPOrt costs involved in undertaking each actimty. Direct costs attributable lo a single actiwly are altocated directly lo that aclmty. Shared costs which contribute lo more than one actiwty and support costs which are not attribu18ble lo a single actiwty are apportioned befvn those actwi(ies on a basis consislenl with the use of resources. Central slaff costs afe allocated on the basi8 of time spent, and depreciation charges allocated on the porb.on of the asset's use. Expendlture on charitable &twities is incurred on direclty undertaking the activrties which further the Group's objectwes, as well as any associated support costs. All expendilurg is inclusive of irrecoverable VAT. 2.6 Intangible aets and amortlsatlon Intangible assets are measured at cost less accumulated amortisation and any accumulated impairnient losses. Amortisalion is prowded on intangible assets at rate8 calculated to write off cost of each asset on a straighl-line basis over ils expected useful lrfe. The estimateA useful Iwes are a5 follows". Web6ite Branding 10 years 10 years 2.7 Tanglble flxed assets and depreclallon Tangible fixed assets ale lnrtia1 recc4Jni5ed at cost. After recc¥Jnition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment bsses. All costs incvrred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allte the COBt of tangible fixed assets less their residual value over their eslimaled useful Iwes, The estima useful lives are as folbws: Fixtures and fittings Stsging & roslra Sealing syst Loose furnishings Broadcast equipment Catering frtovl Pianos 3 years 25 years 2Q years 8 years 5 years 20 yea 15 years Page 25
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantea) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {contlnuedl 18 Slocks Stocks are valued at the lower of cost and net Tealisable value after making due allowance for obsolete and slow4noMng stocks. Cost includes all direct costs and an appropriate propjrtion of fixed and Variab overheads. 19 Debtors Trade and other debtors are recognis&J al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaKI net of any traJe discounts due. 2.IOCash at bankand In hand Cash at bank and in harKI inclLYe8 cash and short4erm highty liquid investments with a short maturty of three months or less from date of acquisition or opening of the deposit or similar account. 2.11 Llabllities and provlslons Liabilthes are recL¥nised when there is an obligation at the Balance Sheet date as a result of a past event, il is probabte that a transfer of 8concnic benefrt win be Nuired in settlement, and the amount of the settmOnt can be estimated reliabty. 2.12 Flnancial instruments The charitable company only has financial assets and financial liabilrties of a kind that qualrty as basi financial instruments. Basic financial instruments are initially recognised at transaction value aTrS subsequently measured at their settlement value with the exception of bank loan8 whleh are subsequently measured al amortis&J cost using the effoctNe interest method. 2.13 Operatlng leas88 Rentsls paid under operating leases are charged to the Consolidated Stslement of Financial ActNities on a straight4ine basis over the lease term. 2.14 Penslon8 The Charity operates a dafined contribution pension scheme. The assets of this scheme are also held separately from those of the Charity in an independenlty administered fund. Contributtrjns are charged to the Statement of Financial Actiirilies as they become payable. Page 26
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accouDting estimatas and area5 of ludgement Estimates and Ivdgemenls are conlinualty evaluated and are ba8ed on historical experien arKI other factors. including expaclations of future events thot are believed to be reasonable undeT the circumstsnces. Critical accounting estimates and assumptions.. The Charty makes eslimales and assumptions concerning the fulure. The resulting accounting estimat88 and assumptions wll, by definition, seldom equal the related actual results. The estimates and assumptions that are considered to have a significant risk of causing a material *Jjustmenl to the carying amnts of assets and liabiliiies within the nex1 financial year are rted below. Income Rec niti¢)n The Charity relVeS income from contr8cts and performance grants. These agreements include vallous quantitalwe and qualitative milestones and performance conditions lo be mel in order for the Charity to have entitlement to the fijnds. The Charity makes various assumptions in determining the stage of cOmpletn ofthese conlr&ts and performance grants. Income from donations and legacles Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total nds 2023 Donations Donations Donated 8ceS- rent 2,878 282.