## West Ham Park
Annual Report and Financial Statements for the year ended 31 March 2022
Charity registration number 206948
## **CONTENTS**
ORIGINS OF THE CHARITY ................................................................... 1 STRUCTURE AND GOVERNANCE ........................................................ 2 ACHIEVEMENTS AND PERFORMANCE ............................................... 6 FINANCIAL REVIEW ............................................................................... 8 TRUSTEE’S RESPONSIBILITIES ......................................................... 11 INDEPENDENT AUDITOR’S REPORT ................................................. 13 STATEMENT OF FINANCIAL ACTIVITIES ........................................... 16 BALANCE SHEET ................................................................................. 17 NOTES TO THE FINANCIAL STATEMENTS ........................................ 18 REFERENCE AND ADMINISTRATION DETAILS ................................. 31
West Ham Park | Annual Report and Financial Statements 2021/22
## **ORIGINS OF THE CHARITY**
West Ham Park was purchased in 1874 from Mr John Gurney. The conveyance to the City of London Corporation provided that it was to be held on trust forever “as open public grounds and gardens for the resort and recreation of adults and as playgrounds for children and youth”. The City of London Corporation agreed to maintain and preserve the Park for this purpose at its own cost. The Park is managed by a joint committee of 15 managers, eight of whom are appointed by the City of London Corporation, four by the heirs of the late John Gurney, one by the Parish of West Ham and two by the London Borough of Newham. The Park is listed in Historic England’s Register of Historic Parks & Gardens (Grade II).
This charity is operated as part of the City of London Corporation’s City’s Cash. The City of London Corporation is committed to fund the ongoing net operational costs of the charity in accordance with the purpose which is to maintain and preserve the Park “as open public grounds and gardens for the resort and recreation of adults and as playgrounds for children and youth”.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **TRUSTEE’S ANNUAL REPORT STRUCTURE AND GOVERNANCE**
## **GOVERNING DOCUMENTS**
The governing documents are the indenture Acts dated 20 July 1874 and the schemes approved by the Charity Commission on 12 May 1981 and 27 September 1991. The charity is constituted as a charitable trust.
## **GOVERNANCE ARRANGEMENTS**
The Mayor and Commonalty and Citizens of the City of London (also referred to as ‘the City Corporation’ or ‘the City of London Corporation’), a body corporate and politic, is the trustee of West Ham Park. The City Corporation is trustee acting by the Court of Common Council of the City of London in its general corporate capacity and that executive body has delegated responsibility in respect of the administration and management of this charity to various committees and sub-committees of the Common Council, membership of which is drawn from 125 elected Members of the Common Council and external appointees to those committees. In making appointments to committees, the Court of Common Council will take into consideration any particular expertise and knowledge of the elected Members, and where relevant, external appointees. External appointments are made after due advertisement and rigorous selection to fill gaps in skills. For West Ham Park elected Aldermen and Members of the City of London Corporation, together with four members nominated by the heir-at-law of the late John Gurney, one member nominated by the London Borough of Newham, are appointed to the West Ham Park Committee governing West Ham Park by the Court of Common Council of the City of London Corporation.
Members of the Court of Common Council are elected by the electorate of the City of London. The Key Committees which had responsibility for directly managing matters related to the charity during 2021/22 were as follows:
- **Policy and Resources Committee –** responsible for allocating resources and administering the charity.
- **Finance Committee –** responsible for controlling budgets, support costs and other
- central charges that affect the charity as a whole.
- **Audit and Risk Management Committee –** responsible for overseeing systems of internal control and making recommendations to the Finance Committee relating to the approval of the Annual Report and Financial Statements of the charity.
- **West Ham Park Committee –** responsible for the activities undertaken at West Ham Park, approving budget allocations for the forthcoming year and acting as Trustees of the charity.
- **Corporate Services Committee –** responsible for personnel and establishment matters throughout the City of London, including negotiations with the recognised trade unions.
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West Ham Park | Annual Report and Financial Statements 2021/22
All of the above committees are ultimately responsible to the Court of Common Council of the City of London. Committee meetings are held in public, enabling the decision-making process to be clear, transparent and publicly accountable. Details of the membership of Committees of the City Corporation are available at www.cityoflondon.gov.uk
The charity is consolidated within City’s Cash as the City of London Corporation exercises operational control over their activities. City’s Cash is a fund of the City Corporation that can be traced back to the 15th century and has been built up from a combination of properties, land, bequests and transfers under statute since that time. Investments in properties, stocks and shares are managed to provide a total return that:
- Allows City’s Cash to use the income for the provision of services that are of importance nationally and internationally as well as to the City and Greater London;
- Maintains the asset base so that income will be available to fund services for the benefit of future generations.
The trustee believes that good governance is fundamental to the success of the charity. A comprehensive review of governance is ongoing to ensure that the charity is effective in fulfilling its objectives. Reference is being made to the good practices recommended within the Charity Governance Code throughout this review. Focus is being placed on ensuring regulatory compliance and the ongoing maintenance of an efficient and effective portfolio of charities that maximise impact for beneficiaries.
## **ORGANISATIONAL STRUCTURE AND DECISION-MAKING PROCESS**
The charity is administered in accordance with its governing instruments and the City Corporation’s own corporate governance and administration framework, including Committee Terms of Reference, Standing Orders, Financial Regulations and Officer Scheme of Delegations. These governance documents can be obtained via a request to the email address stated on page 31.
Each Member by virtue of their membership of the Court of Common Council, its relevant committees and sub-committees, has a duty to support the City Corporation in the proper exercise of its functions and in meeting its duties as trustee of the charity by faithfully acting in accordance with charity law, the Terms of Reference of the relevant committee or subcommittee, and the City of Corporation’s agreed corporate governance framework as noted above, backed up by its standards regime.
As part of the City of London Corporation’s restructure, the Open Spaces Department has merged with Planning & Transportation and Port Health & Environmental Services to form a new Environment Department, and West Ham Park became part of the Environment Department from 1 April 2022.