(M)O 10.000 12,878 282,000 2, 165 282,OLX) Total donation5 284,878 10.000 294,878 284. t65 Grants 39,164 39,164 9, 774 Subtotsl 39.164 39.164 9,774 284,878 49,164 334.042 293.939 Tota12023 283.665 10,274 293,939 Page 27
WOOLWICH CREATIVE DISTRICT TRUST (A Company LSmlted by Guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 k•ARCH 2024 Income from charitsble actlvltles Unrostrlcted funds 2024 Total funds 2024 Total funds 2023 Commercial hires, shows. and events 360,098 360.098 339,636 Total 2023 339,636 339.636 Income from other tradlng act5vltles Income from non charltable trading activities Unrestrlcted funds 2024 Totsl funds 2024 Totsl runds 2023 Commorcial hires, shM and events Corporate sponsorships 1.655,848 337,754 1.655.848 337,754 1,059,272 20,OCQ 1,993,602 1,993,602 t,079,272 Tot812023 1,079,272 1,079,272 Page 28
WOOLMCH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Incomlng resources Unrostrlcted funds 2024 Total funds 2024 Total funds 2023 Management fees Other income Other reGharges 50.915 5T2 641 663 663 10.384 10,384 11.047 11,047 52,128 Tot812023 52,128 52,t28 Analysls of expenditure on charitable activltles Sumrnary by fund type UnreStrIct Restrlcted funds funds 2024 2024 Total 2023- as slated Totsl 2024 Communty hire fees Commercial hires, sh¢)ws. events 611 2,644,620 2.517 1494,030 41.693 2,686.313 2.645,231 41,693 2,686,924 3.496,547 Tof812023 3,397.362 99. 185 1496,547 Page 29
WOOLWICH CREATIVE DISTRICT TRUST (A Company Limfted by Guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of exp•ndlture by activitios Actlvltles undertaken dlrecdy 2024 Total funds 2023- as taled Support costs 2024 Totsl lunds 2024 Communtty hire fees Commercial hires, shows, events 611 2.622.716 611 2,686,313 2.517 1494,030 63,597 63.587 2,623,327 2,686.924 3.496.547 Totsl 2023 60. 152 3,436.395 3,496,547 Page 30
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limitod by Guarant8el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatys16 of expenditure by activiti8s {continued} Anatysis ol support costs Commercial hlres, shows. events 2024 Total funds 2023- as stated Communty hlro fees 2024 Total funds 2024 Staff costs Premises costs Casual, agency, and fredancers other staff costs Printing. postage and stab'on8ry ITcosts Marketing and ccmmunications Professional fees Governance costs Other costs Renl, rates and utile$ fvAemberships and subscriptions Insurance Communty fund Contributions 1,238,463 271,971 26,555 34,885 2,223 84.838 72.840 48,137 752 1.238,463 271,971 26,555 34885 2,223 84,838 72,840 48.137 762 331,309 470.821 1.071 39,462 1.309,331 385, 135 82,504 (19,919) 1.781 116, 747 37,616 128,264 781 344,955 547, 764 10.289 41,397 443, 759 611 330,698 470.821 1,071 39,462 611 2,622.716 1623,327 3,436,395 Tot812023 2.517 3,433,878 3.436.395 10. Audltor8' remuneratlon 2024 2023 Fees payable to the Charivs auditor forthe audit of the Charitys annual accounts 15,000 13,CQO Fees payable to the Charitls audf(or in respect of: All non-audit seNce8 not included above 5.400 33,179 Page 31
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 W4es and salaries Sockgl srity costs Contribution lo defined contributn penslon schemes 1,12S,469 93,359 1.440,819 117,155 860.721 79,308 1,178,647 102, 19,835 31.059 16.196 28, 134 1,238.463 1,589,033 956,225 1,309.331 The average number of persons employed by the Chanty during the yaarwas as follows.. Group 2024 Group 2023 No. Charity 2024 No. Charity 2023 Employees 82 92 82 The number of employees whose empk)yee benefits (excluding employer pension costs) exceeded £60.000 was". Group 2024 No. Group 2023 No. In the baTrJ £60.001- £70,000 In the band £70.001- £80,000 In the band £140,001- £150,000 During the year, lotsl remuneration and benerrts incurr&J in rospecl of key management personnel, including nploye$ national insurance and pension contributions. lolalled E177,00412023.. £364,256). 12. Trustees. remunerdtion and expenses During the year, no Trustees received any remuneration or other benefrts (2023- £NIL). During th& year ended 31 March 2024. no Trustee expenses have been Irrred (2023- £NIL). Page 32