## **INDUCTION AND TRAINING OF MEMBERS**
The City Corporation makes available to its Members, seminars and briefings on various aspects of its activities, including those concerning the charity, to enable Members to carry out their duties efficiently and effectively. Induction meetings are provided on specific aspects of the work of West Ham Park. If suitable seminars or other training options are identified that are relevant to the charity, Members are advised of these opportunities.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **OBJECTIVES AND ACTIVITIES**
The objectives of the charity are to hold West Ham Park on trust forever “as open public grounds and gardens for the resort and recreation for adults and as playground for children and youth”. The City of London Corporation agreed to maintain and preserve the Park for this purpose at its own cost.
In support of these objectives the main activities of the Charity are set out in the West Ham Park Management Plan, and include the maintenance of grounds, gardens, infrastructure and play equipment, specifically the lawns, trees, plants, structures and hard landscaping that make up this 19[th] Century traditional park environment.
## **Volunteers**
The Charity works closely with the Friends of West Ham Park who deliver numerous walks, talks and events throughout the year, as well as volunteering in the vegetable garden and wildlife garden, and undertaking organised litter-picks. Other volunteer opportunities with groups and individuals contributed over 1000 volunteer hours for 2021/22 **.**
## **Remuneration Policy**
The charity’s senior staff are employees of the City Corporation and, alongside all staff, pay is reviewed annually. The City Corporation is committed to attracting, recruiting and retaining skilled people and rewarding employees fairly for their contribution. As part of this commitment, staff are regularly appraised and, subject to performance, eligible for the payment of recognition awards.
The above policy applies to staff within the charity’s key management personnel, as defined within note 9 to the financial statements.
The charity is committed to equal opportunities for all employees. An Equality and Inclusion Board has been established to actively promote equality, diversity and inclusion in service delivery and employment practices. The Board is responsible for monitoring the delivery of the Equality and Inclusion Action Plan and progress against the Equality Objectives. This also includes addressing the City Corporation’s gender, ethnicity and disability pay gaps.
Owing to the COVID 19 pandemic and the recommendations from the Tackling Racism Taskforce, which was set up last year to identify the actions that the City Corporation could implement to tackle racism in all its forms, the Corporate Equality and Inclusion Plan will be updated in the autumn. There is work ongoing relating the new Equalities and Inclusion objectives, that will include internal and external consultation. This is expected to take place at the end of April 2023, with publication of the revised Equalities and Inclusion objectives by September 2023.
Senior staff posts of the City Corporation are individually evaluated and assessed independently against the external market allowing each post to be allocated an individual salary range within the relevant grade, which incorporates market factors as well as corporate importance.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **Fundraising**
Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. Although the West Ham Park charity does not undertake widespread fundraising from the general public, any such amounts receivable are presented in the financial statements as “voluntary income” including grants.
In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fund-raisers, or third parties. The day to day management of all income generation is delegated to the executive team, who are accountable to the trustee. The charity is not bound by any regulatory scheme and does not consider it necessary to comply with any voluntary code of practice.
From December 2020 a donations page has been created on the West Ham Park webpage, inviting and enabling the public to make on-line donations to the West Ham Park Playground Refurbishment campaign.
The charity has received no complaints in relation to fundraising activities in 2021/22 (2020/21: £nil). Individuals are not approached for funds, hence the charity does not consider it necessary to design specific procedures to monitor such activities.
## **Public benefit statement**
The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing West Ham Park aims and objectives and in planning future activities. The purpose of the charity is to maintain and preserve the Park in perpetuity by the City of London Corporation as the Conservators of West Ham Park “as open public grounds and gardens for the resort and recreation of adults and as playgrounds for children and youth.
Consequently, the Trustee considers that West Ham Park operates to benefit the general public and satisfies the public benefit test.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
The administrative details of the charity are stated on page 31.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **ACHIEVEMENTS AND PERFORMANCE**
The team at West Ham Park have ensured that the site remained open and accessible throughout the COVID-19 pandemic. However, with the focus on keeping the Park open, tidy and safe, this did impact on the delivery of some of the projects planned for 2021/22 which will roll over into 2022/23.
## **Key Targets for 2021/22 and review of achievement**
**ULEZ Compliant Vehicles:** A replacement road-sweeping vehicle was successfully procured at the beginning of the financial year. The purchase of a replacement van, in common with other fleet replacement across the department and indeed across the country, remains outstanding due to severe procurement delays resulting from impacts of Brexit and Covid supply line issues. Discussions continue with the procurement team and suppliers to ensure that the replacement vehicle can be procured in the 2022/23 financial year.
**Playground project:** Tendering was successfully completed and Planning approval gained this year. Again, due to supply line issues resulting from the Covid pandemic and Brexit, the start date for works – originally proposed for September – was delayed. However works successfully started on site in January and should be completed by the end of July 2022, with the playground opening in time for the summer holidays.
**West Ham Park Nursery Project:** The project has continued to progress at pace this year, and in February Members voted in favour of their preferred developer selection, following a comprehensive tendering and evaluation exercise. Officers and Members will now work with the preferred developer to set strict criteria that will help inform the design, both of the development itself and of the additional green space and facilities to be provided.
The Park’s team continue to work with City Surveyors and the City’s Legal department to provide all necessary information to the Charity Commission to ensure full regulatory compliance in this major project.
**Sports Partnerships:** The charity has continued to work with sporting partners in order to maintain or increase active participation through sport at West Ham Park in line with agreed targets.
**Learning in West Ham Park:** Despite the “stop/start” nature of lockdown regulations at the beginning of 2021/22, the departmental Learning Team have worked exceptionally hard to continue delivering quality learning materials and face-to-face sessions throughout the year. During periods of lockdown sessions took place either virtually or with sociallydistanced sessions on site, and through an extensive suite of virtual learning materials both for the students themselves, and for teachers to lead sessions in the classroom, linked closely to the needs of the National curriculum. With the easing of restrictions, the team were able to resume the full range of face-to-face sessions on site, the resulting uptake demonstrating how much these hands-on sessions had been missed by the children and schools’ staff alike.
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West Ham Park | Annual Report and Financial Statements 2021/22
**Budget Management:** The 12.5% budget reduction was successfully achieved through a carefully-managed combination of reducing unnecessary expenditure and increasing income. Going forward, a key strategic objective for the Charity will be the successful realisation of the Nursery project (see above and below), which will ensure the Charity’s financial sustainability for the future.
**Corporate Restructure:** The Superintendent has worked closely with the departmental senior leadership team and other senior officers from across the new Environment Department throughout 2021/22. This resulted in the proposed structure for the new department being agreed at Establishment Committee in January. Following extensive staff consultation, the proposed structure was adopted at the beginning of March, to become effective from the 2022/23 financial year. The new structure sees West Ham Park split from its former division of Parks and Gardens, to be aligned under the new Natural Environment Division, along with the City’s other green spaces outside of the Square Mile. Any further changes will be considered as part of Phase 2 of the corporate restructure, which will be consulted upon over the summer of 2022, with the aim of implementing any further changes in autumn of 2022.
## **PLANS FOR FUTURE PERIODS**
Subject to the continued removal of Coronavirus restrictions or any further new variants of the virus, the team will focus on delivering the following key projects over the next 12 months.
## **Key projects for 2022/23 include:**
**ULEZ Compliant Vehicles -** the charity will continue to progress the procurement of a new van, compliant with the Ultra-Low Emissions Zone, and to ensure the long-term viability of the charity’s vehicles and equipment.
**Playground project** – to complete the delivery of the playground by summer 2022.
**West Ham Park Nursery Project** - Work will continue with the City Surveyor and other partners towards delivering the West Ham Park Nursery Project.
**Sports partnerships** - The charity will continue to work with sporting partners in order to maintain or increase active participation through sport at West Ham Park, this year focussing on the future of tennis delivery in partnership with the Lawn Tennis Association.
**West Ham Park Management Plan** - Following completion of Phase 2 of the corporate restructure (see below) in autumn of 2022, and greater certainty on the Nursery Project, in the latter part of the year officers will undertake preparatory work for a new Park Management Plan.
**Corporate Restructure Phase 2** - Work closely with officers across the new Natural Environment Division to successfully deliver Phase 2 of the corporate restructure by autumn 2022.
The Trustee does not consider there to be any material uncertainty around going concern and further detail regarding this is set out on page 18.
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West Ham Park | Annual Report and Financial Statements 2021/22
The Trustee is monitoring the situation and will continue with its plans to hold West Ham Park on trust forever “as open public grounds and gardens for the resort and recreation for adults and as playground for children and youth”.
## **FINANCIAL REVIEW**
## **Overview of Financial Performance**
## **Income**
In 2021/22 the charity’s total income for the year was £1,540,247, an overall decrease of £62,470 against the previous year (£1,602,717). The principal source of income was from City of London Corporation’s City’s Cash fund (see below).
Income from Charitable Activities comprised £48,377 from fees charged (2020/21: £113,334) and £237,168 from rents (2020/21: £208,624). Given the impact of the COVID pandemic, the periods between lockdowns saw a much lower demand for certain sports, notably tennis, which resulted in a much lower than anticipated level of income. However, the 5-yearly rent review for the Cedars site resulted in a significant increase in terms, providing a higher than anticipated level of rental income.
There was no grant income received during the year (2020/21: £nil).
Donations - being amounts received from the public through donations. A donation of £1,546 was received from a customer toward materials, inscription, delivery and installation costs of a memorial bench (2020/21: £nil). Donations can be made on the West Ham Park webpage, to the West Ham Park Playground Refurbishment project. In total £1,140 was received during the year (2020/21: £256). The full amount was held as at 31 March 2022 in a restricted fund for ‘Campaign Donations’.
Interest of £791 from cash held following the sale of property was received (2020/21: £1,186).
Other income of £1,204 was received through Learning Programme recharges in relation to Coronavirus Job Retention Scheme (2020/21: £333).
An amount of £1,250,021 (2020/21: £1,278,984) was received from the City of London Corporation’s City’s Cash as a contribution towards the running costs of the charity.
## **Expenditure**
Total expenditure for the year was £1,479,194, with all expenditure relating to charitable activities (2020/21: £1,612,456). The decrease in expenditure is owing to a lower number of cyclical building works taking place during the year and vacancies being held at West Ham Park whilst the department went through its restructure.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **Funds held**
The charity’s total funds held increased by £61,053 to £111,284 as at 31 March 2022 (2020/21: £50,231).
The charity’s designated funds consist of unrestricted income funds which the Trustee has chosen to set aside for specific purposes. Such designations are not legally binding, and the Trustee can decide to “undesignate” these funds at any time. Designations as at 31 March 2022 totalled £109,888 (2020/21: £49,975). The increase in designated funds is due to the delivery of the refurbishment of the playground. These designated funds represent the net book value of fixed assets held.
A restricted fund of £1,396 (2020/21: £256) was held at year-end. This relates to Campaign Donations for the West Ham Park Playground Refurbishment project.
Details of all funds held, including their purposes, is set out within note 15 to the financial statements.
## **Reserves**
The charity is wholly supported by the City of London Corporation which is committed to maintain and preserve West Ham Park out of its City’s Cash Funds. These Funds are used to meet the deficit on running expenses on a year by year basis. Consequently, this charity has no free reserves and a reserves policy is considered by the trustee to be inappropriate.
Donations are now being sought and these may be carried forward but there is currently no intention to hold them as a minimum amount owing to the deficit funded status of the Charity.
## **Principal Risks and Uncertainties**
The charity is committed to a programme of risk management as an element of its strategy to preserve the charity’s assets. In order to embed sound practice the senior leadership team ensures that risk management policies are applied, that there is an on-going review of activity and that appropriate advice and support is provided. A key risk register has been prepared for the charity, which has been reviewed by the Trustee. This identifies the potential impact of key risks and the measures which are in place to mitigate such risks.
The principal risks faced by the charity, and actions taken to manage them are as follows:
|**Risk**|**Actions to manage risks**|
|---|---|
|**Health & Safety**|Continue to develop a good culture of reporting accidents,
incidents and near-misses.