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Intangible assets Group and Charity Website At 1 ApTiI 2023 102,240 At 31 March 2024 102,240 Amortisation At 1 April 2023 Charge for the year 34.482 10.224 At 31 March 2024 44,706 Net book value At 31 March 2024 57,534 At 31 March 2023- as restated 67, 758 14. Tangible Ilxed a88ets Group and Charity Fixturns and fittlngs Cost or valuation At 1 April 2023 Addition8 1,589,238 7,886 At 31 March 2024 1.597.124 Page 33
WOoLwH CREATIVE DISTRICT TRUST (A Company Limltod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Tanglble fixed assets Icontinuod) Group •nd Charfty (contlnuedl Fixture8 and rrttlngs Depreclatlon At 1 April 2023 Charge for the year 663.606 287,442 At 31 March 2024 850,948 Net book valuo At 31 March 2024 746,176 Al 31 March 2023 88 rnStat8d 1,024 732 15. Flxed asset Investsnents Investments In subsidiary companies Charfty Cost or valuation Al l April 2023 Al 31 March 2024 Net book value At 31 March 2024 At 31 Mah 2023 Page 34
WOOLWICH CREATIVE DISTRICT TRUST IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Flxed asset Investrnents {contlnued) Prlnclpal subGldlarfes The follJing were subsidiary undertakings of the Charily. Names Company number Registered offlco or prlnclpal Principal actlvlty place of buslness WoolIch Works Trading Lld 13480360 The Fireworks Factory. 11 No 1 Commerical 8CtMty street. Woolich, London, Unlte Kingdom. SE18 6HD The Fireworks F8Ctory. 11 No 1 Arts productions street, Woobjich, London, Un Kingdom. SE18 6HD WOOlCh Works PrCduCtnS Lld 13480348 Class of shares Holding Included In consolidatlon Ordinary 100% Yes Ordinary 100% Yes The financial results of the subsidiaries for the year were.. Names Income Expendlture ProfrtllL088) I Surplusl (Daflcitl for the year Net assets w00ch Works Trading Ltd Woothch Works Pr(JUctns Ltd 1,510,242 110,979 1666,4161 {97,9541 843.826 13,025 843,827 (274,0921 16. Stocks Group 2024 Gmup 2023 Stock of food & drink 8,877 17,514 Page 35
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 17. D•btors Group 2024 Group 2023 Charity 2024 Charity 2023 Du• within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayn)ents 3nd accrua incomg Tax recoverable 306.262 65.863 738,26S 1.012.939 10.921 18,870 1,058,651 563, 175 1.024 33.828 23,526 10,921 20.637 57.635 36.120 23.526 337,822 183. 144 1.780.997 1.680,204 18. Credltors: Amounts falling due wlthln one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Trade creditors Amourkts ¢)wed to group undert8kings other taxation and social 8urity other creditors Accruals and deferred income 146.317 t84.830 437,593 2.019,393 7,883 56,224 161,949 369,028 1,380,563 138,939 69.115 455.782 12,893 39.334 206,307 23,512 183, 173 81)0.153 443.364 2.683,042 1,956,276 Group 2024 Group 2023 Charlty 2024 Charity 2023 Deferred incom8 at 1 April 2023 Re80urce8 deferred durrng the year 04,908 30,986 64.908 30.986 64,908 64,908 30,986 30.986 Deferred income represents deposfts hire fees recEved in advance for events and bookings that take p18ce in the next financial perlod. Page 36
WOOLWICH CREATIVE DISTRICT TRUST {A Company Llmlted by Guarantoo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Credhors: Amounts falllng duo after more than one year Group Gmup 2023- as restated Charty Charity 2023- 8S restate(J 2024 2024 Other loans 2.218,750 2,218. 750 2,218,750 Z218,T A public benefit entty concessionary loan was granted lo the Charty by the Royal Borough of Gfftnwch for a total value of £2.000,000. As at the reporting date, £1,775,000 has been drawn down by the Charity. The loan is interest free but subject to 25% contributions to a community fund maintained by the Royal Borough of Greenwich Iwhich total £443,750 at the balance sheet dale). Loan repayments wll begin in June 2026, with full repayment due by March 2037. The ban is seLured by fixed and fbating charge over all properties and undertakings of the Charity. Page 37