Contractor protocol is in place including works undertaken
by City Surveyor’s and external contractors.
Regular review of on-site health and safety by peer review.
Clear roles and responsibilities set out in documentation
and reinforced through training.
It is accepted that when providing a hands-on service and
dealing with the public, a certain level of risk is inevitable
and therefore cannot be removed completely.|
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West Ham Park | Annual Report and Financial Statements 2021/22
|**Risk**|**Actions to manage risks**|
|---|---|
|**Extreme weather**
**and climate change**
**risk**|City Climate Adaptation Strategy in place.
Emergency Plan in place; monitoring of warning systems;
Extreme Weather Policy adopted for the Charity.
Current level of risk cannot be removed completely.|
|**Population increase**
**(residential and**
**worker)**|Attend meetings and respond to consultation on local
plans of neighbouring boroughs.
Maintain a close partnership with planning authorities.|
|**Major incident**
**resulting in**
**prolonged ‘Access**
**Denial’**|Emergency Plan is in place and will be reviewed during
the year.
Team is represented on the Resilience Forum and Public
Realm Security Advisory Board. Actions and implications
are disseminated to staff.
All staff are trained in relevant areas.|
|**Ultra-Low**
**Emissions Zone**|Non-compliant vehicles being replaced.|
|**Poor repair and**
**maintenance of**
**buildings**
**(inadequate**
**planned or reactive**
**maintenance)**|Statutory checks carried out to set schedule.
Most pressing repairs/assets at risk have been escalated
through the Cyclical Works Programme (CWP) or
identified and submitted as target projects under the City
Corporation’s projects procedure.
Seekingto further reduce current risk level|
|**Pests and diseases**|Comprehensive tree management system in place.
Staff trained in early identification and treatment.
Some residual risk accepted(natural cycles).|
|**Poor Public**
**Behaviour**|Continue to work with the London Borough of Newham
enforcement team, police, schools liaison and SNTs.
Dog Control Orders in place where required.|
|**Budged reduction**
**and income loss**|Work closely with Chamberlain’s Department to monitor
budget lines and keep them informed as financial situation
develops.
Predictions on loss of income being worked up to aid
longer term decision making, including rental, sports
provision, catering and retail.
Non-essential works cancelled and focus placed on
increasing income to offset budget reduction.
Review of staffing structures likely in order to align with the
corporate restructure(Phase 2).|
There is a comprehensive system in place for monitoring each of these risks and mitigating actions are undertaken including training, strengthening controls and plans of action.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **TRUSTEE’S RESPONSIBILITIES**
The Trustee is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustee to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the Trustee must not approve the financial statements unless the Trustee is satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustee is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable the Trustee to ensure that the financial statements comply with the Charities Act 2011. The Trustee is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustee is aware:
- there is no relevant audit information of which the charity’s auditors are unaware; and
- the Trustee has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Financial statements are published on the Trustee’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the Trustee’s website is the responsibility of the Trustee. The Trustee’s responsibility also extends to the ongoing integrity of the financial statements contained therein.
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West Ham Park | Annual Report and Financial Statements 2021/22
Adopted and signed for on behalf of the Trustee.
Henry Nicholas Almroth Colthurst, Deputy Randall Keith Anderson, Deputy Chairman of Finance Committee of Deputy Chairman of Finance Committee The City of London Corporation of The City of London Corporation
Guildhall, London 31 January 2023
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West Ham Park | Annual Report and Financial Statements 2021/22
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE**
## **OF WEST HAM PARK**
## **Opinion**
We have audited the financial statements of West Ham Park (‘the charity’) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.
## **Other information**
The Trustee is responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or
- sufficient and proper accounting records have not been kept by the Charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustee**
As explained more fully in the Trustee’s responsibilities statement set out on page 11 and 12, the Trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustee is responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011, and report in accordance with the Acts and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
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In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, Health and safety legislation, and Employment legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, internal audit, legal counsel and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s Trustee those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustee as a body, for our audit work, for this report, or for the opinions we have formed.
## **Crowe U.K. LLP**
Statutory Auditor
55 Ludgate Hill, London, EC4M 7JW
## 31 January 2023
> Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
15
West Ham Park | Annual Report and Financial Statements 2021/22
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|||Unrestricted|Restricted|||
|---|---|---|---|---|---|
||Notes|Funds|Funds|**2021/22**|2020/21|
|||£|£|**£**|£|
|**Income from:**||||||
|Voluntary activities|2|-|2,686|**2,686**|256|
|Charitable activities|3|285,545|-|**285,545**|321,958|
|Grant from City of London Corporation|4|1,250,021|-|**1,250,021**|1,278,984|
|Investments|5|791|-|**791**|1,186|
|Other income|6|1,204|-|**1,204**|333|
|**Total income**||1,537,561|2,686|**1,540,247**|1,602,717|
|**Expenditure on:**||||||
|Charitable activities:||||||
|Maintenance andpreservation of West Ham Park|7|1,477,648|1,546|**1,479,194**|1,612,456|
|**Total expenditure**||1,477,648|1,546|**1,479,194**|1,612,456|
|**Net income/(expenditure)**||59,913|1,140|**61,053**|(9,739)|
|**Net movement in funds**||59,913|1,140|**61,053**|(9,739)|
|**Reconciliation of funds:**||||||
|Total funds brought forward(as at 1 April 2021)|15|49,975|256|**50,231**|59,970|
|**Total funds carried forward**|15|109,888|1,396|**111,284**|50,231|
All of the above results are derived from continuing activities.
There were no other recognised gains and losses other than those shown above. The notes on pages 18 to 31 form part of these financial statements.
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West Ham Park | Annual Report and Financial Statements 2021/22
## **BALANCE SHEET**
## **AS AT MARCH 2022**
|**AS AT MARCH 2022**||||
|---|---|---|---|
||Notes|**2022**|2021|
|||**Total**|Total|
|||**£**|£|
|**Fixed assets:**||||
|Tangible assets|11|**109,888**|49,975|
|**Total fixed assets**||**109,888**|49,975|
|**Current assets:**||||
|Debtors|12|**77,895**|36,765|
|Cash at bank and in hand||**27,532**|102,339|
|**Total current assets**||**105,427**|139,104|
|**Creditors: Amounts falling due within one year**|13|**(104,031)**|(138,848)|
|**Net current assets**||**1,396**|256|
|**Total assets less current liabilities**||**111,284**|50,231|
|**The funds of the charity:**||||
|Restricted income funds|15|**1,396**|256|
|Unrestricted income funds|15|**109,888**|49,975|
|**Total funds**||**111,284**|50,231|
The notes on pages 18 to 31 form part of these financial statements
Approved and signed on behalf of the Trustee.
## Caroline Al-Beyerty
## Chamberlain of London and Chief Financial Officer
31 January 2023
17
West Ham Park | Annual Report and Financial Statements 2021/22
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. ACCOUNTING POLICIES**
The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the financial statements of the charity.
## **(a) Basis of Preparation**
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) and the Charities Act 2011.
## **(b) Going concern**
The financial statements have been prepared on a going concern basis as the Trustee considers that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity’s governing documents place an obligation on the City of London Corporation to preserve the open spaces for the benefit of the public. Funding is provided from the City of London Corporation’s City’s Cash. On an annual basis, a medium-term financial forecast is prepared for City’s Cash, covering the next 5 years from the period covered by these financial statements. The latest forecast anticipates that adequate funds will be available in the 12 months from the date of these financial statements being signed to enable the charity to continue to fulfil its obligations.
In making this assessment, the Trustee has considered the potential ongoing impact of the Covid-19 pandemic and current high inflationary pressures on the financial position, including future income levels and planned expenditure and the liquidity of the charity over the next 12-month period. For these reasons the Trustee continues to adopt a going concern basis for the preparation of the financial statements.
## **(c) Key management judgements and assumptions**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis of decisions about carrying values of assets and liabilities that are not readily apparent from other sources. The resulting accounting estimates will, by definition, seldom equal the related actual results.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. Management do not consider there to be any material revisions requiring disclosure.
18
West Ham Park | Annual Report and Financial Statements 2021/22
In preparing the financial statements, management has made the following key judgements: useful economic life of fixed assets.
## **(d) Statement of Cash Flows**
The charity has taken advantage of the exemption in FRS102 (paragraph 1.12b) from the requirement to produce a statement of cash flows on the grounds that it is a qualifying entity.
A Statement of Cash Flows is included within the City’s Cash Annual Report and Financial Statements 2022 which is publicly available at www.cityoflondon.gov.uk.
## **(e) Income**
All income is included in the Statements of Financial Activities (SOFA) when the charity is legally entitled to the income; it is more likely than not that economic benefit associated with the transaction will come to the charity and the amount can be quantified with reasonable certainty. Income consists of donations, charges for use of facilities, contributions, grants (including government grants), investment income, interest, sales and rental income.
The City of London Corporation’s City’s Cash meets the deficit on running expenses of the charity and also provides funding for certain capital works. This income is considered due each year end once the deficit on running expenses and capital works funding has been confirmed, and is recognised in the SOFA at this point.
## **(f) Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under the principal categories of ‘expenditure on raising funds’ and ‘expenditure on charitable activities’. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Governance costs include the costs of governance arrangements which relate to the general running of the charity as opposed to the direct management of functions inherent in the activities undertaken. These include the costs associated with constitutional and statutory requirements such as the cost of Trustee meetings.
Support costs (including governance costs) include activities undertaken by the City Corporation on behalf of the charity, such as human resources, digital services, legal support, accounting services, committee administration, public relations and premises costs. The basis of the cost allocation is set out in note 8.
The Trustee, the City Corporation, accounts centrally for all payroll related deductions. As a result, the charity accounts for all such sums due as having been paid. From 2021/22, the City Corporation, as Trustee, has taken a decision to seek reimbursement for the administration fees incurred from each of its charities, and these costs are included within support costs.
19
West Ham Park | Annual Report and Financial Statements 2021/22
## **(g) Pension Costs**
Staff are employed by the City of London Corporation and are eligible to contribute to the City of London Local Government Pension Fund, which is a funded defined benefit scheme. The estimated net deficit on the Fund is the responsibility of the City of London Corporation as a whole, as one employer, rather than the specific responsibility of any of its three main funds (City Fund, City’s Cash and Bridge House Estates) or the trusts it supports.
The Fund’s estimated net liability has been determined by independent actuaries in accordance with FRS102 as £832.7m as at 31 March 2022 (£919.7m as at 31 March 2021). Since any net deficit is apportioned between the financial statements of the City of London’s three main funds, the charity’s Trustee does not anticipate that any of the liability will fall on the charity. The charity is unable to identify its share of the pension scheme assets and liabilities and therefore the Pension Fund is accounted for as a defined contribution scheme in these financial statements.
Barnett Waddingham, an independent actuary, carried out the latest triennial actuarial assessment of the scheme as at 31 March 2019, using the projected unit method. The 31 March 2022 valuation is being carried out in 2022/23 and must be finalised before 31 March 2023, which will set contribution rates for the period 01 April 2023 to 31 March 2026. Contribution rates adopted for the financial years 2020/21, 2021/22 and 2022/23 have been set at 21% (2019/20: 21%).
## **(h) Taxation**
The charity meets the definition of a charitable trust for UK income tax purposes, as set out in Paragraph 1 Schedule 6 of the Finance Act 2010. Accordingly, the charity is exempt from UK taxation in respect of income or capital gains under part 10 of the Income Tax Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **(i) Fixed Assets**
## **Heritage Land and Associated Buildings**
West Ham Park comprises 31 hectares (77 acres) of land, together with associated buildings, located in the London Borough of Newham. The objects of the charity are to hold West Ham Park as open public grounds and gardens for the resort and recreation for adults and as a playground for children and youths. West Ham Park is considered to be inalienable (i.e. may not be disposed of without specific statutory powers).