WOOLWICH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds ststement of funds- cuThent year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expendlture Unrestrlcted funds Deslgnated funds Royal Borough of GreenvCh 742,009 (20S,3831 536,646 General funds General Funds 12.405x11) 2,649,625 13.108.711} 281.235 12.583.152) Total Unragtrktod funds 11,663.292} 2,849,825 11108.7111 75,872 12.046,$061 Restrlcted funds Culture Recovery Fund RBG S1CkS funding National Lottery funding Portal Trust ACE Visrtors Bwk Cafe Cause 4 441.011 23,229 1070 152,7661 123.229} 123 388,246 12,193) (10,0001 (27.000) (2.$00} 10.000 27,000 2,500 9,664 Backstage Trust 9,664 466.310 49,164 141.6931 (75,872) 397.909 Totsl funds {1,196,9821 2.698.789 13,150A041 {1,64897) Page 38
WOOLWICH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statemont of funds (contlnu8d} Deslgnated funds Designated funds represent the net book of v81ue 81 the balance sheet date of fixed a88els purchased using start up fLJnding provided by the Royal Borough of Greenwch. Restrlcted funds Culture Recovery FurKI - funding recewed from Arts Council England under the Culture Recovery Fund. and represents the nel bod( value at the balance sheet date of fixed assets purchased wrth these funds. RBG $106 funding received from Ihe Royal Borough Of Greenwch under a s106 agreement, and represents the nel book value 81 the balance Sheet date of fixed assets purchased wlh these funds. Nation81 Lottery - funding I81ved during the prior period in relation to The Queen's Plats'num Jubilee programming. Portal Trust- funding received towards the salary costs of a teLhnical apprtsntice. ACE Visitors Book Cafe- funding receiv&1 for the Visitors B¢)ok Cafe programming. Cause 4 - funding re¢ewed for a Msioning day. Backstage Trust- fvndir4J received for specific aclmty in the 2024r25 financial year. Page 39
WOOLWICH CREATIVE DISTRICT TRUST (A Company Limlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds (contlnuedl Statement of funds- prlor year Balance al 31 Mah 2023- as r8Stated Balanc8 at l Apnl 2022- As reslatgd As rnst8ted as r8stst8d Incom8 Expenditure As Stated Transfe Unrestrlcted funds Deslgnated funds Royal Borough of Greenwch 884.656 {1,999,230J 1,856,583 742,CQ9 Genernl funds General Funds- all funds 1, 786, T30 {2,335,448J (1.856,583) (2.40&301) Total Unrestrlcted funds 884.656 1, 786,730 (4,334,678) (1.663.292) Restrictsd fvnds Cuhure Recovery Fund RBG S106 funding National Lottery funding Business grant income 501.448 54,200 (60.437) (30.971) 441.011 23,229 2,070 9.774 (7. 704) 173) 73 555, 721 9,774 (7, 77TJ (91.408) 466,310 Total funds- as rgststgd 1,440.377 1, 796,504 (4,342,455J f91,408) (1. 196,982J Page 40
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limited by Guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 21. Analysls of nèt assats b•tw*en funds Analysls of net a88ets between fund$ - current period Unrnstrlcted Restrlct8d funds fund$ 2024 2024 Totsl funds 2024 Tangible fixed assèts Intsngible fLxed assets Cuirenl assets Credit5 due within one year Creditor$ due in more than one ygar 357.931 57,534 556,933 (800,154) 12,218,750) 388,24S 746,176 457,534 566,597 1800,1541 {2.218.7501 Totsl 12,046,505) 397,909 11.648.596) Anatysl$ of net assets b&tr•&n funds - prior period Unreslricled funds 2023- as slated Resliicted furtds 2023- as restated Total funds 2023- as roslaled Tangl9 fixed assets Intangible fLYod asse15 Current ass•ts Creditors due within one year Creditor8 due In more than one year 569,273 67,758 361,791 (443,364) f2,218.750) 456,459 1.025. 732 67. 758 3T1,642 (443.364) (2,218,750) 9,851 Total (1,663,292) 466.310 (1.196.982J Page 41
WOOLWICH CREATIVE DISTRICT TRUST {A Company Llmltod by Guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Rgconclllation of net mov•m•nt In funds to net cash flow from operatlng actlvltlgs Group Group 2023- as stètsd 2024 Nel 8xpenditUTe for the period (as per Slal8ment of Financral Aclivllles) 1451,61S) (2,532,391) Adjustments for. Depreaation charges Arnortisation ¢harges De¢reaSellincase> in stocks Decreasel(increasel in debtors Increase in creditors 287A42 10.224 8.637 {164,6781 356,789 295,367 tO,224 (3,302) 378.461 206.161 Net Cash provld•d byllused Inl OP•Tating actTvltlb$ 56,799 (1.645,480) 23. Analys1$ of cash and eash equivalonts Group 2024 Group 2023 Cash in hand 219.897 170.984 Total cash and ca8h equlval•nts 219.897 170.984 Anatysls of chang•s in net d•bt At 1 Aprfl 2023 Cash flows At 31 March 2024 Cash al bank and in hand Debt due 8fter 1 year 170,984 12,218,750) 48.913 219.897 12.218,7501 12.047.766) 48,913 11.998,853} Page 42