Land and the original associated buildings are considered to be heritage assets. In respect of the original land and buildings, cost or valuation amounts are not included in these financial statements as reliable cost information is not available and a significant cost would be involved in the reconstruction of past accounting records, or in the valuation, which would be onerous compared to the benefit to the users of these accounts.
20
West Ham Park | Annual Report and Financial Statements 2021/22
Additions to the original land and capital expenditure on buildings and other assets would be included as fixed assets at historic cost, less provision for depreciation and any impairment, where this cost can be reliably measured.
## **Tangible Fixed Assets**
Assets that are capable of being used for more than one year and have a cost greater than £50,000 are capitalised. Such assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is charged from the year following that of acquisition, on a straight-line basis, in order to write off each asset over its estimated useful life as follows. Land is not depreciated.
Equipment
Years 5 to 25
## **(j) Cash**
Cash and cash equivalents include cash in hand, overdrafts (if any) and short term deposits and other instruments held as part of the Corporation’s treasury management activities with original maturities of three months or less.
## **(k) Funds structure**
Income, expenditure and gains/losses are allocated to particular funds according to their purpose:
**Restricted Funds** – These include income that is subject to specific restrictions imposed by donors, with related expenditure deducted when incurred.
**Unrestricted Income Funds** – these funds can be used in accordance with the charitable objectives at the discretion of the Trustee and includes income generated by assets held representing unrestricted funds. Specifically, this represents any surplus of income over expenditure for the charity which is carried forward to meet the requirements of future years, known as free reserves.
**Designated Funds** – these are funds set aside by the Trustee from the unrestricted funds for a specific purpose.
## **(l) Insurance**
The charity, elected Members and staff supporting the charity’s administration are covered by the City Corporation’s insurance liability policies, and otherwise under the indemnity the City Corporation provides to Members and staff, funded from City’s Cash.
21
West Ham Park | Annual Report and Financial Statements 2021/22
## **2. INCOME FROM VOLUNTARY ACTIVITIES**
||Unrestricted
Restricted
**Total**
Unrestricted
Restricted
Total
funds
funds
**2021/22**
funds
funds
2020/21
£
£
**£**
£
£
£|
|---|---|
|Donations and legacies|-
2,686
**2,686**
-
256
256|
## **3. INCOME FROM CHARITABLE ACTIVITIES**
**----- Start of picture text -----**
Unrestricted Unrestricted
funds funds
2021/22 2020/21
£ £
Charges for use of facilities 48,377 113,334
Rental income 237,168 208,624
Total 285,545 321,958
**----- End of picture text -----**
## **4. INCOME FROM THE CITY OF LONDON CORPORATION**
**----- Start of picture text -----**
Unrestricted Unrestricted
funds funds
2021/22 2020/21
£ £
Revenue and capital grants from City of London Corporation 1,250,021 1,278,984
**----- End of picture text -----**
## **5. INCOME FROM INVESTMENTS**
**----- Start of picture text -----**
Unrestricted Unrestricted
funds funds
2021/22 2020/21
£ £
Bank interest 791 1,186
**----- End of picture text -----**
## **6. OTHER INCOME**
|**6. OTHER INCOME**|||
|---|---|---|
||Unrestricted
funds
**2021/22**
£|Unrestricted
funds
2020/21
£|
|Other income|**1,204**|333|
22
West Ham Park | Annual Report and Financial Statements 2021/22
## **Income for the year included:**
- **Grants** being amounts received from organisations towards specific programmes operated by the charity. There was no grant income received during the year and in the previous year.
**Donations** – being amounts received from the public through donations. From December 2020 a donations page has been created on the West Ham Park webpage, inviting and enabling the public to make on-line donations to the West Ham Park Playground Refurbishment project.
**Charitable activities** – being amounts generated from the sales of leaflets, books, maps, cards and other publications relating to West Ham Park; charges made to the public for the use of facilities, admissions and services; and rental income from Strutt & Parker in relation to two lodges at 240 and 242 Upton Lane, from Territorial Army and Mobile Refreshment Facility licence respectively.
**Grants from the City of London Corporation** – being the amount received from the City of London Corporation’s City’s Cash to meet the deficit on running expenses of the charity, alongside funding for capital purchases.
**Investments** - interest from a capital receipt in respect of the sale of property.
**Other income** - included in Other Income on the Statement of Financial Activities is a government grant received from the Coronavirus Job Retention Scheme of £1,204 through Learning Programme recharges (2020/21: £333), There are no unfulfilled conditions or other contingencies relating to this grant income and no other forms of government assistance have been received in the year.
## **7. EXPENDITURE**
**----- Start of picture text -----**
Expenditure on charitable activities
Direct Support Total Direct Support Total
costs costs 2021/22 costs costs 2020/21
£ £ £ £ £ £
Maintenance and preservation
of West Ham Park 1,220,874 258,320 1,479,194 1,365,237 247,219 1,612,456
**----- End of picture text -----**
## **Charitable activity**
Expenditure on the charitable activities includes labour, premises costs, equipment, materials and other supplies and services incurred in the running of West Ham Park.
23
West Ham Park | Annual Report and Financial Statements 2021/22
## **Auditor’s remuneration and fees for other services**
Crowe U.K. LLP are the auditors of the City of London’s City’s Cash Fund and provide assurance services to all of the different charities of which it is Trustee. From 2021/22, the City Corporation, as Trustee, has taken a decision to seek reimbursement for the audit fees incurred from each of its charities. In 2021/22 an audit fee of £5,000 was recharged (2020/21: £nil). No other services were provided to the charity by its auditors during the year (2020/21: £nil).
## **8. SUPPORT COSTS**
Support costs include activities undertaken by the City of London Corporation on behalf of the Charity, such as human resources, digital services, legal support, accounting services, committee administration and premises costs. Such costs are determined on a departmental basis, and are allocated on a cost recovery basis to the charity based on time spent, with associated office accommodation charged proportionately to the space occupied by the respective activities, with the split of costs as follows:
## **Support costs**
|**Support costs**|||||
|---|---|---|---|---|
||Charitable||||
||activities|Governance|**2021/22**|2020/21|
||£|£|**£**|£|
|Department:|||||
|Chamberlain|50,872|-|**50,872**|44,240|
|Comptroller & City Solicitor|10,535|-|**10,535**|-|
|Town Clerk|-|33,331|**33,331**|25,868|
|City Surveyor|52,105|-|**52,105**|78,539|
|Open Spaces directorate|50,359|-|**50,359**|34,893|
|Other governance & support costs|17,508|5,000|**22,508**|16,540|
|Digital Services|38,610|-|**38,610**|47,139|
|Sub-total|219,989|38,331|**258,320**|247,219|
|Reallocation of governance costs|38,331|(38,331)|**-**|-|
|**Total**|258,320|-|**258,320**|247,219|
All support costs are undertaken from unrestricted funds. Governance costs are allocated based on a proportion of officer time spent on the administration of Trustee and Committee related meetings.
## **9. DETAILS OF STAFF COSTS**
All staff that work on behalf of the charity are employed by the City Corporation. The average number of people directly undertaking activities on behalf of the charity during the year was 15 (2020/21: 17).
Amounts paid in respect of employees directly undertaking activities on behalf of the charity were as follows:
24
West Ham Park | Annual Report and Financial Statements 2021/22
||**2021/22**|2020/21|
|---|---|---|
||**£**|£|
|Salaries and wages|**500,961**|548,248|
|National Insurance costs|**43,826**|50,430|
|Employer'spension contributions|**95,098**|104,451|
|**Total emoluments of employees**|**639,885**|703,129|
The number of directly charged employees whose emoluments (excluding employer’s NI and pension contribution) for the year were over £60,000 was £nil (2020/21: £nil).
## **Remuneration of Key Management Personnel**
The charity considers its key management personnel to comprise the Members of the City of London Corporation, acting collectively for the City Corporation in its capacity as the Trustee, and the Director of Natural Environment who manages the seven open spaces funded by the City of London Corporation. A proportion of the Directors’ employment benefits are allocated to this charity.
Support is also provided by other chief officers and their departments from across the City of London Corporation, including the Town Clerk and Chief Executive, Chamberlain, Comptroller and City Solicitor and City Surveyor.
The amount of employee benefits received by key management personnel totalled £9,062 (2020/21: £6,018). The members of the Finance Committee of the City of London Corporation are not remunerated and expenses are not reimbursed for acting on behalf of the Trustee during 2021/22 (2020/21: nil).
## **10. HERITAGE ASSETS**
Since 1874 the primary purpose of the charity has been the preservation of West Ham Park for the recreation and enjoyment of the public. As set out in Note 1(i), the original heritage land and buildings are not recognised in the Financial Statements. Policies for the preservation and management of West Ham Park are contained in the West Ham Park Management Plan 2010. Records of heritage assets owned and maintained by West Ham Park can be obtained from the Executive Director Environment at the principal address as stated on page 31.
25
West Ham Park | Annual Report and Financial Statements 2021/22
## **11. TANGIBLE FIXED ASSETS**
|**11. TANGIBLE FIXED ASSETS**||
|---|---|
||**Equipment**|
||**£**|
|**Cost**||
|At 1 April 2021|**146,828**|
|Additions|**69,908**|
|Disposals|**-**|
|At 31 March 2022|**216,736**|
|**Depreciation**||
|At 1 April 2021|**96,853**|
|Charge for the year|**9,995**|
|Disposals|**-**|
|At 31 March 2022|**106,848**|
|**Net book value**
**At 31 March 2022**|**109,888**|
|At 31 March 2021|**49,975**|
## **12. DEBTORS – AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Prepayments and accrued income
Recoverable VAT
Other Debtors|**2022**
2021
**£**
£
**8,933**
8,125
**15,384**
17,675
**53,578**
10,965|
|---|---|
|**Total**|**77,895**
36,765|
Other debtors consist of sundry debtors of £10,800 (2020/21: £10,740) and rental debtors of £42,778 (2020/21: £225).
## **13. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Accruals
Deferred income
Other creditors|**2022**
2021
**£**
£
**13,391**
32,904
**44,172**
54,575
**39,279**
40,825
**7,189**
10,544|
|---|---|
|**Total**|**104,031**
138,848|
Other creditors consist of sundry creditors of £7,042 (2020/21: £10,397) and sundry deposits of £147 (2020/21: £147).
26
West Ham Park | Annual Report and Financial Statements 2021/22
Deferred income relates to rental income received in advance for periods after the yearend.