WOOLWICH CREATIVE DISTRICT TRUST IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Penslon commllments The Group operates a defined contriblrtion pension scheme. The assets of the scheme are held Separate from those of the Group in an Independent administered fund. The pension cost charge represents contributions payable by the Group lo the fund and amounted lo £19,63512023'. £31,059) were payable lo the fund at the balan sheet dale and are induded in creditors." Prror year adjustment The Charty has rnade the following prior year adjustments.. 1. The Charty has 8djusted for intemal branding costs previous capitalised as intsngible assets. Tha impact is lo reduce intangible assets and prior year unrestricted funds brought fomard by £104,968. 2. The Ch8rty has redassifed various tangible fixed assets previousty incorrect classified as intangible assets. There is no impact on the Statement of Financial ActNi(ies or funds in resepct of this adjustment. 3. The Charity has reclassrffed the depreciation charge on assets purchased with restricted funds but which are not reslricled assets to unrestllcled expenditure, with a corresponding transfer made for the calue of the depreciation charge. There is no impact on the Statement of Financial Actmlies or funds in reseFcI of this adjustment. 4. Under the terms of the loan agreement th Royal Borough of Greenwich, communty fund contributions are due lo Royal Borough of GreenWh al 25OA of the loan balance drawn down. Such payments were not prewously provide(I for in the financial statements. The impact of this adjustment bs to increase unrestricted expenditure and long4erm creditors by £443,750. The lotsl impact of tho above adjustments is to reduce unrestricted funds by £548,718. Page 43
WOOLWICH CREATIVE DISTRICT TRUST (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Related paty tran8actlon8 The Charity has Mtholly-owned subshdiaries. WooKwch Works Trading Ltd and WooNIch Works Productions Ltd, as disckised in note 14. During the year, the foll0vng transactions look place behveen the Charity and the sthsidiaries: Wwknch Works Trading Ltd.. The Charty Gharged management fees of £18,651 {2023'. £14,608). The Charty recharged wages and salary costs of £282,23812023.' £27S.S141. At Ihe balance sheet dale. an amounl tolalling £1,116,373 12023= £559,926) including intercompany and trade balances was owed to the Charity. The Charty received gifted proffts of £320.48212023.' £nil). At the balance sheet dale, the Charty was holding sales income lotalling £2,016,776 {2023: £1,364,741) received on trust on beha of the subsidiary. Wookneh Works Productions Ltd.. The Charity recharged costs of £68,651 12023.. £281.0111. At the balance sheet date, an amount totalling £261.180 {2023: £3,249) including intercompany and trade balances was owed to the Charity. At the balance sheet date, the Charity was holding $ales income totalling £2,81712023: £15,822) reNed on Iru8t on behalf of the subsidiary. During the year, the Charity received income of £nil12023'. £3501 and Wwlwch Works Trading Limited rwEwed income of £nil (2023.. £2,266) from Visii Greenwich, a Community Interest Company over which a Iruslee of the Charity holds significant influence. There was no balance due to or from Visit Greenwch in erther the current or pritir years. During the year, w001¢h Works Trading Ltd receNed income of £nil12023'. £8921 in relation to an event held on behalf of a trustee of the Charty. There was no balance due to or from the Trustee at thg balance sheet d*e. 28. Charfty status and controlling paty WooKMch CreatNe Distr1 Trust is a charitable compary limilgd by guarantee and ¢onsequenlty does not have share capi181. Each of th6 Trustee6 is liable to contribute an ount not exceeding £1 towards the 8ssels of the charrtable company in the event of liquidation. The Charity 18 controlled by the Board of Trustees. Page 44