|end.|||
|---|---|---|
||**2022**|2021|
|**Deferred income analysis within creditors:**|**£**|£|
|Balance at 1 April|40,825|31,374|
|Amounts released to income|(40,825)|(31,374)|
|Amounts deferred in the year|39,279|40,825|
|Balance at 31 March|**39,279**|40,825|
## **14. ANALYSIS OF NET ASSETS BY FUND**
|At 31 March 2022|Unrestricted income funds|Unrestricted income funds||||
|---|---|---|---|---|---|
||General|Designated|Restricted|**Total at 31**|Total at 31|
||funds|funds|funds|**March 2022**|March 2021|
||£|£|£|**£**|£|
|Tangible assets|-|109,888|-|**109,888**|49,975|
|Current assets|104,031|-|1,396|**105,427**|139,104|
|Current liabilities|(104,031)|-|-|**(104,031)**|(138,848)|
|**Total**|-|109,888|1,396|**111,284**|50,231|
At 31 March 2021
|At 31 March 2021||||||
|---|---|---|---|---|---|
||Unrestricted income funds|||||
||General|Designated|Restricted|Total at 31|Total at 31|
||funds|funds|funds|March 2021|March 2020|
||£|£|£|£|£|
|Tangible assets|-|49,975|-|49,975|59,970|
|Current assets|138,848|-|256|139,104|217,482|
|Current liabilities|(138,848)|-|-|(138,848)|(217,482)|
|Total|-|49,975|256|50,231|59,970|
27
West Ham Park | Annual Report and Financial Statements 2021/22
## **15. MOVEMENT IN FUNDS**
**----- Start of picture text -----**
Total as at 1 Total as at 31
At 31 March 2022 April 2021 Income Expenditure Transfers March 2022
£ £ £ £ £
Restricted funds:
Campaign Donations 256 1,140 - - 1,396
Memorial bench donation - 1,546 (1,546) - -
Total restricted funds 256 2,686 (1,546) - 1,396
Unrestricted funds:
General funds - 1,467,653 (1,467,653) - -
Designated funds:
Tangible fixed assets 49,975 69,908 (9,995) - 109,888
Total designated funds 49,975 69,908 (9,995) - 109,888
Total unrestricted funds 49,975 1,537,561 (1,477,648) - 109,888
Total funds 50,231 1,540,247 (1,479,194) - 111,284
Total as at 1 Total as at 31
At 31 March 2021 April 2020 Income Expenditure Transfers March 2021
£ £ £ £ £
Restricted funds:
Campaign Donations - 256 - - 256
Total restricted funds - 256 - - 256
Unrestricted funds:
General funds - 1,602,461 (1,602,461) - -
Designated funds:
Tangible fixed assets 59,970 - (9,995) - 49,975
- - - - -
West Ham Park Nursery
Total designated funds 59,970 - (9,995) - 49,975
Total unrestricted funds 59,970 1,602,461 (1,612,456) - 49,975
Total funds 59,970 1,602,717 (1,612,456) - 50,231
**----- End of picture text -----**
## **Purposes of restricted funds**
The restricted fund for ‘Campaign Donations’ represents funds received from the public through donations. From December 2020 a donations page has been created on the West Ham Park webpage, inviting and enabling the public to make on-line donations to the West Ham Park Playground Refurbishment project. In total £1,140 was received during the year (2020/21: £256).
28
West Ham Park | Annual Report and Financial Statements 2021/22
## **Purposes of designated funds**
Designated funds have been set aside by the Trustee for the following purposes:
- i. _Fixed Assets_ – Equipment is included at historic cost less accumulated depreciation and any impairment. As at 31 March 2022 the net book value of fixed assets relating to direct charitable purposes amounted to £109,888 (2020/21: £49,975). There was an addition of £69,908 during the year relating to the delivery of the refurbishment of the playground.
## **16. EVENTS AFTER THE END OF THE REPORTING PERIOD**
During the year the charity accepted a conditional offer of £13.1m (subject to planning permission, provision of operational assets requested by the charity, and contract) for the purchase of a 999 year long leasehold development opportunity in relation to part of the former nursery site. A 10% stakeholders deposit of £1.3m is expected to be received in 2022/23.
## **17. RELATED PARTY TRANSACTIONS**
The City Corporation is the sole Trustee of the charity, as describe on page 2. The City Corporation provides various services to the charity, the costs of which are recharged to the charity. This includes the provision of banking services, charging all transactions to the charity at cost and crediting or charging interest at a commercial rate. The cost of these services is included within expenditure, as set out in note 7.
The charity is consolidated within the accounts of City’s Cash, a fund of the City of London Corporation (the City Corporation, the Corporate Trustee of the charity), by virtue of the deemed control arising from the provision of the shortfall between the charity’s income and expenditure by City’s Cash, whose place of business is Guildhall, London EC2P 2EJ. The principal purpose of City’s Cash is to manage its investments in properties, stocks and shares to provide returns which allows the City Corporation to use the income for the provision of services that are of importance to the City and Greater London as well as nationally and internationally, and to maintain the asset base so that income will be available to fund services for the benefit of future generations. The financial statements of City’s Cash can be obtained from the address provided above.
The charity is required to disclose information on related party transactions with bodies or individuals that have the potential to control or influence the charity. Members are required to disclose their interests, and these can be viewed online at www.cityoflondon.gov.uk.
Members and senior staff are requested to disclose all related party transactions, including instances where their close family has made such transactions.
29
West Ham Park | Annual Report and Financial Statements 2021/22
Figures in brackets represent the amounts due at the balance sheet date. Other figures represent the value of the transactions during the year.
||**Connected**||||
|---|---|---|---|---|
|**Related party**|**party**|**2021/22**|2020/21|**Detail of transaction**|
|||**£**|£||
|||||The City of London Cor-|
||The City of Lon-|||poration's City's Cash|
|City of Lon-|don Corporation|||meets the deficit on run-|
|don Corpora-|is the Trustee|||ning expenses of the|
|tion|for the charity|**1,250,021**|
1,278,984|charity|
|||**(nil)**|(nil)||
|||||Administrative services|
|||**258,320**|
247,219|
provided for the charity|
|||**(nil)**|(nil)||
30
West Ham Park | Annual Report and Financial Statements 2021/22
## **REFERENCE AND ADMINISTRATION DETAILS**
## **CHARITY NAME:** West Ham Park
Registered charity number 206948
## **PRINCIPAL OFFICE OF THE CHARITY & THE CITY CORPORATION:**
Guildhall, London, EC2P 2EJ
## **TRUSTEE:**
The Mayor and Commonalty & Citizens of the City of London
## **SENIOR MANAGEMENT:**
## **Chief Executive**
John Barradell OBE - The Town Clerk and Chief Executive of the City of London Corporation (retired 31 December 2022)
**Treasurer**
Caroline Al-Beyerty - The Chamberlain & Chief Financial Officer of the City of London Corporation
**Solicitor**
Michael Cogher - The Comptroller and City Solicitor of the City of London Corporation
## **Environment Department**
Juliemma McLoughlin – Executive Director of Environment (appointed 2 August 2021 **)**
Colin Buttery – Director of Open Spaces (retired 31 October 2021)
## **AUDITORS:**
Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW
## **BANKERS:**
Lloyds Bank Plc., P.O.Box 72, Bailey Drive, Gillingham Business Park, Kent ME8 0LS
Contact for The Chamberlain, to request copies of governance documents & of the Annual Report of City’s Cash:
PA-ChamberlainSecretariat@cityoflondon.gov.uk
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